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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 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 (847) 304-0450
BARRINGTON, ILLINOIS 60010 (Registrant's telephone
(Address of principal executive offices) 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 and Six Months Ended June
30, 2002.
c) Balance Sheet as of June 30, 2002 and December 31, 2001
d) Statement of Changes in Partner's Equity for the Six Months
Ended June 30, 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).
ITEM 7. Exhibit 99
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 June 30, 2002 and related statements of
income and retained earnings for the six months then ended, in
accordance with Statements on Standards for Accounting and Review
Services issued by the American Institute of Certified Public
Accountants. All information included in the financial statements is
the representation of the management of Rogers International Raw
Materials Fund, L.P.
A review consists principally of inquiries of Company personnel and
analytical procedures applied to financial data. It is substantially
less in scope than an audit in accordance with generally accepted
auditing standards, the objective of which is the expression of an
opinion regarding the financial statements taken as a whole.
Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications
that should be made in the accompanying financial statements in order
for them to be in conformity with generally accepted accounting
principles.
/s/ Vorisek & Company, LLC
Vorisek & Company, LLC
Certified Public Accountants
McHenry, IL
August 2, 2002
ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.
INCOME STATEMENT
For The Three Months And Six Months Ended June 30, 2002
(Unaudited)
REVENUE 3 m/e 6 m/e
6/30/2002 6/30/2002
--------- ---------
Realized net trading gain $ 409,883 $ 731,001
Realized (loss) on securities (24,331) (35,881)
Change in unrealized net trading gain (254,719) 153,335
Change in unrealized gain on securities 53,172 24,175
Foreign exchange gain 3,927 4,280
Interest income - securities 56,962 104,712
Interest income 4,891 8,436
--------- ---------
Total Revenue 249,785 990,058
--------- ---------
EXPENSE
Commissions 14,354 22,438
Management fees 36,018 64,388
Administrative fees 25,428 47,621
Amortization expense -- 21,566
--------- ---------
Total Expense 75,800 156,013
--------- ---------
Net Income $ 173,985 $ 834,045
========= =========
ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.
BALANCE SHEET
June 30, 2002 and December 31, 2001
(Unaudited)
6/30/2002 12/31/2001
--------- ----------
ASSETS
Cash at bank $ 398,400 $ 144,853
Cash at broker 612,902 727,344
Investment in securities 5,678,750 4,100,000
Unrealized net trading gain 182,590 29,255
Interest receivable - securities 81,226 32,500
Subscriptions receivable -- 35,000
Organizational costs (net of accumulated amortization) -- 21,566
---------- ----------
Total Assets $6,953,868 $5,090,518
========== ==========
LIABILITIES
Commissions payable $ 2,707 $ 6,141
Accrued management fees 12,580 19,187
Administrative fees payable 26,444 17,000
Organizational costs payable 2,333 145,487
Pending additions 90,000 --
---------- ----------
Total Liabilities 134,064 187,815
---------- ----------
PARTNERSHIP EQUITY
Limited Partners Equity 6,819,804 4,902,703
---------- ----------
Total Liabilities and Partnership Equity $6,953,868 $5,090,518
========== ==========
ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.
STATEMENT OF CHANGES IN PARTNERS' EQUITY
For The Six Months Ended June 30, 2002
(Unaudited)
12/31/2001 Equity $ 4,902,703
Additions 1,275,332
Net income 834,045
Withdrawals (192,276)
-----------
6/30/2002 Equity . $ 6,819,804
===========
PER UNIT DATA
6/30/2002 12/31/2001
--------- ----------
Net asset value $ 106.55 $ 92.29
============ ===========
Units outstanding 64,002 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 $695,120 and $385,552 are the results
of six months and three months of trading ending June 30, 2002. The
realized trading gains include realized losses on securities of $35,881
and $24,331 for the same periods. The interest income includes accrued
interest income on securities of $104,712 and $56,962 for the same
periods.
OPERATING EXPENSES
The Fund pays substantial fees and expenses that are described in the
annual report filed for the fiscal year ended December 31, 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
June 30, 2002
ITEM 7. Exhibit 99 - Certification Pursuant to Section 1350 of Chapter 63 of
Title 18 of the United States Code
FORM OF CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63
OF TITLE 18 OF THE UNITED STATES CODE
I, Clyde Harrison, the chief executive officer of Rogers International
Raw Materials Fund L.P. certify that (i) the Form 10Q fully complies
with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934 and (ii) the information contained in Form 10Q
fairly presents, in all material respects, the financial condition and
results of operations of Rogers International Raw Materials Fund L.P.
/s/ Clyde Harrison
-----------------------
Chief Executive Officer
August 12, 2002
FORM OF CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63
OF TITLE 18 OF THE UNITED STATES CODE
I, Richard Chambers, the chief financial officer of Rogers
International Raw Materials Fund L.P. certify that (i) the Form 10Q
fully complies with the requirements of Section 13(a) or 15(d) of the
Securities Exchange Act of 1934 and (ii) the information contained in
Form 10Q fairly presents, in all material respects, the financial
condition and results of operations of Rogers International Raw
Materials Fund L.P.
/s/ Richard Chambers
-----------------------
Chief Financial Officer
August 12, 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)
August 12, 2002 /s/ Richard Chambers
--------------- --------------------
Date Managing Member of Beeland Management Company, LLC
August 12, 2002 /s/ Clyde Harrison
--------------- ------------------
Date Managing Member of Beeland Management Company, LLC