UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2016

[ ] 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 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 1320A

Chicago, Illinois

60604

(Address of principal executive offices)

(Zip Code)

(312) 264-4375

(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, and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer”, “accelerated filer”, and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ]Smaller reporting company [X]

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

PART I - FINANCIAL INFORMATION

ITEM 1.FINANCIAL STATEMENTS

The following financial statements of Rogers International Raw Materials Fund, L.P. are included in Item 1:

9
		Page(s)
Financial Statements

Statements of Financial Condition as of June 30, 2016 (Unaudited) and December 31, 2015 (Audited)		3

Condensed Schedules of Investments as of June 30, 2016 (Unaudited) and December 31, 2015 (Audited)		4-5

Statements of Operations for the Three and Six Months Ended June 30, 2016 and 2015 (Unaudited)		6

Statements of Changes in Partners’ Capital (Net Assets) for the Six Months Ended June 30, 2016 and 2015 (Unaudited)		7

Notes to Financial Statements (Unaudited)		8-16

Rogers International Raw Materials Fund, L.P.

Statements of Financial Condition as of June 30, 2016 (Unaudited) and December 31, 2015 (Audited)



	June 30, 2016		December 31, 2015
ASSETS

Equity in broker trading accounts:
Cash at brokers	$	832,583	$	1,932,056
Unrealized gain (loss) on open futures contracts, net		2,165		(186,937)
Total equity in brokers trading accounts		834,748		1,745,119

U.S. Government securities, at fair value		3,999,686		2,999,396
Cash and cash equivalents		1,281,225		1,743,738
Total assets	$	6,115,659	$	6,488,253

LIABILITIES

Brokerage commissions payable	$	1,455	$	1,455
Accrued management fees – General Partner		4,810		5,458
Administrative and other fees payable		137,121		162,097
Withdrawals payable		115,707		253,074
Total liabilities		259,093		422,084

PARTNERS’ CAPITAL (NET ASSETS)

Partners’ capital (net assets)		5,856,566		6,066,169

Total liabilities and partners’ capital (net assets)	$	6,115,659	$	6,488,253

See accompanying notes to financial statements.

Rogers International Raw Materials Fund, L.P.

Condensed Schedule of Investments as of June 30, 2016 (Unaudited)



U.S. Government securities:	Fair Value		Percent of Partners' Capital (Net Assets)
(total cost - $3,998,046)

U.S. Treasury Bills due 7/14/2016 at 0.07%, principal amount $4,000,000	$	3,999,686	68.29	%

	Unrealized Gain (Loss) on Open Long Contracts		Percent of Partners' Capital (Net Assets)
Futures contracts*:
U.S. Futures Positions
Agricultural	$	(15,680)	(0.27)	%
Metals		45,770	0.78
Energy		(21,545)	(0.37)
Total U.S. Futures Positions		8,545	0.14

Foreign Futures Positions
Agricultural		(2,050)	(0.04)
Metals		(4,330)	(0.06)
Total Foreign Futures Positions		(6,380)	(0.10)

Total Futures Contracts	$	2,165	0.04	%


*No individual futures contract position constitutes greater than 1 percent of Partners’ Capital (Net Assets).
Accordingly, the number of contracts and expiration dates are not presented.

See accompanying notes to financial statements.

Rogers International Raw Materials Fund, L.P.

Condensed Schedule of Investments as of December 31, 2015 (Audited)



U.S. Government securities:	Fair Value		Percent of Partners' Capital (Net Assets)
(total cost - $2,998,967)

U.S. Treasury Bills due 4/14/2016 at 0.07%, principal amount $3,000,000	$	2,999,396	49.44	%

	Unrealized Gain (Loss) on Open Long Contracts		Percent of Partners' Capital (Net Assets)
Futures contracts*:
U.S. Futures Positions
Agricultural	$	(48,825)	(0.81)	%
Metals		(34,255)	(0.56)
Energy		(68,629)	(1.13)
Total U.S. Futures Positions		(151,709)	(2.50)

Foreign Futures Positions
Agricultural		(7,405)	(0.12)
Metals		(27,823)	(0.46)
Total Foreign Futures Positions		(35,228)	(0.58)

Total Futures Contracts	$	(186,937)	(3.08)	%


*No individual futures contract position constitutes greater than 1 percent of Partners’ Capital (Net Assets).
Accordingly, the number of contracts and expiration dates are not presented.

See accompanying notes to financial statements.

Rogers International Raw Materials Fund, L.P.

Statements of Operations for the Three and Six Months Ended June 30, 2016 and 2015 (Unaudited)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2016			2015	2016		2015

Net trading gains (losses):
Realized gains (losses) on futures contracts	$	739,862	$	338,371	$	391,710	$ (762,493)
Change in unrealized gains (losses) on open futures contracts		(102,734)		308,919		189,103	622,126
Brokerage commissions		(5,459)		(7,792)		(11,901)	(16,262)
		631,669		639,498		568,912	(156,629)

Investment income:
Interest income		2,640		1,205		3,750	2,550
		2,640		1,205		3,750	2,550

Expenses:
Management fees – General Partner		14,400		23,880		28,832	49,189
Administrative and other fees		31,444		41,485		63,125	85,678
		45,844		65,365		91,957	134,867

Net investment loss		(43,204)		(64,160)		(88,207)	(132,317)

Net income (loss)	$	588,465		$ 575,338	$	480,705	$ (288,946)

Net increase (decrease) in NAV per GP and LP unit:

General Partner	$	-		$ 6.80	$	(2.42)	$ (3.26)
Limited Partners-Series A	$	9.00		$ 6.80	$	7.54	$ (3.26)
Limited Partners-Series B	$	8.73		$ 6.57	$	7.28	$ (3.23)

Net income (loss) per General and Limited Partners (based on weighted average number of units outstanding during the period):

General Partner	$	-		$ 8,927	$	(3,183)	$ (4,295)
Limited Partners-Series A		563,817		536,485		463,711	(270,252)
Limited Partners-Series B		24,648		29,926		20,177	(14,399)
	$	588,465		$ 575,338	$	480,705	$ (288,946)

See accompanying notes to financial statements.

Rogers International Raw Materials Fund, L.P.

Statements of Changes in Partners’ Capital (Net Assets) for the Six Months Ended June 30, 2016 and 2015 (Unaudited)



	General Partner			Limited Partners
				Series A			Series B
	Number of Units	Dollars		Number of Units	Dollars		Number of Units	Dollars		Total		Total

Partners’ capital (net assets), December 31, 2014	1,314	$	159,924	80,908	$	9,846,684	4,520	$	535,070	$	10,381,754	$	10,541,678

Net loss	-		(4,295)	-		(270,252)	-		(14,399)		(284,651)		(288,946)

Withdrawals	-		-	(7,419)		(872,742)	(593)		(68,554)		(941,296)		(941,296)

Partners’ capital (net assets), June 30, 2015	1,314	$	155,629	73,489	$	8,703,690	3,927	$	452,117	$	9,155,807	$	9,311,436



Partners’ capital (net assets), December 31, 2015	1,314	$	113,579	65,910	$	5,696,835	3,045	$	255,755	$	5,952,590	$	6,066,169

Net income (loss)	-		(3,183)	-		463,711	-		20,177		483,888		480,705

Withdrawals	(1,314)		(110,396)	(6,328)		(561,678)	(221)		(18,234)		(579,912)		(690,308)

Partners’ capital (net assets), June 30, 2016	-	$	-	59,582	$	5,598,868	2,824	$	257,698	$	5,856,566	$	5,856,566

	June 30,		June 30,
Per unit data	2016		2015

Net asset value Series A	$ 93.97		$ 118.44
Net asset value Series B	$ 91.27		$ 115.13
Net asset value General Partner	$ -		$ 118.44

See accompanying notes to financial statements.

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (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’s relative weightings. James B. Rogers designed the Index.

The Partnership commenced trading during November 2001 with assets raised from the offering of its original units of limited partnership interest, now referred to as "Series A" units, and offered Series A units through October 2005. The Partnership began offering Series B units in November 2010. Series A units and Series B units are identical with respect to their participation in the profits and losses of the Partnership; however, Series B units do not participate in any Partnership expenses or recoveries related to the bankruptcy of Refco Inc. and its affiliates. The Partnership’s General Partner and commodity pool operator is Beeland Management Company, L.L.C. (the “General Partner”).

Accounting Policies: The Partnership follows Generally Accepted Accounting Principles (“GAAP”), as established by the Financial Accounting Standards Board (“FASB”), to ensure consistent reporting of financial condition and results of operation. The Partnership is an investment company and follows the accounting and reporting guidelines in FASB Topic 946.

Net Assets: The valuation of net assets includes open commodity futures 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. Net asset value is determined by subtracting liabilities from assets, which also equals partners’ capital.

Cash and Cash Equivalents: Cash and cash equivalents include highly liquid instruments with original maturities of three months or less at the date of acquisition. Cash and cash equivalents represent amounts on deposit with a broker to facilitate payment of expenses and partner withdrawals.

Fair Value of Financial Instruments: Securities and derivative financial instruments are recorded on trade date and at fair value.

Deposits with Brokers: The Partnership deposits assets with brokers subject to Commodity Futures Trading Commission regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such brokers. The Partnership earns interest income on its assets deposited with the brokers.

Revenue Recognition: Futures and forward contracts are recorded on a trade date basis and realized gains or losses are recognized when contracts are liquidated. Unrealized gains or losses on open contracts (the difference between contract trade price and market price) are reported in the statements of financial condition as a net unrealized gain or loss, as there exists a right of offset of unrealized gains or losses. Any change in net unrealized gain or loss from the preceding period is reported in the statement of operations.

Interest Income Recognition: The Partnership records interest income on the accrual basis.

Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Foreign Currency Translation: Foreign currency is translated into U.S. dollars at the exchange rate prevailing on the last business day of each month. The Partnership does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities and derivative financial instruments held. Such fluctuations are included with the net realized trading gains or losses.

Income Taxes: No provision for income taxes has been made in these financial statements as each partner is individually responsible for reporting income or loss based on its respective share of the Partnership’s income and expenses as reported for income tax purposes.

The Partnership is generally not subject to examination by U.S. federal or state taxing authorities for tax years before 2012. The Partnership has no material uncertain tax positions, and accordingly, has not recorded a liability for the payment of interest or penalties through June 30, 2016.

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

Note 1.Significant Accounting Policies (Continued)

Profit and Loss Allocation: Profits and losses of the Partnership are allocated by series based on the number of units held.

Withdrawals Payable: Withdrawals approved by the General Partner prior to month-end with a fixed effective date and fixed amount are recorded as withdrawals payable as of month-end (See Note 5).

Statement of Cash Flows: The Partnership has elected not to provide a statement of cash flows as permitted by GAAP as all of the following conditions have been met:

-During the year, substantially all of the Partnership’s investments were highly liquid;

-Substantially all of the Partnership’s investments are carried at fair value;

-The Partnership had little or no debt during the year;

-The Partnership’s financial statements include a statement of changes in partners’ capital (net assets).

Note 2.Fair Value Measurement

As described in Note 1, the Partnership records its investments at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Partnership utilizes valuation techniques to maximize the use of observable inputs and minimize the use of unobservable inputs. Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability. Assets and liabilities recorded at fair value are categorized within the fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level 2. Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly; and fair value is determined through the use of models or other valuation methodologies.

Level 3. Inputs are unobservable for the asset or liability and include situations where there is little, if any, market activity for the asset or liability. The inputs into the determination of fair value are based upon the best information in the circumstances and may require significant management judgment or estimation.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Partnership’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment.

The following section describes the valuation techniques used by the Partnership to measure different financial instruments at fair value and includes the level within the fair value hierarchy in which the financial instrument is categorized.

The fair values of exchange traded futures contracts are based upon exchange settlement prices. Money market funds included in cash and cash equivalents are valued using quoted market prices. U.S. Government securities are stated at cost plus accrued interest, which approximates fair value based on quoted prices for identical assets in an active market. These financial instruments are categorized in Level 1 of the fair value hierarchy.

The following table summarizes the Partnership’s assets measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015 using the fair value hierarchy:


	June 30, 2016		December 31, 2015
Description	Level 1		Level 1
Equity in brokers trading account:
Unrealized gain (loss) on open futures contracts, net*	$	2,165	$	(186,937)
U.S. Government securities*		3,999,686		2,999,396
Cash and cash equivalents
Money market funds		1,175,822		1,553,238
Total assets at fair value	$	5,177,673	$	4,365,697

*See condensed schedules of investments for further description.

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

Note 2. Fair Value Measurements (Continued)

At June 30, 2016 and December 31, 2015, there were no Level 2 or Level 3 assets or liabilities. The Partnership assesses the levels of the investments at each measurement day, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer. There were no transfers among Levels 1, 2 and 3 during the period ended June 30, 2016 and the year ended December 31, 2015.

In addition, substantially all of the Partnership’s other assets and liabilities are considered financial instruments and are reflected at fair value, or at carrying amounts that approximate fair value because of the short maturity of the instruments.

Note 3.Derivative Transactions

Qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments, and disclosures about credit-risk related contingent features in derivative agreements are presented.

The Partnership’s business is the speculative trading of futures contracts. The Partnership does not consider any derivative instruments to be hedging instruments, as this term is generally understood under FASB guidance.

At June 30, 2016 and December 31, 2015, the Partnership’s derivative contracts had the following impact on the statements of financial condition:



	Asset Derivatives		Liability Derivatives		Net Derivatives
	June 30, 2016		June 30, 2016		June 30, 2016
	Fair Value		Fair Value		Fair Value*
Futures positions:
Agricultural	$	49,003	$	(66,733)	$	(17,730)
Metals		105,371		(63,931)		41,440
Energy		19,480		(41,025)		(21,545)
Totals	$	173,854	$	(171,689)	$	2,165

*The net fair value of all asset and liability derivative is included in equity in brokers trading accounts in the statements of financial condition.



	Asset Derivatives		Liability Derivatives		Net Derivatives
	December 31, 2015		December 31, 2015		December 31, 2015
	Fair Value		Fair Value		Fair Value*
Futures positions:
Agricultural	$	29,693	$	(85,923)	$	(56,230)
Metals		56,112		(118,190)		(62,078)
Energy		21,106		(89,735)		(68,629)
Totals	$	106,911	$	(293,848)	$	(186,937)

*The net fair value of all asset and liability derivative is included in equity in broker trading accounts in the statements of financial condition.

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

Note 3. Derivative Transactions (Continued)

For the three and six months ended June 30, 2016 and 2015, the Partnership’s derivative contracts had the following impact on the statement of operations:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
Type of Contract	2016		2015		2016		2015
Agricultural	$	98,866	$	257,564	$	88,236	$	(35,418)
Metal		113,047		(99,042)		221,573		(166,962)
Energy		425,215		488,768		271,004		62,013
	$	637,128	$	647,290	$	580,813	$	(140,367)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
Line Item in Statements of Operations
Realized gains (losses) on futures contracts	$	739,862	$	338,371	$	391,710	$	(762,493)
Change in unrealized gains (losses) on open futures contracts		(102,734)		308,919		189,103		622,126
	$	637,128	$	647,290	$	580,813	$	(140,367)

Trading income is exclusive of brokerage commissions.

For the three and six months ended June 30, 2016 and 2015, the monthly average number of contracts bought and sold was 244, 272, 427 and 464 respectively.

As of June 30, 2016 and December 31, 2015, the gross and net information related to derivatives eligible for offset had the following impact on the statement of financial condition.


As of June 30, 2016
		Gross Amount of Recognized Assets and Liabilities		Gross Amounts Offset in the Consolidated Statement of Financial Condition		Net Amount of Unrealized Gain Presented in the Consolidated Statement of Financial Condition
Assets
US and foreign futures contracts	$	173,854	$	(171,689)	$	2,165

Liabilities
US and foreign futures contracts		171,689		(171,689)		-

Derivatives Assets and Liabilities and Collateral Received by Counterparty
As of June 30, 2016

		Net Amount of
		Unrealized Gain (Loss)		Gross Amounts Not Offset in
		Presented in the Statement		the Statement of Financial Condition
Counterparty		of Financial Condition		Financial Instruments		Cash Collateral Deposited	Net Amount

ADM Investor Services, Inc.	$	2,165	$	-	$	(2,165)	$	-
Total	$	2,165	$	-	$	(2,165)	$	-

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

Note 3. Derivative Transactions (Continued)


Year ended December 31, 2015
		Gross Amount of Recognized Assets and Liabilities		Gross Amounts Offset in the Consolidated Statement of Financial Condition		Net Amount of Unrealized Loss Presented in the Consolidated Statement of Financial Condition
Assets
US and foreign futures contracts	$	106,911	$	(106,911)	$	-

Liabilities
US and foreign futures contracts		293,848		(106,911)		186,937

Derivatives Assets and Liabilities and Collateral Received by Counterparty
As of December 31, 2015

		Net Amount of
		Unrealized Gain (Loss)		Gross Amounts Not Offset in
		Presented in the Statement		the Statement of Financial Condition
Counterparty		of Financial Condition		Financial Instruments		Cash Collateral Deposited	Net Amount

ADM Investor Services, Inc.	$	(186,937)		-	$	186,937		-
Total	$	(186,937)		-	$	186,937		-

Note 4.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. including trading decisions.

The Partnership pays a monthly management fee to the General Partner equal to 0.08333% of the net assets of the Partnership at the close of the preceding month (1.00% per annum).

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.

Uhlmann Price Securities L.L.C. (“Uhlmann”), a party related to the General Partner by reason of common management, and from April 2013 to December 2015, common ownership, acts as the selling group manager for the Partnership. The Partnership pays Uhlmann a share of selling fees when units are sold by its registered brokers. Selling fees of up to 2% of the gross offering proceeds (which includes a 0.50% reallowance to Uhlmann) were charged to partners’ capital upon issuance of Series B Partnership units.

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 soliciting broker-dealer for ongoing investor services. For all Series B units sold, the total trailing servicing fee is not to exceed 7.99% of the gross offering proceeds of the units sold.

The Price Futures Group, Inc. (“PFG”), a related party to the General Partner through common management, and from April 2013 to December 2015, common ownership, acts as the introducing broker for the Partnership, whereby certain accounts of the Partnership are introduced to the Partnership’s clearing broker. A portion of the brokerage fee paid by the Partnership for clearing transactions is paid to PFG, by the clearing broker.

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

Note 4.Agreements and Related-Party Transactions (Continued)

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



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
Management fees – General Partner	$	14,400	$	23,880	$	28,832		49,189
Trailing servicing fees – Uhlmann		10,151		17,072		20,458		35,170

Note 5. Partnership Capital and Withdrawals

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.

Effective November 1, 2010, the Partnership began accepting contributions for Series B units. The Partnership has been closed to Series A units contributions since October 31, 2005. Effective May 1, 2013, the Partnership ceased offering its units of limited partnership and is no longer accepting contributions.

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.

The Partnership accepts withdrawals on a monthly basis. Requests for withdrawal should be received by the General Partner no later than six business days prior to the end of the month in which an investor chooses to withdraw. Requests for withdrawal should be sent to the General Partner by email, fax, or overnight courier.

Note 6. 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 entered. 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.

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 futures trades through one clearing broker, ADM Investor Services, Inc. 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.

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

Note 7.Financial Highlights

Financial highlights for limited partners for the three and six months ended June 30, 2016 and 2015 are as follows:


Per Unit Performance
	Three months ended				Three months ended
	June 30, 2016				June 30, 2015
	Series A		Series B		Series A		Series B
Net asset value per unit at the beginning of the period	$	84.97	$	82.54	$	111.64	$	108.56
Income (loss) from operations:
Net trading gains (losses)		9.68		9.40		7.60		7.39

Investment income		0.04		0.04		0.01		0.01
Expenses		(0.72)		(0.71)		(0.81)		(0.83)
Net investment loss		(0.68)		(0.67)		(0.80)		(0.82)

Net gain (loss) per unit		9.00		8.73		6.80		6.57
Net asset value per unit at the end of the period	$	93.97	$	91.27	$	118.44	$	115.13



	Six months ended				Six months ended
	June 30, 2016				June 30, 2015
	Series A		Series B		Series A		Series B
Net asset value per unit at the beginning of the period	$	86.43	$	83.99	$	121.70	$	118.36
Income (loss) from operations:
Net trading gains (losses)		8.89		8.62		(1.67)		(1.62)

Investment income		0.04		0.04		0.03		0.03
Expenses		(1.39)		(1.38)		(1.62)		(1.64)
Net investment loss		(1.35)		(1.34)		(1.59)		(1.61)

Net gain (loss) per unit		7.54		7.28		(3.26)		(3.23)
Net asset value per unit at the end of the period	$	93.97	$	91.27	$	118.44	$	115.13

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

Note 7.Financial Highlights (Continued)


	Three months ended				Three months ended
	June 30, 2016				June 30, 2015
	Series A		Series B		Series A		Series B
Ratio of net investment loss to average partners’ capital (net assets)(1)	(2.98)	%	(3.04)	%	(2.70)	%	(2.86)	%

Ratio of expenses to average partners' capital (net assets) (1)(2)	3.17	%	3.23	%	2.75	%	2.91	%

Total return (3)	10.60	%	10.58	%	6.09	%	6.06	%

	Six months ended				Six months ended
	June 30, 2016				June 30, 2015
	Series A		Series B		Series A		Series B
Ratio of net investment loss to average partners’ capital (net assets)(1)	(3.05)	%	(3.11)	%	(2.70)	%	(2.82)	%

Ratio of expenses to average partners' capital (net assets) (1)(2)	3.18	%	3.25	%	2.76	%	2.88	%

Total return (3)	8.72	%	8.67	%	(2.69)	%	(2.73)	%

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 (see Note 5).

(1) Annualized.

(2) The ratio of expenses to average partners’ capital (net asset) values does not include brokerage commissions.

(3) Not annualized.

Note 8.Litigation

The Partnership was a beneficiary of a Litigation Trust which sought recoveries from third parties, related to the 2005 bankruptcy of Refco, Inc. and numerous affiliates (the “Refco Bankruptcy”). In December 2014, the Partnership received additional amounts from the Litigation Trust and sold its interest in any future bankruptcy claims to a third party after giving consideration to such factors as the uncertainty regarding the timing and amount of any future potential distributions. With these final distributions, the Partnership has received the full value of its allowed claims in the Refco bankruptcy as well as excess recoveries of approximately $5.9 million.

All Refco Bankruptcy related recoveries received by the Partnership, including excess recoveries except as described below, have been allocated among all partners in the Partnership who were partners as of October 31, 2005, on a pro-rata basis as of October 31, 2005, with redeemed partners receiving cash distributions. Final cash distributions to redeemed partners from excess recoveries totaled approximately $434,424 for the year ended December 31, 2014. At December 31, 2014, $337,499 of excess Refco related recoveries was payable to redeemed limited partners. All cash distributions were paid out to redeemed investors in December 2015.

The Partnership has reserved $54,489 of the excess Refco related recoveries to apply to expenses incurred to administer ongoing communication with, and distributions and reporting to, redeemed limited partners with respect to Refco related recoveries received by the Partnership. These expenses include but are not limited to professional fees, printing, postage, and administration fees.

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

Note 9. Indemnifications

In the normal course of business, the Partnership enters into contracts and agreements that contain a variety of representations and warranties, both of which provide general indemnifications. The Partnership’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Partnership that have not yet occurred. The Partnership expects the risk of any future obligation under these indemnifications to be remote.

Note 10.Interim Financial Statements

The statements of financial condition, including the condensed schedule of investments, as of June 30, 2016, the statement of operations and changes in partners’ capital (net assets) for the three and six months ended June 30, 2016 and 2015 and the accompanying notes to the financial statements are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP may be omitted pursuant to such rules and regulations. In the opinion of the General Partner, such financial statements and accompanying disclosures reflect all adjustments, which were of a normal and recurring nature, necessary for a fair presentation of the financial position as of June 30, 2016, results of operations and changes in partner’s capital (net assets) for the three and six months ended June 30, 2016 and 2015. The results of operations for the three and six months ended June 30, 2016 and 2015 are not necessarily indicative of the results to be expected for the full year or any other period. These financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Partnership’s Form 10-K as filed with the SEC.

Note 11.Subsequent Events

Subsequent to June 30, 2016, withdrawals totaled approximately $41,639.

ITEM 2.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 exchange traded forward contracts. The Partnership invests and trades solely on the “long side” of the market. The General Partner (“Beeland Management”) manages all business of the Partnership.

CAPITAL RESOURCES

The Partnership raised additional capital only through the sale of Units offered pursuant to its offering, which ceased May 1, 2013. The Partnership 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 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.

Other than these limitations on liquidity, which are inherent in the Partnership’s trading operations, the Partnership’s assets are expected to be highly liquid.

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; similarly, in periods of general market deflation, Beeland Management would expect the value of the Index to decrease. 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 approximately 90% to 100% of its assets.

At June 30, 2016 and December 31, 2015, the Partnership’s net assets were $5,856,566 and $6,066,169, respectively.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
Net Revenues	2016		2015		2016		2015
Realized gains (losses) on futures contracts	$	739,862	$	338,371	$	391,710	$	(762,493)
Change in unrealized gains (losses) on open futures contracts		(102,734)		308,919		189,103		622,126
Interest income		2,640		1,205		3,750		2,550
Brokerage commissions		(5,459)		(7,792)		(11,901)		(16,261)

Total Net Revenues		634,309		640,703		572,662		(154,078)

Operating Expenses
Management fees		14,400		23,880		28,832		49,189
Administrative fees and other expenses		31,444		41,485		63,125		85,678

Total Operating Expenses		45,844		65,365		91,957		134,868

Net Income (Loss)	$	588,465	$	575,338	$	480,705	$	(288,946)

The Partnership pays various fees and expenses on a continuing basis which include management fees, servicing fees, and brokerage commission and transaction fees.

Results of Operations

2016

The Partnership posted a loss of -4.10% in January. The performance for all of the Index’s sectors was mixed. The metals sector posted a gain of 0.19%, while the agricultural and energy sectors posted losses of -0.56%, and -3.37% respectively. The best performing commodities in January were gold, lean hogs, silver, corn and soybean meal. The highest grossing commodities were gold, corn, silver, wheat and soybeans.

The Partnership posted a loss of -2.08% in February. The performance for all of the Index’s sectors was mixed. The metals sector posted a gain of 1.45%, while the agricultural and energy sectors posted losses of -1.07%, and -2.21% respectively. The best performing commodities in February were gold, sugar, cocoa-NYSE, zinc and tin. The highest grossing commodities were gold, zinc, silver, aluminum and copper.

The Partnership posted a gain of 4.69% in March. The performance for the Index’s sectors were all positive. The agricultural, energy and metals sectors posted gains of 1.41%, 3.18% and 0.26%, respectively. The best performing commodities in March were lumber, orange juice, rubber, soybean oil and sugar-NYSE. The highest grossing commodities were light crude, brent crude, natural gas, lumber and RBOB gasoline.

The Partnership posted a gain of 8.98% in April. The performance for the Index’s sectors were all positive. The agricultural, energy and metals sectors posted gains of 1.58%, 5.56% and 2.02%, respectively. The best performing commodities in April were silver, brent crude, heating oil, soybean meal and gas oil. The highest grossing commodities were light crude, brent crude, silver, corn and aluminum.

The Partnership posted a loss of -0.43% in May. The performance for all of the Index’s sectors was mixed. The agricultural and energy sectors posted gains of 0.28%, and 1.63%, respectively and the metals sector posted a loss of -1.97%. The best performing commodities in May were orange juice, soybean meal, gas oil, heating oil and sugar. The highest grossing commodities were light crude, brent crude, soybeans, corn and heating oil.

The Partnership posted a gain of 1.92% in June. The performance for all of the Index’s sectors was mixed. The metals and energy sectors posted a gains of 1.92% and 0.37%, respectively while the agricultural sector posted a loss of -0.06%. The best performing commodities in June were natural gas, silver, orange juice, sugar and sugar-NYSE. The highest grossing commodities were natural gas, silver, soybeans, gold and aluminum.

2015

The Partnership posted a loss of -5.93% in January. The performance for all of the Index’s sectors was mixed. The metals sector posted a gain of 0.12%, while the agricultural and energy sectors posted losses of -2.12%, and -.3.52% respectively. The best performing commodities in January were silver, gold, platinum, sugar and coffee-NYSE. The highest grossing commodities were silver, gold, platinum, sugar and coffee-NYSE.

The Partnership posted a gain of 3.39% in February. The performance for all of the Index’s sectors was mixed. The agricultural and energy sectors posted gains of 0.84%, and 3.43%, respectively and the metals sector posted a loss of -0.62%. The best performing commodities in February were heating oil, RBOB gasoline, brent crude, gas oil and rubber. The highest grossing commodities were brent crude, RBOB gasoline, heating oil, cotton and copper.

The Partnership posted a loss of -5.68% in March. The performance for the Index’s sectors were all negative. The agricultural, energy and metals sectors posted losses of -1.19%, -3.90% and -0.21%, respectively. The best performing commodities in March were live cattle, lead, orange juice, copper and rough rice. The highest grossing commodities were live cattle, copper, lead, KC red wheat and orange juice.

The Partnership posted a gain of 7.39% in April. The performance for all of the Index’s sectors was mixed. The metals and energy sectors posted a gains of 1.12% and 6.72%, respectively while the agricultural sector posted a loss of -0.35%. The best performing commodities in April were brent crude, light crude, RBOB gasoline, lead and zinc. The highest grossing commodities were light crude, brent crude, RBOB gasoline, aluminum and lead.

The Partnership posted a loss of -2.72% in May. The performance for all of the Index’s sectors was negative. The agricultural, metals and energy sectors posted losses of -0.56%, -0.97%, and -0.83% respectively. The best performing commodities in May were lumber, rubber, Euro rapeseed, soybean oil and cocoa-NYSE. The highest grossing commodities were silver, soybean oil, lumber, rubber and Euro rapeseed.

The Partnership posted a gain of 1.54% in June. The performance for all of the Index’s sectors was mixed. The agricultural sector posted a gain of 3.53%, while the metals and energy sectors posted losses of -1.10%, and -0.66% respectively. The best performing commodities in June were wheat, corn, milling wheat, soybean meal, and soybeans. The highest grossing commodities were wheat, corn, soybeans, natural gas and KC red wheat.

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 exchange traded 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, exchange-traded forward, or 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

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

OFF-BALANCE SHEET ARRANGEMENTS

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

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, exchange-traded commodity forward, and, possibly, commodity related over the counter contracts. All such contracts are settled by offset, not delivery. The Partnership’s Financial Statements, included in this report, present a Schedule of Investments setting forth the unrealized gain and unrealized loss on the Partnership’s open futures contracts at June 30, 2016 (unaudited) and December 31, 2015.

ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not required.

ITEM 4.CONTROLS AND PROCEDURES

The principal executive officer and principal financial officer of Beeland Management have evaluated the effectiveness of Beeland Management’s disclosure controls and procedures with respect to the Partnership as of the end of the fiscal quarter for which this Quarterly Report on Form 10-Q is being filed and have concluded that Beeland Management has effective disclosure controls and procedures to ensure that material information relating to the Partnership is made known to them by others within Beeland Management, particularly during the period in which this quarterly report is being prepared. There have been no significant changes in Beeland Management’s internal controls over financial reporting with respect to the Partnership that occurred during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, Beeland Management’s internal controls over financial reporting with respect to the Partnership.

PART II-OTHER INFORMATION

ITEM 1.LEGAL PROCEEDINGS.

None.

ITEM 1A. RISK FACTORS

Not required.

ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

(c)Pursuant to the Partnership’s Limited Partnership Agreement, investors may redeem their units at the end of each calendar month at the then current month-end net asset value per unit. The redemption of units has no impact on the value of units that remain outstanding, and units are not reissued once redeemed.

The following tables summarize the redemptions by investors during the three months ended June 30, 2016.


Series A

Month:	Units Redeemed:	NAV per Unit ($):
April 30, 2016	(2,110.11)	$	92.59
May 31, 2016	(1,190.01)	$	92.20
June 30, 2016	(284.72)	$	93.97

Series B

Month:	Units Redeemed:	NAV per Unit ($):
April 30, 2016	-	$	89.95
May 31, 2016	-	$	89.56
June 30, 2016	-	$	91.27

ITEM 3.DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4.(Removed and Reserved)

ITEM 5.OTHER INFORMATION

None

ITEM 6.EXHIBITS


31.01	Rule 13a-14(a)/15d-14(a) Certification
31.02	Rule 13a-14(a)/15d-14(a) Certification
32.01	Section 1350 Certification
32.02	Section 1350 Certification
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on August 10, 2016.


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

	By: Beeland Management Company, L.L.C.
	General Partner

	By: /s/David F. Schink
	David F. Schink
	Manager

	By: /s/ Marilyn Cleeff
	Marilyn Cleeff
	Principal Financial and Accounting Officer

ROGERS INTERNATIONAL RAW MATERIALS FUND LP 10-Q