ROGERS INTERNATIONAL RAW MATERIALS FUND LP, 424B3, 2001-01-09

ROGERS INTERNATIONAL RAW MATERIALS FUND LP
424B3, 2001-01-09
COMMODITY CONTRACTS BROKERS & DEALERS

Previous: SAXON ASSET SECURITIES TR 2000-2 MORT LN AS BK CER SE 2000-2, 8-K, 2001-01-09

Next: EIMO OYJ, 425, 2001-01-09

<PAGE>
Filed Pursuant to Rule 424(b)(3)
File No. 333-41780

100,000 UNITS OF LIMITED PARTNERSHIP INTEREST

ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.

Rogers International Raw Materials Fund, L.P. will invest and trade in a
portfolio of commodity futures contracts and forward contracts. Beeland
Management Company, L.L.C. is the general partner and commodity pool operator of
the Fund. James Beeland Rogers, Jr., owns 52.14% of the membership interests in
Beeland Management.

This is a best efforts offering. The minimum number of units required to be sold
in order for the Fund to begin trading is 100,000 ($10,000,000). The maximum
number of units that the Fund may sell is 2,000,000 ($200,000,000). A minimum
investment of 100 units ($10,000) is required for first time investors.

<TABLE>
<CAPTION>
PER UNIT MINIMUM MAXIMUM
-------- ----------- -------------
<S> <C> <C> <C>
Public Offering Price Before Initial Closing... $100 $10,000,000 $200,000,000
Selling Commissions (1)........................ 5 500,000 10,000,000
Proceeds to the Fund (2)....................... 95 9,500,000 190,000,000
</TABLE>

(1) Assumes that no sales are entitled to a volume discount. Sales in excess of
$25,000 are entitled to a volume discount.

(2) Before deducting certain organization and offering expenses, estimated at
$400,000 if the minimum offering is sold and $850,000 if the maximum
offering is sold.

An initial closing on the subscription proceeds will be held as soon as
practicable after subscriptions for a minimum of 100,000 units have been
received. Until the initial closing is held, subscription proceeds will be held
in escrow. If 100,000 units are not subscribed for by September 30, 2001, this
offering will terminate and all amounts paid by subscribers will be promptly
returned with interest. In any event, the offering will terminate no later than
September 30, 2002. After the initial closing is held and the Fund acquires a
portfolio of futures positions, the purchase price for units will be the net
asset value per unit. Since there will be a delay between when an investor pays
for units and when the unit's net asset value is determined, an investor will
not know the actual purchase price of the units at the time of subscription.
Beeland Management will receive a subscription fee of up to 5% of the gross
offering proceeds. Beeland Management and its affiliates may purchase units for
investment purposes, including in order to reach the minimum number of units
required for an initial closing. There is no limit on the number of units that
may be purchased by Beeland Management and its affiliates.

THESE ARE SPECULATIVE, HIGH-RISK SECURITIES. BEFORE YOU DECIDE TO INVEST, READ
THIS ENTIRE PROSPECTUS CAREFULLY AND CONSIDER THE "RISK FACTORS" ON PAGE 13. The
risks of this investment include that:

- You could lose a substantial portion or all of your investment in the
Fund.

- Commodity trading is speculative and the Rogers International Commodity
Index, upon which the Fund's trading will be based, is likely to be
volatile and could suffer from periods of prolonged decline in value.

- The Fund is subject to numerous conflicts of interest, including those
arising from the fact that the Fund does not have an independent trading
advisor, that the Fund pays advisory fees to a company affiliated with
members of the general partner, and that the general partner also serves
as the general partner and commodity pool operator for another commodity
pool.

- The Fund will incur substantial fees and expenses which may not be offset
by trading profits, including a 5% subscription fee and a 2.25% annual
management fee to the Fund's general partner.

- At its minimum size of $10,000,000, the Fund must generate estimated
trading profits of 8.2515% at the end of the first year of investment to
offset estimated partnership expenses, to break even.

- The Fund will not provide any benefit of diversification of your overall
portfolio unless it is profitable and it produces returns that are
independent from stock and bond market returns.

- There are various conditions and restrictions on your ability to redeem
units, including a three-month holding period and a 60 day written notice
requirement.

- No public market will exist for the units.

NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES
COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE
ADEQUACY OR ACCURACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.

THE COMMODITY FUTURES TRADING COMMISSION HAS NOT PASSED UPON THE MERITS OF
PARTICIPATING IN THIS POOL NOR HAS THE COMMISSION PASSED ON THE ADEQUACY OR
ACCURACY OF THIS DISCLOSURE DOCUMENT.

PROSPECTUS DATED JANUARY 8, 2001
<PAGE>
WHO MAY INVEST

An investment in the Fund is speculative and involves a high degree of risk.
The Fund is not suitable for all investors nor is it a complete investment
program. You should invest only a limited portion of your portfolio in the Fund.
At a minimum you must have:

- a net worth of at least $150,000, exclusive of home, home furnishings and
automobiles; or

- a net worth, similarly calculated, of at least $45,000 and an annual gross
income of at least $45,000.

A number of states in which the units are offered impose higher minimum
financial standards on prospective investors. These state suitability standards
are described in "Plan of Distribution--Who May Invest." These standards are, in
each case, only regulatory minimums. Merely because you meet the standards does
not mean the investment is suitable for you. If the investment in the Fund is
being made by a fiduciary account, these minimum standards must be met by the
beneficiary, the fiduciary account, or by the donor or grantor who supplies the
funds to purchase the units if the donor or grantor is the fiduciary.

You are required to make representations and warranties in connection with
this investment. You are encouraged to discuss this investment with your
individual financial, legal and tax advisors.

Beeland Management, in its sole discretion, may partially or totally reject
any subscription for units.

COMMODITY FUTURES TRADING COMMISSION
RISK DISCLOSURE STATEMENT

YOU SHOULD CAREFULLY CONSIDER WHETHER YOUR FINANCIAL CONDITION PERMITS YOU TO
PARTICIPATE IN A COMMODITY POOL. IN SO DOING, YOU SHOULD BE AWARE THAT FUTURES
TRADING CAN QUICKLY LEAD TO LARGE LOSSES AS WELL AS GAINS. SUCH TRADING LOSSES
CAN SHARPLY REDUCE THE NET ASSET VALUE OF THE POOL AND CONSEQUENTLY THE VALUE OF
YOUR INTEREST IN THE POOL. IN ADDITION, RESTRICTIONS ON REDEMPTIONS MAY AFFECT
YOUR ABILITY TO WITHDRAW YOUR PARTICIPATION IN THE POOL.

FURTHER, COMMODITY POOLS MAY BE SUBJECT TO SUBSTANTIAL CHARGES FOR MANAGEMENT,
AND ADVISORY AND BROKERAGE FEES. IT MAY BE NECESSARY FOR THOSE POOLS THAT ARE
SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION
OR EXHAUSTION OF THEIR ASSETS. THIS DISCLOSURE DOCUMENT CONTAINS A COMPLETE
DESCRIPTION OF EACH EXPENSE TO BE CHARGED BY THIS POOL AT PAGE 25 AND A
STATEMENT OF THE PERCENTAGE RETURN NECESSARY TO BREAK EVEN, THAT IS, TO RECOVER
THE AMOUNT OF YOUR INITIAL INVESTMENT, AT PAGE 30.

THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER FACTORS NECESSARY
TO EVALUATE YOUR PARTICIPATION IN THIS COMMODITY POOL. THEREFORE, BEFORE YOU
DECIDE TO PARTICIPATE IN THIS COMMODITY POOL, YOU SHOULD CAREFULLY STUDY THIS
DISCLOSURE DOCUMENT, INCLUDING A DESCRIPTION OF THE PRINCIPAL RISK FACTORS OF
THIS INVESTMENT, AT PAGES 13-22.

YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY POOL MAY TRADE FOREIGN FUTURES
CONTRACTS. TRANSACTIONS ON MARKETS LOCATED OUTSIDE THE UNITED STATES, INCLUDING
MARKETS FORMALLY LINKED TO A UNITED STATES MARKET, MAY BE SUBJECT TO REGULATIONS
WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION TO THE POOL AND ITS PARTICIPANTS.
FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE UNABLE TO COMPEL THE
ENFORCEMENT OF THE RULES OF REGULATORY AUTHORITIES OR MARKETS IN NON-UNITED
STATES JURISDICTIONS WHERE TRANSACTIONS FOR THE POOL MAY BE EFFECTED.

AS OF THE DATE OF THIS PROSPECTUS, THIS POOL HAS NOT COMMENCED TRADING AND DOES
NOT HAVE ANY PERFORMANCE HISTORY.

THIS PROSPECTUS DOES NOT INCLUDE ALL OF THE INFORMATION OR EXHIBITS IN THE
FUND'S REGISTRATION STATEMENT. YOU CAN READ AND COPY THE ENTIRE REGISTRATION
<PAGE>
STATEMENT AT THE PUBLIC REFERENCE FACILITIES MAINTAINED BY THE SEC IN
WASHINGTON, D.C.

THE FUND WILL FILE QUARTERLY AND ANNUAL REPORTS WITH THE SEC. YOU CAN READ AND
COPY THESE REPORTS AT THE SEC PUBLIC REFERENCE FACILITIES IN CHICAGO, NEW YORK
OR WASHINGTON, D.C. PLEASE CALL THE SEC AT 1-800-SEC-0300 FOR FURTHER
INFORMATION.

PENNSYLVANIA INVESTORS: BECAUSE THE MINIMUM CLOSING AMOUNT IS LESS THAN
$13.3 MILLION, YOU ARE CAUTIONED TO CAREFULLY EVALUATE THE FUND'S ABILITY TO
FULLY ACCOMPLISH ITS STATED OBJECTIVES AND TO INQUIRE AS TO THE CURRENT DOLLAR
VOLUME OF FUND SUBSCRIPTIONS.

THE FUND'S FILINGS WILL BE POSTED AT THE SEC WEBSITE AT HTTP://WWW.SEC.GOV.

UNTIL APRIL 8, 2001 (90 DAYS AFTER THE DATE HEREOF), ALL DEALERS EFFECTING
TRANSACTIONS IN THE UNITS, WHETHER OR NOT PARTICIPATING IN THIS DISTRIBUTION,
MAY BE REQUIRED TO DELIVER A PROSPECTUS. THIS REQUIREMENT IS IN ADDITION TO THE
OBLIGATION OF DEALERS TO DELIVER A PROSPECTUS WHEN ACTING AS SOLICITING DEALERS.

BEELAND MANAGEMENT COMPANY, L.L.C.
GENERAL PARTNER
1000 HART ROAD, SUITE 210
BARRINGTON, ILLINOIS 60010
(847) 304-0450

ii
<PAGE>
TABLE OF CONTENTS

<TABLE>
<CAPTION>
PAGE
--------
<S> <C>
SUMMARY OF THE PROSPECTUS................................... 1
Rogers International Raw Materials Fund, L.P.............. 1
The Offering.............................................. 5

RISK FACTORS................................................ 13
Risks Relating to Commodity Trading and Markets........... 13
You may lose all of your investment if futures prices,
which are highly unpredictable and volatile, do not
increase............................................... 13
The Rogers International Commodity Index is likely to be
volatile and could suffer from periods of prolonged
decline in value....................................... 13
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....... 13
Investing in units might not provide the desired
diversification of your overall portfolio.............. 14
Illiquid markets could make it impossible to realize
profits or limit losses................................ 14
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................................................ 14
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............... 15
Risks Relating to the Fund's Structure and Organization... 15
Since the Fund has no operating history for you to
consider, it is difficult to predict whether the Fund
will be successful..................................... 15
Since the general partner of the Fund has a limited
operating history, it is difficult to evaluate its
business and prospects................................. 15
The operating history of the other commodity pool
managed by Beeland Management may not be indicative of
the Fund's performance................................. 15
The trading methodology utilized by the Fund may not be
successful under all or any market conditions.......... 15
Substantial fees and expenses are charged regardless of
profitability.......................................... 16
Conflicts of interest exist which may diminish the value
of limited partners' investments....................... 16
The fees and commissions and other terms applicable to
the general partner's business dealings with the Fund
were not negotiated on an arms-length basis............ 16
You will be limited in your ability to transfer units... 16
You will be limited in your ability to redeem units..... 17
The units will not be a liquid investment............... 17
Since limited partners will not participate in
management of the Fund's business they must rely on
Beeland Management to adequately manage the Fund's
affairs................................................ 17
The Fund may terminate early, which could disrupt your
overall investment portfolio plan...................... 17
The purchase of units by Beeland Management or its
members may create conflicts of interest for them...... 17
Since the Fund will only trade in certain markets, an
investment in the Fund, alone, will not diversify an
investor's portfolio................................... 18
Exchange trading limits may require the Fund to
liquidate positions at undesirable times, resulting in
reduced profitability.................................. 18
The offering of units has not been subject to
independent review..................................... 18
Funds contributed before the Fund breaks escrow may sit
idle for some time..................................... 18
The start-up of the Fund's trading will involve risks
not applicable to established pools.................... 18
Risks Relating to Tax and Other Regulatory Risk........... 18
Regulations governing the futures market may change and
could adversely affect the Fund's operations........... 18
</TABLE>

iii
<PAGE>

<TABLE>
<CAPTION>
PAGE
--------
<S> <C>
Since the Fund is not a regulated investment company you
will not have the protections provided by statutes
regulating those companies............................. 19
The IRS may determine that the Fund is an association
taxable as a corporation in which event you would be
deprived of the tax benefits associated with investing
in a partnership....................................... 19
Limited partners will owe taxes on the Fund's profits
but will very likely never receive any distributions
from the Fund.......................................... 19
You could owe tax on your share of the Fund's ordinary
income despite overall losses.......................... 19
If the Fund's and the limited partners' tax returns are
audited you may be required to pay back taxes,
interests and penalties................................ 19
A change in tax laws could adversely affect the tax
treatment an investment in the Fund.................... 20

CONFLICTS OF INTEREST....................................... 20
Other Pools and Businesses of the General Partner and Its
Members................................................. 20
The Fund Does Not Have an Independent Trading Advisor..... 20
Other Pools and Trading by the Fund's General Partner and
Its Members............................................. 20
Richard L. Chambers, a Managing Member of the Fund's
General Partner is a Principal of an Advisor to the
Fund.................................................... 21
One Law Firm is Counsel to Both the Fund and the Fund's
General Partner......................................... 21
Distribution and Liquidation Decisions by the Fund's
General Partner......................................... 21
Futures Commission Merchants Used by the Fund May Be
Soliciting Dealers...................................... 22

POTENTIAL BENEFITS OF INVESTING IN THE FUND................. 22
Trading Based on Index; No Active Trading................. 22
Professional Management................................... 22
Diversification; Non-Correlation with Traditional
Securities Markets...................................... 22
Lower Initial Investment Requirements..................... 22
Limited Liability......................................... 23
Administrative Convenience................................ 23
Lower Time Commitment..................................... 23

FIDUCIARY RESPONSIBILITY OF THE GENERAL PARTNER............. 23

FEES AND EXPENSES OF THE FUND............................... 25
Summary of Fees and Expenses.............................. 25
Management Fee and Profit Distribution to General
Partner................................................. 26
Subscription Fee to General Partner....................... 27
Soliciting Dealer Compensation............................ 27
Futures Commission Merchants; Brokerage Commissions....... 27
Clearing Costs and National Futures Association Fees...... 28
Advisory Fees............................................. 28
Organizational and Offering Expenses...................... 28
Third Party Suppliers of Goods and Services............... 28
Other Expenses............................................ 28
Consulting Contracts With Affiliates...................... 29
Reports................................................... 29

BREAK-EVEN ANALYSIS......................................... 30

THE ROGERS INTERNATIONAL COMMODITY INDEX.................... 31

BASIS FOR TRADING........................................... 32

THE GENERAL PARTNER......................................... 34
Background of the General Partner......................... 34
Principals................................................ 34
Legal Actions............................................. 35
Investment by the General Partner and Its Members......... 36
Duties of the General Partner............................. 36
</TABLE>

iv
<PAGE>

<TABLE>
<CAPTION>
PAGE
--------
<S> <C>
PRINCIPAL OWNERS OF UNITS................................... 36

ENFORCING YOUR RIGHTS AS A LIMITED PARTNER.................. 36

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS................................. 37

PERFORMANCE HISTORY OF THE FUND............................. 37

OTHER POOLS OPERATED BY THE GENERAL PARTNER................. 37

FUTURES COMMISSION MERCHANTS, BROKERS AND DEALERS........... 40

SOLICITING DEALERS.......................................... 41

SUBSCRIPTION AGENT.......................................... 41

USE OF PROCEEDS............................................. 42

TRANSFERABILITY AND REDEMPTION OF UNITS..................... 43
Transfers of Units........................................ 43
Redemption of Units....................................... 43

COMMODITY MARKETS........................................... 44
Commodity Futures......................................... 44
Forward Contracts......................................... 45
Uses of Commodity Markets................................. 45
Regulation................................................ 46
Margins................................................... 47

PLAN OF DISTRIBUTION........................................ 47
The Offering.............................................. 47
How To Invest............................................. 49
Who May Invest............................................ 50
Escrow Arrangements....................................... 51
Confirmation or Rejection of Subscriptions................ 51

ERISA CONSIDERATIONS........................................ 52
General................................................... 52
Special Investment Consideration.......................... 52
The Fund Should Not Be Deemed To Hold "Plan Assets"....... 52
ERISA Investors Could Be Forced to Redeem Against Their
Will.................................................... 53
Ineligible Purchasers..................................... 53

FEDERAL INCOME TAX ASPECTS.................................. 54
The Fund's Partnership Tax Status......................... 54
Taxation of Limited Partners on Profits and Losses of the
Fund.................................................... 55
Allocations of Partnership Items.......................... 55
Basis Limitation on the Use of Losses..................... 56
At-Risk Limitation on the Use of Losses................... 56
Limitations on the Use of Capital Losses.................. 56
Limitations on the Use of Passive Activity Losses......... 56
Limitations on Itemized Deductions of Individuals......... 57
Limitations on the Use of Syndication Expenses............ 57
Interest Limitations...................................... 57
Code Section 183 Limitations.............................. 57
Cash Distributions and Unit Redemptions................... 58
Taxation on a Sale or Other Disposition of Units.......... 58
Taxation of Commodity Transactions........................ 58
Tax on Capital Gains and Losses........................... 59
Interest Income........................................... 59
</TABLE>

v
<PAGE>

<TABLE>
<CAPTION>
PAGE
--------
<S> <C>
Application of the Publicly Traded Partnership Rules to
the Fund................................................ 59
IRS Audits of the Fund And Its Limited Partners........... 60
State and Other Taxes..................................... 60
Broker Reporting and Backup Withholding................... 60
Exempt Organizations...................................... 60

THE LIMITED PARTNERSHIP AGREEMENT........................... 62
Limited Liability of Limited Partners..................... 62
Management of Partnership Affairs......................... 62
Sharing of Profits and Losses............................. 62
Partnership Accounting.................................. 62
Federal Tax Allocations................................. 62
Distributions............................................. 62
Additional Partners....................................... 63
Restrictions on Transfer or Assignment.................... 63
Dissolution and Termination of the Fund................... 63
Resignation or Withdrawal of the General Partner.......... 63
Amendments and Meetings................................... 63
Reports To Limited Partners............................... 63
Indemnification........................................... 64

ADDITIONAL INFORMATION...................................... 65

LEGAL MATTERS............................................... 65

EXPERTS..................................................... 65

INDEX TO FINANCIAL STATEMENTS AND FINANCIAL STATEMENTS...... F-1

APPENDIX A--Limited Partnership Agreement................... A-1

APPENDIX B--Subscription Agreement.......................... B-1

APPENDIX C--Redemption Notice............................... C-1
</TABLE>

vi
<PAGE>
SUMMARY OF THE PROSPECTUS

The following is a summary of this offering and of the Rogers International
Raw Materials Fund, L.P. This summary is materially complete, but this
prospectus contains additional information. You need to read this entire
prospectus for more detailed information about this offering and the Fund and
about any agreement or document discussed in this prospectus.

ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.

<TABLE>
<S> <C>
The Fund and its Business............ Rogers International Raw Materials Fund, L.P. is an Illinois
limited partnership. Its principal offices are at 1000 Hart
Road, Suite 210, Barrington, Illinois 60010, and its
telephone number at that location is (847) 304-0450.

The Fund will invest and trade in a portfolio of commodity
futures and forward contracts. Futures contracts are
contracts made on a commodity exchange which provide
generally for the future delivery of various commodities at
a specified date, time and place. When traded on an
exchange, forward contracts are the equivalent of a futures
contract. When not traded on an exchange, forward contracts
are contracts for the purchase or sale of a commodity (such
as currencies) for delivery at a future date, which contain
terms and conditions specifically negotiated by the parties.
Although Beeland Management, the general partner of the
Fund, does not initially intend to do so, the Fund may also
purchase forward contracts in the off exchange or "OTC"
marketplace under certain circumstances if, in the sole
discretion of Beeland Management, there is sufficient
liquidity and depth in the relevant off exchange markets.
The Fund will invest and trade exclusively on the "long
side" of the market. This means that the Fund will only buy
positions in commodities and will not engage in any
short-selling. The Fund intends to close out all positions
by making an offsetting sale and does not intend to take
delivery of the actual commodities. Funds for its business
will be obtained only by the sale of units and from the
retention of any profits generated from the Fund's trading.

The Fund's trading will be designed to replicate the
positions which comprise the Rogers International Commodity
Index. The Index consists of a compendium, commonly known as
a basket, of raw materials employed within the world economy
and traded in seasoned markets as futures and forward
contracts. There are no "short" positions within the Index.

The Index was developed by James Beeland Rogers, Jr., the
majority owner-member of Beeland Management, to be a
balanced, representative, international raw materials index.
Beeland Management acquired the Index from Mr. Rogers in
exchange for his majority ownership interest in Beeland
Management. 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. It is designed to address the needs of expanding
world trade.

1
<PAGE>

<TABLE>
<S> <C>
whether it may be necessary to change the components or
relative weighting of the Index. Any such decision will be
made in the sole discretion of Beeland Management and in
accordance with objective, predetermined internal rules
developed by Beeland Management governing adjustments to the
Index. There are rarely any changes in the components of the
Index. Only one, almost DE MINIMIS adjustment has been made
in the history of the Index. This adjustment consisted of
the substitution of soybean oil for palm oil last year.
While there are no legal impediments to changing the Index,
Beeland Management may not change the investment philosophy
of the Fund. Trading will be done for the sole purpose of
attempting to track, to the extent reasonably possible, the
positions and performance of the Index. Unlike some
well-known indices, such as the Standard and Poors 500 and
the Dow Jones Industrial Average, information regarding the
composition and performance of the Index is not available on
a widespread basis. However, the Index has been tracked and
reported by several futures industry reporting services,
such as Managed Account Reports ("MAR"). A chart showing the
current composition of the Index is provided in "The Rogers
International Commodity Index" on page 31 of the prospectus.
Investors desiring additional information about the Index
should contact Beeland Management.

The Fund's general partner is aware of one other public
fund, the Goldman Sachs Commodity Index, that has a basic
investment mission or policy similar to that of the Rogers
International Commodity Index. In addition, there are a
number of registered investment portfolios whose investments
include commodity futures. Many of these competitors or
potential competitors have longer operating histories,
greater name recognition, larger customer bases, and greater
resources than the Fund. The Fund's success will depend on
its ability to market the concept of an alternative asset
class that is noncorrelated with and can add diversification
to a traditional portfolio of securities.

The Fund's principal objective is to provide an alternative
investment vehicle for investors with diversified investment
portfolios. The performance of the Fund is not correlated
with the traditional securities markets. In other words, the
performance of the Fund is largely independent from how the
traditional equity and debt markets perform. Accordingly,
the Fund'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
fact that the Fund's performance is non-correlated with
traditional securities markets does not mean that the Fund's
performance has a negative correlation with such markets. In
other words, the Fund will not necessarily perform better
when traditional markets decline, or perform worse when the
traditional markets are rising. Rather, the Fund's results
may parallel either stocks or bonds, or both, during
significant periods of time.

The Fund has not commenced trading and had no operating
history as of the date of this prospectus.

The audited statement of financial condition of the Fund as
of September 30, 2000 is included under "Financial
Statements" on page F-1 of the prospectus.
</TABLE>

2
<PAGE>

<TABLE>
<S> <C>
General Partner of the Fund.......... The general partner and commodity pool operator of the Fund
is Beeland Management Company, L.L.C. The Fund does not have
a separate trading advisor. Instead, Beeland Management
makes and implements all trading decisions for the Fund.
Beeland Management does not make trading decisions in the
traditional sense. Unlike most other traditional commodity
pools, commodity futures will not be bought or sold to take
advantage of anticipated price movement. Rather, trading
will be effected to ensure that the positions in the Fund
track, to the extent reasonably possible, the composition of
the Index. Generally, if prices of commodities rise, then
the value of an investment in the Fund should appreciate.
Correspondingly, if commodity prices decline, then the value
of an investment in the Fund should go down. The Fund'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 cost of inflation and
the management fees, subscription fees and other fees and
expenses.

Beyond the possible adjustment in the composition of the
Index and resulting trading by the Fund to correlate, the
only limited trading performed by Beeland Management is for
purpose of rolling of contracts from near delivery month to
later delivery months in order to ensure that the Fund will
not take actual delivery of a physical commodity. The Fund
generally places spread orders when rolling contracts. Each
such spread involves simultaneously closing (or selling) the
Fund's existing open position in a commodity future and
reestablishing a new long position (or opening) in the same
commodity. The order is priced and executed at the net cost
difference between the long and short trades. Spread orders
are employed by the Fund, as opposed to placing independent
orders to buy the later month and sell the near month
contracts, in order to protect against market risk. Except
for limited trading, as described above, to adjust the
composition of the index or to roll contracts from near
months to far months, Beeland Management will not engage in
other types of trading.

The principals of Beeland Management Company have
substantial investing and trading experience, as described
in greater detail in "The General Partner" on page 34 and
"Other Pools Operated By the General Partner" on page 37 of
the prospectus.

Beeland Management is an Illinois limited liability company
formed in 1997. Its main business office is at 1000 Hart
Road, Suite 210, Barrington Illinois 60010, and its
telephone number is (847) 304-0450.

Beeland Management manages the Fund. As of November 30,
2000, Beeland Management managed approximately $22 million
in the Rogers Raw Materials Fund, L.P., a private commodity
pool. As with the Fund, the Rogers Raw Materials Fund's
trading is designed to replicate the positions which
comprise the Index from time to time.

The Rogers Raw Materials Fund has a lower fee structure than
the Fund. Investors in the Rogers Raw Materials Fund are not
required to pay a subscription fee, whereas investors in the
Fund pay a 5% subscription fee. In addition, the funds have
different management fees. Investors in the Fund will pay a
management fee of 225 basis
</TABLE>

3
<PAGE>

<TABLE>
<S> <C>
points (2.25%) per year. One basis point is 1/100 of one
percent. The management fee for Class A limited partners in
the Rogers Raw Materials Fund is 65 basis points (0.65%) and
the management fee for its Class B limited partners, which
are subscribers for the first $10,000,000 received by that
fund, is 50 basis points (0.50%). Class A and B limited
partners are allocated their proportionate share of round
turn commissions as well as any regulatory, clearing house
or exchange fees. The amount of these commissions and fees
are similar to that of the Fund. Rogers Raw Materials Fund
also has Class C limited partners which pay a management fee
of 150 basis points (1.50%), but are not allocated or
charged any round turn commissions for the fund's purchase
or sale of futures or forward contracts. They are, however,
allocated their share of regulatory, clearing house and/or
exchange fees. Unlike the Fund, Rogers Raw Materials Fund
does not separately pay an advisory fee to Hart Capital
Management. See "Fees and Expenses of the Fund" on page 25
of the prospectus.

Organization......................... In addition to operating the Fund, as noted above, Beeland
Management also serves as the general partner and commodity
pool operator of Rogers Raw Materials Fund. Although the
Fund and the Rogers Raw Materials Fund have common
management and trading in both funds will attempt to
replicate the Index, there is no other relationship between
the two funds. Since the Rogers Raw Materials Fund has been
trading since August 1998 and will have open contracts prior
to the commencement of trading by the Fund, it is possible
that the performance results of the two funds may be
different during the first few years of trading by the Fund.
The difference in performance results between the two funds
will also be affected by the lower fee structure of the
Rogers Raw Materials Fund.
</TABLE>

4
<PAGE>
[ORGANIZATIONAL CHART]

<TABLE>
<S> <C>
THE OFFERING

The Fund's Offering.................. This is an initial public offering by the Fund. The Fund's
units are being publicly offered in various states. The
units are being continuously offered by the Fund.

The units are only offered by this prospectus. You cannot
distribute this prospectus to any one else without Beeland
Management's written consent. If you do, you may place
yourself and the Fund in violation of federal and state
securities laws.

The units are being offered on a best efforts basis by both
representatives of Beeland Management and certain
broker-dealers. An offering on a best efforts basis is one
in which the securities dealers participating in the
offering are under no obligation to purchase any of the
securities being offered and, therefore, no specified number
of securities are guaranteed to be sold and no specified
amount of money is guaranteed to be raised from the
offering.

Subscription Agent................... Derivatives Portfolio Management, L.L.C., Two Worlds Fair
Drive, P.O. Box 6741, Somerset, New Jersey, will serve as
the Fund's subscription agent, as well as the Fund's
redemption agent. While Derivatives Portfolio Management
will serve in both capacities, we will refer to
</TABLE>

5
<PAGE>

<TABLE>
<S> <C>
Derivatives Portfolio Management in this prospectus as the
subscription agent.

As the subscription agent, Derivatives Portfolio Management
will process new subscriptions, add new subscribers to the
list of limited partners, assign the appropriate number of
units per subscription, compute the net asset value per unit
and process all requests for redemptions. The subscription
agent will also be responsible for both receiving funds from
and disbursing funds to investors.

The subscription agent is not a trustee and has no
management or oversight responsibilities and no fiduciary
duties to the limited partners.

Securities Offered................... The units are initially offered for sale at a fixed price of
$100 per unit. This price was arbitrarily established by
Beeland Management.

An initial closing on the subscription proceeds will be held
at a time determined by Beeland Management. The initial
closing will occur at the earliest practicable date after
subscriptions for a minimum of 100,000 units have been
received. After the initial closing and the acquisition by
the Fund of a portfolio of futures positions, the purchase
price for units will be the net asset value per unit as of
the close of trading on the trading day preceding the
effective date of the purchase. The net asset value per unit
is determined by dividing the Fund's net assets (total
assets, including the value of its portfolio of futures
positions, minus total liabilities of the Fund) by the
aggregate number of units outstanding as of the time of
calculation. After the initial closing, the net asset value
may be more than or less than $100 per unit. Investors may
obtain information concerning the net asset value per unit
from Derivatives Portfolio Management. Its telephone number
is (732) 563-0030. In addition, each limited partner will be
given a password for access to a web site for the Fund which
will report net asset value on a weekly basis.

Upon the initial closing, the subscription proceeds will be
released to the Fund for acquisition of a portfolio of
futures and forward positions. Any sales of units which are
made after the initial closing and after the Fund has
acquired a portfolio of futures positions will be effective
only on the first business day of a month, and the purchase
price for the units will be the net asset value per unit as
of the close of trading on the trading day preceding the
effective date of the purchase. This offering will be
terminated if 100,000 units are not sold by September 30,
2001. If that happens, all subscriptions will be promptly
returned to the subscribers, with interest, within 10
business days after the date the offering is terminated. The
total amount of interest will equal all interest earned on
subscription proceeds while such proceeds were in the escrow
account. Each subscriber will be paid a pro rata share of
interest.

Mellon Bank, Pittsburgh, Pennsylvania, will serve as the
escrow agent. The money collected from subscriptions
accepted prior to the initial closing will be deposited in
an interest-bearing escrow account to be maintained at
Mellon Bank until the initial closing occurs. The escrowed
funds will be invested in federally insured bank accounts,
short-term certificates of deposit issued by a bank,
short-term securities issued or guaranteed by the United
States government and
</TABLE>

6
<PAGE>

<TABLE>
<S> <C>
any other investments permitted under Rule 15c2-4 of the
Securities Exchange Act of 1934, as amended, at the
direction of the Company and will accrue interest at the
then prevailing interest rates for such investments. Money
received for units sold after that time will be immediately
available for use by the Fund.

A maximum of 2,000,000 units for an aggregate gross offering
price of $200,000,000 are offered by this prospectus, but
the Fund may make other offerings.

Minimum Subscriptions................ The minimum initial investment is 100 units, or $10,000, for
first time investors. Investments above the minimum and all
subsequent investments must be made in full units. The
purchase price for units will be $100 per unit until the
initial closing and the net asset value per unit after the
initial closing and the acquisition by the Fund of a
portfolio of futures positions. The net asset value per unit
will be calculated as of the close of trading on the trading
day preceding the effective date of the purchase.

BEELAND MANAGEMENT AND ITS AFFILIATES MAY PURCHASE UNITS FOR
INVESTMENT PURPOSES, INCLUDING PURCHASES IN ORDER TO REACH
THE MINIMUM NUMBER OF UNITS REQUIRED FOR AN INITIAL CLOSING.

In order to invest, you must deliver to Derivatives
Portfolio Management a subscription agreement, appropriately
completed, dated and signed, and a signed counterpart copy
of the signature page of the Fund's limited partnership
agreement.

A copy of the limited partnership agreement is included as
Appendix A and a copy of the subscription agreement is
included as Appendix B. You should carefully review these
documents because you will make various representations and
warranties in those documents.

ERISA Investors...................... At no time may all ERISA limited partners collectively hold
more than 24.9% of the total units held by all limited
partners. If, through withdrawals or redemptions, all ERISA
limited partners would collectively hold more than 24.9% of
the total units held by all limited partners, there will be
an automatic redemption of units on a pro rata basis among
all ERISA limited partners in an amount sufficient to reduce
the number of units held by all of them to not more than
24.9%. ERISA limited partners means those limited partners
who are either:

- an "Employee Benefit Plan," as defined in Section 3(3) of
ERISA;

- a plan described in Section 4975(e)(1) of the Internal
Revenue Code; or

- a partnership, the general partner of which has been
appointed "investment manager," as defined in
Section 3(38) of ERISA, over the assets used by one or
more Employee Benefit Plans to purchase limited
partnership interests in such partnership.

Suitability Requirements............. An investment in the Fund is speculative and involves a high
degree of risk. The Fund is not suitable for all investors
nor is it a complete investment program. You should invest
only a limited portion of your portfolio in the Fund. At a
minimum you must have:
</TABLE>

7
<PAGE>

<TABLE>
<S> <C>
- a net worth of at least $150,000, exclusive of home, home
furnishings and automobiles; or

- a net worth, similarly calculated, of at least $45,000 and
an annual gross income of at least $45,000.

A number of states in which the units are offered impose
higher minimum financial standards on prospective investors.
These state suitability standards are described in "Plan of
Distribution--Who May Invest" on page 50 of the prospectus.
These standards are, in each case, only regulatory minimums.
Merely because you meet the standards does not mean the
investment is suitable for you. If the investment in the
Fund is being made by a fiduciary account, these minimum
standards must be met by the beneficiary, the fiduciary
account, or by the donor or grantor who supplies the funds
to purchase the units if the donor or grantor is the
fiduciary.

Beeland Management may, in its sole discretion, partially or
totally reject any subscription for units.

How to Invest........................ If you wish to invest, you should follow the following
steps:

- Carefully read this entire prospectus and discuss how the
Fund could fit into your portfolio and overall investment
plan with your financial consultant.

- If you decide to invest, sign the counterpart copy of the
signature page of the Fund's limited partnership
agreement, and complete, date and sign the required
subscription agreement, the forms of which are included as
Appendix A and B.

- The Fund will accept subscriptions throughout the initial
and continuous offering periods. The offering can be
terminated by Beeland Management at any time. The initial
offering period begins on the date of this prospectus and
ends on the earlier of the date on which the initial
closing is held or on September 30, 2001. The continuous
offering period begins after the initial closing is held
and the Fund acquires a portfolio of futures positions and
ends upon the termination of the offering, which, in any
event, will be no later than September 30, 2002. Subject
to the minimum initial investment requirement, you may buy
units for $100 per unit during the initial offering
period, and thereafter, during the continuous offering
period, for the net asset value per unit as of the close
of trading on the trading date preceding the effective
date of the purchase.

- During the continuous offering, you may submit your
completed, dated and signed subscription agreement and
signed counterpart copy of the signature page of the
Fund's limited partnership agreement at any time. However,
during the continuous offering the effective date of a
purchase will always be the first business day of the
month following the month in which the subscription was
received, but only if the subscription is received on or
before the fifth day prior to the end of such month. If a
subscription is received after the fifth day prior to the
end of a month but on or prior to the last day of the
month, the effective date of the subscription will be the
first business day of the second month following the month
in which the subscription was received, unless the
subscription is processed in time to allow for an earlier
effective date. The number of units you
</TABLE>

8
<PAGE>

<TABLE>
<S> <C>
receive will be based on the net asset value of the units
as of the close of trading on the last trading day of
month preceding the effective date of the purchase.

Distribution of the Units............ There is no underwriter for this offering. Beeland
Management will solicit subscribers, acting primarily
through Clyde Harrison, a managing member, and to a much
lesser extent, Richard Chambers, also a managing member. In
addition, units will also be offered by soliciting dealers
on a best efforts basis. Each of these soliciting dealers is
registered as a broker-dealer with the SEC and is a member
of the National Association of Securities Dealers, Inc.
Oakbrook Investment Brokers, Inc., a broker-dealer
affiliated with a managing member of Beeland Management, may
act as a soliciting dealer in the Offering. This affiliation
is wholly independent of the managing member's role with
Beeland Management. To the extent Oakbrook acts as a
soliciting dealer, it will receive no extraordinary
compensation of any kind, I.E., other than the "standard"
allocation and allowance of the "selling commission" to be
paid to all soliciting dealers.

Beeland Management is required to make a minimum investment
in the Fund in the minimum amount of $25,000. In addition,
it may, but is not required to, purchase additional units,
including in order to reach the minimum number of units
required for an initial closing. Soliciting dealers are not
required to, but may, purchase units, including in order to
reach the minimum number of units required for an initial
closing. As a result, Beeland Management cannot guarantee
that any specified number of units will be sold or that any
specified amount of money will be raised from the offering.

Break Even Point..................... Beeland Management estimates that the profit the Fund must
make on 100 units, or a $10,000 investment, in order for a
limited partner to break even if the limited partner
redeemed his or her units at the end of the first year of
investment is:

- $825.15, or 8.2515% of the purchase price for the 100
units, if the Fund had average annual net assets of
$10,000,000;

- $485.15, or 4.8515% of the purchase price for the 100
units, if the Fund had average annual net assets of
$100,000,000; and

- $467.65, or 4.6765% of the purchase price for the 100
units, if the Fund had average annual net assets of
$200,000,000.

Risks You Should Consider Before
Investing in the Fund.............. Investment in the Fund is speculative and involves a high
degree of risk. You should be aware that:

- You could lose a substantial portion or all of your
investment in the Fund.

- Commodity trading is speculative and the Rogers
International Commodity Index, upon which the Fund's
trading will be based, is likely to be volatile and could
suffer from periods of prolonged decline in value.

- The Fund is subject to numerous conflicts of interest,
including those arising from the fact that the Fund does
not have an independent trading advisor, that the Fund
pays advisory fees to a company affiliated with members of
the general partner, and that the general
</TABLE>

9
<PAGE>

<TABLE>
<S> <C>
partner also serves as the general partner and commodity
pool operator for another commodity pool.

- The Fund will incur substantial fees and expenses which
may not be offset by trading profits, including a 5%
subscription fee and a 2.25% management fee to the Fund's
general partner. At its minimum size of $10,000,000, the
Fund must generate estimated trading profits of 8.2515% at
the end of the first year of investment to offset
estimated partnership expenses, to break even.

- The Fund will not provide any benefit of diversification
of your overall portfolio unless it is profitable and it
produces returns that are independent from stock and bond
market returns.

- Your ability to redeem units is limited and no public
market will exist for the units. There are conditions and
restrictions on assignments of units and on redemptions of
units by the Fund. You may only redeem your units after a
three-month holding period. With respect to units
purchased during the initial offering period, the
three-month holding period will begin on the initial
closing date. With respect to units purchased during the
continuous offering, the three-month holding period will
begin on the effective date of the purchase. In addition,
you are required to give at least 60 days prior written
notice to the subscription agent of any proposed
withdrawals. Units can only be redeemed on the last
trading day of any month.

- Approximately 35% of the component commodities on the
Rogers International Commodity Index consist of crude oil.
As a result, a prolonged decline in the value of that raw
material could have a negative impact on the Fund's
performance.

See "Risk Factors" starting on page 13 for additional risks
you should consider.

Fees and Expenses of the
Fund............................... The Fund will pay substantial fees and expenses. The Fund
will have to generate profits from trading in order to avoid
depletion of the Fund's assets. These fees and expenses
include:

- Management fees of 0.1875% per month (2.25% per year) of
the average monthly sum of all capital accounts
contributed by limited partners, computed as of the close
of each month. The management fee is payable monthly to
Beeland Management, as the Fund's general partner.

- Subscription fee of up to 5% of the gross offering
proceeds payable to Beeland Management. A portion of the
subscription fee may be reallowed by Beeland Management to
soliciting dealers as selling commissions for each unit
they sell. Subject to certain conditions and exceptions,
investors purchasing specified minimum numbers of units
will be entitled to a reduction of the 5% subscription
fee.

- An advisory fee to Hart Capital Management, an affiliate
of Beeland Management. The fee is in the amount of 50
basis points per year of the average month end market
value of the net assets of the Fund invested and being
managed by Hart Capital Management.

- Brokerage commissions and transactions fees estimated at
1% of net assets per year, payable to futures commission
merchants utilized by
</TABLE>

10
<PAGE>

<TABLE>
<S> <C>
the Fund. Futures commission merchants execute trades of
futures contracts for the Fund. The above fees include
delivery, insurance, storage and other charges incidental
to trading and exchange fees. Affiliates of members of
Beeland Management may be engaged to provide trading
execution services for the Fund.

- Clearinghouse and other similar fees, and National Futures
Association (NFA) fees estimated at between 10 to 15 basis
points annually. One basis point is (1)/(100) of one
percent.

- Finally, if the amount of management fees paid to the
Fund's general partner during a year does not equal or
exceed one percent (1%) of the amount of the Fund's net
profits for that year, the general partner will receive an
allocation of profits in an amount equal to the difference
between one percent of the net profits and the amount of
the management fees paid. For this purpose, net profits
equals the Fund's total profits minus losses and any
expenses charged to the Fund, if any, without taking into
account the management fees allocated and paid to the
Fund's general partner for that year.

The above includes all compensation, fees, profits or
benefits which the Fund's general partner and its affiliates
may earn or receive in connection with the offering and
operation of the Fund. If the Fund were to receive aggregate
subscriptions in the amount of $10,000,000, its fees and
expenses would be approximately $825,150 at the end of the
first year of investment. If the Fund were to receive
aggregate subscriptions in the amount of $100,000,000, its
fees and expenses would be approximately $4,851,500 at the
end of the first year of investment.

Redemptions.......................... You should view your investment as at least a two-year
commitment. The Index is comprised of 35 different
commodities. At any time, the price of any component
commodity may be affected by various factors, such as the
weather or world political or economic events. Given the
highly unpredictable and volatile nature of futures prices,
Beeland Management believes that the price movements of the
raw materials comprising Index should be viewed over a
longer period of time, or a minimum of two years.

You may redeem your units as of the end of any month after a
three-month initial holding period subject to certain
conditions. For units purchased during the initial offering
period, the three-month holding period will begin on the
initial closing date. For units purchased during the
continuous offering, the three-month holding period will
begin on the effective date of the purchase.

11
<PAGE>

<TABLE>
<S> <C>
effected, the account of the limited partner who effected
the withdrawal will be adjusted to reflect his allocated
share of management fees and expenses, which shall be
charged against the amount held back. After such charge, any
positive balance remaining from the held-back amount will be
promptly paid to the withdrawn limited partner, in the same
manner as the balance of the withdrawal. Net asset value per
unit means the net assets of the Fund at that time divided
by the aggregate number of outstanding units at that time.
Net assets means total assets minus total liabilities,
determined in accordance with generally accepted accounting
principles.

Distributions........................ Beeland Management does not currently intend to make any
distributions. As a result, investors will have to redeem
their units in order to recoup any of their investment or to
realize a profit.

Federal Income Tax Aspects........... A U.S. taxpayer will be taxed each year on interest income
earned and any gains recognized by the Fund whether or not
any units are redeemed or distributions are received. As
further discussed elsewhere, it is unlikely that the Fund
will ever make distributions, because the principal
objective of the Fund is to increase capital by assuming
positions consistent with the Index, not to create cash
flow.

A limited partnership is not a taxable entity. Rather, all
tax consequences are passed directly through to the
partners. Profits from trading in regulated futures
contracts are treated as 60% long-term capital gains and 40%
short-term capital gains on all positions, open and closed.
These rates apply regardless of how long an investor holds
the units and as a result, the tax rate may be higher than
those applicable to other investments held by an investor
for comparable periods. The maximum tax rate for
non-corporate taxpayers on adjusted net long-term capital
gains is 20%. Net short-term capital gains, and net
long-term capital gains of corporate taxpayers are subject
to tax at the same rates as ordinary income. Open positions
are, for these purposes, marked to the market as of the
close of each year. Tax consequences of these positions are
chargeable to the limited partners for that year.
</TABLE>

12
<PAGE>
RISK FACTORS

RISKS RELATING TO COMMODITY TRADING AND MARKETS

YOU MAY LOSE ALL OF YOUR INVESTMENT IF FUTURES PRICES, WHICH ARE HIGHLY
UPREDICTABLE AND VOLATILE, DO NOT INCREASE.

Participation in a volatile market could produce substantial losses for the
Fund. This could result in the possible loss of your entire investment in the
Fund. 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 Fund will depend on whether the futures and forward contracts which Beeland
Management purchases for the Fund's portfolio to replicate the Index increase in
price. If these prices increase, the Fund will be profitable if such trading
profits exceed the fees and expenses of the Fund. If these prices do not
increase, the Fund 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 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 Fund'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
Fund'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 cost of inflation
and 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 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 FUND'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 Fund. 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 price of the Index and the value of the Fund could decline.

13
<PAGE>
INVESTING IN UNITS MIGHT NOT PROVIDE THE DESIRED DIVERSIFICATION OF YOUR
OVERALL PORTFOLIO.

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

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

An investment in the Fund could increase rather than reduce overall
portfolio losses during periods when the Fund, as well as stocks and bonds,
decline in value. There is no way of predicting whether the Fund will lose more
or less than stocks and bonds in declining markets. You must not consider the
Fund to be a hedge against losses in your stock and bond portfolios. You should
consider whether diversification in itself is worthwhile even if the Fund 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
Fund 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 Fund 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 Fund may even be required in extreme circumstances to make or take
delivery of the interest underlying a particular position if the position cannot
be offset or liquidated prior to its expiration date.

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.

Futures contracts are traded on a commodity exchange. The Fund could have
its trading disrupted if the exchanges on which the Fund 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 Fund 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 Fund could lose these
assets if, for example, any of the above parties were to become insolvent or
bankrupt. In such event, the Fund 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 Fund or its general
partner.

14
<PAGE>
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 Fund will trade on exchanges located outside the United States. The Fund
currently anticipates that approximately 7% of its assets will be traded on
foreign exchanges. 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; and

- moratoriums, and political or diplomatic events.

It will also likely be more costly and difficult for the Fund 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 Fund.

RISKS RELATING TO THE FUND'S STRUCTURE AND ORGANIZATION

SINCE THE FUND HAS NO OPERATING HISTORY FOR YOU TO CONSIDER, IT IS DIFFICULT
TO PREDICT WHETHER THE FUND WILL BE SUCCESSFUL.

The Fund has not commenced trading and had no operating or performance
history as of the date of this prospectus. As a result, it is difficult to
predict whether the Fund will be successful.

SINCE THE GENERAL PARTNER OF THE FUND HAS A LIMITED OPERATING HISTORY, IT IS
DIFFICULT TO EVALUATE ITS BUSINESS AND PROSPECTS.

Beeland Management has a limited operating and performance history as of the
date of this prospectus. Beeland Management began operations in August 1998. For
this reason it is difficult to evaluate its business and its prospects.

THE OPERATING HISTORY OF THE OTHER COMMODITY POOL MANAGED BY BEELAND
MANAGEMENT MAY NOT BE INDICATIVE OF THE FUND'S PERFORMANCE.

Beeland Management currently operates one other active commodity pool. As
with the Fund, 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 Fund would perform in the future. This
is partly due to the fact that the other commodity pool charges substantially
lower fees than the Fund.

THE TRADING METHODOLOGY UTILIZED BY THE FUND MAY NOT BE SUCCESSFUL UNDER ALL
OR ANY MARKET CONDITIONS.

Beeland Management utilizes a series of rules which, in turn, generally
generate 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 choose delivery months where there is
greater depth and liquidity. In addition, at any moment in time, some
commodities in the Fund will be over-represented while others will be under-
represented when compared to the index. Accordingly, as the total value of the
Fund increases and decreases (typically because of new subscriptions or
withdrawals), trades will be effected in order to better correlate the
composition of the Fund with the composition of the Index. Beeland Management

15
<PAGE>
enters trades consistent with those instructions. 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 Fund must pay brokerage fees, management fees, legal, accounting and
reporting expenses and filing fees regardless of whether it realizes profits. An
investment of 100 units ($10,000) would have to increase between 4.6765%
(assuming 2,000,000 units are sold) and 8.2515% (assuming 100,000 units are
sold) in one year of trading operations, that is, between $467.65 and $825.15,
to equal $10,000 upon redemption at the end of that year. The Fund's trading
profits and interest income must equal or exceed its trading losses and 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 Fund's
business. The Fund generally has no procedures in place to resolve conflicts of
interest. The value of limited partners' investments in the Fund may be
diminished by actions or omissions which independent third parties could have
prevented or corrected. The Fund's conflicts include:

- Arbor Research & Trading, Inc., is a member of Beeland Management. In
addition, three members of Beeland Management (one of whom is a managing
member and officer of Beeland Management) are also principals of Arbor
Research & Trading. Hart Capital Management is a division of Arbor
Research & Trading. Pursuant to an agreement with the Fund, Hart Capital
Management will provide advisory services with respect to the Fund's
purchase and sale of United States government securities. This contract
provides that Hart Capital Management will be paid a percentage of the
assets under its management. The fees and commissions and other terms
applicable to the general partner's business dealings with the Fund were
not negotiated on an arms-length basis.

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

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

- 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 Fund.

See "Conflicts of Interest" below.

THE FEES AND COMMISSIONS AND OTHER TERMS APPLICABLE TO THE GENERAL PARTNER'S
BUSINESS DEALINGS WITH THE FUND WERE NOT NEGOTIATED ON AN ARMS-LENGTH BASIS.

The fees and commissions and other terms applicable to the general partner's
business dealings with the Fund were not negotiated on an arms-length basis.
Accordingly, we cannot assure you that the terms are as favorable to the Fund 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 Fund's general
partner. A transferee cannot become a limited partner without the approval of
the Fund'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
Fund's general partner. The transferee must also provide the Fund's general
partner with written acceptance of the Fund's limited partnership agreement and
an opinion of counsel

16
<PAGE>
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 Fund. No public market
for the Fund's units exists or is contemplated in the foreseeable future.

YOU WILL BE LIMITED IN YOUR ABILITY TO REDEEM UNITS.

Substantial restrictions and conditions are also imposed upon the redemption
of units. You may only redeem your units as of the end of each month after an
initial holding period of three months. With respect to units purchased during
the initial offering period, the three-month holding period will begin on the
initial closing date. With respect to units purchased during the continuous
offering, the three-month holding period will begin on effective date of the
purchase. You will not know the value of your redemption prior to the time you
submit your request to redeem your units.

In addition, the Fund's general partner may require a limited partner to
provide up to 60 days prior written notice of the limited partner's desire to
redeem units. The redemption price will not be fixed until the effective date of
the redemption. As a result, limited partners are subject to any change in the
net asset value per unit occurring between the date of their request for
redemption and the effective date of the redemption. That delay may be a period
of up to 60 days. The net asset value per unit could change significantly, for
better or worse, during that period, given the volatile nature of futures
trading. Redemptions may also be honored only in part and delayed or suspended
in various circumstances.

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 Fund 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 Fund.

SINCE LIMITED PARTNERS WILL NOT PARTICIPATE IN MANAGEMENT OF THE FUND'S
BUSINESS, THEY MUST RELY ON BEELAND MANAGEMENT TO ADEQUATELY MANAGE THE
FUND'S AFFAIRS.

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

THE FUND MAY TERMINATE EARLY, WHICH COULD DISRUPT YOUR OVERALL INVESTMENT
PORTFOLIO PLAN.

Unforeseen circumstances, including withdrawal of the Fund's general
partner, could cause the Fund to terminate prior to its stated termination date
of December 31, 2020. Early termination of the Fund 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, including in order to reach
the minimum number of units required for the initial closing of the Fund. 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 Fund

17
<PAGE>
because the dissolution of the Fund would terminate Beeland Management's
compensation from the Fund. Any investments in the Fund 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 FUND WILL ONLY TRADE IN CERTAIN MARKETS, AN INVESTMENT IN THE FUND,
ALONE, WILL NOT DIVERSIFY AN INVESTOR'S PORTFOLIO.

The Fund's general partner will initially trade futures and forwards
contracts on commodity exchanges. While the Fund 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 Fund will engage only in the trading
of commodity futures contracts and forward contracts, an investment in the Fund,
alone, will not add diversification to an investor's portfolio. Ordinarily and
for most investors, an investment in the Fund should be made only if an
investor's overall portfolio is diversified into other markets and an investment
in the Fund represents only a small percentage of the investor's overall
investment portfolio.

EXCHANGE TRADING LIMITS MAY REQUIRE THE FUND 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 Fund
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 Fund.

THE OFFERING OF UNITS HAS NOT BEEN SUBJECT TO INDEPENDENT REVIEW.

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

FUNDS CONTRIBUTED BEFORE THE FUND BREAKS ESCROW MAY SIT IDLE FOR SOME TIME.

The Fund cannot commence trading until the initial closing occurs. The Fund
has until September 30, 2001, to sell the minimum of 100,000 units for
$10,000,000.

THE START-UP OF THE FUND'S TRADING WILL INVOLVE RISKS NOT APPLICABLE TO
ESTABLISHED POOLS.

The Fund will encounter a start-up period during which it will incur certain
risks relating to the initial investment of its assets. The Fund may commence
trading at an inopportune time, such as after sustained moves in the markets,
resulting in significant initial losses. The start-up period also represents a
special risk because the level of diversification of the Fund's assets may be
lower than in a fully-committed portfolio.

RISKS RELATING TO TAX AND OTHER REGULATORY RISKS

REGULATIONS GOVERNING THE FUTURES MARKET MAY CHANGE AND COULD ADVERSELY
AFFECT THE FUND'S OPERATIONS.

Federal agencies including the CFTC, the SEC and the Board of Governors of
the Federal Reserve System regulate certain activities of the Fund and the
Fund'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 changes
may occur, or the effect of any such changes on the Fund. The effects could be
substantial. The Fund is not aware of any pending or threatened regulatory
developments that might materially affect the Fund. However, regulatory
initiatives could develop suddenly and without notice.

18
<PAGE>
SINCE THE FUND IS NOT A REGULATED INVESTMENT COMPANY YOU WILL NOT HAVE THE
PROTECTIONS PROVIDED BY STATUTES REGULATING THOSE COMPANIES.

The Fund 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.

THE IRS MAY DETERMINE THAT THE FUND IS AN ASSOCIATION TAXABLE AS A
CORPORATION IN WHICH EVENT YOU WOULD BE DEPRIVED OF THE TAX BENEFITS
ASSOCIATED WITH INVESTING IN A PARTNERSHIP.

The Fund has not applied for or obtained a ruling from the IRS as to
partnership tax status. The IRS may on audit determine that for tax purposes the
Fund is an association taxable as a corporation. In the event that the IRS makes
such a determination, investors would be deprived of the tax benefits associated
with investing in a partnership. For example, partners would not be able to use
losses of the Fund to offset their own income. The general partner has been
advised by its counsel that, in its opinion, the Fund will be classified as a
partnership for federal income tax purposes. A material risk of IRS
classification as an association taxable as a corporation may exist even though
the Fund relies on an opinion of counsel as to partnership tax status as such
opinion is not binding on the IRS. IRS classification of the Fund as an
association taxable as a corporation would deprive investors of the tax benefits
of the offering only if the IRS determination is upheld in court or otherwise
becomes final. Contesting an IRS determination may impose representation
expenses on investors.

LIMITED PARTNERS WILL OWE TAXES ON THE FUND'S PROFITS BUT WILL VERY LIKELY
NEVER RECEIVE ANY DISTRIBUTIONS FROM THE FUND.

The Fund is not required to make any distributions, and it is likely that no
distributions will ever be made because the principal objective of the Fund 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 Fund ends, on your
distributive share of all items of partnership profits for such taxable year of
the Fund. Even if distributions are made, the distributions may not equal the
taxes payable by you on your share of the Fund'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 Fund 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 Fund'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 gains.

YOU COULD OWE TAX ON YOUR SHARE OF THE FUND'S ORDINARY INCOME DESPITE OVERALL
LOSSES.

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

IF THE FUND'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 Fund's tax return will not be audited by the
IRS or that adjustments to the Fund'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 Fund's tax return
may result in an audit of an investor's own tax return.

19
<PAGE>
A CHANGE IN TAX LAWS COULD ADVERSELY AFFECT THE TAX TREATMENT OF AN
INVESTMENT IN THE FUND.

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.

CONFLICTS OF INTEREST

Significant conflicts of interest exist in the structure and operation of
the Fund. All material conflicts of interest are described in this section.
Although Beeland Management will attempt to examine these conflicts of interest,
no formal procedures have been established to monitor or resolve any conflicts
of interest and there is no assurance that any conflict of interest will not
result in adverse consequences to the Fund.

OTHER POOLS AND BUSINESSES OF THE GENERAL PARTNER AND ITS MEMBERS

Beeland Management is currently the general partner, commodity pool operator
and trading advisor for one other limited partnership, the Rogers Raw Materials
Fund. Beeland Management may serve as the general partner, commodity pool
operator and trading advisor for other pools in the future. In addition, Beeland
Management may contract to provide advisory services for individual accounts.
Both Beeland Management and its members are also involved with other businesses,
some of which include the financial services, securities, futures and trading
businesses. Neither the Fund's limited partnership agreement nor any other
restriction will prohibit or limit these other business activities, even to the
extent that they engage in the same business and/or trading activities as those
of the Fund.

Beeland Management will not spend its entire time managing the business of
the Fund and Clyde Harrison, Richard Chambers and Brian Cornell, the managing
members of Beeland Management, will not spend their full time managing the
business and affairs of Beeland Management. Beeland Management believes,
however, that its time available for the management of the Fund's business will
be sufficient for it to fulfill its duties and obligations to the Fund. It also
believes that the managing members' time available for its management will be
adequate to fully perform their duties to Beeland Management. Mr. Harrison
anticipates that he will devote substantially all of his business time to the
business of the Fund. In addition, Mr. Chambers expects to spend no more than
60% and Mr. Cornell expects to spend no more than 20% of their respective
business time to the business of the Fund. No assurance is given that the Fund's
performance will be better or worse than any other pool managed by Beeland
Management or by any of its members.

THE FUND DOES NOT HAVE AN INDEPENDENT TRADING ADVISOR

Unlike most other funds, the Fund does not have an independent trading
advisor. Beeland Management manages the Fund and makes and implements all
trading decisions for the Fund. Beeland Management may have an interest in
continuing to serve as the sole trading advisor of the Fund.

OTHER POOLS AND TRADING BY THE FUND'S GENERAL PARTNER AND ITS MEMBERS

Beeland Management will enter trades based on trading instructions designed
to produce a portfolio of trades in commodities which should track the Index.
Beeland Management may manage additional pools in the future and Beeland
Management and its members may trade commodity futures and other interests for
their own and others' accounts. The records of any such trading activities and
any written policies related to such trading will not be made available to
limited partners. Beeland Management's trading for its own account may create
conflicts of interest for itself. This creates a potential conflict of interest
because it is possible that positions taken by Beeland Management or its members
for their own or others' accounts may be the same as or may be taken ahead of or
opposite positions taken on behalf of the Fund. Beeland Management and its
members will not, however, knowingly trade for their own or another's account
ahead of the Fund's account.

20
<PAGE>
Purchases and liquidations by both the Fund and Rogers Raw Materials Fund
may occur simultaneously. The effect of both entities' combined purchase or sale
orders may have a greater impact on the price for that commodity in the
then-current market than had only one of the two entities placed orders for a
lesser volume of that commodity. Beeland Management intends to employ an
allocation system that it in good faith believes is equitable and systematic.
Under its allocation system, if there are executions at split prices, both
entities would share in all prices PRO RATA on the basis of relative size.

However, at times Beeland Management may be required to enter orders
inconsistently between the pools that it manages. Trading between the pools will
not track each other perfectly because each pool has a different investor
composition and at certain times, more investors may be buying or redeeming more
units in one pool than the other. There is no assurance that the Fund's
performance will not be adversely affected by the manner in which orders are
entered or filled by the general partner.

RICHARD L. CHAMBERS, A MANAGING MEMBER OF THE FUND'S GENERAL PARTNER IS A
PRINCIPAL OF AN ADVISOR TO THE FUND

Arbor Research & Trading, Inc. is a member of Beeland Management. Richard L.
Chambers, a Managing Member and the Secretary of Beeland Management is also a
principal of Arbor Research & Trading. In addition, Fred Handler and James
Stevens, two other members of Beeland Management, are also principals of Arbor
Research & Trading. Hart Capital Management is a division of Arbor Research &
Trading. Pursuant to an agreement with the Fund, Hart Capital Management will
provide advisory services with respect to the Fund's purchase and sale of United
States government securities and will be paid for such services a fee equal to a
percentage of the assets under its management. In addition, the Fund's general
partner has the authority to choose the advisors for the Fund. It therefore has
a conflict of interest in determining whether the Fund should continue its
relationship with Hart Capital Management. Mr. Chambers and the mentioned other
two principals of Arbor Research & Trading will abstain from voting on any
decisions of the Fund with respect to the renewal of the Fund's advisory
contract with Hart Capital Management.

ONE LAW FIRM IS COUNSEL TO BOTH THE FUND AND THE FUND'S GENERAL PARTNER

Wildman, Harrold, Allen & Dixon, a Chicago based law firm, is counsel to the
Fund and is also counsel to and a member of Beeland Management. Wildman,
Harrold, Allen & Dixon is not acting as legal counsel for the limited partners
or any potential investor. There is a possibility that in the future the
interests of the various parties may become adverse, and under the Code of
Professional Responsibility of the legal profession in effect in Illinois,
Wildman, Harrold, Allen & Dixon may be precluded from representing any one or
all of these parties. If any situation arises in which the interests of the Fund
appear to be in conflict with those of Beeland Management or its affiliates,
additional counsel may be retained by one or more of the parties to assure
adequate representation and protection of their respective interests.

DISTRIBUTION AND LIQUIDATION DECISIONS BY THE FUND'S GENERAL PARTNER

The Fund's general partner will determine whether the Fund will make any
distributions to the limited partners. While the Fund's general partner has the
authority to make distributions, it is very likely that no distributions will
ever be made to the limited partners. Therefore, an investment in the Fund must
only be viewed as a long term investment. The Fund's general partner will be
financially motivated to not declare any distributions because distributions
will lower the net assets of the Fund, which will in turn reduce the amount of
the monthly management fee which is payable by the Fund to its general partner.
The Fund's general partner will also have an incentive to discourage liquidation
of units by any limited partner for the same reason.

Beeland Management is aware of these conflicts of interest and will use its
best efforts to make determinations about distributions and liquidation of units
independent of its personal considerations regarding its compensation. The
general partner owes broad fiduciary duties to the limited partners encompassing
the duties of exercising good faith, honesty, and fairness in its dealings with
them and the funds of the Fund.

21
<PAGE>
FUTURES COMMISSION MERCHANTS USED BY THE FUND MAY BE SOLICITING DEALERS

Some futures commission merchants we employ or with whom we have contracts
may themselves be broker-dealers or have relationships with broker-dealers. As a
result, it may be a conflict of interest for them to market units to prospective
subscribers.

POTENTIAL BENEFITS OF INVESTING IN THE FUND

Although an investment in the Fund is highly speculative, involves a high
degree of risk and involves certain conflicts of interest, an investment will
offer the following potential advantages.

TRADING BASED ON INDEX; NO ACTIVE TRADING

Beeland Management will attempt to replicate the composition of the Index
using various commodity futures contracts. This Index consists of the value of a
basket of raw materials employed in the world economy. Since the Fund's
portfolio is based on an Index, there will be no active trading by Beeland
Management. Instead, Beeland Management will generally engage in three types of
trading on behalf of the Fund. The majority of the trading by Beeland Management
will be made for the purpose of rolling positions to later delivery dates
pursuant to predetermined formulas and rules. In addition, trades will be
effected to increase or decrease the number of commodity futures and forward
contracts in the Fund's portfolio as new investment subscriptions are accepted
by Beeland Management and as withdrawal requests are processed. Finally, Beeland
Management will review the Index at least annually to determine whether it may
be necessary or advisable to change the components or relative weighting of the
Index. Any such decision will be made in the sole discretion of Beeland
Management and in accordance with objective, predetermined rules governing
adjustments to the Index. If Beeland Management deems that an adjustment of the
Index is necessary, it may add or subtract futures contracts to the Index and/or
rebalance the portfolio accordingly. While the Index will be reviewed on at
least an annual basis, there is no assurance that any adjustments will be made
to the Index and portfolio as a result.

PROFESSIONAL MANAGEMENT

Even though Beeland Management has a limited operating and performance
history, the members of Beeland Management have substantial experience trading
in and analyzing commodity futures, securities and government securities
markets.

DIVERSIFICATION; NON-CORRELATION WITH TRADITIONAL SECURITIES MARKETS

The purchase of units of the Fund should be considered an alternative
investment to traditional securities, I.E., stocks and bonds. Price performance
on the basket of raw materials contracts in the Fund and the Index are
non-correlated to a traditional portfolio of securities. Allocating a portion of
the risk segment of a portfolio to a managed futures investment, such as the
Fund, can add diversification to a traditional portfolio of securities.
Ordinarily, for most investors an investment in the Fund should be made only if
an investor's overall portfolio is diversified into other markets and an
investment in the Fund represents only a small percentage of the investor's
overall investment portfolio.

There can be no assurance, however, that any managed futures investment will
be successful, avoid substantial losses or generate performance non-correlated
with traditional securities markets. Furthermore, non-correlation is not
negative correlation. Even if the performance of the Fund is non-correlated with
these markets, this does not mean that the Fund's results will not parallel
either stocks or bonds, or both, during significant periods of time. In any
event, unless a managed futures investment is successful, it cannot add a
potentially valuable element of diversification to a portfolio.

LOWER INITIAL INVESTMENT REQUIREMENTS

You can participate in the Index through the Fund with a minimum initial
investment of only $10,000. An investment in the Fund therefore gives you the
ability to participate in a trading program most persons cannot afford to invest
in alone.

22
<PAGE>
LIMITED LIABILITY

Unlike an individual who invests directly in commodity futures or forward
contracts, an investor in the Fund cannot be individually subject to margin
calls and generally cannot lose more than

- the amount of the limited partner's capital contribution,

- the limited partner's share of undistributed profits, if any; and

- under limited circumstances, some amounts received as distributions or
upon liquidation of units.

However, it is possible for an investor to lose the entire amount of his
investment.

ADMINISTRATIVE CONVENIENCE

The Fund is structured to provide you with certain services designed to
alleviate the administrative details involved in engaging directly in futures
trading. Most significantly the Fund's general partner provides you with monthly
and annual financial reports and all tax information about the Fund which is
necessary for you to complete your federal income tax return. Beeland Management
intends to make available on the Internet an estimate of the value of the Index
on a weekly basis.

LOWER TIME COMMITMENT

Trading in futures is a complicated process involving a substantial time
commitment and knowledge of the numerous factors affecting the futures markets.
An investment in the Fund gives you the ability to participate in those markets
without such a substantial time commitment.

FIDUCIARY RESPONSIBILITY OF THE GENERAL PARTNER

The Fund's general partner is accountable to the Fund as a fiduciary. Under
Illinois law, the fiduciary duty owed by a general partner to a limited partner
encompasses the duty of exercising good faith, honesty, and fairness in his
dealings with them and the funds of the partnership. The fiduciary relationship
embraces all matters reasonably relating to the partnership. The general
partner's fiduciary duty exists concurrently with the obligations set forth in
the partnership agreement.

If a limited partner believes the Fund's general partner has violated its
fiduciary duties, the limited partner may seek to recover damages from or
require an accounting by the general partner. The Fund's general partner's
performance of its fiduciary duties will also be measured by the terms of the
Fund's limited partnership agreement. Some provisions of the limited partnership
agreement may take away or limit some of the legal remedies that might otherwise
be available to limited partners.

Limited partners may have the right to bring an arbitration, reparations or
other legal proceeding against the Fund's general partner if the general partner
violates any applicable laws or regulations, like the Commodity Exchange Act or
the regulations of the CFTC.

As mentioned above, some provisions of the Fund's limited partnership
agreement may take away or limit some of the legal remedies that might be
available to limited partners. For example, the limited partnership agreement
provides that the Fund's general partner will not be liable for damages to the
Fund or any of the limited partners except for acts or omissions which
constitute misconduct or negligence. The defenses of the Fund's general partner
to any claim that it has breached any fiduciary duty or other responsibility
will therefore include that its act or omission was not negligent and did not
involve any misconduct. The limited partnership agreement also provides that the
Fund's general partner will not be liable for the return or repayment of the
capital contributions or capital accounts of any limited partner. Any return of
capital or profits will be made solely from the assets of the Fund, and not by
its general partner.

The general partner of the Fund may not be liable to the Fund or limited
partners for errors in judgment or other acts or omissions not amounting to
misconduct or negligence, since provision has been made in the Fund's limited
partnership agreement for exculpation of the Fund's general partner. Therefore,
purchasers of the units have a more limited right of action than they would have
absent the limitation in the limited partnership agreement.

23
<PAGE>
The limited partnership agreement also provides that the Fund will indemnify
its general partner against any loss, expense, damage or injury (including
reasonable attorney's fees and other expenses incurred in connection with the
defense of any such action) incurred by the Fund's general partner, so long as
the actions were for a purpose reasonably believed to be in the best interests
of the Fund, and the conduct in question did not constitute misconduct,
negligence or bad faith. See "The Limited Partnership
Agreement--Indemnification."

The Fund's general partner or any of its affiliates will not be indemnified
for any losses, liabilities or expenses arising from or out of an alleged
violation of federal or state securities laws, unless the following conditions
are met:

- There has been a successful adjudication on the merits of each count
involving alleged securities law violations as to the indemnified party,
or

- Such claims have been dismissed with prejudice on the merits by a court of
competent jurisdiction as to the indemnified party, or

- A court of competent jurisdiction approves a settlement of the claims
against the indemnified party and finds that indemnification of the
settlement and related costs should be made. The court is required to be
advised of the position of the SEC and any state securities regulatory
authority where units were offered or sold as to indemnification for
violations of securities laws. However, the court need only be advised and
consider the positions of the securities regulatory authorities of those
states which are specifically set forth in the partnership agreement and
in which plaintiffs claim they were offered or sold units.

The Fund has been advised that in the opinion of the SEC, any
indemnification of the Fund's general partner or its affiliates for any
liabilities arising under the Securities Act of 1933 is contrary to public
policy as expressed in that Act and, therefore, is unenforceable.

The advancement from the Fund to a general partner or its affiliates of
funds for legal expenses and other costs incurred as a result of any legal
action is permissible if:

- The legal action relates to acts of omissions with respect to the
performance of duties or services on behalf of the Fund;

- The legal action is initiated by a third party who is not a limited
partner, or the legal action is initiated by a limited partner and a court
of competent jurisdiction specifically approves such advancement; and

- The general partner or its affiliates undertake to repay the advanced
funds to the Fund, together with the applicable legal rate of interest, in
cases in which such person is not entitled to indemnification.

The provisions of the limited partnership agreement discussed in this
section are also applicable to and benefit any affiliate of the Fund's general
partner when the affiliate is performing services on behalf of the Fund.

The payment by the Fund of any indemnity to its general partner or any of
that general partner's affiliates will affect the limited partners because the
payment would reduce the net assets of the Fund.

The Fund will not have any liability insurance covering its indemnification
obligations.

24
<PAGE>
FEES AND EXPENSES OF THE FUND

The Fund will be subject to the following fees and expenses, which are
described in more detail below. The following includes all compensation, fees,
profits or other benefits (including reimbursement of out-of-pocket expenses)
which the Fund's general partner, soliciting agents, futures commission
merchants and the affiliates of these parties may earn or receive in connection
with the offering and operation of the Fund.

SUMMARY OF FEES AND EXPENSES

<TABLE>
<CAPTION>
ENTITY TO WHOM PAID FORM OF COMPENSATION AMOUNT OF COMPENSATION
------------------------------- ------------------------------- -------------------------------
<S> <C> <C>
General Partner................ Management fees 0.1875% per month (2.25% per
year) of the average monthly
sum of all capital accounts
contributed by the limited
partners, computed as of the
close of each month, payable
monthly.

General Partner................ Profit distribution If the amount of management
fees paid to the Fund's general
partner during a year does not
equal or exceed one percent
(1%) of the amount of the
Fund's net profits for that
year, the general partner will
receive an allocation of
profits in an amount equal to
the difference between one
percent of the net profits and
the amount of the management
fees paid. For this purpose,
net profits equals the Fund's
total profits minus losses and
any expenses charged to the
Fund, if any, without taking
into account the management
fees allocated and paid to the
general partner for that year.

General Partner................ Subscription fee (a portion of Up to 5% of the gross offering
which may be reallowed to proceeds. Subject to certain
soliciting dealers as selling conditions and exceptions,
commissions). investors purchasing specified
minimum numbers of units will
be entitled to a reduction of
the 5% subscription fee.
Beeland Management anticipates
that most of the subscription
fee will be reallowed by it to
soliciting dealers as selling
commissions.
</TABLE>

25
<PAGE>

<TABLE>
<CAPTION>
ENTITY TO WHOM PAID FORM OF COMPENSATION AMOUNT OF COMPENSATION
------------------------------- ------------------------------- -------------------------------
<S> <C> <C>
Futures Commission Merchants... Brokerage commissions and The Fund has negotiated
transactions fees, including brokerage commissions at rates
delivery, insurance, storage that vary by commodity and by
and other charges incidental to marketplace. These rates
trading and exchange fees. currently average approximately
$13 per round-turn. Brokerage
commissions and transactions
fees are estimated at 1% of net
assets per year. See "Futures
Commission Merchants; Brokerage
Commissions" below in this
section for an explanation of
"round-turn" commissions.

Exchanges, Clearinghouses and
NFA Fees..................... Exchange, clearing costs and Varies dependent upon the
NFA fees. trades made, but estimated at
between 10 to 15 basis points
of the net assets of the Fund
per year. One basis point is
1/100 of one percent.

Hart Capital Management........ Advisory fee 50 basis points per year of the
average month end market value
of the net assets of the Fund
invested and being managed by
Hart Capital Management,
computed quarterly in arrears
for the three months comprising
such calendar quarter.

Offering and Organizational
Expenses from this
Offering..................... Payment of legal and accounting Actual expenses estimated at
fees, securities filing fees, $400,000 if the minimum number
subscription agent and escrow of units are sold and $850,000
agent fees, printing and if the maximum number of units
advertising costs, and other are sold.
organizational and offering
expenses.

Various Third Party Suppliers
of Goods and Services........ Office supplies expenses, Actual expenses estimated at
meeting expenses and other between $25,000 and $40,000 per
expenses necessary or year.
appropriate for the operation
of the Fund.

Others......................... Possible unanticipated and Unable to estimate.
extraordinary expenses.
</TABLE>

MANAGEMENT FEE AND PROFIT DISTRIBUTION TO GENERAL PARTNER

The general partner of the Fund receives a monthly management fee of 0.1875%
of the Fund's average monthly sum of all capital accounts contributed by the
limited partners, computed as of the close of business each month. The
management fee is payable by the Fund within 10 business days of the close of
each month.

26
<PAGE>
If the amount of management fees paid to the Fund's general partner during a
year does not equal or exceed one percent (1%) of the amount of the Fund's net
profits for that year, the general partner will receive an allocation of profits
in an amount equal to the difference between one percent of the net profits and
the amount of the management fees paid. For this purpose, net profits equals the
Fund's total profits minus losses and any expenses charged to the Fund, if any,
without taking into account the management fees allocated and paid to its
general partner for that year.

The Fund will reimburse its general partner for Fund expenses which are paid
by the general partner (such as delivery charges, copying costs, telephone
charges and postage).

The general partner of the Fund will not receive any portion of the
brokerage commissions which are paid by the Fund to futures commission
merchants.

SUBSCRIPTION FEE TO GENERAL PARTNER

Subject to certain conditions and exceptions explained below, investors
making an initial purchase of at least $25,000 worth of units (250 units)
through the same soliciting dealer will be entitled to a reduction of the 5%
subscription fee in accordance with the following schedule:

<TABLE>
<CAPTION>
AMOUNT OF PURCHASER'S INVESTMENT
--------------------------------- MAXIMUM AMOUNT OF
FROM TO SUBSCRIPTION FEE VOLUME DISCOUNT
--------------------- --------- ---------------- ---------------
<S> <C> <C> <C>
$ 25,000 $249,999 3.5% 1.5%
250,000 and over 2.5% 2.5%
</TABLE>

SOLICITING DEALER COMPENSATION

Under the form of contract between the Fund and the soliciting dealer, the
soliciting dealer will receive a majority of the subscription fee received by
Beeland Management, as compensation for their services in soliciting and
obtaining subscribers for the purchase of units.

FUTURES COMMISSION MERCHANTS; BROKERAGE COMMISSIONS

The Fund may not limit itself to any one futures commission merchant.
However, the Fund may employ one futures commission merchant if, in the opinion
of the Fund's general partner, it is advisable to do so. The futures commission
merchants will receive brokerage commissions in return for their services. The
brokerage commissions are commonly referred to as "round-turn commissions" which
cover both the initial purchase or sale of the futures contract and the
subsequent offsetting sale or purchase. The brokerage commissions payable by the
Fund are always subject to change.

The general partner will not effect any transactions in commodity contracts
with any futures commission merchant affiliated directly or indirectly with the
general partner, unless such transactions are effected at competitive rates. In
no event will the Fund be allowed to enter into any exclusive brokerage
contract.

The Fund has negotiated brokerage commissions at rates that vary by
commodity and by marketplace. These rates currently average approximately $13
per round-turn. Beeland Management estimates that the annual brokerage
commissions payable by the Fund will not exceed 65 basis points. One basis point
equals 1/100 of one percent. The Fund cannot guarantee that annual brokerage
commissions will not exceed that number.

The Fund will also pay or reimburse its futures commission merchants for any
delivery, insurance, storage and other charges incidental to trading and
exchange fees. Those types of charges are not included in the basis points set
forth in the preceding paragraph. Beeland Management does not anticipate
significant charges of this nature.

Brokerage commissions and transactions fees are estimated at 1% of net
assets per year.

27
<PAGE>
In any event, brokerage commission charges will satisfy one of the following
maximum rates:

- 80% of the published retail rate plus floor brokerage, clearing fees, NFA
fees and exchange fees, or

- 14% annually of the average net assets excluding the Fund assets not
directly related to trading activity. This 14% limitation includes floor
brokerage, clearing fees, NFA fees and exchange fees.

The brokerage commissions to be charged will not exceed the above
limitations described in this section.

CLEARING COSTS AND NATIONAL FUTURES ASSOCIATION FEES

The Fund will pay fees to clearinghouses and to the NFA. Clearing costs vary
depending on the trades made, but are estimated at between 10 to 15 basis points
of the net assets of the Fund annually.

ADVISORY FEES

The Fund will pay advisory fees to Hart Capital Management for its
management of the Fund's purchases and sales of U.S. government securities.
These fees are estimated at 50 basis points annually of the average month end
market value of the Fund's portfolio of government securities actually invested
and being managed by Hart Capital Management. Such advisory fees will be
computed quarterly in arrears for the three months comprising such calendar
quarter.

The Fund will not pay any separate fees to Beeland Management for trading
advisory services. The Fund compensates Beeland Management for all services,
including any trading advisory services, provided to the Fund through the
payment of a management fee. Beeland Management makes and implements all trading
decisions for the Fund. However, Beeland Management does not make trading
decisions on behalf of the Fund in the traditional sense. Unlike most other
commodity pools, commodity futures will not be bought or sold to take advantage
of hoped for price movement. Rather, trading will be effected to ensure that the
positions in the Fund track, to the extent reasonably possible, the composition
of the Index. Beyond the possible adjustment in the composition of the Index and
resulting trading by the Fund to correlate, the only limited trading performed
by Beeland Management is for purpose of rolling of contracts from near month to
later months in order to ensure that the Fund will not take actual delivery of a
physical commodity. These rolling trades are placed and effected as spread
transactions to insure against the risks associated with selling positions in
near months and buying corresponding positions in far months, including the
risks of price or interest rate fluctuations.

ORGANIZATIONAL AND OFFERING EXPENSES

The Fund will pay the organizational and offering expenses to be incurred by
the Fund in this offering. These expenses include legal and accounting fees,
subscription agent and escrow agent fees, securities filing fees, and printing
and advertising costs. These expenses were negotiated at arm's length and are
estimated to be approximately $400,000 if the minimum number of units are sold
and approximately $850,000 if the maximum number of units are sold. For the fees
payable to the subscription agent, see "Subscription Agent--Fees" below. For the
fee payable to the escrow agent, see "Plan of Distribution--Escrow Arrangements"
below.

In the event that the offering does not have an initial closing, Beeland
Management will pay all of the incurred organizational and offering expenses.

THIRD PARTY SUPPLIERS OF GOODS AND SERVICES

The Fund will incur expenses for office supplies, meetings and other goods
and services necessary or appropriate for the day-to-day operation of the Fund.
These expenses are estimated to be from $25,000 to $40,000 per year.

OTHER EXPENSES

The Fund will also be responsible for all other expenses incurred by the
Fund. These expenses may include extraordinary expenses such as the cost of
litigation in which the Fund may be engaged. By their nature, the dollar amount
of extraordinary expenses cannot be estimated with any reasonable certainty, but
they could be substantial.

28
<PAGE>
The actual expenses incurred by the Fund will be set forth in reports to the
limited partners.

The general partner of the Fund will be reimbursed by the Fund for Fund
expenses paid by the general partner. This includes expenses, such as delivery
charges, copying costs, telephone charges and postage.

CONSULTING CONTRACTS WITH AFFILIATES

Hart Capital Management, a division of Arbor Trading & Research, and Cornell
Investment Advisory, L.L.C. have entered into consulting contracts with the Fund
and Beeland Management, respectively, to provide their services. The contract
relating to services performed by Cornell Investment is between Cornell
Investment and Beeland Management. Accordingly, fees due to Cornell Investment
pursuant to this contract are not payable by the Fund. The contract relating to
services performed by Hart Capital Management is between Hart Capital Management
and the Fund itself, and requires the Fund to pay an annual advisory fee
amounting to 50 basis points multiplied by the average month end market value of
the assets of the Fund actually invested in U.S. government securities and under
Hart Capital Management's management. Beeland Management pays the fee to Cornell
Investment and the Fund is not liable or responsible for such compensation.

REPORTS

Limited partners will receive a monthly statement. The statement will
include, in general, a description of the performance of the Fund and will set
forth the aggregate fees, brokerage commissions, and other expenses incurred or
accrued by the Fund during the month. The Fund will also provide the limited
partners with an audited annual statement.

29
<PAGE>
BREAK-EVEN ANALYSIS

Beeland Management estimates that the trading profit the Fund must make on
an investment of 100 units ($10,000) in order for a limited partner to break
even if the limited partner redeemed his or her units at the end of the first
year of investment is:

- $825.15, or 8.2515% of the purchase price for the 100 units, if the Fund
had average annual net assets of $10,000,000;

- $485.15, or 4.8515% of the purchase price for the 100 units, if the Fund
had average annual net assets of $100,000,000; and

- $467.65, or 4.6765% of the purchase price for the 100 units, if the Fund
had average annual net assets of $200,000,000;

The calculations have been given for the various levels of net assets
because the amount of subscriptions received by the Fund in this offering could
vary widely.

The following table and explanatory notes set forth the basis for and
calculation of the above figures. The table is based on the fees as described
above.

<TABLE>
<CAPTION>
NET ASSETS $10,000,000 $100,000,000 $200,000,000
---------- ----------- ------------ ------------
<S> <C> <C> <C>
Purchase Price Per Unit(1)................................. $ 100 $ 100 $ 100
General Partner's Management Fee(2)........................ $ 225,000 $ 2,250,000 $ 4,500,000
Subscription Fee(3)........................................ $ 500,000 $ 5,000,000 $10,000,000
Organizational and Offering Expenses(4).................... $ 400,000 $ 600,000 $ 850,000
Brokerage Commissions, Exchange, NFA and Other Trading
Fees(5).................................................. $ 100,150 $ 1,001,500 $ 2,003,000
Hart Capital Management Advisory Fee(6).................... $ 50,000 $ 500,000 $ 1,000,000
Less Interest Income(7).................................... $(450,000) $(4,500,000) $(9,000,000)
Amount of Trading Income Required for the Fund's Net Asset
Value Per Unit (Redemption Value) at the End of One Year
to Equal the Purchase Price Per Unit..................... $ 825,150 $ 4,851,500 $ 9,353,000
Percentage of Purchase Price............................... 8.2515% 4.8515% 4.6765%
</TABLE>

---------

Explanatory Notes:

(1) Units may be purchased at a price of $100 per unit until the the initial
closing occurs and the Fund starts trading. After that time, they may be
purchased at a price per unit equal to the net asset value per unit as of
the close of trading on the last trading day of a month. The minimum initial
investment is 100 units, or $10,000.

(2) The general partner of the Fund receives a monthly management fee of 0.1875%
(which equals 2.25% annually) of the Fund's average monthly sum of all
capital accounts contributed by the limited partners, computed as of the
close of business each month.

(3) Investors will be required to pay a subscription fee of up to 5% of the
subscription amount. A portion of this fee may be reallowed to soliciting
dealers as selling commission. Subject to certain conditions and exceptions,
investors purchasing specified minimum numbers of units will be entitled to
a reduction of the 5% subscription fee. This table assumes that no sales are
entitled to a volume discount, and, therefore, that no reductions in the
subscription fee are given.

(4) Organizational and offering expenses to be incurred by the Fund in this
offering are estimated to be approximately $400,000 if the minimum number of
units are sold and approximately $850,000 if the maximum number of units are
sold. These expenses include legal and accounting fees, subscription agent
and escrow agent fees, securities filing fees, and printing and advertising
costs. Of the above amounts, approximately $235,000 is expected to consist
of legal and accounting fees.

30
<PAGE>
(5) Brokerage commissions, exchange, clearinghouses and NFA fees and other
trading fees are estimated at 1.0015% of net assets of the Fund annually.

(6) The annual advisory fee to Hart Capital Management is estimated at 50 basis
points ( 1/2%) of the assets of the Fund actually invested in U.S.
government securities.

(7) The Fund will earn interest on U.S. government securities held in its
account. Based on interest rates in effect as of the date of this
prospectus, interest income has been estimated at 4.5% of net assets.

THE ROGERS INTERNATIONAL COMMODITY INDEX

The Index consists of the value of a compendium, commonly known as a basket,
of raw materials employed in the world economy, ranging from agricultural
products (such as wheat, corn and cotton) and energy products (including oil,
gasoline and natural gas) to metals and minerals (including gold, silver,
aluminum and lead). As of November 30, 2000, there were 35 different futures
contracts represented in this index. The value of each component is based on
monthly closing prices of the corresponding futures and forward contracts, each
of which is valued as part of the fixed-weight portfolio. Near month contracts,
but typically not the front months, on international commodity markets are
employed to the extent possible. "Commodity Markets" below provides further
description of near month contracts. The selection and weighting of the
portfolio is reviewed annually, and weights are assigned in the December
preceding the start of each new year. If a commodity is traded on more than one
exchange, the Index will generally employ the market which is the most liquid,
in terms of volume and open interest.

The Index was developed by James Beeland Rogers, Jr., the majority
owner-member of Beeland Management, to create a balanced, representative,
international raw materials index. Mr. Rogers, in connection with the
subscription for his majority ownership interest in Beeland Management, assigned
all of his right, title and interest in and to the Index to Beeland Management.
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. It is designed to
address the needs of expanding world trade. The Fund's general partner is aware
of one other public fund, the Goldman Sachs Commodity Index, that has a basic
investment mission or policy similar to that of the Rogers International
Commodity Index. In addition, there are a number of registered investment
portfolios whose investments include commodity futures. Many of these
competitors or potential competitors have longer operating histories, greater
name recognition, larger customer bases, and greater resources than the Fund.
The Fund's success will depend on its ability to market the concept of an
alternative asset class that is noncorrelated with and can add diversification
to a traditional portfolio of securities.

As the owner of the Index, Beeland Management controls the components of the
Index which the fund is designed to track. The weightings of the Index were
selected by Beeland Management based on its perception of the relative
importance of those raw materials. The Index incorporates a number of raw
materials represented among North American, European, Asian and Australian
commodity contracts. By limiting positions in the component commodities to the
long side of the market, the prices of the component commodities and the index
as a whole will typically, but not always, increase or decrease to the extent
that global prices for these commodities increase or decrease.

Beeland Management reviews the Index periodically to determine whether it
may be necessary to change the components or relative weighting of the Index.
Any such decision will be made in the sole discretion of Beeland Management and
in accordance with objective, predetermined internal rules developed by Beeland
Management governing adjustments to the Index. To date, there has been only one,
almost DE MINIMIS adjustment in the history of the Index. This adjustment was
made in order to substitute soybean oil for palm oil during the prior year.
While there are no legal impediments to adjusting the Index, Beeland Management
may not change the investment philosophy of the Fund.

The Fund'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

31
<PAGE>
that exceeds the cost of inflation and the management fees, subscription fees
and other fees and expenses.

Unlike some well-known indices, such as the Standard and Poors 500 and the
Dow Jones Industrial Average, information regarding the composition and
performance of the Index is not available on a widespread basis. However, the
Index has been tracked and reported by several futures industry reporting
services, such as Managed Account Reports ("MAR").

Following is a chart listing each of the commodities which currently
comprise the Index.

ROGERS INTERNATIONAL COMMODITY INDEX
LIST OF COMPONENT COMMODITIES
AS OF NOVEMBER 30, 2000

<TABLE>
<CAPTION>
COMMODITY, (%) PRINCIPAL EXCHANGE
-------------- ------------------
<S> <C>
Crude Oil, (35%)............................... NYMEX (New York Mercantile Exchange)
Heating Oil, (3%).............................. NYMEX
Unleaded Gasoline, (3%)........................ NYMEX
Natural Gas, (3%).............................. NYMEX
Palladium, (0.30%)............................. NYMEX
Wheat, (7%).................................... CBOT (Chicago Board of Trade)
Corn, (4%)..................................... CBOT
Soybeans, (3%)................................. CBOT
Rice, (2%)..................................... CBOT
Oats, (0.50%).................................. CBOT
Aluminum, (4%)................................. LME (London Metals Exchange)
Zinc, (2%)..................................... LME
Nickel, (1%)................................... LME
Tin, (1%)...................................... LME
Lead, (2%)..................................... LME
Copper, (4%)................................... COMEX (Commodity Exchange--NY)
Gold, (3%)..................................... COMEX
Silver, (2%)................................... COMEX
Platinum, (1.8%)............................... COMEX
Live Cattle, (2%).............................. CME (Chicago Mercantile Exchange)
Lean Hogs, (1%)................................ CME
Lumber, (1%)................................... CME
Coffee, (2%)................................... CSCE (Coffee, Sugar and Cocoa Exchange)
Sugar, (1%).................................... CSCE
Cocoa, (1%).................................... CSCE
Cotton, (3%)................................... NYCE (New York Cotton Exchange)
Orange Juice, (0.66%).......................... NYCE
Barley, (0.77%)................................ WCE (Winnipeg Commodity Exchange)
Canola, (0.67%)................................ WCE
Flaxseed, (0.15%).............................. WCE
Soybean/Palm Oil, (2%)......................... CBOT
Azuki Beans, (1%).............................. TGE (Tokyo Commodity Exchange)
Wool, (1%)..................................... SFE (Sydney Futures Exchange)
Rubber, (1%)................................... TOCOM (Tokyo Commodity Exchange)
Raw Silk, (0.15%).............................. YRSE (Yokohama Raw Silk Exchange)
</TABLE>

BASIS FOR TRADING

There are numerous trading methods, systems and strategies utilized in
futures trading. The following discussion only addresses those methods, systems
and strategies utilized in Beeland

32
<PAGE>
Management's trading program, and you will therefore not be able to compare them
with trading methods, systems and strategies that are utilized by other trading
advisors or trading managers. The following description of Beeland Management's
trading program is not intended to be exhaustive.

The Fund will invest its funds in a portfolio of futures and forward
contracts traded on recognized exchanges. The Fund may also purchase commodity
forward contracts in the off-exchange or over-the-counter markets, under certain
circumstances if, in the sole discretion of Beeland Management, there is
sufficient liquidity and depth in the relevant off-exchange markets. Beeland
Management does not anticipate that the Fund will trade on such over-the-counter
markets in the immediate future. Many of the commodity contracts listed above
are traded on multiple markets. In placing orders for these commodities, the
Fund intends to employ the available market which provides the most advantageous
market, in terms of depth and/or liquidity, at the time that trading decisions
are made.

Beeland Management will attempt to replicate the composition of the Index by
purchasing commodity futures contracts in the same types and quantities as the
Index. This Index consists of the value of a basket of raw materials employed in
the world economy. This Index is described in greater detail above in "Rogers
International Commodity Index" above. Beeland Management utilizes a series of
rules which, in turn, generally generates trading instructions designed to
produce a portfolio of trades and positions in commodities which should track
the Index. Beeland Management will enter trades consistent with those
instructions. Beeland Management believes that the Fund's management activities
will produce a return which is correlated plus or minus 5% with that of the
Index. Beeland Management will select futures commission merchants to execute
trades for the Fund, generally in its discretion, on the basis of various
factors, including quality of executions, commission rates and any additional
ancillary services provided. Affiliates of members of Beeland Management may be
engaged to provide trade execution services for the Fund. Cash not needed as
margin for futures or cash forward contracts will be invested in a portfolio of
United States government securities.

Since the Fund's portfolio is based on the Index, there will be no active
trading by Beeland Management in the traditional sense. Unlike most other
commodity pools, commodity futures will not be bought or sold to take advantage
of hoped for price movement. Instead, Beeland Management will engage in only two
types of trading on behalf of the Fund. Almost all of the trading by Beeland
Management will be made for the purpose of rolling positions from near delivery
dates to later delivery dates in order to ensure that the Fund will not take
actual delivery of a physical commodity. These rolling trades, made pursuant to
a predetermined formula and rules, are placed and effected as spread
transactions, in which the Fund simultaneously buys and sells futures contracts
corresponding to the same commodity, but for delivery in different months. In a
spread trade, a loss on one side will usually be neutralized, at least in part,
by a gain on the opposite position. Placing and effecting these rolling trades
as spread transaction have several advantages over first selling a position in a
near month and then subsequently buying a corresponding position in a far month.
In the latter case, there is a risk that during the period between the sale and
the purchase, there may be sudden, adverse movements in the price of the
commodity. Therefore, by effecting the rolling trades as spread transactions,
the Fund is able to ensure against the risks of price fluctuation. In addition,
Beeland Management will review the Index at least annually to determine whether
it may be necessary to change the components or relative weighting of the Index.
Any such decisions will be made in the sole discretion of Beeland Management and
in accordance with objective, predetermined internal rules developed by Beeland
Management governing adjustments to the Index. If Beeland Management deems that
an adjustment of the Index is necessary, Beeland Management may add or subtract
futures or forward contracts to the Index and rebalance the portfolio
accordingly. While the Index will be reviewed on a least an annual basis, there
is no assurance that any adjustments will be made to the Index and portfolio as
a result.

Generally, if prices of commodities rise, then the value of an investment in
the Fund should appreciate. Correspondingly, if commodity prices decline, then
the value of an investment in the Fund should go down. The Fund'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 cost of inflation and the
management fees, subscription fees and other fees and expenses.

33
<PAGE>
THE GENERAL PARTNER

BACKGROUND OF THE GENERAL PARTNER

BEELAND MANAGEMENT COMPANY, L.L.C. is the sole general partner of the Fund.
It is an Illinois limited liability company whose majority owner-member is James
Beeland Rogers, Jr. Mr. Rogers previously assigned to Beeland Management all of
his right, title and interest in and to the Index in exchange for majority
ownership of Beeland Management. Mr. Rogers also has licensed the use of his
last name, likeness and signature to Beeland Management for development and
marketing purposes for as long as he has an interest in Beeland Management.

Beeland Management will manage the business of the Fund. It may retain third
parties to provide services to the Fund, and other parties will be retained to
provide accounting, auditing, legal and other professional services.

Unlike most other funds which have an independent trading advisor, the Fund
does not have a separate trading advisor. Instead, Beeland Management will
essentially serve as the Fund's commodity trading advisor. Beeland Management is
registered as a commodity pool operator and commodity trading advisor with the
CFTC and is also a member of the NFA.

The Fund's general partner may trade commodities futures and other interests
for its own account. The records of any such trading activities and any written
policies related to such trading will not be made available to limited partners.
The trading by the Fund's general partner for its own account may create
conflicts of interest for the general partner.

Beeland Management was organized in 1998 for the purpose of serving as the
general partner of the Rogers Raw Materials Fund, an Illinois limited
partnership, formed to operate as a private commodity pool. Beeland Management
may also serve as the commodity pool operator for other new or existing pools in
the future. No offering of any units of limited partnership interest in the
Rogers Raw Materials Fund is being made pursuant to this prospectus.

The net worth of Beeland Management as of September 30, 2000 is $257,476.

The principal offices of Beeland Management are located at 1000 Hart Road,
Suite 210, Barrington, Illinois 60010. The telephone number at that location is
(847) 304-0450.

PRINCIPALS

The following is summary biographical information concerning the members of
Beeland Management who participate in its management.

JAMES BEELAND ROGERS, JR., age 57, 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 INVESTMENT BIKER; ON THE ROAD WITH
JIM ROGERS (Random House, 1994). He initially developed and compiled the Index.
Although Mr. Rogers' career spans over 30 years, during the last five years he
has been semi-retired and travelling 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 TIMES and THE WALL
STREET JOURNAL.

CLYDE C. HARRISON, age 56, has been a Managing Member of Beeland Management
since its inception in 1998. Mr. Harrison has agreed to provide administrative
services to the Fund under a contract which contains standard noncompete
provisions. Since mid-1997, Mr. Harrison has devoted most of his business time
to the administration of the Index and the Rogers Raw Materials Fund. For the
immediately prior two years, Mr. Harrison had been an official, first with
Nutmeg Securities, Inc., where he served as a pension fund consultant and in the
institutional stock execution business and later, in a similar capacity with a
division of a New York-based broker-dealer. Since March 1998, Mr. Harrison has
been a registered representative of Oakbrook Investment Brokers, Inc., a
registered broker-dealer. Mr. Harrison has also been a Member of the Managed
Futures Committee of the Chicago Mercantile Exchange. In the course of his over
25 year career, Mr. Harrison has served as a Special Consultant to

34
<PAGE>
the Chairman of the Chicago Board Options Exchange, Inc., particularly on the
institutional investment community, and as general partner of a number of
private investment and trading funds.

BRIAN CORNELL, age 41, has been a Managing Member of Beeland Management
since 1998. His duties primarily involve the rules and procedures whereby the
Fund will effect trades corresponding to the Index, including but not limited to
(1) periodic adjustments to the Index and the Fund, (2) contract market
selection for contracts comprising the Index, (3) procedures to correlate
trading in the Fund with the composition of the Index and regular, periodic
valuation of the Fund and the Index. Through a wholly owned company, Cornell
Investment Advisory, L.L.C., he also has provided the Rogers Raw Materials Fund
and will provide the Fund with a portfolio monitoring facility. The fees due to
Cornell Investment pursuant to its contract with Beeland Management are payable
by Beeland Management and not by the Fund. He has traded, managed and provided
brokerage services for futures portfolios since 1982, most recently as a senior
official at two well known futures commission merchants and commodity trading
advisors. In addition, he has authored numerous articles on risk management and
has been featured in THE NEW YORK TIMES, THE WALL STREET JOURNAL and in
INSTITUTIONAL INVESTOR.

RICHARD L. CHAMBERS AND ARBOR RESEARCH & TRADING, INC. Richard L. Chambers,
age 56, has been a Managing Member of Beeland Management since 1998.
Mr. Chambers serves as Treasurer of Beeland Management. He is responsible for
investment of funds not required for margin and is also responsible for
administrative activity. Mr. Chambers is also the managing principal of Hart
Capital Management, a registered investment adviser and a division of Arbor
Research & Trading, Inc. Mr. Chambers has over 30 years experience in the fixed
income securities business as both a dealer and a portfolio manager.

Arbor Research & Trading is a broker-dealer and investment advisor based in
Barrington, Illinois. Pursuant to a separate advisory agreement, Hart Capital
Management will advise Beeland Management in connection with the Fund's
purchases and sales of U.S. government securities. The Fund will pay Hart
Capital Management an annual advisory fee of 50 basis points, computed quarterly
in arrears, on the basis of the average month-end market value of the Fund's
portfolio of government securities actually invested and under Hart Capital
Management's management for the quarter. Hart Capital Management also advises
Beeland Management in its capacity as general partner, commodity pool operator
and trading advisor of Rogers Raw Material Fund in connection with that pool's
purchases and sales of U.S. government securities. Arbor Research & Trading,
Hart Capital Management and/or Mr. Chambers currently and in the future may
invest in commodity pools that are advised by Arbor Research & Trading and/or
Hart Capital Management.

Arbor Research & Trading's objective is to achieve appreciation of its
clients' assets through the purchase and sale of U.S. government securities,
including but not limited to U.S. Treasury securities. The specific government
securities to be traded will be selected from time to time by Arbor Research &
Trading and will be limited to government securities, as defined under the
Investment Company Act of 1940, as amended. Specific issue selection will be
based on relative attractiveness to the U.S. Treasury yield curve and other
comparable treasury or agency securities.

Although the Fund will pay Hart Capital Management the annual advisory fee
explained above, none of the foregoing individuals are paid any compensation
directly by the Fund.

WILDMAN, HARROLD, ALLEN & DIXON is a Chicago-based, full-service law firm
whose practice covers most areas of business law. Wildman, Harrold, Allen &
Dixon represented Beeland Management in connection with its formation and the
formation of the Fund and currently provides a full range of services to the
Fund.

LEGAL ACTIONS

There have been no material administrative, civil or criminal actions
pending, on appeal or concluded against Beeland Management or any of its
individual principals, Arbor Research & Trading, Inc. or Hart Capital Management
within the past five years that are material to an evaluation of their ability
or integrity.

35
<PAGE>
INVESTMENT BY THE GENERAL PARTNER AND ITS MEMBERS

Beeland Management will make a capital contribution to the Fund immediately
prior to the time the Fund commences trading in an amount in its sole
discretion. However, the capital contribution will be in an amount not less than
$25,000. To the extent of its contribution, Beeland Management will be treated
as though it were a limited partner. Members of Beeland Management and persons
associated with the members may subscribe for limited partnership interests as
well. Any such subscribers will not be limited by the minimum subscription
amounts required above.

In order to form the partnership, Mr. Harrison contributed $5,000 for 50
units of partnership interest. The purchase of units by Beeland Management or
its members may create conflicts of interest. See "Conflicts of Interest" above.

DUTIES OF THE GENERAL PARTNER

The general partner of the Fund manages all business of the Fund. The Fund's
general partner may delegate its responsibility for the investment of the Fund's
assets to one or more qualified trading advisors. If it elects to direct trading
for the Fund itself, the general partner of the Fund may still render advisory
services to other clients or accounts and use the same trading strategies
utilized in managing the Fund's investments.

The general partner of the Fund may retain various third parties, including
affiliates of the general partner and its members, to perform various services
for the Fund. However, the Fund's general partner may not enter into any
agreement or arrangement with affiliates on terms less favorable to the Fund
than those customarily charged by an unrelated party for similar services.

The maximum period covered by any contract between the Fund and the general
partner may not exceed one year and the agreement will be terminable without
penalty upon 60 days' written notice by the Fund.

PRINCIPAL OWNERS OF UNITS

As of the date of this prospectus, the general partner of the Fund does not
beneficially own any units and no limited partner beneficially owns any units,
other than the original limited partner, Clyde C. Harrison, who purchased 50
units for a capital contribution of $5,000 in connection with the formation of
the Fund.

ENFORCING YOUR RIGHTS AS A LIMITED PARTNER

You should consult your legal counsel with questions concerning the
responsibilities of the Fund's general partner. Reference is made to "Fiduciary
Responsibility of the General Partner" for a discussion of these
responsibilities. In the event that you believe the general partner of the Fund
has violated its fiduciary responsibility, you may seek legal relief for
yourself or on behalf of the Fund (or in a class action on behalf of all limited
partners), if:

- the general partner of the Fund has refused to bring the action, or

- an effort to cause the general partner of the Fund to bring the action is
not likely to succeed.

There can be no assurance, however, that adequate remedies will be
available.

In addition, you may institute legal proceedings against the general partner
of the Fund if it or an advisor engages in excessive trading. You should be
aware that it would be difficult to establish that commodity trading has been
excessive due to the broad trading authority given to the Fund's general

36
<PAGE>
partner, the limited number of cases defining excessive trading, and the
provisions in the limited partnership agreement discussed under "The Limited
Partnership Agreement--Indemnification."

You may be afforded rights to reparations under the Commodity Exchange Act.
In addition, the NFA has adopted arbitration rules which, in appropriate
circumstances, might provide additional rights.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The Fund was formed on May 8, 2000 under the laws of the State of Illinois.
To date, its only transactions have been the preparation of this offering and
the receipt of capital contributions of $5,000 from the original limited
partner. The Fund has not begun trading. Therefore, the financial statement of
the Fund included in this prospectus is not indicative of future operating
results. These results will depend in large part upon the commodity markets in
general, the advisor's performance, changes in interest rates and the amount of
redemptions. Because of the nature of these factors and their interaction, it is
impossible to predict future operating results, financial position and cash
flow.

PERFORMANCE HISTORY OF THE FUND

THIS POOL HAS NOT COMMENCED TRADING AND DOES NOT HAVE ANY PERFORMANCE
HISTORY. This prospectus therefore does not contain any actual performance
records or performance information for the Fund.

OTHER POOLS OPERATED BY THE GENERAL PARTNER

As of the date of this prospectus, Beeland Management was also serving as
the pool operator of Rogers Raw Materials Fund, a private commodity pool.

Rogers Raw Materials Fund is an Illinois limited partnership formed in
August 1997. It commenced operations in July 1998 and began trading in
August 1998.

Beeland Management serves as the general partner and trading advisor for the
Rogers Raw Materials Fund and utilizes the same trading methods to be utilized
in the Fund's proposed trading program. As with the Fund, Rogers Raw Materials
Fund's trading is designed to replicate the positions which comprise the Index
from time to time. Beeland Management will attempt to replicate the composition
of the Index by purchasing commodity futures contracts in the same types and
quantities as the Index. This Index consists of a basket of raw materials
employed within the world economy and traded in seasoned markets, as futures and
forward contracts. There are no "short" positions within the Index.

The Rogers Raw Materials Fund has a lower and different fee structure than
that of the Fund. The Rogers Raw Materials Fund is structured for large,
institutional investors, with minimum subscriptions typically in the range of
$500,000. As a result, the performance information for the Rogers Raw Materials
Fund should not be relied upon as any indication of the Fund's potential
performance.

Investors in the Rogers Raw Materials Fund are not required to pay a
subscription fee, whereas investors in the Fund pay a 5% subscription fees. In
addition, the funds have different management fees. Investors in the Fund will
pay a management fee of 225 basis points (2.25%) per year. One basis point is
1/100 of one percent. By comparison, the management fee for Class A limited
partners in the Rogers Raw Materials Fund is 65 basis points (0.65%) and the
management fee for its Class B limited partners, which are subscribers for the
first $10,000,000 received by that fund, is 50 basis points (0.50%). Class A and
B limited partners are allocated their proportionate share of round turn
commissions as well as any regulatory, clearing house or exchange fees. The
amount of these commissions and fees are similar to that of the Fund. Rogers Raw
Materials Fund also has Class C limited partners which pay a management fee of
150 basis points (1.50%), but are not allocated or charged any round turn
commissions for the fund's purchase or sale of futures or forward contracts.
They are, however, allocated their share of regulatory, clearing house and/or
exchange fees. Unlike the Fund, Rogers Raw Materials Fund does not

37
<PAGE>
separately pay an advisory fee to Hart Capital Management. See "Fees and
Expenses of the Fund" on page 25 of the prospectus.

Beeland Management performs similar administrative duties for Rogers Raw
Materials Fund as it intends to perform for the Fund. As of November 30, 2000,
the Rogers Raw Materials Fund had a net asset value in excess of its initial
offering amount. The Rogers Raw Materials Fund has traded for less than three
years and its trading programs, which should be considered long-term, may not
have had sufficient time in which to take full effect.

Beeland Management is registered as a commodity pool operator and commodity
trading advisor and has the ability and the right to manage individual customer
accounts.

The following capsule shows the annual past performance of Rogers Raw
Materials Fund since its inception of trading (in August 1998) and year-to-date
(through November 30, 2000) and other relevant information.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
CAPSULE PERFORMANCE OF OTHER POOLS CURRENTLY OPERATED OR
MANAGED BY BEELAND MANAGEMENT COMPANY, L.L.C.
FOR THE PERIOD AUGUST 1998 (INCEPTION OF TRADING)
THROUGH NOVEMBER 30, 2000

Rogers Raw Materials Fund is a single fund. However, there are three
different types of units within the Fund. The units differ in their management
fees and in whether brokerage commissions are paid independently or included
within the management fees (I.E., a wrap fee).

NAME OF POOL: ROGERS RAW MATERIALS FUND, L.P. (FUND AS A WHOLE)

Type of Pool: Privately offered

Date of Inception of Trading: August 1998

Total Contributions: $15,800,000

Current Net Asset Value(1): $22,543,258

Largest Peak-to-Valley Drawdown in last five years(2)(3): 18.12%
(October 1998--February 1999)

Largest Monthly Drawdown in last five years(4): 10.46% (November 1998)

Largest Peak-to-Valley Drawdown this year: 5.99 (July 2000)

Largest Monthly Drawdown this year: 5.99% (July 2000)

Annualized Rate of Return(5): 26.63%

This Year's Rate of Return (through November 30, 2000): 31.76%

NAME OF POOL: ROGERS RAW MATERIALS FUND, L.P. (FUND "A" UNITS)

Type of Pool: Privately offered

Date of Inception of Trading: May 2000

Total Contributions: $1,644,378

Current Net Asset Value(1): $1,933,045

Largest Peak-to-Valley Drawdown in last five years(2)(3): 6.00% (July 2000)

Largest Monthly Drawdown in last five years(4): 6.00% (July 2000)

Largest Peak-to-Valley Drawdown this year: 6.00% (July 2000)

Largest Monthly Drawdown this year: 6.00% (July 2000)

Annualized Rate of Return(5): 38.23%

38
<PAGE>
This Year's Rate of Return (through November 30, 2000): 22.30%

NAME OF POOL: ROGERS RAW MATERIALS FUND, L.P. (FUND "B" UNITS)

Type of Pool: Privately offered

Date of Inception of Trading: August 1998

Total Contributions: $13,400,000

Current Net Asset Value(1): $19,006,898

Largest Peak-to-Valley Drawdown in last five years(2)(3): 18.09%
(October 1998--February 1999)

Largest Monthly Drawdown in last five years(4): 10.45% (November 1998)

Largest Peak-to-Valley Drawdown this year: 5.99% (July 2000)

Largest Monthly Drawdown this year: 5.99% (July 2000)

Annualized Rate of Return(5): 26.73%

This Year's Rate of Return (through November 30, 2000): 31.83%

NAME OF POOL: ROGERS RAW MATERIALS FUND, L.P. (FUND "C" UNITS)

Type of Pool: Privately offered

Date of Inception of Trading: August 1998

Total Contributions: $1,000,000

Current Net Asset Value(1): $1,603,314

Largest Peak-to-Valley Drawdown in last five years(2)(3): 18.22%
(October 1998--February 1999)

Largest Monthly Drawdown in last five years(4): 10.47% (November 1998)

Largest Peak-to-Valley Drawdown this year: 6.04% (July 2000)

Largest Monthly Drawdown this year: 6.04% (July 2000)

Annualized Rate of Return(5): 25.85%

This Year's Rate of Return (through November 30, 2000): 31.01%

Notes To Tables

(1) "Net Asset Value" is defined by applicable CFTC regulations to mean total
assets minus total liabilities, determined on an accrual basis of accounting
in accordance with generally accepted accounting principles, with each
position in a commodity interest accounted for at fair market value.

(2) "Drawdown" is defined by applicable CFTC regulations to mean losses
experienced by a pool over a specified period of time.

(3) "Largest Peak-to-Valley Drawdown" is the greatest cumulative percentage
decline in month-end net asset value due to losses sustained by a pool,
account or trading program during any period in which the initial month-end
net asset value is not equaled or exceeded by a subsequent month-end net
asset value.

(4) "Largest Monthly Drawdown" is the largest monthly loss experienced by the
pool in any calendar month expressed as a percentage of the total equity in
the pool and includes the month and year of such draw-down.

(5) Rate of return is computed by dividing the net performance by the sum of the
beginning net asset value and net additions, capital withdrawals and
redemptions.

39
<PAGE>
As of November 30, 2000, Rogers Raw Materials Fund has received total
contributions of approximately $15,800,000 from investors. The following table
shows the monthly and yearly performance of the Rogers Raw Materials Fund, as a
whole, since its inception of trading in August 1998 through November 2000.
<TABLE>
<CAPTION>
JAN FEB MAR APR MAY JUN JUL AUG
-------- -------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
2000.............................. 6.56 4.57 (1.17) (2.25) 7.35 5.25 (5.99) 10.45
1999.............................. 0.75 (4.26) 16.98 5.26 (5.66) 7.44 1.94 5.14
1998.............................. (3.81)

FUTURES COMMISSION MERCHANTS, BROKERS AND DEALERS

Beeland Management will select futures commission merchants to execute
trades in futures contracts and brokers or dealers to execute trades in forward
contracts for the Fund, generally in its discretion, on the basis of various
factors, including quality of executions, commission rates and any additional
ancillary services provided. Affiliates of members of Beeland Management may be
engaged to provide trading execution services for the Fund.

The Fund has not yet selected the initial futures commission merchants for
the Fund. The Fund may not limit itself to any one futures commission merchant.
However, the Fund may employ one futures commission merchant if, in the opinion
of the Fund's general partner, it is advisable to do so. The futures commission
merchants will receive brokerage commissions in return for their services.

The futures commission merchants selected by the Fund's general partner will
be limited solely to providing clearing services. They do not have any
responsibility to, and will not, supervise the actions of the Fund or its
general partner.

Beeland Management estimates that the round-turn commissions payable by the
Fund for trades cleared by its futures commission merchants will not exceed 65
basis points. One basis point equals 1/100 of one percent. The brokerage
commissions payable by the Fund are subject to change at any time.

Beeland Management, in conjunction with Hart Capital Management, will select
the broker-dealers who will execute trades in government securities, generally
in their discretion.

40
<PAGE>
SOLICITING DEALERS

Members of Beeland Management will assist and provide additional information
and documents to prospective investors that are interested in an investment in
the Fund. No separate compensation (beyond their respective interests in Beeland
Management) will be paid to any such persons for any of their marketing efforts.

There is no underwriter or syndicate group for the offering. However,
Beeland Management may enter into agreements with a number of firms which are
registered as broker/dealers, are members of the NASD and are properly
registered or qualified in the appropriate states to introduce the Fund to
certain of their customers.

Oakbrook Investment Brokers, Inc., a broker-dealer affiliated with a
managing member of Beeland Management, may act as a soliciting dealer in the
Offering. This affiliation is wholly independent of the managing member's role
with Beeland Management. To the extent Oakbrook acts as a soliciting dealer, it
will receive no extraordinary compensation of any kind, I.E., other than the
"standard" allocation and allowance of the "selling commission" to be paid to
all soliciting dealers.

Beeland Management will receive a subscription fee of up to 5% of the gross
offering proceeds to cover offering, administrative and marketing expenses. A
portion of the subscription fee may be reallowed to soliciting dealers as
selling commissions for each unit they sell. Subject to certain conditions and
exceptions (described below under "Plan of Distribution"), investors purchasing
specified minimum numbers of units will be entitled to a reduction of the 5%
subscription fee, and the amount of the subscription fee to be reallowed to
soliciting dealers, will be according to the following schedule:

<TABLE>
<CAPTION>
AMOUNT OF
PURCHASER'S INVESTMENT AMOUNT OF AMOUNT
--------------------------------- MAXIMUM VOLUME REALLOWED TO
FROM TO SUBSCRIPTION FEE DISCOUNT SOLICITING DEALER*
--------------------- --------- ---------------- --------- ------------------
<S> <C> <C> <C> <C>
$ 0 $ 24,999 5% -- 4 1/2%
25,000 249,999 3.5% 1.5% 3%
250,000 and over 2.5% 2.5% 2%
</TABLE>

---------

* Beeland Management may reallow greater amounts to soliciting dealers, in its
discretion, pursuant to contract.

SUBSCRIPTION AGENT

INTRODUCTION

Derivatives Portfolio Management, LLC, Two Worlds Fair Drive, P.O. Box 6741,
Somerset, New Jersey, will serve as the Fund's subscription agent, as well as
the Fund's redemption agent. While Derivatives Portfolio Management will serve
in both capacities, we will refer to Derivatives Portfolio Management in this
prospectus as the subscription agent.

As subscription agent, Derivatives Portfolio Management's responsibilities
will include:

- processing new subscriptions,

- adding new subscribers to the list of limited partners,

- assigning the appropriate units per subscription,

- receiving and disbursing funds to and from investors,

- computing the Fund's net asset value per unit, and

- processing redemptions.

The subscription agent is not a trustee and has no management or oversight
responsibilities and no fiduciary duties to the limited partners.

41
<PAGE>
SUBSCRIPTIONS

Funds from subscriptions accepted prior to the initial closing will be
delivered to the subscription agent. The subscription agent will deposit the
funds from subscriptions in an interest bearing escrow account at Mellon Bank
until the initial closing is completed. Alternatively, subscribers may transfer
subscription proceeds by bank wire transfer to Mellon Bank if they initially fax
copies of the subscription documents to the subscription agent, following by
manually-signed copies by mail. Upon the initial closing, the subscription
proceeds will be released to the Fund for acquisition of a portfolio of futures
positions. If a minimum of 100,000 units are not sold by September 30, 2001,
this offering will terminate. In such event, the Fund (or its subscription
agent) will return all amounts paid by subscribers, with interest and without
deduction, within 10 business days of the date the offering is terminated.

REDEMPTIONS

Derivatives Portfolio Management will process all requests for redemptions.
For further information on redemptions, see "Transferability and Redemption of
Units--Redemption of Units" below.

FEES

As compensation for its services, commencing on the earlier of September 1,
2000 or the date the registration statement, of which this prospectus is a part,
is declared effective by the SEC, the subscription agent will receive a monthly
fee equal to 22.5 basis points of the value of the Fund's net assets as of the
first day of each month, divided by twelve. For example, if net assets equal
$25,000,000, the monthly fee would equal $4,687.50 ($25,000,000 multiplied by
0.00225, then divided by 12). The minimum subscription agent fee per month is
$4,000. In addition to the above fee, the Fund will pay the subscription agent
$20 per partner per year for expenses associated with mailing and handling
($17.00 per partner for partners that are processed through the Fund's escrow
agent during the initial escrow period).

USE OF PROCEEDS

The funds received from subscribers will be deposited and held in a
separate, interest-bearing escrow account at Mellon Bank until the initial
closing. The Fund therefore cannot start trading until the initial closing has
been completed. Up to 5% of the gross offering proceeds will be utilized to pay
a subscription fee to the Fund's general partner, a portion of which may be
reallowed to soliciting dealers as selling commissions. Any contributions which
are accepted by the Fund after funds have been released from escrow will be
immediately available for use in its business. The net proceeds of the offering,
after deducting the subscription fee, will be used to acquire a portfolio of
futures positions consistent with the Fund's trading policies as well as
government securities with the excess.

Generally, once released from escrow, not more than 25% of the Fund's funds
will be maintained in the Fund's trading account with its futures commission
merchant. Those funds will be available to acquire a portfolio of futures
positions consistent with the Fund's trading policies. Consistent with the
Commodity Exchange Act, all of the assets of the Fund will be maintained in cash
and segregated as customer funds, except assets, if any, committed as margin on
some non-U.S. futures and options transactions.

The Fund's trading account funds which are not committed as margin may be
invested in U.S. government securities. The Fund will always maintain sufficient
cash in U.S. government securities to close out open positions.

All interest and other earnings earned on the Fund's funds will be paid to
the Fund and not to the broker or other custodian having custody of the funds.

The Fund will not have significant assets or properties other than the
Fund's trading account with its futures commission merchants and the other types
of accounts described in this section. The Fund's account with its futures
commission merchants and some of the other accounts in which the Fund's funds
will be deposited and held are not federally insured or guaranteed.

The Fund will make no loans nor will it borrow money. The assets of the Fund
will not be commingled with the assets of any other entity, nor used as margin
for any other account. Deposit of assets with a commodity broker or swap dealer
as margin shall not constitute borrowing or commingling.

42
<PAGE>
TRANSFERABILITY AND REDEMPTION OF UNITS

The following is a summary of the conditions that must be met in order to
transfer units and to redeem units. You should read the limited partnership
agreement for complete details of the conditions. See, in particular,
Article XIV and Section 8.5 of the limited partnership agreement, a copy of
which is included as Appendix A.

TRANSFERS OF UNITS

Units cannot be assigned or transferred and the assignee cannot become a
substituted limited partner of the Fund until the assignor of the units and the
assignee have delivered an assignment agreement to the Fund's general partner,
and the Fund's general partner gives its written consent to the assignment.
Consent may be given or withheld in the sole and absolute discretion of the
Fund's general partner. The assignee must also provide the Fund's general
partner with written acceptance of the 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 Fund.
The assignee of the units is required to pay all expenses incurred in connection
with the assignment. Any assignment of a unit not made in compliance with the
limited partnership agreement is invalid.

REDEMPTION OF UNITS

Units can generally be redeemed on the last trading day of any month after
an initial holding period of three months. With respect to units purchased
during the initial offering period, the three-month holding period will begin on
the initial closing date. With respect to units purchased during the continuous
offering, the three-month holding period will begin on effective date of the
purchase. In order to redeem its units, however, a limited partner must give
prior written notice. The Fund's general partner may require that the redemption
notice be received by the subscription agent 60 days in advance of the desired
redemption date.

The redemption price per unit will be the net asset value per unit as of the
close of business on the withdrawal date. The Fund imposes no redemption fees or
charges. However, the Fund's general partner holds back a nominal amount at the
time of certain redemptions (I.E., most redemptions which are not made at the
close of a fiscal year) in order to ensure that regular expenses attributable to
the withdrawn units will be funded. The amount held back by the Fund's general
partner is equal to the greater of 2% of the net asset value per unit as of the
close of business on the withdrawal date, or $100. The held back amount is
intended to cover accrued, but unpaid management fees and other expenses payable
by the Fund and chargeable against net assets as of that date. After the close
of the fiscal year in which the withdrawal was effected, the account of the
limited partner who effected the withdrawal will be adjusted to reflect his
allocated share of management fees and expenses, which shall be charged against
the amount held back. After such charge, any positive balance remaining from the
held-back amount will be promptly paid to the withdrawn limited partner, in the
same manner as the balance of the withdrawal. Net asset value per unit means the
net assets of the Fund at that time divided by the aggregate number of
outstanding units at that time. Net assets means total assets minus total
liabilities, determined in accordance with generally accepted accounting
principles.

The redemption price will not be fixed until the effective date of the
redemption. In other words, limited partners are subject to any change in the
net asset value per unit occurring between the date of their request for
redemption and the effective date of the redemption. That delay may be a period
of up to 60 days. The net asset value per unit could change significantly, for
better or worse, during that period, given the volatile nature of futures
trading.

Beeland Management does not intend to assess any fees or charges for
liquidations. However, it may change this policy in the future.

Derivatives Portfolio Management, the subscription agent of the Fund, will
also process all requests for redemptions. Derivatives Portfolio Management is
not a trustee and has no management or oversight responsibilities and no
fiduciary obligations to the limited partners.

The limited partnership agreement authorizes the general partner of the Fund
to refuse to redeem units if the number of requested redemptions may be
detrimental to the tax status or treatment of the Fund. As further described in
"Federal Income Tax Aspects--Application of the Publicly Traded

43
<PAGE>
Partnership Rules to the Fund" on page 59 of the Prospectus, the Fund relies on
a safe harbor to avoid the adverse tax consequences of being treated as a
publicly traded partnership for passive loss. Under this safe harbor,
partnerships will not be publicly traded for a taxable year if

- any redemption or repurchase agreements require written notification at
least 60 days before the redemption of the partner's intent to redeem;

- the repurchase price is not established until at least 60 days after the
receipt of such notification by the partnership, or alternatively, the
repurchase price is established not more than four times during the
partnership's tax year; and

- the sum of the percentage interests in the partnership that are sold or
otherwise disposed of (including redemptions) during the tax year will not
exceed 10% of the total interests in the partnership capital or profits.

The limited partnership agreement also authorizes the Fund's general partner
to temporarily suspend all redemptions and to delay payment for redemptions if
during the ten day period preceding the effective date of withdrawal, futures
and forward contracts representing 10% or more of the Fund's portfolio of
futures positions cannot be traded as a result of trading limits in applicable
exchanges.

All units will remain at risk in the business of the Fund in any of these
circumstances. A limited partner therefore may not always be able to redeem his
or her units.

Requests for redemption should be transmitted to Beeland Management at the
principal offices of the Fund set forth on page 1 of this prospectus.

The limited partnership agreement limits the total equity owned by benefit
plan investors by permitting the partnership to automatically redeem units held
by benefit plan investors. Any subscriber which is an entity subject to ERISA
must agree that, if at the closing of any month, the total number of units held
by all ERISA limited partners exceed 24.9% of the aggregate total of units held
by all limited partners, then all ERISA limited partners will be deemed to have
withdrawn, on a pro rata basis, that number of units sufficient to reduce the
number of units held by the ERISA limited partners to not more than 24.9% of the
total units held by all limited partners.

COMMODITY MARKETS

This section is intended to give you an overview of the commodities markets
and futures trading in general. It is not a complete discussion of the futures
markets or futures trading.

COMMODITY FUTURES

Commodity futures contracts are contracts made on a commodity exchange which
provide for the future delivery of various agricultural commodities, industrial
commodities, foreign currencies or financial instruments at a specified date,
time and place. The contractual obligations may be satisfied either by taking or
making physical delivery of an approved grade of the commodity (or cash
settlement in the case of certain futures contracts) or by entering into an
offsetting contract to purchase or sell the same commodity on the same exchange
prior to the designated date of delivery. As an example of an offsetting
transaction in which the physical commodity is not delivered, the contractual
obligations arising from one contract to sell December 2000 wheat on a commodity
exchange may be fulfilled at any time before delivery of the commodity is
required by entering into one contract to purchase December 2000 wheat on the
same exchange. In such instance the difference between the price at which the
futures contract to sell was entered into and the price paid for the offsetting
contract, after allowance for the brokerage commission or fees and exchange and
clearing costs, represents the profit or loss to the trader.

The month and year which are part of each commodity contract represent a
delivery month. For example, a contract for December 2000 wheat would be for a
deliverable grade of wheat to certain delivery terminals by a specific date in
December 2000. Each futures contract trades in several delivery months. The term
"near-month" refers to the delivery month that will occur the soonest and "far
month" refers to the delivery month that is farthest out in the future.
Generally, the farthest delivery month is one year in the future. As an example,
in January 2000, the latest delivery month would be January 2001.

44
<PAGE>
Futures contracts are uniform for each commodity and vary only with respect
to price and delivery time. A commodity futures contract to accept delivery
(buy) is referred to as a "long" contract; conversely a contract to make
delivery (sell) is referred to as a "short" contract. Until a commodity futures
contract is satisfied by delivery or offset it is said to be an "open" position.

Futures exchanges have expanded throughout the world in response to the
globalization of the world's economy. This gives investors the opportunity to
participate in global markets and economic trends.

FORWARD CONTRACTS

Currencies may be purchased or sold for future delivery through banks or
dealers pursuant to what are commonly referred to as "forward contracts." In
such instances, the bank or dealer generally acts as principal in the
transaction and includes its anticipated profit and costs of the transaction in
the prices it quotes. Mark-ups and/or commissions may also be charged on such
transactions. The forward markets are substantially unregulated. However,
certain exchange-traded contracts, such as those on the London Metals Exchange
are actually forward contracts. Unlike futures contracts, over-the-counter
forward contracts are not of any standard size. Rather, they are the subject of
individual negotiation between the parties involved. Moreover, because there is
no clearinghouse system applicable to forward contracts, forward contracts are
not fungible, and there is no direct means of "offsetting" a forward contract by
purchase of an offsetting position on the same (or a linked) exchange as one can
a futures contract. The forward markets provide what has typically been a highly
liquid market for currency trading, and in certain cases the prices quoted for
forward contracts may be more favorable than those quoted for comparable futures
positions on the International Monetary Market of the Chicago Mercantile
Exchange. Unlike futures contracts traded on United States exchanges, no daily
settlements of unrealized profit or loss are made in the case of open forward
contract positions.

Commodity futures and forward prices are highly volatile and are influenced
by, among other things, changing supply and demand relationships, government
agricultural, commercial and trade programs and policies, national and
international political and economic events, weather and climate conditions,
insects and plant disease, purchases and sales by foreign countries and changing
interest rates.

USES OF COMMODITY MARKETS

Two broad classifications of persons who trade in commodity futures and
forwards are "hedgers" and "speculators." Commercial interests, including
farmers, which market or process commodities use the commodities markets
primarily for hedging. Hedging is a protective procedure designed to minimize
losses that may occur because of price fluctuations. For example, a merchandiser
or processor may hedge against price fluctuations between the time it makes a
contract to sell a raw or processed commodity and the time it must perform the
contract as follows: at the time the merchandiser or processor contracts to sell
the commodity at a future date, it simultaneously enters into futures contracts
to buy the necessary equivalent quantity of the commodity and, at the time for
performance of the contract, either accepts delivery under its futures contracts
or buys the actual commodity and closes out the futures position by entering
into an offsetting contract to sell the commodity. Similarly, a processor may
need to purchase raw materials abroad in foreign currencies in order to fulfill
a contract for forward delivery of a commodity or byproduct in the United
States. Such a processor may hedge against the price fluctuation of foreign
currency by entering into a futures (or forward) contract for the foreign
currency. Thus the commodity markets enable the hedger to shift the risk of
price fluctuations to the speculator. The usual objective of the hedger is to
protect the profit that the hedger expects to earn from farming, merchandising
or processing operations, rather than to profit from commodity trading.

The speculator, unlike the hedger, generally expects neither to deliver nor
receive the physical commodity. Instead, the speculator risks his capital with
the hope of profiting from price fluctuations in commodity futures contracts.
The speculator is, in effect, the risk bearer who assumes the risks that the
hedger seeks to avoid. Speculators rarely take delivery of the physical
commodity but usually close out their futures positions by entering into
offsetting contracts. Because the speculator may take either long or short
positions in the commodity market, it is possible for him to make profits or
incur losses regardless of the direction of price trends.

45
<PAGE>
REGULATION

Commodity exchanges provide centralized market facilities for trading in
futures contracts relating to specified commodities. Among the principal
exchanges in the United States are the Chicago Board of Trade, the Chicago
Mercantile Exchange (including the International Monetary Market) and the New
York Mercantile Exchange, Inc.

Commodity exchanges in the United States are subject to regulation under the
Commodity Exchange Act (the "CEA") by the CFTC. The CFTC is the governmental
agency having responsibility for regulation of U.S. commodity exchanges and
commodity futures trading. The function of the CFTC is to implement the
objectives of the CEA of preventing price manipulation and excessive speculation
and promoting orderly and efficient commodity futures markets. Such regulation,
among other things, provides that futures trading in commodities must be upon
exchanges designated as "contract markets", and that all trading on such
exchanges must be done by or through exchange members. Futures trading in all
commodities traded on domestic exchanges is regulated pursuant to the CEA. The
CFTC adopted rules in 1981 regulating trading of commodity options that had
previously been banned by the CFTC. However, trading in spot commodities and
forward contracts may not be within the jurisdiction of the CFTC and may
therefore be effectively unregulated. Investors should note that various
government agencies have investigated practices engaged in on the floors of the
Chicago Board of Trade, the Chicago Mercantile Exchange and certain New York
exchanges and in this connection a number of floor brokers on the Chicago
Mercantile Exchange were indicted and some were convicted for certain trading
practices.

The CFTC also has exclusive jurisdiction to regulate the activities of
"commodity pool operators" and "commodity trading advisors". Beeland Management
is registered as a commodity pool operator and a commodity trading advisor.
Registration as a commodity pool operator or as a commodity trading advisor
requires annual filings setting forth the organization and identity of the
management and controlling persons of the commodity pool operator or commodity
trading advisor. In addition, the CFTC has authority under the CEA to require
and review books and records of, and review documents prepared by, a commodity
pool operator or a commodity trading advisor. The CFTC imposes certain
disclosure, reporting and record-keeping requirements on commodity pool
operators and commodity trading advisors. The CFTC is authorized to suspend a
person's registration as a commodity pool operator or commodity trading advisor
if the CFTC finds that such person's trading practices tend to disrupt orderly
market conditions, that any controlling person thereof is subject to an order of
the CFTC denying such person trading privileges on any exchange, and in certain
other circumstances.

Futures commission merchants are also subject to regulation by and
registration with the CFTC. With respect to domestic futures and options
trading, the CEA requires all futures commission merchants to meet and maintain
specified fitness and financial requirements, account separately for all
customers' funds, property and positions, and maintain specified books and
records on customer transactions open to inspection by the staff of the CFTC.
The CEA authorizes the CFTC to regulate trading by commodity brokerage firms and
their employees, permits the CFTC to require exchange action in the event of
market emergencies, and establishes an administrative procedure under which
commodity traders may institute complaints for damages arising from alleged
violations of the CEA. Under such procedures, limited partners may be afforded
certain rights for reparations under the CEA.

Many exchanges (but currently not the foreign currency futures markets other
than during the first fifteen minutes of a trading day or the foreign currency
forward market) normally have regulations that limit the amount of fluctuation
in commodity futures contract prices during a single trading day. These
regulations specify what are referred to as "daily price fluctuation limits" or,
more commonly, "daily limits". The daily limits establish the maximum amount the
price of a futures contract may vary from the previous day's settlement price at
the end of the trading session. Once the daily limit has been reached in a
particular commodity, no trades may be made at a price beyond the limit.
Positions in the commodity could then be taken or liquidated only if traders are
willing to effect trades at or within the limit during the period for trading on
such day. The "daily limit" rule does not limit losses that might be suffered by
a trader because it may prevent the liquidation of unfavorable positions. Also,
commodity futures prices have moved the daily limit for several consecutive
trading days in the past, thus preventing prompt liquidation of futures
positions and subjecting the commodity futures trader to substantial losses.

46
<PAGE>
The CFTC and U.S. exchanges have established limits, referred to as
"position limits", on the maximum net long or net short position that any
person, or group of persons acting together, may hold or control in particular
commodities. The position limits established by the CFTC apply to grains,
soybeans, cotton, eggs and potatoes. U.S. exchanges have established speculative
position limits for all commodity contracts for which no such limits have been
established. The CFTC has adopted a statement of policy with respect to the
treatment of positions held by a commodity pool, such as the Fund, under its
rules relating to the aggregation of futures positions for purposes of
determining compliance with speculative position limits. In connection
therewith, futures positions of the Fund are allocated only to the person or
entity controlling trading decisions for the Fund and not to the limited
partners. Depending upon the total amount of assets being managed in both the
Fund's account and other accounts controlled directly or indirectly by the
advisors, such position limits may affect the ability of the advisor to
establish particular positions in certain commodities for the Fund or may
require the liquidation of positions.

In addition, pursuant to authority in the CEA, the NFA has been formed and
registered with the CFTC as a self-regulatory body in order to relieve the CFTC
of the burden of direct regulation of commodity professionals. The NFA is
required to establish and enforce for its members training standards and
proficiency tests, minimum financial requirements and standards of fair
practice. Pursuant to permission granted in the CEA, the CFTC has delegated some
of its registration functions to the NFA. Beeland Management is a member of the
NFA.

The above-described regulatory structure may be modified by rules and
regulations promulgated by the CFTC or by legislative changes enacted by
Congress. Furthermore, the fact of CFTC registration of Beeland Management does
not imply that the CFTC has passed upon or approved this offering or their
qualifications to act as described in this prospectus.

MARGINS

Commodity futures contracts are customarily bought and sold on margin
deposits that range upward from as little as less than one percent of the
purchase price of the contract being traded. Because of these low margins, price
fluctuations occurring in commodity futures markets may create profits and
losses that are greater than are customary in other forms of investment or
speculation. Margin is the minimum amount of funds that must be deposited by the
commodity futures trader with the commodity broker in order to initiate futures
trading or to maintain open positions in futures contracts. A margin deposit is
not a partial payment, as it is in connection with the trading of securities,
but is like a cash performance bond; it helps assure the trader's performance of
the commodity futures contract. Because the margin deposit is not a partial
payment of the purchase price, the trader does not pay interest to his broker on
a remaining balance. The minimum amount of margin required with respect to a
particular futures contract is set from time to time by the exchange upon which
such commodity futures contract is traded and may be modified from time to time
by the exchange during the term of the contract. Brokerage firms carrying
accounts for traders in commodity futures contracts may increase the amount of
margin required as a matter of policy in order to afford further protection for
themselves.

When the market value of a particular open commodity futures position
changes to a point where the margin on deposit does not satisfy the maintenance
margin requirements, a margin call will be made by the trader's broker. If the
margin call is not met within a reasonable time, the broker is required to close
out the trader's position. Margin requirements are computed each day by the
trader's commodity broker. With respect to the Fund's trading, the Fund, and not
the limited partners personally, will be subject to the margin calls.

PLAN OF DISTRIBUTION

THE OFFERING

Beeland Management, acting though certain of its officers and members, will
solicit subscribers. In addition, units will also be offered by soliciting
dealers on a best efforts basis. Each of these soliciting dealers will be
registered as a broker-dealer with the SEC and a member of the NASD.

47
<PAGE>
The units are being offered on a best efforts basis. The soliciting dealers
are not required to, but may, purchase units. As a result, Beeland Management
cannot guarantee that any specified number of securities will be sold or that
any specified amount of money will be raised from the offering.

Beeland Management will receive a subscription fee of up to 5% of the gross
offering proceeds. A portion of the subscription fee may be reallowed by Beeland
Management to soliciting dealers as selling commissions for each unit they sell.
Subject to certain conditions and exceptions, investors purchasing specified
minimum numbers of units will be entitled to a reduction of the 5% subscription
fee. See "Soliciting Dealers" above for the amount of the subscription fee that
may be reallowed to soliciting dealers.

<TABLE>
<CAPTION>
AMOUNT OF
PURCHASER'S INVESTMENT
--------------------------------- AMOUNT OF VOLUME
FROM TO MAXIMUM SUBSCRIPTION FEE DISCOUNT
--------------------- --------- ------------------------ ----------------
<S> <C> <C> <C>
$ 25,000 $249,999 3.5% 1.5%
250,000 and over 2.5% 2.5%
</TABLE>

The Fund will accept subscriptions throughout the initial and continuous
offering period, which can be terminated by Beeland Management at any time. The
initial offering period begins on the date of this prospectus and ends on the
earlier of when 100,000 units are subscribed for or September 30, 2001.

Units will be sold for $100 each during the initial offering period. The
offering price was arbitrarily set by the Beeland Management. It was not based
on past or expected earnings and does not represent that the units have or will
have a market value of or can be resold or liquidated at that price.

An initial closing on the subscription proceeds will be held at a time
determined by Beeland Management. This initial closing will occur at the
earliest practicable date after subscriptions for a minimum of 100,000 units
have been received. If 100,000 units are not sold by September 30, 2001, this
offering will terminate and all amounts paid by subscribers will be returned to
them with a pro rata share of interest earned on the subscriptions during the
escrow period. In any event, the offering will terminate no later than
September 30, 2002. After the initial closing and the acquisition by the Fund of
a portfolio of futures positions, the purchase price for units will be the net
asset value per unit as of the close of trading on the trading day preceding the
effective date of the purchase.

Funds from subscriptions accepted prior to the initial closing will be
delivered to Derivatives Portfolio Management, the subscription agent for this
offering. Under the terms of the escrow agreement, Derivatives Portfolio
Management will deposit the funds from subscriptions in an interest-bearing
escrow account at Mellon Bank, the escrow agent for this offering.
Alternatively, subscribers may transfer the appropriate subscription proceeds by
bank wire transfer to Mellon Bank, if they send copies of the subscription
documents by fax to the subscription agent, followed by manually signed copies
by mail.

The escrow agent will not release the funds from the escrow account until a
minimum of $10,000,000 is deposited into the account and Beeland Management
gives notice to the escrow agent authorizing it to release the funds from
escrow. Subscription payments deposited in the escrow account may not be
withdrawn by any subscriber under any circumstance. Following the initial
closing, the account will be placed in the name of Derivatives Portfolio
Management, as subscription agent for the Fund. Subscription proceeds received
for units sold after that time will be immediately available for use by the
Fund.

Upon the initial closing, the subscription proceeds will be released to the
Fund for acquisition of a portfolio of futures positions, as well as government
securities with the excess. Any sales of units which are made after the initial
closing and after the Fund has acquired a portfolio of futures positions will be
effective on the first business day of a month, and the purchase price for the
units will be the net asset value per unit as of the close of trading on the
trading day preceding the effective date of the purchase. With respect to
subscription proceeds that are received by Beeland Management after the initial
closing,

48
<PAGE>
the subscription agent will use its best efforts to allocate to subscribers the
maximum possible number of round units and will rebate the remaining proceeds,
assuming that the subscription proceeds are sufficient to purchase a minimum of
100 units. In the event, however, that the subscription proceeds are
insufficient to purchase a minimum of 100 units, based on the then current net
asset value per unit, the subscription agent may, in its sole discretion, allow
the subscriber to pay the additional required amount within a specified number
of days of the effective date of the purchase. Persons who are subscribing for a
minimum of 100 units after the initial closing should consider sending an extra
amount of funds over the anticipated purchase price to ensure the purchase of a
minimum of 100 units. Any amounts paid in excess of the actual purchase price
will be promptly refunded to the subscriber.

If a minimum of 100,000 units are not sold by September 30, 2001, this
offering will terminate. In such event, all amounts paid by a subscriber will be
returned to the subscriber within 10 business days of the date the offering is
terminated, with interest. The total amount of interest will equal all interest
earned on subscription proceeds while such proceeds were in the escrow account.
Each Subscriber will be paid a pro rata share of interest.

The sale of the 100,000 units should not be relied upon as any indication of
the merits of this offering because the required sale of those units is not
intended to protect investors or to demonstrate that the Fund is a good or safe
investment.

The escrowed funds will be released for use by the Fund immediately
following the completion of the initial closing. If the Fund breaks escrow, this
offering will continue until the earlier of such time as all of the units
offered hereby have been sold, or this offering is terminated by the Fund's
general partner, in its sole discretion. All subscriptions accepted by Beeland
Management after the breaking of escrow will be immediately available for use in
the Fund's business, after deducting the subscription fee payable to Beeland
Management.

During the continuous offering, you must submit your subscription at least
five (5) days prior to the end of a month. You will become a limited partner on
the first day of the month after your subscription is processed and accepted and
payments are received and cleared. During the continuous offering, you will
receive units based on the net asset value on the purchase date. Because net
asset value fluctuates daily, you will not know the purchase price of your units
at the time you subscribe during the continuous offering.

The minimum subscription is 100 units, or $10,000, for first time investors.
Subsequent investments by existing limited partners may be in any amount as
Beeland Management may accept. Investments above the minimum and all subsequent
investments must made in full units. The purchase price for units will be $100
per unit until the initial closing and the net asset value per unit after the
initial closing and the acquisition by the Fund of a portfolio of futures
positions.

The total purchase price for the units must be paid at the time of executing
the subscription agreement. The purchase price must be paid in cash or its
equivalent.

All subscriptions are irrevocable, except only as may be provided by the
securities laws of your state. Beeland Management has the right, however, to
totally or partially reject any subscription for units. Beeland Management may
require you to provide additional information and documentation.

All units will be issued subject to the collection of good funds, and any
units issued to a subscriber who has not provided collectible funds (whether in
the form of a bad check or draft, or otherwise) will be canceled.

HOW TO INVEST

In order to purchase units, you must complete and sign a copy of the form of
subscription agreement that is included with this prospectus as Appendix B and a
copy of the counterpart signature page of the limited partnership agreement and
deliver and/or mail them and the full purchase price for the units subscribed
for to the subscription agent. Subscription proceeds accepted prior to the
initial closing will be deposited by the subscription agent in an escrow account
maintained at Mellon Bank. Following the initial closing, the account will be
placed in the name of Derivatives Portfolio Management, as subscription agent
for the Fund. Subscription proceeds received for units sold after that time will
be immediately available for use by the Fund.

49
<PAGE>
Alternatively, subscribers may fax the completed subscription agreement and
counterpart signature page to the subscription agent, while the appropriate
subscription proceeds are transferred by bank wire transfer to Mellon Bank.
Manually signed copies of the subscription agreement and counterpart signature
page should then be mailed to the subscription agent.

The subscription agreement contains various representations, warranties,
agreements and acknowledgments, and you should therefore carefully read the
subscription agreement. By executing and returning the Subscription Agreement,
you represent and warrant, among other things, that you:

- have received a copy of the prospectus as supplemented at least 5 business
days prior to the signing of the subscription agreement;

- either: (i) have a net worth (excluding home, home furnishings and
automobiles) of at least $45,000 and estimate that (without regard to
investment in the fund) you have gross income due in the current year of
at least $45,000; or (ii) have a net worth (excluding home, home
furnishings and automobiles) of at least $150,000 or such higher
suitability as may be required by certain states and described in "Who May
Invest" below;

- are purchasing units for your own account;

- acknowledge that the investment is not liquid except for limited
redemption rights;

- if acting on behalf of an employee benefit plan subject to ERISA, have
considered the investment in light of the related risks and has determined
that the investment is consistent with the plan fiduciary's
responsibilities under ERISA; and

- are aware that various types of institutions, including pension plans and
trusts, are governed by laws and regulations relating to the various types
of investments such institutions are allowed to make.

Each of the representations and warranties are primarily intended to assure
and confirm that you understand the Fund's structure and operation prior to
making your investment. In addition, they enable the Fund, its general partner
and the soliciting dealer to comply with certain requirements under the CEA and
various state securities laws. The Fund and the general partner will assert the
representations and warranties, if necessary to demonstrate compliance with the
CEA and such state securities laws.

The general partner and soliciting dealers selling units on behalf of the
Fund are responsible for making every reasonable effort to determine that the
purchase of units is a suitable and appropriate investment for each limited
partner, based on the information provided by the subscriber regarding his or
her financial situation and investment objectives. For a period of at least six
years, the general partner or the soliciting dealers will maintain records of
the information used to determine that an investment in units is suitable and
appropriate for each limited partner.

BY EXECUTING THE SUBSCRIPTION AGREEMENT, YOU DO NOT WAIVE ANY RIGHTS YOU
HAVE UNDER THE SECURITIES ACT OF 1933.

WHO MAY INVEST

You must represent and warrant in the Subscription Agreement that you meet
the minimum financial standards for investing.

50
<PAGE>
The following table describes those minimum suitability requirements:

<TABLE>
<CAPTION>
STATE INCOME REQUIREMENTS NET WORTH REQUIREMENTS
----- ------------------------------- -------------------------------
<S> <C> <C>
All States Minimum annual gross income of Minimum of $150,000*
$45,000 if net worth is less or
than $150,000 and at least Minimum of $45,000*
$45,000 (with minimum annual gross
income of $45,000)

The following ADDITIONAL
requirements are applicable
if you are a resident of the
following states:

California, Indiana, Minimum annual gross income of Minimum of $225,000*
Massachusetts, Michigan, $60,000 if net worth is less or
Oregon and South Carolina than $225,000 Minimum of $60,000*
(with minimum annual gross
income of $60,000)

Iowa, North Carolina and Texas Minimum annual taxable income Minimum of $225,000*
of $60,000 if net worth is less or
than $225,000 Minimum of $60,000*
(with minimum taxable income
of $60,000)
Ohio and Pennsylvania None Investment may not exceed 10%
of the investor's liquid net
worth
</TABLE>

---------
* Excluding home, home furnishings and automobiles.

These standards are, in each case, only regulatory minimums. Merely because
you meet the standards does not mean the investment is suitable for you. If the
investment in the Fund is being made by a fiduciary account, these minimum
standards must be met by the beneficiary, the fiduciary account, or by the donor
or grantor who supplies the funds to purchase the units if the donor or grantor
is the fiduciary.

None of the states have a minimum purchase requirement except for Iowa which
has a minimum purchase requirement of $3,000 for IRA and Roth IRA. However, the
Fund requires a minimum purchase of 100 units, or $10,000 for first time
investors.

ESCROW ARRANGEMENTS

The Fund's escrow account is maintained at Mellon Bank. Subscriptions will
be held in escrow until a minimum of $10,000,000 is deposited into the account
and Beeland Management gives notice to Mellon Bank authorizing it to release the
funds from escrow.

Subscription payments deposited in the escrow account may not be withdrawn
by any subscriber under any circumstance.

Beeland Management may at any time select a different escrow agent, who will
not be affiliated with the Beeland Management. Any escrow agent for the Fund
will invest subscriptions in legally permissible interest bearing investments,
including direct United States government obligations, certificates of deposit
or bank money market accounts as directed by Beeland Management. Since such
investments carry different minimum dollar amounts and varying interest rates,
however, the amount of interest, if any, that will be earned on a subscription
cannot be calculated.

CONFIRMATION OR REJECTION OF SUBSCRIPTIONS

For subscriptions received prior to the initial closing, Beeland Management
or Derivatives Portfolio Management will send each subscriber a confirmation of
his or her purchase within 10 days after the initial closing is held.
Subscribers whose subscriptions are received after the initial closing will be
sent a confirmation of his or her purchase within 10 days after the first day of
the month after his or her subscription is processed and accepted and payments
are received and cleared. Beeland Management may reject any subscription for any
reason.

51
<PAGE>
ERISA CONSIDERATIONS

GENERAL

This section highlights certain considerations that arise under the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"), and the Internal
Revenue Code of 1986, as amended (the "Code"), which a "fiduciary" of an
"employee benefit plan" as defined in and subject to ERISA or of a "plan" as
defined in Section 4975 of the Code should consider before deciding to invest
the plan's assets in the Fund. "Employee benefit plans" and "plans" are referred
to below as "Plans." A "fiduciary" is a person or entity that exercises
discretionary authority over the management or disposition of a Plan's assets or
who renders investment advice for a fee and are referred to below as "Plan
Fiduciaries". Plans include, for example, corporate pension and profit sharing
plans, 401(k) plans, "simplified employee pension plans," Keogh plans for
self-employed persons and Individual Retirement Accounts or Annuities ("IRA") as
defined in Section 408 of the Code.

SPECIAL INVESTMENT CONSIDERATION

Each Plan Fiduciary must consider the facts and circumstances that are
relevant to an investment in the Fund, including the role that an investment in
the Fund would play in the Plan's overall investment portfolio. Each Plan
Fiduciary, before deciding to invest in the Fund, must be satisfied that:
(1) the investment is prudent for the Plan; (2) the investments of the Plan are
diversified; (3) an investment in the Fund complies with the terms of the Plan;
(4) the market for the sale or disposal of the units will be sufficiently
liquid; and (5) the definition of "plan assets" under the United States
Department of Labor ("DOL") regulations (see discussion below) does not cause
the Plan to be considered to be holding all of the Fund's assets.

THE FUND SHOULD NOT BE DEEMED TO HOLD "PLAN ASSETS"

Regulations adopted by the DOL provide rules for determining when the
investment by a Plan in an equity interest of a limited partnership will result
in the underlying assets of the limited partnership being considered assets of
the Plan (I.E., "plan assets") for purposes of ERISA and Section 4875 of the
Code. If the underlying assets of the Fund are characterized as "plan assets,"
ERISA's fiduciary standards may be imposed upon the Fund and its general
partner. The cost and feasibility for the Fund or its general partner to comply
with such standards and whether application of such standards will adversely
affect the performance of the Fund or its general partner cannot be predicted.
Additionally, if a "plan asset" is subject to the control and management of a
person other than the Plan trustee, there may be an improper delegation of the
Plan trustee's responsibility.

Also, in the course of dealing with "plan assets", the Fund and/or its
general partner may commit, intentionally or unintentionally, a "prohibited
transaction" which may subject them to equitable sanctions under ERISA and to an
excise tax under the Code of from 5% to 100% of the value of the transaction. If
such excise taxes or sanctions are imposed on the Fund and/or its general
partner, significant changes in the method of operating the Fund may become
necessary. Such changes could result in increased costs being incurred by the
Fund and have an adverse effect on its performance.

Finally, ERISA also requires that "plan assets" be valued to reflect market
value as of the close of each Plan year. It may not be possible to adequately
value the units from year to year, since there may not be an adequate market for
them.

However, the DOL's regulations provide that when a Plan makes an equity
investment in another entity, such as the units of the Fund, the underlying
assets of the Fund will not be considered Plan assets unless, among other
things, the investments of all Plan investors in the units is "significant."

Such investments become "significant" under the DOL regulations, if,
immediately after the most recent investment by a Plan investor, 25% or more of
the value of the equity interest in the entity is held by Plan investors as a
group. Thus, if more than 24.9% of the value of the units in the Fund are owned
by Plan investors as a group, all of the assets of the Fund are treated as the
assets of the Plans investing in the Fund.

52
<PAGE>
ERISA INVESTORS COULD BE FORCED TO REDEEM AGAINST THEIR WILL

THE FUND'S AGREEMENT OF LIMITED PARTNERSHIP LIMITS THE TOTAL EQUITY OWNED BY
PLAN INVESTORS BY PERMITTING THE PARTNERSHIP TO AUTOMATICALLY REDEEM LIMITED
PARTNERSHIP INTERESTS HELD BY "BENEFIT PLAN INVESTORS". ANY SUBSCRIBER WHICH IS
AN ENTITY SUBJECT TO ERISA MUST AGREE THAT IF, AT THE CLOSE OF ANY MONTH DURING
THE TERM OF THE PARTNERSHIP, THE AGGREGATE TOTAL OF UNITS HELD BY ALL ERISA
LIMITED PARTNERS WOULD EXCEED 24.9 PERCENT OF THE AGGREGATE TOTAL OF UNITS HELD
BY ALL LIMITED PARTNERS, THEN ALL ERISA LIMITED PARTNERS SHALL BE DEEMED TO HAVE
WITHDRAWN, ON A PRO RATA BASIS AMONG ALL THE ERISA LIMITED PARTNERS, AN AMOUNT
SUFFICIENT TO REDUCE THE NUMBER OF UNITS HELD BY ALL ERISA LIMITED PARTNERS TO
NOT MORE THAN 24.9 PERCENT OF THE AGGREGATE TOTAL OF UNITS HELD BY ALL LIMITED
PARTNERS. ACCORDINGLY, ASSUMING NORMAL OPERATION OF THIS PROVISION OF THE
LIMITED PARTNERSHIP AGREEMENT, THE UNDERLYING ASSETS OF THE FUND SHOULD NOT BE
CONSIDERED TO BE "PLAN ASSETS" OF ANY PLAN AND NEITHER THE PARTNERSHIP NOR ITS
GENERAL PARTNER SHOULD BE CONSIDERED A "FIDUCIARY" (UNDER ERISA) TO ANY PLAN.

INELIGIBLE PURCHASERS

In general, units may not be purchased with the assets of a Plan if the
Fund's general partner or any of its affiliates or employees either:

- exercise any discretionary authority or discretionary control respecting
management of the Plan;

- exercise any authority or control respecting management or disposition of
the assets of the Plan;

- render investment advice for a fee or other compensation, direct or
indirect, with respect to any moneys or other property of the Plan;

- have any authority or responsibility to render investment advice with
respect to any moneys or other property of the Plan; or

- have any discretionary authority or discretionary responsibility in the
administration of the Plan.

VIOLATIONS OF THE RULES UNDER ERISA AND/OR SECTION 4975 OF THE CODE BY
FIDUCIARIES CAN RESULT IN VARIOUS TYPES OF LIABILITIES, INCLUDING CIVIL
PENALTIES AND EXCISE TAXES. BECAUSE OF THE COMPLEXITY OF THESE RULES, PLAN
FIDUCIARIES ARE STRONGLY ENCOURAGED TO CONSULT WITH THEIR LEGAL ADVISORS PRIOR
TO CAUSING A PLAN TO INVEST IN THE FUND.

YOU SHOULD BE AWARE THAT THERE ARE VARIOUS TYPES OF INSTITUTIONS, INCLUDING
PENSION PLANS AND TRUSTS, WHICH ARE GOVERNED BY DISCRETE AND/OR UNIQUE LAWS
AND/OR REGULATIONS RELATING TO THE VARIOUS TYPES OF INVESTMENTS WHICH SUCH
INSTITUTIONS ARE AUTHORIZED TO MAKE. THE GENERAL PARTNER OF THE FUND, ON BEHALF
OF THE FUND, IS NOT IN THE POSITION TO REVIEW THOSE LIMITATIONS AND/OR
RESTRICTIONS THAT MAY APPLY TO EACH SPECIFIC SUBSCRIBER'S INVESTMENT IN THE
PARTNERSHIP. ACCORDINGLY, BY SIGNING THE SUBSCRIPTION AGREEMENT, YOU WILL BE
REPRESENTING AND WARRANTING THAT YOU ARE FAMILIAR WITH THE STATUTORY AND
REGULATORY BASIS ON WHICH YOU OPERATE, INCLUDING ANY INVESTMENT GUIDELINES AND
LIMITATIONS PLACED ON SUBSCRIPTIONS TO ENTITIES SIMILAR IN FORM AND PURPOSE TO
THE FUND, AND THAT, IF SUCH SUBSCRIPTION IS ACCEPTED, IT WILL BE IN COMPLIANCE
WITH ALL APPLICABLE GOVERNMENTAL, INDUSTRY, AND/OR SIMILAR LAWS AND REGULATIONS
WHICH RELATE TO YOUR INVESTMENT IN THE FUND; AND WILL NOT BE IN VIOLATION OF ANY
SUCH LAWS OR REGULATIONS.

53
<PAGE>
FEDERAL INCOME TAX ASPECTS

The general partner of the Fund has been advised by its counsel, Wildman,
Harrold, Allen & Dixon that, in its opinion, the Fund will be classified as a
partnership for federal income tax purposes. In addition, the general partner of
the Fund has been advised by its counsel that, in its opinion, the following
summary fairly and accurately describes the material federal income tax
consequences to United States taxpayers that are individuals that invest in the
Fund. This summary discusses the following topics:

- Taxation of limited partners on profits and losses,

- Allocation of partnership items,

- Limitations on the use of capital losses, passive activity losses, losses
of "at-risk" limited partners and syndication expenses,

- Limitations relating to itemized deductions of individuals, interest and
Code Section 183,

- Cash distributions and unit redemptions, and

- Taxation on a sale or other disposition of units, on capital gains and
losses, on commodity transactions, and on interest income.

In each instance where Beeland Management expresses a belief or an
expectation in the following summary of "Federal Income Tax Aspects" concerning
the tax consequences of an aspect of an investment in the Fund, that belief or
expectation is based upon the advice and opinion of its counsel, Wildman,
Harrold, Allen & Dixon.

The opinion of Wildman Harrold has been filed as an exhibit to the
registration statement of which this prospectus is a part and is based and
conditioned on various assumptions and representations as to certain factual
matters made by the Fund's general partner. Wildman Harrold has not
independently verified the general partner's representations. The opinion of
Wildman Harrold is based on the Code and the regulations thereunder currently in
effect and on administrative and judicial interpretations thereof, all of which
are subject to change at any time, possibly with retroactive effect. A complete
discussion of all federal, state and local tax aspects of an investment in the
Fund is beyond the scope of the following summary, and prospective investors
should consult their own tax advisers particularly as respects the effect of
their own individual tax characteristics. Legislation is from time to time
pending in Congress. No attempt has been made to describe pending legislation in
this document and its final form cannot be predicted at this time. An opinion of
counsel represents counsel's legal judgment, is not binding on the IRS or a
court, and does not constitute a guarantee. The Fund has not asked for a ruling
from the IRS with respect to any matter, and there can be no assurance that the
IRS or a court would not take a position contrary to that set forth herein.

THE FUND'S PARTNERSHIP TAX STATUS

Current regulations permit the Fund to elect to be treated as a partnership
for federal income tax purposes. Even if the Fund does not affirmatively elect
to be treated as a partnership, current regulations provide that the Fund will
be classified as a partnership for federal income tax purposes so long as it has
two or more partners.

Pursuant to Code Section 7704, "publicly traded partnerships" are taxed as
corporations. If the Fund were treated as a corporation for federal income tax
purposes, the income of the Fund would be taxed to the Fund at corporate rates,
no losses of the Fund could be used by partners to offset their own income and
all or a portion of any distribution by the Fund to the partners would be taxed
to them as dividends to the extent of the current and accumulated earnings and
profits of the Fund. Based on the expected income of the Fund and other
restrictions, including the restrictions on transfers of units and the
provisions requiring advance written notice of withdrawals, the Fund will not be
treated or taxed as a "publicly traded partnership." See "Federal Income Tax
Aspects--Application of the Publicly Traded Partnership Rules to the Fund"
below.

54
<PAGE>
The discussion which follows assumes that the Fund will be treated as a
partnership for federal income tax purposes.

TAXATION OF LIMITED PARTNERS ON PROFITS AND LOSSES OF THE FUND

The Fund will not pay federal income tax. Rather, each partner must report
and pay his distributive share of the Fund's income, gains, loss, deductions,
credits and other items (collectively, "Partnership Items") for the Fund's
taxable year ending with or within the partner's taxable year. A partner must
report and pay taxes on his distributive share of Partnership Items for a
particular taxable year whether or not any cash is actually distributed to him
in that year.

ALLOCATIONS OF PARTNERSHIP ITEMS

A limited partner's distributive share of Partnership Items will be
determined under the limited partnership agreement so long as the allocations in
the limited partnership agreement have substantial economic effect. Were the
allocation provisions in the limited partnership agreement found to lack
substantial economic effect, each partner's distributive share of Partnership
Items would be determined by the IRS on the basis of the partner's interest in
the Fund, based on all the facts and circumstances.

The IRS has issued final regulations which contain extensive rules
interpreting the substantial economic effect standard. In general, in order for
allocations to have substantial economic effect, the allocations must be charged
or credited to the partners' capital accounts (which are different than the
capital accounts provided for in the limited partnership agreement) and the
capital accounts must control distribution of assets upon liquidation. Beeland
Management believes that the allocations in the limited partnership agreement
will be respected for federal income tax purposes either under the "substantial
economic effect" or will satisfy a substitute "alternative test" or "economic
effect equivalence test." The limited partnership agreement does not meet a
third requirement for substantial economic effect, which is that a partner must
make a contribution to the Fund equal to any deficit in his capital account.
Accordingly, under the regulations and the limited partnership agreement, losses
will not be allocable to a partner in excess of the partner's capital
contributions plus properly allocated profits less any prior distributions.
Unexpected violations of this rule are cured under the limited partnership
agreement by allocating items of income and gain to partners with a deficit
capital account balance.

Items of ordinary income, as well as any items of expense and deduction,
will be allocated pro rata among the partners based on their respective capital
accounts as of the end of each accounting period in which the items of ordinary
income and expense and deduction accrue, after taking into account the
allocation of management fees attributable to such partner.

Capital gain or loss from the Fund's trading activities will be allocated as
follows. There shall be established a tax basis account with respect to each
outstanding partnership interest. The initial balance of each tax basis account
shall be the amount paid to the Fund for each partner's partnership interest. As
of the end of each fiscal year, each tax basis account shall be increased to
reflect the income allocated to a partner during the accounting period for
financial accounting purposes, and shall be reduced to reflect items of expense
and deduction allocated during the year for financial accounting purposes and
the amount of any distributions made during the accounting period. When a
partnership interest is redeemed, the tax basis account attributable to such
partnership interest or redeemed portion of such partnership interest shall be
eliminated.

Capital gain will be allocated first to each partner who has redeemed a
partnership interest during an accounting period up to any excess of the amount
received upon redemption of the partnership interest over the tax basis account
maintained for the redeemed partnership interest. Any remaining capital gain
shall be allocated among the partners whose capital accounts are in excess of
their tax basis accounts (after the adjustments described in the preceding
paragraph are made for such accounting period) in the ratio that each such
partner's excess bears to all such partners' excesses. If the gain to be so
allocated is greater than the excess of all such partners' capital accounts over
all such tax basis accounts, the excess shall be allocated among all partners in
the ratio that each partner's capital account bears to all partners' capital
accounts.

55
<PAGE>
Capital loss will be allocated first to each partner who has redeemed a
partnership interest during a fiscal year up to any excess of the tax basis
account maintained for the redeemed partnership interest over the amount
received upon redemption of the partnership interest. Any remaining capital loss
shall be allocated among all partners whose tax basis accounts are in excess of
their capital accounts (after all adjustments to the partner's tax basis
accounts are made for such accounting period) in the ratio that each such
partner's excess bears to all such partners' excesses. If the capital loss to be
so allocated is greater than the excess of all tax basis accounts over all
partners' capital accounts, the excess loss shall be allocated among all
partners in the ratio that each partner's capital account bears to all partner's
capital accounts.

For purposes of these allocations, any gain or loss required to be taken
into account in accordance with the "mark-to-market" rules of
Section 1256(a)(1) of the Code shall be considered a recognized gain or loss.

BASIS LIMITATION ON THE USE OF LOSSES

A limited partner may deduct Fund losses only to the extent of the limited
partner's tax basis in its units. Generally, a limited partner's tax basis is
the amount paid for the units reduced (but not below zero) by the limited
partner's share of any Fund distributions, losses and expenses, and increased by
the limited partner's share of the Fund's income and gains. Losses disallowed
under this limitation are suspended and may be carried forward and deducted in
subsequent taxable years, subject to this and all other applicable limitations.

AT-RISK LIMITATION ON THE USE OF LOSSES

A limited partner subject to "at-risk" limitations (generally, non-corporate
taxpayers and closely-held corporations) can only deduct losses to the extent
the limited partner is "at-risk." The "at-risk" amount is equal to the total of
all the money the limited partner contributed to the Fund (except to the extent
that the money contributed was borrowed by the limited partner either without
recourse to the limited partner or from a person with an interest in the
partnership or a person related to such a person), reduced (but not below zero)
by the limited partner's share of any Fund distributions, losses and expenses
and increased by the limited partner's share of the Fund's income and gains.
Losses denied under this limitation are suspended and may be carried forward and
deducted in subsequent taxable years, subject to this and other applicable
limitations.

LIMITATIONS ON THE USE OF CAPITAL LOSSES

Capital losses may be used to offset short-term or long-term capital gains
allocated to a partner, plus (for limited partners other than corporations) up
to $3,000 ($1,500 in the case of a married individual filing a separate return)
of ordinary income each year. Generally, noncorporate taxpayers may carry
forward, but may not carry back, unused net capital losses. However, an
individual (but not an estate, trust or corporation) may carry unused net
capital losses from trading in Section 1256 Contracts back to each of the three
preceding years to the extent of the capital gain net income for such preceding
year from trading in Section 1256 Contracts (or of overall net capital gain
income for the year, if less). See "Federal Income Tax Aspects--Taxation on
Commodity Transactions" below for an explanation of Section 1256 Contracts.

LIMITATIONS ON THE USE OF PASSIVE ACTIVITY LOSSES

The Code limits the deductibility of losses from business activities in
which a taxpayer (limited to individuals, certain estates and trusts, personal
service corporations or closely-held corporations) does not materially
participate ("Passive Losses"). Passive Losses generally are deductible only to
the extent of income from other passive activities. Passive activities include
any activity that the taxpayer carries on as a limited partner, but do not
include rental real estate activities under certain circumstances. Passive
Losses in any year cannot be used to offset earned income, active business
income or portfolio income (such as dividends, interest, royalties and
nonbusiness capital gains), including portfolio income passed through to a
taxpayer from a passive activity, but can only be used to offset income from
other passive activities. Passive Losses which are not deductible in any year
may be carried over to succeeding years indefinitely and used to offset income
from passive activities in such succeeding years and may be deducted upon the
taxpayer's disposition of its entire interest in the passive activity. Partners
which are

56
<PAGE>
closely held corporations may use their share of Passive Losses from the Fund to
offset net active income, but not portfolio income. Interest expense incurred in
connection with a passive activity or to acquire or carry an interest in a
passive activity is included in calculating Passive Loss and thus would be
subject to any limitations on the deductibility of Passive Losses.

Under the regulations, the trading of personal property, such as commodities
contracts and futures and options thereon, will not be treated as a passive
activity. Accordingly, a partner's distributive share of items of income, gain,
deduction or loss from the Fund will not be treated as passive income or loss
and Fund gains allocable to partners will not be available to offset Passive
Losses from sources outside the Fund. Fund gains allocable to partners will,
however, be available to offset losses with respect to portfolio investments,
such as stocks and bonds. Moreover, any Fund losses allocable to partners will
be available to offset other income, regardless of the source of the income.

LIMITATIONS ON ITEMIZED DEDUCTIONS OF INDIVIDUALS

If the Fund is treated as engaged in an investment activity (and not in a
trade or business), a limited partner taxed as an individual would be allowed a
deduction for the limited partner's share of general partnership expenses only
to the extent that the total of the limited partner's investment and other
miscellaneous expenses exceeds 2% of the limited partner's adjusted gross
income. In addition, for regular tax purposes (but not for alternative minimum
tax purposes), the amount of itemized deductions that non-corporate partners
(other than estates and trusts) having adjusted gross income in excess of a
threshold amount will be allowed to deduct is reduced by the lesser of (i) 3% of
adjusted gross income over the threshold amount, or (ii) 80% of the amount of
itemized deductions otherwise allowable for such taxable year. For 2001, the
threshold amount is $132,950 ($66,475 for married taxpayers filing separately).
Certain deductions, including the deduction for investment interest, are not
affected by either of these limitations. Because of the limited nature of the
trading activities of the Fund, Beeland Management believes that the Fund will
be treated as engaging in an investment activity rather than the trade or
business of trading commodities.

However, because of the absence of IRS rules or substantial precedent
involving investment vehicles whose activities and operations are similar to
that of the Fund, Wildman, Harrold, Allen & Dixon's opinion on this particular
matter is limited to a "more likely than not" standard, rather than the higher
standard of certainty otherwise expressed in the opinion.

LIMITATION ON THE USE OF SYNDICATION EXPENSES

Neither the Fund nor any partner will be entitled to any deduction for
syndication expenses, that is, amounts paid or incurred in connection with
issuing and marketing the units. In addition, there is a risk that some portion
of any brokerage fees would be treated as a nondeductible payment by the Fund of
syndication expenses.

INTEREST LIMITATIONS

A non-corporate partner may deduct the total of the limited partner's
interest expense incurred or continued to purchase or carry "property held for
investment" only to the extent of the limited partner's net "investment income"
from all such property the limited partner holds. A unit in the Fund should be
considered "property held for investment", and the interest expense incurred by
a limited partner to purchase or carry a unit and such limited partner's
distributive share of Fund investment interest expense should generally be
subject to this limitation. Deductions limited under this rule may be carried
forward indefinitely, subject to this and other applicable limitations. A
limited partner's net investment income will not include that portion of
investment income derived from long-term capital gains unless the partner elects
to treat such gains as short-term gains.

CODE SECTION 183 LIMITATIONS

Section 183 of the Code sets forth the general rule that no deduction is
allowable to an individual for an activity not engaged in for profit. If the
gross income derived from an activity for three or more of the taxable years in
the period of five consecutive taxable years exceeds the deductions attributable
to such activity, the activity is rebuttably presumed to be engaged in for
profit. Although Beeland Management intends for the business venture to be
profitable, because of the risks of loss involved in this type of

57
<PAGE>
business, there is a possibility that income from the activity will not exceed
the deductions attributable to such activity for three or more years out of the
five years, with the result being that the rebuttable presumption that the
activity is engaged in for profit will not be available. However, Beeland
Management believes that all of the Fund's activities will be undertaken with a
profit motive.

CASH DISTRIBUTIONS AND UNIT REDEMPTIONS

To the extent of the limited partner's tax basis in its units, cash
distributed to a limited partner by the Fund upon redemption of units will
constitute a return of capital that will not be reportable as taxable income,
but will reduce the limited partner's tax basis in its units. To the extent that
cash distributions exceed a limited partner's tax basis in its units, such
distributions will be taxable to the limited partner as gain from the sale or
exchange of the units. The cash distributed to the limited partner is deemed to
include any liabilities of the Fund allocated to such partner for federal income
tax purposes. For federal income tax purposes only, the recourse and nonrecourse
liabilities of the Fund are allocated among the partners in the manner specified
in the regulations. Liabilities allocated to a partner increase that partner's
tax basis and reallocation of a liability to another partner decreases a
partner's tax basis. See "Federal Income Tax Aspects--Basis Limitation on the
Use of Losses" above for information on the calculation of tax basis.
Accordingly, the cash distributed to the limited partner is deemed to include
the amount of any liabilities allocated to the limited partner. Upon complete
redemption of all of a limited partner's units, the limited partner may
recognize loss to the extent of any unrecovered basis in the redeemed units. If
the limited partner is not a "dealer" with respect to the units and has held its
units for more than one year, any gain or loss on their redemption generally
should be long-term capital gain or loss.

TAXATION ON A SALE OR OTHER DISPOSITION OF UNITS

A partner will recognize gain or loss on the sale or exchange of the
partner's unit equal to the difference between the amount realized on the sale
and the partner's tax basis in the unit. The amount realized includes any
liabilities of the Fund allocated to such partner for federal income tax
purposes. For federal income tax purposes only, the recourse and nonrecourse
liabilities of the Fund are allocated among the partners in the manner specified
in the regulations. Liabilities allocated to a partner increase that partner's
tax basis and reallocation of a liability to another partner decreases a
partner's tax basis. See "Federal Income Tax Aspects--Basis Limitation on the
Use of Losses" above for information on the calculation of tax basis. The amount
realized by a partner on the sale of the partner's interest includes the
liabilities allocated to such partner. As a result, the tax imposed on the sale
of a unit may exceed the cash and other consideration received by the seller. In
such cases the tax will have to be paid by the seller with funds from other
sources. If the partner is not a "dealer" with respect to the units and has held
the units for more than one year, any gain or loss on their redemption generally
should be long-term capital gain or loss.

TAXATION OF COMMODITY TRANSACTIONS

"Section 1256 Contracts" are futures and most options traded on U.S.
exchanges and certain foreign currency contracts. For tax purposes,
Section 1256 Contracts that remain open at year-end are treated as if the
position were closed at year-end and the resulting gain or loss is then deemed
taxable (I.E., the "marked-to-market rules"). The gain or loss on all
Section 1256 Contracts is characterized as 60% long-term capital gain or loss
and 40% short-term capital gain or loss regardless of how long the position was
open.

Section 1256 Contracts do not include property held for sale to customers in
the ordinary course of a trade or business. The activities of the Fund would
result in ordinary income if the Fund were considered to hold property for sale
to customers in the ordinary course of a trade or business. The Fund does not
expect to hold its commodity interests for sale to customers in the ordinary
course of a trade or business.

The "short sale" rules may apply to positions held by the Fund so that what
might otherwise be characterized as long-term capital gain would be
characterized as short-term capital gain or potential short-term capital loss as
long-term capital loss. Furthermore, "wash sale" rules, which prevent the
recognition of a loss from the sale of a security where a substantially
identical security is (or has been)

58
<PAGE>
acquired within a prescribed time period, also apply where certain offsetting
positions (other than identified straddle positions) are entered into within the
prescribed period.

It is unclear to what extent the capitalization and wash sale rules would
apply to straddles consisting of Fund transactions and transactions by a partner
in his individual capacity. Each prospective limited partner should review the
application of these rules to the limited partner's own particular tax
situation, with special regard to the potential interaction between Fund
operations and commodities transactions entered into by the prospective limited
partner in an individual capacity.

TAX ON CAPITAL GAINS AND LOSSES

Long-term capital gains--net gain on capital assets held more than one year
and 60% of the gain on Section 1256 Contracts--are taxed at a maximum rate of
20% for individuals. Short-term capital gains--net gain on capital assets held
less than one year and 40% of the gain on Section 1256 Contracts--are subject to
tax at the same rates as ordinary income, with a maximum rate of 39.6% for
individuals.

INTEREST INCOME

Interest received by the Fund is taxed as ordinary income.

APPLICATION OF THE PUBLICLY TRADED PARTNERSHIP RULES TO THE FUND

Under Code Section 7704, certain publicly traded partnerships are treated as
corporations for federal income tax purposes. Publicly traded partnerships, as
defined in Code Section 7704(b), are partnerships whose equity interests are
traded on an established securities market or are readily tradable on a
secondary market (or the substantial equivalent thereof). Even if a partnership
is considered to be publicly traded, Code Section 7704(c) provides that such a
partnership will not be treated as a corporation for federal income tax purposes
if, as to each taxable year of its existence, (i) with certain exceptions to be
prescribed by forthcoming regulations, the partnership is not required to
register under the federal Investment Company Act of 1940 Act, and (ii) at least
90% of its gross income is "qualifying income," such as interest, dividends,
gains from the disposition of stock or securities, and, in the case of a
partnership that has as a principal activity the buying and selling of
commodities and commodity instruments, income and gains from such commodities
transactions.

Based on the Fund's objectives and trading policies as described in this
prospectus, at least 90% of the annual gross income of the Fund will consist of
qualifying income, as defined above. Accordingly, Beeland Management believes
that the Fund could be expected to satisfy the gross income requirement in each
of its taxable years, beginning with the current taxable year. Further, so long
as the partnership is engaged primarily in commodity trading, it will not be
required to register under the Investment Company Act of 1940. Therefore, the
Fund does not expect to be taxed as a corporation under Code Section 7704 even
if it were to be viewed as publicly traded.

However, reliance on the gross income exception described above subjects
partners who are subject to the passive activity loss rules to certain adverse
tax consequences. See "Federal Income Tax Aspects--Limitations on the Use of
Passive Activity Losses" above. The Fund may avoid the adverse tax consequences
of being treated as a publicly traded partnership for passive loss purposes if
it meets certain safe harbors prescribed by the IRS regulations. The regulations
provide that interests in a partnership will not be treated as readily tradable
on a secondary market or the substantial equivalent thereof under certain
circumstances described in the regulations (essentially consisting of five safe
harbors and a transition rule). However, the failure of a partnership to satisfy
any of the safe harbors will not establish or give rise to a presumption that
the interests in the partnership will be treated as readily tradable on the
substantial equivalent of a secondary market. In general, the safe harbors
relate to (a) private placements, (b) transfers not involving trading,
(c) other circumstances involving no actual trading, (d) redemptions or
repurchases (the "Redemption or Repurchase Safe Harbor"), and (e) matching
services. Under the Fund's limited partnership agreement and the facts and
circumstances which Beeland Management expects will exist after the offering,
the only safe harbor expected to apply to the Fund is the Redemption or
Repurchase Safe Harbor. However, its applicability to the Fund will depend upon
the facts and circumstances present in each taxable year and no assurance can be
given that the Fund will meet this safe harbor. The regulations provide that
partnerships will not be publicly

59
<PAGE>
traded for a taxable year if (i) any redemption or repurchase agreements require
written notification at least 60 days before the redemption of the partner's
intent to redeem; (ii) the repurchase price is not established until at least
60 days after the receipt of such notification by the partnership, or
alternatively, the repurchase price is established not more than four times
during the partnership's tax year; and (iii) the sum of the percentage interests
in the partnership that are sold or otherwise disposed of (including
redemptions) during the tax year will not exceed 10% of the total interests in
the partnership capital or profits. The limited partnership agreement contains
provisions which satisfy both conditions (i) and (ii) of the Redemption or
Repurchase Safe Harbor, but the limited partnership agreement does grant the
general partner of the Fund some flexibility with respect to those issues. There
can be no assurance, however, that the Fund will not permit transfers of
interests in the Fund to exceed 10% of the total interest in the Fund in any tax
year, and since the last condition of this safe harbor must be determined on an
annual basis, no assurance can be given that the Fund will be able to satisfy
this safe harbor in any year. Therefore, it is possible that the safe harbor
might not be satisfied and in such case, the IRS could contend that the Fund was
a publicly traded partnership for purposes of the passive loss rules.

The Fund cannot assure you that the Fund's classification as a partnership
for federal income tax purposes will not be changed at any time. The IRS may
take the position that the Fund should be treated as an association taxable as a
corporation for federal income tax purposes in the event any of the
aforementioned facts, assumptions and representations fail to be accurate for
any reason. The continued treatment of the Fund as a partnership also is
dependent upon existing Code provisions, regulations promulgated thereunder and
administrative interpretations thereof, all of which are subject to change.

IRS AUDITS OF THE FUND AND ITS LIMITED PARTNERS

The Fund's federal income tax information return may be audited. While
partners have certain rights to participate in a partnership audit, some of
these rights are not available to partners owning less than a 1% profit interest
in a partnership with more than 100 partners. Accordingly, a limited partner may
not be able to participate in an audit of the Fund's information return, but
could nevertheless be bound by a settlement reached in that audit unless the
limited partner has filed a timely pre-settlement notice with the IRS stating
that the limited partner will not be bound by the settlement. An audit of the
Fund's returns may result in an audit of a limited partner's tax return and lead
to adjustments of income and loss unrelated to an investment in the Fund. If an
audit results in an adjustment, limited partners may be required to file amended
returns (which may also be audited), and to pay back taxes, plus interest and
possibly penalties.

STATE AND OTHER TAXES

In addition to the federal income tax consequences described above, the Fund
and the limited partners may be subject to various state and other taxes. A
discussion of state and local taxes is beyond the scope of this summary.

BROKER REPORTING AND BACKUP WITHHOLDING

The subscription documents require each prospective investor in the Fund to
furnish the investor's "taxpayer identification number." If the number furnished
is not correct, the investor may be subject to penalties imposed by the IRS and
payments to the investor in redemption of units (and, possibly, other Fund
distributions) may become subject to 31% backup withholding. The Fund is not
required to treat either its commodities transactions or redemptions of units as
requiring separate reporting to investors under Code Section 6045, since the
information required to be furnished by that section is identical to that
furnished to each investor on Schedule K-1 of Form 1065. The same information
will be furnished to the IRS on Form 1065. Accordingly, investors will not
receive separate Forms 1099-B with respect to such transactions.

EXEMPT ORGANIZATIONS

The following is a brief summary of the federal income tax consequences to
entities otherwise exempt from such tax, such as employee benefit plans,
individual retirement plans, individual retirement accounts and charitable
organizations, which are collectively referred to as "Exempt Organizations".

60
<PAGE>
In general, an investment in the Fund is not expected to result in
"unrelated business income." If, however, any portion of an Exempt
Organization's allocable share of Fund income is treated as "unrelated business
taxable income", the Exempt Organization will be liable for a tax on that amount
(plus all other unrelated business taxable income for the taxable year in excess
of $1,000), minus applicable modifications and deductions, at the rates
applicable to corporations.

Unrelated business income includes certain income derived from
"debt-financed property." Such "debt-financed property" generally will include
securities purchased on margin. However, the IRS has stated in private rulings
(which are binding only as to the specifically identified taxpayer to whom it is
addressed) that margin accounts maintained with respect to certain commodities
trading do not create indebtedness and therefore such commodities traded on
margin do not constitute "debt-financed property." However, there is no IRS
published authority for this view that can be relied upon by taxpayers in
general and private rulings have no value as precedent. Since the Fund will not
seek a ruling from the IRS on this issue, there is a risk that the Fund's income
could be viewed as generated from debt-financed property and would therefore
constitute unrelated business income. If the Fund were to purchase physical
commodities with borrowed funds (whether upon delivery under a futures or
forward contract or otherwise) and to sell those commodities at a gain, such
gain would likely constitute unrelated business income. The Fund is not entitled
to engage in such leveraged purchases of physical commodities.

Prospective investors are urged to consult their tax advisers before
deciding whether to invest in the Fund.

61
<PAGE>
THE LIMITED PARTNERSHIP AGREEMENT

The following is a summary of the significant terms and provisions of the
Fund's limited partnership agreement that are not described elsewhere in this
prospectus. A copy of the limited partnership agreement is included with this
prospectus as Appendix A. YOU SHOULD CAREFULLY READ THE ENTIRE LIMITED
PARTNERSHIP AGREEMENT FOR COMPLETE DETAILS OF ITS TERMS AND CONDITIONS.

LIMITED LIABILITY OF LIMITED PARTNERS

In general, a limited partner's liability is limited to the amount of his
capital contribution and his share of any assets and undistributed net profits.

The general partner of the Fund will be liable for all obligations of the
Fund which the Fund is not able to pay or satisfy. The general partner of the
Fund will not, however, be liable for the return or repayment of all or any
portion of the capital or profits of any limited partner.

MANAGEMENT OF PARTNERSHIP AFFAIRS

The limited partnership agreement gives Beeland Management, as general
partner, complete responsibility for management of the Fund and gives no
management role to the limited partners. The limited partners will not take part
in the management or operation of the business or property of the Fund and will
have no voice in the operations of the Fund. Any participation by the limited
partners in the management of the Fund will jeopardize their limited liability.

SHARING OF PROFITS AND LOSSES

PARTNERSHIP ACCOUNTING

Each limited partner and the general partner of the Fund will have a capital
account. It will be credited with the amount of the limited partner's capital
contributions, and the limited partner's proportionate share of the Fund's
income or gains. The capital account will be debited with the limited partner's
proportionate share of the Fund's deductions or losses, and the amount of any
distributions made to and liquidations made by the limited partner.

Initially, each partner's balance will be the amount of his capital
contribution. Any partner's balance will be proportionately adjusted monthly to
reflect the partner's portion of the Fund's gain or loss. Profits and losses for
each fiscal year will be allocated among the limited partners pro rata based
upon the number of units held by the limited partners.

FEDERAL TAX ALLOCATIONS

At the end of each fiscal year, the Fund will determine the total taxable
income or loss for the year. Subject to the special allocation of net capital
gain or loss to redeeming limited partners, the taxable gain or loss will be
allocated to each limited partner in the proportion that the limited partner's
capital account bears to the total capital accounts of all limited partners.
Each limited partner will be responsible for his, her or its share of federal
income taxes due.

Gains and losses will be allocated among those who are partners when
positions are closed and the gains or losses are realized. Therefore, if a
partner's proportionate interest increases as a result of redemption by others
between the time an unrealized gain occurs and the time the gain is realized,
the partner's share of taxable gain for the year may exceed the partner's
economic gain.

Each limited partner's tax basis in the partner's units is increased by the
taxable income allocated to the limited partner and reduced by any distributions
received and losses allocated to the limited partner.

DISTRIBUTIONS

The Fund is not required to make any distributions, and distributions will
be made only as determined by the general partner of the Fund, in its sole
discretion. It is not anticipated that any distributions will ever be made. If
distributions occur, they will be made pro rata based upon the number of units
held by the limited partners.

Upon liquidation of the Fund, the remaining assets of the Fund will be
distributed to the limited partners in the proportion that the capital account
of each limited partner bears to the total capital

62
<PAGE>
accounts of all limited partners. If those distributions are not enough to
return the full amount of a limited partner's capital contribution, the limited
partner will not have recourse against any other limited partner.

ADDITIONAL PARTNERS

The Fund's general partner may, in its discretion, offer additional units or
admit additional limited partners. There is no limit on the number of
outstanding units. All units offered after trading begins must be sold at the
Fund's then current net asset value per unit.

RESTRICTIONS ON TRANSFER OR ASSIGNMENT

A description of a limited partner's ability to transfer units and liquidate
units is set forth under "Transferability and Redemption of Units" above.

DISSOLUTION AND TERMINATION OF THE FUND

The Fund will be terminated and dissolved on December 31, 2020. The Fund may
also be terminated before that time if any of the following events occur:

- the bankruptcy or withdrawal from the Fund of its general partner;

- the disposition of all or substantially all of the Fund's assets;

- the decision by the Fund's general partner to dissolve the Fund; or

- the agreement by limited partners holding more than 50% of the then
outstanding partnership interests owned by limited partners to dissolve
the fund.

RESIGNATION OR WITHDRAWAL OF THE GENERAL PARTNER

The general partner of the Fund may not withdraw as general partner prior to
January 1, 2005. After that date, the general partner may resign by giving at
least 120 days prior written notice to the limited partners.

AMENDMENTS AND MEETINGS

The limited partnership agreement may be amended if the Fund's general
partner and limited partners owning more than 50% of the outstanding units
agree. The general partner of the Fund may amend the limited partnership
agreement without the approval of the limited partners in order to clarify
inaccuracies or ambiguities, make changes required by regulators or by law or
make any other changes the general partner of the Fund deems advisable so long
as they are not adverse to limited partners.

Any limited partner may request in writing a list of the names and addresses
of all limited partners and the number of units held by each. Limited partners
owning at least 10% of the outstanding units can require the general partner of
the Fund to call a meeting of the Fund. At the meeting, the limited partners
owning a majority of the outstanding units may vote to:

- amend the limited partnership agreement without the consent of the Fund's
general partner;

- dissolve the Fund;

- remove and replace Beeland Management as general partner;

- admit a new general partner prior to the withdrawal of Beeland Management;

- terminate contracts with the Fund's general partner, any of its affiliates
or any trading advisor; and

- approve the sale of all of the Fund's assets.

REPORTS TO LIMITED PARTNERS

The Fund's books and records, including a list of the names and addresses of
all units owned by all limited partners, will be maintained at the Fund's
principal place of business at 1000 Hart Road, Suite 210, Barrington, Illinois
60010. The limited partners or their designated agents may inspect the Fund's
books and records during reasonable business hours. Upon request, the general
partner will mail within 10 days of the request, to any limited partner or his
representative a copy of the list of the names and

63
<PAGE>
addresses of the limited partners upon payment, in advance of the reasonable
cost of reproduction and mailing. The general partner will maintain and preserve
these records for a period of at least five years.

The general partner of the Fund will provide these reports and statements to
the limited partners:

- a monthly statement, reporting net assets and net asset value per unit as
of the end of such month, as well as information relating to the advisory
and brokerage fees and other expenses incurred by the Fund during that
month;

- a quarterly statement, including unaudited financial statements; and

- an annual report, including audited financial statements and the average
round turn rate for the fiscal year; and

- tax information necessary for the preparation of the limited partners'
annual federal income tax returns.

In addition, notice will be mailed to each limited partner within seven
business days of any of the following events:

- a decrease in the net asset value of a unit to 50% or less of the net
asset value most recently reported;

- any change in advisors, commodity brokers or the general partner of the
Fund; and

- any material change in the Fund's trading policies or any material change
in an advisor's trading strategies.

INDEMNIFICATION

The Fund agrees to indemnify the Fund's general partner or any of its
affiliates for actions taken on behalf of the Fund, against any loss, expense,
damage or injury (including reasonable attorney's fees and other expenses
incurred in connection with the defense of any such action) incurred by the
general partner, so long as the actions were for a purpose reasonably believed
to be in the best interests of the Fund, and the conduct in question did not
constitute misconduct, negligence or bad faith. The limited partners are not
liable for such indemnification, which is payable only out of the assets of the
Fund.

The general partner or any of its affiliates will not be indemnified for any
losses, liabilities or expenses arising from or out of an alleged violation of
federal or state securities laws, unless the following conditions are met:

- There has been a successful adjudication on the merits of each count
involving alleged securities law violations as to the indemnified party,
or

- Such claims have been dismissed with prejudice on the merits by a court of
competent jurisdiction as to the indemnified party, or

64
<PAGE>
ADDITIONAL INFORMATION

This prospectus does not include all of the information or exhibits in the
Fund's registration statement. You can read and copy the entire registration
statement at the public reference facilities maintained by Securities and
Exchange Commission in Washington D.C.

The Fund will file quarterly and annual reports with the SEC. You can read
and copy these reports at the SEC public reference facilities in Chicago, New
York or Washington, D.C. You may call the SEC at 1-800-SEC-0330 for further
information.

The Fund's filings are posted at the SEC website at http://www.sec.gov.

LEGAL MATTERS

Wildman, Harrold, Allen & Dixon, Chicago, Illinois, has advised the Fund and
its general partner on the offering of the units. Wildman, Harrold, Allen &
Dixon is a member of Beeland Management. The statements under "Federal Income
Tax Aspects" have been reviewed by Wildman, Harrold, Allen & Dixon. As Wildman,
Harrold, Allen & Dixon does not represent limited partners or potential
investors, subscribers to units should consult their own legal counsel.

EXPERTS

The statement of financial condition of the Fund as of September 30, 2000
included in this prospectus has been audited by Vorisek & Company, LLC,
independent accountants, as set forth in their report. The statement of
financial condition of Rogers Raw Materials Fund, L.P., at September 30, 2000
and December 31, 1999 and the related statements of operations and changes in
partners' equity for the nine months ended September 30, 2000 and the year ended
December 31, 1999, have been audited by Vorisek & Company, LLC, independent
accountants, as set forth in their report. The financial statements of Beeland
Management as of December 31, 1999 and for the year then ended, included in this
prospectus have been audited by Nykiel, Carlin & Co., Ltd., independent
accountants, as set forth in their report. Those financial statements are
included in reliance upon those reports, given upon their authority as experts
in accounting and auditing.

The financial statements of Beeland Management as of September 30, 2000 and
for the nine months then ended, are unaudited. In the opinion of Beeland
Management, such unaudited financial statements reflect all adjustments that
were of a normal and recurring nature, necessary for a fair presentation of its
financial position.

65
<PAGE>
INDEX TO FINANCIAL STATEMENTS

ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.:

<TABLE>
<S> <C>
Independent Auditor's Report................................ F-2

Statement of Financial Condition at September 30, 2000...... F-3

Notes to Financial Statements............................... F-4
</TABLE>

BEELAND MANAGEMENT COMPANY, L.L.C.:

<TABLE>
<S> <C>
Independent Auditors' Report................................ F-5

Balance Sheet at December 31, 1999.......................... F-6

Statement of Income and Changes in Members' Capital For the
Year Ended December 31, 1999.............................. F-7

Statement of Cash Flows For the Year Ended December 31,
1999...................................................... F-8

Notes to Financial Statements............................... F-9

Accountants' Report......................................... F-12

Balance Sheet as of September 30, 2000 (unaudited).......... F-13

Statement of Income and Changes in Members' Capital For the
Nine Months Ended September 30, 2000 (unaudited).......... F-14

Statement of Cash Flows For the Nine Months Ended
September 30, 2000 (unaudited)............................ F-15

Notes to Financial Statements (unaudited)................... F-16
</TABLE>

ROGERS RAW MATERIALS FUND, L.P.:

<TABLE>
<S> <C>
Independent Auditor's Report................................ F-19

Statement of Financial Condition at September 30, 2000 and
December 31, 1999......................................... F-20

Statement of Operations For the Nine Months Ended
September 30, 2000 and For the Year Ended December 31,
1999...................................................... F-21

Statement of Partner's Equity For the Nine Months Ended
September 30, 2000 and For the Year Ended December 31,
1999...................................................... F-22

Notes to Financial Statements............................... F-23
</TABLE>

F-1
<PAGE>
--------------------------------------------------------------------------------

VORISEK & COMPANY, LLC
CERTIFIED PUBLIC ACCOUNTANTS - CONSULTANTS
3301 Chellington Drive, McHenry, Illinois 60050
815-344-9336, fax 815-344-9350
--------------------------------------------------------------------------------

INDEPENDENT AUDITOR'S REPORT

To the Partners of Rogers International Raw Materials Fund, L.P.:
(A Limited Partnership)

We have audited the accompanying statement of financial condition of Rogers
International Raw Materials Fund, L.P. as of September 30, 2000. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.

We conducted our audit in accordance with generally accepted auditing
standards. These standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Rogers International Raw
Materials Fund, L.P. as of September 30, 2000 in conformity with generally
accepted accounting principles.

/s/ Vorisek & Company, LLC

Vorisek & Company, LLC
Certified Public Accountants
McHenry, IL
November 30, 2000

F-2
<PAGE>
ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.

STATEMENT OF FINANCIAL CONDITION

SEPTEMBER 30, 2000

<TABLE>
<S> <C>
ASSETS

Cash Equivalents............................................ $5,000
------

PARTNERSHIP CAPITAL

General Partner Capital..................................... $5,000
======

PER UNIT INFORMATION

Units Outstanding........................................... $ 50

Net Asset Value per Unit.................................... $ 100
</TABLE>

See accompanying notes to financial statements.

F-3
<PAGE>
ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2000

NOTE 1. SIGNIFICANT ACCOUNTING POLICIES:

NATURE OF BUSINESS AND ORGANIZATION:

Rogers International Raw Materials Fund, L.P. (the "Partnership") is an
Illinois Limited Partnership established in May 2000 under the laws of the State
of Illinois relating to limited partnerships. The Partnership intends to trade a
portfolio of commodity futures contracts and forward contracts, exclusively on
the long side of the market; that is the Partnership will not sell short any
commodity futures contracts or forward contracts. As of September 30, 2000 the
Partnership had not commenced trading.

Cash equivalents include checking and money market accounts at banks.

NOTE 2. AGREEMENTS AND RELATED PARTY TRANSACTIONS:

The Agreement of Limited Partnership vests all responsibility and powers for
the management of the business and affairs of the Partnership with the General
Partner, Beeland Management Company, LLC. The General Partner is the commodity
pool operator for the Partnership and is responsible for the trading decisions
of the Partnership.

The General Partner has advanced $154,256 in regulatory filing fees, legal
fees and expenses on behalf of the Partnership. These fees will be reimbursed to
the General Partner contingent upon the sale of Partnership units.

The Partnership pays a monthly management fee to the General Partner of
0.1875% of the average monthly sum of all Capital Accounts contributed by
Limited Partners at the close of each month.

If the amount of management fees paid to the Partnership's general partner
during a year does not equal or exceed one percent (1%) of the amount of the
Partnership's net profits for that year, the general partner will receive an
allocation of profits in an amount equal to the difference between one percent
of the net profits and the amount of the management fees paid.

Hart Capital Management is an investment manager for the Partnership. Hart
Capital Management provides certain investment management, advisory and research
services with respect to the investing and trading activities of the
Partnership. Hart Capital Management will be paid an annual advisory fee of 0.5%
of the average month end market value of the Portfolio under management.

NOTE 3. PARTNERSHIP CAPITAL AND REDEMPTION'S:

Limited Partners may withdraw capital, with no less than 60 days prior
written notice to the General Partner.

Until the initial closing, the purchase price of a unit is $100. Thereafter,
the purchase price of a unit is the net asset value per unit.

F-4
<PAGE>
INDEPENDENT AUDITORS' REPORT

To the Board of Directors of

BEELAND MANAGEMENT COMPANY, L.L.C.:

We have audited the accompanying balance sheet of BEELAND MANAGEMENT
COMPANY, L.L.C. (an Illinois Limited Liability Company) as of December 31, 1999,
and the related statements of income and changes in members' capital, and cash
flows for the year then ended. These financial statements are the responsibility
of the Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.

We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of BEELAND MANAGEMENT
COMPANY, L.L.C. as of December 31, 1999, and the results of its operations and
its cash flows for the year then ended in conformity with generally accepted
accounting principles.

/s/ Nykiel, Carlin & Co., Ltd.

NYKIEL, CARLIN & CO., LTD.

Schaumburg, Illinois

June 14, 2000

F-5
<PAGE>
PURCHASERS OF UNITS IN ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P. WILL
NOT RECEIVE ANY INTEREST IN BEELAND MANAGEMENT COMPANY, L.L.C.

BEELAND MANAGEMENT COMPANY, L.L.C.
BALANCE SHEET
DECEMBER 31, 1999

<TABLE>
<S> <C> <C>
ASSETS

CURRENT ASSETS
Cash and cash equivalents................................. $127,958
Management fees receivable................................ 5,785
Prepaid advisory fees..................................... 2,349
--------
Total Current Assets.................................... $136,092

PROPERTY AND EQUIPMENT, AT COST
Computer equipment and software........................... 5,385
Less accumulated depreciation............................. 3,552
--------
Total Property and Equipment, Net....................... 1,833

OTHER ASSETS
Advances to Rogers Raw Materials Fund, L.P................ 49,642
Advances to Rogers International Raw Materials Fund,
L.P...................................................... 61,475
--------
Total Other Assets...................................... 111,117
--------
$249,042
========
LIABILITIES AND MEMBERS' CAPITAL

CURRENT LIABILITIES
Accounts payable.......................................... $ 70,521

MEMBERS' CAPITAL............................................ 178,521
--------
$249,042
========
</TABLE>

The accompanying notes to financial statements are an integral part of this
balance sheet.

F-6
<PAGE>
PURCHASERS OF UNITS IN ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P. WILL
NOT RECEIVE ANY INTEREST IN BEELAND MANAGEMENT COMPANY, L.L.C.

BEELAND MANAGEMENT COMPANY, L.L.C.
STATEMENT OF INCOME AND CHANGES IN MEMBERS' CAPITAL
FOR THE YEAR ENDED DECEMBER 31, 1999

<TABLE>
<S> <C> <C>
REVENUE
Management fees........................................... $ 44,058
Interest income........................................... 2,717
---------
Total Revenue........................................... $ 46,775

OPERATING EXPENSES
Management services....................................... 73,569
Marketing services........................................ 162,681
General and administrative................................ 73,658
---------
Total Operating Expenses................................ 309,908
---------
NET LOSS.................................................... $(263,133)
=========
CHANGES IN MEMBERS' CAPITAL

BALANCE, DECEMBER 31, 1998.................................. $ 56,654
Add: Capital contributions................................ 385,000
Less: Net Loss............................................ (263,133)
---------
BALANCE, DECEMBER 31, 1999.................................. $ 178,521
=========
</TABLE>

The accompanying notes to financial statements are an integral part of this
statement.

F-7
<PAGE>
PURCHASERS OF UNITS IN ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P. WILL
NOT RECEIVE ANY INTEREST IN BEELAND MANAGEMENT COMPANY, L.L.C.

BEELAND MANAGEMENT COMPANY, L.L.C.
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 1999

<TABLE>
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss.................................................. $(263,133)
Adjustments to reconcile net loss to net cash used in
operating activities:
Noncash items included in net loss--
Depreciation.......................................... $ 1,323
Changes in assets and liabilities:
(Increase) decrease in assets--
Management fees receivable.......................... 7,573
Prepaid advisory fees............................... (2,349)
Increase (decrease) in liabilities--
Accounts payable.................................... 54,934
--------
Total Adjustments....................................... 61,481
---------
Net Cash Used In Operating Activities..................... (201,652)

CASH FLOWS FROM INVESTING ACTIVITIES
Advances to Rogers International Raw Materials Fund,
L.P...................................................... (61,475)
--------
Net Cash Used In Investing Activities..................... (61,475)

CASH FLOWS FROM FINANCING ACTIVITIES
Capital contributions..................................... 385,000
--------
Net Cash Provided By Financing Activities................. 385,000
---------

NET INCREASE IN CASH AND CASH EQUIVALENTS................... 121,873

CASH AND CASH EQUIVALENTS, DECEMBER 31, 1998................ 6,085
---------

CASH AND CASH EQUIVALENTS, DECEMBER 31, 1999................ $ 127,958
=========
</TABLE>

The accompanying notes to financial statements are an integral part of this
statement.

F-8
<PAGE>
BEELAND MANAGEMENT COMPANY, L.L.C.

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 1999

1. ORGANIZATION AND NATURE OF OPERATIONS

Beeland Management Company, L.L.C. (the "Company") was formed on June 6,
1997 to provide all necessary management, trading and marketing services and
support for commodity pools. The term of the Company shall continue until
December 31, 2097.

The Company is the manager and general partner of the Rogers Raw Materials
Fund, L.P. and Rogers International Raw Materials Fund, L.P. (the "Funds").
These Funds trade portfolios of cash forward commodity contracts and commodity
futures contracts. At December 31, 1999, the Company had not invested in the
Funds.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

CASH AND CASH EQUIVALENTS

For purposes of the statement of cash flows, the Company considers all
highly liquid debt instruments purchased with a maturity of thirty days or less
to be cash equivalents.

COMPUTER EQUIPMENT AND SOFTWARE

Computer equipment and software are stated at cost. These items are
depreciated using straight-line and accelerated methods for both income tax and
financial reporting purposes over their estimated useful lives of three to five
years. Depreciation expense was $1,323 for the year ended December 31, 1999.

INCOME TAXES

The Company is organized as a Limited Liability Company (L.L.C.). In lieu of
corporation income taxes, the members of an L.L.C. are taxed on their
proportionate share of the L.L.C.'s taxable income. Therefore, no provision or
liability for Federal income taxes has been included in these financial
statements.

REVENUE RECOGNITION

The Company recognizes management fee revenue as earned.

CONCENTRATION OF CREDIT RISK

At certain times during the period cash balances at one bank exceeded the
amount Federally insured ($100,000).

USE OF ESTIMATES

The preparation of financial statements in conformity with generally
accepted accounting principles 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 reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those estimates.

3. AGREEMENTS AND RELATED PARTY TRANSACTIONS

The Funds pay the Company a management fee computed as the greater of 1% of
cumulative net profits of the fund less cumulative prior management fees paid or
a percentage of the average sum of partner capital in the fund. For the year
ended December 31, 1999, the Company recognized $44,058 in management fees from
the Rogers Raw Materials Fund, L.P. At December 31, 1999, $5,785 of these fees
remained unpaid and are reflected as management fees receivable on the
accompanying balance sheet. As of December 31, 1999, the Rogers International
Raw Materials Fund, L.P. had not begun operations, therefore, the Company did
not recognize any management fees from the fund for the year then ended. The
Company expects the fund to begin operations during 2000.

F-9
<PAGE>
BEELAND MANAGEMENT COMPANY, L.L.C.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 1999

3. AGREEMENTS AND RELATED PARTY TRANSACTIONS (CONTINUED)
The Company is responsible to pay for brokerage commissions that would
otherwise be allocated to Class C Limited Partners of the Rogers Raw Materials
Fund, L.P. The Company recognizes these expenses as they are incurred by the
Fund. During 1999, the brokerage commissions paid on behalf of the Class C
Limited Partners were insignificant.

At December 31, 1999, advances to the funds consisted of regulatory filing
fees, legal fees and expenses paid by the Company on behalf of the Funds. There
is no formal repayment policy between the parties. The Rogers Raw Materials
Fund, L.P. is liable for the advances at the current time. Recovery of the
advances to the Rogers International Raw Materials Fund, L.P. is dependent on
the future operating success of the fund. The Company is not entitled to any
additional reimbursement from the Funds in the event the Funds terminate prior
to the reimbursement of these advances. An allowance for impairment related to
the advances is established through a provision for impairment when management
believes that the collectibility of the advance is unlikely. The allowance is an
amount that management believes will be adequate to absorb possible losses on
existing advances that may become uncollectible, based on evaluations of the
collectibility of advances and prior loss experience. The Company performs
ongoing credit evaluations of the Funds which take into account such factors as
changes in liquidity and market value of the Fund's assets as well as current
economic conditions. At December 31, 1999, management estimates that all
advances made to the Rogers Raw Materials Fund, L.P. will be fully recovered.
Management believes that the collection of advances to the Rogers International
Raw Materials Fund, L.P. is probable, however, it is at least reasonably
possible that management's estimate of the outcome will change during the next
year. That amount cannot be estimated. Since it has not been the practice of the
Funds to repay the advances on a periodic basis, the advances have not been
reflected as current assets on the accompanying balance sheet.

The Company has agreements with a member to act as its investment manager.
For these services, the Company pays the member an advisory fee equal to 15
basis points per annum on the first $500 million under management in the Rogers
Raw Materials Fund, L.P., plus 10 basis points per annum on the excess over $500
million in the fund. For the year ended December 31, 1999, the Company incurred
$11,366 in advisory fees. These fees are reflected as a management expense in
the accompanying statements. At December 31, 1999, the Company had prepaid
$2,349 in advisory fees. Termination of this agreement can be affected upon 30
days written notice by either party.

In 1998, the Company entered into a consulting agreement with a managing
member to provide trading-related advice. The fee for these services is $5,000
per month. For the year ended December 31, 1999, the Company incurred $60,000 in
consulting fees. These fees are reflected as a management expense in the
accompanying statements. At December 31, 1999, the Company owed the member
$33,000 which is included in accounts payable on the accompanying balance sheet.
The term of this agreement shall continue until December 31, 2010, however, it
may be terminated at any time upon 90 days written notice by either party.

The Company paid a managing member $107,210 for marketing services during
1999. These payments are reflected as a marketing expense on the accompanying
income statement.

The Company retains a member to provide all legal services to the Company.
The Company incurred $46,398 in legal expenses during 1999. These fees are
reflected as a general and administrative expense on the accompanying
statements. At December 31, 1999, $26,040 in legal fees remain unpaid and are
included in accounts payable on the accompanying balance sheet.

F-10
<PAGE>
BEELAND MANAGEMENT COMPANY, L.L.C.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 1999

4. MEMBERS' AGREEMENT

The Company's operating agreement restricts the transfer of member
interests. The agreement also requires annual distributions to be made to the
members in amounts necessary to pay any income tax resulting from Company
profits or to settle any complaint of a regulatory agency related to the
Company. The Company's members are not committed to fund the Company's cash flow
deficits or to provide any other direct or indirect financial assistance to the
Company.

F-11
<PAGE>
ACCOUNTANTS' REPORT

To the Board of Directors of

BEELAND MANAGEMENT COMPANY, L.L.C.:

The accompanying balance sheet of BEELAND MANAGEMENT COMPANY, L.L.C. (an
Illinois Limited Liability Company) as of September 30, 2000, and the related
statements of income and changes in members' capital, and cash flows for the
nine months then ended were not audited by us and, accordingly, we do not
express an opinion on them.

/s/ NYKIEL, CARLIN & CO., LTD.
NYKIEL, CARLIN & CO., LTD.
Schaumburg, Illinois

October 24, 2000

F-12
<PAGE>
PURCHASERS OF UNITS IN ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P. WILL
NOT RECEIVE ANY INTEREST IN BEELAND MANAGEMENT COMPANY, L.L.C.

BEELAND MANAGEMENT COMPANY, L.L.C.
BALANCE SHEET
SEPTEMBER 30, 2000
(UNAUDITED)

<S> <C> <C>
ASSETS

CURRENT ASSETS
Cash and cash equivalents................................. $121,397
Management fees receivable................................ 12,383
--------
Total Current Assets.................................... $133,780

PROPERTY AND EQUIPMENT, AT COST
Computer equipment and software........................... 5,385
Less accumulated depreciation............................. 4,188
--------
Total Property and Equipment, Net....................... 1,197

OTHER ASSETS
Advances to Rogers Raw Materials Fund, L.P................ 42,295
Advances to Rogers International Raw Materials Fund,
L.P...................................................... 154,256
--------
Total Other Assets...................................... 196,551
--------
$331,528
========
LIABILITIES AND MEMBERS' CAPITAL

CURRENT LIABILITIES
Accounts payable.......................................... $ 74,052

MEMBERS' CAPITAL............................................ 257,476
--------
$331,528
========
</TABLE>

See accompanying notes and accountants' report.

F-13
<PAGE>
PURCHASERS OF UNITS IN ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P. WILL
NOT RECEIVE ANY INTEREST IN BEELAND MANAGEMENT COMPANY, L.L.C.

BEELAND MANAGEMENT COMPANY, L.L.C.
STATEMENT OF INCOME AND CHANGES IN MEMBERS' CAPITAL
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000
(UNAUDITED)

<S> <C> <C>
REVENUE
Management fees........................................... $ 78,471
Interest income........................................... 4,386
---------
Total Revenue........................................... $ 82,857

OPERATING EXPENSES
Management services....................................... 70,866
Marketing services........................................ 108,679
General and administrative................................ 44,357
---------
Total Operating Expenses................................ 223,902
---------
NET LOSS.................................................... $(141,045)
=========
CHANGES IN MEMBERS' CAPITAL

BALANCE, DECEMBER 31, 1999.................................. $ 178,521
Add: Capital contributions................................ 220,000
Less: Net Loss............................................ (141,045)
---------

BALANCE, SEPTEMBER 30, 2000................................. $ 257,476
=========
</TABLE>

See accompanying notes and accountants' report.

F-14
<PAGE>
PURCHASERS OF UNITS IN ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P. WILL
NOT RECEIVE ANY INTEREST IN BEELAND MANAGEMENT COMPANY, L.L.C.

BEELAND MANAGEMENT COMPANY, L.L.C.
STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000
(UNAUDITED)

<TABLE>
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss.................................................. $(141,045)
Adjustments to reconcile net loss to net cash used in
operating activities:
Noncash items included in net loss--
Depreciation.......................................... $ 636
Changes in assets and liabilities:
(Increase) decrease in assets--
Management fees receivable.......................... (6,598)
Prepaid advisory fees............................... 2,349
Increase (decrease) in liabilities--
Accounts payable.................................... 3,531
--------
Total Adjustments....................................... (82)
---------
Net Cash Used In Operating Activities..................... (141,127)

CASH FLOWS FROM INVESTING ACTIVITIES
Repayments received from Rogers Raw Materials Fund,
L.P...................................................... 7,347
Advances to Rogers International Raw Materials Fund,
L.P...................................................... (92,781)
--------
Net Cash Used In Investing Activities................... (85,434)

CASH FLOWS FROM FINANCING ACTIVITIES
Capital contributions..................................... 220,000
--------
Net Cash Provided By Financing Activities................. 220,000
---------

NET DECREASE IN CASH AND CASH EQUIVALENTS................... (6,561)

CASH AND CASH EQUIVALENTS, DECEMBER 31, 1999................ 127,958
---------

CASH AND CASH EQUIVALENTS, SEPTEMBER 30, 2000............... $ 121,397
=========
</TABLE>

See accompanying notes and accountants' report.

F-15
<PAGE>
BEELAND MANAGEMENT COMPANY, L.L.C.

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2000

(UNAUDITED)

1. ORGANIZATION AND NATURE OF OPERATIONS

The Company is the manager and general partner of the Rogers Raw Materials
Fund, L.P. and Rogers International Raw Materials Fund, L.P. (the "Funds").
These Funds trade portfolios of cash forward commodity contracts and commodity
futures contracts. At September 30, 2000, the Company had not invested in the
Funds.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

CASH AND CASH EQUIVALENTS

For purposes of the statement of cash flows, the Company considers all
highly liquid debt instruments purchased with a maturity of thirty days or less
to be cash equivalents.

COMPUTER EQUIPMENT AND SOFTWARE

INCOME TAXES

REVENUE RECOGNITION

The Company recognizes management fee revenue as earned.

CONCENTRATION OF CREDIT RISK

At certain times during the period cash balances at one bank exceeded the
amount Federally insured ($100,000).

USE OF ESTIMATES

3. AGREEMENTS AND RELATED PARTY TRANSACTIONS

F-16
<PAGE>
BEELAND MANAGEMENT COMPANY, L.L.C.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

SEPTEMBER 30, 2000

(UNAUDITED)

3. AGREEMENTS AND RELATED PARTY TRANSACTIONS (CONTINUED)
balance sheet. As of September 30, 2000, the Rogers International Raw Materials
Fund, L.P. had not begun operations, therefore, the Company did not recognize
any management fees from the fund for the nine months then ended. The Company
expects the fund to begin operations near the end of 2000.

The Company is responsible to pay for brokerage commissions that would
otherwise be allocated to Class C Limited Partners of the Rogers Raw Materials
Fund, L.P. The Company recognizes these expenses as they are incurred by the
Fund. During the nine months ended September 30, 2000, the brokerage commissions
paid on behalf of the Class C Limited Partners were insignificant.

At September 30, 2000, advances to the funds consisted of regulatory filing
fees, legal fees, and expenses paid by the Company on behalf of the Funds. There
is no formal repayment policy between the parties. The Rogers Raw Materials
Fund, L.P. is liable for the advances at the current time. Recovery of the
advances to the Rogers International Raw Materials Fund, L.P. is dependent on
the future operating success of the fund. The Company is not entitled to any
additional reimbursement from the Funds in the event the Funds terminate prior
to the reimbursement of these advances. An allowance for impairment related to
the advances is established through a provision for impairment when management
believes that the collectibility of the advance is unlikely. The allowance is an
amount that management believes will be adequate to absorb possible losses on
existing advances that may become uncollectible, based on evaluations of the
collectibility of advances and prior loss experience. The Company performs
ongoing credit evaluations of the Funds which take into account such factors as
changes in liquidity and market value of the Fund's assets as well as current
economic conditions. At September 30, 2000, management estimates that all
advances made to the Rogers Raw Materials Fund, L.P. will be fully recovered.
Management believes that the collection of advances to the Rogers International
Raw Materials Fund, L.P. is probable, however, it is at least reasonably
possible that management's estimate of the outcome will change during the next
year. That amount cannot be estimated. Since it has not been the practice of the
Funds to repay the advances on a periodic basis, the advances have not been
reflected as current assets on the accompanying balance sheet.

The Company has agreements with a member to act as its investment manager.
For these services, the Company pays the member an advisory fee equal to 15
basis points per annum on the first $500 million under management in the Rogers
Raw Materials Fund, L.P., plus 10 basis points per annum on the excess over $500
million in the fund. For the nine months ended September 30, 2000, the Company
incurred $20,156 in advisory fees. These fees are reflected as a management
expense in the accompanying statements. At September 30, 2000, the Company owed
the member $17,808 in advisory fees which is included in accounts payable on the
accompanying balance sheet. Termination of this agreement can be affected upon
30 days written notice by either party.

In 1998, the Company entered into a consulting agreement with a managing
member to provide trading-related advice. The fee for these services is $5,000
per month. For the nine months ended September 30, 2000, the Company incurred
$45,000 in consulting fees. These fees are reflected as a management expense in
the accompanying statements. At September 30, 2000, the Company owed the member
$54,000 which is included in accounts payable on the accompanying balance sheet.
The term of this agreement shall continue until December 31, 2010, however, it
may be terminated at any time upon 90 days written notice by either party.

The Company paid a managing member $71,291 for marketing services during the
nine months ended September 30, 2000. These payments are reflected as a
marketing expense on the accompanying income statement.

F-17
<PAGE>
BEELAND MANAGEMENT COMPANY, L.L.C.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

SEPTEMBER 30, 2000

(UNAUDITED)

3. AGREEMENTS AND RELATED PARTY TRANSACTIONS (CONTINUED)
The Company retains a member to provide all legal services to the Company.
The Company incurred $2,005 in legal expenses during the nine months ended
September 30, 2000. These fees are reflected as a general and administrative
expense on the accompanying statements.

As the general partner of the Rogers International Raw Materials Fund, L.P.,
the Company is obligated, under the partnership agreement, to contribute $25,000
in capital to the Fund immediately prior to the time the Fund commences trading.
The Company expects the Fund to commence trading near the end of 2000.

4. MEMBERS' AGREEMENT

F-18
<PAGE>
INDEPENDENT AUDITOR'S REPORT

To the Partners of Rogers Raw Materials Fund, L.P.:

We have audited the accompanying statement of financial condition of Rogers
Raw Materials Fund, L.P. at September 30, 2000 and December 31, 1999 and the
related statements of operations, and changes in partners' equity for the nine
months ended September 30, 2000 and the year ended December 31, 1999. These
financial statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.

We conducted our audits in accordance with generally accepted auditing
standards. These standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Rogers Raw Materials Fund,
L.P. at September 30, 2000 and December 31, 1999 and the results of its
operations for the periods then ended in conformity with generally accepted
accounting principles.

Vorisek & Company, LLC
Certified Public Accountants
McHenry, IL
October 20, 2000

F-19
<PAGE>
ROGERS RAW MATERIALS FUND, L.P.

STATEMENT OF FINANCIAL CONDITION

SEPTEMBER 30, 2000 AND DECEMBER 31, 1999

<TABLE>
<CAPTION>
2000 1999
----------- -----------
<S> <C> <C>
ASSETS
Cash at Bank................................................ $ 340,008 --
Cash at Broker.............................................. 382,341 $ 195,750
US Treasury Securities...................................... 20,542,970 11,464,062
Unrealized net trading gain(loss)........................... (287,775) 337,025
----------- -----------
Total Assets................................................ $20,977,544 $11,996,837
=========== ===========
LIABILITIES

Replacement tax payable..................................... $ 26,582 --
Accrued management fees..................................... 9,864 $ 5,785
Payable to General Partner.................................. 42,293 --
----------- -----------
Total Liabilities......................................... 78,739 5,785

PARTNERSHIP EQUITY
Limited Partners............................................ 20,898,805 11,991,052
----------- -----------
Total Liabilities and Partnership Equity.................... $20,977,544 $11,996,837
=========== ===========
</TABLE>

See accompanying notes to financial statements.

F-20
<PAGE>
ROGERS RAW MATERIALS FUND, L.P.

STATEMENT OF OPERATIONS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000
AND THE YEAR ENDED DECEMBER 31, 1999

<TABLE>
<CAPTION>
2000 1999
---------- ----------
<S> <C> <C>
REVENUE

Realized net trading gain................................... $3,698,022 $1,698,829
Gain(loss) on US Treasury securities sales.................. -- (26,716)
Change in unrealized net trading gain(loss)................. (624,800) 496,735
Change in unrealized gain on US Treasury securities......... -- 11,460
Foreign exchange gain(loss)................................. (6,533) 9,185
Interest income............................................. 35,829 --
US Treasury interest income................................. 826,148 337,946
---------- ----------
Total Revenue............................................. 3,928,666 2,527,439
---------- ----------

EXPENSE
Commissions................................................. 43,165 34,314
NFA & exchange fees......................................... 4,751 2,558
Management fees............................................. 78,471 48,476
Administrative fees......................................... 42,293 --
Replacement tax............................................. 52,233 --
---------- ----------
Total Expense............................................. 220,913 85,348
Net income.................................................. $3,707,753 $2,442,091
========== ==========
</TABLE>

See accompanying notes to financial statements.

F-21
<PAGE>
ROGERS RAW MATERIALS FUND, L.P.

STATEMENT OF PARTNER'S EQUITY

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000

AND THE YEAR ENDED DECEMBER 31, 1999

<TABLE>
<CAPTION>
CLASS A CLASS B CLASS C
LIMITED LIMITED LIMITED
PARTNERS PARTNERS PARTNERS TOTAL
---------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
12/31/98 Equity.............................. -- $ 4,517,851 $ 881,110 $ 5,398,961
Additions.................................... -- 4,150,000 -- 4,150,000
Net Income................................... -- 2,099,398 342,693 2,442,091
Withdrawals.................................. -- -- -- --
---------- ----------- ---------- -----------
12/31/99 Equity.............................. -- $10,767,249 $1,223,803 $11,991,052
Additions.................................... $1,494,378 3,950,000 -- 5,444,378
Net Income................................... 178,132 3,240,734 288,887 3,707,753
Withdrawals.................................. -- (244,378) -- (244,378)
---------- ----------- ---------- -----------
9/30/00 Equity............................... $1,672,510 $17,713,605 $1,512,690 $20,898,805
========== =========== ========== ===========
</TABLE>

<TABLE>
<CAPTION>
CLASS A CLASS B CLASS C
12/31/99 LIMITED LIMITED LIMITED
PER UNIT DATA PARTNERS PARTNERS PARTNERS TOTAL
------------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
Net asset value.............................. -- $ 123,182 $ 122,380
========== =========== ==========
Units outstanding............................ -- 87.4 10 97.4
========== =========== ========== ===========
9/30/00
PER UNIT DATA
---------------------------------------------
Net asset value.............................. $ 153,441 $ 152,967 $ 151,269
========== =========== ==========
Units outstanding............................ 10.9 115.8 10 136.7
========== =========== ========== ===========
</TABLE>

See accompanying notes to financial statements.

F-22
<PAGE>
ROGERS RAW MATERIALS FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

NOTE 1. SIGNIFICANT ACCOUNTING POLICIES:

NATURE OF BUSINESS AND ORGANIZATION:

Rogers Raw Materials Fund, L.P. (the "Partnership") is an Illinois Limited
Partnership established in August 1997 under the laws of the State of Illinois
relating to Limited Partnerships. The Partnership was amended on June 18, 1998.
The Partnership trades a portfolio of cash forward commodity contracts and
commodity futures contracts, exclusively on the long side of the market; that is
the Partnership will not sell short any commodity cash forward or futures
contracts. The Partnership commenced trading during August 1998. The Partnership
will terminate December 31, 2097 or earlier upon certain circumstances as
defined in the Limited Partnership Agreement.

NET ASSETS:

The valuation of net assets includes unliquidated commodity futures and
forward contracts owned by the Partnership, if any, at the end of the period.
The unrealized gain or loss on these contracts if any, has been calculated based
on closing prices on the last business day of the year. Foreign currency is
translated into US dollars at the exchange rate prevailing on the last business
day of the year. Net asset value is determined by subtracting liabilities from
assets, which also equals Partnership equity.

PROFIT AND LOSS ALLOCATION:

Limited Partners share in the profits and losses in the Partnership in the
proportion in which each partner's capital account bears to all partner's
capital accounts.

INCOME TAXES:

No provision for 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. The Partnership prepares a calendar year
information tax return. However, the Fund is subject to a 1.5% Illinois State
replacement tax on its net earnings.

REVENUE RECOGNITION:

Commodity futures contracts are recorded on the trade date, and open
positions are reflected in the accompanying statement 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 the commodity
futures and options contracts is based upon the most recent available settlement
price on the appropriate commodity exchanges. US Treasury Securities are
reported at cost plus accrued interest, net of unrealized gains or (losses),
which approximates market. Changes in unrealized gains or (losses) represent the
total increases (decreases) in unrealized gains or (increases) decreases in
unrealized losses on open positions during the period.

INTEREST INCOME RECOGNITION:

The Partnership records interest income in the period it is earned.

STATEMENT OF CASH FLOWS:

The Partnership has elected not to provide a statement of cash flows as
permitted by Statement of Accounting Standards 102 "Statement of Cash Flows".

NOTE 2. AGREEMENTS AND RELATED PARTY TRANSACTIONS:

The Agreement of Limited Partnership vests all responsibility and powers for
the management of the business and affairs of the Partnership with the General
Partner, Beeland Management Company, LLC. The General Partner is responsible for
the trading decisions of the Partnership.

The Partnership pays the General Partner an annual management fee determined
by multiplying the average sum of Partner capital in each Class by the
following: Class A--65 basis points, Class B--50 basis points, Class C--150
basis points.

F-23
<PAGE>
ROGERS RAW MATERIALS FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 2. AGREEMENTS AND RELATED PARTY TRANSACTIONS: (CONTINUED)
If the amount of management fees paid to the Partnership's general partner
during a year does not equal or exceed one percent (1%) of the amount of the
Partnership's net profits for that year, the general partner will receive an
allocation of profits in an amount equal to the difference between one percent
of the net profits and the amount of the management fees paid.

The Partnership pays commissions to the clearing broker for brokerage
services.

Administrative and trading expenses are borne by the Partnership, except
Class C Limited Partners will not be allocated or charged brokerage commissions.
Rather, the General Partner will pay the brokerage commissions that would
otherwise be allocated to Class C Limited Partners.

NOTE 3. PARTNERSHIP EQUITY AND REDEMPTION'S:

Limited Partners may contribute additional funds, with 30 days prior written
notice to the General Partner, at month end. Limited Partners may withdraw
capital, with 20 days prior written notice to the General Partner, at month end,
beginning six months after their initial investment in the Partnership.

There are three "classes" of Limited Partner, A, B and C. The sole
difference in the terms and conditions attendant to each of the three classes
will be in the Management Fee and the brokerage commissions. See Note 2 above.

New Partners are admitted and redemptions are made at net asset value per
unit, by class, as of the end of each calendar month. Net asset value per unit,
by class, is calculated as the net asset value, by class, at month end divided
by the number of outstanding units, by class, at month end.

NOTE 4. FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET CREDIT AND MARKET RISK:

Included in the definition of financial instruments are forward contracts
and futures. The Partnership invests in various commodity-related futures and
forward contracts. These contracts are marked to market daily, with variations
in the value settled on a daily basis with the exchange upon which they are
traded. For these contracts the unrealized gain or loss rather than the notional
amounts, represents the approximate future cash requirements.

At September 30, 2000 and December 31, 1999 the Partnership owned open
positions that would have used approximately ($287,700) and earned $337,000,
respectively, if settled. The average fair value of open positions at
September 30, 2000 and December 31, 1999 was $277,014 and $88,658, respectively.

Theoretically, the Partnership is exposed to a market risk (loss) equal to
the notional value of financial instruments purchased. Generally financial
instruments can be closed out at the discretion of the General Partner. However,
if the market is illiquid, it could prevent the timely closeout of any
unfavorable positions or require the Partnership to hold these positions until
maturity, regardless of the changes in their value or the General Partner's
investment strategies.

The Partnership's trading is designed to replicate the positions and trading
which comprise the Rogers International Commodity Index (the "Index"). This
Index consists of a basket of commodities employed within the world economy and
traded in seasoned markets, as futures and forward contracts. The broad based
representation of commodities contracts is intended to provide two important
characteristics: The large number of contracts and underlying raw materials
represents "diversification" and the global coverage of these contracts reflects
the current state of international trade and commerce. In order to minimize
market and credit risks, the General Partner monitors the positions held by the
Partnership on a daily basis and no trading discretion is utilized other than
the replication of the Index. Contracts are purchased or liquidated according to
the replication of the index.

Futures contracts have little credit risk because futures exchanges are the
counterparties.

F-24
<PAGE>
ROGERS RAW MATERIALS FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 5. DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE OF FINANCIAL
INSTRUMENTS:

A derivative financial instrument is a financial agreement whose value is
linked to, or derived from, the performance of an underlying asset. The
underlying asset can be currencies, commodities, interest rates, stocks, or any
combination. Changes in the underlying asset indirectly affect the value of the
derivative. All trading instruments are subject to market risk, the risk that
future changes in market conditions may make an instrument less valuable or more
onerous. As the instruments are recognized at fair market value, those changes
directly affect reported income.

Futures and forward contracts used for trading purposes are recorded in the
statement of financial condition at fair value at the reporting date. Per
Financial Accounting Standards Board Interpretation No. 39, the fair value of
open contracts in a loss position is offset against the fair value of open
contracts in a gain position. The Partnership applies this industry accepted
accounting practice in the financial statements. Realized and unrealized changes
in fair values are recognized in the period in which the changes occur.

Notional amounts are equivalent to the aggregate face value of the
derivative financial instruments. Notional amounts do not represent the amounts
exchanged by the parties to derivatives and do not measure the Partnership's
exposure to credit or market risks. The amounts exchanged are based on the
notional amounts and other terms of the derivatives. At September 30, 2000 and
December 31, 1999 the Partnership owned open positions with an approximate
notional value of $30,177,000 and $16,290,000, respectively.

The Partnership invests in financial instruments, which includes futures and
forward contracts. All contracts are of the same class of derivative instrument,
commodity-related derivatives. Futures contracts are commitments to either
purchase or sell designated financial instruments at a future date for a
specified price and may be settled in cash or through delivery.

The Partnership has funds at the Clearing Broker in accounts, which are used
to meet minimum margin requirements for all of the Partnership's open positions.
These requirements are adjusted, as needed, due to daily fluctuations in the
values of the underlying assets.

Non-Regulated futures contracts have foreign exchange risk since the
contracts are traded in currency denominations other than US dollars. Foreign
currency trading gains or losses are reported under realized and unrealized
trading gains in the statement of operations. Foreign currency gains or losses
are the result of the conversion of the foreign currency denomination to US
dollars.

Foreign currency gains (losses) for the nine months ended September 30, 2000
and the year ended December 31, 1999 were $(6,533) and $9,185, respectively.

The Partnership had realized net gains from trading for the nine months
ended September 30, 2000 and the year ended December 31, 1999 of $3,698,022 and
$1,698,829, respectively, as reported in the statement of operations. These
realized gains included losses from non-regulated contracts of $(235,975) and
$(43,088) for the same periods.

The Partnership had income (loss) from the change in unrealized gains of
approximately $(624,800) and $496,735 for the same periods, as reported in the
statement of operations.

F-25
<PAGE>
ROGERS RAW MATERIALS FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 5. DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE OF FINANCIAL
INSTRUMENTS: (CONTINUED)
UNREALIZED HOLDINGS AT 9/30/00

<TABLE>
<CAPTION>
REGULATED FUTURES NON-REGULATED FUTURES
----------------------- -----------------------
FAIR NOTIONAL FAIR NOTIONAL
VALUE VALUE VALUE VALUE
FUTURES CONTRACT VALUES --------- ----------- --------- -----------
<S> <C> <C> <C> <C>

Purchase Contracts

Assets...................................... $ 202,803 $ 4,044,000 $204,793 $ 4,815,000
Liabilities................................. (599,504) 14,222,000 (26,380) 2,769,000

Sell Contracts

Assets...................................... -- -- 17,401 1,184,000
Liabilities................................. -- -- (86,888) 3,143,000
--------- ----------- -------- -----------

Total........................................... $(396,701) $18,266,000 $108,926 $11,911,000
========= =========== ======== ===========
</TABLE>

<TABLE>
<CAPTION>
FAIR NOTIONAL FAIR NOTIONAL
VALUE VALUE VALUE VALUE
CONTRACT MATURITY DATES --------- ----------- --------- -----------
<S> <C> <C> <C> <C>

October 2000.................................... -- -- $ 9,651 $ 4,344,000
November 2000................................... $(320,344) $10,836,000 92,735 4,868,000
December 2000................................... (47,325) 6,842,000 6,540 2,699,000
January 2001.................................... (9,880) 378,000 -- --
March 2001...................................... (19,152) 210,000 -- --
--------- ----------- -------- -----------

Total........................................... $(396,701) $18,266,000 $108,926 $11,911,000
========= =========== ======== ===========
</TABLE>

F-26
<PAGE>
APPENDIX A

LIMITED PARTNERSHIP AGREEMENT

A-1
<PAGE>
AMENDED AND RESTATED
AGREEMENT OF LIMITED PARTNERSHIP
ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.

This Amended and Restated Agreement of Limited Partnership is made as of
this 29th day of November, 2000 by and between Beeland Management Company,
L.L.C., an Illinois limited liability company, as General Partner, and Clyde C.
Harrison, an individual, as Original Limited Partner, and those other parties
who now or hereafter, from time to time, execute this Agreement or counterparts
hereof, as Limited Partners.

WITNESSETH:

WHEREAS, the parties hereto formed a limited partnership (the "Partnership")
pursuant to the provisions of the Revised Uniform Limited Partnership Act of the
State of Illinois (the "Act") under the name Rogers International Raw Materials
Fund, L.P.;

WHEREAS, the parties desire to incorporate certain amendments to their
agreement; and

WHEREAS, the parties hereto intend to hereby document the terms and
conditions pursuant to which the Partnership will operate.

NOW, THEREFORE, in consideration of the mutual covenants and promises herein
contained, the parties hereto, intending to be legally bound, hereby adopt the
following terms and conditions as their Agreement of Limited Partnership.

ARTICLE I
FORMATION OF LIMITED PARTNERSHIP

The Partnership was formed, created and established as a limited partnership
under the Act by and between the parties hereto. The rights and liabilities of
the Partners shall be as set forth in the Act, except as herein otherwise
expressly provided. The General Partner caused to be filed the Partnership's
Certificate of Limited Partnership on May 8, 2000 and shall cause an Amendment
to that Certificate to be filed at such time(s) as such a filing is required by
the Act. The above recitals are hereby incorporated by this reference, as an
integral part of this Agreement, and not as mere introductory material.

ARTICLE II
NAME

The business of the Partnership shall be conducted under the name of Rogers
International Raw Materials Fund, L.P. or such other name as the General Partner
shall from time to time hereafter designate in writing to the Limited Partners.

ARTICLE III
DEFINITIONS

When used in this Agreement, and not otherwise specifically defined, the
following terms shall have the meanings set forth below.

(a) "Accounting Period" means (i) any fiscal year of the Partnership or
(ii) any shorter period ending as of the last day of a calendar month prior to
the month in which the Partnership Interest of any Partner shall change, whether
by withdrawal(s), the admission of new Partners, the contribution of additional
capital, or otherwise. Any Accounting Period which begins on a date other than
the first day of a fiscal year shall close not later than December 31 of that
fiscal year.

(b) "Act" means the Revised Uniform Limited Partnership Act of the State of
Illinois.

A-2
<PAGE>
(c) "Additional Limited Partner" means a Limited Partner (other than a
Substituted Limited Partner) admitted to the Partnership after the close of the
offering of interests in the Partnership described in Section 8.3.

(d) "Affiliate" of the General Partner shall mean (i) any person directly or
indirectly owning, controlling or holding with power to vote 10% or more of the
outstanding voting securities of the General Partner; (ii) any person 10% or
more of whose outstanding voting securities are directly or indirectly owned,
controlled or held with power to vote, by the General Partner; (c) any person,
directly or indirectly, controlling, controlled by, or under common control of
the General Parner; (d) any officer, director, partner or member of the General
Partner; or (e) if the General Partner is an officer, director, or partner, any
person for which the General Partner acts in any such capacity.

(e) "Agreement" means this Agreement of Limited Partnership, as it may be
amended, modified or supplemented from time to time.

(f) "Allocable Share of Net Profits or Net Losses" of a Partner means, for
any Accounting Period, that part of Net Profits or Net Losses for such
Accounting Period allocable to the Partner pursuant to Article IX of this
Agreement.

(g) "Capital Account" means a separate account maintained for each Partner.
A Partner's Capital Account shall be credited with: (1) In the case of a Limited
Partner, its Capital Contribution and its Allocable Share of Net Profits, and
(2) in the case of the General Partner, its Capital Contribution, its Allocable
Share of Net Profits, if any, which it elects to contribute to the capital of
the Partnership as a Capital Contribution pursuant to Section 8.1 and any
Allocable Share of Net Profits thereon (as a Limited Partner). A Partner's
Capital Account shall be reduced by: (1) its Allocable Share of Net Losses and
(2) cash and the fair market value of other property distributed to the Partner.
The term "Capital Account" shall have reference not only to the Capital Account
as such, but also to the balance in the Capital Account of a Partner at any
specified time.

(h) "Capital Contribution" means all contributions to the Partnership
capital by a General or Limited Partner pursuant to Sections 8.1, 8.2 and 8.6,
less any Distributions to the Partner which are treated as a return of capital
pursuant to Section 8.5.

(i) "Code" means the Internal Revenue Code of 1986, as amended, and
successor laws of similar effect.

(j) "Distribution" means a transfer of property or payment of cash to a
Partner by the Partnership. "Distribution" does not include repayment or
reimbursement of any loans or advances made by the General Partner to the
Partnership.

(k) "ERISA" means the Employee Retirement Income Security Act of 1974, and
any amendments or modifications thereof.

(l) "ERISA Limited Partner" means a Limited Partner who is (i) an "Employee
Benefit Plan," as defined in Section 3(3) of ERISA; (ii) a plan described in
Section 4975(e)(1) of the Code; or (iii) a partnership, the general partner of
which has been appointed "investment manager," as defined in Section 3(38) of
ERISA, over the assets used by one or more Employee Benefit Plans to purchase
limited partnership interests in such partnership.

(m) "General Partner" means Beeland Management Company, L.L.C., or any
successor or successors thereto acting in the capacity of the General Partner of
the Partnership through its Managing Member or any other duly authorized agent.

(n) "Government Security" and "Government Securities" shall have the
meanings assigned to such terms under the Investment Company Act of 1940, as
amended (the "1940 Act").

(o) "Index" means the Rogers International Commodity Index.

(p) "Initial Closing" shall have the meaning set forth in Section 8.3(a).

A-3
<PAGE>
(q) "Limited Partners" means the parties who execute this Agreement or a
counterpart hereof as limited partners (including the Original Limited Partner
and all Additional Limited Partners), and the General Partner, if it makes a
Capital Contribution, to the extent of such contribution (and Distributions
thereon). Reference to a "Limited Partner" shall mean any one of the Limited
Partners.

(r) "Net Assets" shall have the meaning set forth in Section 8.3(c).

(s) "Net Asset Value Per Unit" shall have the meaning set forth in
Section 8.3(c).

(t) "Net Profits" or "Net Losses" shall mean all net profits earned by or
net losses incurred by the Partnership in any Accounting Period or other fiscal
period, including all of the Partnership's open positions in securities,
commodities, including futures, forward and option contracts and any and all
interests therein ("Positions"), minus the amount of any Management Fee, as
provided in Section 11.1, determined on an accrual basis in accordance with
generally accepted accounting principles; provided, however, that all of the
Partnership's Positions shall be valued at their fair market value as of the end
of each Accounting Period. On all Positions which were open at the beginning of
an Accounting Period and subsequently closed during the Accounting Period, gain
or loss shall be determined on the basis of the fair market values used at the
close of the immediately preceding Accounting Period. All questions relating to
valuation arising in determining Net Profits or Net Losses shall be resolved by
the Partnership's regularly employed certified public accountants, whose good
faith decision shall, absent manifest error or fraud, be final.

(u) "Original Limited Partner" means Clyde C. Harrison.

(v) "Partners" means the General Partner and all Limited Partners where no
distinction is required by the context in which the term is used herein.

(w) "Partnership" means Rogers International Raw Materials Fund, L.P., a
limited partnership formed pursuant to the provisions of the Act.

(x) "Partnership Interest" means, with respect to a Limited Partner, such
Limited Partner's ownership interest in the Partnership at any particular time,
including the right to the benefits to which a Limited Partner may be entitled
to under this Agreement and his obligation to comply with the terms and
obligations of this Agreement. Limited Partners shall own only full Units (as
defined in Section 8.2(a)). Thus, each Limited Partner's Partnership Interest
shall, for all purposes, be the ratio that the number of Units owned by that
Limited Partner bears to the aggregate total of all Units held by all Limited
Partners (including the General Partner, to the extent of any Units owned by the
General Partner). Reference to Limited Partners holding a majority or a
specified percentage in Partnership Interest shall mean any Limited Partner or
group of Limited Partners who own over 50% or at least such specified
percentage, as the case may be, of the aggregate total of all Units held by all
Limited Partners (including the General Partner, to the extent of any Units
owned by the General Partner).

(y) "Section" means a Section of this Agreement if no reference is made to a
statute, law or other document.

(z) "Subscription Agreement" means the Agreement for subscription for the
purchase of Units of the Partnership in such form as is approved by the General
Partner.

ARTICLE IV
PURPOSE

The purpose of the Partnership is to invest its funds in a portfolio of
commodity futures and cash forward contracts traded on both recognized exchanges
and in the off-exchange or "over-the-counter" markets throughout the world, as
the General Partner shall, in its sole discretion, determine. The purpose of
such investing and trading shall be to replicate, to the extent deemed
reasonably possible by the General Partner, the component commodity positions
which comprise the Index. The Partnership shall also invest its funds in
Government Securities.

A-4
<PAGE>
The Partnership may engage in any and all activities, including the
borrowing and lending of money, related or incidental to the activities
described above. However, the Partnership shall not operate in a manner which
would cause it to become an investment company required to register under the
1940 Act.

ARTICLE V
NAMES AND ADDRESS OF PARTNERS

The names and addresses of the Partners are as set forth in Schedule A
attached hereto and incorporated herein by reference, as amended, modified or
supplemented from time to time.

ARTICLE VI
TERM

The term of the Partnership shall begin upon the filing of its Certificate
of Limited Partnership and continue until the close of business on December 31,
2020, unless sooner terminated as hereinafter provided.

ARTICLE VII
PRINCIPAL PLACE OF BUSINESS

The principal place of business of the Partnership shall be at 1000 Hart
Road, Barrington, Illinois, 60010. The General Partner may, from time to time,
change the principal place of business or establish additional places of
business whether within or without the State of Illinois. In such event, the
General Partner shall notify the Limited Partners of such change.

ARTICLE VIII
CAPITAL AND CONTRIBUTIONS

SECTION 8.1. GENERAL PARTNER

(a) The General Partner shall make a Capital Contribution to the Partnership
immediately prior to the time the Partnership commences trading, in an amount in
its sole discretion, provided, however, that said Capital Contribution shall be
in an amount greater than $25,000 and shall be made in an increment of full
Units.

(b) A Capital Account shall be established and maintained for the General
Partner, which shall be credited and debited as provided in paragraph (g) of
Article III.

(c) The General Partner shall be deemed to be a Limited Partner to the
extent of the General Partner's Capital Contribution, for all purposes under
this Agreement. All Capital Contributions of the General Partner shall be
evidenced by Units (as defined in Section 8.2(a)).

SECTION 8.2. LIMITED PARTNERS

(a) Each Limited Partner shall make an initial Capital Contribution to the
Partnership in the amount called for by his Subscription Agreement. Each Limited
Partner's Capital Contribution is due upon subscription. The Capital
Contributions to be made to the Partnership by the Limited Partners shall be
divided into and evidenced by units of Partnership Interests (the "Units") with
a purchase price per Unit specified in Section 8.3(a). Each Limited Partner,
other than the Original Limited Partner, must agree to make an initial Capital
Contribution of at least one hundred (100) Units.

(b) A Capital Account shall be established for each Limited Partner, which
shall be credited and debited as provided in paragraph (g) of Article III.

A-5
<PAGE>
(c) The Original Limited Partner executed this Agreement and contributed a
total of $5,000 to the Partnership, constituting five Units and shall have no
obligation to make any further Capital Contribution. The Original Limited
Partner may, but shall not be obligated to, withdraw from the Partnership upon
the admission of any additional Limited Partner(s).

SECTION 8.3. SALE OF UNITS OF LIMITED PARTNERSHIP INTEREST

(a) The General Partner shall solicit subscriptions for the purchase of
Units in an offering (the "Offering"), the terms of which shall be as set forth
in a prospectus (the "Prospectus") included in a registration statement (the
"Registration Statement") to be filed with the Securities and Exchange
Commission (the "SEC"). The purchase price per Unit prior to the commencement of
trading activities by the Partnership shall be One Hundred Dollars ($100) per
Unit. The purchase price per Unit after the Partnership has commenced trading
shall be the Net Asset Value per Unit (as that term is defined in
Section 8.3(c)) as of the close of business on the day preceding the effective
date of the purchase.

Each Limited Partner, other than the Original Limited Partner, must agree to
make a Capital Contribution of at least one hundred (100) Units. The General
Partner and affiliates of the General Partner may subscribe for Units on the
same terms and conditions as any other subscriber. During the Offering, the
General Partner may admit as a Limited Partner, within its sole and unrestricted
discretion, those persons and entities who deliver to the Partnership an
executed Subscription Agreement in accordance with the terms thereof, including
payment of the subscription called for therein. Each subscriber whose
Subscription Agreement is accepted by the Partnership as a Limited Partner,
shall make its Capital Contribution to the Partnership by delivering the full
amount of the purchase price for the Units subscribed for in cash or by check.
Initially, all Cash Contributions received by the Partnership in satisfaction of
subscription obligations shall be deposited and held in trust in an escrow
account maintained at a bank or trust company selected by the General Partner.

The Partnership shall not commence trading unless and until the General
Partner has accepted subscriptions for at least One Hundred Thousand (100,000)
Units (the "Minimum Units") by September 30, 2001. The Partnership may commence
trading at any time after the proceeds from the Minimum Units have been released
from escrow (the "Initial Closing"), at which time subscribers shall first be
admitted to the Partnership as Limited Partners. If, for any reason whatsoever,
the General Partner has not received and accepted Subscription Agreements for
the Minimum Units by September 30, 2001, the Offering shall terminate and all
amounts paid by subscribers for Units shall be returned in the manner and
subject to the terms provided in the Subscription Agreements. Assuming the
Initial Closing is held, the Offering shall continue for such period as the
Registration Statement shall remain effective.

The General Partner may, in its sole discretion, employ registered
broker-dealers ("Soliciting Dealers") to assist in the offer and sale of the
Units. All Soliciting Dealers employed by the General Partner shall be required
to execute a soliciting dealer agreement in a form approved by the General
Partner. The General Partner shall be authorized to pay Soliciting Dealers the
compensation described in such soliciting dealer agreement.

The number of Units purchased by each subscribing Limited Partner, the
amount of the Capital Contribution each Limited Partner has made and the
Partnership Interest of each Limited Partner shall be recorded on Schedule A
opposite each Limited Partner's name and address. No certificate or other
evidence of ownership shall be issued in respect of the Units or Partnership
Interests other than this Agreement, or a counterpart thereof (including
Schedule A) which, when executed and delivered by the General Partner, shall
solely represent and evidence the Units and Partnership Interests purchased by
each Limited Partner. However, the Partnership may retain a Subscription Agent
whose duties may include providing notification to Limited Partners with respect
to their ownership of Units.

(b) After the termination of the Offering, the General Partner may, in its
discretion, accept additional subscriptions for Units, and may, at times
subsequent to the Offering, make additional offerings of Units on the following
terms and conditions:

(1) Each subsequent Unit sold ("New Units") shall require the Capital
Contribution specified by Section 8.3(a);

A-6
<PAGE>
(2) New Units sold during any month shall be accepted or rejected as of
the close of business on the last trading day of such month;

(3) Each Additional Limited Partner shall execute and acknowledge such
instruments as the General Partner may deem necessary or desirable to
effectuate such admission and to confirm that the Additional Limited Partner
has agreed to be bound by all the covenants, terms and conditions of this
Agreement;

(4) The General Partner may register Units and/or make additional public
or private offerings of Units, in its sole discretion. The General Partner
does not, however, have any obligation or duty to register any Units with
any authority. No Limited Partner shall have any preemptive or other rights
with respect to the issuance or sale of any additional Units. The General
Partner may, in its sole discretion, terminate any offering of Units.

(c) "Net Assets" of the Partnership for purposes of this Agreement shall
mean the Partnership's total assets minus the Partnership's total liabilities,
determined in accordance with generally accepted accounting principles, with all
open positions marked to market. The term "Net Asset Value Per Unit" for
purposes of this Agreement means the Net Assets of the Partnership at the time
of calculation divided by the aggregate number of Units outstanding at that
time.

SECTION 8.4. STATUS OF CAPITAL ACCOUNT OF LIMITED PARTNER

Except as otherwise specifically set forth in this Agreement, no Limited
Partner shall have the right to withdraw all or any part of the credit balance
in his Capital Account, to receive any Distribution from the Partnership or to
demand or receive property other than cash in withdrawal of the credit balance
of his Capital Account or as Distributions of income. No Limited Partner shall
have priority over another Limited Partner in connection with the return of his
Capital Contributions or Distribution of the credit balance in his Capital
Account, or as to any other Distributions by the Partnership. Capital
contributed to the Partnership and the credit balance in a Partner's Capital
Account shall not bear interest.

SECTION 8.5. WITHDRAWAL OF INTERESTS

(a) Upon the terms and conditions set forth in this Section 8.5, a Limited
Partner may reduce or redeem all of its Partnership Interest in the Partnership,
and have part or all of the credit balance in its Capital Account returned to
it, by withdrawing funds from its Capital Account.

(b) A Limited Partner who desires to have all or a portion of the credit
balance in its Capital Account returned to it shall give the General Partner
written notice (a "Notice of Withdrawal") not less than sixty (60) prior to the
date as of which the Limited Partner desires to effect such partial or complete
withdrawal. The General Partner may, but shall not be required to, employ a
Subscription Agent as its agent to receive and process any such Notice of
Withdrawal. The Notice of Withdrawal shall state the date upon which the
withdrawal is desired, which date must be the last trading day of any month (the
"Withdrawal Date"). In the case of a partial withdrawal, such notice shall also
specify either the percentage of the credit balance in his Capital Account that
he wishes to withdraw at the Withdrawal Date, or the dollar amount of capital
which he wishes to have returned to him, subject to the requirement that any
such withdrawals may only be in increments of the Net Asset Value of a Unit and
to the additional terms and conditions set forth in this Section 8.5. However,
except as permitted under subsection (e) of this Section 8.5, no Limited Partner
may withdraw any part of its Capital Account until three (3) months have elapsed
from the later of the following dates: (i) the date on which the proceeds for
the Limited Partner's subscription are invested in the market; and (ii) the
Initial Closing date. Any withdrawal request approved by the General Partner or
its agent shall be effective as of the close of business on the Withdrawal Date
specified in the Notice of Withdrawal.

(c) In the event a Limited Partner has delivered an appropriate Notice of
Withdrawal to the Partnership, the General Partner shall distribute to the
withdrawing Limited Partner, per Unit withdrawn, an amount equal to the Net
Asset Value Per Unit as of the effective time of the withdrawal on the
Withdrawal Date, less an amount (the "Holdback") equal to the greater of
(i) two percent (2%) of the Net Asset Value Per Unit, or (ii) $100, to cover
accrued, but unpaid, management fees and other expenses

A-7
<PAGE>
payable by the Partnership and chargeable against Net Assets as of such date.
Any such Limited Partner's Capital Account shall be reduced by the amount so
paid and its Partnership Interest shall be adjusted accordingly as of the
Withdrawal Date. Payment for the withdrawn Units shall be made within 30 days
after the Withdrawal Date. From the time of the General Partner's receipt of a
Notice of Withdrawal to the effective time of the withdrawal on the Withdrawal
Date, the Units will remain at risk in the business of the Partnership and the
withdrawing Limited Partner shall have all the rights of a Limited Partner under
this Agreement but shall not share in Net Profits or Net Losses. After the close
of the fiscal year in which the withdrawal was effected, the account of the
Limited Partner who effected the withdrawal shall be adjusted to reflect his
allocated share of management fees and expenses, which shall be charged against
the Holdback. After such charge, any positive balance remaining from the
Holdback shall be promtptly paid to the withdrawn Limited Partner, in the same
manner as the balance of the withdrawal.

(d) No Limited Partner may withdraw less than all of the credit balance of
its Capital Account in accordance with the above provisions if, as of the
Withdrawal Date, such withdrawal would reduce the credit balance of its Capital
Account to less than the ten full Units (after subtracting the amount such
Limited Partner wishes to withdraw).

(e) Notwithstanding the provisions of Section 8.5(d), if the General Partner
determines it is in the best interests of the Partnership, it may permit a
Limited Partner, including the Original Limited Partner, to withdraw part or all
of the credit balance in his Capital Account at any time.

(f) A Limited Partner shall have no personal liability for the debts,
liabilities and other obligations of the Partnership from and after the
effective date of a complete return of the credit balance in such Limited
Partner's Capital Account as provided in this Section 8.5, except to the extent
provided under Illinois law for Partnership debts and liabilities incurred prior
to such effective date, and then only for amounts withdrawn by or distributed to
such Limited Partner.

(g) Subject to subsection (a) and (b) of this Section 8.5 and to the
following, the General Partner, acting alone or, at its election, in conjunction
with the Subscription Agent, shall honor all Notices of Withdrawal in the order
they are received (on the basis of postmark or delivery, with the General
Partner selecting Units for withdrawal by lot with respect to Notices of
Withdrawal received on the same date). If, however, the number of withdrawals
requested for any month or over any other given period of time, in the opinion
of the General Partner, (i) threatens the termination of the Partnership or the
Partnership's tax year; or (ii) is otherwise detrimental to the tax status of
the Partnership, the General Partner may (but is not required to) select by lot
only so many withdrawals as will, in its judgment, not result in such
consequences. The General Partner shall notify the Limited Partners in writing
within 10 days after the effective date of the withdrawal whether or not their
Units have been withdrawn. Any Units not withdrawn in this event shall remain at
risk in the business of the Partnership and shall not be withdrawn absent
another separate Notice of Withdrawal given in the manner provided in this
Section 8.5. In addition, if during the ten day period preceding the effective
date of withdrawal, futures and forward contracts representing 10% or more of
the Partnership's portfolio of futures positions cannot be traded as a result of
trading limits in applicable exchanges, then the Partnership may (but is not
required to) suspend all withdrawals for a period of up to 10 days after the
trading limit is no longer applicable. In the event of a suspension of
withdrawals, all Units will remain at risk in the business of the Partnership
and shall not be withdrawn absent a Notice of Withdrawal given following the
lifting of the suspension by the General Partner and in the manner otherwise
provided in this Section 8.5.

(h) A Limited Partner which is also the General Partner may withdraw any
part or all of the credit balance in its Capital Account at the close of any
Accounting Period, upon not less than ten days prior written notice to the
Partnership, notwithstanding the time limitations and other restrictions set
forth above.

A-8
<PAGE>
SECTION 8.6. ADDITIONAL CAPITAL CONTRIBUTIONS

Any Limited Partner may make additional Contributions of Capital, but only
in the manner set forth in Section 8.3.

SECTION 8.7. REMOVAL OF LIMITED PARTNERS; REDUCTION OF INTERESTS

(a) If any application by or business activity of the Partnership or any
person or entity affiliated with the Partnership for membership or participation
in any commodities, options or securities exchange, clearing agency, or other
self-regulatory organization is denied, limited, conditioned or otherwise
adversely affected by reason of any Limited Partner's interest in the
Partnership, and such Limited Partner does not, within thirty (30) days
following receipt of written notice thereof, cure any defect or other cause of
such adverse action, to the sole and absolute satisfaction of the General
Partner, such Limited Partner shall be deemed to have elected to have withdrawn
his Capital Account in the manner provided for in Section 8.5; provided,
however, that such withdrawal shall be effective as of the close of the month in
which said thirty (30) day period ends; and further provided that the time
limitations and further notice provisions contained in Section 8.5(b) shall not
apply. For purposes of determining the balance in the Limited Partner's Capital
Account as of the close of such month, the General Partner shall close the
Partnership's books and allocate Net Profits and Net Losses as of such date.
Upon such redemption, such Limited Partner shall have only such rights and be
obligated to only such liabilities as may otherwise be provided in this
Agreement.

(b) If, at the close of any month during the term of the Partnership, the
aggregate total of Units held by all ERISA Limited Partners would represent more
than 24.9 percent of the aggregate total of Units held by all Limited Partners
(regardless of the reason for such overage), the number of Units held by each
ERISA Limited Partner shall be reduced and redeemed in sufficient amounts so
that the sum of all Units held by all ERISA Limited Partners does not exceed
24.9 percent of the aggregate total of Units held by all Limited Partners. The
amount of any such reduction shall be paid, within 5 business days of such
reduction, to the appropriate Limited Partners as though the amount had been
withdrawn pursuant to Section 8.5. The Units held by all ERISA Limited Partners
shall be reduced and redeemed by the same percentage in order to fund the
reduction provided for by this Section. Operation of this Section 8.7(b) and the
reductions and redemptions contemplated hereby are expressly consented to by
each ERISA Limited Partner.

ARTICLE IX
ALLOCATIONS AND DISTRIBUTIONS

SECTION 9.1. ALLOCATION OF NET PROFITS AND NET LOSSES

(a) ALLOCATIONS BETWEEN LIMITED PARTNERS AND GENERAL PARTNER. Net Profits
and Net Losses of the Partnership shall be allocated among the Partners during
each Accounting Period as follows: First, if the closing date of any Accounting
Period is also the end of a fiscal year, the amount of the General Partner
Profit Allocation (as defined in Section 11.2), if any, shall be allocated to
the General Partner. After the allocation, if any, as provided for in the
immediately preceding sentence, and subject to the allocation described in
paragraph (1) of Section 9.1(b) and to the adjustment described in
paragraph (2) of Section 9.1(b), 100% of all Net Profits and Net Losses of the
Partnership shall be allocated to the Limited Partners.

(b) ALLOCATION AMONG LIMITED PARTNERS. Any Net Profits or Net Losses which
are allocated to the Limited Partners pursuant to Section 9.1(a) shall, except
as provided in paragraph (1) of this Section 9.1(b), be allocated among them in
the proportion which the number of Units held by each such Limited Partner on
the first day of the relevant Accounting Period bears to the total of all Units
held by all Limited Partners on such date.

(1) Notwithstanding the provisions of Section 9.1(a), any withdrawing
Limited Partner who has been allocated Net Losses ("Unrecovered Losses") in
one or more prior Accounting Periods shall be allocated 100% of all later
generated Net Profits to the extent of such Unrecovered Losses. Once Net

A-9
<PAGE>
Profits are allocated with respect to any Unrecovered Losses, a further
allocation of Net Profits shall not be made. Any allocation of Net Profits
to withdrawing Limited Partners having Unrecovered Losses pursuant to this
paragraph (1) shall be made pro-rata among such Limited Partners in
accordance with their respective share of such Unrecovered Losses.

(2) If Net Profits or Net Losses are to be allocated in any Accounting
Period other than a fiscal year, the provisions of Section 9.1(a) shall be
modified as follows: The total Capital Contributions of all Limited Partners
as at the beginning of that Accounting Period shall be first divided by
twelve, and the remainder shall then be multiplied by the number of months
in the applicable Accounting Period.

SECTION 9.2. DISTRIBUTIONS

(a) Subject to the limitations set forth in Section 9.2(b), the Partnership
may distribute such portion of the Net Profits during each Accounting Period as
the General Partner, in its sole and absolute discretion, shall determine from
time to time. However, the General Partner's and Partnership's general policy
shall be to not make any Distributions. Except to the extent provided in
Section 11.2, the amount of all Distributions to Limited Partners shall be
computed and paid to each of the Limited Partners in the proportion which the
number of Units held by each such Limited Partner on the first day of the
relevant Accounting Period bears to the total of all Units held by all Limited
Partners on such date.

(b) Before making any Distribution, the Partnership must have available to
it unencumbered funds sufficient for such Distribution after taking into account
the amounts necessary to provide a reasonable reserve for the continuing conduct
of the business of the Partnership and to provide the Partnership with normal
working capital. The amount of such reserve shall be determined by the General
Partner in its sole and absolute discretion and shall include such funds as the
General Partner deems reasonably necessary or appropriate in order to meet the
foreseeable requirements of the Partnership for the Accounting Period in which
the Distribution is to be made.

SECTION 9.3. FEDERAL INCOME TAX ALLOCATIONS

(a) The Partnership's income and expense and capital gain or loss from its
investment and trading operations shall be allocated among the Partners pursuant
to the following subparagraphs for federal income tax purposes. Allocations
shall be pro rata from (i) short-term gain or loss and (ii) long-term capital
gain or loss and (iii) operating income or loss realized and recognized by the
Partnership.

(1) Subject to Section 9.3(a)(3), items of ordinary income and items of
expense shall be allocated pro rata among the Partners based on their
respective Capital Accounts as of the end of each Accounting Period in which
the items of ordinary income and expense accrue, after taking into account
the allocation of Management Fees attributable to such Partner.

(2) Capital gain or loss from the Partnership's trading activities shall
be allocated as follows:

(i) There shall be established a tax basis account with respect to
each outstanding Partnership Interest. The initial balance of each tax
basis account shall be the amount paid to the Partnership for each
Partner's Partnership Interest. As of the end of each fiscal year:

(A) Each tax basis account shall be increased by the amount of
income allocated to the Partners pursuant to subparagraphs (a)(1) and
(a)(4) of this Section 9.3.

(B) Each tax basis account shall be decreased by the amount of
expense or loss allocated to the Partner or his assignee pursuant to
subparagraphs (a)(1) and (a)(6) of this Section 9.3 and by the amount
of any distribution received by the Partner or his assignee with
respect to the Partnership Interest, other than on redemption of the
Partnership Interest.

(C) When a Partnership Interest is redeemed, the tax basis
account attributable to such Partnership Interest or redeemed portion
of such Partnership Interest shall be eliminated.

A-10
<PAGE>
(3) Capital gain shall be allocated first to each Partner who has
redeemed a Partnership Interest during the fiscal year up to any excess of
the amount received upon redemption of the Partnership Interest over the tax
basis account maintained for the redeemed Partnership Interest.

(4) Capital gain remaining after the allocation in subparagraph (a)(3)
shall be allocated among the Partners whose Capital Accounts are in excess
of their tax basis accounts after the adjustments in subparagraph (a)(3) in
the ratio that each such Partner's excess bears to all such Partners'
excesses. If the gain to be so allocated is greater than the excess of all
such Partners' Capital Accounts over all such tax basis accounts, the excess
shall be allocated among all Partners in the ratio that each Partner's
Capital Account bears to all Partners' Capital Accounts.

(5) Capital loss (if the capital loss so allocated is insufficient)
shall be allocated first to each Partner who has redeemed a Partnership
Interest during a fiscal year up to any excess of the tax basis account
maintained for the redeemed Partnership Interest over the amount received
upon redemption of the Partnership Interest.

(6) Capital loss remaining after the allocation in subparagraph (a)(5)
shall be allocated among all Partners whose tax basis accounts are in excess
of their Capital Accounts after the adjustments in subparagraph (a)(5) in
the ratio that each such Partner's excess bears to all such Partners'
excesses. If the loss to be so allocated is greater than the excess of all
tax basis accounts over all Partners' Capital Accounts, the excess loss
shall be allocated among all Partners in the ratio that each Partner's
Capital Account bears to all Partner's Capital Accounts.

(7) Any gain or loss required to be taken into account in accordance
with Section 1256 of the Code shall be considered a realized gain or loss
for purposes of this Section 9.3.

(b) In the event that a Partnership Interest has been assigned, the
allocations prescribed by this Section 9.3 shall be made with respect to such
Partnership Interest without regard to the assignment, except that in the year
of assignment the allocations prescribed by this Section 9.3 shall be divided
between the assignor and the assignee based on the number of months each held
the assigned Partnership Interest.

(c) The allocations set forth in this Section 9.3 are intended to allocate
taxable profit and loss among Partners generally in the ratio and to the extent
that Net Profit and Net Loss are allocated under Section 9.1 so as to eliminate,
to the extent possible, any disparity between a Partner's Capital Account and
his tax basis account with respect to each Unit then outstanding, consistent
with the principles set forth in Section 704(b) of the Code and the Treasury
Regulations promulgated thereunder.

(d) Notwithstanding anything herein to the contrary, in the event that at
the end of any Partnership taxable year, any Limited Partner's tax basis is
adjusted for, or such Limited Partner is allocated, or there is distributed to
such Limited Partner, any item described in Treasury Regulation
Section 1.704-(b)(2)(ii)(d)(4), (5) or (6) in an amount not reasonably expected
at the end of such year, and such treatment creates a deficit balance in such
Limited Partner's tax basis, then such Limited Partner shall be allocated all
items of income and gain of the Partnership for such year and for all subsequent
taxable years of the Partnership until such deficit balance has been eliminated.
In the event that any such unexpected adjustments, allocations or distributions
create a deficit balance in the tax basis accounts of more than one Limited
Partner in any Partnership taxable year, all items of income and gain of the
Partnership for such taxable year and all subsequent taxable years shall be
allocated among all such Limited Partners in proportion to their respective
deficit balances until such deficit balances have been eliminated. Upon the
dissolution and termination of the Partnership, the General Partner must
contribute to the Partnership an amount equal to any deficit balance in its tax
basis account. This paragraph is intended to constitute a "qualified income
offset" within the meaning of Treasury Regulation Section 1.704-1(b)(2)(ii)(d)
and shall be interpreted in a manner consistent therewith. Under no
circumstances shall any Limited Partner be obligated to the Partnership to
restore any deficit balance in his tax basis account.

A-11
<PAGE>
SECTION 9.4. SECTION 754 ELECTION

The General Partner may, in its sole and absolute discretion, make an
election on behalf of the Partnership under Section 754 of the Code to adjust
the tax basis of its assets.

SECTION 9.5. FISCAL YEAR

Except as otherwise required by the Code, the fiscal year of the Partnership
shall be the calendar year.

ARTICLE X
MANAGEMENT OF THE PARTNERSHIP

SECTION 10.1. POWERS OF THE GENERAL PARTNER

(a) The General Partner shall have exclusive authority to manage the
operations and affairs of the Partnership and to make all decisions regarding
the business of the Partnership. Pursuant to the foregoing, it is understood and
agreed that the General Partner shall have all of the rights and powers of a
general partner as provided in the Act and as otherwise provided by law and any
action taken by the General Partner shall constitute the act of and serve to
bind the Partnership. In dealing with the General Partner acting on behalf of
the Partnership, no person shall be required to inquire into the authority of
the General Partner to bind the Partnership. Persons dealing with the
Partnership are entitled to rely conclusively on the power and authority of the
General Partner as set forth in this Agreement. The General Partner is hereby
granted the right, power and authority to execute and deliver on behalf of the
Partnership such documents or instruments relating to Partnership affairs as may
be appropriate to the conduct of Partnership business including, without
limitation, the Agreement, applications or reports to or with the Commodity
Futures Trading Commission (the "CFTC), the SEC, state securities commissions
and with any boards of trade and other national securities or commodity
exchanges and contract markets, consulting agreements, and any amendments
thereto, and to execute all other agreements, documents, or instruments
necessary for proper conduct of the affairs of the Partnership. Further, the
General Partner in its sole and absolute discretion shall have the power on
behalf of the Partnership:

(1) To engage in all transactions involving Partnership activities on
or off securities or commodity exchanges or contract markets on which the
Partnership shall be authorized to be so engaged;

(2) To acquire or invest and reinvest funds in government securities
(as that term is defined in the 1940 Act), foreign exchange, Eurodollar
deposits, certificates of deposit, futures contracts, currencies, precious
metals, commodities, commodity instruments, cash forward transactions and
options traded on commodity exchanges (collectively, "Instruments");

(3) To borrow and to raise monies and, from time to time, to issue,
accept, endorse, and execute promissory notes, drafts, bills of exchange,
bonds, debentures and other negotiable or nonnegotiable instruments or
evidences of indebtedness in the name of the Partnership, and to secure the
payment of any other instrument of lien, conveyance or assignment in trust
upon the whole or any part of the property of the Partnership, whether at
that time owned or thereafter acquired, with the provision that no creditor
making a loan may have or acquire, at any time, as a result of making the
loan, any direct or indirect interest in the profits, capital or property of
the Partnership other than as a secured creditor;

(4) To make such arrangements with respect to bank accounts and to
authorize signatures for checks, notes and other instruments of the
Partnership as it shall deem appropriate;

(5) To employ, on behalf of the Partnership, a Subscription Agent,
selling brokers, floor brokers and traders, agents, consultants, advisers,
employees, accountants, lawyers, brokers, clerical help, and to obtain such
other assistance and services as may seem proper and to pay such

A-12
<PAGE>
remuneration as the General Partner may deem reasonable and appropriate but
not in excess of any other limitations set forth in this Agreement, whether
or not such assistance or services are rendered by an Affiliate;

(6) To enter into such agreements with futures commission merchants,
introducing brokers, government securities dealers, broker-dealers and
dealers (collectively "brokers") upon such terms and conditions as may be
necessary or desirable;

(7) To deposit with any such futures commission merchants and brokers,
Instruments and cash on behalf of the Partnership; and to borrow money or
execute margin agreements in connection with the purchase or sale of any of
the instruments or contracts described in Article IV;

(8) To possess, transfer, mortgage, pledge or otherwise deal in, and to
exercise all rights, powers, privileges and other incidents of ownership or
possession with respect to, Instruments;

(9) To sue, and be sued, complain and defend, compromise and settle
claims in the name of, or on behalf of, the Partnership;

(10) To have and maintain one or more offices within or without the
State of Illinois and to rent or acquire office space, engage personnel and
do such other acts and things as may be necessary or desirable in the
maintenance of such office or offices;

(11) To enter into, make and perform contracts, agreements, and other
undertakings to the extent necessary or desirable in the accomplishment of
Partnership purposes;

(12) To make representations and disclosures of information concerning
the Partnership and the Partners; to pay required fees and dues and to
perform all such additional undertakings to the extent necessary or
desirable in connection with such applications;

(13) In connection with any offering of Units, to: (i) cause to be filed
one or more offering statements or registration statements and related
documentation, and all amendments thereto, with the SEC, the National
Association of Securities Dealers, Inc. ("NASD") and/or any other domestic
or foreign authorities for the registration and offering of Units in the
United States or elsewhere and one or more offering circulars or
prospectuses and amendments and supplements thereto with the CFTC and the
National Futures Association (the "NFA"); (ii) register or otherwise qualify
Units for offering and sale under the "blue sky" and/or securities laws of
any states of the United States and other domestic or foreign jurisdictions;
(iii) make all arrangements for the offering and sale of Units, including,
without limitation, the execution on behalf of the Partnership of a
soliciting dealer agreement with one or more soliciting dealers for the
offer and sale of the Units; and (iv) take all such action with respect to
the matters described in the preceding clauses (i) through (iii) as the
General Partner deems appropriate;

(14) To take all such action as the General Partner deems appropriate to
avoid the requirement that the Partnership register as an investment company
under the 1940 Act; and

(15) To do all such other things and engage in all other transactions,
including the borrowing and lending of money and other property, as the
General Partner shall deem necessary or appropriate to the exercise of the
foregoing powers or to carry out the purpose of the Partnership, though not
expressly enumerated herein. No rule of law for construction of contracts
shall limit the powers of the General Partner to the powers specifically
enumerated herein.

SECTION 10.2. ADDITIONAL LIMITED PARTNERS

The General Partner shall have the authority and right to admit Additional
Limited Partners and Substituted Limited Partners in accordance with the
procedures provided for in Section 8.3, in its sole and absolute discretion. By
executing or otherwise adopting this Agreement, each Limited Partner shall be
deemed to have consented to the admission of all Additional Limited Partners
admitted to the Partnership by the General Partner.

A-13
<PAGE>
SECTION 10.3. DUTIES

The General Partner shall manage and control the Partnership, its business
and affairs, to the best of its ability and shall use its best efforts to carry
out the business of the Partnership as set forth in Article IV. The General
Partner shall devote such time to the Partnership business as it, in its sole
and absolute discretion, shall deem to be necessary to manage and supervise the
Partnership business and affairs in an efficient manner; provided, however, that
nothing in this Agreement shall preclude the employment, of any agent or third
party to manage or provide other services to the Partnership.

The General Partner may delegate its responsibility, in whole or in part,
for the investment of the Partnership's assets to one or more qualified trading
advisors and may delegate trading discretion to such persons. If the General
Partner elects to direct trading for the Partnership itself, the General Partner
may nonetheless render advisory services to other clients or accounts and may
employ and use the same trading strategies which are utilized in managing the
Partnership's investments. However, the General Partner agrees and represents
that any such other services will not affect its capacity to continue to render
services to the Partnership of the quality and nature contemplated by this
Agreement. If the General Partner determines to delegate its responsibility for
trading decisions to one or more trading advisors, it may negotiate and enter
into one or more management agreements with the advisor(s) on behalf of the
Partnership, including a management agreement under which the General Partner is
one of the advisors.

SECTION 10.4. INDEPENDENT ACTIVITIES OF THE GENERAL PARTNER

The General Partner shall not be required to manage the Partnership as its
sole and exclusive function and the General Partner as well as any one or more
of the Affiliates of the General Partner may have other business interests and
may engage in other activities in addition to those relating to the Partnership,
including the rendering of advice or services of any kind to other investors and
the making or management of other investments and/or trading vehicles, including
those similar to those of the Partnership. Neither the Partnership nor any
Partner shall have any interest or right by virtue of this Agreement or the
partnership relationship created hereby in or to such other ventures or
activities or to the income or proceeds derived therefrom; and the pursuit of
such ventures, even if competitive with the business of the Partnership, shall
not be deemed wrongful or improper.

The parties hereto further expressly acknowledge that the engagement of any
Partners in such other activities shall not be considered a breach of any
fiduciary or other duty such Partner may have to the Partnership or to the other
Partners. The General Partner, on behalf of the Partnership, may employ from
time to time an Affiliate to provide services for or to the Partnership, or may
enter into other agreements or arrangements with any such person, provided that
the General Partner shall not enter into any agreement or arrangement with the
General Partner or one or more Affiliates on terms less favorable to the
Partnership than those customarily charged by an unrelated party for similar
services. The validity of any transaction, agreement or payment involving the
Partnership and an Affiliate otherwise permitted by the terms of this Agreement
shall not be affected by reason of the relationship between a General Partner
and such Affiliate.

SECTION 10.5. TAX MATTERS PARTNER

The General Partner shall, initially, be the Partnership's Tax Matters
Partner, and shall have complete authority and discretion with respect to all
federal and state tax matters, including, without limitation, conducting all
audits and other proceedings with the Internal Revenue Service, settlement of
all tax controversies, selection of the forum for any contest relating thereto
and employment of all auditors and attorneys. The Tax Matters Partner will keep
the Partners advised of the status thereof. The General Partner may appoint
successor or substituted Tax Matters Partner(s) in its sole discretion.

SECTION 10.6. LIMITED PARTNER INTEREST OF GENERAL PARTNER

The General Partner and any Affiliates of the General Partner shall have the
right to become Limited Partners of the Partnership by making appropriate
Capital Contributions and purchasing Units, as provided in Article VIII.

A-14
<PAGE>
ARTICLE XI
COMPENSATION OF GENERAL PARTNER

SECTION 11.1. MANAGEMENT FEE

(a) In consideration for all of its management and trading services, the
General Partner will receive a monthly "Management Fee" of 0.1875% of the
average monthly sum of all Capital Accounts contributed by Limited Partners,
computed at the close of each month. The Management Fee shall be paid by the
Partnership within ten (10) business days of the close of each month.

(b) Except to the extent provided for in Section 11.3, the General Partner
will satisfy ordinary overhead expenses of the Partnership from the Management
Fee.

(c) For federal income tax purposes, the above compensation shall be treated
as ordinary and necessary expenses of the Partnership paid to the General
Partner (not acting in its capacities as Partner) in accordance with
Section 707(a) of the Code.

SECTION 11.2. GENERAL PARTNER PROFIT DISTRIBUTION

For each fiscal year of the Partnership, the General Partner shall receive
the General Partner Profit Distribution. The General Partner Profit Distribution
shall be an amount equal to the excess, if any, of (i) one percent (1%) of the
Cumulative Net Profits of the Partnership, over (ii) the sum of (A) the
Management Fee for such fiscal year, and (B) any prior General Partner Profit
Distributions made pursuant to this Section 11.2. For this purpose, the
Cumulative Net Profits of the Partnership shall be equal to the excess, if any,
of (iii) the Net Profits, if any, of the Partnership for the current fiscal year
and each prior fiscal year or other fiscal period of the Partnership; over
(iv) the sum of (A) the Net Losses, if any, of the Partnership for the current
fiscal year and each prior fiscal year or other fiscal period of the
Partnership, and (B) the sum total of all of the Management Fees paid or payable
with respect to the current fiscal year and each prior fiscal year or other
fiscal period of the Partnership. The General Partner Profit Distribution shall
be treated as an allocation and distribution of Partnership profits to the
General Partner in its capacity as a Partner in the Partnership.

SECTION 11.3. PARTNERSHIP EXPENSES

Notwithstanding Section 11.1, the Partnership (and not the General Partner)
shall pay (i) any expenses reasonably incurred in connection with the transfer,
withdrawal, purchase or sale of Units, which shall include, without limitation,
professional legal, accounting and/or transfer agent fees in connection with the
disposition of Units; and (ii) any and all brokerage commissions, clearing house
charges, exchange or regulatory fees and similar charges attendant to the
execution of futures or forwards trades (but not with respect to the execution
of trades in United States Government Securities) by the Partnership.

In any event, the Management Fee, any advisory fees and all other fees,
except for incentive fees and commodity brokerage commissions, when added to the
customary and routine administrative expenses of the Partnership shall not
exceed 1/2 of 1% of Net Assets per month (not to exceed 6% annually). For the
purpose of this limitation, customary and routine administrative expenses shall
include all expenses of the Partnership other than commodity brokerage
commissions, incentive fees, the actual cost of legal and audit services and
extraordinary expenses. The General Partner shall not receive a Net Asset fee if
it receives, directly or indirectly, any portion of the brokerage commissions.

ARTICLE XII
EXCULPATION AND INDEMNIFICATION

SECTION 12.1. LIABILITY TO PARTNERSHIP OR LIMITED PARTNERS

(a) None of the Partners shall be liable, responsible or accountable in
damages or otherwise to the Partnership or any other Partner for any action
taken or failure to act on behalf of the Partnership within

A-15
<PAGE>
the scope of the authority conferred on the Partners by this Agreement or by law
unless such act or omission constituted misconduct or was performed or omitted
fraudulently or in bad faith or constituted negligence.

(b) None of the Partners shall be liable for the return or repayment of all
or any portion of the capital or profits, including a Partner's Capital
Contribution and Capital Account, of any Partner (or transferee), it being
expressly agreed that any such return of capital or payment of profits made
pursuant to this Agreement shall be made solely from the assets (which shall not
include any right of contribution from the General Partner) of the Partnership.

SECTION 12.2. INDEMNIFICATION

(a) The Partnership shall indemnify and hold harmless each Partner (as well
as each Member, manager, agent, officer or employee of the General Partner and
each Partner, Trustee, Officer or Director of a Member of the General Partner,
when acting on behalf of the Partnership or in connection with, Partnership
business) from and against any loss, expense, damage or injury suffered or
sustained by them by reason of any acts, omissions or alleged acts or omissions
arising out of their activities on behalf of the Partnership or in furtherance
of the interests of the Partnership, or the issuance and sale of Units including
but not limited to any judgment, award, settlement, attorney's fee and other
cost or expense incurred in connection with the defense of any actual or
threatened action, proceeding or claim; if the acts, omissions or alleged acts
or omissions upon which such actual or threatened action, proceeding or claim is
based were for a purpose reasonably believed to be in the best interests of the
Partnership and did not constitute misconduct or were not performed or omitted
fraudulently or in bad faith or as a result of negligence by the Partners. Any
such indemnification shall be only from the assets of the Partnership.

(b) The Partnership shall indemnify and hold harmless each Limited Partner
from and against any expense, including reasonable attorney's fees, incurred in
connection with the defense of any actual or threatened action, proceeding or
claim arising from the personal liability of any Limited Partners to creditors
of the Partnership, except to the extent provided in Section 8.5(f) for debts,
liabilities and other obligations of the Partnership.

(c) Notwithstanding anything to the contrary contained in this Section 12.2,
the General Partner and any person acting as a broker-dealer shall not be
indemnified for any losses, liabilities or expenses arising from or out of an
alleged violation of federal or state securities laws unless the following
conditions are met:

(1) There has been a successful adjudication on the merits of each count
involving alleged securities law violations as to the particular indemnitee,
or

(2) such claims have been dismissed with prejudice on the merits by a
court of competent jurisdiction as to the particular indemnitee, or

(3) a court of competent jurisdiction approves a settlement of the
claims against a particular indemnitee and finds that indemnification of the
settlement and related costs should be made, and

(4) in the case of subsection (c)(3), a court of law considering the
request for indemnification has been advised of the position of the
Securities and Exchange Commission and the position of any state securities
regulatory authority where Units were offered or sold as to indemnification
for violations of securities laws; provided that the court need only be
advised and consider the positions of the securities regulatory authorities
of those states (i) which are specifically set forth in this Agreement and
(ii) in which plaintiffs claim they were offered or sold Units.

(d) The Partnership may not incur the cost of that portion of liability
insurance which insures the General Partner for any liability as to which the
General Partner is prohibited from being indemnified under this section.

A-16
<PAGE>
(e) The provision of advancement from Partnership funds to a General Partner
or its Affiliates for legal expenses and other costs incurred as a result of any
legal action is permissible if the following conditions are satisfied:

(1) the legal action relates to acts or omissions with respect to the
performance of dutieis or services on behalf of the Partnership;

(2) the legal action is initiated by a third party who is not a Partner,
or the legal action is initiated by a Partner and a court of competent
jurisdiction specifically approves such advancement; and

(3) the General Partner or its Affiliates undertake to repay the
advanced funds to the Partnership, together with the applicable legal rate
of interest thereon, in cases in which such person is not entitled to
indemnification under this section.

ARTICLE XIII
LIMITED PARTNERS

SECTION 13.1. NO ROLE IN MANAGEMENT

The Limited Partners shall not participate in the management or control of
the Partnership's business nor shall they transact any business for the
Partnership, nor shall they have the power to act for or bind the Partnership,
such powers being vested solely and exclusively in the General Partner.

SECTION 13.2. BANKRUPTCY, DEATH OR INCOMPETENCY

The termination, dissolution, bankruptcy (as defined in Section 16.2), death
or incompetency (as defined in Section 14.3) of a Limited Partner shall not
cause a dissolution of the Partnership, but the right of such Limited Partner to
share in the Net Profits and Net Losses of the Partnership shall, on the
happening of such an event, devolve on its legal representatives, heirs,
administrators, executors or successors, subject to the terms and conditions of
this Agreement, and the Partnership shall continue as a limited partnership. The
legal representatives, heirs, administrators, executors or successors of such
Limited Partner shall be liable for all the obligations of such Limited Partner
under this Agreement. However, in no event shall such representatives, heirs,
administrators, executors or successors become a Limited Partner without the
consent of the General Partner.

SECTION 13.3. LIMITED LIABILITY OF LIMITED PARTNERS

Upon acceptance of a Limited Partner's Subscription Agreement by the General
Partner and receipt by the General Partner of the entire Capital Contribution of
that Limited Partner, the interest in the Partnership owned by that Limited
Partner shall be fully paid and nonassessable. Except as provided under the Act,
no Limited Partner shall be liable for Partnership obligations in excess of the
capital contributed by him, plus his share of undistributed Net Profits credited
to his Capital Account.

ARTICLE XIV
TRANSFER OF INTERESTS BY LIMITED PARTNERS

SECTION 14.1. RESTRICTION ON TRANSFERS

A Limited Partner may not sell, transfer, assign, donate or otherwise convey
the whole or any part of his Partnership Interest except as provided in this
Article XIV.

SECTION 14.2. BANKRUPTCY, DEATH OR INCOMPETENCY

Upon the termination, dissolution, bankruptcy (as defined in Section 16.2),
death or incompetency (as defined in Section 14.3) of a Limited Partner, the
legal representatives, heirs, administrators, executors or successors
(hereinafter "Representative") shall succeed to the right of the Limited Partner
to share in the Net Profits and Losses of the Partnership, subject to the terms
and conditions of this

A-17
<PAGE>
Agreement. At the end of the Accounting Period in which the termination,
dissolution, bankruptcy, death or incompetency occurs, the interest of the
referenced Limited Partner shall be redeemed completely in the manner provided
in Section 8.5.

SECTION 14.3. DEFINITION OF INCOMPETENCY

For purposes of this Agreement, a Partner shall be considered "incompetent"
upon the appointment by a court of a guardian, committee, conservator, curator
or similar personal representative to manage his property, business and affairs.

SECTION 14.4. ADMISSION OF SUBSTITUTED LIMITED PARTNERS

(a) Anything in this Agreement to the contrary notwithstanding, no assignee
of the whole or any portion of a Limited Partner's interest in the Partnership
shall have the right to become a Substituted Limited Partner in place of his
assignor unless the assigning Limited Partner shall designate his intention in a
written instrument of assignment and unless the written consent of the General
Partner to such substitution shall be obtained (which consent shall be within
the sole and absolute discretion of the General Partner to grant or deny).

(b) Notwithstanding the granting of the aforementioned consent by the
General Partner, the admission of an assignee as a Substituted Limited Partner
shall be further conditioned upon:

(1) The assignment instrument being in form and substance reasonably
satisfactory to the General Partner;

(2) The assignor and assignee named therein executing and acknowledging
such other instrument or instruments as the General Partner may deem
necessary or desirable to effectuate such admission;

(3) The assignee's written acceptance and adoption of all of the terms
and provisions of this Agreement as the same may have been amended;

(4) The assignee's execution of a Power of Attorney in the form
described in Article XXI;

(5) Such assignee paying or obligating himself to pay all reasonable
expenses connected with such admission (the amount of such expenses to be
determined by the General Partner); and

(6) The submission to the General Partner of an opinion of counsel, in
form and substance satisfactory to the General Partner, that the transfer of
the interest in the Partnership and the admission of the Substituted Limited
Partner, will not cause a violation of any applicable securities laws, cause
a termination of the Partnership pursuant to the Code or cause the
Partnership to be classified as an association taxable as a corporation.

(c) In no event shall an interest in the Partnership be assigned or
transferred to a minor or incompetent. Any such transfer shall be void and
ineffectual and shall not bind the Partnership.

(d) No transfers may be made where, after the transfer, either the
transferee or transferor would hold less than the minimum number of Units
equivalent to an initial minimum purchase, except for transfers by gift,
inheritance, intrafamily transfers, family dissolutions, and transfers to
Affiliates.

(e) Upon advice of counsel, the General Partner shall eliminate or modify
any restrictions on substitutions or assignment at such time as the restriction
is no longer necessary.

ARTICLE XV
WITHDRAWAL OR SUBSTITUTION OF GENERAL PARTNER

SECTION 15.1. WITHDRAWAL OF A GENERAL PARTNER

(a) The General Partner may not withdraw as General Partner prior to
January 1, 2005. Thereafter, no withdrawal shall be effective unless and until
the withdrawing General Partner tenders at least one hundred twenty (120) days'
prior written notice of withdrawal to all the then Partners. If the General

A-18
<PAGE>
Partner withdraws as General Partner and the Limited Partners elect to continue
the Partnership, the withdrawing General Partner shall pay all expenses incurred
as a result of its withdrawal. In the event of removal or withdrawal of the
General Partner, the General Partner is entitled to a redemption of its interest
in the Partnership at its Net Asset Value on the next date as of which the Net
Assets of the Partnership are determined following the date of the General
Partner's removal or withdrawal.

(b) If the General Partner should, at any time, be an individual, such
General Partner may, at any time, substitute for himself as a General Partner,
any entity in which he has not less than a 75% beneficial ownership interest in
the substituted entity and any General Partner which is an entity may, at any
time, substitute for itself any individual who has at least a 75% beneficial
interest in such entity.

(c) In any substitution provided for in paragraph (b) of this Section 15.1,
the substituting Partner must agree in writing to (i) continue to fully perform,
as the designated representative of such entity, his or its duties and
responsibilities and (ii) maintain such ownership interest as long as such
individual or entity is a Partner.

ARTICLE XVI
DISSOLUTION OF THE PARTNERSHIP

SECTION 16.1. DISSOLUTION EVENTS

The happening of any one of the following events shall work an immediate
dissolution of the Partnership:

(1) The bankruptcy (as defined in Section 16.2) or withdrawal from the
Partnership of the General Partner;

(2) The disposition of all or substantially all of the Partnership's
assets;

(3) The decision by the General Partner to dissolve the Partnership;

(4) The agreement by Limited Partners holding more than fifty percent
(50%) of the then outstanding Partnership Interests owned by Limited
Partners to dissolve the Partnership (subject to the provisions of
Section 22.1); or

(5) The expiration of the term of the Partnership as provided in
Article VI.

SECTION 16.2. DEFINITION OF BANKRUPTCY

For purposes of this Agreement, the "bankruptcy" of a Partner shall be
deemed to have occurred upon the happening of any of the following: (i) the
filing of an application by the Partner for, or a consent to, the appointment of
a trustee of his assets, (ii) the filing by the Partner of a voluntary petition
in bankruptcy or the filing of a pleading in any court of record admitting in
writing his inability to pay his debts as they come due, (iii) the making by the
Partner of a general assignment for the benefit of creditors, (iv) the filing by
the Partner of an answer admitting the material allegations of, or his
consenting to, or defaulting in answering, a bankruptcy petition filed against
him in any bankruptcy proceeding, or (v) the entry of an order, judgment or
decree by any court of competent jurisdiction adjudicating the Partner a
bankrupt or appointing a trustee for his assets.

ARTICLE XVII
ADDITIONAL PROVISIONS CONCERNING DISSOLUTION OF THE PARTNERSHIP

SECTION 17.1. LIQUIDATION OF PARTNERSHIP PROPERTY

(a) In the event of the dissolution of the Partnership, the General Partner
shall commence to wind up the affairs of the Partnership and to liquidate the
Partnership's property. The Partners shall continue to share Net Profits and Net
Losses during the period of liquidation in the same proportion as before the
dissolution. The General Partner shall have full right and unlimited discretion
to determine the time, manner and terms of any sale or sales of Partnership
property, including securities positions, in a

A-19
<PAGE>
prompt, reasonable and orderly manner, having due regard to the activity and
condition of the relevant market and general financial and economic conditions.
The proceeds of the liquidation and of any other funds of the Partnership shall
be distributed and allocated among all Partners in proportion to the credit
balances in their respective Capital Accounts, after all allocations of Net
Profits and Net Losses earned and incurred in the course of liquidation,
pursuant to Article IX. The General Partner shall set up such cash reserves as
it may deem reasonably necessary for any contingent or unforeseen liabilities or
obligations of the Partnership. Any such cash reserves shall be held and applied
by the General Partner until the General Partner in its sole and absolute
discretion shall determine that such reserves may be terminated, at which time
the balance shall be allocated among all Partners in proportion to the credit
balances in their respective Capital Accounts.

(b) If, at the appropriate time, there is no General Partner, a majority of
the Limited Partners, voting by Units, may elect a liquidating trustee who shall
have all of the powers of a General Partner in liquidating the Partnership. For
purposes of this Article 17 only, the term "General Partner" shall also include
any such liquidating trustee.

SECTION 17.2. FINAL ACCOUNTING

Within a reasonable time following the completion of the liquidation of the
Partnership's Property, the General Partner shall supply to each of the Partners
a statement, audited by the Partnership's regular independent public
accountants, which shall set forth the assets and the liabilities of the
Partnership as of the date of complete liquidation and each Partner's pro rata
portion of Distributions pursuant to Section 17.1.

SECTION 17.3. RIGHTS OF PARTNERS ON LIQUIDATION

Each Partner shall look solely to the assets of the Partnership for all
distributions with respect to the Partnership and his Capital Contribution
thereto and share of Net Profits or Losses thereof, and shall have no recourse
therefor (upon dissolution or otherwise) against the General Partner or any
Limited Partner. No Partner shall have any right to demand or receive property
other than cash upon dissolution and termination of the Partnership, except as
otherwise determined by the General Partner.

SECTION 17.4. FILING FINAL DOCUMENTS

Upon the completion of the liquidation of the Partnership and the
distribution of all Partnership funds, the Partnership shall terminate and the
General Partner, shall have the authority to execute and record a Certificate of
Cancellation of the Partnership, as well as any and all other documents required
to effectuate the dissolution and termination of the Partnership.

ARTICLE XVIII
NOTICES

All notices and demands required or permitted under this Agreement shall be
in writing and may (except in the event of a strike involving the U.S. Postal
Service) be sent by certified or registered mail, postage prepaid, to the
Partners at their addresses as shown from time to time on the records of the
Partnership. Any Partner may specify a different address by notifying the
General Partner in writing of such different address.

ARTICLE XIX
BOOKS OF ACCOUNT, ACCOUNTING AND REPORTS

SECTION 19.1. BOOKS OF ACCOUNT AND MONTHLY REPORT

The General Partner shall keep proper and complete records and books of
account of the Partnership in which shall be entered fully and accurately all
transactions and other matters relative to the Partnership's business as are
usually entered into records and books of account maintained by persons engaged
in businesses of a like character. The records and books of account shall be
kept at the principal place of business of the Partnership and each Limited
Partner and his authorized

A-20
<PAGE>
representatives shall have at all times, during reasonable business hours, free
access to and the right to inspect such books of account; provided that such
inspection is made in good faith and without any intent to damage the
Partnership or any of the Partners. A copy of the list of names and addresses
of, and Partnership Interests held by, all Partners, shall be mailed to any
Limited Partner or his representative requesting, in writing, such a list,
within ten days of the request. The cost of reproduction and mailing of such to
be borne by the requesting Limited Partner and paid in advance. In addition, the
General Partner shall furnish to the Limited Partners monthly account statements
reporting the activities of the Partnership during such month. The general
partner shall maintain and preserve the above records for a period of at least
five years.

SECTION 19.2. ANNUAL REPORT AND OTHER REPORTS

The Partnership books and records shall be audited annually by independent
accountants. The Partnership will cause each Partner to receive (i) within
90 days after the close of each fiscal year, audited financial statements
including a balance sheet and statements of income and partners' equity for the
fiscal year then ended and the average round turn rate for the fiscal year, and
(ii) within 75 days after the close of each fiscal year, such tax information as
is necessary for each Partner to complete his or her federal income tax return.
Within 45 days after each fiscal quarter, the Partnership shall cause each
Partner to receive unaudited financial statements including a balance sheet and
statements of income and Partner's equity for the fiscal quarter then ended. In
addition, within 30 days after the end of each month the Partnership will
provide each Limited Partner with reports showing Net Assets and Net Asset Value
per Unit of Partnership Interest as of the end of such month, as well as
information relating to the advisory and brokerage fees and other expenses
incurred by the Partnership during such month. Both annual and monthly reports
shall include such additional information as the CFTC may require under the
Commodity Exchange Act to be given to participants in commodity pools such as
the Partnership. The General Partner shall calculate the Net Asset Value per
Unit of Partnership Interest daily and shall make such information available
upon the request of a Limited Partner for a purpose reasonably related to such
Limited Partner's interest as a limited partner in the Partnership. The General
Partner will submit to state securities law administrators any information which
such administrators require to be filed, including, but not limited to, copies
of the annual and monthly reports to be provided to Limited Partners.

In addition, if any of the following events occur, notice of such event
shall be mailed to each Limited Partner within seven business days of the
occurrence of the event: (i) a decrease in the Net Asset Value of a Unit of
Partnership Interest to 50% or less of the Net Asset Value most recently
reported; (ii) any material change in contracts with advisors including any
change in advisors or any modification in connection with the method of
calculating the General Partner Profit Distribution; (iii) any change in futures
commission merchants of the Fund or any change in payment of brokerage
commissions on a round turn basis; (iv) any change in the General Partner;
(v) any material change in the Partnership's trading policies; or (vi) any other
material change affecting the compensation of any party. Any notice sent
pursuant to this paragraph will include a description of the Limited Partners'
voting rights and/or redemption rights under this Agreement.

SECTION 19.3. TAX RETURNS AND ELECTIONS

The General Partner shall cause income tax returns for the Partnership to be
prepared and filed with the appropriate governmental authorities. Within
seventy-five (75) days after the close of each fiscal year of the Partnership,
the General Partner shall send to each person who was a Partner at any time
during the fiscal year then ended such information as will be sufficient to
prepare documents which may be required to be filed under Federal income tax
laws and other Federal laws. The General Partner shall, in its sole and absolute
discretion, make all elections under applicable provisions of the Code as shall
be necessary or, when optional, in the interest of the Partnership, and shall
timely file all such elections as made.

A-21
<PAGE>
SECTION 19.4. PARTNERSHIP FUNDS

The General Partner shall have fiduciary responsibility for the safekeeping
and use of all funds and assets of the Partnership, whether or not in its
immediate possesion or control, and shall not employ, or permit another to
employ such funds or assets in any manner except for the exclusive benefit of
the Partnership.

The funds of the Partnership shall be deposited in such bank account or
accounts in the name of the Partnership, or invested in such interest-bearing or
non-interest-bearing investments, as shall be designated by the General Partner.
Amounts deposited in the Partnership accounts shall be used solely for the
business of the Partnership. All withdrawals from any such bank accounts and all
liquidations of such investments shall be made by the duly authorized agent or
agents of the General Partner. Partnership funds shall be separately identified
from those of any other person.

The Partnership shall make no loans. Assets of the Partnership shall not be
commingled with assets of any other entity. Deposit of assets with a futures
commission merchant, broker-dealer or government securities dealer shall not
constitute commingling. Except as provided herein, no person may receive,
directly or indirectly, any fee for investment advice or management who shares
or participates in any brokerage commissions or fees from transactions for the
Partnership; no broker (including the General Partner and its affiliates) may
pay, directly or indirectly, rebates or "give ups" to any trading advisor; and
such prohibitions shall not be circumvented by any reciprocal business
arrangements.

No loans shall be made available to the Partnership by the General Partner
or any of its affiliates.

ARTICLE XX
AMENDMENT OF LIMITED PARTNERSHIP AGREEMENT; MEETINGS

SECTION 20.1. AMENDMENT WITH CONSENT OF THE GENERAL PARTNER

If at any time during the term of the Partnership the General Partner shall
deem it necessary or desirable to amend this Agreement (including the
Partnership's basic investment policies set forth in Article IV hereof), such
amendment shall be effective only if approved in writing by the General Partner
and by Limited Partners owning more than 50% of the Units of Partnership
Interest then outstanding and if made in accordance with the Act. Any such
supplemental or amendatory agreement shall be adhered to and have the same
effect from and after its effective date as if the same had originally been
embodied in and formed a part of this Agreement. The General Partner may amend
this Agreement without the consent of the Limited Partners in order to
(i) clarify any clerical inaccuracy or ambiguity or reconcile any inconsistency
(including any inconsistency between this Agreement and the Prospectus);
(ii) delete or add any provision of or to the Agreement required to be deleted
or added by the staff of any federal or state agency (including, without
limitation, the SEC or CFTC); or (iii) make any amendment to the Agreement which
the General Partner deems advisable (including but not limited to amendments
necessary to effect the allocations proposed herein or to change the name of the
Partnership), provided that such amendment is not adverse to the Limited
Partners or is required by law.

SECTION 20.2. MEETINGS

Upon receipt of a written request signed by Limited Partners owning at least
10% of the Units of Partnership Interest then outstanding, delivered in person
or by certified mail, that a meeting of the Partnership be called to vote upon
any matter which the Limited Partners may vote upon pursuant to this Agreement,
the General Partner shall, by written notice, either in person or by certified
mail, to each Limited Partner of record mailed within fifteen days after receipt
of such request, call a meeting of the Partnership. Such meeting shall be held
at least thirty but not more than sixty days after the mailing of such notice,
and such notice shall specify the date, a reasonable place and time, and the
purpose of such meeting.

A-22
<PAGE>
SECTION 20.3. AMENDMENTS AND ACTIONS WITHOUT CONSENT OF THE GENERAL
PARTNER.

At any meeting called pursuant to Section 20.2, upon the approval by an
affirmative vote (which may be in person or by proxy) of Limited Partners owning
more than 50% of the outstanding Units of Partnership Interest, the following
actions may be taken: (i) this Agreement may be amended in accordance with the
Act; (ii) the Partnership may be dissolved; (iii) the General Partner may be
removed and a new General Partner may be admitted immediately prior to the
removal of the General Partner provided that the new General Partner of the
Partnership shall continue the business of the Partnership without dissolution;
(iv) if the General Partner elects to withdraw from the Partnership a new
General Partner or General Partners may be admitted immediately prior to
withdrawal of the General Partner provided that the new General Partner of the
Partnership shall continue the business of the Partnership without dissolution;
(v) any contracts with the General Partner, any of its affiliates or any
commodity trading advisor to the Partnership may be terminated on sixty days'
notice without penalty; and (vi) the sale of all the assets of the Partnership
may be approved.

SECTION 20.4. CONTINUATION.

Upon the assignment by the General Partner of all of its interest in the
Partnership, or the withdrawal, removal, bankruptcy or any other event that
causes the General Partner to cease to be a general partner under the Act, the
Partnership is not dissolved and is not required to be wound up by reason of
such event if, within 90 days after such event, all remaining Partners agree in
writing to continue the business of the Partnership and to the appointment,
effective as of the date of such event, of a successor General Partner. In the
event of the withdrawal by the General Partner and the continuation of the
Partnership pursuant to this paragraph, the General Partner shall pay all
expenses incurred as a result of its withdrawal.

SECTION 20.5. AMENDMENT OF CERTIFICATE OF LIMITED PARTNERSHIP

In the event this Agreement shall be amended pursuant to this Article XX,
the General Partner shall amend the Certificate of Limited Partnership to
reflect the change if it deems such amendment of the Certificate to be necessary
or appropriate.

ARTICLE XXI

POWER OF ATTORNEY

Each of the Limited Partners irrevocably constitutes and appoints the
General Partner, as its true and lawful attorney, in its name, place and stead,
to make, execute, acknowledge and file:

(1) A Certificate of Limited Partnership under the laws of the State of
Illinois;

(2) Any certificate or other instrument which may be required to be filed by
the Partnership, including an Application for an Assumed Name Certificate under
the laws of the State of Illinois (or any other state for which the General
Partner shall deem it advisable to file, upon advice of counsel); and

(3) Any and all amendments or modifications of the instruments described
above; it being expressly intended by each of the Limited Partners that the
foregoing power of attorney is coupled with an interest. The foregoing power of
attorney shall survive the delivery of an assignment by any of the Limited
Partners of the whole or any portion of his Partnership Interest except that
where an assignee of such Partnership Interest has been approved by the General
Partner as a Substituted Limited Partner, then the foregoing power of attorney
shall survive the delivery of such assignment for the sole purpose of enabling
the General Partner to execute, acknowledge and file any and all instruments
necessary to effectuate such substitution. A similar power of attorney shall be
one of the instruments which the General Partner shall require an assignee of a
Limited Partner to execute as a condition of his admission as a Substituted
Limited Partner.

A-23
<PAGE>
ARTICLE XXII

MISCELLANEOUS

SECTION 22.1. LIMITATION OF LIMITED PARTNERS' VOTING RIGHTS

Notwithstanding any other provisions of this Agreement, the rights to vote
provided to the Limited Partners under this Agreement shall be null and void and
of no effect or existence and shall not be exercisable if the Partnership shall
have received an opinion of counsel (obtained by the General Partner or any
Limited Partner), other than counsel for the General Partner (unless such
counsel shall have been approved by Limited Partners holding more than half of
the then outstanding Partnership Interests owned by Limited Partners), to the
effect that the exercise of such rights will adversely affect the status of such
holders as Limited Partners, including their limited liability. If the General
Partner does not intend to obtain such opinion, it will so indicate by written
notice to the Limited Partners. If no such opinion has been obtained by a
Limited Partner within 15 days of such notice, the Limited Partners shall
proceed with a vote on the particular contemplated action; provided, however,
that the approval of an opinion of counsel by the Limited Partners with respect
to a particular contemplated Partnership action shall not affect their rights to
vote on other future actions as provided in this Agreement.

SECTION 22.2. ENTIRE AGREEMENT

This Agreement constitutes the entire agreement among the parties. It
supersedes any prior agreement or understandings among them, and it may not be
modified or amended in any manner other than as set forth herein.

SECTION 22.3. GOVERNING LAW

This Agreement and the rights of the parties hereunder shall be governed by
and interpreted in accordance with the laws of the State of Illinois, without
regard to conflicts of law issues.

SECTION 22.4. BINDING ON SUCCESSORS AND ASSIGNS

Except as herein otherwise specifically provided, this Agreement shall be
binding upon and inure to the benefit of the parties and their legal
representatives, heirs, administrators, executors, successors and assigns.

SECTION 22.5. SINGULAR AND PLURAL, MASCULINE AND FEMININE

Wherever from the context it appears appropriate, each term stated in either
the singular or the plural shall include the singular and the plural, and
pronouns stated in either the masculine, the feminine or the neuter gender shall
include the masculine, feminine and neuter.

SECTION 22.6. CAPTIONS

Captions contained in this Agreement are inserted only as a matter of
convenience and in no way define, limit or extend the scope or intent of this
Agreement or any provision hereof.

SECTION 22.7. SEVERABILITY

If any provision of this Agreement, or the application of such provision to
any person or circumstance, shall be held invalid, the remainder of this
Agreement, or the application of such provision to persons or circumstances
other than those to which it is held invalid, shall not be affected thereby.

SECTION 22.8. COUNTERPARTS

This Agreement may be executed in several counterparts, each of which shall
be deemed an original but all of which shall constitute one and the same
instrument. In addition, each Limited Partner may become a signatory to this
Agreement by executing a Subscription Agreement. By such execution, each Limited
Partner shall be deemed to have adopted, and to have agreed to be bound by, all
of the provisions of this Agreement. The original of this Agreement executed by
the General Partner and the Original Limited Partner, and the duly executed
Subscription Agreements, taken together, shall constitute a single instrument.

A-24
<PAGE>
SECTION 22.9. FURTHER ASSURANCES

Each of the Limited Partners agrees hereafter to execute, acknowledge,
deliver, file, record and publish such further certificates, instruments,
agreements and other documents and to take all such further action as may be
required by law or deemed by the General Partner to be necessary or useful in
furtherance of the Partnership's purposes and the objectives and intentions
underlying this Agreement and not inconsistent with the terms of this Agreement.

IN WITNESS WHEREOF, the undersigned have executed this Agreement on the date
first above written.

<TABLE>
<S> <C> <C> <C>
Beeland Management Company, L.L.C.

By: /s/ Richard L. Chambers By: /s/ Clyde C. Harrison
------------------------------------------ ------------------------------------------
Richard L. Chambers Clyde C. Harrison, as Original Limited
Managing Member, As General Partner Partner
</TABLE>

Counterpart Signature Page to Amended and Restated Agreement of Limited
Partnership of Rogers International Raw Materials Fund, L.P. for the following
Limited Partners:

<TABLE>
<S> <C>
---------------------------------------------- Address: -------------------------------------
Name
</TABLE>

A-25
<PAGE>
SCHEDULE A

GENERAL PARTNER

Beeland Management Company, LLC
1000 Hart Road
Barrington, IL 60010

ORIGINAL LIMITED PARTNER

Clyde C. Harrison
510 Diamond Lane
Cary, IL 60013
<PAGE>
APPENDIX B
SPECIMEN

SUBSCRIPTION AGREEMENT

B-1
<PAGE>
SPECIMEN

ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.

PLEASE MAIL THE SUBSCRIPTION AGREEMENT/SIGNATURE PAGE, THE COUNTERPART
SIGNATURE PAGE TO THE AGREEMENT OF LIMITED PARTNERSHIP, AND YOUR CHECK MADE
PAYABLE TO "Rogers International Raw Materials Fund, L.P." TO: Rogers
International Raw Materials Fund, L.P., c/o DPM, LLC, P.O. Box 6741, Somerset,
New Jersey 08875-6741, Attention: Subscription Department. DPM will serve as the
Fund's subscription agent in this offering. Subscription proceeds accepted prior
to the initial closing will be deposited by DPM in an escrow account maintained
at Mellon Bank. Following the initial closing, the account will be placed in the
name of DPM, as subscription agent for the Fund. Subscription proceeds received
for units sold after that time will be immediately available for use by the
Fund.

ALTERNATIVELY, YOU MAY TRANSMIT THE SUBSCRIPTION AGREEMENT/SIGNATURE PAGE
AND THE COUNTERPART SIGNATURE PAGE TO THE AGREEMENT OF LIMITED PARTNERSHIP VIA
FACSIMILE TO DPM (fax number 732-563-1193), and transmit the appropriate
subscription proceeds by bank wire transfer to Mellon Bank, Pittsburgh, PA, ABA
No. 043000261, for credit to the Rogers International Raw Materials Fund, L.P.
Account; No. 043-9355. Manually signed copies of the Subscription
Agreement/Signature Page and the Counterpart Signature Page should then be
mailed to DPM.

Please use ballpoint pen or type the information.

--------------------------------------------------------------------------------

ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P., INSTRUCTIONS TO PURCHASERS

--------------------------------------------------------------------------------

<TABLE>
<C> <S>
INSTRUCTIONS Any person desiring to subscribe for units should carefully
read and review the prospectus and, if he/she desires to
subscribe for units, complete the Subscription
Agreement/Signature Page which follows these instructions.
Follow the appropriate instruction listed below for the
items indicated. Please print in ink or type the
information.
----------------------------------------------------------------------------------------------

INVESTMENT Item 1--Enter the number of units to be purchased and the
A dollars and cents amount of the purchase. Minimum purchase
is 100 units ($10,000). The purchase price will be $100 per
unit until the initial closing occurs and the net asset
value per unit thereafter.

Check the box to indicate whether this is an initial or an
additional investment.
----------------------------------------------------------------------------------------------

REGISTRATION INFORMATION Item 2--Enter the exact name in which the units are to be
B held. For co-owners, enter the names of all owners. For
investments by qualified plans, include the exact name of
the plan. For investments by qualified plans, enter the name
of the custodian or trustee on the first line and FBO and
the name of the beneficiary on the second line. IF THIS IS
AN ADDITIONAL PURCHASE BY A QUALIFIED PLAN, PLEASE USE THE
SAME EXACT PLAN NAME AS PREVIOUSLY USED.

Item 3--Enter the mailing address, state of residence and
telephone number of the owner. For qualified plan
investments, please enter the mailing address of the
custodian or trustee.

Item 4--Enter the birth date(s) if the subscriber(s) is an
individual or date of formation if the subscriber is an
entity.
</TABLE>

B-2
<PAGE>
SPECIMEN
<TABLE>
<C> <S>
Item 5--Check the appropriate box. If the owner is a
non-resident alien, he/she must apply to the United States
Internal Revenue Service for an identification number, using
Form SS-4 for an individual or SS-5 for a corporation, and
supply the number to the general partner as soon as it is
available.

Item 6--Check this box if the owner is an employee of Rogers
International Raw Materials Fund, L.P. or an individual who
has been continuously affiliated with the Fund as an
independent contractor.

Item 7--Enter the social security number or taxpayer I.D.
number. The owner is certifying that this number is correct.
For qualified plan investments, please enter both the
beneficiary's social security number (for identification
purposes) and the custodian or trustee's taxpayer I.D.
number (for tax purposes).
----------------------------------------------------------------------------------------------

C Item 8--Enter the residence address if different than the
mailing address. For qualified plan investments, please
enter the residence address of the beneficiary.
----------------------------------------------------------------------------------------------

D Item 9--Check the appropriate box to indicate the type of
ownership or entity which is subscribing. If this is an
additional purchase, this should be completed exactly the
same as the previous investment. If the subscriber is a
pension or profit sharing plan, indicate whether it is
taxable or exempt from taxation under Section 501A of the
Internal Revenue Code.
----------------------------------------------------------------------------------------------
SIGNATURE Item 10--The Subscription Agreement/Signature Page MUST BE
EXECUTED by the owner(s), and if applicable, the trustee or
custodian.
----------------------------------------------------------------------------------------------

BROKER/DEALER AND REGISTERED Item 11--Enter the name of the broker/dealer and the name of
REPRESENTATIVE the registered representative, along with the street
E address, city, state, zip code, telephone number, fax and
e-mail of the registered representative. By executing the
Subscription Agreement/Signature Page, the registered
representative agrees that the subscription is pursuant to a
valid soliciting dealer agreement between such soliciting
dealer and the general partner of the Fund. By executing the
Subscription Agreement/Signature Page, the registered
representative also substantiates compliance with the
conduct rules of the NASD, by certifying that the registered
representative has reasonable grounds to believe, based on
information obtained from the investor concerning his, her
or its investment objectives, other investments, financial
situation and needs and any other information known by such
registered representative, that investment in the Fund is
suitable for such investor in light of his, her or its
financial position, net worth and other suitability
characteristics and that the registered representative has
informed the investor of all pertinent facts relating to the
liability, liquidity and marketability of an investment in
the Fund during its term. The registered representative
(authorized signature) should sign where provided.
----------------------------------------------------------------------------------------------
</TABLE>

B-3
<PAGE>
SPECIMEN
<TABLE>
<C> <S>
SUBMISSION OF SUBSCRIPTION The properly completed and executed copies of the
Subscription Agreement/Signature Page and Counterpart
Signature Page to the Agreement of Limited Partnership
together with a CHECK MADE PAYABLE TO "Rogers International
Raw Materials Fund, L.P." should be returned to the owner's
registered representative or to Rogers International Raw
Materials Fund, L.P., c/o DPM, LLC, P.O. Box 6741, Somerset,
New Jersey 08875-6741, Attention: Subscription Department.

Alternatively, you may transmit the Subscription Agreement/
Signature Page and the Counterpart Signature Page to the
Agreement of Limited Partnership via facsimile to DPM (fax
number 732-563-1193), and transmit the appropriate
subscription proceeds by bank wire transfer to Mellon Bank,
Pittsburgh, PA, ABA No. 043000261, for credit to the Rogers
International Raw Materials Fund, L.P. Account; No.
043-9355. Manually signed copies of the Subscription
Agreement/Signature Page and the Counterpart Signature Page
should then be mailed to DPM.
</TABLE>

NOTE: If a person other than the person in whose name the units will be held
is reporting the income received from the Fund, you must notify the general
partner in writing of that person's name, address and social security number.

ALL INVESTORS AND THEIR REGISTERED REPRESENTATIVES MUST SIGN THE SUBSCRIPTION
AGREEMENT/SIGNATURE PAGE PRIOR TO TENDERING ANY FUNDS FOR INVESTMENT IN UNITS.

Any subscriber seeking to purchase Units pursuant to a discount offered by
the Fund must submit such request in writing and set forth the basis for the
request. Any such request will be subject to verification by the general
partner. Subscribers may not, for purposes of qualifying for a volume discount,
combine units purchased hereunder with units purchased pursuant to any other
subscription agreement.

B-4
<PAGE>
SPECIMEN

ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.
SUBSCRIPTION AGREEMENT/SIGNATURE PAGE
Please read this Subscription Agreement/Signature Page and the Terms and
Conditions before signing.
Subscriber must read the Subscription Instructions.

<TABLE>
<S> <C> <C>
------------------------------------------------------------------------------------------------
(1) Investment MAKE CHECK PAYABLE TO "ROGERS INTERNATIONAL RAW
A MATERIALS FUND, L.P."
This subscription is in the amount of $ ---- for the
purchase of ---- units of Rogers International Raw Materials
Fund, L.P. at $100 per unit until the initial closing occurs
and the net asset value per unit thereafter. Minimum initial
investment of 100 units.
This is an / / INITIAL INVESTMENT / / ADDITIONAL
INVESTMENT
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
(2) Registered Owner
B / / Mr. / / Mrs. / / Ms. ------------------------
Co-Owner
/ / Mr. / / Mrs. / / Ms. ------------------------
(3) Mailing Address ------------------------
City, State & Zip Code ------------------------
State of Residence ------------------------
(Area Code) Home Telephone ------------------------
(Area Code) Business Telephone ------------------------
(4) Birth Date ------------------------------------
------------------------------------
Month Day Year Month Day Year
(5) Please Indicate Citizenship Status: / / U.S. Citizen
/ / Resident Alien / / Non-Resident Alien
(6) / / Employee or Affiliate
(7) Social Security # ---- - ---- - ----
Co-Owner Social Security # ---- - ---- - ----
Corporate or Custodial Tax Identification Number ---- - ----
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
(8) RESIDENCE ADDRESS IF DIFFERENT FROM ABOVE OR FOR BENEFICIARY
C OF A QUALIFIED PLAN
------------------------------------------------
Street City State Zip
Code
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
(9) Check One
D / / Individual Ownership
/ / Joint Tenants with Right of Survivorship
/ / Community Property
/ / Tenants in Common
/ / Tenants by the Entirety
/ / Corporate Ownership
/ / Partnership Ownership
/ / IRA
/ / Qualified Plan (Keogh)
/ / Simplified Employee Pension/Trust (S.E.P.)
/ / Uniform Gifts to Minors Act, State of ----, a custodian
for ----
/ / Pension or Profit Sharing
Plan / / Taxable / / Exempt under Section 501A
/ / Trust/Date Trust Established ----
/ / Name of Trustee or other Administrator ----
/ / Taxable / / Grantor A or B
/ / Estate
/ / Other (specify) ----
/ / Taxable / / Non-Taxable
</TABLE>

B-5
<PAGE>
SPECIMEN
<TABLE>
<S> <C> <C>
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
(10) The undersigned certifies, under penalties of perjury (i)
that the taxpayer identification number shown on the
Subscription Agreement/Signature Page is true, correct and
complete, and (ii) that I am (we are) not subject to backup
withholding either because I (we) have not been notified
that I am (we are) subject to backup withholding as a result
of a failure to report all interest or distributions, or the
Internal Revenue Service has notified me that I am (we are)
no longer subject to backup withholding.

The undersigned further acknowledges and/or represents (or
in the case of fiduciary accounts, the person authorized to
sign on such investor's behalf) the following:--(PLEASE
SEPARATELY INITIAL EACH ITEM TO INDICATE YOUR
ACKNOWLEDGEMENT OR REPRESENTATION):

----
(a) acknowledges receipt, not less than five (5) business
days prior to the signing of this Subscription Agreement, of
the prospectus of the Fund relating to the units, wherein
the terms and conditions of the offering of the units are
described, including among other things, the restrictions on
ownership and transfer of units, which require, under
certain circumstances, that a holder of units shall give
written notice and provide certain information to the
general partner.

----
(b) represents that I (we) either: (i) have a net worth
(excluding home, home furnishings and automobiles) of at
least $45,000 and estimate that (without regard to
investment in the fund) I (we) have gross income due in the
current year of at least $45,000; or (ii) have a net worth
(excluding home, home furnishings and automobiles) of at
least $150,000 or such higher suitability as may be required
by certain states and set forth on the last page hereof; in
the case of sales to fiduciary accounts, the suitability
standards must be met by the beneficiary, the fiduciary
account or by the donor or grantor who directly or
indirectly supplies the funds for the purchase of the units.

----
(c) represents that I am (we are) purchasing the units for
my (our) own account, and if I am (we are) purchasing units
on behalf of a trust or other entity of which I am (we are)
trustee(s) or authorized agent(s), I (we) have due authority
to execute the Subscription Agreement/ Signature Page and do
hereby legally bind the trust or such other entity.

----
(d) acknowledges that the units are not liquid except for
limited redemption provisions.

----
(e) if I am acting on behalf of an "employee benefit plan,"
as defined in and subject to ERISA, or any "plan" as defined
in Code Section 4975 (a "Plan"), then, in addition to the
other representations and warranties set forth herein, I
further represent and warrant as, or on behalf of, the
fiduciary of the Plan responsible for investing (the "Plan
Fiduciary") that the Plan Fiduciary has considered an
investment in light of the risk relating thereto; the Plan
Fiduciary has determined that, in view of such
considerations, the investment is consistent with the Plan
Fiduciary's responsibilities under ERISA; the Plan's
investment in the Fund does not violate and is not otherwise
inconsistent with the terms of any legal document
constituting the Plan or any trust agreement thereunder; and
the Plan Fiduciary: (i) is responsible for the decision to
invest, including the determination that the investment is
consistent with the requirement of ERISA Section 404 that
Plan investments be diversified, (ii) is independent of the
general partner, any selling agent and their respective
affiliates, (iii) is qualified to make the investment
decision, and (iv) in making the decision the Plan Fiduciary
has not relied primarily on any advice or recommendation of
the general partner, any selling agent, any of their
respective affiliates or any of their respective employees,
Subscriber will furnish the general partner with such
information as the general partner may reasonably require to
establish that the investment by the Plan does not violate
any provision of ERISA or the Code, including those
provisions relating to "prohibitions" by "interested
parties" or "disqualified persons."
------------------------------------------------------------------------------------------------
</TABLE>

B-6
<PAGE>
SPECIMEN
<TABLE>
<S> <C> <C>
------------------------------------------------------------------------------------------------

----
(f) represents that I am (we are) aware that there are
various types of institutions, including pension plans and
trusts, which are governed by discrete and/or unique laws
and/or regulations relating to the various types of
investments which such institutions are authorized to make.
I (we) understand that the general partner, on behalf of the
partnership, is not in the position to review those
limitations and/or restrictions that may apply to each
specific subscriber's investment in the partnership.
Accordingly, by signing the subscription agreement, I (we)
will be representing and warranting that I am (we are)
familiar with the statutory and regulatory basis on which
you operate, including any investment guidelines and
limitations placed on subscriptions to entities similar in
form and purpose to the Fund, and that, if such subscription
is accepted, it will be in compliance with all applicable
governmental, industry, and/or similar laws and regulations
which relate to your investment in the Fund; and will not be
in violation of any such laws or regulations.

BY EXECUTING THIS SUBSCRIPTION AGREEMENT, I (WE) APPLY TO
BECOME A LIMITED PARTNER AS OF THE DATE THE SALE OF MY UNITS
BECOMES EFFECTIVE, AND I (WE) AGREE TO EACH AND EVERY TERM
OF THE FUND'S LIMITED PARTNERSHIP AGREEMENT AS IF MY
SIGNATURE WERE SUBSCRIBED THERETO.

BY EXECUTING THIS SUBSCRIPTION AGREEMENT, I AM (WE ARE) NOT
WAIVING ANY RIGHTS UNDER THE FEDERAL OR STATE SECURITIES
LAWS.

MINNESOTA INVESTORS: THE REPRESENTATIONS AND/OR
ACKNOWLEDGMENTS SET FORTH IN (A) AND (D) ABOVE SHALL NOT
APPLY TO MINNESOTA INVESTORS. MINNESOTA INVESTORS SHALL HAVE
FIVE BUSINESS DAYS TO RESCIND THEIR PURCHASE.

Agreement Dated ------------, ------- ------------------------
Signature--Registered Owner
---------------------
Signature--Co-Owner
------------------------
(Print Name of Custodian or Trustee)
------------------------
Authorized Signature (Custodian or Trustee)
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------

(12) Broker/Dealer data-completed by selling registered
E representative (Please use Rep's address-- not home office)
Name of Registered Representative ------------------------
/ / Mr. / / Mrs. / / Ms. ------------------------
Mailing Address ------------------------
City, State & Zip Code ------------------------
Telephone ( ----) ---------; Fax # ( ----) -------; e-mail
---------
Broker/Dealer Name ------------------------
Mailing Address ] ------------------------
City, State & Zip Code ------------------------
------------
Signature--Registered Representative
------------------------------------------------------------------------------------------------
</TABLE>

B-7
<PAGE>
SPECIMEN

CERTAIN STATES HAVE IMPOSED SPECIAL FINANCIAL SUITABILITY STANDARDS FOR
INVESTORS WHO PURCHASE UNITS.

IF THE INVESTOR IS A RESIDENT OF CALIFORNIA, INDIANA, MASSACHUSETTS,
MICHIGAN, OREGON OR SOUTH CAROLINA, THE INVESTOR MUST HAVE EITHER: (I) A MINIMUM
NET WORTH (EXCLUDING HOME, HOME FURNISHINGS AND AUTOMOBILES) OF $225,000; OR
(II) A MINIMUM ANNUAL GROSS INCOME OF $60,000 AND A MINIMUM NET WORTH (EXCLUSIVE
OF HOME, HOME FURNISHINGS AND AUTOMOBILES) OF $60,000.

IF THE INVESTOR IS A RESIDENT OF IOWA, NORTH CAROLINA OR TEXAS, THE INVESTOR
MUST HAVE EITHER: (I) A MINIMUM NET WORTH (EXCLUDING HOME, HOME FURNISHINGS AND
AUTOMOBILES) OF $225,000; OR (II) A MINIMUM ANNUAL TAXABLE INCOME OF $60,000 AND
A MINIMUM NET WORTH (EXCLUSIVE OF HOME, HOME FURNISHINGS AND AUTOMOBILES) OF
$60,000.

IF THE INVESTOR IS A RESIDENT OF OHIO OR PENNSYLVANIA, THE INVESTMENT MAY
NOT EXCEED 10% OF THE INVESTOR'S LIQUID NET WORTH.
<PAGE>
APPENDIX C
SPECIMEN

REDEMPTION NOTICE

C-1
<PAGE>
SPECIMEN

NOTICE OF WITHDRAWAL

The undersigned, a limited partner of Rogers International Raw Materials
Fund, L.P. (the "PARTNERSHIP"), hereby provides notice to Derivatives Portfolio
Management, LLC, Two Worlds Fair Drive, P.O. Box 6741, Somerset, New Jersey
08875-6741 (the "Redemption Agent"), and to Beeland Management Company, L.L.C.,
1000 Hart Road, Suite 210, Barrington, IL 60010 (the "GENERAL PARTNER") of its
desire to withdraw or redeem all or a portion of the credit balance from its
capital account.

1. Type of Withdrawal (check one):

/ / Complete Withdrawal

/ / Partial Withdrawal

If a Partial Withdrawal, specified below is either the percentage of
the credit balance in the Capital Account that the limited partner
wishes to withdraw or the dollar amount of capital which the limited
partner wishes to have returned to him. (Any such withdrawals may only
be in increments of a units's Net Asset Value, as defined in the
Partnership's Agreement of Limited Partnership, as amended):

_____% OR $_________

THE REDEMPTION PRICE PER UNIT WILL BE THE NET ASSET VALUE PER UNIT AS OF THE
CLOSE OF BUSINESS ON THE WITHDRAWAL DATE, MINUS AN AMOUNT (THE "HOLDBACK")
EQUAL TO THE GREATER OF (1) 2% OF THE NET ASSET VALUE PER UNIT, OR
(2) $100, TO COVER ACCRUED, BUT UNPAID MANAGEMENT FEES AND OTHER EXPENSES
PAYABLE BY THE PARTNERSHIP AND CHARGEABLE AGAINST NET ASSETS AS OF THAT
DATE. AFTER THE CLOSE OF THE FISCAL YEAR IN WHICH THE WITHDRAWAL WAS
EFFECTED, THE ACCOUNT OF THE LIMITED PARTNER WHO EFFECTED THE WITHDRAWAL
SHALL BE ADJUSTED TO REFLECT HIS ALLOCATED SHARE OF MANAGEMENT FEES AND
EXPENSES, WHICH SHALL BE CHARGED AGAINST THE HOLDBACK. AFTER SUCH CHARGE,
ANY POSITIVE BALANCE REMAINING FROM THE HOLDBACK SHALL BE PROMPTLY PAID TO
THE WITHDRAWN LIMITED PARTNER, IN THE SAME MANNER AS THE BALANCE OF THE
WITHDRAWAL.

2. Desired Withdrawal Date: _______ _______

(Note: The withdrawal date must be the last trading day of a month and at
least 60 days following the date hereof. Withdrawals may be made only after
an initial holding period of three months.)

3. The undersigned requests that the withdrawn amounts be delivered to: _______
_______ _______ at the following address: _______ _______ _______ _______
_______ _______ _______ _______ _______ _______ _______ _______ _______
_______ _______ _______ _______ _______ _______ _______ _______

ANY WITHDRAWAL REQUEST APPROVED BY THE GENERAL PARTNER OR ITS AGENT SHALL BE
EFFECTIVE AS OF THE CLOSE OF BUSINESS ON THE WITHDRAWAL DATE SPECIFIED
ABOVE.

--------------------------------------
Name of Limited Partner

--------------------------------------
Signature of Limited Partner

C-2