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                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                  FORM 10-Q

 Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange
                                 Act of 1934

                For the quarterly period ended June 30, 2002


                       Commission File Number 0-17443


                        IDS MANAGED FUTURES II, L.P.
           (Exact name of registrant as specified in its charter)


              Delaware                              06-1207252
             (State or other jurisdiction of  (I.R.S. Employer
             incorporation or organization)  Identification #)


             233 South Wacker Dr., Suite 2300, Chicago, IL 60606
            (Address of principal executive offices)   (Zip Code)


       Registrant's telephone number, including area code: (312) 460-4000


Not Applicable
(Former name, former address and former fiscal year, if changed since last
report.)

Indicate  by check mark  whether  the  registrant  (1) has filed all  reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act
of 1934 during the  preceding 12 months (or for such shorter  period that the
registrant  was required to file such  reports),  and (2) has been subject to
such filing requirements for the past 90 days.             Yes X     No













Part I.  Financial Information

Item 1.  Financial Statements

Following are Financial Statements for the fiscal quarter ended June 30, 2002
and the additional time frames as noted:

                                             Fiscal Quarter    Year to Date    Fiscal Year     Fiscal Quarter   Year to Date
                                              Ended 6/30/02   Ended 6/30/02   Ended 12/31/01    Ended 6/30/01   Ended 6/30/01

Statement of Financial Condition                    X                                X

Statement of Operations                             X               X                                 X               X

Statement of Changes in Partners' Capital                           X

Notes to Financial Statements                       X



                                IDS MANAGED FUTURES II, L.P.
                                STATEMENTS OF FINANCIAL CONDITION
                                             UNAUDITED

                                                             Jun 30, 2002         Dec 31, 2001

ASSETS
Equity in commodity futures
   trading accounts:
   Cash on deposit with Brokers                               $3,363,565           $3,297,546
   Unrealized gain (loss) on open
     futures contracts                                           699,491              178,075
Investment in other commodity pools                            2,329,420            2,257,061

                                                               6,392,476            5,732,682

Interest receivable                                                3,638                4,169
Receivable from other commodity pools                             17,635               52,226

      Total assets                                            $6,413,749           $5,789,077

LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
   Accrued commissions on open futures contracts
     due to AEFA Advisors and CIS                                 $8,182               $4,933
   Accrued exchange, clearing and NFA fees                          $441                   24
   Accrued management fee                                          6,750                5,766
   Accrued incentive fee                                               0                    0
   Accrued general partner fee                                       998                1,803
   Accrued operating expenses                                     18,057               32,000
   Redemptions payable                                            30,774               98,720

      Total liabilities                                           65,202              143,246

Partners' Capital:
   Limited partners (10,061.77 units                           6,119,519            5,413,630
     outstanding at 6/30/02, 10,498.95
     units outstanding at 12/31/01) (see Note 1)
   General partners (376.57 units outstanding at                 229,028              232,201
    6/30/02, 450.32 units outstanding at
    12/31/01) (see Note 1)

      Total partners' capital                                  6,348,547            5,645,831

      Total liabilities and partners' capital                 $6,413,749           $5,789,077

Net asset per outstanding unit of partnership interest           $608.19              $515.64

See accompanying notes to financial statements.



                                                    IDS MANAGED FUTURES II, L.P.
                                                      STATEMENTS OF OPERATIONS
                                                             UNAUDITED

                                                        Apr 1, 2002      Jan 1, 2002      Apr 1, 2001      Jan 1, 2001
                                                           through         through          through          through
                                                        Jun 30, 2002     Jun 30, 2002     Jun 30, 2001     Jun 30, 2001

REVENUES

Gain (loss) on trading of commodity futures and
forwards contracts,
  physical commodities and related
  options:
  Realized gain (loss) on closed                           $529,223         $335,802        ($782,792)      $1,108,909
     positions
   Change in unrealized gain (loss)
     on open positions                                      686,204          521,417        ($415,233)     ($1,353,999)
Interest income                                              10,220           20,999           55,519         $131,662
Income from Investment in other commodity pools             315,108          215,533                0                0
Foreign currency transaction gain (loss)                     12,833            8,971          270,644           $7,105
Other revenue                                                     0                0           38,025           38,025 

      Total revenues (losses)                            $1,553,588       $1,102,722        ($833,837)        ($68,298)

EXPENSES

   Commissions paid to AEFA Advisors                         52,160           97,057           87,262          188,148
    and CIS
   Exchange fees                                                288              699           10,037           17,144
   Management fees                                           16,888           32,748           32,580           67,729
   Incentive fees                                                 0                0            6,090            7,402
   General partner fee                                        2,314            2,572                0                0
   Operating expenses                                         8,080           16,498            8,105           16,400

      Total expenses                                         79,730          149,574          144,074          296,823

      Net profit (loss)                                  $1,473,858         $953,148        ($977,911)       ($365,121)

PROFIT (LOSS) PER UNIT OF PARTNERSHIP INTEREST              $140.30           $92.55          ($84.01)         ($31.71)

See accompanying notes to financial statements.




                                                  IDS MANAGED FUTURES II, L.P.
                                           STATEMENT OF CHANGES IN PARTNERS' CAPITAL
                                                           UNAUDITED

                                                                       Limited         General
                                                       Units*          Partners        Partners          Total

Partners' capital at January 1, 2002               10,498.95        $5,413,630        $232,201     $5,645,831

Net profit                                                             921,814          31,334        953,148

Redemptions (see Note 1)                             (437.18)         (215,925)        (34,507)      (250,432)

Partners' capital at June 30, 2002                 10,061.77        $6,119,519        $229,028     $6,348,547

Net asset value per unit January 1, 2002                               $515.64        $515.64

Net profit per unit                                                      92.55          92.55

Net asset value per unit
   June 30, 2002                                                       $608.19        $608.19

* Units of Limited Partnership interest.

See accompanying notes to financial statements.




                        IDS MANAGED FUTURES II, L.P.
                        NOTES TO FINANCIAL STATEMENTS
                                June 30, 2002


(1) General Information and Summary

IDS  Managed  Futures  II,  L.P.  (the  Partnership),  a limited  partnership
organized  in  April  1987  under  the  Delaware   Revised   Uniform  Limited
Partnership  Act,  was  formed  to  engage  in  the  speculative  trading  of
commodity   interests   including  futures   contracts,   forward  contracts,
physical  commodities,  and related options  thereon  pursuant to the trading
instructions of independent  trading  advisors.  The General Partners are IDS
Futures  Corporation  (IDSFC) and CIS Investments,  Inc (CISI).  The clearing
broker is Cargill  Investor  Services,  Inc.  (Clearing  Broker or CIS),  the
parent  company of CISI.  The broker for forward  contracts is CIS  Financial
Services,  Inc. (CISFS or Forwards  Currency  Broker),  an affiliate of CISI.
The Clearing  Broker and the Forwards  Currency  Broker will  collectively be
referred to as the Brokers.

The  Partnership  shall be  terminated  on  December 31,  2007 if none of the
following  occur prior to that date:  (1) investors  holding more than 50% of
the   outstanding   units  notify  the  General   Partners  to  dissolve  the
Partnership  as  of a  specific  date;  (2)  disassociation  of  the  General
Partners  with  the  Partnership;  (3) bankruptcy  of  the  Partnership;  (4)
decrease  in the net  asset  value  (NAV) to less  than  $1,500,000;  (5) the
Partnership  is declared  unlawful;  or (6) the NAV per unit declines to less
than $125 per unit and the partners elect to terminate the Partnership.
(2) Summary of Significant Accounting Policies The accounting and reporting policies of the Partnership conform to accounting principles generally accepted in the United States of America and to general practices within the commodities industry. The following is a description of the more significant of those policies that the Partnership follows in preparing its financial statements.
Revenue Recognition Commodity futures contracts, forwards contracts, physical commodities, and related options are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized gains and losses on open contracts reflected in the statements of financial condition represent the difference between original contract amount and market value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for forwards contracts, physical commodities, and their related options) as of the last business day of the year or as of the last date of the financial statements. The Partnership earns interest on 100% of the Partnership's average monthly cash balance on deposit with the Brokers at a rate equal to 80% of the average 91-day Treasury bill rate for U.S. Treasury bills issued during that month.
Redemptions A Limited Partner may cause any or all of his or her units to be redeemed by the Partnership effective as of the last trading day of any month. Redemptions are based on the NAV per unit as of the last day of the month and require ten days' written notice to the General Partners. Payment will be made within ten business days of the effective date of the redemption. The Partnership's Limited Partnership Agreement contains a full description of redemption and distribution procedures.
Commissions Brokerage commissions and National Futures Association (NFA) clearing and exchange fees are accrued on a half-turn basis on open commodity futures contracts. The Partnership pays CIS commissions on trades executed on its behalf at a rate of $29.375 per half-turn contract. For trades executed by Welton Investment Corporation (Welton), the Partnership paid $21.875 per half-turn contract. The Partnership pays these commissions directly to CIS and CISFS, and CIS then reallocates the appropriate portion to American Express Financial Advisors Inc. (AEFA Advisors).
Foreign Currency Transactions Trading accounts in foreign currency denominations are susceptible to both movements in underlying contract markets as well as fluctuations in currency rates. Translation of foreign currencies into U.S. dollars for closed positions is translated at an average exchange rate for the period while period-end balances are translated at the period-end currency rates. The impact of the translation is reflected in the statements of operations.
Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
(3) Fees Management fees are accrued and paid monthly and incentive fees are accrued monthly and paid quarterly. Trading decisions for the periods of these financial statements were made by the following Commodity Trading Advisors (CTAs): John W. Henry & Company, Inc. (JWH), Welton and Sunrise Capital Partners, LLC (Sunrise). Under signed agreement, JWH and Sunrise each receive a monthly management fee of 1/12 of 2% of the month-end NAV of the Partnership under its management and an incentive fee of 20% of the Partnership's net trading profits if any, attributed to its management. Sunrise is paid its management and incentive fees by IDS Managed Fund LLC, and through its investment in IDS Managed Fund LLC, the Partnership pays its proportionate share of such fees. Under signed agreement, Welton received a monthly management fee and incentive fee according to the terms set forth above for JWH and Sunrise.
(4) Income Taxes No provision for Federal income taxes has been made in the accompanying financial statements as each partner is responsible for reporting income (loss) based on the pro rata share of the profits or losses of the Partnership. The Partnership is responsible for the Illinois State Partnership Information and Replacement Tax based on the operating results of the Partnership. Such tax amounted to $0 for the quarters ended June 30, 2002 and 2001 and is included in operating expenses in the statements of operations.
(5) Trading Activities and Related Risks The Partnership's investment in other commodity pools are recorded at fair value and are subject to the market and credit risks of financial instruments and commodity contracts held or sold short by those entities. The Partnership bears the risk of loss only to the extent of the market value of its respective investments. The Partnership engages in the speculative trading of U.S. and foreign futures contracts, options on U.S. and foreign futures contracts, and forward contracts (collectively derivatives). These derivatives include both financial and non-financial contracts held as part of a diversified trading strategy. The Partnership is exposed to both market risk, the risk arising from changes in the market value of the contracts; and credit risk, the risk of failure by another party to perform according to the terms of a contract. The purchase and sale of futures and options on futures contracts requires margin deposits with a Futures Commission Merchant (FCM). Additional deposits may be necessary for any loss on contract value. The Commodity Exchange Act (CEAct) requires an FCM to segregate all customer transactions and assets from the FCM's proprietary activities. A customer's cash and other property such as U.S. Treasury Bills, deposited with an FCM are considered commingled with all other customer funds subject to the FCM's segregation requirements. In the event of an FCM's insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than the total of cash and other property deposited. The Partnership has cash on deposit with an affiliate interbank market maker in connection with its trading of forward contracts. In the event of the interbank market maker's insolvency, recovery of the Partnership assets on deposit may be limited to account insurance or other protection afforded such deposits. In the normal course of business, the Partnership does not require collateral from such interbank market maker. Because forward contracts are traded in unregulated markets between principals, the Partnership also assumes a credit risk, the risk of loss from counter party non-performance. For derivatives, risks arise from changes in the market value of the contracts. Theoretically, the Partnership is exposed to a market risk equal to the value of futures and forward contracts purchased and unlimited liability on such contracts sold short. As both a buyer and seller of options, the Partnership pays or receives a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option. The notional amounts of open contracts at June 30, 2002, as disclosed in the Schedule of Investments, do not represent the Partnership's risk of loss due to market and credit risk, but rather represent the Partnership's extent of involvement in derivatives at the date of the statement of financial condition. Net trading results from derivatives for the quarter ended June, 2002 and 2001, are reflected in the statement of operations and equal gains (losses) from trading less brokerage commissions. Such trading results reflect the net gain arising from the Partnership's speculative trading of futures contracts, options on futures contracts, and forward contracts. The Limited Partners bear the risk of loss only to the extent of the market value of their respective investments.
(6) FINANCIAL STATEMENT PREPARATION The interim financial statements are unaudited, but reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These adjustments consist primarily of normal recurring accruals. These interim financial statements should be read in conjunction with the audited financial statements of the Partnership for the year ended December 31, 2001, as filed with the Securities and Exchange Commission on March 29, 2002, as part of its Annual Report on Form 10-K. The results of operations for interim periods are not necessarily indicative of the operating results to be expected for the fiscal year. (7) Investments in Other Commodity Pools In December 2001, the Partnership invested in another commodity pool, IDS Managed Fund LLC (IDSMF). The investment is subject to the terms of the respective advisory contract and other agreements of this commodity pool. Income (loss) is net of the Partnership's proportionate share of fees and expenses incurred or charged by IDSMF. During 2002, IDSMF charged monthly management fees of 1/12 of 2% of the NAV and a quarterly incentive fee of 20% of trading profits. The Partnership's risk of loss in its investee pool is limited to its investment. The Partnership may make additional contributions to or withdrawals from its investment in IDSMF as of the last day of any month. Summarized information reflecting the Partnership's investment in, and the operations of, the investee pool is as shown in the following table.
Initial investment in IDSMF, December 31, 2001 $ 2,257,061 Results of operations of IDSMF: Revenues 1,739,688 Management and incentive fees (401,977) Other expenses (168,147) Net income before allocation to Limited Partners 1,169,564 Special allocation to the other Limited Partner 954,031 Partnership's income from investment in IDSMF 215,533 Partnership's redemptions in IDSMF (143,174) Net Asset Value of the Partnership's investment in IDSMF, June 30, 2002 $ 2,329,420
(8) Financial Highlights The following financial highlights show the Partnership's financial performance for the period ended June 30, 2002. Total return is calculated as the change is a theoretical beneficial owner's investment over the entire period. Total return is calculated based on the aggregate return of the Partnership taken as a whole.
Total return 17.95% Ratio to average net assets: Net Income 14.09% Expenses: Expenses 2.86 Incentive fees 0.00 Total expenses 2.86%
The net investment income and operating expenses ratios are computed based upon the weighted average net assets for the Partnership for the period ended June 30, 2002. Ratios do not reflect income or expenses related to investment in other commodity pools.
IDS MANAGED FUTURES II, L.P. Schedule of Investments June 30, 2002 Number of Principal Value (OTE) contracts (notional) Long positions Futures positions (3.1%) Interest rates 245 $ 38,595,089 214,883 Metals 40 1,385,969 (18,016) Indices 0 0 0 39,981,058 196,867 Forward positions (10.56%) Currencies 1,063,294 (8,021) Australian Dollar 615,591 (4,644) Australian Dollar 2,450,795 119,576 Swiss Franc 987,811 43,991 European Euro 1,382,935 61,587 European Euro 3,580,815 159,467 European Euro 3,998,320 149,413 British Pound 746,353 18,012 British Pound 2,728,958 99,998 Japanese Yen 748,158 29,695 Japanese Yen 7,719 267 Japanese Yen 784,928 844 Japanese Yen 27,949 (34) Japanese Yen 19,123,626 670,151 Total long positions $ 59,104,684 867,018 Short positions Futures positions (-0.02%) Interest rates 0 $ 0 0 Metals 39 1,362,000 (21,710) Indices 26 1,636,612 20,554 2,998,612 (1,156) Forward positions (-2.62%) Currencies 6 5,282,661 (166,371) Total short positions $ 8,281,273 (167,527) Total open contracts (11.02%) $ 699,491 Cash on deposit with brokers (52.98%) 3,363,565 Investment in other commodity pools (36.69%) 2,329,420 Other assets in excess of liabilities (-0.69%) (43,929) Net assets (100%) $ 6,348,547
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation Fiscal Quarter ended June 30, 2002 The Partnership posted a gain of $1,473,858 or $140.30 per unit for the second quarter of 2002. The Partnership's performance was strong throughout the quarter. Powerful trends in the currency sector propelled performance higher. On June, 30, 2002, the JWH was managing 63% of the Partnership's assets while Sunrise was managing 37% of the Partnership's assets. The Partnership began the quarter with slightly lower performance in April. Weakness in the U.S. dollar provided strong results in the currency sector. Profits were accrued in short Dollar positions against the Japanese yen, Swiss franc, British pound and Euro. The long Dollar, short Euro position was the Partnership's most profitable position in April. Performance in the interest rate sector was very disappointing. Short positions in Dollar and Euro denominated bond markets were closed out as losses. Profitable long positions in the Japanese government bond market offset most of the losses incurred by interest rate trading. Turmoil in the Middle East lifted the energy market higher, providing small gains. The metals sector was slightly lower as gains in gold could not offset losses in copper, silver and aluminum. Overall the Partnership recorded a small loss of $5,529 or $0.52 per unit in April. The currency sector paved the way for strong performance in May. The U.S. dollar continued to weaken against most major currencies; most notably the Euro, the Japanese yen and the Swiss franc, providing strong profits. Trends in the currency markets were aided by the U.S. Treasury's "stand aside" approach on the Dollar policy and the Bank of Japan's failed intervention attempts. The Australian dollar continued to rise as the currency linked to physical commodities, due to expectations of higher global inflation. The Partnership's long Euro versus short Japanese yen position was also profitable. The stock index sector registered modest gains during May, primarily due to the German DAX. The steepening U.S. yield curve allowed long positions in the two, five and ten-year bonds to accrue profits. The Japanese government bond provided the largest profit as it continued to climb. Losses were absorbed in the Australian and European interest rate markets. The metals sector was also positive for the month. Profits in long gold positions more than offset losses in industrial and base metals. All in all, the Partnership recorded a gain of $402,840 or $38.18 per unit in May. The Partnership followed May's gain with an extremely positive June. The economic drivers that fueled the strong performance included a confluence of events influencing the currency sector, which was the strongest performing sector due to the recent weakness of the Dollar. The Euro gained approximately 15% on the Dollar for the year-to-date. Investors selling U.S. stocks due to fear of additional accounting abnormalities put pressure on stocks as well as the Dollar. Much of the proceeds moved into non-dollar investments along with global bonds and gold. The global bond market rallied as a result of money coming from sales of equities. This "flight to quality" helped the Partnership's long positions in the European, Japanese and U.S. bond markets to appreciate throughout the month. Short positions in the world's stock markets via stock index futures were positive contributors in June. Corn and soybeans prices gained over 15% since lows were made in May. For June, the Partnership recorded a gain of $1,076,547 or $102.64 per unit. During the quarter, investors redeemed a total of 274.31 units. At the end of the quarter there were 10,061.77 units outstanding (including 376.57 units owned by the General Partners). During the fiscal quarter ended June 30, 2002 the Partnership had no material credit exposure to a counter-party which is a foreign commodities exchange.
Fiscal Quarter ended June 30, 2001 The Partnership recorded a loss of $977,911 or $84.01 per unit for the second quarter of 2001. The Partnership posted losses in each of the three months in the second quarter. Overall, the second quarter of fiscal 2001 ended substantially negative for the Partnership. Both managers, Welton and JWH experienced poor performance. On June 30, 2001, JWH was managing 56.8% of the Partnership's assets while Welton was managing 43.2% of the Partnership's assets. In April, the Partnership suffered losses as the economy and the U.S. stock market demonstrated signs of rebounding. An unexpected discount rate cut in the U.S., coupled with a lack of a cut in Europe, caused trend reversals in both the Euro and U.S. dollar denominated bond markets. These reversals were negative for The Partnership's investors. Long positions in the Japanese bond market, which have been maintained for several months, were closed out after similar price behavior. Trading in British, Swiss and Australian interest rates was also slightly negative. The currency sector experienced losses in April. The biggest loss came in the Yen, which was up against the Dollar for the first month since August. The U.S. dollar fared slightly better against the Euro, Swiss franc and the British pound, but lost ground to each for the month. Gold rallied slightly off its low, which reduced open trade profits and led to a small loss in the metal sector. Petroleum prices continued trading in a volatile, sideways manner which accounted for a small loss in energy. Overall, the Partnership recorded a loss of $595,102 or $50.88 per unit in April. In May, short positions in the Euro proved to be very profitable for the Partnership. The Euro continued to erode in value against the U.S. dollar as a lack of confidence in their monetary system is making Europeans reconsider the need for a common currency. Trading in the interest rate sector was challenging. Despite rate cuts by both the Fed and the European Central Bank, many interest rate markets moved in a trendless manner which resulted in losses. Energy markets were indecisive in May. Gains in short natural gas positions were the most profitable while long crude oil positions incurred losses. As has been the case for several months, the Partnership had very small positions in metal and commodity markets due to a lack of price trends. The Partnership recorded a loss of $112,726 or $9.64 per unit in May. In June, the Partnership suffered losses in interest rate and currency trading primarily due to the uncertainty in the global economy. The interest rate sector experienced negative performance largely due to the volatility associated with the U.S. Federal Reserve's rate cut. Markets failed to follow through after the cut, which led to losses in all U.S. dollar and the Euro denominated interest rate trading. Australian interest rate trading was negative as well. The only bright spot in the interest rate sector came from the long positions in Japanese government bonds. The re-election of U.K. Prime Minister Tony Blair added to an already confusing situation in the currency sector. The Euro and British pound closed the month about unchanged against the U.S. dollar. However, the intra-month volatility in each of these markets triggered stop-loss selling. The Partnership's long Yen/short Euro position, which had been profitable in May, was closed due to weakness in the Yen. Losses in crude oil and gasoline trading more than offset gains made in short positions in natural gas. The Partnership recorded a loss of $270,083 or $23.49 per unit in June. The Partnership was down 5.50% for the calendar year-to-date. During the quarter, investors redeemed a total of 521.29 units. At the end of the quarter there were 11,444.50 units outstanding (including 450.32 units owned by the General Partners). During the fiscal quarter ended June 30, 2001 the Partnership had no material credit exposure to a counterparty which is a foreign commodities exchange or to any counterparty dealing in over the counter contract which was material.
Fiscal Quarter ended March 31, 2002 The Partnership recorded a loss of $520,709 or $47.75 per unit for the first quarter of 2002. Performance throughout the quarter was disappointing. Volatile Japanese markets were the primary source of performance problems. On March 30, 2002, the JWH was managing 58% of the Partnership's assets while Sunrise was managing 42% of the Partnership's assets. In January, performance was positive in the currency and energy sectors while interest rate, metal, stock index and commodity markets posted losses. The most significant gains came from the currency sector where the Japanese yen continued to lose value. This was beneficial to the Partnership because the short Yen position was the largest in the portfolio. Trading in all other currency markets was negative. The Enron news created a "flight to quality" situation which led to higher U.S. and European bond prices. These news items and others ceased the selling activity in global bonds and caused losses in the Partnership's long positions. Profitable short positions in Japanese government bonds were not large enough to make interest rate trading profitable. The energy sector posted a very small gain as short positions in natural gas exceeded losses taken in all other energy markets. Overall, the Partnership recorded a loss of $61,075 or $5.58 per unit in January. During February, fluctuating price patterns continued which led to a difficult month for the Partnership. The key element in performance was the trend reversals in the Japanese financial markets. The Nikkei (stock index), Japanese government bonds and the Yen accounted for approximately one half of the losses in the portfolio. Losses in the currency sector also occurred in the British pound, Swiss franc and Euro. As mentioned above, trading in Japanese government bonds was negative. Further losses in the interest rate sector occurred in U.S. bond trading. Trading in European bonds was negative as well. Open trade profits accrued in short term interest rates helped offset some of the losses incurred by the balance of the sector. Performance in the energy sector was also unprofitable. Short positions in crude oil, natural gas and gasoline suffered as prices rose throughout the sector. Gold prices continued to rise, which allowed the Partnership's long positions to accrue profits. The Partnership recorded a loss of $266,145 or $24.37 per unit in February March was another disappointing month. Positive returns from the energy and interest rate sectors were overpowered by losses in the currency sector. Currencies, particularly the Yen, were hit hard during March. Japanese corporations spurred a rally in the Yen when they actively repatriated Yen for year-end accounting purposes. This proved to be detrimental for the Partnership's short Yen position. The U.S. dollar traded in a sideways pattern against the British pound, Swiss franc and Euro, resulting in additional losses. The energy and interest rate sectors turned in a positive performance. Profits accrued in short positions in Euro denominated markets out weighed losses in the Japanese bond market. For the month, the Partnership recorded a loss of $193,489 or $17.80 per unit in March. During the quarter, investors redeemed a total of 162.87 units. At the end of the quarter there were 10,712.65 units outstanding (including 376.57 units owned by the General Partners). During the fiscal quarter ended March 30, 2002 the Partnership had no material credit exposure to a counterparty which is a foreign commodities exchange.
Fiscal Quarter ended March 31, 2001 The Partnership recorded a gain of $612,789 or $52.30 per unit for the first quarter of 2001. During the first two months of the quarter, the Partnership experienced slightly negative performance. However, during March, strong gains were recorded. Overall, the first quarter of fiscal year 2001 ended substantially positive for the Partnership account managed by JWH and slightly negative for the accounts managed by Welton. On March 30, 2001, JWH was managing 54.8% of the Partnership's assets while Welton was managing 45.2% of the Partnership's assets. In January, positive performance in the currency sector early in the month turned into a small loss by month end. The single most profitable position in the Partnership's portfolio was short Japanese yen. Long positions in the Euro and the U.S. dollar against the Yen were not enough to offset losses in other currency positions. In the interest rate sector, the Partnership's long bond positions in various countries around the world were slightly positive. Small profits were produced in almost every geographic area. Crude and heating oil prices bounced about in a featureless pattern. The metal sector showed signs of breaking out of its prolonged down trend as silver, copper and aluminum rallied sharply. Overall, the Partnership recorded a loss of $159,898 or $13.29 per unit in January. During February, the Bank of Japan once again adopted a policy of reducing interest rates as Japanese economic recovery stalled. This allowed the Partnership's long positions in Japanese bonds to greatly appreciate in value. Smaller gains were made in long positions in U.S., German, British, and Australian interest rates. Trading in European currencies was negative. Both the Euro and Swiss franc traded in erratic patterns for much of the month, which more than offset the gains made in the Yen. OPEC agreed to cut output by 1.5 million barrels a day in order to support prices. However, the slowing of global economies counteracted this decrease leading to an unprofitable trading environment for the Partnership. By the end of the month, the Partnership had all but exited the energy sector. The Partnership recorded a loss of $12,973 or $1.09 per unit in February. In March, the Partnership experienced strong positive performance. Despite a trend interruption late in the month, trading in the interest rate sector was positive with some geographic areas dramatically outperforming others. The Bank of Japan's decision to stimulate Japan's economy at all costs hastened the decline of Japanese interest rates which allowed the Partnership's long Japanese bond positions to be the most profitable in the portfolio. Gloomy growth outlooks for Europe and Great Britain directed interest rates lower which was profitable for the Partnership. Conversely, trading in U.S. interest rates was negative. The currency sector, which had been up dramatically since September, continued its stellar performance in March. The unyielding strength of the U.S. dollar versus the Japanese yen was the cornerstone of the sector's performance. The Yen lost approximately 8% to the U.S. dollar in March and approximately 17% since September. Gains were also accrued in long U.S. dollar positions against the Swiss franc and Australian dollar. Trading in the U.S. dollar versus the Euro was slightly negative. As had been the case for several months, position sizes in the commodity, metal, energy and stock index sectors were quite small due to lack of price trends. The Partnership recorded a gain of $785,660.31 or $66.67 per unit in March. During the quarter, investors redeemed a total of 268.78 units. At the end of the quarter there were 11,697.01 units outstanding (including 450.32 units owned by the General Partners). During the fiscal quarter ended March 30, 2001 the Partnership had no material credit exposure to a counterparty which is a foreign commodities exchange.
Item 3. Quantitative and Qualitative Disclosures About Market Risk There has been no material change with respect to market risk since the "Quantitative and Qualitative Disclosures About Market Risk" was made in the Form 10-K of the Partnership dated December 31, 2001.
Part II. OTHER INFORMATION Item 1. Legal Proceedings The Partnership and its affiliates are from time to time parties to various legal actions arising in the normal course of business. The General Partners believe that there is no proceeding threatened or pending against the Partnership or any of its affiliates which, if determined adversely, would have a material adverse effect on the financial condition or results of operations of the Partnership.
Item 2. Changes in Securities None
Item 3. Defaults Upon Senior Securities None
Item 4. Submission of Matters to a vote of Security Holders None
Item 5. Other Information None
Item 6. Exhibits and Reports on Form 8-K a) Exhibits Exhibit 99 - Certification Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code b) Reports on Form 8-K None
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned and thereunto duly authorized. IDS MANAGED FUTURES II, L.P. Date: August 14, 2002 By: CIS Investments, Inc., One of its General Partners
By: /s/ Shaun O'Brien Shaun O'Brien Vice President, CFO and Director (Duly authorized officer of the General Partner and the Principal Financial Officer of the General Partner) Exhibit 99 - Certification Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code I, Shaun D. O'Brien, the Chief Financial Officer of CIS Investments, Inc. ("CISI"), the General Partner of IDS Managed Futures II, L.P. (the "Partnership"), and I, James A. Davison, the President of CISI, certify that (i) the attached 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in the attached 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

James A. Davison President CIS Investments, Inc. August 14, 2002

Shaun D. O'Brien Chief Financial Officer CIS Investments, Inc. August 14, 2002