# UNITED STATES 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 September 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 incorporation or
         organization) | (I.R.S. Employer Identification No.)

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

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

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.  |X| Yes      |_| No

Indicate by check mark whether the registrant is an accelerated filer
(as defined in Rule 12b-2 of the Exchange Act).  |_| Yes      |X| No

The number of units outstanding, as of September 30, 2002, are 10,292.34.

# TABLE OF CONTENTS

|PART I.  FINANCIAL INFORMATION
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|PART II.  OTHER INFORMATION   
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|SIGNATURES                    
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|CERTIFICATIONS                
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|EXHIBIT 99                    
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|FORM 10-K DECEMBER 31, 2001   

# PART 1  FINANCIAL INFORMATION

## Item 1. Financial Statements

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

|                                          | Fiscal QuarterEnded 9/30/02 | Year to DateEnded 9/30/02 | Fiscal YearEnded 12/31/01 | Fiscal QuarterEnded 9/30/01 | Year to DateEnded 9/30/01
|----------------------------------------- | --------------------------- | ------------------------- | ------------------------- | --------------------------- | -------------------------
|                                         
|Statements 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

|                                                                                                                                             |   | Sept. 30, 2002 |  |   | Dec. 31, 2001
|-------------------------------------------------------------------------------------------------------------------------------------------- | - | -------------- |  | - | -------------
|
|Assets                                                                                                                                       |  
|Assets:                                                                                                                                     
|Equity in commodity futures trading
         accounts:                                                                                       |  
|Cash on deposit with
        Brokers                                                                                                         | $ | 4,688,754      |  | $ | 3,297,546    
|Unrealized gain on
        open futures contracts                                                                                            |   | 472,724        |  |   | 178,075      
|Investment in other
        commodity pools                                                                                                  |   | 2,479,460      |  |   | 2,257,061    
|                                                                                                                                            
|                                                                                                                                             |   | 7,640,938      |  |   | 5,732,682    
|                                                                                                                                            
|Interest Receivable                                                                                                                          |   | 5,503          |  |   | 4,169        
|Receivable from other commodity pools                                                                                                        |   | 25,985         |  |   | 52,226       
|                                                                                                                                            
|Total Assets                                                                                                                                 |   | 7,672,426      |  |   | 5,789,077    
|                                                                                                                                            
|Liabilities and Partners' Capital                                                                                                            |  
|Liabilities:                                                                                                                                
|Accrued commissions                                                                                                                          |   | 8,946          |  |   | 4,933        
|Accrued exchange, clearing and NFA fees                                                                                                      |   | 41             |  |   | 24           
|Accrued management fees                                                                                                                      |   | 8,587          |  |   | 5,766        
|Accrued incentive fees                                                                                                                       |   | 213,892        |  |   | 0            
|Accrued general partner fee                                                                                                                  |   | 827            |  |   | 1,803        
|Accrued operating expenses                                                                                                                   |   | 15,715         |  |   | 32,000       
|Redemptions payable                                                                                                                          |   | 44,700         |  |   | 98,720       
|                                                                                                                                            
|Total liabilities                                                                                                                            |   | 292,708        |  |   | 143,246      
|                                                                                                                                            
|Partners' Capital:                                                                                                                          
|Limited partners (9,915.77 units
         outstanding at September 30,2002,
               10,498.95 units outstanding at December 31, 2001) |   | 7,109,714      |  |   | 5,413,630    
|General partners (376.57 units
         outstanding at September 30, 2002,
               450.32 units outstanding at December 31, 2001)     |   | 270,004        |  |   | 232,201      
|                                                                                                                                            
|Total parters' capital                                                                                                                       |   | 7,379,718      |  |   | 5,645,831    
|                                                                                                                                            
|Total liabilities and partners' capital                                                                                                      | $ | 7,672,426      |  | $ | 5,789,077    
|                                                                                                                                            
|Net asset per outstanding unit of parternship interest                                                                                       | $ | 717.01         |  | $ | 515.64       
|                                                                                                                                            
|See accompanying notes to financial statements.                                                                                             

# IDS MANAGED FUTURES II, L.P.
STATEMENTS OF OPERATIONS
(unaudited)

|                                                                                                              |   | July 1, 2002throughSept. 30, 2002 |   |  |   | Jan. 1, 2002throughSept. 30, 2002 |  |  |   | July 1, 2001throughSept. 30, 2001 |   |  |   | Jan. 1, 2001throughSept. 30, 2001 |  
|------------------------------------------------------------------------------------------------------------- | - | --------------------------------- | - |  | - | --------------------------------- |  |  | - | --------------------------------- | - |  | - | --------------------------------- | -
|Revenues:                                                                                                    
|Gain (loss) on trading of commodity
        futures and
              forwards contracts and related options: |  
|Realized gain (loss)
        on closed positions                                                              | $ | 1,419,822                         |   |  | $ | 1,755,624                         |  |  | $ | (386,636                          | ) |  | $ | 722,273                           |  
|Change in unrealized
        gain (loss) on open
              positions                                      |   | (226,769                          | ) |  |   | 294,648                           |  |  |   | 224,042                           |   |  |   | (1,129,957                        | )
|Interest Income                                                                                               |   | 15,113                            |   |  |   | 36,112                            |  |  |   | 46,253                            |   |  |   | 177,915                           |  
|Income from Investment in other
        commodity pools                                                       |   | 207,477                           |   |  |   | 423,010                           |  |  |   | 0                                 |   |  |   | 0                                 |  
|Foreign currency transaction gain                                                                             |   | 2,997                             |   |  |   | 11,968                            |  |  |   | 15,922                            |   |  |   | 23,027                            |  
|Other income                                                                                                  |   | 0                                 |   |  |   | 0                                 |  |  |   | 0                                 |   |  |   | 38,025                            |  
|                                                                                                             
|Total revenues (losses)                                                                                       | $ | 1,418,640                         |   |  | $ | 2,521,362                         |  |  | $ | (100,419                          | ) |  | $ | (168,717                          | )
|                                                                                                             
|Expenses:                                                                                                    
|Commissions                                                                                                   |   | 38,074                            |   |  |   | 135,131                           |  |  |   | 83,581                            |   |  |   | 271,729                           |  
|Exchange, clearing and NFA fees                                                                               |   | 106                               |   |  |   | 805                               |  |  |   | 10,364                            |   |  |   | 27,508                            |  
|Management fees                                                                                               |   | 24,131                            |   |  |   | 56,879                            |  |  |   | 19,673                            |   |  |   | 87,402                            |  
|Incentive fees                                                                                                |   | 214,801                           |   |  |   | 214,801                           |  |  |   | 0                                 |   |  |   | 7,402                             |  
|General Partners fee                                                                                          |   | 2,179                             |   |  |   | 4,751                             |  |  |   | 0                                 |   |  |   | 0                                 |  
|Operating expenses                                                                                            |   | 8,109                             |   |  |   | 24,607                            |  |  |   | 8,173                             |   |  |   | 24,573                            |  
|                                                                                                             
|Total expenses                                                                                                |   | 287,400                           |   |  |   | 436,974                           |  |  |   | 121,791                           |   |  |   | 418,614                           |  
|                                                                                                             
|Net profit (loss)                                                                                             | $ | 1,131,240                         |   |  | $ | 2,084,388                         |  |  | $ | (222,210                          | ) |  | $ | (587,331                          | )
|                                                                                                             
|Gain (loss) per unit of partnership interest                                                                  | $ | 108.82                            |   |  | $ | 201.37                            |  |  | $ | (84.01                            | ) |  | $ | (31.71                            | )
|                                                                                                             
|See accompanying notes to financial statements.                                                              

# IDS MANAGED FUTURES II, L.P.
STATEMENT OF CHANGES IN UNITHOLDERS' CAPITAL
(unaudited)

|                                                | Units*    |   |  |   | LimitedPartners |   |  |   | GeneralPartners |   |  |   | Total     |  
|----------------------------------------------- | --------- | - |  | - | --------------- | - |  | - | --------------- | - |  | - | --------- | -
|                                               
|Partners' capital at January 1, 2002            | 10,498.95 |   |  | $ | 5,413,630       |   |  | $ | 232,201         |   |  | $ | 5,645,831 |  
|                                               
|Net profit                                      |           |   |  |   | 2,012,078       |   |  |   | 72,310          |   |  |   | 2,084,388 |  
|                                               
|Redemptions                                     | (583.18   | ) |  |   | (315,994        | ) |  |   | (34,507         | ) |  |   | (350,501  | )
|                                               
|Partners' capital at September 30, 2002         | 9,915.77  |   |  | $ | 7,109,714       |   |  | $ | 270,004         |   |  | $ | 7,379,718 |  
|                                               
|Net asset value per unit September 30, 2002     |           |   |  |   | 717.01          |   |  |   | 717.01          |   |  |   |           |  
|                                               
|* Units of Limited Partnership interest.       
|                                               
|See accompanying notes to financial statements.

# IDS MANAGED FUTURES II, L.P.
    NOTES TO FINANCIAL STATEMENTS

September 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) (collectively,
the General Partners). 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, forward 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 forward 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 Sunrise Capital Partners, LLC (Sunrise), the
Partnership pays $21.875 per half-turn contract. The Partnership pays these
commissions directly to CIS and CISFS, and CIS then reallocates the appropriate
portion to AEFA Advisors.

## Foreign Currency Transactions

Trading accounts in foreign
currency denominations are susceptible to both movements in the underlying
contract markets as well as fluctuations in currency rates. Foreign currencies
are translated into U.S. dollars for closed positions 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 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 period of these financial statements were made by the
following Commodity Trading Advisors (CTAs): John W. Henry & Company, Inc.
(JWH) and 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 new trading profits, if any, attributable to its management.
Sunrise is paid its management and incentive fees by IDS Managed Fund LLC.

## (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 September 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 (CE Act) 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 affiliated 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 counterparty 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 September 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 represents 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 September 30, 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 (SEC) 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.

|Investment in IDSMF, December 31, 2001                                               | $ | 2,257,061 |  
|------------------------------------------------------------------------------------ | - | --------- | -
|Results of operations of IDSMF:                                                      |  
|Revenues                                                                             |   | 3,233,252 |  
|Management and incentive fees                                                        |   | (726,005  | )
|Other expenses                                                                       |   | (252,293  | )
|Net income before allocation to Limited Partners                                     |   | 2,254,954 |  
|Special allocation to the other Limited Partner                                      |   | 1,831,944 |  
|Partnership's income from investment in IDSMF                                        |   | 423,010   |  
|Partnership's redemptions in IDSMF                                                   |   | (200,611  | )
|Net Asset Value of the Partnership's investment in IDSMF,
        September 30, 2002 | $ | 2,479,460 |  

## (8)  Financial Highlights

The following financial
highlights show the Partnerships financial performance for the nine-month
period ended September 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                 | 39.05%
|---------------------------- | ------
|Ratio to average net assets: |       
|Net income                   | 29.15%
|Expenses:                    |       
|Expenses                     | 3.90  
|Incentive fees               | 3.77  
|Total expenses               | 7.67% 

The net investment income
and operating expenses ratios are computed based upon the weighted average net
assets for the Partnership for the nine-month period ended September 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
    September 30, 2002

|                                               | Number of
        contracts |         | Principal
        (notional) |  |   | Value (OTE) |  
|---------------------------------------------- | --------------------------- | ------- | ---------------------------- |  | - | ----------- | -
|Long positions                                
|Futures positions (5.53%)                     
|Interest rates                                
|SFE 3Y BND                                     | 25                          |         | 1,290,389                    |  | $ | 8,717       |  
|SFE 10Y BD                                     | 21                          |         | 1,080,162                    |  |   | 21,086      |  
|LF S. STRLG                                    | 44                          |         | 8,293,838                    |  |   | 29,002      |  
|LF GILT                                        | 9                           |         | 1,704,545                    |  |   | 45,825      |  
|ERX E BUND                                     | 56                          |         | 6,228,780                    |  |   | 121,044     |  
|ERX E BOBL                                     | 32                          |         | 3,470,912                    |  |   | 54,218      |  
|LIFE EURIB                                     | 27                          |         | 6,468,784                    |  |   | 21,580      |  
|TSE YEN BD                                     | 5                           |         | 5,762,297                    |  |   | (5,910      | )
|CBT T-BOND                                     | 14                          |         | 49,910                       |  |   | 71,266      |  
|CBT 10Y TN                                     | 14                          |         | 50,439                       |  |   | 55,750      |  
|IMM EURDLR                                     | 16                          |         | 3,920,800                    |  |   | 19,500      |  
|Metals                                         | 44                          |         | 801,986                      |  |   | (34,108     | )
|                                               |                             |         | 39,122,842                   |  |   | 407,970     |  
|Forward positions (0.15%)                     
|Currencies                                     | 14                          |         | 10,392,393                   |  |   | 10,966      |  
|Total long positions                           |                             |         | 49,515,235                   |  | $ | 418,936     |  
|                                              
|Short positions                               
|Futures positions (1.74%)                     
|Metals                                         | 55                          |         | 991,940                      |  |   | 39,464      |  
|Indices                                        | 27                          |         | 60,583                       |  |   | 88,924      |  
|                                               |                             |         | 1,052,523                    |  |   | 128,388     |  
|                                              
|Forward positions (-1.01%)                    
|Currencies                                     | 13                          |         | 8,701,635                    |  |   | (74,600     | )
|Total short positions                          |                             |         | 9,754,158                    |  | $ | 53,788      |  
|                                              
|Total open contracts (6.41%)                   | $                           | 472,724 |                             
|Cash on deposit with brokers (63.54%)          | 4,688,754                   |        
|Investment in other commodity pools (33.60%)   | 2,479,460                   |        
|Other assets in excess of liabilities (-3.54%) | (261,220                    | )      
|Net assets (100%)                              |                             |         |                              |  | $ | 7,379,718   |  

## Item 2.  Management's Discussion and Analysis of Financial
    Condition and Results of Operation

## Fiscal Quarter ended September 30, 2002

The Partnership recorded a gain of $1,131,240 or $108.82 per unit for the
    third quarter of 2002.

Performance throughout the
quarter was strong. Powerful trends in the interest rate sector propelled
performance higher. On September, 30, 2002, the John W. Henry & Company,
Inc. was managing 67% of the Partnerships assets while Sunrise was
managing 33% of the Partnerships assets.

Partnership performance was
very positive in July. The interest rate sector was the performance leaders as
the downward trend in global interest rates accelerated during the month.
Sizable gains were accrued in short-term interest rates denominated in British
pounds and Euros. Long positions in the U.S. 5, 10 and 30 year bonds were also
very profitable. After several months of positive performance, the currency
sector was negative in July. Profits made in long Dollar, short British pound
positions were offset by losses incurred in Euro and Japanese yen trading. Aided
by accounting scandals and decreased consumer confidence, the worlds stock
markets plummeted in July. Hence the Partnerships short positions in the
British and Japan stock indices reaped solid gains. The Partnerships long
positions in the metals sector were hurt when gold prices fell sharply but were
rewarded when short positions in industrial metals such as copper and aluminum
accrued profits. The Partnership recorded a gain of $478,432 or $45.83 per unit
in July.

The Partnership made new
highs for 2002 in August. The economic driver fuelling the gain in the interest
rate sector was a weak stock market. Money poured out of stocks and into bonds
throughout the month. Long positions in short to long-term bonds denominated in
Euro, Yen, and the U.S. dollar all made significant positive contributions.
Nearly all positions in the currency sector lost money. The Dollar, which had
lost value to all other major currencies in May and June, rallied sharply. The
Japanese yen surprised everyone and rallied sharply. Long positions in crude oil
were profitable as its price rose sharply during the month. Gold reversed its
downward trend that started in late June which led to a loss in the metals. In
the agricultural sector, profits in corn and wheat were offset by losses in
soybeans. The Partnership recorded a gain of $170,821 or $16.43 per unit in
August.

The Partnership closed the
quarter with a very positive September. On the strength of rising global bond
prices, both of the Partnerships managers, Sunrise and the JWH, posted
solid gains. In September, the U.S. economy continued to lead other
industrialized nations in a global economic slowdown. Subsequently, interest
rates denominated in Euros, British pounds, Australian dollars and, most
significantly, Japanese yen continued to fall providing positive returns for the
Partnership. The most profitable markets in this sector were the U.S. 10-year
bond, German bund and British treasury bill. Long positions in the Euro allowed
for positive performance in the currency sector. The rise in petroleum prices
was the primary driver for positive performance in the energy sector. The
Partnership recorded a gain of $481.987 or $46.55 per unit in September.

During the quarter,
investors redeemed a total of 146 units. At the end of the quarter there were
10,292.34 units outstanding (including 376.57 units owned by the General
Partners).

During the fiscal quarter
ended September 30, 2002 the Partnership had no material credit exposure to a
counterparty which is a foreign commodities exchange.

## Fiscal Quarter ended September 30, 2001

The Partnership recorded a loss of $222,210 or $19.58 per unit for the third
    quarter of 2001.

During the third quarter,
the Partnership experienced negative performance. The account managed by JWH was
up 8.37% for the quarter. However, the Alpha Program managed by Welton, which
overlays 100% of the Partnerships assets, was down 7.04% for the quarter.
On September 30, 2001, JWH was managing 64.08% of the Partnerships assets.
The balance of the Partnerships assets were being held in an interest
bearing account.

In July, 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 a short Japanese yen position. Long positions in the Euro and the
U.S. dollar against the Yen were not enough to offset losses in the other
currency positions. In the interest rate sector, the Partnerships long
global bond position was slightly positive. Small profits were produced in
almost every geographic area. Crude and heating oil prices bounced about in a
featureless patter. 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 $269,732 or $23.57 per unit in July.

During August,
disappointing economic indicators allowed for lower interest rates around the
globe and a positive month for the Partnership. The interest rate sector
performed extremely well in August. Profits were accrued from positions ranging
from short-term Treasury-bill to 30 year bonds. Interest rate trading was
profitable in all geographic areas except Japan. The currency sector posted a
positive result due to trading in European markets. Long positions in the Euro,
Swiss franc, and British pound against the U.S. dollar and Yen were very
profitable. Despite having participated lightly in stock index futures in
August, the Partnership amassed gains in this area due to short positions in
Japanese, German and British stock index futures. In the energy sector, gains in
heating oil were offset by losses in all other energy markets. In metals, a
rally in gold reversed abruptly and led to small losses in that sector. Gains in
coffee were not enough for the agricultural sector to post a gain. Overall, the
Partnership recorded a gain of $218,893 or $19.26 per unit in August.

On September 11, 2001, the
bombing of the World Trade Center sent a shock wave through the worlds
capital markets. CIS Investments, Inc. and Cargill Investor Services, Inc., the
Partnerships co-General Partner and Clearing Broker, respectively,
evacuated their Sears Tower location to operate out of their Disaster Recovery
site in suburban Chicago. All daily functions related to the Partnership, such
as trade processing, accounting and monitoring of trading activity, were
performed in a routine manner. On Wednesday, CISI and CIS resumed their normal
operations from their Sears Tower location.

Weltons Alpha
Portfolio, an options overlay program, is utilized to manage Partnership assets.
This type of strategy fares poorly during extreme market conditions. Hence,
Welton suffered large losses in September. These losses more than offset the
gains made by the JWH for the month. At the end of September, the
Partnerships largest positions were long interest rates around the globe
as well as short the U.S. dollar versus the Yen, Euro, and Swiss franc. Slightly
smaller positions were held in long gold as well as short British, Japanese and
German stock indices. Overall, the Partnership recorded a loss of $171,371 or
$15.27 per unit is September.

During the quarter,
investors redeemed a total of 244.68 units. At the end of the quarter there were
11,199.82 units outstanding (including 450.32 units owned by the General
Partners).

During the fiscal quarter
ended September 30, 2001, the Partnership had no material credit exposure to a
counterparty which is a foreign commodities exchange.

## 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, 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 2, 5 and 10-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
of these sales appeared to have 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
counterparty 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
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
an interest rate cut in Europe, caused trend reversals in both the Euro and U.S.
dollar denominated bond markets. These reversals were negative for the
Partnership. Long positions in the Japanese bond market, which had 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 U.S. 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 made 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 had 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 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.

## 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, 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 Japans
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 2000. 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 the lack of price trends. The Partnership recorded a gain of $785,660 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.

## Item 4.  Controls and Internal Procedures

Under the supervision and
with the participation of the management of CIS Investments, Inc., a General
Partner of the Partnership, including CISIs President and Chief Financial
Officer, the Partnership has evaluated the effectiveness of the design and
operation of its disclosure controls and procedures within 90 days of the filing
date of this quarterly report, and, based on their evaluation, the President and
Chief Financial Officer of CISIs have concluded that these disclosure
controls and procedures are effective. There were no significant changes in the
Partnerships internal controls or in other factors that could
significantly affect these controls subsequent to the date of their evaluation.

# 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 material adverse effect on
the financial condition or results of operations of the Partnership.

## Item 2.  Changes in Securities and Use of Proceeds

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: | November 12, 2002                                     
|----- | ------------------------------------------------------
|     
|     
|By:   | CIS Investment,s Inc.,
    One of its General Partners
|     
|     
|By:   | /s/  Shaun D. O'Brien                                 
|      | Shaun D. O'Brien
          Chief Financial Officer    

(Duly authorized officer of the General Partner and the Principal Financial
    Officer of the General Partner)

# CERTIFICATION

I, James A. Davison, the President of CIS Investments, Inc. ("CISI"), a
    General Partner of IDS Managed Futures II, L.P. (the "Partnership"), do hereby certify that:

1.  I have reviewed this quarterly report on Form 10-Q of the
    Partnership;

2.  Based on my knowledge, this quarterly report does not contain
    any untrue statement of a material fact or omit to state a
    material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
    misleading with respect to the period covered by this quarterly report;

3.  Based on my knowledge, the financial statements, and other
    financial information included in this quarterly report, fairly
    present in all material respects the financial condition, results of operations and cash flows of the Partnership as of, and
    for, the periods presented in this quarterly report;

4.  The Partnership's other certifying officers and I are
    responsible for establishing and maintaining disclosure controls and
    procedures (as such term is defined in paragraph (c) of Exchange Act Rule 15d-14) for the Partnership and we have:

| | (i)   designed such disclosure controls and
        procedures to ensure that material information relating to the Partnership, including its consolidated subsidiaries, is
        made known to us by others within those entities, particularly during the period in which this quarterly report is being
        prepared;
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | (ii)  evaluated the effectiveness of the
        Partnership's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly
        report (the "Evaluation Date"); and                                                                                                          
|
| | (iii)  presented in this quarterly report our
        conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation
        Date;                                                                                                                                

5.  The Partnership's other certifying officers and I have
    disclosed, based on our most recent evaluation, to the Partnership's auditors and the audit committee of the Partnership's
    board of directors (or persons performing the equivalent functions):

| | (i)  all significant deficiencies in the design or
        operation of internal controls which could adversely affect the Partnership's ability to record, process, summarize and
        report financial data and have identified for the Partnership's auditors any material weaknesses in internal controls; and
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | (ii)  any fraud, whether or not material, that
        involves management or other employees who have a significant role in the Partnership's internal controls; and                                                                                                                                                

6.  The Partnership's other certifying officers and I have
    indicated in this quarterly report whether or not there were significant changes in internal controls or in other factors that
    could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective
    actions with regard to significant deficiencies and material weaknesses.

|By: | /s/  James A. Davison                                                                           
|--- | ------------------------------------------------------------------------------------------------
|    | James A. Davison
          President
          CIS Investments, Inc.
          November 12, 2002

# CERTIFICATION

I, Shawn O'Brien, the Chief Financial Officer of CIS Investments, Inc.
    ("CISI"), a General Partner of IDS Managed Futures II, L.P. (the "Partnership"), do hereby certify that:

1.  I have reviewed this quarterly report on Form 10-Q of the
    Partnership;

2.  Based on my knowledge, this quarterly report does not contain
    any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of
    the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly
    report;

3.  Based on my knowledge, the financial statements, and other
    financial information included in this quarterly report, fairly present in all material respects the financial condition,
    results of operations and cash flows of the Partnership as of, and for, the periods presented in this quarterly report;

4.  The Partnership's other certifying officers and I are
    responsible for establishing and maintaining disclosure controls and procedures (as such term is defined in paragraph (c) of
    Exchange Act Rule 15d-14) for the Partnership and we have:

| | (i)  designed such disclosure controls and
        procedures to ensure that material information relating to the Partnership, including its consolidated subsidiaries, is
        made known to us by others within those entities, particularly during the period in which this quarterly report is being
        prepared;
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | (ii)  evaluated the effectiveness of the
        Partnership's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly
        report (the "Evaluation Date"); and                                                                                                         
|
| | (iii)  presented in this quarterly report our
        conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation
        Date;                                                                                                                               

5.  The Partnership's other certifying officers and I have
    disclosed, based on our most recent evaluation, to the Partnership's auditors and the audit committee of the Partnership's
    board of directors (or persons performing the equivalent functions):

| | (i)  all significant deficiencies in the design or
        operation of internal controls which could adversely affect the Partnership's ability to record, process, summarize and
        report financial data and have identified for the Partnership's auditors any material weaknesses in internal controls; and
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | (ii)  any fraud, whether or not material, that
        involves management or other employees who have a significant role in the Partnership's internal controls; and                                                                                                                                                

6.  The Partnership's other certifying officers and I have
    1indicated in this quarterly report whether or not there were significant changes in internal controls or in other factors
    that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any
    corrective actions with regard to significant deficiencies and material weaknesses.

|By: | /s/  Shaun D. O'Brien                                                                                         
|--- | --------------------------------------------------------------------------------------------------------------
|    | Shaun D. O'Brien
          Chief Financial Officer
          CIS Investments, Inc.
          November 12, 2002