`SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM 10-Q

 Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange
                                 Act of 1934For the quarterly period ended March 31, 2002Commission File Number 0-17443IDS 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    NoItem 1.  Financial Statements

Following are Financial Statements for the fiscal quarter ended March 31, 2002 and the additional time frames as noted:`

`Fiscal Quarter     Year to Date       Fiscal Year     Fiscal Quarter     Year to Date
                                      Ended 3/31/02      Ended 3/31/02    Ended 12/31/01     Ended 3/31/01    Ended 3/31/01`

`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
                                                   UNAUDITEDMar 31, 2002      Dec 31, 2001`

`ASSETS`

`Equity in commodity futures
   trading accounts:
   Cash on deposit with Brokers                                  $ 2,969,060      $ 3,297,546
   Unrealized gain (loss) on open
     futures contracts                                                13,288          178,075
Investment in other commodity pools                                2,092,393        2,257,061

                                                                   5,074,741        5,732,682

Interest receivable                                                    3,768            4,169
Receivable from other commodity pools                                 44,181           52,226

      Total assets                                               $ 5,122,690      $ 5,789,077


LIABILITIES AND PARTNERS' CAPITAL

Liabilities:
   Accrued commissions on open
     futures contracts due to AEFA Advisors and CIS                   $7,553           $4,933
   Accrued exchange, clearing and NFA fees                              $118               24
   Accrued management fee                                              4,956            5,766
   Accrued incentive fee                                                   0                0
   Accrued general partner fee                                           634            1,803
   Accrued operating expenses                                         23,557           32,000
   Redemptions payable                                                73,539           98,720

      Total liabilities                                              110,356          143,246

Partners' Capital:
   Limited partners (10,336.08 units                               4,836,140        5,413,630
    outstanding at March 31, 2002, 10,498.95
    units outstanding at December 31, 2001)(see Note 1)
   General partners (376.57 units outstanding at  March 31, 2002,    176,193          232,201
450.32 units outstanding  at December 31, 2001) (see Note 1)

      Total partners' capital                                      5,012,334        5,645,831

      Total liabilities and
        partners' capital                                        $ 5,122,690      $ 5,789,077

Net assets per outstanding unit of partnership interest              $467.89          $515.64

See accompanying notes to financial statements.`

`IDS MANAGED FUTURES II, L.P.
                                                      STATEMENTS OF OPERATIONS
                                                              UNAUDITED Jan 1, 2002      Jan 1, 2002      Jan 1, 2001     Jan 1, 2001
                                                                 Mar 31, 2002     Mar 31, 2002     Mar 31, 2001    Mar 31, 2001`

`REVENUES`

`Gain (loss) on trading of commodity futures
  and forwards contracts, physical
  commodities and related options:
  Realized gain (loss) on closed positions                         ($193,420)       ($193,420)      $1,891,700      $1,891,700
   Change in unrealized gain (loss)
     on open positions                                              (164,787)        (164,787)       ($938,766)      ($938,766)
Interest income                                                       10,779           10,779           76,143         $76,143
 Income (loss) from investment in other commodity pools              (99,574)         (99,574)
Foreign currency transaction gain (loss)                              (3,862)          (3,862)        (263,539)      ($263,539)
Other revenue                                                              0                0                0               0

      Total revenues (losses)                                      ($450,865)       ($450,865)        $765,538        $765,538

EXPENSES

   Commissions paid to AEFA Advisors and CIS                          44,897           44,897          100,887         100,887
   Exchange fees                                                         411              411            7,107           7,107
   Management fees                                                    15,860           15,860           35,148          35,148
   Incentive fees                                                          0                0            1,312           1,312
   General partner fees                                                  258              258                0               0
   Operating expenses                                                  8,418            8,418            8,295           8,295

      Total expenses                                                  69,844           69,844          152,749         152,749

      Net gain (loss)                                              ($520,709)       ($520,709)        $612,789        $612,789

PROFIT (LOSS) PER UNIT OF PARTNERSHIP INTEREST                       ($47.75)         ($47.75)          $52.30          $52.30

See accompanying notes to financial statements.`

`IDS MANAGED FUTURES II, L.P.
                                       STATEMENT OF CHANGES IN PARTNERS' CAPITAL
                                                       UNAUDITEDLimited         General
                                                         Units*        Partners        Partners          Total`

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

`Net profit (loss)                                                       (499,208)       (21,501)        (520,709)

Redemptions (see Note 1)                               (162.87)          (78,281)       (34,507)        (112,788)

Partners' capital at March 31, 2002                  10,336.08        $4,836,140       $176,193       $5,012,334

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

Net profit (loss) per unit                                                (47.75)        (47.75)

Net asset value per unit March 31, 2002                                  $467.89        $467.89

* Units of Limited Partnership interest.

See accompanying notes to financial statements.`

`IDS MANAGED FUTURES II, L.P.
                        NOTES TO FINANCIAL STATEMENTS
                               March 31, 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,    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

        Effective  January 18,   1999,  brokerage  commissions  and  National
        Futures  Association  (NFA) clearing and exchange fees are accrued on
        a half-turn  basis on open commodity  futures  contracts,  as opposed
        to a round-turn  basis prior to this date. The  Partnership  pays CIS
        commissions  on trades  executed  on its  behalf at a rate of $29.375
        per half-turn contract  (previously $58.75 per round-turn  contract).
        For  trades   executed   by  Welton   Investment   Corporation,   the
        Partnership paid $21.875 per half-turn  contract  (previously  $43.75
        per round-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 year while  year-end  balances are  translated
        at the year-end  currency  rates.  The impact of the  translation  is
        reflected in the statements of operations.

        Use of Estimates

        The  preparation  of  financial  statements  are 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) and Sunrise Capital Partners, LLC (Sunrise).

        Under  the  signed  agreement,  Sunrise  and JWH  receive  a  monthly
        management  fee of 1/12 of 2% of the monthend NAV of the  Partnership
        under its  management and an incentive fee of the  Partnership's  net
        trading profits if any, attributable to its management.(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  March 31,  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 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 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.

        Net trading  results from  derivatives  for the years ended March 31,
        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  notional  amounts  of open  contracts  at  March  31,  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.

        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 or
        withdrawals  to  its  investment  in  IDSMF  as of  the  last  day of
        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                           $  2,257,061

Results of operations of IDSMF:
    Revenues                                              (428,857)
    Management and incentive fees                          (61,839)
    Other expenses                                         (73,058)`

`Net income before allocation to Limited Partners          (563,754)`

`Special allocation to the other Limited Partner           (464,180)`

`Partnership's income from investment in IDSMF              (99,574)`

`Partnership's redemptions in IDSMF                         (65,094)`

`Net Asset Value of the Partnership's investment in
    IDSMF,  March 31, 2002                            $  2,092,393`

``

`(8)           Financial Highlights`

`The  following  financial  highlights  show  the  Partnership's
              financial  performance  for the period  ended  March 31,  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                             (9.26)%`

`Ratio to average net assets:
    Net loss                             (8.16)%`

`Expenses:
      Expenses                            1.35
      Incentive fees                      0.00`

`Total expenses              1.35%`

``

`The net  investment  income and operating  expenses  ratios are
              computed  based upon the  weighted  average  net assets for the
              Partnership for the period ended March 31, 2002.  Ratios do not
              reflect  income or  expenses  related  to  investment  in other
              commodity pools.`

`IDS MANAGED FUTURES II, L.P.
                                             Schedule of Investments
                                                  March 31, 2002

                                            Number of      Principal     Value (OTE)
                                            contracts     (notional)
Long positions
Futures positions (-0.15%)
Interest rates                                  3        $ 3,120,655          9,494
Metals                                         31          1,085,795            825
Indices                                         7            653,587        (17,835)
                                                           4,860,037         (7,516)
Forward positions (0.23%)
Currencies                                     15         10,456,025         11,703
     Total long positions                                $15,316,062          4,187

Short positions
Futures positions (1.02%)
Interest rates                                261        $36,896,645         60,334
Metals                                         17            618,106         (8,970)
Indices                                         0                  0              0
                                                          37,514,751         51,364
Forward positions (-0.84%)
Currencies                                      9         10,486,587        (42,264)
     Total short positions                               $48,001,338          9,100

Total open contracts (0.27%)                                             $   13,288
Cash on deposit with brokers (59.24%)                                     2,969,060
Investment in other commodity pools (41.74%)                              2,092,393
Other assets in excess of liabilities (-1.25%)                              (62,407)
Net assets (100%)                                                        $5,012,334`

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

Fiscal Quarter ended March 30, 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 John W.  Henry &  Company  Inc.  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 US 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 US 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  US  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 30, 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 US 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 US dollar in March and  approximately  17% since  September.  Gains
were also  accrued in long US 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

         None

         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:   May 8, 2002
By:     CIS Investments, Inc.,
        One of its General Partners


By: /s/ Shaun D. O'Brien
           Shaun D. O'Brien
           Vice President, CFO and Director

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