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

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

`Part I.  Financial Information

Item 1.  Financial Statements

Following are Financial Statements for the fiscal quarter ended June 30, 2001
and the additional time frames as noted:

                                      Fiscal Quarter    Year to Date       Fiscal Year    Fiscal Quarter     Year to Date
                                      Ended 6/30/01     Ended 6/30/01    Ended 12/31/00    Ended 6/30/00    Ended 6/30/00
Statement of
Financial Condition                         X                                  X

Statement of
Operations                                  X                 X                                  X                X

Statement of Changes
in Partners' Capital                                          X

Statement of
Cash Flows                                                    X                                                   X

Notes to Financial
Statements                                  X`

`Jun 30, 2001               Dec 31, 2000
ASSETS
Equity in commodity futures
 trading accounts:
 Cash on Deposit with Brokers                                                   $6,411,863                  $5,929,614
 Unrealized gain (loss) on open
   futures contracts                                                              (123,884)                  1,230,116

                                                                                 6,287,979                   7,159,730

Interest receivable                                                                 17,245                      25,919

  Total assets                                                                  $6,305,224                  $7,185,649


LIABILITIES AND PARTNERS' CAPITAL

Liabilities:
 Accrued commissions on open
  futures contracts due to AEFA Advisors and CIS                                   $13,098                     $20,814
 Accrued exchange, clearing and NFA fees                                              $615                        $375
 Accrued management fee                                                             10,413                      11,887
 Accrued incentive fee                                                               6,008                           0
 Accrued operating expenses                                                         10,080                      32,000
 Redemptions payable                                                                29,512                     184,254

      Total liabilities                                                             69,726                     249,330

Partners' Capital:
 Limited partners (10,994.18 units                                               5,990,143                   6,639,371
   outstanding at 6/30/01, 11,515.47
   units outstanding at 12/31/00) (see Note 1)
 General partners (450.32 units outstanding at 6/30/01, 515.03 units               245,355                     296,948
outstanding  at 12/31/00)
(see Note 1)

      Total partners' capital                                                    6,235,498                   6,936,319

      Total liabilities and
        partners' capital                                                       $6,305,224                  $7,185,649

Net asset per outstanding unit of partnership interest                             $544.85                     $576.56

See accompanying notes to financial statements.`

`Apr 1, 2001       Jan 1, 2001        Apr 1, 2000         Jan 1, 2000
                                                         through           through            through             through
                                                      Jun 30, 2001       Jun 30, 2001       Jun 30, 2000       Jun 30, 2000

REVENUES

Gain (loss) on trading of commodity futures
 and forwards contracts, physical
 commodities and related options:
Realized gain (loss) on closed positions                ($782,792)         $1,108,909         ($189,865)          ($801,933)
Change in unrealized gain (loss)
  on open positions                                      (415,233)       ($1,353,999)         ($483,679)           (529,205)
Interest income                                            55,519           $131,662            $86,682             177,929
Foreign currency transaction gain (loss)                  270,644              7,105           (12,368)            (46,892)
Other revenue                                              38,025             38,025                  0                   0

    Total revenues (losses)                             ($833,837)          ($68,298)         ($599,230)        ($1,200,101)



EXPENSES

Commissions paid to AEFA Advisors and CIS                  87,262           $188,148             72,206             187,895
 Exchange fees                                             10,037            $17,144              1,904               5,864
 Management fees                                           32,580            $67,729             62,659             134,772
 Incentive fees                                             6,090             $7,402                  0                   0
 Operating expenses                                         8,105             16,400              8,105              16,292

   Total expenses                                         144,074            296,823            144,874             344,823

   Net loss                                             ($977,911)         ($365,121)         ($744,104)        ($1,544,924)

LOSS PER UNIT OF
 PARTNERSHIP INTEREST                                     ($84.01)           ($31.71)           ($53.43)           ($105.98)

See accompanying notes to financial statements.`

`Limited          General
                                                              Units*         Partners          Partners            Total

Partners' capital at January 1, 2001                       11,515.47       $6,639,371          $296,948       $6,936,319

Net profit (loss)                                                            (349,978)          (15,143)        (365,121)

Redemptions (see Note 1)                                     (521.29)        (299,250)          (36,449)        (335,699)

Partners' capital at June 30, 2001                         10,994.18       $5,990,143          $245,355       $6,235,498

Net asset value per unit
   January 1, 2001                                                               $576.56           $576.56

Net profit (loss) per unit                                                       (31.71)           (31.71)

Net asset value per unit
   June 30, 2001                                                                 $544.85           $544.85

* Units of Limited Partnership interest.

See accompanying notes to financial statements.`

`Jan 1, 2001                Jan 1, 2000
                                                                                  through                    through
                                                                               June 31, 2001              June 31, 2000
Cash flows from operating activities:
   Net loss                                                                       ($365,122)               ($1,544,925)
   Adjustments to reconcile net loss
     to net cash provided by
     operating activities:
   Change in assets and liabilities:
     Decrease in unrealized gain on open
       Futures and forwards contracts                                             1,354,000                    529,206
     Decrease in interest receivable                                                  8,674                     (2,416)
     Decrease in accrued liabilities                                                (24,861)                   (24,492)

     Net cash used in
       operating activities                                                         972,691                 (1,042,627)

Cash flows from financing activities:

   Partner redemptions                                                             (490,442)                  (988,472)

   Net cash used in
     financing activities                                                          (490,442)                  (988,472)

Net increase (decrease) in cash                                                     482,249                 (2,031,099)


Cash at beginning of period                                                       5,929,614                  8,533,968

Cash at end of period                                                            $6,411,863                 $6,502,869

See accompanying notes to financial statements.`

`(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  to  less  than
$1,500,000;  (5)  the Partnership is declared unlawful;  or (6)  the net
asset  value  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
generally  accepted  accounting  principles  and  to  general  practices
within the commodities  industry.  The following is a description of the
more  significant  of those  policies  that the  Partnership  follows in
preparing its financial statements.

Revenue Recognition

Commodity futures contracts,  forwards contracts,  physical commodities,
and  related   options  are  recorded  on  the  trade  date.   All  such
transactions  are  recorded on the  identified  cost basis and marked to
market daily.  Unrealized  gains and losses on open contracts  reflected
in the  statements  of  financial  condition  represent  the  difference
between  original  contract  amount and market value (as  determined  by
exchange  settlement  prices for futures  contracts and related  options
and cash dealer prices at a predetermined  time for forwards  contracts,
physical  commodities,  and  their  related  options)  as  of  the  last
business  day of  the  year  or as of the  last  date  of the  financial
statements.

The  Partnership  earns  interest on 100% of the  Partnership's  average
monthly  cash  balance  on deposit  with the  Brokers at a rate equal to
80% of the average  91-day  Treasury bill rate for U.S.  Treasury  bills
issued during that month.

Redemptions

A  Limited  Partner  may  cause  any or all  of his or her  units  to be
redeemed  by the  Partnership  effective  as of the last  trading day of
any month.  Redemptions  are based on the Net Asset Value per unit as of
the last day of the month and  require ten days'  written  notice to the
General  Partners.  Payment will be made within ten business days of the
effective   date   of  the   redemption.   The   Partnership's   Limited
Partnership  Agreement  contains a full  description  of redemption  and
distribution procedures.

Commissions

Brokerage  commissions and National Futures  Association  (NFA) clearing
and  exchange  fees are accrued on a half-turn  basis on open  commodity
futures  contracts.  The  Partnership  pays CIS  commissions  on  trades
executed  on its behalf at a rate of  $29.375  per  half-turn  contract.
For trades executed by Welton  Investment  Corporation,  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 American Express  Financial  Advisors Inc. (AEFA
Advisors).

Foreign Currency Transactions

Trading  accounts in foreign currency  denominations  are susceptible to
both movements in underlying  contract  markets as well as  fluctuations
in currency rates.  Translation of foreign  currencies into U.S. dollars
for closed  positions is translated at an average  exchange rate for the
period  while  period-end  balances  are  translated  at the  period-end
currency  rates.  The  impact of the  translation  is  reflected  in the
statements of operations.

Statements of Cash Flows

For purposes of the  statements  of cash flows,  cash  includes  cash on
deposit with the Brokers in commodity trading accounts.

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 periods
of these  financial  statements  were  made by the  following  Commodity
Trading  Advisors  (CTAs):  John W. Henry and  Company,  Inc.  (JWH) and
Welton Investment Corporation (Welton).

Under  signed  agreement,  prior to  October  1,  2000,  JWH  received a
monthly  management  fee of 1/12 of 4% of the  month-end net asset value
of the  Partnership  under its management and an incentive fee of 15% of
the  Partnership's  net trading  profits,  if any,  attributable  to its
management.  Effective  October  1,  2000,  the  agreement  with JWH was
changed  to  reduce  the  monthly  management  fee to  1/12 of 2% of the
month-end  net  asset  value  of  the  Partnership's  assets  under  its
management  and to increase the  incentive fee to 20% of the new trading
profits attributable to its management.

Under  signed  agreement,  prior to October 1, 2000,  Welton  received a
monthly  management  fee of 1/12 of 3% of the  month-end net asset value
of the  Partnership  under its management and an incentive fee of 18% of
the  Partnership's  net trading  profits,  if any,  attributable  to its
management.  Effective  October 1, 2000,  the agreement  with Welton was
changed  to  reduce  the  monthly  management  fee to  1/12 of 2% of the
month-end  net  asset  value  of  the  Partnership's  assets  under  its
management  and to increase the  incentive fee to 20% of the net trading
profits 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 June 30, 2001 and 2000 and is included in operating
expenses in the statements of operations.

(5)   Financial Instruments with Off-balance Sheet Risk

The Partnership was formed to trade commodity  interests  speculatively.
The  Partnership's  commodity  interest  transactions  and related  cash
balances  are on deposit  with the  Brokers  at all times.  In the event
that  volatility  of trading of other  customers of the Brokers  impairs
the  ability  of  the  Brokers  to  satisfy  their  obligations  to  the
Partnership,  the  Partnership  would be  exposed to  off-balance  sheet
risk.  Such  risk  is  defined  in  Statement  of  Financial  Accounting
Standards  No. 105 (SFAS 105) as a credit risk.  To mitigate  this risk,
the  Clearing  Broker,   pursuant  to  the  mandates  of  the  Commodity
Exchange  Act, is required to maintain  funds  deposited  by  customers,
relating to futures  contracts  in  regulated  commodities,  in separate
bank accounts  which are designated as segregated  customers'  accounts.
In  addition,  the  Clearing  Broker has set aside  funds  deposited  by
customers  relating to foreign  futures  and  options in  separate  bank
accounts that are designated as customer secured accounts.  Lastly,  the
Clearing  Broker is subject to the Securities and Exchange  Commission's
Uniform Net Capital  Rule,  which  requires the  maintenance  of minimum
net  capital  at  least  equal  to  4%  of  the  funds  required  to  be
segregated  pursuant to the Commodity  Exchange Act. The Clearing Broker
and  Forwards  Currency  Broker  both  have  controls  in  place to make
certain that all customers  maintain  adequate  margin  deposits for the
positions  that they  maintain at each Broker.  Such  procedures  should
protect the  Partnership  from the  off-balance  sheet risk as mentioned
earlier.  Neither the Clearing  Broker nor the Forwards  Currency Broker
engage in  proprietary  trading and thus  neither has any direct  market
exposure.

The contractual  amounts of these instruments  reflect the extent of the
Partnership's  involvement in the related  futures  contracts and do not
reflect the risk of loss due to counterparty  nonperformance.  Such risk
is  defined  by  SFAS 105  as  credit  risk.  The  counterparty  of  the
Partnership for futures  contracts  traded in the United States and most
non-U.S.  exchanges  on which the  Partnership  trades  is the  clearing
house  associated  with the exchange.  In general,  clearing  houses are
backed by their  membership and will act in the event of  nonperformance
by one of their  members or one of the  members'  customers  and as such
should  significantly  reduce this credit  risk.  In the cases where the
Partnership  trades  on  exchanges  on which the  clearing  house is not
backed by the  membership,  the sole  recourse  of the  Partnership  for
nonperformance  will  be  the  clearing  house.  The  Forwards  Currency
Broker   is   the   counterparty   for   the    Partnership's    forward
transactions.  CISFS  policies  require  that it  executes  transactions
only  with top rated  financial  institutions  with  assets in excess of
$100,000,000.

The average fair value of commodity  interests was $417,907  during June
30,  2001.  Fair  value as of June  30,  2001  was  ($123,884).  The net
gains or losses  arising  from the trading of  commodity  interests  are
presented in the statement of operations.

The  Partnership  holds  futures and futures  options  positions  on the
various  exchanges  throughout  the world and  forwards  positions  with
CISFS  which  transacts  with  various top rated  banks  throughout  the
world. As defined by SFAS 105, futures and forwards  currency  contracts
are  classified  as financial  instruments.  SFAS 105 requires  that the
Partnership  disclose the market risk of loss from all of its  financial
instruments.  Market  risk is defined  as the  possibility  that  future
changes in market prices may make a financial  instrument  less valuable
or more onerous.  If the markets  should move against all of the futures
and forwards  positions  held by the  Partnership  at the same time, and
if the  markets  moved  such  that the CTAs were  unable  to offset  the
futures  positions of the  Partnership,  the Partnership  could lose all
of its assets and the  partners  would  realize a 100% loss.  As of June
30,  2001,  the  Partnership  has  contracts  with two CTAs who make the
trading   decisions.   One  of  the  CTAs  trades  a  program   that  is
diversified among all commodity  groups,  while the other is diversified
among the  various  futures  contracts  and  forwards  contracts  in the
financial  and  metals  group.  Both  CTAs  trade on U.S.  and  non-U.S.
exchanges. Such diversification should greatly reduce this market risk.

At June 30, 2001,  the cash  requirement  of the commodity  interests of
the  Partnership  was  $1,683,782.  This  cash  requirement  was  met by
$5,380,087  held in  segregated  funds,  $677,684  held in secured funds
and $230,208 held in  non-regulated  funds.  At June 30, 2001,  cash was
on deposit with the Clearing  Broker that exceeded the cash  requirement
amount.

The following  chart  discloses the dollar amount of the unrealized gain
or loss on open contracts  related to exchange traded  contracts for the
Partnership as of June 30, 2001:

COMMODITY GROUP           UNREALIZED GAIN/(LOSS)

AGRICULTURAL COMMODITIES                  2,955
FOREIGN CURRENCIES                       35,554
STOCK INDICES                          (112,788)
ENERGIES                                 20,055
METALS                                  (49,785)
INTEREST RATE INSTRUMENTS               (19,875)

TOTAL                                  (123,884)

The range of maturity dates of these  exchange  traded open contracts is
July 2001 to March 2002.

(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,  2000,   as  filed  with  the   Securities   and  Exchange
Commission  on March  28,  2001,  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.


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

Fiscal Quarter ended June 30, 2001

The Partnership recorded a loss of $977,911 or $84.01 per unit for the
second quarter of 2001.

The  Partnership  posted  losses  in each  of the  three  months  in the
second  quarter.  Overall,  the  second  quarter  of fiscal  2001  ended
substantially  negative for the Partnership.  Both managers,  the Welton
Investment   Group   (Welton)  and  John  W.  Henry  and  Company  (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  US,  coupled  with a lack of a cut in  Europe,  caused
trend  reversals  in both  the Euro and  U.S.  dollar  denominated  bond
markets.   These   reversals   were   negative  for  The   Partnership's
investors.  Long positions in the Japanese bond market,  which have been
maintained  for  several  months,  were closed out after  similar  price
behavior.  Trading in British,  Swiss and Australian  interest rates was
also  slightly  negative.  The  currency  sector  experienced  losses in
April.  The  biggest  loss  came in the Yen,  which was up  against  the
dollar  for  the  first  month  since  August.  The  U.S.  dollar  fared
slightly  better  against the Euro,  Swiss franc and the British  pound,
but lost ground to each for the month.  Gold  rallied  slightly  off its
low,  which  reduced  open trade  profits and led to a small loss in the
metal  sector.   Petroleum  prices  continued  trading  in  a  volatile,
sideways  manner which  accounted  for a small loss in energy.  Overall,
the  Partnership  recorded  a loss of  $595,102  or  $50.88  per unit in
April.

In May,  short  positions in the Euro proved to be very  profitable  for
The  Partnership's  investors.  The  Euro  continued  to  erode in value
against  the U.S.  dollar  as a lack of  confidence  in  their  monetary
system is making  Europeans  reconsider the need for a common  currency.
Trading in the interest rate sector was  challenging.  Despite rate cuts
by both  the Fed and the  European  Central  Bank,  many  interest  rate
markets  moved in a trendless  manner which  resulted in losses.  Energy
markets were  indecisive  in May.  Gains in short  natural gas positions
were the  most  profitable  while  long  crude  oil  positions  incurred
losses.  As has been the case for several  months,  the  Partnership has
very small  positions  in metal and  commodity  markets due to a lack of
price trends.  The Partnership  recorded a loss of $112,726 or $9.64 per
unit in May.

In June, the  Partnership  suffered losses in interest rate and currency
trading  primarily due to the  uncertainty  in the global  economy.  The
interest rate sector  experienced  negative  performance  largely due to
the  volatility  associated  with the U.S.  Federal  Reserve's rate cut.
Markets  failed to follow  through after the cut, which led to losses in
all  U.S.  dollar  and  the  Euro  denominated  interest  rate  trading.
Australian  interest rate trading was negative as well.  The only bright
spot in the  interest  rate  sector  came  from  the long  positions  in
Japanese  government  bonds. The re-election of U.K. Prime Minister Tony
Blair added to an already  confusing  situation in the currency  sector.
The Euro and  British  Pound  closed the month about  unchanged  against
the U.S. dollar.  However,  the intra-month  volatility in each of these
markets triggered  stop-loss  selling.  The Partnership's long Yen/short
Euro  position,  which had been  profitable  in May,  was  closed due to
weakness  in the Yen.  Losses in crude  oil and  gasoline  trading  more
than  offset  gains  made  in  short   positions  in  natural  gas.  The
Partnership recorded a loss of $270,083 or $23.49 per unit in June.

The Partnership is down 5.50% for calendar year 2001.

Subsequent  to the end of the  quarter,  on July 11,  2001,  Welton  was
given  instructions  to  liquidate  all  the  positions  it had  for the
Partnerships  trading  pursuant to its Diversified  Program and to cease
trading.  The General  Partners  are  researching  traders  with whom to
place the assets formerly traded in the Welton Diversified Program.

During  the  quarter,  investors  redeemed a total of 521.29  units.  At
the  end  of  the  quarter  there  were  11,444.50   units   outstanding
(including 450.32 units owned by the General Partners).

During the fiscal  quarter  ended June 30, 2001 the  Partnership  had no
material  credit   exposure  to  a  counterparty   which  is  a  foreign
commodities  exchange  or  to  any  counterparty  dealing  in  over  the
counter contract which was material.

Fiscal Quarter ended June 30, 2000

The  Partnership  recorded a loss of $744,105 or $53.43 per unit for the
second  quarter  of  2000.  This  compares  to a gain of  $1,003,141  or
$60.39 per unit for the second quarter of 1999.

The  Partnership  posted losses every month in the second  quarter.  The
world's  interest  rate,  currency,  stock index and metals  markets had
been  focusing on  inflation  indicators  which had been  sending  mixed
signals.  This led to  trend-less,  erratic  markets which are difficult
for managers  utilizing  long-term  trend  following  strategies such as
the John W.  Henry and  Company,  Inc.  ("JWH")  and  Welton  Investment
Corporation  ("Welton").  At June 30, 2000,  JWH was managing 65% of the
Partnership's  assets and Welton was managing  35% of the  Partnership's
assets.

In April,  volatility  in stocks led to a stronger  U.S.  dollar  versus
the Euro and  profits  for the  Partnership.  Despite an  interest  rate
increase by  European  central  banks,  the U.S.  dollar  reached an all
time high  versus  the Euro.  Additional  profits  were  accrued in long
dollar   positions   against  the   British,   Swiss,   and   Australian
currencies.   Stock  index  trading   suffered,   especially  in  Japan.
Although the  Partnership's  metals positions were up slightly,  overall
trading in  non-financial  markets was down slightly with the energy and
food markets showing losses.  This was an especially  difficult area for
Welton,  who was  down  over  7%.  The  Partnership  recorded  a loss of
$101,514 or $7.11 per unit in April.

In May,  mixed  inflationary  signals  set the scene for two major trend
reversals.  The U.S.  interest  rate  market  had a  volatile  change of
direction  as rates  headed  lower and the Euro  abruptly  reversed  its
long  term  down  trend  versus  the  U.S.  dollar.  After  having  been
profitable  for the majority of May, the  Partnership  closed lower when
both trends  reversed.  Trading in U.S.  bonds was down sharply,  as was
the Euro  denominated  interest  rate trading.  After  hitting  all-time
lows  against  the  U.S.  dollar  in  April,  the Euro  appreciated  and
profits  accumulated by the Partnership in April were given back.  Short
positions  in the Nikkei made the stock index  sector the only  positive
performing   financial   area.  Long  positions  in  the  energy  sector
produced  positive  results  as  petroleum  prices  continued  to surge.
Trading in metals,  foods and fibers was flat. The Partnership  recorded
a loss of $200,536 or $14.27 per unit in May.

In June,  uncertainty  regarding an economic slowdown in the U.S. and an
interest  rate  rise  in  Europe  provided  a  conflicting  climate  for
trading.  These events created  problems in the currency  sector,  which
was the worst  performing  area in June. JWH found this area  especially
difficult.  The  Partnership's  positions in interest rates,  metals and
stock indices were  unprofitable as well. On the positive side,  surging
petroleum  prices  allowed  long  positions  in  the  energy  sector  to
continue to accrue  profits.  Profitable  positions in sugar and soybean
oil  allowed the  agricultural  sector to show a small  positive  return
for the month.  However,  the Partnership recorded a loss of $442,055 or
$32.05 per unit in June.

Investors  redeemed a total of 645.08 units  during the quarter.  At the
end of the quarter there were  13,645.33  units  outstanding  (including
644.45 units owned by the General Partners).

During the fiscal  quarter ended June 30, 2000, the  Partnership  had no
material  credit  exposure  to  a  counter-party   which  is  a  foreign
commodities  exchange  or to  any  counter-party  dealing  in  over  the
counter contracts which was material.

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 U.S.  dollar  against the Yen
were not enough to offset  losses in other  currency  positions.  In the
interest rate sector,  the Partnership's  long bond positions in various
countries  around the world were slightly  positive.  Small profits were
produced in almost every  geographic  area. Crude and heating oil prices
bounced  about in a featureless  pattern.  The metal sector showed signs
of  breaking  out of its  prolonged  down  trend as  silver,  copper and
aluminum rallied sharply.  Overall,  the Partnership  recorded a loss of
$159,898 or $13.29 per unit in January.

During  February,  the Bank of Japan  once  again  adopted  a policy  of
reducing  interest rates as Japanese  economic  recovery  stalled.  This
allowed the  Partnership's  long  positions in Japanese bonds to greatly
appreciate  in  value.  Smaller  gains  were made in long  positions  in
U.S.,  German,  British,  and  Australian  interest  rates.  Trading  in
European  currencies  was  negative.  Both  the  Euro  and  Swiss  franc
traded  in  erratic  patterns  for much of the  month,  which  more than
offset  the gains  made in the Yen.  OPEC  agreed  to cut  output by 1.5
million barrels a day in order to support prices.  However,  the slowing
of  global   economies   counteracted   this  decrease   leading  to  an
unprofitable  trading  environment  for the  Partnership.  By the end of
the month,  the  Partnership  had all but exited the energy sector.  The
Partnership recorded a loss of $12,973 or $1.09 per unit in February.

In March,  the  Partnership  experienced  strong  positive  performance.
Despite  a  trend  interruption  late  in  the  month,  trading  in  the
interest   rate  sector  was  positive   with  some   geographic   areas
dramatically  outperforming  others.  The Bank of  Japan's  decision  to
stimulate   Japan's  economy  at  all  costs  hastened  the  decline  of
Japanese  interest rates which allowed the  Partnership's  long Japanese
bond  positions  to be the  most  profitable  in the  portfolio.  Gloomy
growth  outlooks for Europe and Great Britain  directed  interest  rates
lower which was profitable for the Partnership.  Conversely,  trading in
U.S.  interest rates was negative.  The currency sector,  which had been
up dramatically  since September,  continued its stellar  performance in
March.  The unyielding  strength of the U.S.  dollar versus the Japanese
yen  was the  cornerstone  of the  sector's  performance.  The Yen  lost
approximately  8% to the U.S.  dollar  in March  and  approximately  17%
since  September.  Gains were also accrued in long U.S. dollar positions
against  the Swiss  franc and  Australian  dollar.  Trading  in the U.S.
dollar versus the Euro was slightly  negative.  As had been the case for
several  months,  position  sizes in the  commodity,  metal,  energy and
stock index  sectors were quite small due to lack of price  trends.  The
Partnership  recorded  a gain  of  $785,660.31  or  $66.67  per  unit in
March.

During  the  quarter,  investors  redeemed a total of 268.78  units.  At
the  end  of  the  quarter  there  were  11,697.01   units   outstanding
(including 450.32 units owned by the General Partners).

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

Fiscal Quarter ended March 31, 2000

The  Partnership  recorded a loss of $800,820 or $52.55 per unit for the
first  quarter  of  2000.  This  compares  to a loss  of  $1,127,829  or
$65.73 per unit for the first quarter of 1999.

In the  first  month  of  the  quarter  the  Partnership  posted  a loss
resulting   primarily  from  volatility  in  the  currency  sector.  The
Partnership   posted  a  loss  for  the  second  month  of  the  quarter
resulting  primarily from trading in global interest  rates.  During the
third  month  of  the  quarter  currency   destabilization  and  massive
capital  shifts  out of the  U.S.  dollar  resulted  in a loss  for  the
Partnership.  Overall,  the  first  quarter  of fiscal  year 2000  ended
negatively for the Partnership  accounts  managed by JWH and Welton.  At
March 31, 2000,  JWH was managing  60% of the  Partnership's  assets and
Welton was managing 40% of the Partnership's assets.

January  2000 marked the turning of the  millennium.  This  coupled with
the  build-up  to Y2K came  and  went  without  a  hitch.  However,  the
currency sector was all but quiet as extreme  volatility  prompted large
swings in the price of the U.S.  dollar  relative to the  Japanese  yen.
Within  the first  couple of days of the New Year,  the  Japanese  banks
intervened  and  started  pouring  money  into  the  U.S.  dollar.  This
abrupt  reversal  in the  U.S.  dollar/Yen  relationship  resulted  in a
reversal  of the  Partnership  positions  from  long  Yen to  short  Yen
within a matter  of  days.  Short  Australian  dollar  positions  proved
difficult  and also  resulted  in  losses.  Stock  indices,  namely  the
Nikkei fell in  response  to  volatility  in the tech  sector,  which is
factored  into  that  index.   Long  positions  hurt  the  Partnership's
performance as did long positions in the  S and P  500  Stock  Index and
Paris CAC-40 index. Sustained long coffee positions were unprofitable as
coffee prices  continue to fall.  Despite  realizing  profits from short
U.S.  bond and  long  Japanese  Government  Bond  positions,  as well as
maintaining  long  profitable  crude oil and short  aluminum  positions,
the  Partnership  posted  overall  losses.  All in all, the  Partnership
posted a loss of $464,596 or $29.91 per unit in January.

Changing  expectations  regarding  economic growth and inflation created
a difficult  trading  environment  in February.  The strategic news item
was the U.S.  Federal  Reserve's  decision to buy back part of the debt,
which led to a powerful  rally in the U.S.  30-year  bond.  The decision
by the Fed created havoc in the  Partnership's  interest rate portfolio,
which was  dominated  by short  positions.  Losses  were  taken in North
American,   Asian,  and  European  interest  rates.  The  yield  on  the
10-year  U.S.  government  bond  exceeded  that  of  the  30-year  bond,
creating an inverted  yield curve,  which is a very unusual  occurrence.
Currency  trading  was  mixed.  Profitable  long U.S.  dollar  positions
were  bolstered  by  the  revised  fourth  quarter  GNP  number,   which
reflected  a robust  economy.  However,  gains in the U.S.  dollar  were
offset by losses  incurred by long  European/short  Japanese  positions.
Surging energy prices supported  performance in  non-financial  markets.
Food and grain  markets  were once again  featureless.  Precious  metals
trading  suffered as gold prices  rallied and then fell sharply.  Equity
indices  gained some ground lost in January as U.S. and European  equity
indices  rose.  Long  positions  in  U.S.  Stock  Indices  had  a  small
positive  impact.  On March 2, the  General  Partners  received a letter
from  Verne  Sedlacek,  President  of John W.  Henry and  Company,  Inc.
detailing  modifications  to the Financial and Metals  trading  program.
All changes were designed to add balance to the program  without  giving
up any upside  potential.  Most noteworthy were the dramatic  reductions
in precious  metals and Far  Eastern  interest  rate  trading as well as
the addition of offshore  stock indices,  base metals,  and expansion of
non-dollar  currency  trading.  JWH remains  steadfast in its commitment
to  research.  Overall,  the  Partnership  posted a loss of  $258,991 or
$17.38 per unit in February.

In March,  profit taking in U.S.  stocks led to massive  capital  shifts
out of  the  U.S.  dollar  and  into  the  Japanese  yen.  These  events
destabilized  currency  and stock  markets  worldwide  and  resulted  in
losses for the  Partnership.  The appreciation of the Yen contributed to
Partnership  losses in that long  positions  in the U.S.  dollar and the
Euro  versus  the Yen  both  suffered.  Marginal  gains  in U.S.  dollar
positions  against European and Australian  currencies proved inadequate
in offsetting  these losses.  Non-financial  markets were,  for the most
part,  quiet in March.  Profits  in long  crude oil,  heating  oil,  and
gasoline   positions  were  reduced  when  OPEC  agreed  to  expand  oil
production.  Performance in precious,  as well as, industrial metals was
down  slightly.  The food and grain markets were  featureless.  Positive
performance  in  March  came  from  the  interest  rate  sector.  The 7%
correction  in tech stocks  coupled with the U.S.  treasury's  continued
buying  of  longer  dated  bonds  led  to  positive  performance  in the
Partnership's  bond position.  The European  Central Bank's  decision to
raise  short-term  interest  rates  led to  purchasing  European  bonds,
which  assisted  the  Partnership's  position  as well.  Stock  indices,
namely   the   appreciation   in  the S and P 500  contributed   to  the
Partnership's  performance.  Overall,  the Partnership  posted a loss of
$77,233 or $5.26 per unit in March.

During the quarter,  investors  redeemed a total of 1,241.22  units.  At
the  end  of  the  quarter  there  were  14,290.41   units   outstanding
(including 644.45 units owned by the General Partners).

During the fiscal quarter ended March 31, 2000, 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, 2000.


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

Subsequent  to the end of the  quarter,  on July 11,  2001,  Welton  was
instructed to liquidate  the  Partnership's  positions  held pursuant to
Welton's  Diversified  Program and to cease  trading  for that  program.
The General  Partners are  researching  traders with whom to place these
assets formerly traded in the Welton Diversified Program.

Effective  June 19, 2001 Shaun  O'Brien was  appointed  Chief  Financial
Officer of CIS  Investments,  Inc.,  one of the General  Partners of the
Partnership.  At that same time, Todd Urbon was appointed Treasurer.  On
July 9, 2001,  Bernie Dan  resigned  his  position as  President.  As of
the date of this filing, no one has been appointed to replace him.

On April 30, 2001 Peter  Anderson  resigned  his position as Director of
IDS  Futures   Corporation,   one  of  the   General   Partners  of  the
Partnership.  As of the date of this filing none has been  appointed  to
replace him. On May 11, 2001,  Michael  Weiner  resigned his position as
Vice  President,  Treasurer  and  Secretary.  As of  the  date  of  this
filing no one has been appointed to replace him.

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:   August 1, 2001
By:     CIS Investments, Inc.,
        One of its General Partners


By: /s/ Shaun O'Brien
        Shaun O'Brien
        Chief Financial Officer

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