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                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                  FORM 10-Q

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

                For the quarterly period ended June 30, 2002

                       Commission File Number 0-17443

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

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

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

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

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

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

**Part I.  Financial Information

Item 1.  Financial Statements**

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

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

Statement of Financial Condition                    X                                X

Statement of Operations                             X               X                                 X               X

Statement of Changes in Partners' Capital                           X

Notes to Financial Statements                       X

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

                                                             **Jun 30, 2002****Dec 31, 2001****ASSETS**
Equity in commodity futures
   trading accounts:
   Cash on deposit with Brokers                               $3,363,565           $3,297,546
   Unrealized gain (loss) on open
     futures contracts                                           699,491              178,075
Investment in other commodity pools                            2,329,420            2,257,061

                                                               6,392,476            5,732,682

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

      Total assets                                            $6,413,749$5,789,077**LIABILITIES AND PARTNERS' CAPITAL**
Liabilities:
   Accrued commissions on open futures contracts
     due to AEFA Advisors and CIS                                 $8,182               $4,933
   Accrued exchange, clearing and NFA fees                          $441                   24
   Accrued management fee                                          6,750                5,766
   Accrued incentive fee                                               0                    0
   Accrued general partner fee                                       998                1,803
   Accrued operating expenses                                     18,057               32,000
   Redemptions payable                                            30,774 98,720

      Total liabilities                                           65,202143,246

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

      Total partners' capital                                  6,348,5475,645,831

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

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

See accompanying notes to financial statements.

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

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

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

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

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

      Total expenses                                         79,730149,574144,074296,823

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

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

See accompanying notes to financial statements.

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

                                                                       **Limited         General
                                                       Units*PartnersPartnersTotal**

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

Net profit                                                             921,814          31,334        953,148

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

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

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

Net profit per unit                                                      92.55          92.55

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

* Units of Limited Partnership interest.

See accompanying notes to financial statements.

                        **IDS MANAGED FUTURES II, L.P.
                        NOTES TO FINANCIAL STATEMENTS
                                June 30, 2002****(1) General Information and Summary**

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

The  Partnership  shall be  terminated  on  December 31,  2007 if none of the
following  occur prior to that date:  (1) investors  holding more than 50% of
the   outstanding   units  notify  the  General   Partners  to  dissolve  the
Partnership  as  of a  specific  date;  (2)  disassociation  of  the  General
Partners  with  the  Partnership;  (3) bankruptcy  of  the  Partnership;  (4)
decrease  in the net  asset  value  (NAV) to less  than  $1,500,000;  (5) the
Partnership  is declared  unlawful;  or (6) the NAV per unit declines to less
than $125 per unit and the partners elect to terminate the Partnership.
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