# 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 June 30, 2005
        Commission File Number: 000-17443

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 SecuritiesExchange 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
         No

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

The number of units
        outstanding, as of June 30, 2005, is 7,669.01.

|TABLE OF CONTENTS                                                                                              
|---------------------------------------------------------------------------------------------------------------
|                                                                                                               
|                                                                                                               
|                                                                                                               
|PART I.   FINANCIAL INFORMATION                                                                                
|                                                                                                               
|Item 1.  
        Financial Statements                                                                         
|                                                                                                               
|                                                                                                               
|                                                                                                               
|                                                                                                               
|                                                                                                               
|                                                                                                               
|Item 2.  
        Management's Discussion and Analysis of Financial
        Condition and Results of Operations
|                                                                                                               
|Item 3.  
        Quantitative and Qualitative Disclosures About
        Market Risk                           
|                                                                                                               
|Item 4.  
        Controls and Procedures                                                                      
|                                                                                                               
|Item 5.  
        Subsequent Event                                                                             
|                                                                                                               
|                                                                                                               
|PART II.  OTHER INFORMATION                                                                                    
|                                                                                                               
|Item 1.  
        Legal Proceedings                                                                            
|                                                                                                               
|Item 2.  
        Unregistered Sales of Securities and Use of Proceeds                                         
|                                                                                                               
|Item 3.  
        Defaults Upon Senior Securities                                                              
|                                                                                                               
|Item 4.  
        Submission of Matters to a Vote of Security Holders                                          
|                                                                                                               
|Item 5.  
        Other Information                                                                            
|                                                                                                               
|Item 6.  
        Exhibits                                                                                     
|                                                                                                               
|SIGNATURES                                                                                                     
|                                                                                                               
|EXHIBIT 31.01 -Certification of Principal Executive Officer                                                    
|                                                                                                               
|EXHIBIT 31.02 -Certification of Principal Financial Officer                                                    
|                                                                                                               
|EXHIBIT 32.01 -Section 1350 Certification                                                                      
|                                                                                                               

# PART I -
        FINANCIAL INFORMATION

## Item 1. Financial Statements

Following are
        Financial Statements for the fiscal quarter ended June 30, 2005 and
        the additional time frames as noted:

|                                          | Fiscal Quarter
        Ended 06/30/05 | Year to Date
        Ended 06/30/05 | Fiscal Year
        Ended 12/31/04 | Fiscal Quarter
        Ended 06/30/04 | Year to Date
        Ended 06/30/04
|----------------------------------------- | ------------------------------------- | ----------------------------------- | ---------------------------------- | ------------------------------------- | -----------------------------------
|                                         
|Statements of Financial Condition         | X                                     |                                     | X                                  |                                       |                                    
|                                         
|Statements 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

|                                                                                                                                   |   | June 30, 2005 |  |  | December 31, 2004
|---------------------------------------------------------------------------------------------------------------------------------- | - | ------------- |  |  | -----------------
|
|ASSETS                                                                                                                             |  
|Assets:                                                                                                                           
|Equity in commodity trading accounts:                                                                                              |  
|Cash on deposit with Brokers                                                                                                       | $ | 3,835,038     |  |  | 4,473,090        
|Unrealized gain on open contracts                                                                                                  |   | 406,162       |  |  | 380,042          
|Investment in other commodity pools                                                                                                |   | 1,683,059     |  |  | 2,100,571        
|                                                                                                                                   |   |               |  |  |                  
|                                                                                                                                   |   | 5,924,259     |  |  | 6,953,703        
|                                                                                                                                  
|Interest receivable                                                                                                                |   | 8,133         |  |  | 6,692            
|Redemptions receivable from other commodity pools                                                                                  |   | 24,562        |  |  | 29,909           
|                                                                                                                                   |   |               |  |  |                  
|Total assets                                                                                                                       | $ | 5,956,954     |  |  | 6,990,304        
|                                                                                                                                   |   |               |  |  |                  
|LIABILITIES AND PARTNERS' CAPITAL                                                                                                  |  
|Liabilities:                                                                                                                      
|Accrued commissions                                                                                                                | $ | 10,817        |  |  | 12,984           
|Accrued exchange, clearing and NFA fees                                                                                            |   | 59            |  |  | 98               
|Accrued management fees                                                                                                            |   | 7,054         |  |  | 8,062            
|Accrued incentive fees                                                                                                             |   | -             |  |  | 20,358           
|Accrued operating expenses                                                                                                         |   | 16,368        |  |  | 25,000           
|Redemptions payable                                                                                                                |   | 45,203        |  |  | 54,353           
|                                                                                                                                   |   |               |  |  |                  
|Total liabilities                                                                                                                  |   | 79,501        |  |  | 120,855          
|                                                                                                                                   |   |               |  |  |                  
|Partners' capital:                                                                                                                
|Limited partners ( 7,292.44 and 7,829.93 units outstanding at
                  June 30, 2005 and December 31, 2004, respectively) |   | 5,588,854     |  |  | 6,554,232        
|General partners (376.57  units outstanding at
               June 30, 2005 and December 31, 2004)                                 |   | 288,599       |  |  | 315,217          
|                                                                                                                                   |   |               |  |  |                  
|Total parters' capital                                                                                                             |   | 5,877,453     |  |  | 6,869,449        
|                                                                                                                                   |   |               |  |  |                  
|Total liabilities and partners' capital                                                                                            | $ | 5,956,954     |  |  | 6,990,304        
|                                                                                                                                   |   |               |  |  |                  
|See accompanying notes to financial statements.                                                                                   

IDS MANAGED
        FUTURES II, L.P. 
        Statements of Operations
        (unaudited)

|                                                                      |   | April 1, 2005through
        June 30, 2005 |  |  | Jan 1, 2005through
        June 30, 2005 |  |  | April 1, 2004through
        June 30, 2004 |  |  | Jan 1, 2004through
        June 30, 2004 | 
|--------------------------------------------------------------------- | - | ------------------------------------------ |  |  | ---------------------------------------- |  |  | ------------------------------------------ |  |  | ---------------------------------------- | 
|                                                                      |   | Current Qtr                                |  |  | Year to Date                             |  |  | Current Qtr                                |  |  | Year to Date                             | 
|Revenues:                                                            
|Gain (loss) on trading of commodity contracts:                        |  
|Realized gain (loss) on closed positions                              | $ | 244,150                                    |  |  | (264,485)                                |  |  | (824,834)                                  |  |  | (340,654)                                | 
|Change in unrealized gain (loss) on open positions                    |   | 385,794                                    |  |  | 26,119                                   |  |  | (110,284)                                  |  |  | (447,662)                                | 
|Interest income                                                       |   | 23,286                                     |  |  | 45,954                                   |  |  | 10,531                                     |  |  | 19,869                                   | 
|Loss (income) from investment in other commodity pools                |   | (45,488)                                   |  |  | (208,683)                                |  |  | (280,979)                                  |  |  | 10,362                                   | 
|Foreign currency transaction loss                                     |   | (3,810)                                    |  |  | (18,077)                                 |  |  | (8,603)                                    |  |  | (6,376)                                  | 
|                                                                      |   |                                            |  |  |                                          |  |  |                                            |  |  |                                          | 
|Total revenues                                                        |   | 603,932                                    |  |  | (419,172)                                |  |  | (1,214,169)                                |  |  | (764,461)                                | 
|                                                                      |   |                                            |  |  |                                          |  |  |                                            |  |  |                                          | 
|Expenses:                                                            
|Commissions                                                           |   | 68,222                                     |  |  | 127,459                                  |  |  | 60,986                                     |  |  | 112,616                                  | 
|Exchange, clearing and NFA fees                                       |   | 415                                        |  |  | 840                                      |  |  | 1,693                                      |  |  | 3,665                                    | 
|Management fees                                                       |   | 19,717                                     |  |  | 39,986                                   |  |  | 20,498                                     |  |  | 46,313                                   | 
|Incentive fees                                                        |   | -                                          |  |  | -                                        |  |  | -                                          |  |  | 13,460                                   | 
|Operating expenses                                                    |   | 6,247                                      |  |  | 11,554                                   |  |  | 8,000                                      |  |  | 16,000                                   | 
|                                                                      |   |                                            |  |  |                                          |  |  |                                            |  |  |                                          | 
|Total expenses                                                        |   | 94,601                                     |  |  | 179,839                                  |  |  | 91,177                                     |  |  | 192,054                                  | 
|                                                                      |   |                                            |  |  |                                          |  |  |                                            |  |  |                                          | 
|Net income (loss)                                                     | $ | 509,331                                    |  |  | (599,011)                                |  |  | (1,305,346)                                |  |  | (956,516)                                | 
|                                                                      |   |                                            |  |  |                                          |  |  |                                            |  |  |                                          | 
|Income (loss) per unit of limited partnership interest *              | $ | 65.63                                      |  |  | (70.69)                                  |  |  | (150.47)                                   |  |  | (112.18)                                 | 
|Income (loss) per unit of general partnership interest *              |   | 65.63                                      |  |  | (70.69)                                  |  |  | (150.47)                                   |  |  | (112.18)                                 | 
|                                                                     
|* Represents the increase (decrease) in unit value
during the period.
|                                                                     
|See accompanying notes to financial
statements.                      

IDS MANAGED
        FUTURES II, L.P. 
        Statement of Changes in Partners' Capital
        From January 1, 2005 through June 30, 2005
        (unaudited)

|                                                | Units*   |  |   |   | LimitedPartners |  |  |  | GeneralPartners |  |  |  | Total     | 
|----------------------------------------------- | -------- |  | - | - | --------------- |  |  |  | --------------- |  |  |  | --------- | 
|                                               
|Partners' capital at January 1, 2005            | 7,829.93 |  | $ |   | 6,554,232       |  |  |  | 315,217         |  |  |  | 6,869,449 | 
|                                               
|Net loss                                        |          |  |   |   | (572,393)       |  |  |  | (26,618)        |  |  |  | (599,011) | 
|                                               
|Partners' redemptions                           | (537.49) |  |   |   | (392,985)       |  |  |  | -               |  |  |  | (392,985) | 
|                                                |          |  |   |   |                 |  |  |  |                 |  |  |  |           | 
|Partners' capital at June 30, 2005              | 7,292.44 |  |   | $ | 5,588,854       |  |  |  | 288,599         |  |  |  | 5,877,453 | 
|                                                |          |  |   |   |                 |  |  |  |                 |  |  |  |           | 
|                                               
|Net asset value per unit at January 1, 2005     |          |  |   | $ | 837.08          |  |  |  | 837.08          |  |  |  |           | 
|                                               
|Net loss per unit                               |          |  |   |   | (70.69)         |  |  |  | (70.69)         |  |  |  |           | 
|                                                |          |  |   |   |                 |  |  |  |                 |  |  |  |           | 
|Net asset value per unit at June 30, 2005       |          |  |   | $ | 766.39          |  |  |  | 766.39          |  |  |  |           | 
|                                                |          |  |   |   |                 |  |  |  |                 |  |  |  |           | 
|* Units of limited partnership interest.       
|                                               
|See accompanying notes to financial statements.

|IDS MANAGED FUTURES II, L.P.
        Condensed Schedule of Investments
        June 30, 2005
        (unaudited)
|----------------------------------------------------------------------------------------------------------------
|
|Long positions                                                                                                  
|Futures positions (3.44%)                                                                                       
|Metals                                                                                                          
|Indices                                                                                                         
|Interest Rates                                                                                                  
|                                                                                                                
|                                                                                                                
|                                                                                                                
|Forward positions (-2.01%)                                                                                      
|Currencies                                                                                                      
|                                                                                                                
|Total long positions                                                                                            
|                                                                                                                
|Short positions                                                                                                 
|Futures positions (-0.40%)                                                                                      
|Metals                                                                                                          
|                                                                                                                
|Forward positions (5.88%)                                                                                       
|Currencies                                                                                                      
|                                                                                                                
|Total short positions                                                                                           
|                                                                                                                
|Total open contracts (6.91%)                                                                                    
|Cash on deposit with brokers (65.25%)                                                                           
|Investment in other commodity pools (28.64%)                                                                    
|Liabilities in excess of other assets (-0.80%)                                                                  
|                                                                                                                
|Net assets (100.0%)                                                                                             
|                                                                                                                

See accompanying notes to financial statements.

# IDS MANAGED FUTURES II, L.P.
       NOTES TO FINANCIAL STATEMENTS
       June 30, 2005
        (unaudited)

## (1)    General Information and Summary

IDS Managed Futures II, L.P. (the Partnership), a limited partnership organized
on April 21, 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 Partnership began trading on June 14, 1987.

The General Partners are IDS Futures Corporation (IDSFC) and CIS Investments,
Inc. (CISI) (collectively, the General Partners).  The General Partners are registered commodity pool operators under the Commodity
Exchange Act, as amended (the "CE Act") and are responsible for administering the business and affairs of the Partnership exclusive
of trading decisions.  IDS Futures is an affiliate of Ameriprise Financial Services, Inc. (AMPF), formerly American Express Financial
Advisors Inc. which acts as the Partnership's introducing broker and selling agent.  The clearing broker is Cargill Investor
Services, Inc. (Clearing Broker or CIS), an affiliate company of CISI.  The broker for forward contracts is CIS Financial Services,
Inc. (CISFS or Forwards Currency Broker), also an affiliate of CISI.  The Clearing Broker and the Forwards Currency Broker
collectively will be referred to as the Brokers.

On February 1, 2005, American Express Company (American Express) announced plans
to pursue a spin off to American Express shareholders of its American Express Financial Advisors division. The separation from
American Express is expected to be completed on or after September 30, 2005, subject to certain regulatory and other approvals,
including the final approval by the board of directors of American Express. On Aug. 1, 2005 in anticipation of its separation from
American Express, American Express Financial Advisors Inc. has changed its name to Ameriprise Financial Services, Inc.

After the expected separation from American Express, Ameriprise Financial
Services, Inc. will no longer be affiliated with American Express.

Units of the Partnership representing an investment of $40 million were offered
through December 31, 1988. Effective January 1, 1989, the Partnership no longer accepted new investors. During the combined
offerings, 60,127.14 units, representing a total investment of $14,983,249, were purchased by the Limited Partners; and 627.95 units,
representing a total investment of $150,110 were purchased by the General Partners. Refer to the IDS Managed Futures II, L.P.
prospectus dated July 14, 1987.

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 gain on open futures contracts reflected in the statements of financial condition represents 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

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, via the Partnership's investment in IDS Managed
Fund LLC (refer to Footnote 6 - Investments in Other Commodity Pool), the Partnership paid $21.875 per half-turn contract. The
Partnership pays these commissions directly to CIS and CISFS, and CIS then reallocates $18.625 and $12.50, respectively, to AMPF,
which provides introducing brokerage service to the Partnership.

## 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.

## Reclassification

Certain amounts in the 2004 financial statements have been reclassified to
conform to the 2005 presentation.

## (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 (Sunrise), via the Partnership's investment
in IDS Managed Fund LLC (refer to Footnote 6 - Investments in Other Commodity Pool).  For the periods ending June 30, 2005, JWH was
managing approximately 72% of the Partnership's assets while Sunrise was indirectly managing 28% of the Partnership's assets.

Under signed agreement each CTA receives a monthly management fee of 0.167% (a
2% annual rate) of the Partnership's month-end net assets under its management calculated before reduction for any incentive fee and
redemptions for the month. Also, under signed agreement the Partnership pays to each CTA a quarterly incentive fee equal to 20% of
the new trading profits, if any, attributable to trading directed by the CTA. This fee is calculated after deduction of all trading
expenses including management fees.

## (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 such partner's pro rata share of the profits
or losses of the Partnership.

## (5)    Trading Activities and Related Risks

The Partnership's investment in other commodity pools is recorded at fair value
and is 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 contracts 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 a 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 a FCM are considered
commingled with all other customer funds subject to the FCM's segregation requirements.  In the event of a 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. Due to forward contracts being 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.

Net trading results from derivatives for the quarter ended June 30, 2005 and
2004, are reflected in the statements 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 June 30, 2005, as disclosed in the
Condensed Schedule of Investments, do not represent the Partnership's risk of loss due to market and credit risk, but rather
represent the extent of the Partnership's involvement in derivatives at the date of the statements of financial condition.

The Limited Partners bear the risk of loss only to the extent of the market
value of their respective investments.

## (6)     Investments in Other Commodity Pools

As of December 2001, the Partnership invests in another commodity pool, IDS
Managed Fund LLC (IDSMF).  Trading decisions for IDSMF for the quarter ended June 30, 2005, were made by Sunrise Capital Partners,
LLC.  The investment is subject to the terms of the respective advisory contract and other agreements of this commodity pool.

Investment value in IDSMF is based on the proportionate share of units the
Partnership has in IDSMF at the end of each month.  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.  Income (loss) is net of the Partnership's proportionate share of fees and expenses incurred or charged by IDSMF.

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, January 1, 2005                                                     | $ | 2,100,570
|---------------------------------------------------------------------------------------- | - | ---------
|Results of operations of IDSMF:                                                         
|Revenues                                                                                 |   | (693,714)
|Management fees                                                                          |   | (69,067) 
|Incentive fees                                                                           |   | -        
|Other expenses                                                                           |   | (51,174) 
|Net loss before
        allocation to limited partners                                   |   | (813,955)
|Allocation to the other limited partners                                                 |   | (605,272)
|Partnership's loss
        from investment in IDSMF                                      |   | (208,683)
|Partnership's redemptions from IDSMF                                                     |   | (208,828)
|Net asset
        value of the Partnership's 
        investment in IDSMF, June 30, 2005 | $ | 1,683,059

The following table is a
        summary of IDSMF's net assets, at June 30, 2005.

|IDSMF
        Condensed Schedule of Investments
        June 30, 2005
        (unaudited)
|-----------------------------------------------------------------------------------------
|
|Long positions                                                                           
|Futures positions (-0.70%)                                                               
|Agriculture                                                                              
|Interest Rates                                                                           
|Metals                                                                                   
|Indices                                                                                  
|                                                                                         
|                                                                                         
|                                                                                         
|Forward positions (-2.25%)                                                               
|Currencies                                                                               
|                                                                                         
|Total long positions                                                                     
|                                                                                         
|                                                                                         
|Short positions                                                                          
|Futures positions (0.05%)                                                                
|Metals                                                                                   
|                                                                                         
|                                                                                         
|Forward positions (2.89%)                                                                
|Currencies                                                                               
|                                                                                         
|Total short positions                                                                    
|                                                                                         
|Total open contracts (-0.01%)                                                            
|Cash on deposit with brokers (104.48%)                                                   
|Liabilities in excess of other assets (-4.47%)                                           
|                                                                                         
|Net assets (100%)                                                                        
|                                                                                         

See accompanying notes to
financial statements

## (7)     Financial Highlights

The following financial
highlights show the Partnership's financial performance for the six-month
period ended June 30, 2005.  Total return is calculated as the change in a
theoretical limited partner's investment over the entire period and is not
annualized.  Total return is calculated based on the aggregate return of the
Partnership taken as a
whole.

|Net Asset Value per unit At December 31, 2004 |  | $ | 837.08  
|--------------------------------------------- |  | - | --------
|Loss per unit                                 |  |   | (70.69) 
|Net Asset Value per unit At June 30, 2005     |  | $ | 766.39  
|                                              |  |   |         
|Total Return:                                 |  |   |         
|Total return before incentive fee             |  |   | (8.44)% 
|Less incentive fee allocation                 |  |   | 0.00%   
|Total return                                  |  |   | (8.44)% 
|                                              |  |   |         
|Ratio to average net assets:                  |  |   |         
|Net loss                                      |  |   | (10.14)%
|                                              |  |   |         
|Expenses:                                     |  |   |         
|Expenses:                                     |  |   | 3.04%   
|Incentive fees                                |  |   | 0.00%   
|Total expenses                                |  |   | 3.04%   

The net loss and expense
ratios are computed based upon the weighted average net assets for the
Partnership for the six-month period ended June 30, 2005 and are not annualized.
Ratios do not reflect income or expenses related to investment in other commodity pools.

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

## (a) Capital Resources

The Partnership's capital
resources fluctuate based upon the redemption of units and the gains and losses
of the Partnership's trading activities.  For the six-month period ended
June 30, 2005, Limited Partners redeemed a total of 537.49 units for $392,985 and
for the six month period ended June 30, 2004, Limited Partners redeemed a total of
470.83 units for $385,201.

The Partnership's involvement in the futures and forward markets exposes the
Partnership to both market risk - the risk arising from changes in the market value of the futures and forward contracts held by the
Partnership - and credit risk - the risk that another party to a contract will fail to perform its obligations according to the terms
of the contract.  The Partnership is exposed to a market risk equal to the value of the futures and forward contracts purchased and
theoretically unlimited risk of loss on contracts sold short.  The Partnership's commodity trading advisors (Advisors) monitor the
Partnership's trading activities and attempt to control the Partnership's exposure to market risk by, among other things, refining
their trading strategies, adjusting position sizes of the Partnership's futures and forward contacts and re-allocating Partnership
assets to different market sectors.  The Partnership's primary exposure to credit risk is its exposure to the non-performance of the
Forwards Currency Broker.  The Forwards Currency Broker generally enters into forward contracts with large, well-capitalized
institutions and then enters into a back-to-back contract with the Partnership.  The Partnership also may trade on exchanges that do
not have associated clearinghouses whose credit supports the obligations of its members and operate as principals markets, in which
case the Partnership will be exposed to the credit risk of the other party to such trades.

The Partnership's trading activities involve varying degrees of off-balance
sheet risk whereby changes in the market values of the futures and forward contracts underlying the financial instruments or the
Partnership's satisfaction of the obligations may exceed the amount recognized in the statement of financial condition of the
Partnership.

The Partnership borrows only to a limited extent and only on a strictly
short-term basis in order to finance losses on non-U.S. dollar denominated trading positions pending the conversion of the
Partnership's dollar deposits.  These borrowings are at a prevailing short-term rate in the relevant currency.  They have been
immaterial to the Partnership's operation to date and are expected to continue to be so.

During the fiscal period-ended June 30, 2005, the Partnership had no material
credit exposure to a counterparty which is a foreign commodities exchange.

## (b) Liquidity

The Partnership's assets are held in brokerage accounts with CIS and CISFS.
Except in unusual circumstances, the Partnership should be able to close out any or all of its open trading positions and liquidate
any or all of its holdings quickly and at market prices.  This should permit the Advisors to limit losses as well as reduce market
exposure on short notice should their programs indicate reducing market exposure.

The Partnership earned interest on 100% of the Partnership's average monthly
cash balance at a rate equal to 80% of the average yield on the 91-day U.S. Treasury bills issued during that month.  For the period
ended June 30, 2005, CIS had paid or accrued to pay interest of $45,954 to the Partnership and for the period ended June 30, 2004,
CIS had paid or accrued to pay interest of $19,869 to the Partnership.

Most United States commodity exchanges limit the amount of fluctuation in
commodity futures contract prices during a single trading day by regulations.  These regulations specify what are referred to as
"daily price fluctuation limits" or "daily limits".  The daily limits establish the maximum amount the price of a futures contract
may vary either up or down from the previous day's settlement price at the end of a trading session.  Once the daily limit has been
reached in a particular commodity, no trades may be made at a price beyond the limit.  Positions in the commodity could then be taken
or liquidated only if traders are willing to effect trades at or within the limit during the period for trading on such day.  Because
the "daily limit" rule only governs price movement for a particular trading day, it does not limit losses.  In the past, futures
prices have moved the daily limit for numerous consecutive trading days and thereby prevented prompt liquidation of futures positions
on one side of the market, subjecting commodity futures traders holding such positions to substantial losses for those days.

It is also possible for an exchange or the CFTC to suspend trading in a
particular contract, order immediate settlement of a particular contract, or direct that trading in a particular contract be for
liquidation only.

## (c) Results of Operations

The Partnership's success depends on the Advisors' ability to recognize and
capitalize on major price movements and other profit opportunities in different sectors of the world economy.  Because of the
speculative nature of their trading, operational or economic trends have little relevance to the Partnership's results, and its past
performance is not necessarily indicative of its future results.  The General Partners believe, however, that there are certain
market conditions - for example, markets with major price movements - in which the Partnership has a better opportunity of being
profitable than in others.

The Advisors' programs do not predict price movements.  No fundamental economic
supply or demand analysis is used in attempting to identify mispricings in the market, and no macroeconomic assessments of the
relative strengths of different national economies or economic sectors is made.  Instead, the programs apply proprietary computer
models to analyze past market data, and from this data alone attempt to determine whether market prices are trending.  Technical
traders such as the Advisors base their strategies on the theory that market prices reflect the collective judgment of numerous
different traders and are, accordingly, the best and most efficient indication of market movements.  However, there are frequent
periods during which fundamental factors external to the market dominate prices.

If the Advisors' models identify a trend, they signal positions which follow
it.  When these models identify the trend as having ended or reversed, these positions are either closed out or reversed.  Due to
their trend-following character, the Advisors programs do not predict either the commencement or the end of a price movement.
Rather, their objective is to identify a trend early enough to profit from it and to detect its end or reversal in time to close out
the Partnership's positions while retaining most of the profits made from following the trend.

The performance summaries set forth below outline certain major price trends
which the Advisors' programs have identified for the Partnership during the second quarter of fiscal years 2005 and 2004.  The fact
that certain trends were captured does not imply that others, perhaps larger and potentially more profitable trends, were not missed
or that the Advisors will be able to capture similar trends in the future.  Moreover, the fact that the programs were profitable in
certain market sectors in the past does not mean that they will be so in the future.

The performance summaries are an outline description of how the Partnership
performed in the past, not necessarily any indication of how it will perform in the future.  Furthermore, the general causes to which
certain trends are attributed may or may not in fact have caused such trends, as opposed to simply having occurred at about the same
time.  While there can be no assurance that the Advisors will be profitable even in trending markets, markets in which substantial
and sustained price movements occur offer the best profit potential for the Partnership.

## Fiscal Quarter ended June 30, 2005

The Partnership recorded net income of $509,331 or $65.63 per unit for the
second quarter of 2005. On June 30, 2005, JWH was managing 72% of the Partnership's assets while Sunrise was managing 28% of the
Partnership's assets.

The Fund's performance was negative for the month of April.  The period of
relatively high volatility with no sustained price trends continued from the first quarter of 2005.  The Fund's underperformance was
driven by a change in the Federal Reserve's view on inflationary pressures. Economic data released in March showed a pickup in the US
inflation rate due to higher energy prices, new economic data released in April showing weaker inflationary pressures, forced the Fed
to change its view.  The currency sector was the most unprofitable sector during April due to the strength of both the Japanese yen,
the Canadian dollar/ Japanese yen cross, the Euro/Yen cross and the Swiss/yen cross. The largest gain in this sector was achieved in
the euro/British pound cross, while the largest loss occurred in the Japanese yen.  Stock indices sector was flat to slightly
positive for the month as the world's equity markets traded lower falling to new lows for the year. The Fund was able to profit from
the decline in the Nasdaq e-mini, but the profits were held back by the combined losses suffered in the Eurostoxx and Nikkei.  The
metals sector was unprofitable for the month. LME aluminum and LME copper had the largest losses within the sector, while gold and
silver also added to the sector's losses as currency related volatility plagued the precious metal markets. All components of this
sector were negative.  The Fund was unprofitable in the agriculture sector for the month as a result of the instability of the NY
coffee market.  The largest gain in this sector was achieved in cotton, while the largest loss occurred in NY coffee.

May brought positive performance for the Fund. The currency and fixed income
sectors led profitability with robust gains that offset lackluster returns in the other sectors. The currency sector was the stronger
performer in May as the euro fell to a seven-month low against the dollar and weakened against most other major currencies. The
largest gains in this sector were achieved in the dollar positions against the euro, Swiss Franc and Yen. Losses occurred in the
British Pound, Australian Dollar, New Zealand Dollar, Singapore Dollar, Swedish Krona and euro/British Pound cross.  The fixed income
sector was profitable as both European and US bonds rose during the month. The largest gains in this sector were: the German 10-year
bund which rose to a record high anticipating lower interest rates as the European economy slows; US Treasuries which rallied on
diminished inflation fears and the 10-year note which broke 4% for the first time since February. The largest gain was achieved in
the bund, while only losses occurred in Eurodollars.  Stock Indices were negative for the month. Most of the world indices were
higher on the month. All components of this sector were negative except for minor gains in the DAX (Germany) Stock Index. The Largest
loss came from the Nasdaq e-mini.  The Fund's performance in the agricultural sector was negative as cotton fell almost 13% from
April's highs.  The metals sector was slightly positive with Gold, which traded near a three month low, representing the largest gain
and Copper representing the largest loss.

The Fund was profitable in June. The fixed income and currency sectors led
profitability on the strength of the U.S. dollar and the global fixed income markets. These gains were mainly due to the U.S. Federal
Reserve raising interest rates another quarter point to 3.25 percent. Hindering performance was volatility in the metals sector,
along with lackluster returns in indices.  The fixed income sector was the Fund's strongest performer for the month, as global bond
markets continued to rally.  The majority of the sector's gains came from the strength in both Germany's and Japan's fixed income
markets.  The largest gains in this sector were achieved in the bund, and US Treasury Notes and Bonds while the largest loss occurred
in the Eurodollar (3mth).  The currency sector was the Fund's other solid performer. The U.S. dollar posted its largest quarterly
gain against the euro since 2001 and rose against the yen as the market anticipated the quarter point increase by the Federal Reserve
on June 30th. The dollar also benefited from the yield advantage against the Japanese yen, Swiss franc and the euro.   Also boosting
the sector's performance was the weakness in the British pound against the U.S. dollar.  Other gains in this sector were achieved in
the Japanese yen, Swiss Franc, and Swedish Krona.  The losses occurred in the Australian dollar, New Zealand dollar, Singapore dollar
and South African Rand.  Performance was slightly positive in indices during the month.  Overall, stocks fell during the month as the
Federal Reserve raised its benchmark interest rate for the ninth time this year. The largest gains in this sector were achieved in
the Eurostoxx 50 and the DAX, while the largest loss occurred in the Nasdaq e-mini.  Metals were negative for the month as volatility
also hurt this sector's performance.  Gold rose for the majority of the month and then fell towards the end of the month as the U.S.
dollar strengthened and the U.S. Federal Reserve raised interest rates. All components of this sector were flat or had negative
performance for the month. The largest losses occurred in gold and nickel.  Performance in the agricultural sector was down for the
month as trading in cotton, wheat, soybeans and soy meal hindered returns. All components of this sector were negative for the month.

During the quarter, investors redeemed a total of 286.35 units. At the end of
the quarter there were 7,669.01 units outstanding (including 376.57 units owned by the General Partners).

During the fiscal quarter ended June 30, 2005 the Partnership had no material
credit exposure to a counterparty which is a foreign commodities exchange.

## Fiscal Quarter ended June 30, 2004

The Partnership recorded a loss of $1,305,346 or $(150.47) per unit for the
second quarter of 2004. On June 30, 2004, JWH was managing 64% of the Partnership's assets while Sunrise was managing 36% of the
Partnership's assets.

The second quarter of 2004 produced no meaningful trends.  In April, the markets
continued to focus on growing expectations of higher U.S. interest rates. Speculation about the timing and scope of the possible
tightening contributed to high volatility and major price reversals particularly in the currencies and global equity indices.

The U.S. dollar strengthened against most major currencies in response to U.S.
job creation. Consumer confidence and manufacturing activity appear to be waning in Germany, exerting downward pressure on the Euro.
Expectations of rising rates also sent the prices of long-term interest rate futures to their lowest levels in several months. The
Swiss franc and Euro were the best performers while the Japanese yen was the major detractor.

Indices were negative in April. More than half of the companies in the Standard
& Poor's 500 Index reported earnings and 78% of these surpassed analysts' forecasts. Japanese equity markets were strong all month
while the U.S. and some of the European stock markets faltered later in the month.

A slowing of the Chinese economy and possible decline in the global demand for
commodities put downward pressure on prices. Cotton and London sugar had the best performance while wheat had the largest loss.

Metals also felt the downward pressure Precious metal investors liquidated long
positions which had been a hedge against the negative real rate of return in the U.S.

Energies were profitable in April. Concerns about continued violence in the
Middle East and increased global consumer demand helped to maintain prices at their current lofty levels. Natural gas was the only
negative component in this sector.

In May, a number of factors created uncertainty in the financial markets and
prevented strong trends from emerging.  The month was dominated by developments in the oil market, U.S. interest rates and the
possibility of inflation.

The exceptions to the non-definition were the energy markets. The price of oil
reached record highs on continued supply concerns and increased geopolitical risk. China's increasing appetite for petroleum placed
additional strain on available production while Saudi Arabia's offer to increase production had little effect on stabilizing the
price of crude oil. All components in this sector were profitable with best performance coming from London gas oil and crude oil.

Although choppy, the fixed income markets produced positive results. The U.S.
economy continues to show signs of improvement with fears of rising inflation diminishing. The best results were achieved in the Euro
Bund. The largest losses occurred in the Japanese Government bond and the Australian 10-year bond.

The currency sector was negative in May.   The U.S. dollar was heavily
influenced in the beginning of the month by the release of improving economic numbers and revised expectations for continued growth
in the U.S.  The best results from this sector were achieved in the British pound / Japanese yen cross and the Australian dollar.
The largest detractors from performance were the Japanese yen and the Swiss franc.

The major global equity markets continue to struggle. World GDP continues at a
strong pace; however, concerns over rising interest rates and high energy prices have reduced enthusiasm for stocks. This sector
failed to register any components in positive territory with the largest loss coming from the Nikkei.

The agricultural sector was negative for May.  Coffee prices surged higher due
to fears of frost and other weather delays regarding the Brazilian coffee harvest. Live cattle made large gains this month after
comments by USDA Secretary Veneman indicated uncertainties surrounding the resumption of Canadian cattle imports to the U.S.  New
York coffee had the best performance in this sector. Corn and soybeans has the largest losses.

The metals sector was unprofitable in May.  Metal prices fell lower for most of
the month. Base metals came under pressure due to prospects that China's demand for raw materials will weaken as its economy slows.
This sector failed to register any components in positive territory with the largest loss coming from aluminum.

Overall, the Partnership was negative for the month of June.  Financial markets
were relatively quiet during the month, waiting for a few critical events scheduled for the end of June: the long-anticipated first
rate increase by the Federal Reserve, the handover of power in Iraq, U.S. employment data and the continued slowing of the Chinese
economy.

While the rate increase was in line with expectations, jobless claims and
manufacturing data proved to be slightly worse than expected and had a much bigger impact on the market than the rate hike alone. In
Europe, German bond prices rose after a report was released showing that German business confidence had dropped unexpectedly.
Japanese interest rates rose driving yields to their highest level in 4 years. The best performer was the 3-month Eurodollar contract
and the largest losses were Japanese Government bond and Euro Bund.

The foreign exchange sector was negative for June. The U.S. dollar was
essentially flat, ending the month with little change. The Japanese yen strengthened against most currencies on prospects of
continued economic expansion. Minor currencies were mixed against the U.S. dollar. Profits were generated in Australian dollar, Swiss
franc and Japanese yen options. The largest losses were from the Japanese yen and Euro/British pound cross.

Stock indices were positive for June. Major stock markets continued to climb
higher after their slide in mid-May, although single-digit earnings growth in major markets, the high cost of energy and the
anticipation of rising interest rates dampened enthusiasm. The best return came from Australian SPI 200 and the largest loss was in
the Eurostoxx 50.

The energy sector was negative for June. These markets continue to be volatile
with a bias upward. Crude oil and related prices remain robust as a result of the strong growth in the U.S. and China and continuing
tensions in the Middle East. The best performer was London gas oil and the largest losses came from Nymex crude oil and natural gas.

The agricultural sector was negative for June. Decreased demand from China put
downward pressure on the grains.  Coffee felt the weight of increased production in Brazil. The price of cotton moved lower
anticipating increased plantings in other countries. Cotton gave the best return and New York coffee and soybeans were the largest
losses.

The metals sector was positive this month. The price of gold and silver fell at
the beginning of the month against a strengthening U.S. dollar, with gold being buoyed again by the weakening U.S. dollar toward
month end. Base metals initially moved lower anticipating decreased demand from China however low levels of global inventories pushed
prices higher by month end. The best performer was silver and the largest losses came from aluminum and gold.

During the quarter, investors redeemed a total of 107.06 units. At the end of
the quarter there were 8,586.56 units outstanding (including 376.57 units owned by the General Partners).

During the fiscal quarter ended June 30, 2004 the Partnership had no material
credit exposure to a counterparty which is a foreign commodities exchange.

## Fiscal Quarter ended March 31, 2005

The Partnership recorded a loss of $1,108,342 or $136.32 per unit for the first
quarter of 2005. On March 31, 2005, JWH was managing 67% of the Partnership's assets while Sunrise was managing 33% of the
Partnership's assets.

The Partnership's performance was negative in January. While the fixed-income
sector recorded modest gains for the month, they weren't enough to offset the losses in other sectors. A choppy and erratic trading
environment prevailed in anticipation of a series of world events: Iraqi elections, The Group of Seven finance ministers' meeting,
the Federal Reserve's decision on interest rates and the release of key economic data. The currency sector was the most significant
contributor to negative performance. The weak US dollar trend, which dominated the markets during the second half of 2004, began to
reverse itself as market expectations of a Yuan revaluation by the Chinese central bank began to diminish and US economic data showed
improvement   The Canadian dollar/Japanese yen cross was the only positive contributor for the month, while the largest losses were
in the euro and Swiss crosses against the Japanese Yen. Due to trend reversals and unprecedented volatility, trading in precious and
base metals was negative for the month. The loss in metals was due to the weakness in both gold and aluminum.  Gold, exhibiting a
strong inverse relationship with the US dollar, came under pressure as the US dollar strengthened throughout the month.  Supply
increases in Shanghai put pressure on the Aluminum market.  The Partnership's returns in the equity indices sector further hindered
performance.  The loss in indices resulted from a sell off in world equity markets as stocks weakened because energy prices rose
during the month. The largest gain in this sector was achieved in the Eurostoxx 50, while the largest loss occurred in the Nasdaq
e-mini.  Overall, the Partnership recorded a loss of (8.45)% for the month.

The Partnership's performance was negative in February.  Gains in indices,
coffee and base metals weren't enough to offset the combined losses in the other sectors traded.  The under-performance was driven by
the apparent end to some long-term trends in the global fixed-income market and the unfavorable performance in the currency sector. A
significant portion of February's losses was directly related to the fixed-income sector as the European, Japanese and U.S. bond and
Treasury markets sold off.  The catalyst for the dramatic moves higher in world interest rates was the cumulative effect of various
events:  U.S. 10-year Treasury notes fell after jobless claims unexpectedly declined, exports rose, the U.S. government sold $14
billion 10-year notes at a higher-than-expected yield, and the release of a higher-than-expected Producer Price Index in the U.S.
helped to spark inflation fears worldwide. The largest gain was achieved in the Eurodollar, while the largest loss occurred in the
Japanese government bond. Currencies were the other main contributor to the Partnership's losses.  Initially, the U.S. dollar
strengthened on the back of a rise in Treasury yields and US equities, then suddenly reversed directions and moved lower against most
currencies. The largest gain was achieved in the Australian/Japanese yen cross, while the largest loss occurred in the Japanese
yen.   Overall, the Partnership recorded a loss of (4.64)% for the month.

The Partnership's performance was negative for the month of March.   Once again,
gains in coffee and base metals were not enough to offset the losses in other sectors. A strengthening U.S. dollar and increasing
inflation fears dominated the under-performance in most other sectors. Currencies were the most unprofitable sector during the month.
The single most influential factor driving performance in this sector was the U.S. dollar. The dollar began the month in a weakening
trend as the U.S. trade deficit widened to its second highest level ever. This trend reversed as the price of oil soared, the yield
on the 10 year note rose to its highest level in seven months, and the Federal Reserve increased borrowing costs by a quarter
percentage point. The largest gain in this sector was achieved in the Japanese yen, while the largest loss occurred in the British
pound, the Euro and Swiss Franc. The Partnership was unprofitable in the fixed income sector for the month, as European and Domestic
markets sold off and the Japanese bond markets rallied. Increases in energy prices and inflation expectations were the catalyst for
the dramatic move higher in most of the world interest rates.  The largest gain in this sector was achieved in the Eurodollar, while
the largest loss occurred in the bund.  Performance in the metals sector was profitable for the month; however gold and silver were
driven by the volatility in the U.S. Dollar as precious metals tend to have an inverse relationship with the U.S. Dollar.  Higher
bond yields and oil prices made equities less attractive to investors as inflationary pressures started to weigh on the global
economy.  The largest gain was achieved in the Nasdaq e-mini, while the largest loss occurred in the Nikkei.  Overall, the
Partnership recorded a loss of (4.11)% for the month.

During the quarter, investors redeemed a total of 251.11 units. At the end of
the quarter there were 7,955.39 units outstanding (including 376.57 units owned by the General Partners).

During the fiscal quarter ended March 31, 2005 the Partnership had no material
credit exposure to a counterparty which is a foreign commodities exchange.

## Fiscal Quarter ended March 31, 2004

The Partnership recorded a profit of $348,831 or $38.29 per unit for the first
quarter of 2004. Performance throughout the quarter was strong. On March 31, 2004, JWH was managing 67% of the Partnership's assets
while Sunrise was managing 33% of the Partnership's assets.

Although the markets were volatile, the Partnership was positive in January with
many of the long-term trends remaining intact during the month.  The declining U.S. dollar continued against most major currencies
during the first half of the month. Following comments made both by the Federal Reserve Board regarding possible interest rate
increases and the European Central Bank alluding to possible intervention in the currency markets, the U.S. dollar strengthened
significantly against most currencies. The long Japanese yen and British pound positions made the greatest contribution to profits.
This sector was the best performer during January.  Base metals continued to perform well as prices escalated due to the strong
demand from China. Copper, aluminum and silver were profitable.  Overall, the Partnership recorded a profit of 1.55% for the month.

Because of an unusually high level of weather-related demand, tight U.S.
inventories, and OPEC agreeing to cut production, crude oil was one of the most profitable markets in February.  The fixed income
sector was also a top performer. Interest rates continued to move lower in the U.S., Europe, and Asia as inflation remained low in
all three regions. The most profitable positions were Euro bunds, Japanese 10-year bond, and the U.S. 10-year notes and 30-year
bonds.  Despite a high level of volatility, the currency sector was also profitable for the month. The U.S. dollar began to make an
upside breakout due to speculation that the Federal Reserve would raise interest rates if the U.S. economy continued to improve. The
best performing positions were: Euro/Pound cross, long positions in British pounds versus Japanese yen, the Euro and the Swiss
franc.  The metals sector also contributed to profitability with copper leading the way followed by silver and aluminum. All were
driven by strong demand, dollar weakness and declining inventories.  The supply situation was favorable for grains as well with
unusually tight inventories sending corn and bean prices to new contract highs.  Overall, the Partnership recorded a profit of 6.94%
for the month.

March was a particularly challenging month. Terrorist activities in Spain and
heightened tensions in the Middle East kept those looking for investment opportunities on the sideline.  The agricultural sector was
the best performer for the month led by grains, whose prices rose based on a surge in export demand, followed by a drop in cotton
prices based on USDA reports that sales are slowing. In precious metals both gold and silver extended their gains as demand continued
to rise and despite the U.S. dollar strengthening. Silver was the best performer overall, reaching a 17 year high of $8.30 an ounce.
Base metals experienced a period of consolidation and remained within a road and volatile trading range as the market weighed
information that China's appetite may be waning. Geopolitical risk and OPEC's production cut helped crude oil and related products
retain lofty price levels.  Natural gas had the highest gain for the sector followed by crude oil.  The unprofitable currency sector
was dominated by the action in the Japanese yen, orchestrated by the Bank of Japan which intervened in the foreign exchange market by
buying over $40 billion U.S. dollars/selling Japanese yen. Most other currencies traded in a sideways fashion in varying degrees of
volatility.  Overall, the Partnership recorded a loss of           (3.53)% for the month.

During the quarter, investors redeemed a total of 363.77 units. At the end of
the quarter there were 8,693.62 units outstanding (including 376.57 units owned by the General Partners).

During the fiscal quarter ended March 31, 2004 the Partnership had no material
credit exposure to a counterparty which is a foreign commodities exchange.

## (d) Off-Balance-Sheet Arrangements; Disclosure of Contractual
Obligations

There have been no material changes with respect to the Partnership's
off-balance-sheet arrangements (as defined in Regulation S-K 303(a)(4)(ii)) or disclosures of contractual obligations as reported in
the Partnership's Annual Report on Form 10-K for fiscal year 2004.

## 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, 2004.

## Item 4.  Controls and Procedures

Under the supervision and with the participation of the management of CIS
Investments, Inc., a General Partner of the Partnership, including CISI's Chief Executive Officer and Chief Financial Officer, the
Partnership has evaluated the effectiveness of the design and operation of its disclosure controls and procedures as of the end of
the period covered by this quarterly report, and, based on their evaluation, the Chief Executive Officer and Chief Financial Officer
of CISI have concluded that these disclosure controls and procedures are effective.  There were no significant changes in the
Partnership's internal controls over financial reporting or in other factors that could materially affect these controls subsequent
to the date of their evaluation.

## Item 5.  Subsequent Event

On June 22, 2005, Cargill, Incorporated ("Cargill") and Refco Group Ltd., LLC
("Refco") announced that they had entered into a definitive agreement for Refco to acquire the global brokerage operations of
Cargill's subsidiary, Cargill Investor Services, Inc. ("CIS").  CIS is the owner of CISI.  After the acquisition closes, Refco will
become the owner of CISI and Refco's subsidiary, Refco, LLC, will become the futures broker for the Partnership.  The acquisition
will close upon receipt of necessary regulatory approvals and satisfaction of other contractual closing conditions.

# 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.  Unregistered Sales of Securities and Use of Proceeds

| | a) | None                                                                                                                                                                                                                                                                                              
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | b) | None                                                                                                                                                                                                                                                                                              
| | c) | The Partnership permits Limited Partners to redeem units at the end of each month at the Net Asset Value per unit on the redemption
date.  The redemption of units has no impact on the net asset value of the units that remain outstanding and units may not be
reissued once they are redeemed.

The following table summarizes the redemptions by partners during the second
quarter of 2005:

|Month | Units Redeemed | Redemption Date NAV per Unit
|----- | -------------- | ----------------------------
|April | 72.90          | $ 684.38                    
|May   | 154.47         | $ 722.39                    
|June  | 58.98          | $ 766.39                    
|Total | 286.35         |                             

## Item 3.  Defaults Upon Senior Securities

None

## Item 4.  Submission of Matters to a Vote of Security Holders

None

## Item 5.  Other Information

| | a) | None
| | -- | ----
| | b) | None

## Item 6.
   Exhibits

|      | a)                                                                                                                                                                                                                                                                       |  | Exhibits                                                                                                                                                                                                                     
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     
|      | ExhibitNumber                                                                                                                                                                                                                                                            |  | Description of Document                                                                                                                                                                                                      
|      | 3.1                                                                                                                                                                                                                                                                      |  | Amended and Restated Limited Partnership Agreement.                                                                                                                                                                          
|      | 10.1                                                                                                                                                                                                                                                                     |  | Advisory Contract dated as of July 14, 1987 between CIS Investments, Inc., IDS Futures Corporation, IDS Managed Futures II, L.P.,
John W. Henry & Company, Inc. and Sabre Fund Management Limited.                           
|      | 10.2                                                                                                                                                                                                                                                                     |  | Amended Advisory Contracts dated March 31, 1992 between CIS Investments, Inc., IDS Futures Corporation, IDS Managed Futures II, L.P.
and each of John W. Henry & Company, Inc. and Sabre Fund Management Limited.            
|      | 10.3                                                                                                                                                                                                                                                                     |  | Amended Advisory Contract
        dated April 30, 1996 between CIS Investments, Inc., IDS Futures Corporation,
        IDS Managed Futures II, L.P., John W. Henry & Company, Inc. and
        Sabre Fund Management Limited.
|      | 10.4                                                                                                                                                                                                                                                                     |  | Advisory Contract
        dated as of July 8, 1997 between CIS Investments, Inc., IDS Futures Corporation,
        IDS Managed Futures II, L.P. and Welton Investment Corporation.                                           
|      | 10.5                                                                                                                                                                                                                                                                     |  | Amendment to Advisory
        Contract dated December 31, 1999 between CIS Investments, Inc.,
        IDS Futures Corporation, IDS Managed Futures II, L.P. and
        John W. Henry & Company, Inc.                        
|      | 10.6                                                                                                                                                                                                                                                                     |  | Guarantee dated
        March 21, 2000 between IDS Managed Futures II, L.P. and Cargill, Incorporated                                                                                                                        
|      | 10.7                                                                                                                                                                                                                                                                     |  | Amendment to Advisory
        Contract dated September 29, 2000 between CIS Investments, Inc.,
        IDS Futures Corporation, IDS Managed Futures II, L.P. and
        John W. Henry & Company, Inc.                       
|      | 31.01                                                                                                                                                                                                                                                                    |  | Rule 13a-14(a)/15d-14(a) Certifications of Principal Executive Officer                                                                                                                                                       
|      | 31.02                                                                                                                                                                                                                                                                    |  | Rule 13a-14(a)/15d-14(a) Certifications of Principal Financial Officer                                                                                                                                                       
|      | 32.01                                                                                                                                                                                                                                                                    |  | Section 1350 Certification                                                                                                                                                                                                   
|     
|Note: | Exhibits 3.1 and 10.1 are incorporated by reference to Registration Statement No. 33-13938 declared effective on July 14, 1987,
Post-Effective Amendment No. 1 declared effective on April 27, 1988 and Post-Effective Amendment No. 2 declared effective on May
4,1988.
|Note: | Exhibits 10.2, 10.3
and 10.4 are incorporated by reference to Form 10-K filed by the Partnership on March 27, 1998.                                                                                                                                                     
|Note: | Exhibits 10.5 and 10.6 are
incorporated by reference to Form 10-K by the Partnership on March 28, 2000.                                                                                                                                                                 
|Note: | Exhibit 10.7
is incorporated by reference to Form 10-K by the Partnership on March 26, 2001.                                                                                                                                                                            
|     

# 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 15, 2005

|By: | CIS Investments, 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)

# EXHIBIT INDEX

| | ExhibitNumber |  | Description of Document                                               
| | ------------- |  | ----------------------------------------------------------------------
| | 31.01         |  | Rule 13a-14(a)/15d-14(a) Certifications of Principal Executive Officer
| | 31.02         |  | Rule 13a-14(a)/15d-14(a) Certifications of Principal Financial Officer
| | 32.01         |  | Section 1350 Certification                                            
|