`(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`

`Item 1.  Financial Statements

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

                          Fiscal Quarter  Year to Date    Fiscal Year     Fiscal Quarter  Year to Date
                          Ended 9/30/01   Ended 9/30/01  Ended 12/31/00   Ended 9/30/00   Ended 9/30/00

Statement of
Financial Condition       X                                  X

Statement of
Operations                X                X                                X                X

Statement of Changes
in Partners' Capital                       X

Statement of
Cash Flows                                 X                                                 X

Notes to Financial
Statements                X`

`Sept 30, 2001     Dec 31, 2000
ASSETS

Equity in commodity futures
   Trading accounts:
   Cash on deposit with Brokers                            $5,812,640         $5,929,614
   Unrealized gain (loss) on open
     futures contracts                                        100,158          1,230,116

                                                          5,912,798          7,159,730

Interest receivable                                            13,192             25,919

      Total assets                                         $5,925,990         $7,185,649


LIABILITIES AND PARTNERS' CAPITAL

Liabilities:
   Accrued commissions on open
     futures contracts due to AEFA Advisors and CIS           $10,108            $20,814
   Accrued exchange, clearing and NFA fees                       $307               $375
   Accrued management fee                                       6,305             11,887
   Accrued incentive fee                                            0                  0
   Accrued operating expenses                                  13,252             32,000
   Redemptions payable

      Total liabilities                                        43,012            249,330

Partners' Capital:
   Limited partners (10,749.50 units                        5,646,436          6,639,371
     outstanding at 9/30/01, 11,515.47
     units outstanding at 12/31/00) (see Note 1)
   General partners (450.32 units outstanding at 9/30/01,     236,542            296,948
     515.03 units outstanding  at 12/31/00) (see Note 1)
      Total partners' capital                               5,882,978          6,936,319

      Total liabilities and
        partners' capital                                  $5,925,990         $7,185,649

Net asset per outstanding unit of partnership interest        $525.27            $576.56


See accompanying notes to financial statements.`

`Jul 1, 2001   Jan 1, 2001    Jul 1, 2000    Jan 1, 2000
                                                 through       through        through        through
                                                Sept 30, 2001  Sept 30, 2001  Sept 30, 2000  Sept 30, 2000

REVENUES

Gain (loss) on trading of commodity futures
  and forwards contracts, physical
  commodities and related options:
  Realized gain (loss) on closed positions        ($386,636)     $722,273     ($198,543)      ($1,000,475)
  Change in unrealized gain (loss)
     on open positions                              224,042   ($1,129,957)    ($277,680)         (806,886)
Interest income                                      46,253       177,915        66,316           244,245
Foreign currency transaction gain (loss)             15,922        23,027       (13,713)          (60,605)
Other revenue                                             0        38,025             0                 0

      Total revenues (losses)                     ($100,419)    ($168,717)    ($423,620)      ($1,623,721)



EXPENSES

   Commissions paid to AEFA Advisors and CIS         83,581      $271,729        86,150           274,046
   Exchange fees                                     10,364       $27,508         1,800             7,663
   Management fees                                   19,673       $87,402        53,119           187,891
   Incentive fees                                         0        $7,402             0                 0
   Operating expenses                                 8,173        24,573         7,894            24,187

      Total expenses                                121,791       418,614       148,963           493,787

      Net loss                                    ($222,210)    ($587,331)    ($572,583)      ($2,117,508)

LOSS PER UNIT OF
  PARTNERSHIP INTEREST                              ($19.58)      ($51.29)      ($43.56)         ($149.54)

See accompanying notes to financial statements.`

`Limited       General
                                                      Units*        Partners      Partners       Total

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

Net profit (loss)                                                    (563,374)     (23,957)    (587,331)

Redemptions                                             (765.97)     (429,561)     (36,449)    (466,010)

Partners' capital at September 30, 2001               10,749.50    $5,646,436     $236,542   $5,882,978



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

Net profit (loss) per unit                                             (51.29)      (51.29)

Net asset value per unit
   September 30, 2001                                                 $525.27      $525.27

* Units of Limited Partnership interest.


See accompanying notes to financial statements.`

`Jan 1, 2001             Jan 1, 2000
                                                          through                 through
                                                          Sept 30, 2001           Sept 30, 2000

Cash flows from operating activities:
   Net loss                                               ($587,331)              ($2,117,507)
   Adjustments to reconcile net loss
     to net cash provided by (used in)
     operating activities:
   Change in assets and liabilities:
     Decrease in unrealized gain on open
       futures and forward contracts                      1,129,958                   806,886
     Decrease in interest receivable                         12,727                     6,735
     Decrease in accrued liabilities                        (35,104)                  (19,007)

     Net cash provided by (used in)
       operating activities                                 520,250                (1,322,893)

Cash flows from financing activities:

   Partner redemptions                                     (637,224)               (1,392,170)

   Net cash used in
     Financing activities                                  (637,224)               (1,392,170)

Net increase (decrease) in cash                            (116,974)               (2,715,063)

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

Cash at end of period                                    $5,812,640                $5,818,905

See accompanying notes to financial statements.`

`IDS MANAGED FUTURES II, L.P.
                     NOTES TO FINANCIAL STATEMENTS
                           September 30, 2001(1) General Information and Summary

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

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

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

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

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

Brokerage  commissions and National Futures  Association  (NFA) clearing
and  exchange  fees are accrued on a half-turn  basis on open  commodity
futures  contracts.  The  Partnership  pays CIS  commissions  on  trades
executed  on its behalf at a rate of  $29.375  per  half-turn  contract.
For trades executed by Welton  Investment  Corporation,  the Partnership
pays  $21.875  per  half-turn  contract.   The  Partnership  pays  these
commissions  directly  to CIS and CISFS,  and CIS then  reallocates  the
appropriate  portion to American Express  Financial  Advisors Inc. (AEFA
Advisors).Foreign Currency Transactions

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

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

The  preparation of financial  statements in conformity  with accounting
principles  generally  accepted in the United States of America requires
management to make  estimates and  assumptions  that affect the reported
amounts of assets and  liabilities  and disclosure of contingent  assets
and  liabilities  at  the  date  of the  financial  statements  and  the
reported  amounts of revenues and expenses during the reporting  period.
Actual results could differ from those estimates.(3) Fees

Management  fees are accrued and paid  monthly  and  incentive  fees are
accrued  monthly and paid quarterly.  Trading  decisions for the periods
of these  financial  statements  were  made by the  following  Commodity
Trading  Advisors  (CTAs):  John W. Henry and  Company,  Inc.  (JWH) and
Welton Investment Corporation (Welton).

Under  signed  agreement,  prior to  October  1,  2000,  JWH  received a
monthly  management  fee of 1/12 of 4% of the  month-end net asset value
of the  Partnership  under its management and an incentive fee of 15% of
the  Partnership's  net trading  profits,  if any,  attributable  to its
management.  Effective  October  1,  2000,  the  agreement  with JWH was
changed  to  reduce  the  monthly  management  fee to  1/12 of 2% of the
month-end  net  asset  value  of  the  Partnership's  assets  under  its
management  and to increase the  incentive fee to 20% of the new trading
profits  attributable  to its  management.  Note,  Welton Alpha  Overlay
program does not receive Management fees.

Under  signed  agreement,  prior to October 1, 2000,  Welton  received a
monthly  management  fee of 1/12 of 3% of the  month-end net asset value
of the  Partnership  under its management and an incentive fee of 18% of
the  Partnership's  net trading  profits,  if any,  attributable  to its
management.  Effective  October 1, 2000,  the agreement  with Welton was
changed  to  reduce  the  monthly  management  fee to  1/12 of 2% of the
month-end  net  asset  value  of  the  Partnership's  assets  under  its
management  and to increase the  incentive fee to 20% of the net trading
profits attributable to its management.(4) Income Taxes

No   provision   for  Federal   income   taxes  has  been  made  in  the
accompanying  financial  statements as each partner is  responsible  for
reporting  income  (loss)  based on the pro rata share of the profits or
losses  of the  Partnership.  The  Partnership  is  responsible  for the
Illinois State  Partnership  Information  and  Replacement  Tax based on
the operating  results of the  Partnership.  Such tax amounted to $0 for
the  quarters  ended  September  30,  2001 and 2000 and is  included  in
operating expenses in the statements of operations.(5) Financial Instruments with Off-balance Sheet Risk

The Company is a party to financial  instruments with off-balance  sheet
risk  in the  normal  course  of its  business.  These  instruments  are
primarily the  execution  and clearing of orders for  commodity  futures
and  options  contracts  on  behalf  of  its  customers  (including  its
Parent),  substantially  all of which are  transacted on a margin basis.
Such  transactions  may expose the Company to off-balance  sheet risk in
the  event  that  a  customer  is  unable  to  fulfill  its   contracted
obligations.   In  the  event  the   customer   fails  to  satisfy   its
obligations,  the Company may be required to purchase or sell  financial
instruments  at  prevailing  market  prices  in  order  to  fulfill  the
customer's  obligations.  The  Company  seeks to control  these risks by
requiring  customers to maintain  margin  collateral in compliance  with
various  regulatory  and  internal  guidelines.   The  Company  monitors
required  margin  levels  daily  and,   pursuant  to  such   guidelines,
requires   customers  to  deposit   additional   collateral   or  reduce
positions  when  necessary.  The Company will also require its customers
to deposit  additional  equity or reduce  positions if it is  determined
that their activities may be subject to above-normal market risks.

Clearance,   financing,   and  settlement  activities  may  require  the
Company to maintain funds with or pledge  securities as collateral  with
other financial  institutions.  In the event the  counterparty is unable
to meet its contracted  obligation to return the  securities  pledged as
collateral,  the  Company  may be exposed to the risk of  acquiring  the
securities at  prevailing  market  prices.  The Company  controls  these
risks  by  assessing   the   creditworthiness   of  each   counterparty,
establishing  limits,  and  monitoring  compliance  on  a  daily  basis.
Additionally,  the Company monitors  collateral  market value on a daily
basis,  and  adjusts  collateral  levels in the  event of excess  market
exposure.(6) FINANCIAL STATEMENT PREPARATION

The  interim  financial  statements  are  unaudited,   but  reflect  all
adjustments  that are, in the  opinion of  management,  necessary  for a
fair  statement  of the  results  for  the  interim  periods  presented.
These  adjustments  consist  primarily  of  normal  recurring  accruals.
These interim  financial  statements  should be read in conjunction with
the audited  financial  statements of the Partnership for the year ended
December  31,  2000,   as  filed  with  the   Securities   and  Exchange
Commission  on March  28,  2001,  as part of its  Annual  Report on Form
10-K.

The  results of  operations  for  interim  periods  are not  necessarily
indicative of the operating results to be expected for the fiscal year.Item 2.  Management's  Discussion  and Analysis of  Financial  Condition
and Results of OperationFiscal Quarter ended September, 2001

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

During  the  third  quarter,   the  Partnership   experienced   negative
performance.  The  account  managed  by the John W.  Henry and  Company,
Inc.  (JWH) was up 8.37% for the  quarter.  However,  the Alpha  Program
managed by the Welton Investment  Corporation  (Welton),  which overlays
100% of the  Partnership,  was down 7.04% for the quarter.  On September
30,  2001,  JWH was managing  64.08% of the  Partnership's  assets.  The
balance of the  Partnership's  assets  were  being  held in an  interest
bearing account.

In  July,  positive  performance  in the  currency  sector  early in the
month   turned  into  a  small  loss  by  month  end.  The  single  most
profitable  position in the  Partnership's  portfolio was short Japanese
yen.  Long  positions  in the Euro and the U.S.  dollar  against the Yen
were not enough to offset  losses in other  currency  positions.  In the
interest rate sector,  the  Partnership's  long global bond position was
slightly   positive.   Small  profits  were  produced  in  almost  every
geographic  area.  Crude  and  heating  oil  prices  bounced  about in a
featureless  pattern.  The metal sector  showed signs of breaking out of
its  prolonged  down  trend  as  silver,  copper  and  aluminum  rallied
sharply.  Overall,  the  Partnership  recorded  a loss  of  $269,732  or
$23.57 per unit in July.

During  August,  disappointing  economic  indicators  allowed  for lower
interest   rates  around  the  globe  and  a  positive   month  for  the
Partnership.

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

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

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

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

During the fiscal quarter ended  September 30, 2001 the  Partnership had
no  material  credit  exposure  to a  counterparty  which  is a  foreign
commodities exchange.Fiscal Quarter ended September 30, 2000

The  Partnership  recorded a loss of $572,583 or $43.56 per unit for the
third  quarter of 2000.  This compares to a loss of $1,285,572 or $79.49
per unit for the third quarter of 1999.

The  Partnership  posted losses in July and  September.  Performance  in
August  was up  slightly.  Markets  continued  the  erratic,  trend-less
patterns  that  occurred  in the  second  quarter.  Both JWH and  Welton
experienced  losses  this  quarter.  As of  September  30,  2000 JWH was
managing 61% of the  Partnership's  assets while Welton was managing the
remaining 39%.

In July, an apparent  economic  slowdown in the U.S.,  uncertainty  over
the ending of zero  interest  rates in Japan and one-half of one percent
rise  in  European   interest   rates   provided  a  difficult   trading
environment for the Partnership.

Currency  trading  provided  the  lion's  share  of  the  losses  in the
portfolio.  Profits in long U.S.  dollar  positions  waned as signs of a
slowdown  in  the  U.S.   economy   weakened  the  dollar  versus  major
currencies.  Most damaging was the  aforementioned  rise in the European
interest  rate,  which served to bolster an  increasingly  positive Euro
sentiment.  The rally in the Euro  resulted in the  majority of currency
losses  in June.  Many  global  interest  rate  positions  proved  to be
unprofitable  as  short-term  volatility  over the likely  direction  of
interest rates denied the  Partnership of profitable  trends.  The index
sector was down in sympathy with interest rates.

On the positive side,  surging  petroleum  prices allowed long positions
in  the  energy  sector  to  continue  to  accrue  profits.   Profitable
positions in sugar,  soybeans and coffee  supported  performance  in the
non-financial  markets.   Metals'  trading  was  slightly  negative.  In
summation,  the  Partnership  recorded a loss of  $214,361 or $15.71 per
unit in July.

The  Partnership  benefited  from a strong U.S.  dollar and a resurgence
in energy prices to record a gain in August.  Energies  contributed  the
majority  of the  profits  for the month  with  Brent  crude oil  prices
hitting  10-year  highs and U.S.  crude  coming  within $1 of a new post
Gulf War  record.  Long  U.S.  dollar  positions  posted  gains  for the
portfolio when the  beleaguered  Euro sank to a three-month  low against
the U.S.  dollar  and  dragged  the  Swiss  franc  along  with  it.  The
British  pound also set six-year  lows against the U.S.  dollar amid the
perception  that  interest  rates  will hold for some  time in  Britain.
These  gains were  somewhat  offset by losses  which  occurred  when the
Japanese   economy   strengthened,   causing   a   rally   against   the
Partnership's short Yen position.

Short Nikkei positions proved  unprofitable  when the Index rose for the
month in  response  to the Bank of  Japan's  decision  to hike  interest
rates thus ending their  18-month zero  interest  rate policy.  Interest
rates,  metals  and  agricultural  commodities  were  unchanged  for the
month.  Profits  made by  Welton  overcame  a small  loss for JWH  which
made  August a  profitable  month.  The  Partnership  recorded a gain of
$39,361 or $2.95 per unit in August.

Currency  markets were caught off guard  September 22, 2000 when massive
central bank  intervention  supported  the Euro and  temporarily  halted
its  decline.  After  having  been up almost 6%  earlier  in the  month,
performance  suffered  when the central  banks from Canada,  Japan,  the
United  Kingdom and the U.S.  agreed to purchase  over 6 billion  Euros.
The  Central  Bankers  intervened  because  the Euro had  declined  to a
level  that  could  create  inflation  in its  member  countries.  Their
action led to  reverberations  throughout the currency and interest rate
markets.  Despite the gains seen early in the month,  this  intervention
caused  positions in European and Asian  currencies and foreign and U.S.
debt  markets to be mostly  unprofitable.  In the energy  sector,  crude
oil  prices,  after  rising to over $39 a barrel,  fell  sharply on news
that OPEC increased production and the Clinton  administration  released
30  million  barrels  from  the  U.S.  strategic  supply.  Despite  this
increase  in  supply,  crude  oil  inventory  was at a 20  year  low and
remained susceptible to additional price dislocations.

Metals were  profitable  across the board in  September  with short gold
positions  tracking the Euro to end the month lower.  In addition,  long
copper  positions  supported by falling  inventories  and robust  demand
were  profitable.  Agricultural  commodities  were off  slightly  due to
losses  in  sugar  as  world  sugar  supplies   remain   burdensome  and
potential  sales  from  India  continue  to  weigh  on the  market.  The
Partnership   suffered  a  loss  of  $397,583  or  $30.80  per  unit  in
September.

Effective  October 1, 2000,  fees paid to the  Partnership's  CTAs, were
changed.  The  annual  Management  fee was  reduced to 2% (down from 4%)
while the  incentive  fee was  increased to 20% (up from 15%) of new net
high  profits.   These   changes   reduced  the   "breakeven"   for  the
Partnership  at  that  time  by  2%  and  put  a  greater   emphasis  on
profitability.

Limited  Partners  redeemed a total of 877.69  units during the quarter.
At  the  end of the  quarter  there  were  12,767.65  units  outstanding
(including 644.45 units owned by the General Partner).

During the fiscal  quarter  ended  September 30, 2000,  the  Partnership
had no material credit  exposure to a  counter-party  which is a foreign
commodities  exchange  or to  any  counter-party  dealing  in  over  the
counter contracts which was material.Fiscal Quarter ended June 30, 2001

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

The  Partnership  posted  losses  in each  of the  three  months  in the
second  quarter.  Overall,  the  second  quarter  of fiscal  2001  ended
substantially  negative for the Partnership.  Both managers,  the Welton
and  JWH  experienced  poor  performance.  On  June  30,  2001,  JWH was
managing  56.8% of the  Partnership's  assets  while Welton was managing
43.2% of the Partnership's assets.

In April,  the  Partnership  suffered losses as the economy and the U.S.
stock market  demonstrated signs of rebounding.  An unexpected  discount
rate cut in the U.S.,  coupled  with a lack of a cut in  Europe,  caused
trend  reversals  in both  the Euro and  U.S.  dollar  denominated  bond
markets.  These  reversals  were  negative  for  the  Partnership.  Long
positions in the Japanese  bond market,  which had been  maintained  for
several months,  were closed out after similar price  behavior.  Trading
in  British,  Swiss and  Australian  interest  rates  was also  slightly
negative.  The currency sector  experienced losses in April. The biggest
loss  came in the Yen,  which was up  against  the U.S.  dollar  for the
first  month  since  August.  The  U.S.  dollar  fared  slightly  better
against the Euro,  Swiss franc and the  British  pound,  but lost ground
to each  for the  month.  Gold  rallied  slightly  off  its  low,  which
reduced  open  trade  profits  and  led to a  small  loss  in the  metal
sector.  Petroleum  prices  continued  trading in a  volatile,  sideways
manner  which  accounted  for a  small  loss  in  energy.  Overall,  the
Partnership recorded a loss of $595,102 or $50.88 per unit in April.

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

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

The Partnership is down 5.50% for calendar year 2001.

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

During the fiscal  quarter  ended June 30, 2001 the  Partnership  had no
material  credit   exposure  to  a  counterparty   which  is  a  foreign
commodities  exchange  or  to  any  counterparty  dealing  in  over  the
counter contract which was material.Fiscal Quarter ended June 30, 2000

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

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

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

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

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

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

During the fiscal  quarter ended June 30, 2000, the  Partnership  had no
material  credit  exposure  to  a  counter-party   which  is  a  foreign
commodities  exchange  or to  any  counter-party  dealing  in  over  the
counter contracts which was material.Fiscal Quarter ended March 30, 2001

The  Partnership  recorded a gain of $612,789 or $52.30 per unit for the
first quarter of 2001.

During  the  first  two   months  of  the   quarter,   the   Partnership
experienced  slightly  negative  performance.   However,  during  March,
strong gains were  recorded.  Overall,  the first quarter of fiscal year
2001 ended  substantially  positive for the Partnership  account managed
by JWH and  slightly  negative for the  accounts  managed by Welton.  On
March 30,  2001,  JWH was  managing  54.8% of the  Partnership's  assets
while Welton was managing 45.2% of the Partnership's assets.

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

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

In March,  the  Partnership  experienced  strong  positive  performance.
Despite  a  trend  interruption  late  in  the  month,  trading  in  the
interest   rate  sector  was  positive   with  some   geographic   areas
dramatically  outperforming  others.  The Bank of  Japan's  decision  to
stimulate   Japan's  economy  at  all  costs  hastened  the  decline  of
Japanese  interest rates which allowed the  Partnership's  long Japanese
bond  positions  to be the  most  profitable  in the  portfolio.  Gloomy
growth  outlooks for Europe and Great Britain  directed  interest  rates
lower which was profitable for the Partnership.  Conversely,  trading in
U.S.  interest rates was negative.  The currency sector,  which had been
up dramatically  since September,  continued its stellar  performance in
March.  The unyielding  strength of the U.S.  dollar versus the Japanese
yen  was the  cornerstone  of the  sector's  performance.  The Yen  lost
approximately  8% to the U.S.  dollar  in March  and  approximately  17%
since  September  2000.  Gains  were also  accrued  in long U.S.  dollar
positions  against the Swiss  franc and  Australian  dollar.  Trading in
the U.S. dollar versus the Euro was slightly  negative.  As had been the
case  for  several  months,  position  sizes  in the  commodity,  metal,
energy and stock  index  sectors  were quite  small due to lack of price
trends.  The Partnership  recorded a gain of $785,660 or $66.67 per unit
in March.

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

During the fiscal  quarter ended March 30, 2001 the  Partnership  had no
material  credit   exposure  to  a  counterparty   which  is  a  foreign
commodities exchange.Fiscal Quarter ended March 31, 2000

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

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

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

Changing  expectations  regarding  economic growth and inflation created
a difficult  trading  environment  in February.  The strategic news item
was the U.S.  Federal  Reserve's  decision to buy back part of the debt,
which led to a powerful  rally in the U.S.  30-year  bond.  The decision
by the Fed created havoc in the  Partnership's  interest rate portfolio,
which was  dominated  by short  positions.  Losses  were  taken in North
American,   Asian,  and  European  interest  rates.  The  yield  on  the
10-year  U.S.  government  bond  exceeded  that  of  the  30-year  bond,
creating an inverted  yield curve,  which is a very unusual  occurrence.
Currency  trading  was  mixed.  Profitable  long U.S.  dollar  positions
were  bolstered  by  the  revised  fourth  quarter  GNP  number,   which
reflected  a robust  economy.  However,  gains in the U.S.  dollar  were
offset by losses  incurred by long  European/short  Japanese  positions.
Surging energy prices supported  performance in  non-financial  markets.
Food and grain  markets  were once again  featureless.  Precious  metals
trading  suffered as gold prices  rallied and then fell sharply.  Equity
indices  gained some ground lost in January as U.S. and European  equity
indices  rose.  Long  positions  in  U.S.  stock  indices  had  a  small
positive  impact.  On March 2, 2000,  the  General  Partners  received a
letter from Verne Sedlacek,  President of JWH,  detailing  modifications
to the Financial and Metals trading  program.  All changes were designed
to add balance to the program  without  giving up any upside  potential.
Most  noteworthy  were the dramatic  reductions  in precious  metals and
Far Eastern  interest  rate  trading as well as the addition of offshore
stock  indices,  base  metals,  and  expansion  of  non-dollar  currency
trading.   JWH  remains   steadfast  in  its   commitment  to  research.
Overall,  the  Partnership  posted a loss of $258,991 or $17.38 per unit
in February.

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

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

During the fiscal quarter ended March 31, 2000, the  Partnership  had no
material  credit   exposure  to  a  counterparty   which  is  a  foreign
commodities exchange.Item 3.  Quantitative and Qualitative Disclosures About Market Risk

There has been no  material  change  with  respect to market  risk since
the  "Quantitative  and Qualitative  Disclosures  About Market Risk" was
made in the Form 10-K of the Partnership dated December 31, 2000.Part II.  OTHER INFORMATIONItem 1.  Legal Proceedings

The  Partnership  and its  affiliates  are from time to time  parties to
various  legal  actions  arising in the normal  course of business.  The
General  Partners  believe  that there is no  proceeding  threatened  or
pending  against the  Partnership  or any of its  affiliates  which,  if
determined  adversely,  would  have a  material  adverse  effect  on the
financial condition or results of operations of the Partnership.Item 2.  Changes in Securities

NoneItem 3.  Defaults Upon Senior Securities

NoneItem 4.  Submission of Matters to a vote of Security Holders

NoneItem 5.  Other Information

On August 31, 2001,  Ronald L. Davis  resigned as Vice  President of CIS
Investments, Inc. No one will be appointed to this position.

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

On July 9, 2001,  Bernie Dan  resigned his position as President of CIS.
Mr. Dan was replaced by James  Davison,  who had been Managing  Director
of CIS Europe.  Mr.  Davison  first joined CIS in 1987, he has extensive
experience  in all areas of the  futures  business.  We feel this change
of leadership will not have a material effect on the Partnership.Item 6.  Exhibits and Reports on Form 8-K

a)       Exhibits

None

b)       Reports on Form 8-K

None



SIGNATURES

Pursuant to the  requirements  of the  Securities  Exchange Act of 1934,
the  registrant  has duly  caused this report to be signed on its behalf
by the undersigned and thereunto duly authorized.IDS MANAGED FUTURES II, L.P.

Date:   November 12, 2001
By:     CIS Investments, Inc.,
        One of its General Partners


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

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