AMENDMENT TO THE IDS MANAGED FUTURES. L.P.

                     ADVISORY CONTRACT DATED MARCH 27, 1987

         John W. Henry &  Company,  Inc.,  a Florida  corporation  ("JWH"),  IDS
Managed Futures,  L.P, a Delaware limited partnership ("the  Partnership"),  IDS
Futures  Corporation,   a  Minnesota   corporation  ("IDS  Futures"),   and  CIS
Investments, Inc. a Delaware corporation ("CISI"), hereby agree to the following
amendments  (collectively,  the "Amendment") to that certain  Advisory  Contract
dated March 27, 1987, by and among the parties hereto ("the Advisory Contract"),
as amended (the  Advisory  Contract  and the  aforesaid  amendments  thereto are
hereinafter  referred  to  collectively  as  the  "Agreement").  All  terms  and
conditions of the Agreement shall remain in full force and effect after adoption
of this Amendment  unless  expressly and  specifically  amended hereby,  and all
references  to the  Agreement  shall be deemed  references  to the  Agreement as
amended  hereby.  The  purpose  of this  Amendment  is to extend the term of the
Agreement. Any capitalized terms used herein and not specifically defined herein
shall have the meanings ascribed to such terms in the Agreement.

1. Under Section 6, Terms and Termination,  the first paragraph shall be deleted
and a new first paragraph shall be inserted to replace the deleted paragraph and
shall read as follows:

         The term of the Agreement as hereby amended shall be deemed to
         have  commenced on the date that the  Agreement  would have expired had
         this Amendment not been executed,  and unless sooner terminated,  shall
         continue in effect  until  December  31,  2002.  This  Agreement  shall
         automatically  renew with respect to JWH on the same terms as set forth
         herein for three additional  twelve-month terms beginning January 1 and
         ending  December  31 unless the  Partnership  shall give to JWH written
         notice that it does not elect to renew the  Agreement  with  respect to
         JWH at  least  45 days  prior to the  termination  of the then  current
         twelve-month   period.   This   renewal   right  shall  be   applicable
         irrespective  of  any  change  in  Advisors  or  any   reallocation  of
         Partnership  assets among Advisors or to other trading  advisors by the
         Partnership.

2.       This  Amendment  may be signed in multiple  counterparts,  all of
         which, when taken together shall constitute one document.

3.       The parties  restate and confirm the  accuracy as of the date hereof of
         the  representations  made by each of them in Section 11 and Section 12
         of the Agreement.

4.       This  Amendment  and the  applicable  provisions  of the  Agreement not
         expressly and  specifically  amended  hereby  together  constitute  the
         entire agreement among the parties with respect to the matters referred
         to herein and therein,  and no other  agreement,  verbal or  otherwise,
         shall be binding upon the parties hereto.

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have signed this Agreement as of
the 31st day of December, 1999.

IDS MANAGED FUTURES, L.P.                      JOHN W. HENRY & COMPANY, INC.
CIS INVESTMENTS, INC.
General Partner                                By:/s/ Verne O. Sedlacek
By:/s/ Barbara A. Pfendler                      Its:President
  Its: Vice President



IDS FUTURES CORPORATION
General Partner

By: /s/John M. Knight
    Its:Vice President

CIS INVESTMENTS, INC.

By:  /s/ Barbara A. Pfendler
Its: Vice President

IDS FUTURES CORPORATION
By: /s/ John M. Knight

Its: Vice President