UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

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~~March 3031, ~~2004 Commission File Number: 0-16515~~2005

~~IDS MANAGED FUTURES, L.P.~~Commission ~~(Exact~~ File ~~name~~Number: ~~of registrant as specified in its charter)~~000-16515

Delaware	06-1189438
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

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

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

Delaware	06-1189438
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

~~(312)~~233 ~~460-4000~~South Wacker Drive Suite 2300 Chicago, IL 60606 (~~Registrant's~~Address ~~telephone~~of ~~number,~~principal ~~including~~executive ~~area~~offices) ~~code~~(Zip Code)

~~Not~~(312) ~~Applicable~~460-4000 (~~Former~~Registrant's ~~name,~~telephone ~~former address and former fiscal year~~number, ifincluding ~~changed~~area ~~since last report.~~code)

~~Indicate~~Not byApplicable ~~check mark~~ ~~whether the registrant~~ (1)Former ~~has~~name, ~~filed~~former ~~all~~address ~~reports~~and ~~required~~former tofiscal ~~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)~~year, ~~and~~if ~~(2)~~changed ~~has~~since ~~been~~last ~~subject to such filing requirements for the past 90 days~~report. ~~|X| Yes |_| No~~)

Indicate by check mark whether the registrant is(1) anhas ~~accelerated~~filed ~~filer~~all reports required to be filed by Section 13 or 15(asd) ~~defined~~of inthe ~~Rule~~SecuritiesExchange ~~12b-2~~Act of 1934 during the preceding 12 months (or for such shorter period that the ~~Exchange~~registrant was ~~Act~~required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ~~|_|~~ Yes ~~|X| No~~ No

~~The~~Indicate ~~number~~by ofcheck ~~units~~mark whether ~~outstanding,~~the registrant is an accelerated filer (as ofdefined ~~June~~in ~~30,~~Rule ~~2004,~~12b-2 is of ~~64,771.77.~~the Exchange Act). Yes No

TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
	Item 1. Financial Statements
		Statements of Financial Condition (unaudited)
		Statements of Operations (unaudited)
		Statement of Changes in Partners’ Capital (unaudited)
		Notes to Financial Statements
		Condensed Schedule of Investments (unaudited)
	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
Part II. OTHER INFORMATION
	Item 1. Legal Proceedings
	Item 2. Changes in 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 and Reports on Form 8-K
	SIGNATURES
EXHIBIT 31.01 - Certifications of Principal Executive Officer
EXHIBIT 31.02 - Certifications of Principal Financial Officer
EXHIBIT 32.01 - Section 1350 Certification

The number of units outstanding, as of March 31, 2005, is 55,732.23.

PART 1 - FINANCIAL INFORMATION

TABLE OF CONTENTS



PART I. FINANCIAL INFORMATION

Item 1. Financial Statements
	Statements of Financial Condition (unaudited)
	Statements of Operations (unaudited)
	Statement of Changes in Partners' Capital (unaudited)
	Condensed Schedule of Investments (unaudited)
	Notes to 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


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 31.01 - Certification of Principal Executive Officer

EXHIBIT 31.02 - Certification of Principal Financial Officer

EXHIBIT 32.01 - Section 1350 Certification

ItemPART 1.I Financial- StatementsFINANCIAL INFORMATION

FollowingItem are1. Financial Statements for the fiscal quarter ended June 30, 2004 and the additional time frames as noted:

	Fiscal QuarterEnded 06/30/04	Year to DateEnded 06/30/04	Fiscal YearEnded 12/31/03	Fiscal QuarterEnded 06/30/03	Year to DateEnded 06/30/03
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

(Following are Financial Statements for the fiscal quarter ended March 31, 2005 and the additional time frames as noted:

IDS MANAGED FUTURES, L.P. STATEMENTS OF FINANCIAL CONDITION
	Fiscal Quarter Ended 03/31/05	Year to Date Ended 03/31/05	Fiscal Year Ended 12/31/04	Fiscal Quarter Ended 03/31/04	Year to Date Ended 03/31/04
		June 30, 2004			Dec. 31, 2003
Statements of Financial Condition	X		X
		(unaudited)
Statements of Operations	X	X		X	X
ASSETS
Statement of Changes in Partners' Capital		X
Assets:
Notes to Financial Statements	X
Equity in commodity futures trading accounts:
Cash on deposit with Brokers	$	18,351,021		$	21,891,857
Unrealized (loss) gain on open contracts		(777,408)			1,253,021
Investment in other commodity pools		7,124,581			8,402,085
		24,698,194			31,546,963
Interest receivable		18,724			13,919
Prepaid General Partner fees		213,645			0
Redemptions receivable from other commodity pools		295,325			343,520
Total assets	$	25,225,888		$	31,904,402
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Accrued commissions	$	25,430		$	16,284
Accrued exchange, clearing and NFA fees		363			345
Accrued management fees		29,438			38,540
Accrued incentive fees		0			49,765
Accrued operating expenses		21,391			38,000
Redemptions payable		590,645			685,784
Total liabilities		667,267			828,718
Partners' capital:
Limited partners (62,942.36 units outstanding at June 30, 2004, 68,031.46 units outstanding at December 31, 2003)		23,864,988			30,261,921
General partners (1,829.41 units outstanding at June 30, 2004 and December 31, 2003)		693,633			813,763
Total parters' capital		24,558,621			31,075,684
Total liabilities and partners' capital	$	25,225,888		$	31,904,402
Net asset value per unit	$	379.16		$	444.82
See accompanying notes to financial statements.

IDS MANAGED FUTURES, L.P. STATEMENTS OF OPERATIONS (unaudited)
		Apr. 1, 2004throughJune 30, 2004		Jan. 1, 2004throughJune 30, 2004		Apr. 1, 2003throughJune 30, 2003		Jan. 1, 2003throughJune 30, 2003
Revenues:
Gain (loss) on trading of:
Realized (loss) gain on closed positions	$	(3,795,695)	$	(1,588,750)	$	2,216,977	$	7,868,530
Change in unrealized loss on open positions		(491,968)		(2,030,429)		(404,905)		(2,885,999)
Interest income		50,873		95,812		56,358		112,610
Income from investment in other commodity pools		(980,918)		41,418		154,442		951,917
Foreign currency transaction (loss) gain		(40,333)		(30,686)		78,701		92,528
Total revenues		(5,258,041)		(3,512,635)		2,101,573		6,139,586
Expenses:
Commissions		160,380		299,266		192,401		318,371
Exchange, clearing and NFA fees		1,267		2,541		1,176		2,226
Management fees		94,099		211,969		123,703		245,122
Incentive fees		0		83,070		313,749		663,111
Administrative fees		106,823		213,645		105,663		211,326
Operating expenses		9,500		19,000		9,500		19,000
Total expenses		372,069		829,491		746,192		1,459,156
Net (loss) income	$	(5,630,110)	$	(4,342,126)	$	1,355,381	$	4,680,430
(LOSS) PROFIT PER UNIT OF PARTNERSHIP INTEREST	$	(84.06)	$	(65.66)	$	16.97	$	57.40
See accompanying notes to financial statements.

IDS MANAGED FUTURES, L.P.

Statements of Financial Condition

IDS MANAGED FUTURES, L.P. STATEMENTS OF CHANGES IN PARTNERS' CAPITAL For the period January 1, 2004 through June 30, 2004 (unaudited)
		Mar 31, 2005		Dec 31, 2004
	Units*			LimitedPartners		GeneralPartners		Total
		(unaudited)
Partners' capital at January 1, 2004	68,031.46		$	30,261,921	$	813,763	$	31,075,684
ASSETS
Net loss				(4,221,996)		(120,130)		(4,342,126)
Assets:
Redemptions	(5,089.10)			(2,174,937)		0		(2,174,937)
Equity in commodity futures trading accounts:
Partners' capital at June 30, 2004	62,942.36		$	23,864,988	$	693,633	$	24,558,621
Cash on deposit with Brokers	$	16,474,665		19,942,401
Net asset value per unit January 1, 2004				444.82		444.82
Unrealized gain on open contracts		102,946		1,670,222
Net loss per unit				(65.66)		(65.66)
Investment in other commodity pools		4,991,200		6,260,461
Net asset value per unit June 30, 2004			$	379.16	$	379.16
		21,568,811		27,873,084
* Units of limited partnership interest.
Interest receivable		37,749		32,030
See accompanying notes to financial statements.
Prepaid General Partner fees		282,322		0
Redemptions receivable from other commodity pools		248,643		218,388
Total assets	$	22,137,525		28,123,502
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Accrued commissions	$	19,143		31,228
Accrued exchange, clearing and NFA fees		540		434
Accrued management fees		27,874		35,995
Accrued incentive fees		0		210,391
Accrued operating expenses		38,436		42,000
Redemptions payable		497,282		426,677
Total liabilities		583,275		746,725
Partners' capital:
Limited partners ( 53,902.82 and 56,874.41 units outstanding at March 31, 2005 and December 31, 2004, respectively)		20,846,732		26,523,624
General partners (1,829.41 units outstanding at March 31, 2005 and December 31, 2004)		707,518		853,153
Total parters' capital		21,554,250		27,376,777
Total liabilities and partners' capital	$	22,137,525	$	28,123,502
See accompanying notes to financial statements.

IDS MANAGED FUTURES, L.P. Statements ~~NOTES~~of ~~TO FINANCIAL STATEMENTS June 30, 2004~~Operations (unaudited)

(1) General Information and Summary

		Jan 1, 2005 through Mar 31, 2005	Jan 1, 2005 through Mar 31, 2005		Jan 1, 2004 through Mar 31, 2004	Jan 1, 2004 through Mar 31, 2004
		Current Qtr	Year to Date		Current Qtr	Year to Date
Revenues:
Gain (loss) on trading of commodity contracts:
Realized (loss) gain on closed positions	$	(2,264,642)	(2,264,642)		2,206,945	2,206,945
Change in unrealized (loss) on open positions		(1,567,277)	(1,567,277)		(1,538,462)	(1,538,462)
Interest income		106,128	106,128		44,939	44,939
Income from investment in other commodity pools		(484,252)	(484,252)		1,022,336	1,022,336
Foreign currency transaction (loss) gain		(64,708)	(64,708)		9,647	9,647

Total revenues		(4,274,751)	(4,274,751)		1,745,405	1,745,405

Expenses:
Commissions		158,949	158,949		138,886	138,886
Exchange, clearing and NFA fees		1,875	1,875		1,274	1,274
Management fees		89,906	89,906		117,870	117,870
Incentive fees		0	0		83,070	83,070
Administrative fees		94,108	94,108		106,823	106,823
Operating expenses		10,500	10,500		9,500	9,500

Total expenses		355,338	355,338		457,423	457,423

Net (loss) income	$	(4,630,089)	(4,630,089)	$	1,287,982	1,287,982

(Loss) income per unit of limited partnership interest *	$	(79.60)	(79.60)		18.40	18.40
(Loss) income per unit of limited partnership interest *	$	(79.60)	(79.60)		18.40	18.40

* Represents the increase (decrease) in unit value during the period.

See accompanying notes to financial statements.

IDS ~~Managed Futures~~MANAGED FUTURES, L.P. ~~(the~~ Statement ~~Partnership),~~of aChanges ~~limited partnership organized on December 16, 1986 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 16, 1987. The General Partners' ~~are IDS Futures Corporation~~Capital ~~(IDSFC)~~ From ~~and~~January ~~CIS Investments~~1, ~~Inc.~~2005 ~~(CISI)~~through ~~(collectively,~~March ~~the General Partners). The clearing broker is Cargill Investor Services~~31, ~~Inc. (Clearing Broker or CIS),~~2005 ~~the parent company of CISI. The broker for forward contracts is CIS Financial Services, Inc.~~ (~~CISFS or Forwards Currency Broker~~unaudited)~~, an affiliate of CISI. The Clearing Broker and the Forwards Currency Broker will collectively be referred to as the Brokers.~~

Units of limited partnership interest representing an investment of $80,000,000 were offered through April 30, 2001 by American Express Financial Advisors, Inc. (AEFA Advisors), formerly IDS Financial Services Inc. By May 1, 2001, a total of 239,274.23 units representing a total investment of $66,263,938 of limited partnership interests had been sold in the combined offerings. During the offerings, the General Partners purchased a total of 2,883.57 additional units representing a total investment of $560,110. Selling commissions and organizational and offering expenses of $6,133,679 were paid by the limited partners during the offering period. Refer to the IDS Managed Futures, L.P. prospectus dated April 11, 2000, as supplemented January 1, 2001, for further details concerning the offerings. Commencing May 1, 2001, the Partnership no longer accepts new investors.

	Units*			Limited Partners	General Partners	Total

Partners' capital at January 1, 2005	56,874.41	$		26,523,624	853,153	27,376,777

Net loss	0			(4,484,454)	(145,635)	(4,630,089)

Partners' redemptions	(2,971.59)			(1,192,438)	0	(1,192,438)

Partners' capital at March 31, 2005	53,902.82		$	20,846,732	707,518	21,554,250

Net asset value per unit January 1, 2005			$	466.35	466.35

Net loss per unit				(79.60)	(79.60)

Net asset value per unit March 31, 2005			$	386.75	386.75

* Units of limited partnership interest.

See accompanying notes to financial statements.

The Partnership shall be terminated on December 31, 2006 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 $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.

IDS MANAGED FUTURES, L.P. Condensed Schedule of Investments March 31, 2005 (unaudited)
	Number of contracts		Principal/ notional value		Value/open trade equity
Long positions
Futures positions (1.29%)
Metals	193	$	9,862,423		371,679
Indices	150		7,719,337		(94,235)

			17,581,760		277,444

Forward positions (-3.40%)
Currencies	14		28,677,610		(733,190)

			28,677,610		(733,190)

Total long positions		$	46,259,370		(455,746)

Short positions
Futures positions (0.26%)
Interest rates	665	$	93,905,021		37,504
Metals	65		3,440,438		5,100
Indices	168		5,009,760		13,530

			102,355,219		56,134

Forward positions (2.33%)
Currencies	14		52,417,343		502,558

			52,417,343		502,558

Total short positions		$	154,772,562		558,692

Total open contracts (0.48%)				$	102,946
Cash on deposit with brokers (76.43%)					16,474,665
Investment in other commodity pools (23.16%)					4,991,200
Other liabilities in excess of assets (-0.07%)					(14,561)

Net assets (100%)				$	21,554,250

~~(2)~~See ~~Summary~~accompanying ofnotes ~~Significant~~to ~~Accounting~~financial ~~Policies~~statements.

TheIDS accountingMANAGED and reportingFUTURES, policies of the Partnership conform to accounting principles generally accepted in the United States of America and to general practices within the commodities industryL.P. TheNOTES followingTO isFINANCIAL aSTATEMENTS descriptionMarch of31, the2005 more significant of those policies that the Partnership follows in preparing its financial statements. (unaudited)

Revenue(1) RecognitionGeneral Information and Summary

~~Commodity~~IDS ~~futures contracts,~~Managed ~~forward contracts~~Futures, ~~physical~~L.P. ~~commodities and related options are recorded on~~ (the ~~trade~~Partnership), ~~date.~~a ~~All~~limited ~~such~~partnership ~~transactions~~organized ~~are recorded~~ on ~~the identified~~ ~~cost~~December ~~basis~~16, ~~and~~1986 ~~marked~~under tothe ~~market~~Delaware ~~daily.~~Revised ~~Unrealized~~Uniform ~~gains~~Limited onPartnership ~~open futures~~Act, ~~contracts~~was ~~reflected~~formed into ~~the~~engage ~~statements~~in ~~of financial condition represents~~ the ~~difference~~ ~~between~~speculative ~~original~~trading ~~contract~~of ~~amount~~commodity ~~and~~interests ~~market value (as determined by~~including ~~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) thereon aspursuant ofto the ~~last~~trading ~~business~~instructions ~~day~~ of ~~the~~independent ~~year~~trading advisors. orThe asPartnership ofbegan ~~the~~trading ~~last~~on ~~date~~June of16, ~~the financial statements~~1987.

The ~~Partnership~~General ~~earns~~Partners are IDS Futures Corporation (IDSFC) and CIS Investments, Inc. (CISI) (collectively, the General Partners). The ~~interest~~General onPartners ~~100%~~are ofregistered commodity pool operators under the ~~Partnership’s~~Commodity ~~average~~Exchange ~~monthly~~Act, ~~cash~~as ~~balance~~amended on(the "CE Act") and are ~~deposit~~responsible ~~with~~for administering the ~~Brokers~~business atand aaffairs ~~rate~~of ~~equal~~the toPartnership ~~90%~~exclusive of trading decisions. IDS Futures is an affiliate of American Express Financial Advisors Inc. ("AEFA"), formerly IDS Financial Services Inc., which acts as the ~~average~~Partnership's introducing ~~91-day~~broker ~~Treasury~~and selling agent. The clearing broker is Cargill Investor Services, Inc. (Clearing Broker or CIS), an affiliate ~~bill~~company ~~rate~~of CISI. The broker for Uforward contracts is CIS Financial Services, Inc.S. ~~Treasury~~(CISFS ~~bills~~or ~~issued~~Forwards ~~during~~Currency ~~that~~Broker), ~~month~~also an affiliate of CISI. The Clearing Broker and the Forwards Currency Broker collectively will be referred to as the Brokers.

~~Redemptions~~Units of the Partnership representing an initial investment of $7,500,000 and combined reopenings of $80,000,000 were offered through April 30, 2001. Effective May 1, 2001, the Partnership no longer accepted new investors. During the combined offerings, 239,274.23 units, representing a total investment of $66,263,938, were purchased by the Limited Partners; and 2,883.57 units, representing a total investment of $560,110 were purchased by the General Partners. Selling commissions and organizational and offering expenses of $6,133,679 were paid by the new limited partners. Refer to the IDS Managed Futures, L.P. prospectus dated April 11, 2000, as supplemented January 1, 2001, for further details concerning the offerings.

AThe ~~Limited~~Partnership ~~Partner~~shall ~~may~~be ~~cause any~~terminated oron ~~all~~December 31, 2006 if none of ~~his~~the orfollowing ~~her~~occur ~~units~~prior to bethat ~~redeemed~~date: by(1) ~~the~~investors ~~Partnership~~holding more ~~effective~~than as50% of the ~~last~~outstanding ~~trading~~units ~~day~~notify ofthe ~~any~~General ~~month.~~Partners ~~Redemptions~~to ~~are~~dissolve ~~based~~the onPartnership ~~the~~as ~~NAV~~of ~~per~~a ~~unit~~specific asdate; (2) disassociation of the ~~last~~General ~~day~~Partners ofwith the ~~month~~Partnership; ~~and~~(3) ~~require~~bankruptcy ~~ten~~of ~~days’~~the ~~written~~Partnership; ~~notice~~(4) todecrease in the net asset value ~~General~~(NAV) ~~Partners.~~to ~~Payment~~less ~~will~~than be$500,000; ~~made~~(5) ~~within~~the ~~ten~~Partnership ~~business~~is ~~days~~declared ofunlawful; or (6) the ~~effective date~~NAV ofper ~~the~~unit ~~redemption.~~declines ~~The~~to ~~Partnership’s~~less ~~Limited~~than ~~Partnership~~$125 ~~Agreement~~per unit ~~contains~~and athe ~~full~~Partners ~~description~~elect ofto ~~redemption~~terminate ~~and~~the ~~distribution procedures~~Partnership.

Commissions(2) Summary of Significant Accounting Policies

The ~~Partnership~~accounting ~~pays~~and ~~CIS commissions~~reporting onpolicies ~~trades~~of ~~executed~~the onPartnership ~~its~~conform ~~behalf~~to ataccounting aprinciples ~~rate~~generally ofaccepted ~~$17.50~~in ~~per~~the ~~half~~United ~~turn~~States of ~~contract.~~America and to general practices within the commodities industry. The ~~Partnership~~following ~~pays~~is ~~this~~a ~~commission~~description ~~directly~~of tothe ~~CIS~~more ~~and~~significant ~~CISFS,~~of ~~and~~those ~~CIS~~policies ~~then~~that ~~reallocates~~ the ~~appropriate~~Partnership ~~portion~~follows toin ~~AEFA~~preparing ~~Advisors.~~its financial statements.

ForeignRevenue Currency TransactionsRecognition

~~Trading~~Commodity ~~accounts~~futures incontracts, ~~foreign currency~~forward ~~denominations~~contracts, ~~are~~physical ~~susceptible~~commodities ~~both~~and torelated ~~movements~~options inare recorded on the ~~underlying~~trade date. All such ~~contract~~transactions ~~markets~~are asrecorded ~~well~~on asthe toidentified ~~fluctuation~~cost inbasis ~~currency~~and ~~rates~~marked to market daily. Unrealized ~~Foreign~~gains ~~currencies~~on open futures contracts ~~are~~reflected ~~translated~~in ~~into~~the ~~U.S.~~statements ~~dollars~~of ~~for~~financial ~~closed~~condition ~~positions~~represents atthe andifference ~~average~~between ~~exchange~~original contract amount and market value (as ~~rate~~determined by exchange settlement prices for ~~the~~futures ~~period~~contracts, ~~while~~and ~~period-end~~related ~~balances~~options ~~are~~and ~~translated~~cash dealer prices at ~~the~~a ~~period-end~~predetermined time ~~currency~~for ~~rates.~~forward ~~The~~contracts, ~~impact~~physical commodities and their related options) as of the ~~translation~~last isbusiness ~~reflected~~day inof the ~~statements~~year or as of the last date ~~operations.~~of the financial statements.

~~Use~~The Partnership earns interest on 100% of ~~Estimates~~the Partnership's average monthly cash balance on deposit with the Brokers at a rate equal to 90% of the average 91-day Treasury bill rate for U.S. Treasury bills issued during that month.

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. Redemptions

~~(3)~~A ~~Fees~~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.

Management fees are accrued and paid monthly, incentive fees are accrued monthly and paid quarterly, and General Partners' administrative fees are paid annually and amortized monthly. Trading decisions, for the period of these financial statements, were made by John W. Henry & Company, Inc. (JWH).Commissions

~~Under~~The ~~signed~~Partnership ~~agreement,~~pays ~~JWH receives~~CIS acommissions ~~monthly~~on ~~management~~trades ~~fee~~executed ofon ~~1/12~~its ofbehalf 2%at ofa ~~the~~rate ~~month-end NAV~~ of ~~the Partnership~~$17.50 ~~under~~per ~~its~~half-turn ~~management~~contract. ~~and~~The ~~an incentive fee of 20% of the~~ Partnership’s pays ~~new~~this ~~trading~~commission ~~profits,~~directly ~~if any, attributable~~ to ~~its~~CIS ~~management. For~~and ~~the periods ending June 30~~CISFS, ~~2004~~ and ~~2003,~~CIS ~~JWH~~then ~~was~~reallocates ~~managing~~$10 ~~approximately 71%~~per ofhalf-turn ~~the~~to ~~Partnership’s assets while Sunrise Capital Partners~~AEFA, ~~LLC~~which ~~was~~provides introducing ~~indirectly~~brokerage ~~managing~~service ~~29%~~to of the Partnership~~’s assets~~.

TheForeign PartnershipCurrency pays an annual administrative fee of 1.125% and .25% of the beginning of the year NAV of the Partnership to IDSFC and CISI, respectively. Transactions

~~(4)~~Trading ~~Income~~accounts ~~Taxes~~in foreign currency denominations are susceptible both to movements in the underlying contract markets as well as to fluctuation 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.

NoUse 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. The Partnership is responsible for the Illinois State Partnership Information and Replacement Tax based on the operating results of the Partnership. Such tax amounted to $0 for the quarters ended June 30, 2004 and 2003 and is included in operating expenses in the statements of operations. Estimates

~~(5)~~The ~~Trading~~preparation ~~Activities~~of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and ~~Related~~assumptions ~~Risks~~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.

The(3) Partnership’s investment in other commodity pools are recorded at fair value and are 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. Fees

~~The~~Management ~~Partnership~~fees ~~engages~~are inaccrued ~~the~~and ~~speculative~~paid ~~trading~~monthly, ofincentive ~~U.S.~~fees ~~and~~are ~~foreign~~accrued ~~futures~~monthly ~~contracts,~~and ~~options~~paid onquarterly, ~~U.S.~~ and General ~~foreign~~Partners' ~~futures~~administrative ~~contracts~~fees ~~and~~are ~~forward~~paid ~~contracts~~annually ~~(collectively~~and ~~derivatives)~~amortized monthly. ~~These~~Trading ~~derivatives~~decisions ~~include~~for ~~both~~the ~~financial~~periods ~~and~~of ~~non-~~these financial ~~contracts~~statements ~~held~~were asmade by the ~~part~~following ofCommodity aTrading ~~diversified~~Advisors ~~trading~~(CTAs): ~~strategy~~John W. ~~The~~Henry ~~Partnership~~& isCompany, ~~exposed~~Inc. ~~to both~~(JWH) ~~market~~and ~~risk~~Sunrise Capital Partners LLC (Sunrise), via the ~~risk~~Partnership's ~~arising~~investment ~~from~~in IDS ~~changes~~Managed Fund LLC (refer to Footnote 6 - Investments in Other Commodity Pool). For the ~~market~~periods ~~value~~ending ofMarch ~~the~~31, ~~contracts~~2005, ~~and~~ ~~credit~~JWH ~~risk,~~was ~~the~~managing ~~risk~~approximately 77% of ~~failure~~the Partnership's byassets ~~another~~while ~~party~~Sunrise towas ~~perform~~indirectly ~~according~~managing ~~to the~~23% ~~terms~~ of athe Partnership's ~~contract~~assets.

~~The~~Under ~~purchase~~signed ~~and~~agreement ~~sale~~each ~~of futures~~CTA ~~contracts~~receives ~~and~~a ~~options~~monthly onmanagement ~~futures~~fee ~~contracts~~of ~~requires~~0.167% ~~margin deposits with~~ (a ~~Futures~~2% ~~Commission~~annual ~~Merchant (FCM~~rate). ~~Additional~~of ~~deposits~~the ~~may~~Partnership's bemonth-end ~~necessary for~~net ~~any~~assets ~~loss~~under onits ~~contract~~management ~~value.~~calculated ~~The~~before ~~Commodity~~reduction ~~Exchange~~for ~~Act~~any ~~(CE~~incentive ~~Act)~~fee ~~requires a FCM to segregate all customer transactions~~ and ~~assets~~redemptions ~~from~~for the ~~FCM’s proprietary activities~~month. ~~A customer’s cash and other property~~Also, ~~such~~under ~~as U.S.~~signed ~~Treasury~~agreement ~~bills,~~the ~~deposited~~Partnership ~~with~~pays ato ~~FCM~~each ~~are~~CTA ~~considered~~a ~~commingled~~quarterly ~~with~~incentive ~~all~~fee ~~other customer~~equal ~~funds subject~~ to ~~the~~20% ~~FCM’s~~of ~~segregation requirements. In~~ the ~~event of~~new atrading ~~FCM’s insolvency~~profits, ~~recovery~~if ~~may~~any, beattributable ~~limited~~ to ~~a pro rata share of~~ ~~segregated~~trading ~~funds~~directed ~~available.~~by ~~It is possible that~~ the ~~recovered~~CTA. ~~amount~~This ~~could~~fee ~~be less~~is ~~than~~calculated ~~the~~after ~~total~~deduction of ~~cash~~all ~~and~~trading ~~other~~expenses ~~property~~including ~~deposited.~~management fees.

The Partnership ~~has~~pays ~~cash on deposit with~~ an ~~affiliated~~annual ~~interbank~~administrative ~~market~~fee ~~maker in connection with its trading~~ of ~~forward contracts~~1.125% Inand ~~the~~0.25% ~~event~~ of the ~~interbank~~beginning ~~market maker’s insolvency, recovery~~ of the ~~Partnership~~year ~~assets~~net onasset ~~deposit~~value ~~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~~to ~~market~~IDSFC ~~maker.~~and ~~Because forward contracts are traded in unregulated markets between principals~~CISI, ~~the Partnership also assumes a credit risk~~respectively.

For(4) derivatives,Income 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. Taxes

~~The~~No ~~notional~~provision ~~amounts~~for ~~of open~~Federal ~~contracts~~income attaxes ~~June~~has ~~30,~~been ~~2004,~~made ~~as disclosed~~ in the ~~Condensed~~accompanying ~~Schedule~~financial ~~of Investments,~~statements doas ~~not~~each ~~represent~~partner ~~the~~is ~~Partnership’s~~responsible ~~risk~~for reporting ofincome (loss) ~~due~~based toon ~~market and~~such ~~credit~~partner's ~~risk,~~pro ~~but~~rata ~~rather~~share ~~represent the extent~~ of the ~~Partnership’s involvement~~profits inor ~~derivatives~~losses ~~at the date~~ of the ~~statements of financial condition~~Partnership.

The ~~Limited~~Partnership's ~~Partners~~investment ~~bear~~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 ~~their~~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 (6collectively derivatives). ~~Investments~~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 ~~Other~~the market ~~Commodity~~value ~~Pools~~of the contracts; and credit risk, the risk of failure by another party to perform according to the terms of a contract.

InThe ~~December~~purchase ~~2001,~~and ~~the Partnership~~sale ~~invested~~of infutures ~~another~~contracts ~~commodity~~and ~~pool,~~options ~~IDS~~on ~~Managed~~futures ~~Fund~~contracts ~~LLC~~requires margin deposits with a Futures Commission Merchant (~~IDSMF~~FCM). Additional deposits may be necessary for any loss on contract value. The ~~investment~~Commodity isExchange ~~subject~~Act (CE Act) requires a FCM to ~~the~~segregate ~~terms~~all ofcustomer transactions and assets from the ~~respective~~FCM's ~~advisory~~proprietary ~~contract~~activities. A customer's cash and other property, such as U.S. Treasury bills, deposited with a FCM are considered commingled with all other ~~agreements~~customer funds subject to the FCM's segregation requirements. In the event of ~~this~~a ~~commodity~~FCM's ~~pool~~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.

~~Income~~The ~~(loss)~~Partnership ishas ~~net~~cash ofon ~~the Partnership’s~~deposit ~~proportionate~~with ~~share~~an ofaffiliate ~~fees~~interbank ~~and~~market ~~expenses~~maker ~~incurred~~in orconnection ~~charged by~~with ~~IDSMF~~its trading of forward contracts. ~~During~~In the ~~2004,~~event ~~IDSMF~~of ~~charged~~interbank ~~monthly~~market ~~management~~maker's ~~fees~~insolvency, recovery of ~~1/12~~the ofPartnership 2%assets ofon deposit may be limited to account insurance ~~the~~or ~~NAV~~other ~~and~~protection aafforded ~~quarterly~~such ~~incentive~~deposits. ~~fee~~In ofthe ~~20%~~normal course of ~~new~~business, ~~trading~~the ~~profits~~Partnership ~~and~~does ~~paid~~ not require collateral from such interbank ~~amounts~~market maker. Due to ~~Sunrise~~forward ~~Capital~~contracts ~~Partners,~~being ~~LLC~~traded in unregulated markets between principals, the ~~sole~~Partnership ~~Commodity~~also ~~Trading~~assumes ~~Advisor~~a ~~(CTA).~~credit risk, the risk of loss from counterparty non-performance.

~~Investment~~For ~~value~~derivatives, inrisks ~~IDSMF is~~arise ~~based~~from onchanges in the ~~proportionate~~market ~~share~~value of ~~units~~the contracts. Theoretically, the Partnership ~~has~~is inexposed ~~IDSMF~~to ata ~~the~~market ~~end~~risk equal to the value of ~~each~~futures ~~month.~~and ~~The~~forward ~~Partnership’s~~contracts ~~risk~~purchased ofand ~~loss~~unlimited inliability ~~its~~on ~~investee~~such ~~pool~~contracts issold short. As both a ~~limited~~buyer toand ~~its~~seller ~~investment.~~of ~~The~~options, the Partnership ~~may~~pays ~~make~~or ~~additional~~receives ~~contributions~~a ~~to or~~premium ~~withdrawals~~at ~~from~~the ~~its~~outset ~~investment~~and inthen ~~IDSMF~~bears asthe risk of ~~the~~unfavorable ~~last~~changes in ~~day~~the price of ~~any~~the ~~month.~~contract underlying the option.

~~Summarized~~Net ~~information reflecting~~trading results from derivatives for the ~~Partnership’s~~quarter ~~investment~~ended inMarch 31, 2005 and 2004, are reflected in the ~~operations~~statements of, ~~the~~operations and ~~investee~~equal ~~pool~~gains is(losses) asfrom ~~shown~~trading inless brokerage commissions. Such trading results reflect the ~~following~~net ~~table.~~gain arising from the Partnership's speculative trading of futures contracts, options on futures contracts and forward contracts.

Investment in IDSMF, January 1, 2004	$	8,402,085
Results of operations of IDSMF:
Revenues		561,082
Management and incentive fees		(430,024)
Other expenses		(79,279)
Net income before allocation to limited partners		51,779
Allocation to the other limited partners		10,362
Partnership's income from investment in IDSMF		41,417
Partnership's redemptions from IDSMF		(1,318,921)
Net asset value of the Partnership's investment in IDSMF, June 30, 2004		7,124,581

The notional amounts of open contracts at March 31, 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 ~~following~~Limited ~~table~~Partners isbear ~~a summary~~the risk of ~~IDSMF’s~~loss ~~net~~only ~~assets,~~to atthe ~~June~~extent ~~30,~~of ~~2004.~~the market value of their respective investments.

	Number of contracts		Principal/ notional value		Value/open trade equity
Long positions
Futures positions (-0.41%)
Energy	17	$	776,850	$	(28,380)
Interest rates	33		2,173,224		(3,380)
Metals	23		981,523		(33,837)
Indices	10		826,415		27,853
			4,758,012		(37,744)
Forward positions (-0.23%)
Currencies	29		5,168,898		(21,659)
Total long positions		$	9,926,910	$	(59,403)
Short positions
Futures positions (-1.94%)
Agriculture	9	$	231,120	$	25,380
Interest Rates	197		43,418,918		(91,036)
Metals	52		1,999,710		(113,463)
			45,649,748		(179,119)
Forward positions (-0.07%)
Currencies	18		3,042,122		(6,349)
Total short positions		$	48,691,870	$	(185,468)
Total open contracts (-2.65%)				$	(244,871)
Cash on deposit with brokers (105.84%)					9,793,475
Other assets in excess of liabilities (-3.19%)					(295,641)
Net assets (100%)				$	9,252,963

(6) Investments in Other Commodity Pools

As of December 2001, the Partnership invests in another commodity pool, IDS Managed Fund LLC (7IDSMF). Trading ~~Financial~~decisions ~~Highlights~~for IDSMF for the quarter ended March 31, 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.

~~The~~Investment ~~following~~value ~~financial highlights~~in ~~show~~IDSMF is based on the proportionate share of units the Partnership’s ~~financial~~has ~~performance~~in ~~for~~IDSMF at the ~~six-~~end of each month. The ~~period~~Partnership's ~~ended~~risk ~~June~~of ~~30,~~loss ~~2004.~~in ~~Total~~its ~~return~~investee pool is ~~calculated~~limited asto ~~the~~its ~~change~~investment. The inPartnership amay make additional contributions to ~~theoretical~~or ~~limited~~withdrawals ~~partner’s~~from its investment ~~over~~in IDSMF as of the ~~entire~~last ~~period~~day ~~and~~of isany ~~not annualized~~month. Income ~~Total~~(loss) ~~return~~ is ~~calculated~~net ~~based~~of on the ~~aggregate~~Partnership's ~~return~~proportionate share of ~~the Partnership~~fees ~~taken~~and asexpenses aincurred ~~whole.~~or charged by IDSMF.

Total Return:
Total return before incentive fees		-14.55%
Less incentive fee allocation		0.21%
Total Return		-14.76%
Ratio to average net assets:
Net income		-14.81%
Expenses:
Expenses		2.55%
Incentive fees		0.28%
Total expenses		2.83%

Summarized information reflecting the Partnership's investment in, and the operations of, the investee pool is as shown in the following table.

The net income and expense ratios are computed based upon the weighted average net assets for the Partnership for the six-month period ended June 30, 2004 and are not annualized. Ratios do not reflect income or expenses related to investment in other commodity pools.

Investment in IDSMF, January 1, 2005	$	6,260,461
Results of operations of IDSMF:
Revenues		(582,698)
Management fees		(37,170)
Incentive fees		0
Other expenses		(27,579)

Net income before allocation to limited partners		(647,447)
Allocation to the other limited partners		(163,195)

Partnership's income from investment in IDSMF		(484,252)

Partnership's redemptions from IDSMF		(785,009)

Net asset value of the Partnership's investment in IDSMF, March 31, 2005	$	4,991,200

IDS MANAGED FUTURES, L.P. Condensed Schedule of Investments June 30, 2004 (unaudited)
	Number of contracts		Principal (notional)		Value (OTE)
Long positions
Futures positions (-0.12%)
Interest rates	257	$	12,108,103	$	(20,988)
Metals	68		3,223,038		(16,786)
Indices	202		8,073,624		7,184
			23,404,765		(30,590)
Forward positions (-0.36%)
Currencies	15		41,497,104		(89,095)
Total long positions		$	64,901,869	$	(119,685)
Short positions
Futures positions (-1.71%)
Interest Rates	932	$	245,347,620	$	(283,369)
Metals	101		4,421,625		(137,090)
			249,769,245		(420,459)
Forward positions (-0.97%)
Currencies	14		31,939,477		(237,265)
Total short positions		$	281,708,722	$	(657,724)
Total open contracts (-3.16%)				$	(777,409)
Cash on deposit with brokers (74.72%)					18,351,021
Investment in other commodity pools (29.01%)					7,124,581
Other assets in excess of liabilities (-0.57%)					(139,573)
Net assets (100%)				$	24,558,621

The following table is a summary of IDSMF's net assets, at March 31, 2005.

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

IDSMF Condensed Schedule of Investments March 31, 2005 (unaudited)
	Number of contracts		Principal/ notional value		Value/open trade equity
Long positions
Futures positions (1.49%)
Agriculture	24	$	928,750		56,665
Interest Rates	75		9,067,721		21,188
Metals	39		1,931,309		36,445
Indices	19		2,472,830		(12,319)

			14,400,610		101,979

Forward positions (-5.30%)
Currencies	57		15,746,625		(361,859)

			15,746,625		(361,859)

Total long positions		$	30,147,235	$	(259,880)


Short positions
Futures positions (0.68%)
Interest rates	151		27,602,033		49,973
Metals	4		151,325		(3,513)

			27,753,358		46,460


Forward positions (3.00%)
Currencies	58		12,053,568		205,215

			12,053,568		205,215

Total short positions		$	39,806,926	$	251,675

Total open contracts (-0.13%)				$	(8,205)
Cash on deposit with brokers (104.19%)					7,119,488
Other liabilities in exess of assets (-4.06%)					(278,246)

Net assets (100%)				$	6,833,037

(a7) CapitalFinancial ResourcesHighlights

The ~~Partnership’s capital~~following ~~resources~~financial ~~fluctuate~~highlights ~~based~~show ~~upon~~ the ~~redemption~~Partnership's offinancial ~~units~~performance ~~and~~for the ~~gains~~three-month ~~and losses~~period ofended ~~the~~March ~~Partnership’s~~31, ~~trading activities~~2005. Total ~~For~~return ~~the~~is ~~period-ended~~calculated ~~June 30,~~as ~~2004,~~the ~~Limited~~change ~~Partners~~in ~~redeemed~~ a ~~total~~theoretical oflimited ~~5,089.10~~partner's ~~units~~investment ~~for~~over ~~$2,174,937~~the entire period and ~~for~~ ~~the~~is ~~period-ended~~not ~~June~~annualized. Total ~~30,~~return ~~2003,~~is ~~Limited~~calculated ~~Partners~~based ~~redeemed~~on athe ~~total~~aggregate return of ~~6,317.05~~ ~~units~~the ~~for~~Partnership ~~$2,708,795.~~taken as a whole.

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 clearing houses 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.

Net Asset Value per unit At December 31, 2004	$	466.35
Loss per unit		(79.60)
Net Asset Value per unit At March 31, 2005	$	386.75

Total Return:
Total return before incentive fee		(17.07)%
Less incentive fee allocation		0.00%
Total return		(17.07)%

Ratio to average net assets:
Net loss		(19.14)%

Expenses:
Expenses:		1.47%
Incentive fees		0.00%
Total expenses		1.47%

The ~~Partnership’s trading~~net ~~activities~~income ~~involve~~and ~~varying~~expense ~~degrees~~ratios ofare ~~off-balance~~computed ~~sheet~~based ~~risk~~upon ~~whereby changes~~the inweighted ~~the~~average ~~market~~net ~~values~~assets offor the ~~futures~~Partnership ~~and~~for ~~forward contracts underlying~~ the three-month ~~financial~~period ~~instruments~~ended orMarch ~~the~~31, ~~Partnership’s~~2005 ~~satisfaction~~and ofare ~~the~~not ~~obligations may~~annualized. Ratios ~~exceed~~do ~~the~~not ~~amount~~reflect ~~recognized~~income inor ~~the~~expenses ~~statement~~related ofto ~~financial~~investment ~~condition~~in ~~of the~~other ~~Partnership.~~commodity pools.

TheItem Partnership2. borrows onlyManagement's toDiscussion a limited extent and onlyAnalysis on a strictly short-term basis in order to finance losses on non-U.S. dollar denominated trading positions pending the conversion of theFinancial Partnership’sCondition 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 areResults expectedof to continue to be so. Operations

During the fiscal period-ended June 30, 2004, the Partnership had no credit exposure to (a counterparty) whichCapital is a foreign commodities exchange which was material. Resources

~~(b)~~The ~~Liquidity~~Partnership's capital resources fluctuate based upon the redemption of units and the gains and losses of the Partnership's trading activities. For the three months ended March 31, 2005, Limited Partners redeemed a total of 2,971.59 units for $1,192,438 and for the three months ended March 31, 2004, Limited Partners redeemed a total of 2,570.53 units for $1,193,369.

The Partnership’'s ~~net assets~~involvement ~~are~~in ~~held~~the futures and forward markets exposes the Partnership to both market risk - the risk arising from changes in ~~brokerage~~the ~~accounts~~market ~~with~~value ~~CIS~~of the futures and ~~CISFS.~~forward ~~Except~~contracts inheld ~~very~~by ~~unusual~~the Partnership - and credit risk - the risk that another ~~circumstances,~~party to a contract will fail to perform its obligations according to the terms of the contract. The Partnership ~~should~~is beexposed ~~able~~to a market risk equal to ~~close~~the ~~out~~value ~~any~~of orthe ~~all~~futures and forward contracts purchased and theoretically unlimited risk of ~~its~~loss on contracts ~~open~~sold short. The Partnership's commodity trading ~~positions~~advisors (Advisors) monitor the Partnership's trading activities and ~~liquidate~~attempt ~~any~~to control orthe ~~all~~Partnership's ofexposure ~~its~~to ~~securities~~market ~~holdings~~risk by, among other things, refining their trading strategies, adjusting position sizes ~~quickly~~of the Partnership's futures and atforward contacts and re-allocating Partnership assets to different market ~~prices~~sectors. The Partnership's ~~This~~primary ~~should~~exposure ~~permit~~to ~~the~~credit ~~Advisors~~risk is its exposure to ~~limit~~the ~~losses~~non-performance asof the Forwards Currency Broker. The Forwards Currency Broker generally enters into forward contracts with large, well-capitalized asinstitutions ~~reduce~~and ~~market~~then ~~exposure~~enters into a back-to-back contract with the Partnership. The Partnership also may trade on ~~short~~exchanges ~~notice~~that ~~should~~do ~~their~~not ~~programs~~have ~~indicate~~associated clearinghouses whose credit ~~reducing~~supports ~~market~~the ~~exposure.~~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 ~~earned interest~~trading onactivities ~~100%~~involve ofvarying ~~the~~degrees ~~Partnership’s~~of ~~average monthly cash~~ off-balance atsheet ~~a rate~~risk ~~equal~~whereby tochanges ~~90%~~in of the ~~average~~market ~~yield~~values onof the ~~91-day U.S. Treasury bills issued~~ ~~during~~futures ~~that~~and ~~month.~~forward ~~For~~contracts underlying the ~~period~~financial ~~ended~~instruments ~~June 30, 2004, CIS had paid~~ or ~~accrued to pay interest of $95,812 to~~ the Partnership's ~~and~~satisfaction ~~for~~of the ~~period~~obligations ~~ended~~may ~~June 30,~~exceed ~~2003,~~the ~~CIS~~amount ~~had~~recognized ~~paid~~in orthe ~~accrued~~statement toof ~~pay~~financial ~~interest~~condition of ~~$112,610 to~~ the Partnership.

~~Most~~The ~~United~~Partnership ~~States commodity~~borrows ~~exchanges~~only ~~limit~~to ~~the~~a ~~amount~~limited ofextent ~~fluctuation~~and inonly ~~commodity~~on ~~futures contract prices during~~ a ~~single~~strictly ~~trading~~short-term ~~day~~basis byin ~~regulations.~~order ~~These regulations specify what are referred~~ to asfinance ~~“daily~~losses ~~price~~on ~~fluctuation limits” or~~non-U.S. ~~“daily~~dollar ~~limits”.~~denominated ~~The~~trading ~~daily~~positions ~~limits~~pending ~~establish~~ the ~~maximum~~conversion ~~amount the price~~ of ~~a futures contract may vary either up or down from~~ the ~~previous day’~~Partnership's ~~settlement~~dollar ~~price at the end of a trading session~~deposits. These ~~Once~~borrowings ~~the~~are ~~daily limit has been reached in a particular commodity, no trades may be made~~ at a ~~price~~prevailing ~~beyond~~short-term ~~the~~rate ~~limit. Positions~~ in the ~~commodity~~relevant ~~could~~currency. They ~~then~~have bebeen ~~taken~~immaterial ~~or liquidated only if traders are willing~~ to ~~effect trades at or within~~ the ~~limit during~~Partnership's ~~the~~operation ~~period~~to ~~for~~date 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~~are ~~positions~~expected onto ~~one~~continue ~~side of the market, subjecting commodity futures traders holding such positions~~ to ~~substantial~~be ~~losses for those days~~so.

ItDuring isthe ~~also~~fiscal ~~possible~~period-ended ~~for~~March ~~an exchange~~31, or2005, the ~~CFTC~~Partnership tohad ~~suspend~~no ~~trading~~credit inexposure ato ~~particular contract, order immediate settlement of~~ a ~~particular~~counterparty ~~contract,~~which oris ~~direct that trading in~~ a foreign ~~particular~~commodities ~~contract~~exchange bewhich ~~for~~was ~~liquidation only~~material.

(cb) Results of OperationsLiquidity

The Partnership’'s ~~success~~ ~~depends~~assets onare ~~the~~held ~~Advisors’~~in ~~ability~~brokerage toaccounts ~~recognize~~with ~~and~~CIS ~~capitalize on major price movements~~ and ~~other~~CISFS. Except ~~profit opportunities~~ in ~~different~~unusual ~~sectors~~circumstances, of the ~~world~~ ~~economy.~~Partnership ~~Because~~should be ofable ~~the~~to ~~speculative~~close ~~nature~~out ofany ~~their trading, operational~~ or ~~economic~~all ~~trends~~of ~~have~~its ~~little~~open ~~relevance~~trading topositions ~~the Partnership’s results,~~ and ~~its~~ ~~past~~liquidate ~~performance~~any isor ~~not~~all ~~necessarily indicative~~ of its ~~future~~holdings ~~results.~~quickly ~~The General~~and ~~Partners~~at ~~believe, however, that there are certain~~ market ~~conditions~~prices. —This ~~for~~should ~~example,~~permit ~~markets~~the ~~with~~Advisors ~~major~~to ~~price~~limit ~~movements~~losses —as inwell ~~which~~as ~~the Partnership~~reduce ~~has~~market aexposure ~~better~~on ~~opportunity~~short ofnotice ~~being~~should ~~profitable~~their ~~than~~programs inindicate reducing ~~others.~~market exposure.

The ~~Advisors’~~Partnership ~~programs do~~earned ~~not~~interest ~~predict~~on ~~price~~100% ~~movements.~~of Nothe ~~fundamental~~Partnership's ~~economic~~average ~~supply~~monthly orcash ~~demand analysis~~balance isat ~~used~~a inrate ~~attempting~~equal to ~~identify~~90% ~~mispricings~~of in the ~~market,~~average ~~and no~~yield ~~macroeconomic~~on ~~assessments of~~ the ~~relative~~91-day ~~strengths~~U.S. ofTreasury ~~different~~bills ~~national economies~~issued orduring ~~economic~~that ~~sectors is made~~month. For ~~Instead,~~ the ~~programs~~period ~~apply~~ended ~~proprietary computer~~March ~~models~~31, ~~to analyze past market data~~2005, ~~and~~CIS ~~from~~had ~~this~~paid ~~data~~or ~~alone~~accrued ~~attempt~~ to ~~determine~~ ~~whether market prices are trending. Technical traders such as the~~pay ~~Advisors~~interest ~~base~~of ~~their~~$106,128 ~~strategies~~to on the ~~theory~~Partnership ~~that~~and ~~market~~for ~~prices reflect~~ the ~~collective~~ ~~judgment~~period ofended ~~numerous~~March ~~different traders and are~~31, ~~accordingly~~2004, ~~the~~CIS ~~best and~~had ~~most~~paid ~~efficient~~or ~~indication~~accrued ofto ~~market~~pay ~~movements.~~interest ~~However,~~of ~~there are frequent~~$44,939 ~~periods during which fundamental factors external~~ to the ~~market dominate prices~~Partnership.

IfMost United States commodity exchanges limit the ~~Advisors’ models~~amount ~~identify~~of afluctuation ~~trend,~~in ~~they~~commodity ~~signal~~futures ~~positions~~contract ~~which~~prices ~~follow~~during ~~it.~~a ~~When~~single ~~these~~trading ~~models~~day ~~identify~~by ~~the~~regulations. These ~~trend~~regulations asspecify ~~having~~what ~~ended~~are orreferred ~~reversed,~~to ~~these~~as ~~positions~~"daily ~~are either~~price ~~closed~~fluctuation ~~out~~limits" or ~~reversed~~"daily limits". The ~~Due~~daily limits toestablish ~~their~~the ~~trend-following~~maximum ~~character,~~amount the ~~Advisors~~ ~~programs~~price doof ~~not~~a ~~predict~~futures contract may vary either up or down from the ~~commencement~~previous orday's settlement price at the end of a ~~price movement~~trading session. Once ~~Rather,~~the ~~their~~daily ~~objective~~limit ishas tobeen ~~identify~~reached in a ~~trend~~particular ~~early~~commodity, ~~enough~~no totrades ~~profit~~may be made at a ~~from~~price itbeyond ~~and~~the tolimit. Positions ~~detect~~in ~~its~~the ~~end~~commodity could then be taken or ~~reversal~~liquidated inonly ~~time~~if traders are willing to ~~close~~effect ~~out~~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 ~~Partnership’s~~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 ~~while~~on ~~retaining~~one ~~most~~side of the ~~profits~~market, ~~made~~subjecting ~~from~~commodity futures ~~following~~traders ~~the~~holding ~~trend.~~such positions to substantial losses for those days.

~~The~~It ~~performance~~is ~~summaries set~~also ~~forth~~possible ~~below outline certain major price trends which the Advisors’ programs have identified~~ for ~~the~~an ~~Partnership~~exchange ~~during~~or the ~~first~~CFTC ~~and~~to ~~second quarters~~suspend oftrading ~~fiscal~~in ~~years~~a ~~2004~~particular ~~and 2003. The fact that certain trends were captured does not imply that others~~contract, ~~perhaps~~order ~~larger~~immediate ~~and~~settlement ~~potentially~~of ~~more~~a ~~profitable~~particular ~~trends~~contract, ~~were not missed~~ or ~~that~~direct ~~the Advisors will be able to capture similar trends in the future. Moreover, the fact~~ that ~~the~~trading ~~programs were profitable~~ in ~~certain~~a ~~market~~particular ~~sectors~~contract ~~in the past does not mean that they will~~ be so infor ~~the~~liquidation ~~future~~only.

The(c) performanceResults 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. Operations

~~Fiscal~~The ~~Quarter~~Partnership's ~~ended~~success ~~June~~depends 30on 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, ~~2004~~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 ~~Partnership~~Advisors' ~~recorded~~programs ado ~~loss~~not predict price movements. No fundamental economic supply or demand analysis is used in attempting to ofidentify $5mispricings in the market,~~630,110~~ orand ~~$(84.06)~~no ~~per~~macroeconomic ~~unit~~assessments ~~for~~of the ~~second~~relative ~~quarter~~strengths of ~~2004~~different national economies or economic sectors is made. Instead, Onthe ~~June~~programs 30apply proprietary computer models to analyze past market data, and from this data ~~2004,~~alone ~~JWH~~attempt ~~was~~to ~~managing~~determine ~~71%~~whether ofmarket prices are trending. Technical traders such as the ~~Partnership’s~~Advisors ~~assets~~base ~~while~~their ~~Sunrise~~strategies ~~was~~on the ~~managing~~theory ~~29%~~that market prices reflect the collective judgment of numerous different traders and are, accordingly, the ~~Partnership’s~~best ~~assets~~and most efficient indication of market movements. However, there are frequent periods during which fundamental factors external to the market dominate prices.

~~The~~If ~~second~~the ~~quarter~~Advisors' ofmodels ~~2004 produced~~identify noa ~~meaningful~~trend, ~~trends~~they signal positions which follow it. When Inthese ~~April,~~models identify the ~~markets~~trend ~~continued~~as tohaving ended ~~focus~~or ~~on growing~~reversed, ~~expectations~~these ofpositions ~~higher~~are ~~U.S.~~either ~~interest~~closed ~~rates~~out or reversed. Due ~~Speculation~~to ~~about~~their trend-following character, the ~~timing~~Advisors programs ~~and~~do ~~scope~~not ofpredict either the ~~possible~~commencement ~~tightening~~or ~~contributed~~the end of a price movement. Rather, their objective is to ~~high~~identify ~~volatility~~a ~~and~~trend ~~major~~early enough ~~price~~to ~~reversals~~profit ~~particularly~~from it and to detect its end or reversal in time to close out the ~~currencies~~Partnership's ~~and~~positions ~~global~~while ~~equity~~retaining ~~indices.~~most of the profits made from following the trend.

The ~~U.S.~~performance ~~dollar strengthened~~summaries ~~against~~set ~~most~~forth below outline certain major ~~currencies~~price intrends ~~response~~which tothe ~~U.S.~~Advisors' ~~job~~programs ~~creation.~~have identified for the ~~Consumer~~Partnership ~~confidence~~during the first quarter of fiscal years 2005 and ~~manufacturing~~2004. The ~~activity~~fact ~~appear~~that tocertain betrends ~~waning~~were incaptured ~~Germany,~~does not imply that ~~exerting~~others, ~~downward~~perhaps ~~pressure~~larger onand ~~the~~potentially ~~Euro.~~more ~~Expectations~~profitable oftrends, ~~rising~~were ~~rates~~not ~~also~~missed ~~sent the~~or ~~prices~~that ofthe ~~long-term~~Advisors ~~interest~~will ~~rate~~be ~~futures~~able to ~~their~~capture ~~lowest~~similar trends ~~levels~~ in ~~several months~~the future. Moreover, ~~The~~the ~~Swiss~~fact ~~franc~~that ~~and~~the ~~Euro~~programs were ~~the~~profitable ~~best~~in ~~performers~~certain ~~while~~market sectors in the ~~Japanese~~past ~~yen~~does not mean that ~~was~~they ~~the~~will ~~major~~be ~~detractor.~~so in the future.

~~Indices~~The ~~were~~performance ~~negative~~summaries ~~in April.~~are ~~More~~an ~~than~~outline ~~half~~description of how the ~~companies~~Partnership performed in the ~~Standard~~past, &not ~~Poor’s~~necessarily ~~500~~any indication of ~~Index~~how ~~reported~~it ~~earnings~~will ~~and~~perform ~~78%~~in ofthe ~~these~~future. Furthermore, ~~surpassed~~the ~~analysts’~~general ~~forecasts.~~causes to which certain trends are attributed may or may not in fact ~~Japanese~~have ~~equity~~caused ~~markets~~such ~~were~~trends, ~~strong~~as ~~all~~opposed ~~month~~to ~~while~~simply having occurred at about the Usame time.S. While ~~and~~there ~~some~~can ofbe no assurance that the ~~European~~Advisors ~~stock~~will ~~markets~~be ~~faltered~~profitable ~~later~~even in trending markets, markets in which substantial and sustained price movements occur offer the ~~month.~~best profit potential for the Partnership.

AFiscal slowingQuarter ofended theMarch Chinese economy31, 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. 2005

~~Metals~~The ~~also~~Partnership ~~felt~~recorded a loss of $4,630,089 or $79.60 per unit for the ~~downward~~ ~~pressure~~first ~~Precious~~quarter ~~metal~~of ~~investors~~2005. On ~~liquidated~~March ~~long~~31, ~~positions~~2005, ~~which~~JWH ~~had~~was managing ~~been~~77% aof ~~hedge~~the ~~against~~Partnership's ~~the~~assets ~~negative~~while ~~real~~Sunrise ~~rate~~was ofmanaging ~~return~~23% inof the ~~U.S.~~Partnership's assets.

~~Energies~~The ~~were~~Partnership's ~~profitable~~performance was negative in January. While the fixed-income sector recorded modest gains for the month, they ~~April~~weren't enough to offset the losses in other sectors. ~~Concerns~~A ~~about~~choppy ~~continued~~and ~~violence~~erratic trading environment prevailed in anticipation of a series of world events: Iraqi elections, The Group of Seven finance ministers' meeting, the ~~Middle~~Federal ~~East~~Reserve's decision on interest rates and the ~~increased~~release ~~global~~of key economic data. The currency sector was the most significant contributor to negative performance. The weak US ~~consumer~~dollar ~~demand~~trend, ~~helped~~which dominated the markets during the second half of 2004, began to ~~maintain~~reverse ~~prices~~itself atas ~~their~~market ~~current~~expectations ~~lofty~~of ~~levels.~~a ~~Natural~~Yuan ~~gas~~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 ~~component~~for the month. The loss in ~~this~~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 -8.56% for the month.

InThe ~~May~~Partnership's performance was negative in February. Gains in indices, acoffee ~~number~~and ofbase ~~factors~~metals weren't enough to offset the ~~created~~combined ~~uncertainty~~losses in the ~~financial~~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 ~~prevented~~the ~~strong~~release ~~trends~~of ~~from~~a higher-than-expected Producer Price Index in the U.S. helped to spark inflation ~~emerging~~fears worldwide. The ~~month~~largest gain was ~~dominated~~achieved byin ~~developments~~the Eurodollar, while the largest loss occurred in the ~~oil~~Japanese ~~market~~government bond. Currencies were the other main contributor to the Partnership's losses. Initially, the U.S. dollar strengthened on the back of a ~~interest~~rise ~~rates~~in Treasury yields and US equities, then suddenly reversed directions and moved lower against most currencies. The largest gain was achieved in the ~~possibility~~Australian/Japanese yen cross, while the largest loss occurred in the Japanese yen. Overall, the Partnership recorded a loss of ~~inflation~~-5.12% for the month.

The ~~exceptions~~Partnership's toperformance was negative for the month of March. Once again, gains in coffee and base metals were not enough to ~~non~~offset the losses in other sectors. A strengthening U.S. dollar and increasing inflation fears dominated the under-~~definition~~performance in most other sectors. Currencies were the ~~energy~~most ~~markets~~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 ~~reached~~soared, ~~record~~the ~~highs~~yield on the 10 year note rose to its highest ~~continued~~level ~~supply~~in ~~concerns~~seven months, and the Federal Reserve increased ~~geopolitical~~borrowing ~~risk~~costs by a quarter percentage point. ~~China’s~~The largest gain in this ~~increasing~~sector ~~appetite~~was ~~for~~achieved ~~petroleum~~in ~~placed~~the ~~additional~~Japanese ~~strain~~yen, onwhile ~~available~~the largest loss occurred in the British pound, the Euro and Swiss Franc. The ~~production~~Partnership ~~while~~was ~~Saudi~~unprofitable ~~Arabia’s~~in ~~offer~~the tofixed ~~increase~~income ~~production~~sector ~~had~~for ~~little~~the month, as European and Domestic markets sold off and the Japanese ~~effect~~bond onmarkets ~~stabilizing~~rallied. Increases in energy prices and inflation expectations were the ~~price~~catalyst for the dramatic move higher in most of the ~~crude~~world ~~oil~~interest rates. The ~~All~~largest ~~components~~gain in this sector ~~were~~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 ~~best~~the ~~performance~~U.S. ~~coming~~Dollar. Higher ~~from~~bond ~~London~~yields ~~gas~~and oil ~~and~~prices ~~crude~~made equities ~~oil~~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 -4.41% for the month.

~~Although~~During ~~choppy~~the quarter, ~~the~~investors ~~fixed income~~redeemed ~~markets~~a ~~produced~~total ~~positive~~of ~~results~~2,971.59 ~~The U~~units.S. ~~economy~~At ~~continues~~the toend ~~show signs~~ of ~~improvement~~the ~~with~~quarter ~~fears~~there ofwere ~~rising inflation diminishing~~55,732.23 ~~The~~units ~~best~~outstanding ~~results~~(including ~~were achieved in the Euro Bund~~1,829.41 ~~The~~units ~~largest~~owned ~~losses~~by ~~occurred in~~ the ~~Japanese~~ ~~Government~~General ~~bond and the Australian 10-year bond~~Partners).

~~The~~During ~~currency sector was negative in May. The U.S. dollar was heavily influenced in~~ the ~~beginning~~fiscal ofquarter ~~the month~~ended byMarch ~~the~~31, ~~release~~2005 ~~of improving economic numbers and revised expectations for continued growth in~~ the ~~U.S.~~Partnership ~~The~~had ~~best~~no ~~results~~material ~~from~~credit ~~this~~exposure ~~sector~~to ~~were~~a ~~achieved~~counterparty ~~in the~~which ~~British~~is ~~pound~~a ~~/ Japanese yen cross and the Australian dollar. The largest~~foreign ~~detractors~~commodities ~~from performance were the Japanese yen and the Swiss franc~~exchange.

TheFiscal majorQuarter globalended equity marketsMarch continue to struggle. World GDP continues at a strong pace; however31, 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. 2004

The ~~agricultural~~Partnership ~~sector~~recorded ~~was negative~~a ~~for~~profit ~~May.~~of ~~Coffee~~$1,287,982 ~~prices~~or ~~surged~~$18.40 ~~higher~~per ~~due~~unit tofor ~~fears~~the offirst ~~frost~~quarter ~~and~~of ~~other weather~~2004. Performance ~~delays~~throughout ~~regarding~~ the ~~Brazilian~~quarter was ~~coffee harvest~~strong. On ~~Live~~March ~~cattle~~31, ~~made~~2004, ~~large gains~~JWH ~~this~~was ~~month~~managing ~~after~~72% ~~comments~~of bythe ~~USDA~~Partnership's ~~Secretary~~assets ~~Veneman~~while ~~indicated uncertainties~~Sunrise ~~surrounding~~was ~~the~~managing ~~resumption~~28% of ~~Canadian cattle imports to~~ the ~~U.S.~~Partnership's ~~New York coffee had the best performance in this sector~~assets. ~~Corn and soybeans has the largest losses.~~

~~The~~Although ~~metals~~the ~~sector~~markets were volatile, the Partnership was ~~unprofitable~~ positive in ~~May~~January with many of the long-term trends remaining intact during the month. The ~~Metal~~declining ~~prices~~U.S. ~~fell~~dollar ~~lower~~continued ~~for~~against most major currencies during the first half of the month. ~~Base~~Following ~~metals~~comments ~~came~~made ~~under~~both ~~pressure~~by ~~due~~the Federal Reserve Board regarding possible interest rate increases and the European Central Bank alluding to ~~prospects~~possible intervention ~~that~~in ~~China’s~~the ~~demand~~currency ~~for~~markets, ~~raw~~the ~~materials~~U.S. dollar strengthened significantly against most currencies. The long Japanese yen and ~~will~~British ~~weaken~~pound aspositions ~~its~~made ~~economy~~the ~~slows~~greatest contribution to profits. This sector ~~failed~~was tothe ~~register~~best ~~any~~performer ~~components~~during January. Base metals incontinued ~~positive~~to ~~territory~~perform ~~with~~well ~~the~~as ~~largest~~prices ~~loss~~escalated ~~coming~~due to the strong demand from China. Copper, aluminum and silver were profitable. Overall, the Partnership recorded a profit of 1.54% for the month.

~~Overall~~Because of an unusually high level of weather-related demand, ~~the~~tight ~~Partnership~~U.S. inventories, and OPEC agreeing to cut production, crude oil was ~~negative~~one ~~for~~of the ~~month~~most ofprofitable ~~June~~markets in February. The ~~Financial~~fixed ~~markets~~income ~~were~~sector ~~relatively~~was ~~quiet~~also a top performer. Interest rates continued to ~~during~~move lower in the ~~month~~U.S., ~~waiting~~Europe, ~~for~~and aAsia ~~few~~as ~~critical~~inflation ~~events~~remained ~~scheduled~~low ~~for~~in all three regions. The most profitable positions were Euro bunds, Japanese 10-year bond, and the ~~end~~U.S. 10-year notes and 30-year bonds. Despite a high level of volatility, the currency sector ~~June:~~was also profitable for the ~~long-anticipated~~month. ~~first~~The ~~rate~~U.S. ~~increase~~dollar bybegan to make an upside breakout due to speculation that the Federal Reserve, ~~the~~would ~~handover~~raise ofinterest ~~power~~rates inif ~~Iraq,~~the U.S. ~~employment~~economy ~~data~~continued to improve. The best performing positions were: Euro/Pound cross, long positions in British pounds versus Japanese yen, the Euro and the ~~continued~~Swiss ~~slowing~~franc. The ofmetals 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 ~~Chinese~~supply ~~economy~~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 6.65% for the month.

~~While~~March was a particularly challenging month. Terrorist activities in Spain and heightened tensions in the ~~rate~~Middle ~~increase~~East kept those looking for investment opportunities on the sideline. The agricultural sector was the best performer for the month led by grains, inwhose ~~line~~prices ~~with~~rose ~~expectations~~based on a surge in export demand, ~~jobless~~followed ~~claims~~by a drop in cotton prices based on USDA reports that sales are slowing. In precious metals both gold and ~~manufacturing~~silver ~~data~~extended ~~proved~~their gains as demand continued to berise and despite the U.S. dollar ~~slightly~~strengthening. ~~worse~~Silver ~~than~~was ~~expected~~the best performer overall, reaching a 17 year high of $8.30 an ounce. Base metals experienced a period of consolidation and ~~had~~remained within a ~~much~~road ~~bigger~~and ~~impact~~volatile ontrading range as the market ~~than~~weighed ~~the rate~~information ~~hike~~that ~~alone~~China's appetite may be waning. InGeopolitical ~~Europe,~~risk ~~German~~and ~~bond~~OPEC's ~~prices~~production ~~rose~~cut ~~after~~helped acrude ~~report~~oil ~~was~~and ~~released showing~~related ~~that~~products ~~German~~retain ~~business~~lofty ~~confidence~~price levels. Natural gas had the ~~dropped~~highest ~~unexpectedly~~gain for the sector followed by crude oil. The unprofitable currency sector was dominated by the action in the Japanese ~~interest~~yen, ~~rates~~orchestrated ~~rose~~by ~~driving~~the ~~yields~~Bank toof ~~their~~Japan, ~~highest~~which ~~level~~intervened in 4the ~~years.~~foreign ~~The~~exchange ~~best~~market by buying over $40 billion U.S. ~~performer~~dollars/selling ~~was~~Japanese ~~the~~yen. ~~3-month~~Most ~~Eurodollar~~other ~~contract~~currencies ~~and~~traded ~~the~~in ~~largest~~a ~~losses~~sideways ~~were~~fashion in varying degrees of volatility. Overall, the ~~Japanese~~Partnership ~~Government~~recorded ~~bond~~a ~~and~~loss ~~Euro~~of ~~Bund~~-3.83% for the month.

~~The~~During ~~foreign~~the ~~exchange~~quarter, ~~sector was~~investors ~~negative~~redeemed ~~for~~a ~~June.~~total ~~The~~of U2,570.S53 units. ~~dollar~~At ~~was essentially flat, ending~~ the ~~month with~~end ~~little change. The Japanese yen strengthened against most currencies on prospects~~ of ~~continued economic expansion. Minor currencies were mixed against~~ the ~~U.S.~~quarter ~~dollar.~~there ~~Profits~~ were ~~generated in Australian dollar~~67,290.34 ~~Swiss~~units ~~franc and~~outstanding ~~Japanese~~(including ~~yen options~~1,829.41 ~~The~~units ~~largest~~owned ~~losses~~by ~~were from~~ the ~~Japanese~~General ~~yen and Euro/British pound cross~~Partners).

~~Stock~~During ~~indices~~the ~~were~~fiscal ~~positive for~~quarter ~~June.~~ended ~~Major~~March ~~stock markets continued to climb higher after their slide in mid-May~~31, ~~although~~2004 ~~single-digit earnings growth in major markets,~~ the ~~high~~Partnership ~~cost of~~had ~~energy~~no ~~and~~material ~~the~~credit ~~anticipation~~exposure ofto ~~rising~~a ~~interest~~counterparty, ~~rates~~which ~~dampened~~is ~~enthusiasm.~~a ~~The~~foreign ~~best~~commodities ~~return came from Australian SPI 200 and the largest loss was in the Eurostoxx 50~~exchange.

The(d) energyOff-Balance-Sheet sectorArrangements; was negativeDisclosure for June. These markets continue to be volatile with a bias upward. Crude oil and related prices remain robust as a result of theContractual 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. Obligations

~~The~~There ~~agricultural~~have ~~sector~~been ~~was negative~~no ~~for~~material ~~June.~~changes ~~Decreased~~with ~~demand~~respect ~~from~~to ~~China put downward pressure on~~ the ~~grains.~~ ~~Coffee~~Partnership's ~~felt~~off-balance-sheet ~~the~~arrangements ~~weight~~(as ofdefined ~~increased production~~ in ~~Brazil.~~Regulation ~~The~~S-K 303(a)(4)(ii)) ~~price~~or disclosures of ~~cotton~~ ~~moved~~contractual ~~lower~~obligations ~~anticipating~~as ~~increased~~reported ~~plantings~~ in ~~other countries. Cotton gave~~ the ~~best~~Partnership's ~~return~~Annual ~~and~~Report ~~New~~on ~~York~~Form ~~coffee~~10-K ~~and~~for ~~soybeans~~fiscal ~~were the largest losses~~year 2004.

TheItem metals sector was positive this month3. TheQuantitative price of gold and silverQualitative fellDisclosures atAbout theMarket 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. Risk

~~During~~There ~~the~~has ~~quarter, investors~~been ~~redeemed~~no amaterial ~~total~~change ofwith ~~2,518.59~~respect ~~units.~~to Atmarket risk since the ~~end~~"Quantitative ofand ~~the~~Qualitative ~~quarter~~Disclosures ~~there were~~About ~~64,771.77~~Market ~~units~~Risk" was ~~outstanding~~made ~~(including~~in ~~1,829.41~~the ~~units~~Form ~~owned~~10-K byof the ~~General Partners).~~Partnership dated December 31, 2004.

DuringItem the4. fiscalControls quarter endedand June 30, 2004 the Partnership had no material credit exposure to a counterparty which is a foreign commodities exchange. Procedures

~~Fiscal~~Under ~~Quarter~~the ~~ended~~supervision ~~June~~and 30with the participation of the management of CIS Investments, ~~2003~~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.

ThePART PartnershipII recorded- aOTHER net profit of $1,355,381 or $16.97 per unit in the second quarter of 2003. INFORMATION

IDSItem Managed Futures, L1.P. began theLegal quarter with gains in April and a strong May but closed lower in June. Overall, it ended the quarter in positive territory. On June 30, 2003, JWH was managing 73% of the Partnership’s assets while Sunrise was indirectly managing 27% of the Partnership’s assets. Proceedings

The Partnership ~~ended~~and ~~April in~~its ~~positive~~affiliates ~~territory~~are asfrom ~~the~~time swift victory in Iraq impacted markets worldwide. The currency sector was primarily responsible for the Partnership’s gain in April. The initial enthusiasm for the U.S. dollar in a post-Iraqi war world gave way to ~~bleak~~time ~~fundamentals.~~parties ~~The U.S. deficit continued~~ to ~~weigh~~various ~~heavily~~legal onactions ~~the Dollar.~~arising Non-Dollar trading had the largest effect on trading profits, specifically, the long Euro/short Yen, long Euro/short British pound, and the long Australian dollar positions. The interest rate sector was positive largely due to a long position in the ~~Japanese~~normal ~~10-year~~course ~~Government~~of ~~bond~~business. ~~The stock index~~ ~~position was down slightly. Most equity markets rallied around the world, encouraged by the quick end to major conflict in Iraq. Energies were marginally positive in April.~~ The ~~fewer~~General ~~than~~Partners ~~expected~~believe ~~oil~~that ~~field~~there ~~fires~~is inno ~~Iraq~~proceeding ~~put considerable~~threatened ~~downward~~or ~~pressure~~pending onagainst the ~~price~~Partnership ~~per~~or ~~barrel.~~any ~~Natural gas rallied most~~ of ~~the~~its ~~month on weather related issues and storage deficits. Contrary to the~~affiliates ~~Partnership’s position~~which, ~~gold~~if ~~rallied~~determined inadversely, ~~early~~would ~~April~~have ina ~~expectation~~material ofadverse ~~the next~~effect ~~inflationary~~on ~~cycle. This led to negative performance in~~ the ~~metal~~financial ~~sector. Agricultural~~condition ~~products~~or ~~were~~results ~~slightly~~of ~~profitable~~operations ~~for the month. In response to the conclusion~~ of the ~~major fighting in the Iraqi war, JWH did resume full leverage~~ ~~in the trading program effective April 10. The decision to reduce exposure to all markets during the Iraqi conflict proved to be beneficial for investors. Overall, the~~ Partnership ~~recorded a gain of $311,808 or $3~~.~~92 per unit in April.~~

TheItem Partnership also posted positive results for the month of May2. CurrenciesUnregistered wereSales the best performing sector for May due mainly to the weakening of theSecurities U.S. dollar. Investments in the fixed income sector were positive for the month of May, as yields continued to trend lower. The biggest contributors were the Euro Bunds, U.S. 30-year Bonds, Japanese Government 10-year Bonds, and theUse U.S. 10-year Notes. Stock indices were negative for May due primarily to the poor performance in the Japanese Osaka Nikkei Index. The Nasdaq E-Mini 100 Index turned in the best performance for this sector. Energies posted negative results in May. All crude and crude-related products were down as a result of the markets rallying due to short supply factors. The only positive component in this sector was natural gas. Agricultural products were negative for May. The largest detractors were corn and New York coffee, while the largest positive contributor was cotton. Metals were slightly down for May. Losses occurred in copper, silver and aluminum. Only gold managed to perform in positive territory. Overall, the Partnership recorded a gain of $2,585,417 or $33.11 per unit in May. Proceeds

~~Overall, the Partnership was down in June, which started out as~~ a) ~~promising~~None ~~month,~~b) ~~but~~None ~~turned~~c) ~~abruptly negative~~The ~~during~~Partnership ~~the~~permits ~~last~~Limited ~~two~~Partners weeks. Two trends that were reestablished after the Iraqi War -- a weakening Dollar and falling global interest rates -- reversed course sharply as hints of improving economic times forced the liquidation of large positions in fixed income and currency markets. Currencies suffered the largest sector loss in June, due to ~~the~~redeem ~~late~~units ~~month~~at ~~strengthening of~~ the ~~U.S. dollar.~~end ~~Stock indices were the only sector to register positive returns for the month~~ of ~~June.~~each Fixed income investments incurred the second largest sector loss for June. The largest losses were registered in the Japanese 10-year Government Bonds, Euro Bunds and the U.S. 30-year bonds. Crude oil was up for the month ~~despite~~ ~~volatile~~at ~~trading. Prices were buoyed by a downshift in OPEC output and~~ the ~~concerns~~Net ~~over~~Asset ~~Tropical~~Value ~~Storm~~per ~~Bill~~unit ~~hitting~~on the ~~Gulf~~redemption ~~coast~~date. ~~Overall, however, the energy sector was down for June.~~ The ~~metals~~redemption ~~sector was down in June, primarily due to the poor performance~~ of ~~gold.~~units ~~Agricultural~~has ~~products~~no ~~were~~impact ~~down for~~on the ~~month.~~net ~~All~~asset value of the ~~other~~units ~~parts~~that ofremain ~~this~~outstanding ~~group~~and ~~had~~units ~~negligible~~may ~~results.~~not ~~The Partnership~~be ~~recorded~~reissued aonce ~~loss~~they ofare ~~$1,541,844 or $20~~redeemed.~~07 per unit in June.~~

~~During~~The ~~the~~following ~~quarter,~~table ~~investors~~summarizes ~~redeemed~~the aredemptions ~~total~~by ofpartners ~~3,822.42~~during ~~units. At~~ the ~~end~~first ~~of the~~ quarter ~~there were~~of ~~75,626.82 units outstanding (including 1,829.41 units owned by the General Partners).~~ 2005:

During the fiscal quarter ending June 30, 2003, the Partnership had no material credit exposure to a counterparty, which is a foreign commodity exchange, or to any counterparties dealing in over the counter contracts.

Month	Units Redeemed	Redemption Date NAV per Unit
January	600.13	$ 426.42
February	1,085.66	$ 404.59
March	1,285.79	$ $ 386.75
Total	2,971.59

FiscalItem Quarter3. endedDefaults MarchUpon 31,Senior 2004Securities

The Partnership recorded a profit of $1,287,982 or $18.40 per unit for the first quarter of 2004. Performance throughout the quarter was strong. On March 31, 2004, JWH was managing 72% of the Partnership’s assets while Sunrise was managing 28% of the Partnership’s assets. None

AlthoughItem the markets were volatile, the Partnership was positive in January with many of the long-term trends remaining intact during the month4. TheSubmission declining U.S. dollar continued against most major currencies during the first half of theMatters month. Following comments made both by the Federal Reserve Board regarding possible interest rate increases and the European Central Bank alluding to possiblea interventionVote inof the currencySecurity 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. Holders

~~Base metals continued to perform well as prices escalated due to the strong demand from China. Copper, aluminum and silver were profitable.~~ None

BecauseItem of an unusually high level of weather-related demand, tight U5.S. inventories,Other 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. Information

~~Despite~~ a) ~~high~~None ~~level~~b) 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. None

TheItem metals sector also contributed to profitability with copper leading the way followed by silver and aluminum6. All were driven by strong demand, dollar weakness and declining inventories. Exhibits

The supply situation was favorable for grains as well with unusually tight inventories sending corn and bean prices to new contract highs.

	a)	Exhibits
	Exhibit Number	Description of Document
	3.1	Amended and Restated Limited Partnership Agreement.
	10.1	Advisory Contract dated as of March 27, 1987 between CIS Investments, Inc., IDS Futures Corporation, IDS Managed Futures, L.P., John W. Henry & Company, Inc. and Sabre Fund Management Limited.
	10.2	Amended Advisory Contracts dated January 23, 1992 between CIS Investments, Inc., IDS Futures Corporation, IDS Managed Futures, 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, L.P., John W. Henry & Company, Inc. and Sabre Fund Management Limited.
	10.4	Advisory Contract dated as of July 2, 1997 between CIS Investments, Inc., IDS Futures Corporation, IDS Managed Futures, L.P. and Welton Investment Corporation.
	10.5	Amendment to Advisory Contract dated September 29, 2000 between CIS Investments, Inc., IDS Futures Corporation, IDS Managed Futures, L.P. and John W. Henry & Company, Inc.
	10.6	Amendment to Advisory Contract dated September 29, 2000 between CIS Investments, Inc., IDS Futures Corporation, IDS Managed Futures, L.P. and Welton Investment Corporation.
	10.7	Amended and Restated Advisory Contract dated December 29, 2000 between CIS Investments, Inc., IDS Futures Corporation, IDS Managed Futures, L.P. and Welton Investment Corporation.
	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, 10.1, 10.2 and 10.3 are incorporated by reference to Post-Effective Amendment No. 1 to the Registration Statement as filed by the Partnership on June 7, 1996.
Note:	Exhibit 10.4 is incorporated by reference to Post-Effective Amendment No. 3 to the Registration Statement as filed by the Partnership on July 31, 1997.
Note:	Exhibits 10.5, 10.6 and 10.7 are incorporated by reference to Form 10-K by the Partnership on March 26, 2001.

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.

During the quarter, investors redeemed a total of 2,570.53 units. At the end of the quarter there were 67,290.34 units outstanding (including 1,829.41 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.

Fiscal Quarter ended March 31, 2003

The Partnership recorded a net profit of $3,325,047 or $40.43 per unit in the first quarter of 2003. As of March 31, the Partnership had gained 10.78% for the first quarter.

In January, the currency sector supplied most of the month’s gain. Non-Dollar trading had the largest effect on performance. The Partnership’s long Euro, short Yen position was the most profitable position in this sector capitalizing on the very slow growth rate of Japan. Additional gains were made in the long U.S. dollar, short Yen position as well as the Swiss franc. The steady slowing of the world’s economies fueled the decline of worldwide interest rates. Positions denominated in Euro and Yen were the most profitable. Gains were also posted in the British and U.S. markets. The energy portfolio of the Partnership was positive despite a small allocation to this sector. The uncertainty of the Middle East cast a dark shadow over all markets. The remainder of the market sectors traded had little impact on performance. Overall, the Partnership recorded a gain of $3,319,302 or $40.50 per unit in January.

The Partnership continued its positive performance in February. The impending war with Iraq, slowing global economies, a weaker U.S. dollar and higher energy prices became a recurring theme in the quarter. The currency sector was unchanged in February. The long Euro, short British pound position had the best return of the sector. The Australian dollar and the Swiss franc also performed well. The Japanese yen and the British pound suffered the largest losses due to the sharp reversal from January’s rally. All geographic components of the interest rate sector posted positive results as money market and bond yields worldwide continued to move lower. Notable returns were achieved in the Euro Bund, the U.S. 30-year and 10-year bonds and the Japanese Government bond. The energy sector was the second-best performing sector for the month. The highest returns came from London gas oil and NYMEX natural gas. Gold prices dropped $40 after the German Bundesbank announced that it had sold a portion of its gold reserves. This was the primary reason for negative performance from this sector. Overall, the Partnership recorded a gain of $1,497,771 or $18.49 per unit in February.

The Partnership closed lower in March as the war in Iraq created volatile moves in the world’s financial and commodity markets. Nearly all markets traded in the interest rate sector were negative as a whipsaw action in the U.S. dollar and interest rates led to losses. This was due to disappointing news in the progress of the war in Iraq. The nearly 35% rise in crude oil since mid-December was erased in just over one week’s time immediately before the start of the war. This caused negative performance in the energy sector. The metal and agricultural sectors had little impact on performance. The stock index sector was the only positive performer for the month. The Partnership recorded a loss of $1,492,026 or $18.56 per unit in March.

In early March, out of concern for heightened volatility in global markets, JWH reduced the Partnership’s exposure to all markets traded but continued to follow its disciplined trading approach.

During the quarter, investors redeemed a total of 2,494.63 units. At the end of the quarter there were 79,449.25 units outstanding (including 1,829.41 units owned by the General Partners).

During the fiscal quarter ended March 31, 2003, 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 2003.

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, 2003.

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 filing date of 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.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

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

Item 2. Changes in Securities and Use of Proceeds
	a)	None
	b)	None
	c)	None
	d)	None
	e)	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 unitholders during the second quarter of 2004:

Month	Units Redeemed	Redemption Date NAV per Unit
April	413.04	$ 418.71
May	547.76	$ 397.95
June	1,557.79	$ 379.16
Total	2,518.59

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 and Reports on Form 8-K

	a)	Exhibits
	ExhibitNumber	Description of Document
	3.1	Amended and Restated Limited Partnership Agreement.
	10.1	Advisory Contract dated as of March 27, 1987 between CIS Investments, Inc., IDS Futures Corporation, IDS Managed Futures, L.P., John W. Henry & Company, Inc. and Sabre Fund Management Limited.
	10.2	Amended Advisory Contracts dated January 23, 1992 between CIS Investments, Inc., IDS Futures Corporation, IDS Managed Futures, 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, L.P., John W. Henry & Company, Inc. and Sabre Fund Management Limited.
	10.4	Advisory Contract dated as of July 2, 1997 between CIS Investments, Inc., IDS Futures Corporation, IDS Managed Futures, L.P. and Welton Investment Corporation.
	10.5	Amendment to Advisory Contract dated September 29, 2000 between CIS Investments, Inc., IDS Futures Corporation, IDS Managed Futures, L.P. and John W. Henry & Company, Inc.
	10.6	Amendment to Advisory Contract dated September 29, 2000 between CIS Investments, Inc., IDS Futures Corporation, IDS Managed Futures, L.P. and Welton Investment Corporation.
	10.7	Amended and Restated Advisory Contract dated December 29, 2000 between CIS Investments, Inc., IDS Futures Corporation, IDS Managed Futures, L.P. and Welton Investment Corporation.
	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, 10.1, 10.2 and 10.3 are incorporated by reference to Post-Effective Amendment No. 1 to the Registration Statement as filed by the Partnership on June 7, 1996.
Note:	Exhibit 10.4 is incorporated by reference to Post-Effective Amendment No. 3 to the Registration Statement as filed by the Partnership on July 31, 1997.
Note:	Exhibits 10.5, 10.6 and 10.7 are incorporated by reference to Form 10-K by the Partnership on March 26, 2001.
	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, L.P.

Date: ~~August~~ 13May 12, ~~2004~~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

	Exhibit Number		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

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