Abstract The differential equation that was derived in Part I for the average of a solution of a linear stochastic differential equation is here rederived in a more formal manner. It is possible to construct all terms of the expansion. Each term is an integral over an “ordered cumulant”, which is a certain combination of moments of the random coefficients. The ordered cumulants are obtained from the familiar cumulants by writing all factors in a prescribed order. A summary of the result is given in Sec. 5.