# UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

# FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
     SECURITIES EXCHANGE ACT OF 1934

# For the quarterly period ended March 31, 2003

# Commission File Number: 0-17443

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

|Delaware                                                                | 06-1207252                          
|----------------------------------------------------------------------- | ------------------------------------
|(State or other jurisdiction of incorporation or
         organization) | (I.R.S. Employer Identification No.)

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

(312) 460-4000
     (Registrant's telephone number, including area code)

Not Applicable
     (Former name, former address and former fiscal year, if changed since last report.)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of
the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  |X| Yes      |_| No

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

The number of units outstanding, as of March 31, 2003, are 9,687.24.

|TABLE OF CONTENTS            
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|PART I. FINANCIAL INFORMATION
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|Part II. OTHER INFORMATION   
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|SIGNATURES                   
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|CERTIFICATIONS               
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|EXHIBIT 99                   
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|FORM 10-K DECEMBER 31, 2002  

# PART 1  FINANCIAL INFORMATION

## Item 1.  Financial Statements

Following are Financial Statements for the fiscal quarter ended March 31, 2003 and the additional time frames as noted:

|                                          | Fiscal QuarterEnded 3/31/03 | Year to DateEnded 3/31/03 | Fiscal YearEnded 12/31/02 | Fiscal QuarterEnded 3/31/02 | Year to DateEnded 3/31/02
|----------------------------------------- | --------------------------- | ------------------------- | ------------------------- | --------------------------- | -------------------------
|                                         
|Statements of Financial Condition         | X                           |                           | X                         |                             |                          
|                                         
|Statements of Operations                  | X                           | X                         |                           | X                           | X                        
|                                         
|Statement of Changes in Partners' Capital |                             | X                         |                           |                             |                          
|                                         
|Notes to Financial Statements             | X                           |                           |                           |                             |                          
|                                         

# IDS MANAGED FUTURES II, L.P.
STATEMENTS OF FINANCIAL CONDITION
(unaudited)

|                                                                                                                                |   | Mar. 31, 2003 |  |   | Dec 31, 2002
|------------------------------------------------------------------------------------------------------------------------------- | - | ------------- |  | - | ------------
|
|Assets                                                                                                                          |  
|Assets:                                                                                                                        
|Equity in commodity futures:                                                                                                    |  
|Cash on deposit with Brokers                                                                                                    | $ | 5,137,788     |  | $ | 4,110,534   
|Unrealized loss (gain) on open futures contracts                                                                                |   | (94,599)      |  |   | 435,209     
|Investment in other commodity pools                                                                                             |   | 2,337,453     |  |   | 2,233,099   
|                                                                                                                               
|                                                                                                                                |   | 7,380,642     |  |   | 6,778,842   
|                                                                                                                               
|Interest Receivable                                                                                                             |   | 3,934         |  |   | 3,624       
|Receivable from other commodity pools                                                                                           |   | 15,524        |  |   | 31,505      
|                                                                                                                               
|Total Assets                                                                                                                    |   | 7,400,100     |  |   | 6,813,971   
|                                                                                                                               
|Liabilities and Partners' Capital                                                                                               |  
|Liabilities:                                                                                                                   
|Accrued commissions                                                                                                             |   | 4,127         |  |   | 6,991       
|Accrued exchange, clearing and NFA fees                                                                                         |   | 8             |  |   | 37          
|Accrued management fee                                                                                                          |   | 8,393         |  |   | 7,547       
|Accrued incentive fee                                                                                                           |   | 60,750        |  |   | 0           
|Accrued operating expenses                                                                                                      |   | 20,658        |  |   | 32,000      
|Accrued General Partner Fees                                                                                                    |   | 433           |  |   | 805         
|Redemptions payable                                                                                                             |   | 23,734        |  |   | 57,978      
|                                                                                                                               
|Total liabilities                                                                                                               |   | 118,104       |  |   | 105,358     
|                                                                                                                               
|Partners' Capital:                                                                                                             
|Limited partners (9,310.67 units outstanding at March 31, 2003,
               9,495.22 units outstanding at December 31, 2002) |   | 6,998,925     |  |   | 6,452,706   
|General partners (376.57 units outstanding at March 31, 2003,
               and December 31, 2002)                             |   | 283,071       |  |   | 255,907     
|                                                                                                                               
|Total parters' capital                                                                                                          |   | 7,281,996     |  |   | 6,708,613   
|                                                                                                                               
|Total liabilities and partners' capital                                                                                         | $ | 7,400,100     |  | $ | 6,813,971   
|                                                                                                                               
|Net asset per outstanding unit of parternship interest                                                                          | $ | 751.71        |  | $ | 679.57      
|                                                                                                                               
|See accompanying notes to financial statements.                                                                                

# IDS MANAGED FUTURES II, L.P.
STATEMENTS OF OPERATIONS
(unaudited)

|                                                           |   | Jan. 1, 2003throughMarch 31, 2003 |  |  |   | Jan. 1, 2002throughMar. 31, 2002 |  | 
|---------------------------------------------------------- | - | --------------------------------- |  |  | - | -------------------------------- |  | 
|Revenues:                                                 
|Gain (loss) on trading of:                                 |  
|Realized gain (loss) on closed positions                   | $ | 1,187,587                         |  |  | $ | (193,420)                        | 
|Change in unrealized loss on open
               contracts |   | (529,808)                         |  |  |   | (164,787)                        | 
|Interest Income                                            |   | 11,031                            |  |  |   | 10,779                           | 
|Income from investment in other commodity pools            |   | 187,108                           |  |  |   | (99,575)                         | 
|Foreign currency transaction gain(loss)                    |   | 3,040                             |  |  |   | (3,862)                          | 
|                                                          
|Total revenues                                             |   | 858,958                           |  |  |   | (450,865)                        | 
|                                                          
|Expenses:                                                 
|Commissions                                                |   | 45,528                            |  |  |   | 44,897                           | 
|Exchange, clearing and NFA fees                            |   | 230                               |  |  |   | 411                              | 
|Management fees                                            |   | 25,609                            |  |  |   | 15,860                           | 
|Incentive fees                                             |   | 62,067                            |  |  |   | 0                                | 
|General Partner fee                                        |   | 2,026                             |  |  |   | 258                              | 
|Operating expenses                                         |   | 8,000                             |  |  |   | 8,418                            | 
|                                                          
|Total expenses                                             |   | 143,459                           |  |  |   | 69,844                           | 
|                                                          
|Net profit (loss)                                          | $ | 715,498                           |  |  | $ | (520,709)                        | 
|                                                          
|Profit (loss) per unit of beneficial ownership interest    | $ | 72.14                             |  |  | $ | (47.75)                          | 
|Profit (loss) per unit of managing ownership interest      | $ | 72.14                             |  |  | $ | (47.75)                          | 
|                                                          
|See accompanying notes to financial statements.           

# IDS MANAGED FUTURES II, L.P.
STATEMENT OF CHANGES IN UNITHOLDERS' CAPITAL
From January 1, 2003 through March 31, 2003
(unaudited)

|                                                | Units*   |  |  |   | BeneficialOwners |  |  |   | ManagingOwner |  |  |   | Total     | 
|----------------------------------------------- | -------- |  |  | - | ---------------- |  |  | - | ------------- |  |  | - | --------- | 
|                                               
|Partners' capital at January 1, 2003            | 9,495.22 |  |  | $ | 6,452,706        |  |  | $ | 255,907       |  |  | $ | 6,708,613 | 
|                                               
|Net profit                                      |          |  |  |   | 688,334          |  |  |   | 27,164        |  |  |   | 715,498   | 
|                                               
|Partners' redemptions                           | (184.55) |  |  |   | (142,115)        |  |  |   | 0             |  |  |   | (142,115) | 
|                                               
|Partners' capital at March 31, 2003             | 9,310.67 |  |  | $ | 6,998,925        |  |  | $ | 283,071       |  |  | $ | 7,281,996 | 
|                                               
|Net asset value per unit January 1, 2003        |          |  |  |   | 679.57           |  |  |   | 679.57        |  |  |   |           | 
|                                               
|Net profit per unit                             |          |  |  |   | 72.14            |  |  |   | 72.14         |  |  |   |           | 
|                                               
|Net asset value per unit March 31, 2003         |          |  |  | $ | 751.71           |  |  | $ | 751.71        |  |  |   |           | 
|                                               
|* Units of Beneficial Ownership interest.      
|                                               
|See accompanying notes to financial statements.

# IDS MANAGED FUTURES II, L.P.
                                               NOTES TO FINANCIAL STATEMENTS

March 31, 2003

## (1)     General Information and Summary

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

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

## (2)     Summary of Significant Accounting Policies

The accounting and
reporting policies of the Partnership conform to accounting principles generally
accepted in the United States of America and to general practices within the
commodities industry. The following is a description of the more significant of
those policies that the Partnership follows in preparing its financial
statements.

Revenue Recognition

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

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

Redemptions

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

Commissions

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

Foreign Currency Transactions

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

Use of Estimates

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

## (3)     Fees

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

Under signed agreement, JWH
receives a monthly management fee of 1/12 of 2% of the month-end NAV of the
Partnership under its management and an incentive fee of 20% of the
Partnerships new trading profits, if any, attributable to its management.

## (4)     Income Taxes

No provision for Federal
income taxes has been made in the accompanying financial statements as each
partner is responsible for reporting income (loss) based on 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 March 31, 2003 and 2002 and is included in operating expenses
in the statements of operations.

## (5)     Trading Activities and Related Risks

The 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.

The Partnership engages in
the speculative trading of U.S. and foreign futures contracts, options on U.S.
and foreign futures contracts, and forward contracts (collectively derivatives).
These derivatives include both financial and non-financial contracts held as
part of a diversified trading strategy. The Partnership is exposed to both
market risk, the risk arising from changes in the market value of the contracts,
and credit risk, the risk of failure by another party to perform according to
the terms of a contract.

The purchase and sale of
futures contracts and options on futures contracts requires margin deposits with
a Futures Commission Merchant (FCM). Additional deposits may be necessary for
any loss on contract value. The Commodity Exchange Act (CE Act) requires an FCM
to segregate all customer transactions and assets from the FCMs
proprietary activities. A customers cash and other property, such as U.S.
Treasury bills, deposited with an FCM are considered commingled with all other
customer funds subject to the FCMs segregation requirements. In the event
of an FCMs insolvency, recovery may be limited to a pro rata share of
segregated funds available. It is possible that the recovered amount could be
less than the total of cash and other property deposited.

The Partnership has cash on
deposit with an affiliated interbank market maker in connection with its trading
of forward contracts. In the event of the interbank market makers
insolvency, recovery of the Partnership assets on deposit may be limited to
account insurance or other protection afforded such deposits. In the normal
course of business, the Partnership does not require collateral from such
interbank market maker. Because forward contracts are traded in unregulated
markets between principals, the Partnership also assumes a credit risk.

For derivatives, risks
arise from changes in the market value of the contracts. Theoretically, the
Partnership is exposed to a market risk equal to the value of futures and
forward contracts purchased and unlimited liability on such contracts sold
short. As both a buyer and seller of options, the Partnership pays or receives a
premium at the outset and then bears the risk of unfavorable changes in the
price of the contract underlying the option.

The notional amounts of
open contracts at March 31, 2003, as disclosed in the 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 statement of financial condition.

Net trading results from
derivatives for the quarter ended March 31, 2003 and 2002, are reflected in the
statements of operations and equal gains (losses) from trading less brokerage
commissions. Such trading results reflect the net gain arising from the
Partnerships speculative trading of futures contracts, options on futures
contracts, and forward contracts.

The limited partners bear
the risk of loss only to the extent of the market value of their respective
investments.

## (6)     Financial Statement Preparation

The interim financial
statements are unaudited but reflect all adjustments that are, in the opinion of
management, necessary for a fair statement of the results for the interim
periods presented. These adjustments consist primarily of normal recurring
accruals. These interim financial statements should be read in conjunction with
the audited financial statements of the Partnership for the year ended December
31, 2002, as filed with the Securities and Exchange Commission (SEC) on March
31, 2003, as part of its Annual Report on Form 10-K.

The results of operations
for interim periods are not necessarily indicative of the operating results to
be expected for the fiscal year.

## (7)     Investments in Other Commodity Pools

In December 2001, the
Partnership invested in another commodity pool, IDS Managed Fund LLC (IDSMF).
The investment is subject to the terms of the respective advisory contract and
other agreements of this commodity pool.

Income (loss) is net of the
Partnerships proportionate share of fees and expenses incurred or charged
by IDSMF. During 2003, IDSMF charged monthly management fees of 1/12 of 2% of
the NAV and a quarterly incentive fee of 20% of trading profits.

Investment value in IDSMF
is based on the proportionate share of units the partnership has in IDSMF at the
end of each month. The Partnerships risk of loss in its investee pool is
limited to its investment. The Partnership may make additional contributions to
or withdrawals from its investment in IDSMF as of the last day of any month.

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

|Investment in IDSMF, December 31, 2002                                   | $ | 2,233,099
|------------------------------------------------------------------------ | - | ---------
|Results of operations of EDSMF:                                         
|Revenues                                                                 |   | 1,225,403
|Management and Incentive Fees                                            |   | (176,824)
|Other expenses                                                           |   | (63,995) 
|                                                                        
|Net Income before allocation to Limited Partners                         |   | 984,584  
|Special allocation to the Other Limited Partner                          |   | 797,475  
|                                                                        
|Partnership's income from investment in IDSMF                            |   | 187,108  
|                                                                        
|Partnership's redemptions in IDSMF                                       |   | (82,754) 
|                                                                        
|Net Asset Value of the Partnership's Investment in IDSMF, March 31, 2003 |   | 2,337,453

## (8)     Financial Highlights

The following financial
highlights show the Partnerships financial performance for the three-month
period ended March 31, 2003. Total return is calculated as the change is a
theoretical beneficial owners investment over the entire period  a
percentage change in the net asset value from December 31, 2002 to March 31,
2003. Total return is calculated based on the aggregate return of the
Partnership taken as a whole.

|Total Return:                    
|---------------------------------
|Total return before incentive fee
|Incentive fee allocation         
|Total Return                     
|                                 
|Ratio to average net assets:     
|Net income                       
|                                 
|Expenses:                        
|Expenses                         
|Incentive fees                   
|                                 
|Total expenses                   

The net income and expense
ratios are computed based upon the weighted average net assets for the
Partnership for the three-month period ended March 31, 2003. Ratios do not
reflect income or expenses related to investment in other commodity pools.

# IDS MANAGED FUTURES II, L.P.
    Schedule of Investments
    March 31, 2003

|                                               | Number of
        contracts |          | Principal
        (notional) |  |   | Value (OTE) | 
|---------------------------------------------- | --------------------------- | -------- | ---------------------------- |  | - | ----------- | 
|Long positions                                
|Futures positions (-1.14%)                    
|Interest rates                                 | 27                          | $        | 9,916,997                    |  | $ | 13,547      | 
|Metals                                         | 60                          |          | 2,063,175                    |  |   | (96,301)    | 
|                                               |                             |          | 11,980,172                   |  |   | (82,754)    | 
|Forward positions (1.24%)                     
|Currencies                                     | 9                           |          | 9,564,171                    |  |   | 90,331      | 
|Total long positions                           |                             | $        | 21,544,343                   |  | $ | 7,577       | 
|                                              
|Short positions                               
|Futures positions (0.92%)                     
|Interest Rates                                 | 68                          | $        | 5,429,520                    |  | $ | (47,647)    | 
|Metals                                         | 86                          |          | 2,777,913                    |  |   | 76,652      | 
|Indices                                        | 21                          |          | 15,836                       |  |   | 38,226      | 
|                                               |                             |          | 8,223,269                    |  |   | 67,231      | 
|                                              
|Forward positions (-2.33%)                    
|Currencies                                     | 13                          |          | 11,048,822                   |  |   | (169,407)   | 
|Total short positions                          |                             | $        | 19,272,091                   |  | $ | (102,176)   | 
|                                              
|Total open contracts (-1.30%)                  | $                           | (94,599) |                             
|Cash on deposit with brokers (70.55%)          | 5,137,788                   |         
|Investment in other commodity pools (32.10%)   | 2,337,452                   |         
|Other assets in excess of liabilities (-1.35%) | (98,645)                    |         
|Net assets (100%)                              |                             |          |                              |  | $ | 7,281,996   | 

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

Fiscal Quarter ended March 31, 2003

The Partnership recorded a
net profit of $715,498 or $72.14 per unit in the first quarter of 2003. As of
March 31, the Partnership has gained 10.62% 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 $728,379 or $73.78 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 high 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 $329,539 or $33.59 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 $342,420 or $35.23
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. Normal market leverage will resume when it is
deemed appropriate.

During the quarter,
investors redeemed a total of 184.54 units. At the end of the quarter there were
9,687.24 units outstanding (including 376.57 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.

Fiscal Quarter ended March 31, 2002

The Partnership recorded a
loss of $520,709 or $47.75 per unit for the first quarter of 2002.

Performance throughout the quarter
was disappointing. Volatile Japanese markets were the primary source of
performance problems. On March 30, 2002, JWH was managing 58% of the
Partnerships assets while Sunrise was managing 42% of the
Partnerships assets.

In January, performance was
positive in the currency and energy sectors while interest rate, metal, stock
index and commodity markets posted losses. The most significant gains came from
the currency sector where the Japanese yen continued to lose value. This was
beneficial to the Partnership because the short Yen position was the largest in
the portfolio. Trading in all other currency markets was negative. The Enron
news created a flight to quality situation which led to higher U.S.
and European bond prices. These news items and others ceased the selling
activity in global bonds and caused losses in the Partnerships long
positions. Profitable short positions in Japanese government bonds were not
large enough to make interest rate trading profitable. The energy sector posted
a very small gain as short positions in natural gas exceeded losses taken in all
other energy markets. Overall, the Partnership recorded a loss of $61,075 or
$5.58 per unit in January.

During February,
fluctuating price patterns continued which led to a difficult month for the
Partnership. The key element in performance was the trend reversals in the
Japanese financial markets. The Nikkei (stock index), Japanese Government bonds
and the Yen accounted for approximately one half of the losses in the portfolio.
Losses in the currency sector also occurred in the British pound, Swiss franc
and Euro. As mentioned above, trading in Japanese government bonds was negative.
Further losses in the interest rate sector occurred in U.S. bond trading.
Trading in European bonds was negative as well. Open trade profits accrued in
short term interest rates helped offset some of the losses incurred by the
balance of the sector. Performance in the energy sector was also unprofitable.
Short positions in crude oil, natural gas and gasoline suffered as prices rose
throughout the sector. Gold prices continued to rise, which allowed the
Partnerships long positions to accrue profits. The Partnership recorded a
loss of $266,145 or $24.37 per unit in February.

March was another
disappointing month. Positive returns from the energy and interest rate sectors
were overpowered by losses in the currency sector. Currencies, particularly the
Yen, were hit hard during March. Japanese corporations spurred a rally in the
Yen when they actively repatriated Yen for year-end accounting purposes. This
proved to be detrimental for the Partnerships short Yen position. The U.S.
dollar traded in a sideways pattern against the British pound, Swiss franc and
Euro, resulting in additional losses. The energy and interest rate sectors
turned in a positive performance. Profits accrued in short positions in Euro
denominated markets out weighed losses in the Japanese bond market. For the
month, the Partnership recorded a loss of $193,489 or $17.80 per unit in March.

During the quarter,
investors redeemed a total of 162.87 units. At the end of the quarter, there
were 10,712.65 units outstanding (including 376.57 units owned by the General
Partners).

During the fiscal quarter
ended March 30, 2002, the Partnership had no material credit exposure to a
counterparty which is a foreign commodities exchange.

## Item 3.  Quantitative and Qualitative Disclosures About Market Risk

There has been no material
change with respect to market risk since the Quantitative and Qualitative
Disclosures About Market Risk was made in the Form 10-K of the Partnership
dated December 31, 2002.

## Item 4.  Controls and Internal Procedures

Under the supervision and
with the participation of the management of CIS Investments, Inc., a General
Partner of the Partnership, including CISIs President and Chief Financial
Officer, the Partnership has evaluated the effectiveness of the design and
operation of its disclosure controls and procedures within 90 days of the filing
date of this quarterly report, and, based on their evaluation, the President and
Chief Financial Officer of CISIs have concluded that these disclosure
controls and procedures are effective. There were no significant changes in the
Partnerships internal controls or in other factors that could
significantly 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 material adverse effect on
the financial condition or results of operations of the Partnership.

## Item 2.  Changes in Securities and Use of Proceeds

None

## Item 3.  Defaults Upon Senior Securities

None

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

None

## Item 5.  Other Information

None

## Item 6.  Exhibits and Reports on Form 8-K

| | a)  Exhibits                                                                                           
| | -------------------------------------------------------------------------------------------------------
| | Exhibit 99 - Certification Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code
| | b)  Reports on Form 8-K                                                                                
| | None                                                                                                   

# SIGNATURES

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

## IDS MANAGED FUTURES II, L.P.

Date:  May 14, 2003

|By:                                                                                                       | CIS Investments, Inc.,
        One of its General Partners                                                         
|--------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------
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|By:                                                                                                       | /s/ Shaun D. O'Brien
        Shaun D. O'Brien
        Vice President, Chief Financial Officer
         and Director
|(Duly authorized officer of the Managing Owner and the Principal Financial Officer of the Managing Owner)

|CERTIFICATION                                                                                                                                                                  
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
|I, James A. Davison, the President of CIS Investments, Inc. ("CISI"), a General Partner of IDS Managed Futures II, L.P. (the
"Partnership"), do hereby certify that:           
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|By:    /s/ James A. Davison                                                                                                                                                    
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|James A. Davison
         President
         CIS Investments, Inc.
         May 14, 2003                                                                                       
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|I, Shaun O'Brien, the Chief Financial Officer of CIS Investments, Inc. ("CISI"), a General Partner of IDS Managed
Futures II, L.P. (the "Partnership"), do hereby certify that:
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|By:  /s/ Shaun D. O'Brien                                                                                                                                                      
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|Shaun D. O'Brien
         Chief Financial Officer
         CIS Investments, Inc.
         May 14, 2003