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, 2001


                         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  (I.R.S. Employer
            incorporation or organization)  Identification #)


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


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


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. Yes X No __

<PAGE>



                                   Part I.  Financial Information


Item 1.  Financial Statements

Following are Financial Statements for the fiscal quarter ended March 31, 2001
and the additional time frames as noted:
<TABLE>
<CAPTION>

                               Fiscal Quarter     Year to Date      Fiscal Year        Fiscal Quarter     Year to Date
                               Ended 3/31/01      Ended 3/31/01     Ended 12/31/00     Ended 3/31/00      Ended 3/31/00

<S>                         <C>                 <C>               <C>                <C>                <C>
Statement of
Financial Condition                X                                     X

Statement of
Operations                         X                  X                                    X                   X

Statement of Changes
in Partners' Capital                                  X

Statement of
Cash Flows                                            X                                                        X

Notes to Financial
Statements                        X
</TABLE>
<PAGE>


                             IDS MANAGED FUTURES II, L.P.
                          STATEMENTS OF FINANCIAL CONDITION
                                     UNAUDITED
<TABLE>
<CAPTION>
                                                                  Mar 31, 2001              Dec 31, 2000

<S>                                                           <C>                        <C>
ASSETS

Equity in commodity futures trading accounts:
   Account balance                                                $ 7,155,007               $ 5,929,614
   Unrealized gain (loss) on open
     futures contracts                                                291,350                 1,230,116
                                                                  ------------              ------------

                                                                    7,446,357                 7,159,730

Interest receivable                                                    26,827                    25,919
                                                                  ------------              ------------

      Total assets                                                $ 7,473,184               $ 7,185,649
                                                                  ============              ============


LIABILITIES AND PARTNERS' CAPITAL

Liabilities:
   Accrued commissions on open
     futures contracts due to AEFA Advisors and CIS               $    19,334               $    20,814
   Accrued exchange, clearing and NFA fees                              1,043                       375
   Accrued management fee                                              12,365                    11,887
   Accrued incentive fee                                                1,312                         0
   Accrued operating expenses                                          28,920                    32,000
   Redemptions payable                                                 54,480                   184,254
                                                                  ------------              ------------

      Total liabilities                                               117,455                   249,330

Partners' Capital:
   Limited partners (11,246.69 units                                7,072,544                 6,639,371
     outstanding at 3/31/01, 11,515.47
     units outstanding at 12/31/00) (see Note 1)
   General partners (450.32 units outstanding at 3/31/01,             283,186                   296,948
     515.03 units outstanding  at 12/31/00) (see Note 1)
                                                                  ------------              ------------

      Total partners' capital                                       7,355,730                 6,936,319
                                                                  ------------              ------------

      Total liabilities and
        partners' capital                                         $ 7,473,184               $ 7,185,649
                                                                  ============              ============

Net asset per outstanding unit of partnership interest            $    628.86                   $576.56

<FN>
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>

                                           IDS MANAGED FUTURES II, L.P.
                                            STATEMENTS OF OPERATIONS
                                                   UNAUDITED
<TABLE>
<CAPTION>

                                                      Jan 1, 2001         Jan 1, 2001         Jan 1, 2000         Jan 1, 2000
                                                          through             through             through             through
                                                     Mar 31, 2001        Mar 31, 2001        Mar 31, 2000        Mar 31, 2000
<S>                                              <C>                 <C>                 <C>                 <C>
REVENUES

Gains on trading of commodity futures and forwards contracts, physical
  commodities and related options:
  Realized gain (loss) on closed positions           $ 1,891,700         $ 1,891,700         $  (612,068)        $  (612,068)
   Change in unrealized gain (loss)
     on open positions                                  (938,766)           (938,766)            (45,526)            (45,526)
Interest income                                           76,143              76,143              91,247              91,247
Foreign currency transaction gain (loss)                (263,539)           (263,539)            (34,524)            (34,524)
                                                     ------------        ------------        ------------        ------------

      Total revenues (losses)                        $   765,538         $   765,538         $  (600,871)        $  (600,871)



EXPENSES

   Commissions paid to AEFA Advisors and CIS             100,886             100,886             115,689             115,689
   Exchange fees                                           7,107               7,107               3,960               3,960
   Management fees                                        35,148              35,148              72,113              72,113
   Incentive fees                                          1,312               1,312                   0                   0
   Operating expenses                                      8,295               8,295               8,187               8,187
                                                     ------------        ------------        ------------        ------------

      Total expenses                                     152,749             152,749             199,949             199,949
                                                     ------------        ------------        ------------        ------------

      Net profit (loss)                              $   612,789         $   612,789         $  (800,820)        $  (800,820)
                                                     ============        ============        ============        ============

PROFIT (LOSS) PER UNIT OF
  PARTNERSHIP INTEREST                                    $52.30              $52.30             ($52.55)            ($52.55)
                                                     ============        ============        ============        ============
<FN>
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>


                            IDS MANAGED FUTURES II, L.P.
                     STATEMENT OF CHANGES IN PARTNERS' CAPITAL
                For the period January 1, 2001 through March 31, 2001
                                    UNAUDITED
<TABLE>
<CAPTION>

                                                                             Limited           General
                                                          Units*            Partners          Partners             Total
<S>                                               <C>                 <C>               <C>               <C>
Partners' capital at January 1, 2001                    11,515.47       $  6,639,371      $   296,948       $  6,936,319

Net profit (loss)                                                            590,102             22,687          612,789

Redemptions (see Note 1)                                  (268.78)          (156,929)         (36,449)          (193,378)
                                                      ------------      -------------     ------------      -------------

Partners' capital at March 31, 2001                     11,246.69       $  7,072,544      $   283,186       $  7,355,730
                                                      ============      =============     ============      =============


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

Net profit (loss) per unit                                                     52.30            52.30
                                                                        -------------     ------------

Net asset value per unit
   March 31, 2001                                                       $     628.86      $    628.86

* Units of Limited Partnership interest.

<FN>
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>

                                        IDS MANAGED FUTURES II, L.P.
                                         STATEMENTS OF CASH FLOWS
                                                UNAUDITED
<TABLE>
<CAPTION>
                                                            Jan 1, 2001          Jan 1, 2000
                                                                through              through
                                                           Mar 31, 2001         Mar 31, 2000
<S>                                                    <C>                  <C>

Cash flows from operating activities:
   Net profit/(loss)                                       $    612,788         $  (800,819)
   Adjustments to reconcile net loss
     to net cash provided by (used in)
     operating activities:
   Change in assets and liabilities:
     Decrease (Increase) in unrealized gain on open
       futures and forward contracts                            938,766              45,527
     (Increase) Decrease in interest receivable                    (908)             (5,061)
     Increase (Decrease) in accrued liabilities                  (2,101)            (10,665)
                                                           -------------        ------------

     Net cash provided by (used in)
       operating activities                                   1,548,545            (771,018)

Cash flows from financing activities:

   Partner redemptions                                         (323,152)           (535,546)
                                                           -------------        ------------

   Net cash provided by (used in)
     financing activities                                      (323,152)           (535,546)
                                                           -------------        ------------

Net increase (decrease) in cash                               1,225,393          (1,306,564)


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

Cash at end of period                                       $ 7,155,007         $ 7,227,404
                                                           =============        ============
<FN>
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>




                      IDS MANAGED FUTURES II, L.P.

                          NOTES TO FINANCIAL STATEMENTS

                                 March 31, 2001


(1)  General Information and Summary

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

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

  (2)   Summary of Significant Accounting Policies

        The accounting and reporting policies of the Partnership conform to
        generally accepted accounting principles 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 Net Asset Value per unit as of the
        last day of the month and require ten days' written notice to the
        General Partners. Payment will be made within ten business days of the
        effective date of the redemption. The Partnership's Limited Partnership
        Agreement contains a full description of redemption and distribution
        procedures.

        Commissions

        Effective January 18, 1999, brokerage commissions and National Futures
        Association (NFA) clearing and exchange fees are accrued on a half-turn
        basis on open commodity futures contracts, as opposed to a round-turn
        basis prior to this date. The Partnership pays CIS commissions on trades
        executed on its behalf at a rate of $29.375 per half-turn contract
        (previously $58.75 per round-turn contract). For trades executed by
        Welton Investment Corporation, the Partnership pays $21.875 per
        half-turn contract (previously $43.75 per round-turn contract). The
        Partnership pays these commissions directly to CIS and CISFS, and CIS
        then reallocates the appropriate portion to American Express Financial
        Advisors Inc. (AEFA Advisors).

        Foreign Currency Transactions

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

        Statements of Cash Flows

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

        Use of Estimates

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

  (3)   Fees

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

        Under signed agreement, prior to October 1, 2000, JWH received a monthly
        management fee of 1/12 of 4% of the month-end net asset value of the
        Partnership under its management and an incentive fee of 15% of the
        Partnership's net trading profits, if any, attributable to its
        management. Effective October 1, 2000, the agreement with JWH was
        changed to reduce the monthly management fee to 1/12 of 2% of the
        month-end net asset value of the Partnership's assets under its
        management and to increase the incentive fee to 20% of the net trading
        profits attributable to its management.

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

  (4)   Income Taxes

        No provision for Federal income taxes has been made in the accompanying
        financial statements as each partner is responsible for reporting income
        (loss) based on the pro rata share of the profits or losses of the
        Partnership. The Partnership is responsible for the Illinois State
        Partnership Information and Replacement Tax based on the operating
        results of the Partnership. Such tax amounted to $0 for the quarters
        ended March 31, 2001 and 2000 and is included in operating expenses in
        the statements of operations.

  (5)   Financial Instruments with Off-balance Sheet Risk

        The Partnership was formed to trade commodity interests speculatively.
        The Partnership's commodity interest transactions and related cash
        balances are on deposit with the Brokers at all times. In the event that
        volatility of trading of other customers of the Brokers impairs the
        ability of the Brokers to satisfy their obligations to the Partnership,
        the Partnership would be exposed to off-balance sheet risk. Such risk is
        defined in Statement of Financial Accounting Standards No. 105 (SFAS
        105) as a credit risk. To mitigate this risk, the Clearing Broker,
        pursuant to the mandates of the Commodity Exchange Act, is required to
        maintain funds deposited by customers, relating to futures contracts in
        regulated commodities, in separate bank accounts which are designated as
        segregated customers' accounts. In addition, the Clearing Broker has set
        aside funds deposited by customers relating to foreign futures and
        options in separate bank accounts that are designated as customer
        secured accounts. Lastly, the Clearing Broker is subject to the
        Securities and Exchange Commission's Uniform Net Capital Rule, which
        requires the maintenance of minimum net capital at least equal to 4% of
        the funds required to be segregated pursuant to the Commodity Exchange
        Act. The Clearing Broker and Forwards Currency Broker both have controls
        in place to make certain that all customers maintain adequate margin
        deposits for the positions that they maintain at each Broker. Such
        procedures should protect the Partnership from the off-balance sheet
        risk as mentioned earlier. Neither the Clearing Broker nor the Forwards
        Currency Broker engage in proprietary trading and thus neither has any
        direct market exposure.

        The contractual amounts of these instruments reflect the extent of the
        Partnership's involvement in the related futures contracts and do not
        reflect the risk of loss due to counterparty nonperformance. Such risk
        is defined by SFAS 105 as credit risk. The counterparty of the
        Partnership for futures contracts traded in the United States and most
        non-U.S. exchanges on which the Partnership trades is the Clearing House
        associated with the exchange. In general, Clearing Houses are backed by
        their membership and will act in the event of nonperformance by one of
        their members or one of the members' customers and as such should
        significantly reduce this credit risk. In the cases where the
        Partnership trades on exchanges on which the Clearing House is not
        backed by the membership, the sole recourse of the Partnership for
        nonperformance will be the Clearing House. The Forwards Currency Broker
        is the counterparty for the Partnership's forwards transactions. CISFS
        policies require that it executes transactions only with top rated
        financial institutions with assets in excess of $100,000,000.

        The average fair value of commodity interests was $699,165 during March
        31, 2001. Fair value as of March 31, 2001 was $291,350. The net gains or
        losses arising from the trading of commodity interests are presented in
        the statement of operations.

        The Partnership holds futures and futures options positions on the
        various exchanges throughout the world and forwards positions with CISFS
        which transacts with various top rated banks throughout the world. As
        defined by SFAS 105, futures and forward currency contracts are
        classified as financial instruments. SFAS 105 requires that the
        Partnership disclose the market risk of loss from all of its financial
        instruments. Market risk is defined as the possibility that future
        changes in market prices may make a financial instrument less valuable
        or more onerous. If the markets should move against all of the futures
        and forward positions held by the Partnership at the same time, and if
        the markets moved such that the CTAs were unable to offset the futures
        positions of the Partnership, the Partnership could lose all of its
        assets and the partners would realize a 100% loss. As of March 31, 2001,
        the Partnership has contracts with two CTAs who make the trading
        decisions. One of the CTAs trades a program that is diversified among
        all commodity groups, while the other is diversified among the various
        futures contracts and forward contracts in the financial and metals
        group. Both CTAs trade on U.S. and non-U.S. exchanges. Such
        diversification should greatly reduce this market risk.

        At March 31, 2001, the cash requirement of the commodity interests of
        the Partnership was $1,788,476. This cash requirement was met by
        $6,312,669 held in segregated funds, $842,213 held in secured funds and
        $291,475 held in non-regulated funds. At March 31, 2001, cash was on
        deposit with the Clearing Broker that exceeded the cash requirement
        amount.

The following chart discloses the dollar amount of the unrealized gain or loss
on open contracts related to exchange traded contracts for the Partnership as of
March 31, 2001:
<TABLE>
<CAPTION>

COMMODITY GROUP                 UNREALIZED GAIN/(LOSS)
<S>                           <C>

AGRICULTURAL COMMODITIES                     0
FOREIGN CURRENCIES                     388,154
STOCK INDICES                           29,265
ENERGIES                               (63,289)
METALS                                  (7,250)
INTEREST RATE INSTRUMENTS              (55,530)
                                      ---------
TOTAL                                  291,350
</TABLE>

The range of maturity dates of these exchange traded open contracts is April
2001 to March 2002. The average open trade equity for the period of January 1,
2001 to March 31, 2001 was $699,165.


(6)      FINANCIAL STATEMENT PREPARATION

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

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


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


Fiscal Quarter ended March 30, 2001

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

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

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

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

In March, the Partnership experienced strong positive performance. Despite a
trend interruption late in the month, trading in the interest rate sector was
positive with some geographic areas dramatically outperforming others. The Bank
of Japan's decision to stimulate Japan's economy at all costs hastened the
decline of Japanese interest rates which allowed the Partnership's long Japanese
bond positions to be the most profitable in the portfolio. Gloomy growth
outlooks for Europe and Great Britain directed interest rates lower which was
profitable for the Partnership. Conversely, trading in U.S. interest rates was
negative. The currency sector, which had been up dramatically since September,
continued its stellar performance in March. The unyielding strength of the U.S.
dollar versus the Japanese yen was the cornerstone of the sector's performance.
The Yen lost approximately 8% to the U.S. dollar in March and approximately 17%
since September. Gains were also accrued in long U.S. dollar positions against
the Swiss franc and Australian dollar. Trading in the U.S. dollar versus the
Euro was slightly negative. As had been the case for several months, position
sizes in the commodity, metal, energy and stock index sectors were quite small
due to lack of price trends. The Partnership recorded a gain of $785,660.31 or
$66.67 per unit in March.

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

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


Fiscal Quarter ended March 31, 2000

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

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

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

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

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

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

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


Item 3.  Quantitative and Qualitative Disclosures About Market Risk

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


Part II.  OTHER 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

                           None


Item 3.  Defaults Upon Senior Securities

                  None


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

                  None


Item 5.  Other Information

              Effective March 31, 2001, Rebecca Steindel resigned her position
              as Secretary and Treasurer of CIS Investments, Inc., one of the
              General Partners of the Partnership. At that same time, Shaun
              O'Brien was appointed Treasurer and Barbara Walenga was appointed
              Secretary.


Item 6.  Exhibits and Reports on Form 8-K

         a)       Exhibits

                  None

         b)       Reports on Form 8-K

                  None





SIGNATURES

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


IDS MANAGED FUTURES II, L.P.


Date:   April 30, 2001
By:     CIS Investments, Inc.,
        One of its General Partners


By: /s/ Shaun D. O'Brien
        Shaun D. O'Brien
        Vice President and Treasurer

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