# 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, 2005
        Commission File Number: 000-17443

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 SecuritiesExchange 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
         No

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

The number of units outstanding, as of March 31, 2005, is 7,955.39.

|TABLE OF CONTENTS                                                                                              
|---------------------------------------------------------------------------------------------------------------
|                                                                                                               
|                                                                                                               
|                                                                                                               
|PART I.   FINANCIAL INFORMATION                                                                                
|                                                                                                               
|Item 1.  
        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 31.02 -Certification of Principal Financial Officer                                                    
|                                                                                                               
|EXHIBIT 32.01 -Section 1350 Certification                                                                      
|                                                                                                               

# PART I -
        FINANCIAL INFORMATION

## Item 1. Financial Statements

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

|                                          | 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
|----------------------------------------- | ------------------------------------- | ----------------------------------- | ---------------------------------- | ------------------------------------- | -----------------------------------
|                                         
|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

|                                                                                                                                    |   | Mar 31, 2005 |  |   | Dec 31, 2004
|----------------------------------------------------------------------------------------------------------------------------------- | - | ------------ |  | - | ------------
|
|ASSETS                                                                                                                              |  
|Assets:                                                                                                                            
|Equity in commodity trading accounts:                                                                                               |  
|Cash on deposit with Brokers                                                                                                        | $ | 3,746,327    |  |   | 4,473,090   
|Unrealized gain on open contracts                                                                                                   |   | 20,368       |  |   | 380,042     
|Investment in other commodity pools                                                                                                 |   | 1,841,836    |  |   | 2,100,571   
|                                                                                                                                    |   |              |  |   |             
|                                                                                                                                    |   | 5,608,531    |  |   | 6,953,703   
|                                                                                                                                   
|Interest receivable                                                                                                                 |   | 8,065        |  |   | 6,692       
|Redemptions receivable from other commodity pools                                                                                   |   | 16,218       |  |   | 29,909      
|                                                                                                                                    |   |              |  |   |             
|Total assets                                                                                                                        | $ | 5,632,814    |  |   | 6,990,304   
|                                                                                                                                    |   |              |  |   |             
|LIABILITIES AND PARTNERS' CAPITAL                                                                                                   |  
|Liabilities:                                                                                                                       
|Accrued commissions                                                                                                                 | $ | 6,390        |  |   | 12,984      
|Accrued exchange, clearing and NFA fees                                                                                             |   | 122          |  |   | 98          
|Accrued management fees                                                                                                             |   | 6,276        |  |   | 8,062       
|Accrued incentive fees                                                                                                              |   | 0            |  |   | 20,358      
|Accrued operating expenses                                                                                                          |   | 15,349       |  |   | 25,000      
|Redemptions payable                                                                                                                 |   | 29,873       |  |   | 54,353      
|                                                                                                                                    |   |              |  |   |             
|Total liabilities                                                                                                                   |   | 58,010       |  |   | 120,855     
|                                                                                                                                    |   |              |  |   |             
|Partners' capital:                                                                                                                 
|Limited partners ( 7,578.82 and 7,829.93 units outstanding at
                  March 31, 2005 and December 31, 2004, respectively) |   | 5,310,920    |  |   | 6,554,232   
|General partners (376.57  units outstanding at
               March 31, 2005 and December 31, 2004)                                 |   | 263,884      |  |   | 315,217     
|                                                                                                                                    |   |              |  |   |             
|Total parters' capital                                                                                                              |   | 5,574,804    |  |   | 6,869,449   
|                                                                                                                                    |   |              |  |   |             
|Total liabilities and partners' capital                                                                                             | $ | 5,632,814    |  | $ | 6,990,304   
|                                                                                                                                    |   |              |  |   |             
|See accompanying notes to financial statements.                                                                                    

IDS MANAGED
        FUTURES II, L.P. 
        Statements of Operations
        (unaudited)

|                                                                      |   | Jan 1, 2005through
        Mar 31, 2005 |  |  | Jan 1, 2005through
        Mar 31, 2005 |  |  | Jan 1, 2004through
        Mar 31, 2004 |  |  | Jan 1, 2004through
        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                              | $ | (508,635)                               |  |  | (508,635)                               |  |  | 484,180                                 |  |  | 484,180                                 | 
|Change in unrealized (loss) on open positions                         |   | (359,675)                               |  |  | (359,675)                               |  |  | (337,378)                               |  |  | (337,378)                               | 
|Interest income                                                       |   | 22,668                                  |  |  | 22,668                                  |  |  | 9,338                                   |  |  | 9,338                                   | 
|Income from investment in other commodity pools                       |   | (163,195)                               |  |  | (163,195)                               |  |  | 291,341                                 |  |  | 291,341                                 | 
|Foreign currency transaction (loss) gain                              |   | (14,267)                                |  |  | (14,267)                                |  |  | 2,227                                   |  |  | 2,227                                   | 
|                                                                      |   |                                         |  |  |                                         |  |  |                                         |  |  |                                         | 
|Total revenues                                                        |   | (1,023,104)                             |  |  | (1,023,104)                             |  |  | 449,708                                 |  |  | 449,708                                 | 
|                                                                      |   |                                         |  |  |                                         |  |  |                                         |  |  |                                         | 
|Expenses:                                                            
|Commissions                                                           |   | 59,237                                  |  |  | 59,237                                  |  |  | 53,319                                  |  |  | 53,319                                  | 
|Exchange, clearing and NFA fees                                       |   | 425                                     |  |  | 425                                     |  |  | 283                                     |  |  | 283                                     | 
|Management fees                                                       |   | 20,269                                  |  |  | 20,269                                  |  |  | 25,815                                  |  |  | 25,815                                  | 
|Incentive fees                                                        |   | 0                                       |  |  | 0                                       |  |  | 13,460                                  |  |  | 13,460                                  | 
|Operating expenses                                                    |   | 5,307                                   |  |  | 5,307                                   |  |  | 8,000                                   |  |  | 8,000                                   | 
|                                                                      |   |                                         |  |  |                                         |  |  |                                         |  |  |                                         | 
|Total expenses                                                        |   | 85,238                                  |  |  | 85,238                                  |  |  | 100,877                                 |  |  | 100,877                                 | 
|                                                                      |   |                                         |  |  |                                         |  |  |                                         |  |  |                                         | 
|Net (loss) income                                                     | $ | (1,108,342)                             |  |  | (1,108,342)                             |  |  | 348,831                                 |  |  | 348,831                                 | 
|                                                                      |   |                                         |  |  |                                         |  |  |                                         |  |  |                                         | 
|(Loss) income per unit of limited partnership interest *              | $ | (136.32)                                |  |  | (136.32)                                |  |  | 38.29                                   |  |  | 38.29                                   | 
|(Loss) income per unit of limited partnership interest *              |   | (136.32)                                |  |  | (136.32)                                |  |  | 38.29                                   |  |  | 38.29                                   | 
|                                                                     
|* Represents the increase (decrease) in unit value
during the period.
|                                                                     
|See accompanying notes to financial
statements.                      

IDS MANAGED
        FUTURES II, L.P. 
        Statement of Changes in Partners' Capital
        From January 1, 2005 through March 31, 2005
        (unaudited)

|                                                | Units*   |  |   |   | LimitedPartners |  |  |  | GeneralPartners |  |  |  | Total       | 
|----------------------------------------------- | -------- |  | - | - | --------------- |  |  |  | --------------- |  |  |  | ----------- | 
|                                               
|Partners' capital at January 1, 2005            | 7,829.93 |  | $ |   | 6,554,232       |  |  |  | 315,217         |  |  |  | 6,869,449   | 
|                                               
|Net loss                                        | 0        |  |   |   | (1,057,009)     |  |  |  | (51,333)        |  |  |  | (1,108,342) | 
|                                               
|Partners' redemptions                           | (251.11) |  |   |   | (186,303)       |  |  |  | 0               |  |  |  | (186,303)   | 
|                                                |          |  |   |   |                 |  |  |  |                 |  |  |  |             | 
|Partners' capital at March 31, 2005             | 7,578.82 |  |   | $ | 5,310,920       |  |  |  | 263,884         |  |  |  | 5,574,804   | 
|                                                |          |  |   |   |                 |  |  |  |                 |  |  |  |             | 
|                                               
|Net asset value per unit January 1,
2005        |          |  |   | $ | 837.08          |  |  |  | 837.08          |  |  |  |             | 
|                                               
|Net loss per unit                               |          |  |   |   | (136.32)        |  |  |  | (136.32)        |  |  |  |             | 
|                                                |          |  |   |   |                 |  |  |  |                 |  |  |  |             | 
|Net asset value per unit March 31, 2005         |          |  |   | $ | 700.76          |  |  |  | 700.76          |  |  |  |             | 
|                                                |          |  |   |   |                 |  |  |  |                 |  |  |  |             | 
|* Units of limited partnership
interest.       
|                                               
|See accompanying notes to financial
statements.

|IDS MANAGED FUTURES II, L.P.
        Condensed Schedule of Investments
        March 31, 2005
        (unaudited)
|-----------------------------------------------------------------------------------------------------------------
|
|Long positions                                                                                                   
|Futures positions (1.12%)                                                                                        
|Metals                                                                                                           
|Indices                                                                                                          
|                                                                                                                 
|                                                                                                                 
|                                                                                                                 
|Forward positions (-2.97%)                                                                                       
|Currencies                                                                                                       
|                                                                                                                 
|                                                                                                                 
|                                                                                                                 
|Total long positions                                                                                             
|                                                                                                                 
|Short positions                                                                                                  
|Futures positions (0.17%)                                                                                        
|Interest rates                                                                                                   
|Metals                                                                                                           
|Indices                                                                                                          
|                                                                                                                 
|                                                                                                                 
|                                                                                                                 
|Forward positions (2.04%)                                                                                        
|Currencies                                                                                                       
|                                                                                                                 
|                                                                                                                 
|                                                                                                                 
|Total short positions                                                                                            
|                                                                                                                 
|Total open contracts (0.36%)                                                                                     
|Cash on deposit with brokers (67.20%)                                                                            
|Investment in other commodity pools (33.04%)                                                                     
|Other liabilities in excess of assets
(-0.60%)                                                                   
|                                                                                                                 
|Net assets (100.0%)                                                                                              
|                                                                                                                 

See accompanying notes to financial statements.

# IDS MANAGED FUTURES II, L.P.
       NOTES TO FINANCIAL STATEMENTS
       March 31, 2005
        (unaudited)

## (1)    General Information and Summary

IDS Managed Futures II, L.P. (the Partnership), a limited partnership organized
on April 21, 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 Partnership began trading on June 14, 1987.

The General Partners are IDS Futures Corporation (IDSFC) and CIS Investments,
Inc. (CISI) (collectively, the General Partners).  The General Partners are registered commodity pool operators under the Commodity
Exchange Act, as amended (the "CE Act") and are responsible for administering the business and affairs of the Partnership 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 Partnership's introducing broker and selling agent.  The clearing broker is Cargill Investor
Services, Inc. (Clearing Broker or CIS), an affiliate company of CISI.  The broker for forward contracts is CIS Financial Services,
Inc. (CISFS or Forwards Currency Broker), also an affiliate of CISI.  The Clearing Broker and the Forwards Currency Broker
collectively will be referred to as the Brokers.

Units of the Partnership representing an investment of $40 million were offered
through December 31, 1988. Effective January 1, 1989, the Partnership no longer accepted new investors. During the combined
offerings, 60,127.14 units, representing a total investment of $14,983,249, were purchased by the Limited Partners; and 627.95 units,
representing a total investment of $150,110 were purchased by the General Partners. Refer to the IDS Managed Futures II, L.P.
prospectus dated July 14, 1987.

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 gain on open futures contracts reflected in the statements of financial condition represents 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

The Partnership pays CIS commissions on trades executed on its behalf at a rate
of $29.375 per half-turn contract. For trades executed by Sunrise Capital Partners, via the Partnership's investment in IDS Managed
Fund LLC (refer to Footnote 6 - Investments in Other Commodity Pool), the Partnership paid $21.875 per half-turn contract. The
Partnership pays these commissions directly to CIS and CISFS, and CIS then reallocates $18.625 and $12.50, respectively, to AEFA,
which provides introducing brokerage service to the Partnership.

## 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.

## Reclassification

Certain amounts in the 2004 financial statements have been reclassified to
conform to the 2005 presentation.

## (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 Sunrise Capital Partners (Sunrise), via the Partnership's investment
in IDS Managed Fund LLC (refer to Footnote 6 - Investments in Other Commodity Pool).  For the periods ending March 31, 2005, JWH was
managing approximately 67% of the Partnership's assets while Sunrise was indirectly managing 33% of the Partnership's assets.

Under signed agreement each CTA receives a monthly management fee of 0.167% (a
2% annual rate) of the Partnership's month-end net assets under its management calculated before reduction for any incentive fee and
redemptions for the month. Also, under signed agreement the Partnership pays to each CTA a quarterly incentive fee equal to 20% of
the new trading profits, if any, attributable to trading directed by the CTA. This fee is calculated after deduction of all trading
expenses including management fees.

## (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.

## (5)    Trading Activities and Related Risks

The Partnership's investment 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 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 a 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 a FCM are considered
commingled with all other customer funds subject to the FCM's segregation requirements.  In the event of a 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 affiliate interbank market maker in
connection with its trading of forward contracts. In the event of 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. Due to forward contracts being traded in unregulated
markets between principals, the Partnership also assumes a credit risk, the risk of loss from counterparty non-performance.

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.

Net trading results from derivatives for the quarter ended March 31, 2005 and
2004, 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 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 Limited Partners bear the risk of loss only to the extent of the market
value of their respective investments.

## (6)     Investments in Other Commodity Pools

As of December 2001, the Partnership invests in another commodity pool, IDS
Managed Fund LLC (IDSMF).  Trading decisions 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.

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.  Income (loss) is net of the Partnership's proportionate share of fees and expenses incurred or charged by IDSMF.

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, January 1, 2005                                                      | $ | 2,100,571
|----------------------------------------------------------------------------------------- | - | ---------
|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                                                  |   | (484,252)
|                                                                                         
|Partnership's income from investment in IDSMF                                             |   | (163,195)
|                                                                                         
|Partnership's redemptions from IDSMF                                                      |   | (95,540) 
|                                                                                         
|Net asset
        value of the Partnership's 
        investment in IDSMF, March 31, 2005 | $ | 1,841,836

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

|IDSMF
        Condensed Schedule of Investments
        March 31, 2005
        (unaudited)
|------------------------------------------------------------------------------------------
|
|Long positions                                                                            
|Futures positions (1.49%)                                                                 
|Agriculture                                                                               
|Interest Rates                                                                            
|Metals                                                                                    
|Indices                                                                                   
|                                                                                          
|                                                                                          
|                                                                                          
|Forward positions (-5.30%)                                                                
|Currencies                                                                                
|                                                                                          
|                                                                                          
|                                                                                          
|Total long positions                                                                      
|                                                                                          
|                                                                                          
|Short positions                                                                           
|Futures positions (0.68%)                                                                 
|Interest rates                                                                            
|Metals                                                                                    
|                                                                                          
|                                                                                          
|                                                                                          
|                                                                                          
|Forward positions (3.00%)                                                                 
|Currencies                                                                                
|                                                                                          
|                                                                                          
|                                                                                          
|Total short positions                                                                     
|                                                                                          
|Total open contracts (-0.13%)                                                             
|Cash on deposit with brokers (104.19%)                                                    
|Other liabilities in exess of assets (-4.06%)                                             
|                                                                                          
|Net assets (100%)                                                                         
|                                                                                          

See accompanying notes to
financial statements

## (7)     Financial Highlights

The following financial highlights show the Partnership's financial performance
for the three-month period ended March 31, 2005.  Total return is calculated as the change in a theoretical limited partner's
investment over the entire period and is not annualized.  Total return is calculated based on the aggregate return of the Partnership
taken as a whole.

|Net Asset Value per unit At December 31, 2004 | $ | 837.08  
|--------------------------------------------- | - | --------
|Loss per unit                                 |   | (136.32)
|Net Asset Value per unit At March 31, 2005    | $ | 700.76  
|                                              |   |         
|Total Return:                                 |   |         
|Total return before incentive fee             |   | (16.29)%
|Less incentive fee allocation                 |   | 0.00%   
|Total return                                  |   | (16.29)%
|                                              |   |         
|Ratio to average net assets:                  |   |         
|Net loss                                      |   | (18.10)%
|                                              |   |         
|Expenses:                                     |   |         
|Expenses:                                     |   | 1.39%   
|Incentive fees                                |   | 0.00%   
|Total expenses                                |   | 1.39%   

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, 2005 and are not annualized.  Ratios do not reflect income
or expenses related to investment in other commodity pools.

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

## (a) Capital Resources

The 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 month period ended March 31, 2005, Limited Partners
redeemed a total of 251.11 units for $186,303 and for the three month period ended March 31, 2004, Limited Partners redeemed a total
of 363.77 units for $308,359.

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 clearinghouses 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.

The Partnership's trading activities involve varying degrees of off-balance
sheet risk whereby changes in the market values of the futures and forward contracts underlying the financial instruments or the
Partnership's satisfaction of the obligations may exceed the amount recognized in the statement of financial condition of the
Partnership.

The Partnership borrows only to a limited extent and only on a strictly
short-term basis in order to finance losses on non-U.S. dollar denominated trading positions pending the conversion of the
Partnership's 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 are expected to continue to be so.

During the fiscal period-ended March 31, 2005, the Partnership had no credit
exposure to a counterparty which is a foreign commodities exchange which was material.

## (b) Liquidity

The Partnership's assets are held in brokerage accounts with CIS and CISFS.
Except in unusual circumstances, the Partnership should be able to close out any or all of its open trading positions and liquidate
any or all of its holdings quickly and at market prices.  This should permit the Advisors to limit losses as well as reduce market
exposure on short notice should their programs indicate reducing market exposure.

The Partnership earned interest on 100% of the Partnership's average monthly
cash balance at a rate equal to 80% of the average yield on the 91-day U.S. Treasury bills issued during that month.  For the period
ended March 31, 2005, CIS had paid or accrued to pay interest of $22,668 to the Partnership and for the period ended March 31, 2004,
CIS had paid or accrued to pay interest of $9,338 to the Partnership.

Most United States commodity exchanges limit the amount of fluctuation in
commodity futures contract prices during a single trading day by regulations.  These regulations specify what are referred to as
"daily price fluctuation limits" or "daily limits".  The daily limits establish the maximum amount the price of a futures contract
may vary either up or down from the previous day's settlement price at the end of a trading session.  Once the daily limit has been
reached in a particular commodity, no trades may be made at a price beyond the limit.  Positions in the commodity could then be taken
or liquidated only if traders are willing to effect 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 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
on one side of the market, subjecting commodity futures traders holding such positions to substantial losses for those days.

It is also possible for an exchange or the CFTC to suspend trading in a
particular contract, order immediate settlement of a particular contract, or direct that trading in a particular contract be for
liquidation only.

## (c) Results of Operations

The Partnership's success depends on 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, 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 Advisors' programs do not predict price movements.  No fundamental economic
supply or demand analysis is used in attempting to identify mispricings in the market, and no macroeconomic assessments of the
relative strengths of different national economies or economic sectors is made.  Instead, the programs apply proprietary computer
models to analyze past market data, and from this data alone attempt to determine whether market prices are trending.  Technical
traders such as the Advisors base their strategies on the theory that market prices reflect the collective judgment of numerous
different traders and are, accordingly, the best and most efficient indication of market movements.  However, there are frequent
periods during which fundamental factors external to the market dominate prices.

If the Advisors' models identify a trend, they signal positions which follow
it.  When these models identify the trend as having ended or reversed, these positions are either closed out or reversed.  Due to
their trend-following character, the Advisors programs do not predict either the commencement or the end of a price movement.
Rather, their objective is to identify a trend early enough to profit from it and to detect its end or reversal in time to close out
the Partnership's positions while retaining most of the profits made from following the trend.

The performance summaries
set forth below outline certain major price trends which the Advisors' programs
have identified for the Partnership during the first quarter of fiscal years
2005 and 2004.  The fact that certain trends were captured does not imply that
others, perhaps larger and potentially more profitable trends, were not missed or
that the Advisors will be able to capture similar trends in the future.
Moreover, the fact that the programs were profitable in certain market sectors
in the past does not mean that they will be so in the future.

The performance 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.

## Fiscal Quarter ended March 31, 2005

The Partnership recorded a loss of $1,108,342 or $136.32 per unit for the first
quarter of 2005. On March 31, 2005, JWH was managing 67% of the Partnership's assets while Sunrise was managing 33% of the
Partnership's assets.

The Partnership's performance was negative in January. While the fixed-income
sector recorded modest gains for the month, they weren't enough to offset the losses in other sectors. A choppy and erratic trading
environment prevailed in anticipation of a series of world events: Iraqi elections, The Group of Seven finance ministers' meeting,
the Federal Reserve's decision on interest rates and the release of key economic data. The currency sector was the most significant
contributor to negative performance. The weak US dollar trend, which dominated the markets during the second half of 2004, began to
reverse itself as market expectations of a Yuan 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 for the month. The loss in 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 -8.45% for the month.

The Partnership's performance was negative in February.  Gains in indices,
coffee and base metals weren't enough to offset the combined losses in the 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 the release of a higher-than-expected Producer Price Index in the U.S.
helped to spark inflation fears worldwide. The largest gain was achieved in the Eurodollar, while the largest loss occurred in the
Japanese government bond. Currencies were the other main contributor to the Partnership's losses.  Initially, the U.S. dollar
strengthened on the back of a rise in Treasury yields and US equities, then suddenly reversed directions and moved lower against most
currencies. The largest gain was achieved in the Australian/Japanese yen cross, while the largest loss occurred in the Japanese
yen.   Overall, the Partnership recorded a loss of -4.64% for the month.

The Partnership's performance was negative for the month of March.   Once again,
gains in coffee and base metals were not enough to offset the losses in other sectors. A strengthening U.S. dollar and increasing
inflation fears dominated the under-performance in most other sectors. Currencies were the most 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 soared, the yield
on the 10 year note rose to its highest level in seven months, and the Federal Reserve increased borrowing costs by a quarter
percentage point. The largest gain in this sector was achieved in the Japanese yen, while the largest loss occurred in the British
pound, the Euro and Swiss Franc. The Partnership was unprofitable in the fixed income sector for the month, as European and Domestic
markets sold off and the Japanese bond markets rallied. Increases in energy prices and inflation expectations were the catalyst for
the dramatic move higher in most of the world interest rates.  The largest gain in this sector 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 the U.S. Dollar.  Higher
bond yields and oil prices made equities 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 -4.11% for the month.

During the quarter, investors redeemed a total of 251.11 units. At the end of
the quarter there were 7,955.39 units outstanding (including 376.57 units owned by the General Partners).

During the fiscal quarter ended March 31, 2005 the Partnership had no material
credit exposure to a counterparty which is a foreign commodities exchange.

## Fiscal Quarter ended March 31, 2004

The Partnership recorded a profit of $348,831 or $38.29 per unit for the first
quarter of 2004. Performance throughout the quarter was strong. On March 31, 2004, JWH was managing 67% of the Partnership's assets
while Sunrise was managing 33% of the Partnership's assets.

Although the markets were volatile, the Partnership was positive in January with
many of the long-term trends remaining intact during the month.  The declining U.S. dollar continued against most major currencies
during the first half of the month. Following comments made both by the Federal Reserve Board regarding possible interest rate
increases and the European Central Bank alluding to possible intervention in the currency 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.  Base metals continued to perform well as prices escalated due to the strong
demand from China. Copper, aluminum and silver were profitable.  Overall, the Partnership recorded a profit of 1.55% for the month.

Because of an unusually high level of weather-related demand, tight U.S.
inventories, 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.  Despite a high level 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.  The metals 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 supply 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 6.94%
for the month.

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.  Overall, the Partnership recorded a loss of           -3.53% for the month.

During the quarter, investors redeemed a total of 363.77 units. At the end of
the quarter there were 8,693.62 units outstanding (including 376.57 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.

## (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 2004.

## 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, 2004.

## 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 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.

# 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.  Unregistered Sales of Securities and Use of Proceeds

| | a) | None                                                                                                                                                                                                                                                                                               
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | b) | None                                                                                                                                                                                                                                                                                               
| | c) | TThe 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 partners during the first quarter of 2005:

|Month    | Units Redeemed | Redemption Date NAV per Unit
|-------- | -------------- | ----------------------------
|January  | 114.77         | $ 766.32                    
|February | 93.71          | $ 730.78                    
|March    | 42.63          | $ 700.76                    
|Total    | 251.11         |                             

## 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

|      | a)                                                                                                                                                                                                                                                                       |  | Exhibits                                                                                                                                                                                                         
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     
|      | ExhibitNumber                                                                                                                                                                                                                                                            |  | Description of Document                                                                                                                                                                                          
|      | 3.1                                                                                                                                                                                                                                                                      |  | Amended and Restated Limited Partnership Agreement.                                                                                                                                                              
|      | 10.1                                                                                                                                                                                                                                                                     |  | Advisory Contract dated as of July 14, 1987 between CIS Investments, Inc., IDS Futures Corporation, IDS Managed Futures II, L.P.,
John W. Henry & Company, Inc. and Sabre Fund Management Limited.               
|      | 10.2                                                                                                                                                                                                                                                                     |  | Amended Advisory Contracts dated March 31, 1992 between CIS Investments, Inc., IDS Futures Corporation, IDS Managed Futures II, 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 II, L.P.,
John W. Henry & Company, Inc. and Sabre Fund Management Limited.            
|      | 10.4                                                                                                                                                                                                                                                                     |  | Advisory Contract dated as of July 8, 1997 between CIS Investments, Inc., IDS Futures Corporation, IDS Managed Futures II, L.P. and
Welton Investment Corporation.                                               
|      | 10.5                                                                                                                                                                                                                                                                     |  | Amendment to Advisory Contract dated December 31, 1999 between CIS Investments, Inc., IDS Futures Corporation, IDS Managed Futures
II, L.P. and John W. Henry & Company, Inc.                                    
|      | 10.6                                                                                                                                                                                                                                                                     |  | Guarantee dated March 21, 2000 between IDS Managed Futures II, L.P. and Cargill, Incorporated                                                                                                                    
|      | 10.7                                                                                                                                                                                                                                                                     |  | Amendment to Advisory Contract dated September 29, 2000 between CIS Investments, Inc., IDS Futures Corporation, IDS Managed Futures
II, L.P. and John W. Henry & Company, Inc.                                   
|      | 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 and 10.1 are incorporated by reference to Registration Statement No. 33-13938 declared effective on July 14, 1987,
Post-Effective Amendment No. 1 declared effective on April 27, 1988 and Post-Effective Amendment No. 2 declared effective on May
4,1988.
|Note: | Exhibits 10.2, 10.3
and 10.4 are incorporated by reference to Form 10-K filed by the Partnership on March 27, 1998.                                                                                                                                                     
|Note: | Exhibits 10.5 and 10.6 are
incorporated by reference to Form 10-K by the Partnership on March 28, 2000.                                                                                                                                                                 
|Note: | Exhibit 10.7
is incorporated by reference to Form 10-K by the Partnership on March 26, 2001.                                                                                                                                                                            
|     

# 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 12, 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

| | ExhibitNumber |  | 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                                            
|