# 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, 2004
Commission File Number: 0-17443

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

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

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

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

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

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

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

The number of units outstanding, as of March 31, 2004,
         is 8,693.62.

|TABLE OF CONTENTS                                            
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|PART I. FINANCIAL INFORMATION                                
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|Part II. OTHER INFORMATION                                   
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|EXHIBIT 31.01 - Certifications of Principal Executive Officer
|EXHIBIT 31.02 - Certifications of Principal Financial Officer
|EXHIBIT 32 - Section 1350 Certification                      

# PART I - FINANCIAL INFORMATION

## Item 1. Financial Statements

Following are Financial Statements for the fiscal
        quarter ended March 31, 2004 and the additional time frames as noted:

|                                           | Fiscal QuarterEnded 03/31/04 | Year to DateEnded 03/31/04 | Fiscal YearEnded 12/31/03 | Fiscal QuarterEnded 03/31/03 | Year to DateEnded 03/31/03
|------------------------------------------ | ---------------------------- | -------------------------- | ------------------------- | ---------------------------- | --------------------------
|                                          
|Statements of Financial Condition          | X                            |                            | X                         |                              |                           
|                                          
|Statements of Operations                   | X                            | X                          |                           | X                            | X                         
|                                          
|Statements of Changes in Partners' Capital |                              | X                          |                           |                              |                           
|                                          
|Notes to Financial Statements              | X                            |                            |                           |                              |                           
|                                          

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

|                                                                                                                                    |   | Mar. 31, 2004 |  |   | Dec. 31, 2003
|----------------------------------------------------------------------------------------------------------------------------------- | - | ------------- |  | - | -------------
|
|Assets                                                                                                                              |  
|Assets:                                                                                                                            
|Equity in commodity futures trading accounts:                                                                                       |  
|Cash on deposit with Brokers                                                                                                        | $ | 5,053,207     |  | $ | 4,770,784    
|Unrealized (loss) gain on open contracts                                                                                            |   | (65,295)      |  |   | 272,081      
|Investment in other commodity pools                                                                                                 |   | 2,454,179     |  |   | 2,325,047    
|                                                                                                                                    |   |               |  |   |              
|                                                                                                                                    |   | 7,442,091     |  |   | 7,367,912    
|                                                                                                                                   
|Interest Receivable                                                                                                                 |   | 3,405         |  |   | 2,827        
|Redemptions receivable from other commodity pools                                                                                   |   | 67,382        |  |   | 43,163       
|                                                                                                                                    |   |               |  |   |              
|Total assets                                                                                                                        |   | 7,512,878     |  |   | 7,413,902    
|                                                                                                                                    |   |               |  |   |              
|Liabilities and Partners' Capital                                                                                                   |  
|Liabilities:                                                                                                                       
|Accrued commissions                                                                                                                 |   | 9,049         |  |   | 6,045        
|Accrued exchange, clearing and NFA fees                                                                                             |   | 70            |  |   | 74           
|Accrued management fees                                                                                                             |   | 8,281         |  |   | 8,373        
|Accrued incentive fees                                                                                                              |   | 11,915        |  |   | 187          
|Accrued operating expenses                                                                                                          |   | 27,694        |  |   | 32,000       
|Accrued General Partner fees                                                                                                        |   | 473           |  |   | 188          
|Redemptions payable                                                                                                                 |   | 133,620       |  |   | 85,731       
|                                                                                                                                    |   |               |  |   |              
|Total liabilities                                                                                                                   |   | 191,102       |  |   | 132,598      
|                                                                                                                                    |   |               |  |   |              
|Partners' Capital:                                                                                                                 
|Limited partners (8,317.05 units outstanding at March 31, 2004,
               and 8,680.82 units outstanding at December 31, 2003) |   | 7,004,629     |  |   | 6,978,577    
|General partners (376.57 units outstanding at
               March 31, 2004 and December 31, 2003)                                  |   | 317,147       |  |   | 302,727      
|                                                                                                                                    |   |               |  |   |              
|Total parters' capital                                                                                                              |   | 7,321,776     |  |   | 7,281,304    
|                                                                                                                                    |   |               |  |   |              
|Total liabilities and partners' capital                                                                                             | $ | 7,512,878     |  | $ | 7,413,902    
|                                                                                                                                    |   |               |  |   |              
|Net asset value per outstanding unit of parternship interest                                                                        | $ | 842.20        |  | $ | 803.91       
|                                                                                                                                   
|See accompanying notes to financial statements.                                                                                    

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

|                                                |   | Jan. 1, 2004throughMar. 31, 2004 |  |   | Jan. 1, 2004throughMar. 31, 2004 |  |   | Jan. 1, 2003throughMar. 31, 2003 |  |   | Jan. 1, 2003throughMar. 31, 2003 | 
|----------------------------------------------- | - | -------------------------------- |  | - | -------------------------------- |  | - | -------------------------------- |  | - | -------------------------------- | 
|Revenues:                                      
|Gain (loss) on trading of:                      |  
|Realized gain on closed positions               | $ | 484,180                          |  | $ | 484,180                          |  | $ | 1,187,587                        |  | $ | 1,187,587                        | 
|Change in unrealized loss on open contracts     |   | (337,378)                        |  |   | (337,378)                        |  |   | (529,808)                        |  |   | (529,808)                        | 
|Interest income                                 |   | 9,338                            |  |   | 9,338                            |  |   | 11,031                           |  |   | 11,031                           | 
|Income from investment in other commodity pools |   | 291,341                          |  |   | 291,341                          |  |   | 187,108                          |  |   | 187,108                          | 
|Foreign currency transaction gain               |   | 2,227                            |  |   | 2,227                            |  |   | 3,040                            |  |   | 3,040                            | 
|                                                |   |                                  |  |   |                                  |  |   |                                  |  |   |                                  | 
|Total revenues                                  |   | 449,708                          |  |   | 449,708                          |  |   | 858,958                          |  |   | 858,958                          | 
|                                                |   |                                  |  |   |                                  |  |   |                                  |  |   |                                  | 
|Expenses:                                      
|Commissions                                     |   | 51,630                           |  |   | 51,630                           |  |   | 45,528                           |  |   | 45,528                           | 
|Exchange, clearing and NFA fees                 |   | 283                              |  |   | 283                              |  |   | 230                              |  |   | 230                              | 
|Management fees                                 |   | 25,815                           |  |   | 25,815                           |  |   | 25,609                           |  |   | 25,609                           | 
|Incentive fees                                  |   | 13,460                           |  |   | 13,460                           |  |   | 62,067                           |  |   | 62,067                           | 
|Administrative fee                              |   | 1,689                            |  |   | 1,689                            |  |   | 2,026                            |  |   | 2,026                            | 
|Operating expenses                              |   | 8,000                            |  |   | 8,000                            |  |   | 8,000                            |  |   | 8,000                            | 
|                                                |   |                                  |  |   |                                  |  |   |                                  |  |   |                                  | 
|Total expenses                                  |   | 100,877                          |  |   | 100,877                          |  |   | 143,460                          |  |   | 143,460                          | 
|                                                |   |                                  |  |   |                                  |  |   |                                  |  |   |                                  | 
|Net income                                      | $ | 348,831                          |  | $ | 348,831                          |  | $ | 715,498                          |  | $ | 715,498                          | 
|                                                |   |                                  |  |   |                                  |  |   |                                  |  |   |                                  | 
|PROFIT PER UNIT OF PARTNERSHIP INTEREST         | $ | 38.29                            |  | $ | 38.29                            |  | $ | 72.14                            |  | $ | 72.14                            | 
|                                               
|See accompanying notes to financial statements.

# IDS MANAGED FUTURES II, L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
From January 1, 2004 through March 31, 2004
(unaudited)

|                                                | Units*   |  |  |   | LimitedPartners |  |  |   | GeneralPartners |  |  |   | Total     | 
|----------------------------------------------- | -------- |  |  | - | --------------- |  |  | - | --------------- |  |  | - | --------- | 
|                                               
|Partners' capital at January 1, 2004            | 8,680.82 |  |  | $ | 6,978,577       |  |  | $ | 302,727         |  |  | $ | 7,281,304 | 
|                                               
|Net profit                                      |          |  |  |   | 334,411         |  |  |   | 14,420          |  |  |   | 348,831   | 
|                                               
|Redemptions                                     | (363.77) |  |  |   | (308,359)       |  |  |   | 0               |  |  |   | (308,359) | 
|                                                |          |  |  |   |                 |  |  |   |                 |  |  |   |           | 
|Partners' capital at March 31, 2004             | 8,317.05 |  |  | $ | 7,004,629       |  |  | $ | 317,147         |  |  | $ | 7,321,776 | 
|                                                |          |  |  |   |                 |  |  |   |                 |  |  |   |           | 
|Net asset value per unit January 1, 2004        |          |  |  |   | 803.91          |  |  |   | 803.91          |  |  |   |           | 
|                                               
|Net profit per unit                             |          |  |  |   | 38.29           |  |  |   | 38.29           |  |  |   |           | 
|                                                |          |  |  |   |                 |  |  |   |                 |  |  |   |           | 
|Net asset value per unit March 31, 2004         |          |  |  | $ | 842.20          |  |  | $ | 842.20          |  |  |   |           | 
|                                               
|* Units of limited partnership interest.       
|                                               
|See accompanying notes to financial statements.

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

March 31, 2004

## (1)   General
Information and Summary

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

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

## (2)      Summary of Significant Accounting Policies

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

## Revenue Recognition

Commodity futures
contracts, forward contracts, physical commodities, and related options are
recorded on the trade date. All such transactions are recorded on the identified
cost basis and marked to market daily. Unrealized 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) as of the last business day of the year
or as of the last date of the financial statements.

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

## Redemptions

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

## Commissions

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

## Foreign Currency Transactions

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

## Use of Estimates

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

## (3)      Fees

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

Under signed agreement, JWH
receives a monthly management fee of 0.166% of 2% of the month-end NAV of the
Partnership under its management and an incentive fee of 20% of the
Partnerships new trading profits, if any, attributable to its management.
For the periods ending March 31, 2004 and 2003, JWH was managing approximately
67% of the Partnerships assets while Sunrise Capital Partners, LLC was
indirectly managing 33% of the Partnerships assets.

## (4)      Income Taxes

No provision for Federal
income taxes has been made in the accompanying financial statements as each
partner is responsible for reporting income (loss) based on such partners
pro rata share of the profits or losses of the Partnership. The Partnership is
responsible for the Illinois State Partnership Information and Replacement Tax
based on the operating results of the Partnership. Such tax amounted to $0 for
the quarters ended March 31, 2004 and 2003 and is included in operating expenses
in the statements of operations.

## (5)      Trading Activities and Related Risks

The Partnerships
investment in other commodity pools are recorded at fair value and are subject
to the market and credit risks of financial instruments and commodity contracts
held or sold short by those entities. The Partnership bears the risk of loss
only to the extent of the market value of its respective investments.

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

The purchase and sale of
futures contracts and options on futures contracts requires margin deposits with
a Futures Commission Merchant (FCM). Additional deposits may be necessary for
any loss on contract value. The Commodity Exchange Act (CE Act) requires 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 affiliated interbank market maker in connection with its trading
of forward contracts. In the event of the interbank market makers
insolvency, recovery of the Partnership assets on deposit may be limited to
account insurance or other protection afforded such deposits. In the normal
course of business, the Partnership does not require collateral from such
interbank market maker. Because forward contracts are traded in unregulated
markets between principals, the Partnership also assumes a credit risk.

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

The notional amounts of
open contracts at March 31, 2004, 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.

Net trading results from
derivatives for the quarter ended March 31, 2004 and 2003, are reflected in the
statements of operations and equal gains (losses) from trading less brokerage
commissions. Such trading results reflect the net gain arising from the
Partnerships speculative trading of futures contracts, options on futures
contracts, and forward contracts.

The Limited Partners bear
the risk of loss only to the extent of the market value of their respective
investments.

## (6)  Investments in Other Commodity Pools

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

Income (loss) is net of the
Partnerships proportionate share of fees and expenses incurred or charged
by IDSMF. During 2004, IDSMF charged monthly management fees of 1/12 of 2% of
the NAV and a quarterly incentive fee of 20% of new trading profits.

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

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

|Investment in IDSMF, January 1, 2004                                     | $ | 2,325,047
|------------------------------------------------------------------------ | - | ---------
|Results of operations of IDSMF:                                         
|Revenues                                                                 |   | 1,740,605
|Management and incentive fees                                            |   | (380,076)
|Other expenses                                                           |   | (46,852) 
|                                                                        
|Net income before allocation to members                                  |   | 1,313,677
|Special allocation to the other members                                  |   | 1,022,336
|                                                                        
|Partnership's income from investment in IDSMF                            |   | 291,341  
|                                                                        
|Partnership's redemptions in IDSMF                                       |   | (162,209)
|                                                                        
|Net asset value of the Partnership's investment in IDSMF, March 31, 2004 |   | 2,454,179

The following table is a
summary of IDSMFs net assets, at March 31, 2004.

|                                               | Number of
        contracts |            | Principal/
        notional value |  |  | Value/open
        trade equity | 
|---------------------------------------------- | --------------------------- | ---------- | --------------------------------- |  |  | ------------------------------- | 
|Long positions                                
|Futures positions (7.52%)                     
|Agriculture                                    | 87                          |            | 2,050,205                         |  |  | 233,438                         | 
|Energy                                         | 74                          |            | 2,646,240                         |  |  | (28,580)                        | 
|Interest rates                                 | 158                         | $          | 19,578,962                        |  |  | 241,238                         | 
|Metals                                         | 104                         |            | 4,134,776                         |  |  | 340,616                         | 
|Indices                                        | 28                          |            | 2,504,333                         |  |  | 45,094                          | 
|                                               |                             |            |                                   |  |  |                                 | 
|                                               |                             |            | 30,914,516                        |  |  | 831,806                         | 
|Forward positions (1.29%)                     
|Currencies                                     | 24                          |            | 7,914,980                         |  |  | 142,346                         | 
|                                               |                             |            |                                   |  |  |                                 | 
|Total long positions                           |                             | $          | 38,829,496                        |  |  | 974,152                         | 
|                                               |                             |            |                                   |  |  |                                 | 
|                                              
|Short positions                               
|Futures positions (0.06%)                     
|Agriculture                                    | 15                          | $          | 465,750                           |  |  | 21,830                          | 
|Metals                                         | 22                          |            | 745,131                           |  |  | (14,878)                        | 
|                                               |                             |            |                                   |  |  |                                 | 
|                                               |                             |            | 1,210,881                         |  |  | 6,952                           | 
|                                              
|Forward positions (-1.59%)                    
|Currencies                                     | 11                          |            | 5,028,138                         |  |  | (175,762)                       | 
|                                               |                             |            |                                   |  |  |                                 | 
|Total short positions                          |                             | $          | 6,239,019                         |  |  | (168,810)                       | 
|                                               |                             |            |                                   |  |  |                                 | 
|Total open contracts (7.28%)                   | $                           | 805,342    |                                  
|Cash on deposit with brokers (98.73%)          | 10,921,106                  |           
|Other assets in excess of liabilities (-6.01%) | (664,652)                   |           
|                                               |                             |            |                                   |  |  |                                 | 
|Net assets (100%)                              | $                           | 11,061,796 |                                  
|                                               |                             |            |                                   |  |  |                                 | 

## (7)  Financial Highlights

The following financial
highlights show the Partnerships financial performance for the three-month
period ended March 31, 2004. 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.

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

The net income and expense
ratios are computed based upon the weighted average net assets for the
Partnership for the three-month period ended March 31, 2004. Ratios do not
reflect income or expenses related to investment in other commodity pools.

# IDS MANAGED FUTURES II, L.P.
    Condensed Schedule of Investments
    March 31, 2004
    (unaudited)

|                                               | Number of
        contracts |          | Principal
        (notional) |  |   | Value (OTE) | 
|---------------------------------------------- | --------------------------- | -------- | ---------------------------- |  | - | ----------- | 
|Long positions                                
|Futures positions (3.11%)                     
|Interest rates                                 | 215                         | $        | 32,501,755                   |  | $ | 166,243     | 
|Metals                                         | 32                          |          | 1,535,940                    |  |   | 30,245      | 
|Indices                                        | 9                           |          | 1,014,989                    |  |   | 31,045      | 
|                                               |                             |          |                              |  |   |             | 
|                                               |                             |          | 35,052,684                   |  |   | 227,533     | 
|                                               |                             |          |                              |  |   |             | 
|Forward positions (3.55%)                     
|Currencies                                     | 26                          | $        | 13,650,359                   |  | $ | 259,850     | 
|                                               |                             |          |                              |  |   |             | 
|Total long positions                           |                             | $        | 46,703,043                   |  | $ | 487,383     | 
|                                               |                             |          |                              |  |   |             | 
|Short positions                               
|Futures positions (-0.56%)                    
|Interest Rates                                 | 2                           | $        | 2,635,926                    |  | $ | (8,911)     | 
|Metals                                         | 7                           |          | 302,138                      |  |   | (12,863)    | 
|Indices                                        | 40                          |          | 1,272,616                    |  |   | (18,899)    | 
|                                               |                             |          |                              |  |   |             | 
|                                               |                             |          | 4,210,680                    |  |   | (40,673)    | 
|                                               |                             |          |                              |  |   |             | 
|Forward positions (-6.99%)                    
|Currencies                                     | 19                          |          | 14,102,217                   |  |   | (512,006)   | 
|                                               |                             |          |                              |  |   |             | 
|Total short positions                          |                             | $        | 18,312,897                   |  | $ | (552,679)   | 
|                                               |                             |          |                              |  |   |             | 
|Total open contracts (-0.89%)                  | $                           | (65,295) |                             
|Cash on deposit with brokers (69.02%)          | 5,053,207                   |         
|Investment in other commodity pools (33.52%)   | 2,454,179                   |         
|Other assets in excess of liabilities (-1.65%) | (120,315)                   |         
|                                               |                             |          |                              |  |   |             | 
|Net assets (100%)                              |                             |          |                              |  | $ | 7,321,776   | 
|                                               |                             |          |                              |  |   |             | 

## 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 period-ended March
31, 2004, Limited Partners redeemed a total of 363.77 units for $308,358.95 and
for the period-ended March 31, 2003, Limited Partners redeemed a total of 184.55
units for $142,115.

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
Partnerships commodity trading advisors (Advisors) monitor the
Partnerships trading activities and attempt to control the
Partnerships exposure to market risk by, among other things, refining
their trading strategies, adjusting position sizes of the Partnerships
futures and forward contacts and re-allocating Partnership assets to different
market sectors. The Partnerships primary exposure to credit risk is its
exposure to the non-performance of the Forwards Currency Broker. The Forwards
Currency Broker generally enters into forward contracts with large,
well-capitalized institutions and then enters into a back-to-back contract with
the Partnership. The Partnership also may trade on exchanges that do not have
associated clearing houses whose credit supports the obligations of its members
and operate as principals markets, in which case the Partnership will be exposed
to the credit risk of the other party to such trades.

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, 2004, the Partnership had no credit exposure to a
counterparty which is a foreign commodities exchange which was material.

## (b)      Liquidity

The Partnerships net
assets are held in brokerage accounts with CIS and CISFS. Except in very 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 securities 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, 2004, CIS had paid or accrued
to pay interest of $9,338 to the Partnership and for the period ended March 31,
2003, CIS had paid or accrued to pay interest of $11,031 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 2004 and 2003. 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, 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 Capital Partners, LLC 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.

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 continues to improve. The
best performing positions were: Euro/Pound cross, long positions in British
pounds versus 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.

March was a particularly
challenging month. Terrorist activities in Spain and heightened tensions in the
Middle East kept those looking for investment opportunities on the sideline. The
agricultural sector was the best performer for the month led by grains, whose
prices rose based on a surge in export demand, followed by a drop in cotton
prices based on USDA reports that sales are slowing.

In precious metals both
gold and silver extended their gains as demand continued to rise and despite the
U.S. dollar strengthening. Silver was the best performer overall, reaching a 17
year high of $8.30 an ounce. Base metals experienced a period of consolidation
and remained within a road and volatile trading range as the market weighed
information that Chinas appetite may be waning.

Geopolitical risk and
OPECs production cut helped crude oil and related products retain lofty
price levels. Natural gas had the highest gain for the sector followed by crude
oil.

The unprofitable currency
sector was dominated by the action in the Japanese yen, orchestrated by the Bank
of Japan which intervened in the foreign exchange market by buying over $40
billion U.S. dollars/selling Japanese yen. Most other currencies traded in a
sideways fashion in varying degrees of volatility

During the quarter,
investors redeemed a total of 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.

## Fiscal Quarter ended March 31, 2003

The Partnership recorded a
net profit of $715,498 or $72.14 per unit in the first quarter of 2003. As of
March 31, the Partnership has gained 10.62% for the first quarter.

In January, the currency
sector supplied most of the months gain. Non-Dollar trading had the
largest effect on performance. The Partnerships long Euro, short Yen
position was the most profitable position in this sector capitalizing on the
very slow growth rate of Japan. Additional gains were made in the long U.S.
dollar, short Yen position as well as the Swiss franc. The steady slowing of the
worlds economies fueled the decline of worldwide interest rates. Positions
denominated in Euro and Yen were the most profitable. Gains were also posted in
the British and U.S. markets. The energy portfolio of the Partnership was
positive despite a small allocation to this sector. The uncertainty of the
Middle East cast a dark shadow over all markets. The remainder of the market
sectors traded had little impact on performance. Overall, the Partnership
recorded a gain of $728,379 or $73.78 per unit in January.

The Partnership continued
its positive performance in February. The impending war with Iraq, slowing
global economies, a weaker U.S. dollar and higher energy prices became a
recurring theme in the quarter. The currency sector was unchanged in February.
The long Euro, short British pound position had the best return of the sector.
The Australian dollar and the Swiss franc also performed well. The Japanese yen
and the British pound suffered the largest losses due to the sharp reversal from
Januarys rally. All geographic components of the interest rate sector
posted positive results as money market and bond yields worldwide continued to
move lower. Notable returns were achieved in the Euro Bund, the U.S. 30-year and
10-year bonds and the Japanese Government bond. The energy sector was the
second-best performing sector for the month. The highest returns came from
London gas oil and NYMEX natural gas. Gold prices dropped $40 after the German
Bundesbank announced that it had sold a portion of its gold reserves. This was
the primary reason for negative performance from this sector. Overall, the
Partnership recorded a gain of $329,539 or $33.59 per unit in February.

The Partnership closed
lower in March as the war in Iraq created volatile moves in the worlds
financial and commodity markets. Nearly all markets traded in the interest rate
sector were negative as a whipsaw action in the U.S. dollar and interest rates
led to losses. This was due to disappointing news in the progress of the war in
Iraq. The nearly 35% rise in crude oil since mid-December was erased in just
over one weeks time immediately before the start of the war. This caused
negative performance in the energy sector. The metal and agricultural sectors
had little impact on performance. The stock index sector was the only positive
performer for the month. The Partnership recorded a loss of $342,420 or $35.23
per unit in March.

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

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

During the fiscal quarter
ended March 31, 2003, the Partnership had no material credit exposure to a
counterparty which is a foreign commodities exchange.

## (d)      Off-Balance-Sheet Arrangements; Disclosure of Contractual Obligations

There have been no material
changes with respect to the Partnerships off-balance-sheet arrangements
(as defined in Regulation S-K 303(a)(4)(ii)) or disclosures of contractual
obligations as reported in the Partnerships Annual Report on Form 10-K for
fiscal year 2003.

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

There has been no material
change with respect to market risk since the Quantitative and Qualitative
Disclosures About Market Risk was made in the Form 10-K of the Partnership
dated December 31, 2003.

## Item 4.  Controls and Procedures

Under the supervision and
with the participation of the management of CIS Investments, Inc., a General
Partner of the Partnership, including CISIs Chief Executive Officer and
Chief Financial Officer, the Partnership has evaluated the effectiveness of the
design and operation of its disclosure controls and procedures as of the filing
date of this quarterly report, and, based on their evaluation, the Chief
Executive Officer and Chief Financial Officer of CISIs have concluded that
these disclosure controls and procedures are effective. There were no
significant changes in the Partnerships internal controls over financial
reporting or in other factors that could materially affect these controls
subsequent to the date of their evaluation.

# PART II - OTHER INFORMATION

## Item 1.  Legal Proceedings

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

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

a)       None

b)       None

c)       None

d)       None

e)       The Partnership permits Limited Partners to redeem units at the end of each month at the Net Asset Value per
         unit on the redemption date.  The redemption of univest has no impact on the net asset value of the units
         that remain outstanding and units may not be reissued once they are redeemed.

The following table summarizes the redemptions by unitholders during the first quarter of 2004:

|Month    | Units Redeemed | Redemption Date NAV per Unit
|-------- | -------------- | ----------------------------
|January  | 76.34          | 816.35                      
|February | 128.77         | 872.98                      
|March    | 158.66         | 842.20                      
|Total    | 363.77         |                             

## Item 3.  Defaults Upon Senior Securities

None

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

None

## Item 5.  Other Information

a)       None

b)       None

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

|      | a)                                                                                                                                                                                                                                                                                               | Exhibits                                                                                                                                                                                                                  
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      | ExhibitNumber                                                                                                                                                                                                                                                                                    | Description of Document                                                                                                                                                                                                   
|      | 3.1                                                                                                                                                                                                                                                                                              | Amended and Restated Limited Partnership Agreement.                                                                                                                                                                       
|      | 10.1                                                                                                                                                                                                                                                                                             | Advisory Contract dated as of 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 Afvisory 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: | Exhibits 10.7 is incorporated by reference to
        Form 10-K by the Partnership on March 26, 2001.                                                                                                                                                                                           
|     
|      | b)                                                                                                                                                                                                                                                                                               | Reports on Form 8-K                                                                                                                                                                                                       
|      |                                                                                                                                                                                                                                                                                                  | None                                                                                                                                                                                                                      

# SIGNATURES

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

## IDS MANAGED FUTURES II, L.P.

Date:  May 17, 2004

|By: | CIS Investments, Inc.,
        One of its General Partners                                                         
|--- | -------------------------------------------------------------------------------------------------------------------
|   
|   
|   
|   
|By: | /s/ Shaun D. O'Brien
        Shaun D. O'Brien
        Vice President, Chief Financial Officer
         and Director

(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                                            
|