SECURITIES AND EXCHANGE COMMISSION

                                     Washington, D.C.  20549

                                      FORM 10-Q

          (Mark One)

          X  Quarterly report pursuant to Section 13 or 15(d) of the
             Securities Exchange Act of 1934

                 For the quarterly period ended September 30, 1995 or

             Transition report pursuant to Section 13 or 15(d) of the
             Securities Exchange Act of 1934

               For the transition period from            to           

                            Commission File Number 0-17443


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

                Delaware                                     06-1207252    
             (State or other jurisdiction of              (I.R.S. Employer
              incorporation or organization)              Identification #)

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


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

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

             Indicate by check mark whether the registrant (1) has filed
          all reports required to be filed by Section 13 or 15(d) of the
          Securities Exchange Act of 1934 during the preceding 12 months
          (or for such shorter period that the registrant was required to
          file such reports), and (2) has been subject to such filing
          requirements for the past 90 days.

                                Yes   X    No      

<TABLE>
                                                                Part I.  Financial Information


Item 1.  Financial Statements

Following are Financial Statements for the fiscal quarter ended September 30, 1995,
and the additional time frames as noted:
<CAPTION>
                                               Fiscal Quarter    Year to Date    Fiscal Year   Fiscal Quarter Year to Date
                                                Ended 9/30/95     To 9/30/95    Ended 12/31/94 Ended 9/30/94   To 9/30/94
                                               --------------   --------------   -------------- --------------------------
<S>                                            <C>              <C>             <C>            <C>            <C>
Statement of
Financial Condition                                   X                               X

Statement of
Operations                                            X               X                              X             X

Statement of Changes
in Partners' Capital                                                  X

Statement of
Cash Flows                                                            X                                            X

Notes to Financial
Statements                                            X


         IDS MANAGED FUTURES II, L.P.
       STATEMENTS OF FINANCIAL CONDITION
                   UNAUDITED
<CAPTION>
                                                Sep 30, 1995     Dec 31, 1994
                                               ---------------  --------------
<S>                                            <C>              <C>
ASSETS

Equity in commodity futures
   trading accounts:
   Account balance                                $10,675,561      $8,850,144
   Unrealized gain on open
     futures contracts                                 59,907         546,622
                                               ---------------  --------------
                                                   10,735,468       9,396,766

Interest receivable                                    39,675          37,615
                                               ---------------  --------------
      Total assets                                $10,775,143      $9,434,381
                                               ===============  ==============

LIABILITIES AND PARTNERS' CAPITAL

Liabilities:
   Accrued commissions on open
     futures contracts due to IDS and CIS             $34,444         $52,322
   Accrued management fee                              35,616          30,011
   Accrued incentive fee                                    0               0
   Accrued operating expenses                          55,772          27,869
   Redemptions payable                                 70,919          47,038
                                               ---------------  --------------
      Total liabilities                               196,752         157,240

Partners' Capital:
   Limited partners (22,093.29 units               10,278,570       9,034,378
     outstanding at 9/30/95, 23,983.41
     units outstanding at 12/31/94) (see Note 1)
   General partners (644.45 units out-                299,821         242,763
     standing at 9/30/95 and 12/31/94) (see Note 1)
                                               ---------------  --------------
      Total partners' capital                      10,578,391       9,277,141
                                               ---------------  --------------
      Total liabilities and
        partners' capital                         $10,775,143      $9,434,381
                                               ===============  ==============
<FN>
See accompanying notes to financial statements.
                                               UNAUDITED
</TABLE>
<TABLE>
                                               IDS MANAGED FUTURES II, L.P.

                                               STATEMENTS OF OPERATIONS
<CAPTION>
                                                 Jul 1, 1995     Jan 1, 1995     Jul 1, 1994    Jan 1, 1994
                                                   through         through         through        through
                                                Sep 30, 1995     Sep 30, 1995   Sep 30, 1994   Sep 30, 1994
                                               ---------------  --------------  -------------  -------------
<S>                                            <C>              <C>             <C>            <C>
REVENUES

Gains on trading of commodity futures
  and forwards contracts, physical
  commodities and related options:
  Realized gain (loss) on closed positions          ($101,870)     $3,003,837       $112,564        $18,114
   Change in unrealized gain (loss)
     on open positions                                 43,058        (486,715)      (949,424)      (370,251)
Interest income                                       118,162         356,650         99,036        253,443
Foreign currency transaction gain (loss)                  427          94,151         22,300        147,199
                                               ---------------  --------------  -------------  -------------
      Total revenues                                  $59,777      $2,967,924      ($715,524)       $48,504



EXPENSES

   Commissions paid to IDS and CIS                     94,137         252,247        114,662        357,029
   Exchange fees                                        1,164           4,867          2,851          9,241
   Management fees                                    108,475         322,154        106,004        327,881
   Incentive fees                                           0         175,165              0        133,131
   Operating expenses                                   5,376          59,809          8,490         (5,152)
                                               ---------------  --------------  -------------  -------------
      Total expenses                                  209,151         814,242        232,006        822,130
                                               ---------------  --------------  -------------  -------------
      Net profit (loss)                             ($149,375)     $2,153,682      ($947,530)     ($773,625)
                                               ===============  ==============  =============  =============
PROFIT (LOSS) PER UNIT OF
  PARTNERSHIP INTEREST                                 ($6.53)         $88.54        ($37.28)       ($30.07)
                                               ===============  ==============  =============  =============
<FN>
See accompanying notes to financial statements.
                                                              UNAUDITED
</TABLE>
<TABLE>
                                              IDS MANAGED FUTURES II, L.P.

                                  STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

                              For the period January 1, 1995 through September 30, 1995

<CAPTION>
                                                                      Limited        General
                                                       Units*        Partners       Partners          Total
                                               ---------------  --------------  -------------  -------------
<S>                                            <C>              <C>             <C>            <C>
Partners' capital at January 1, 1995                23,983.41      $9,034,378       $242,763     $9,277,141

Net profit (loss)                                                   2,096,624         57,058      2,153,682

Redemptions (see Note 1)                            (1,890.12)       (852,432)             0       (852,432)
                                               ---------------  --------------  -------------  -------------
Partners' capital at September 30, 1995             22,093.29     $10,278,570       $299,821    $10,578,391
                                               ===============  ==============  =============  =============


Net asset value per unit
   January 1, 1995                                                    $376.69        $376.69

Net profit (loss) per unit                                              88.54          88.54
                                                                --------------  -------------
Net asset value per unit
   September 30, 1995                                                 $465.23        $465.23



* Units of Limited Partnership interest.
<FN>
See accompanying notes to financial statements.
                                                              UNAUDITED
</TABLE>
<TABLE>
                                IDS MANAGED FUTURES II, L.P.

                                STATEMENTS OF CASH FLOWS

<CAPTION>
                                                 Jan 1, 1995     Jan 1, 1994
                                                  through          through 
                                                Sep 30, 1995     Sep 30, 1994
                                               ---------------  --------------
<S>                                            <C>              <C>
Cash flows from operating activities:
   Net profit/(loss)                               $2,153,682       ($773,625)
   Adjustments to reconcile net loss
     to net cash provided by (used in)
     operating activities:
   Change in assets and liabilities:
     Unrealized gain (loss) on open
       futures contracts                              486,715         370,251
     Interest receivable                               (2,060)         (7,840)
     Accrued liabilities                               15,632         (79,596)
     Redemptions payable                               23,881          29,462
                                               ---------------  --------------
     Net cash provided by (used in)
       operating activities                         2,677,850        (461,348)

Cash flows from financing activities:

   Partner redemptions                               (852,432)       (687,172)
                                               ---------------  --------------
   Net cash provided by (used in)
     financing activities                            (852,432)       (687,172)
                                               ---------------  --------------
Net increase (decrease) in cash                     1,825,418      (1,148,520)


Cash at beginning of period                         8,850,144      11,322,539
                                               ---------------  --------------
Cash at end of period                             $10,675,561     $10,174,019
                                               ===============  ==============
<FN>
See accompanying notes to financial statements.
                                               UNAUDITED
</TABLE>




                             IDS MANAGED FUTURES II, L.P.

                            NOTES TO FINANCIAL STATEMENTS

                                  September 30, 1995


          (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 and CIS Investments, Inc.  The clearing
          broker is Cargill Investor Services, Inc. (the "Clearing
          Broker"), the parent company of CIS Investments, Inc.  IDS
          Futures Corporation is an affiliate of IDS Financial Services
          Inc.  which acts as the Partnership's introducing broker and
          selling agent.  Effective January 1, 1995, IDS Financial
          Corporation, the parent company of IDS Financial Services Inc.,
          changed its name to American Express Financial Corporation and
          IDS Financial Services Inc. changed its name to American Express
          Financial Advisors Inc.  These were solely name changes; the
          management and structure of each company did not change.

               Units of limited partnership interest ("Units") were offered
          by IDS Financial Services Inc. commencing July 14, 1987 through
          December 31, 1988.  The total amount of the offering was
          $40,000,000.  There is no definite number of Units authorized for
          the Partnership because investors affiliated with the Selling
          Agent of the Partnership were not required to pay selling
          commissions.  As of December 31, 1988, 60,127.14 Units
          representing a total investment of $14,983,249 had been sold and
          accepted into the Partnership (excluding 627.95 Units purchased
          by the General Partners for $150,110).  A final group of
          investors purchasing Units worth $423,750 between December 20,
          1988 and December 31, 1988 were admitted into the Partnership on
          January 31, 1989, at a Net Asset Value of $255.27.  The General
          Partners also purchased an additional $3,960 of Units on January
          31, 1989.

               No redemptions are permitted by a subscriber during the
          first six months after he or she has been admitted to the
          Partnership.  Thereafter, 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 of the Partnership based
          on the Net Asset Value per Unit on ten days written notice to the
          General Partners.  There are no additional charges to the
          investors at redemption.  The General Partners may declare
          additional redemption dates upon notice to the Limited 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.

               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 percent of the outstanding Units notify the
          General Partners to dissolve the Partnership as of a specific
          date;  (2) withdrawal, removal, insolvency, bankruptcy, legal
          disability or dissolution of the General Partners of the
          Partnership;  (3) bankruptcy or insolvency of the Partnership;
          (4) decrease in the net asset value to less than $1,500,000; (5)
          the Partnership is declared unlawful, or (6) the net asset value
          per Unit declines to less than $125 per Unit and the General
          Partners elect to withdraw from the Partnership.


          (2)  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

               Financial Accounting Standards Board ("FASB") Interpretation
               No. 39 Reporting

               Reporting in accordance with FASB Interpretation No. 39
          ("FIN 39) is not applicable to the Partnership and the provisions
          of FIN 39 do not have any effect on the Partnership's financial
          statements.  

               Revenue Recognition

               Commodity futures contracts, forward contracts, physical
          commodities and related options are recorded on the trade date. 
          All such transactions are reported on an identified cost basis. 
          Realized gains and losses are determined by comparing the
          purchase price to the sales price when the trades are offset. 
          Unrealized gains and losses reflected in the statements of
          financial condition represent the difference between original
          contract amount and market value (as determined by exchange
          settlement prices for futures contracts and related options and
          cash dealer prices at a predetermined time for forward contracts,
          physical commodities and their related options) as of the last
          business day of the quarter.
            

               The Partnership earns interest on 100 percent of the
          Partnership's average monthly cash balance on deposit with the
          Clearing Broker at a rate equal to 80 percent of the average
          90-day Treasury bill rate for U.S. Treasury bills issued during
          that month.
                                
               Commissions

               Brokerage commissions, National Futures Association fees,
          and clearing and exchange fees are accrued on a round-turn basis
          on open commodity futures contracts.  The Partnership pays
          commissions on trades executed on its behalf at a rate of $58.75
          per round-turn contract to Cargill Investor Services, Inc. 
          Cargill Investor Services, Inc. then reallocates the appropriate
          portion to American Express Financial Advisors Inc. 

               Foreign Currency Transactions

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

               Statements of Cash Flow

               For purposes of the statements of cash flows, cash
          represents cash on deposit with the Clearing Broker in commodity
          futures trading accounts.   
           

          (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 & Co., Inc. ("JWH") and Sabre Fund Management Limited
          ("Sabre") the Partnership's Commodity Trading Advisors ("CTAs"). 
          The CTAs receive a monthly management fee of 1/3 of 1% of the
          month-end net asset value of the Partnership under their
          management.  Both of the CTAs receive 15% of the Partnership's
          trading profits, if any, in each quarter attributable to each
          manager's trading.


          (4)  INCOME TAXES

               No provision for Federal Income Taxes has been made in the
          accompanying financial statements as each partner is responsible
          for reporting income (loss) based on the pro-rata share of the
          profits or losses of the Partnership.  The Partnership is
          responsible for the Illinois Personal Property and Income Tax
          based on the operating results of the Partnership.  Such tax
          amounted to $31,842 and $0 for the periods ended September 30,
          1995 and September 30, 1994, respectively, and is included in
          operating expenses in the Statements of Operations.


          (5)  FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK 

               The Partnership was formed to speculatively trade Commodity
          Interests.  It has commodity transactions and all of its cash on
          deposit at its Clearing Broker at all times.  In the event that
          volatility of trading of other customers of the Clearing Broker
          impaired the ability of the Clearing Broker to satisfy its
          obligations to the Partnership, the Partnership would be exposed
          to off-balance sheet risk.  Such risk is defined in Statement of
          Financial Accounting Standards No. 105 ("SFAS 105") as a credit
          risk.  To mitigate this risk, the Clearing Broker, pursuant to
          the mandates of the Commodity Exchange Act, is required to
          maintain funds deposited by customers relating to futures
          contracts in regulated commodities in separate bank accounts
          which are designated as segregated customers' accounts.  In
          addition, the Clearing Broker has set aside funds deposited by
          customers relating to foreign futures and options in separate
          bank accounts which are designated as customer secured accounts. 
          Lastly, the Clearing Broker is subject to the Securities and
          Exchange Commission's Uniform Net Capital Rule which requires the
          maintenance of minimum net capital at least equal to 4% of the
          funds required to be segregated pursuant to the Commodity
          Exchange Act.  The Clearing Broker has controls in place to make
          certain that all customers maintain adequate margin deposits for
          the positions which they maintain at the Clearing Broker.  Such
          procedures should protect the Partnership from the off-balance
          sheet risk as mentioned earlier.  The Clearing Broker does not
          engage in proprietary trading and thus has no direct market
          exposure.

               The counterparty of the Partnership for futures contracts
          traded in the United States and most non-U.S. exchanges on which
          the Partnership trades is the Clearing House associated with the
          exchange.  In general, Clearing Houses are backed by the
          membership and will act in the event of non-performance by one of
          its members or one of the members' customers and as such should
          significantly reduce this credit risk.  In the cases where the
          Partnership trades on exchanges on which the Clearing House is
          not backed by the membership, the sole recourse of the
          Partnership for nonperformance will be the Clearing House.

               The Partnership holds futures and futures options positions
          on the various exchanges throughout the world.  The Partnership
          does not trade over the counter contracts.   As defined by SFAS
          105, futures positions are classified as financial instruments. 
          SFAS 105 requires that the Partnership disclose the market risk
          of loss from all of its financial instruments.  Market risk is
          defined as the possibility that future changes in market prices
          may make a financial instrument less valuable or more onerous. 
          If the markets should move against all of the futures positions
          held by the Partnership at the same time, and if the markets
          moved such that the Trading Advisors were unable to offset the
          futures positions of the Partnership, the Partnership could lose
          all of its assets and the partners would realize a 100% loss.
                
               The Partnership has contracts with two CTAs who make the trading
          decisions.  One of the CTAs trades a program diversified among
          all commodity groups, while the other is diversified among the
          various futures contracts in the financials and metals group. 
          Both CTAs trade on U.S. and non-U.S. exchanges.  Such
          diversification should greatly reduce this market risk.  Cash was
          on deposit with the Clearing Broker in each time period of the
          financial statements which exceeded the cash requirements of the
          Commodity Interests of the Partnership.
                    
               The following chart discloses the dollar amount of the
          unrealized gain or loss on open contracts related to exchange
          traded contracts for the Partnership as of September 30, 1995:


           COMMODITY GROUP                 UNREALIZED GAIN/(LOSS)      

           AGRICULTURAL COMMODITIES        74.00 

           FOREIGN CURRENCIES              (2,263) 


           STOCK INDICES                   (11,380) 

           ENERGIES                        (3,060) 

           METALS                          23,847 

           INTEREST RATE INSTRUMENTS       52,689 

                                                                          

           TOTAL                           59,907 



               The range of maturity dates of these exchange traded open
          contracts is October of 1995 through September of 1996.  The
          average open trade equity for period of January 1, 1995 to
          September 30, 1995 was $530,940.

          The margin requirement at September 30, 1995 was $882,751.  To
          meet this requirement, the Partnership had on deposit with the
          Clearing Broker $9,603,854 in segregated funds and $1,131,614 in
          secured funds.


          (6)  FINANCIAL STATEMENT PREPARATION

               The interim financial statements are unaudited but reflect
          all adjustments that are, in the opinion of management, necessary
          to a fair statement of the results for the interim periods
          presented.  These adjustments consist primarily of normal
          recurring accruals.

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

                                            


             ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL 
                         CONDITION AND RESULTS OF OPERATION 


                       FISCAL QUARTER ENDED SEPTEMBER 30, 1995

               The Partnership recorded a loss of $149,375 or $6.52 per
          Unit for the third quarter of 1995.  The first and third months
          of the quarter posted losses due in part to trend reversals in
          several key markets and difficult foreign exchange markets,
          respectively.  The second month of the quarter posted a gain
          primarily as a result of profitable foreign exchange markets. 
          Overall, the third quarter ended negatively for the Partnership's
          accounts managed by John W. Henry & Co., Inc. and Sabre Fund
          Management Limited.  At September 30, 1995, John W. Henry & Co.,
          Inc. was managing 81% of the Partnership's assets and Sabre Fund
          Management Limited was managing 19% of the Partnership's assets.

               During July, the financial sector was influenced by
          worldwide interest rate fluctuations.  The U.S. saw the first
          interest rate reduction in nearly three years.  Japan and certain
          European countries also took action to dampen rates, which, along
          with the U.S. initiative, generated improved global market
          sentiment.  U.S. interest rate trading suffered losses, as did
          positions in global stock indexes.  The Partnership recorded a
          loss of $64,997 or $2.80 per Unit in July.

               The weakened Japanese yen dominated the trading environment
          in August.  In the wake of Japan's new regulatory package
          designed to encourage overseas investing, the yen plummeted
          against most major currencies.  The U.S. dollar clearly benefited
          from this action, soaring to its highest level against the
          Japanese yen in six months.  Traditional commodity trading was
          poor overall.  The Partnership recorded a profit of $92,516 or
          $4.01 per Unit in August.

               On August 22, 1995, Morris Goodwin, Jr. was appointed as a
          Director of IDS Futures Corporation, one of the General Partners
          of the Partnership.

               In the foreign exchange markets, the U.S. dollar continued
          to rise until the last week of September, when it nose-dived four
          to five percent against other currencies.  The dollar's swift
          decline followed a negative U.S. trade deficit report and lack of
          continued dollar support from the Bank of Japan.  Trading in
          interest rates, particularly Japanese Government bonds, also led
          to small losses.  Crude oil positions incurred substantial losses
          for the month, and trading in copper and aluminum was
          unprofitable.  As a result, the Partnership recorded a loss of
          $176,894 or $7.73 per Unit in September.

               During the quarter investors redeemed a total of 449.31
          Units.  At the end of the quarter there were 22,737.74 Units
          outstanding (including 644.45 Units owned by the General
          Partners).  

               During the fiscal quarter ended September 30, 1995, the
          Partnership had no credit exposure to a counterparty which is a
          foreign commodities exchange which was material.

               The Partnership currently only trades on recognized global
          futures exchanges.  In the event the Partnership begins trading
          over the counter contracts, any credit exposure to a counterparty
          which exceeds 10% of the Partnership's total assets will be
          disclosed.

               See Footnote 5 of the Financial Statements for procedures
          established by the General Partners to monitor and minimize
          market and credit risks for the Partnership.  In addition to the
          procedures set out in Footnote 5, the General Partners review on
          a daily basis reports of the Partnership's performance, including
          monitoring of the daily net asset value of the Partnership.  The
          General Partners also review the financial situation of the
          Partnership's Clearing Broker on a monthly basis.  The General
          Partners rely on the policies of the Clearing Broker to monitor
          specific credit risks.  The Clearing Broker does not engage in
          proprietary trading and thus has no direct market exposure which
          provides the General Partners assurance that the Partnership will
          not suffer trading losses through the Clearing Broker. 



                       FISCAL QUARTER ENDED SEPTEMBER 30, 1994

               During the third quarter of 1994, the Partnership recorded a
          loss of $947,530 or $37.28 per Unit.  Concerns which weighed on
          the markets for several months, specifically fears regarding
          rising U.S. inflation, the direction of global interest rates and
          difficult trade talks between the U.S. and Japan left many
          markets directionless.  As a result, the third quarter ended
          negatively for the Partnership's accounts managed by Chang
          Crowell Management Corporation, John W. Henry & Co., Inc. and
          Sabre Fund Management Limited (Note: on November 16, 1994 Chang
          Crowell was terminated as an Advisor to the Partnership and on
          December 12, 1994 the assets formerly managed by Chang Crowell 
          were allocated to Sabre Fund Management Limited).
                                                           
               July was a difficult month for traders as the dual trends of
          higher global interest rates and a weak U.S. dollar suddenly
          reversed direction.  As a result, trading in foreign exchange was
          unprofitable.  Grains and precious metals registered relatively
          minor losses while positions in crude oil, coffee and corn posted
          gains.  The Partnership recorded a loss of $363,403 or $14.24 per
          Unit in July.

               In August, losses were widespread throughout interest rates,
          currencies, precious metals and European bonds.  Japanese yen
          trading contributed losses as concerns of U.S. and Japan trade
          negotiations once again moved to the center stage.  President
          Clinton's low opinion poll ratings, his struggle to pass a crime
          bill and an uncertain outlook for health care reform put the U.S.
          dollar on the defensive, adding losses.  The Partnership recorded
          a loss of $504,974 or $19.90 per Unit in August.

               In September, trading in global interest rates was difficult
          as markets lacked clear direction due to a range of economic
          uncertainties.  Positions in gold and crude oil were unfavorable
          while more traditional markets like sugar and soybeans were
          profitable.  Trading in foreign exchange, most notably the
          European currencies, generated the majority of profits.  The
          Partnership recorded a loss of $79,153 or $3.14 per Unit in
          September.

               During the quarter, investors redeemed a total of 575 Units. 
          At the end of the quarter there were 24,949.56 Units outstanding
          (including 644.45 Units owned by the General Partners).

             Events subsequent to Fiscal Quarter ended September 30, 1994

               During the month of October, one of the General Partners had
          a change in officer positions.  On October 24, 1994, Linda M.
          Baird resigned as Assistant Vice President, Secretary and
          Treasurer of CIS Investments, Inc. and Donald J. Zyck became
          Secretary and Treasurer as of this same date.



                          FISCAL QUARTER ENDED JUNE 30, 1995

               The Partnership recorded a profit of $494,432 or $20.62 per
          Unit for the second quarter of 1995.  The first month of the
          quarter was profitable with the strongest gains derived from
          foreign currency markets.  The next two months saw losses in
          interest rates and foreign exchange.  Overall, the second quarter
          ended positively for the Partnership's accounts managed by John
          W. Henry & Co., Inc. and Sabre Fund Management Limited.

               The decline of the U.S. dollar continued in April, with the
          U.S. dollar falling 19% against the Japanese yen, 15% against the
          Swiss franc and 13% against the German mark.  Therefore,
          positions in the foreign currency and global interest rate
          markets, including those of the United States, the United
          Kingdom, France and Australia resulted in strong gains for the
          Partnership.  The Partnership recorded a profit of $535,107 or
          $22.46 per Unit in April.

               The fixed income markets in the U.S. rose steadily in May. 
          Behind this move were beliefs that the U.S. economy was slowing,
          inflation remained in check, and the federal reserve was unlikely
          to raise interest rates again and would possibly lower them in
          the next few months.  Positions in U.S. and international fixed
          income markets generated strong gains during the month, but
          performance results in foreign exchange partially offset these
          gains.  As a result, the Partnership recorded a profit of
          $207,190 or $8.76 per Unit in May.

               The financial sector in the month of June was influenced by
          economic and political uncertainties in several major countries,
          specifically the U.S., Japan, Great Britain and Germany.  The
          global marketplace was also confronted with the mid-month G-7
          meeting in Nova Scotia, the perception that the Bundesbank would
          lower the discount and Lombard rates, and the continued
          U.S.-Japan trade dispute.  The failing Japanese economy and
          problems in the banking sector contributed to the decline of the
          Nikkei, which fell below 15,000 for the first time since August
          1992.  As a result of these uncertainties, the Partnership
          recording a loss of $247,865 or $10.60 per Unit in June.

               During the quarter investors redeemed a total of 639.79
          Units.  At the end of the quarter there were 23,187.07 Units
          outstanding (including 644.45 Units owned by the General
          Partners).  


                          FISCAL QUARTER ENDED JUNE 30, 1994

               During the second quarter of 1994, the Partnership recorded
          a profit of $749,083 or $28.81 per Unit.  The first month of the
          second quarter was difficult due in part to losses in interest
          rates and "soft" commodities.  However, the next two months saw
          profitable trends in physical commodities and financials.  As a
          result, the second quarter ended positively for the Partnership's
          accounts managed by Chang Crowell Management, Inc., John W. Henry
          & Co., Inc. and Sabre Fund Management Limited.

               During April, the U.S. Federal funds rate was increased for
          the third time in three months, causing U.S. bonds to weaken and
          contributing to the overall decline in global fixed income. 
          Gains resulting from the continued strength of the Japanese yen
          against the U.S. dollar were offset by losses in other
          currencies.  Further, trading in silver, soybean oil, cotton and
          sugar was unprofitable.  Therefore, the Partnership recorded a
          loss of $66,212.45 or $2.52 per Unit in April.

               In May, the downward trend dominating bond markets since
          January continued.  Overall, short positions in U.S. and European
          interest rate markets resulted in gains and provided the primary
          source of profits in May.  Trading in foreign exchange was
          unfavorable, with losses in the Japanese yen, German mark and
          Swiss franc.  Positions in crude oil generated gains, and long
          positions in coffee were particularly profitable as prices rose
          in reaction to a tight supply worldwide.  The Partnership
          recorded a gain of $345,022.60 or $13.20 per Unit in May.

               During the month of May, one of the General Partners had
          some changes in officer positions.  On May 25, 1994, John R.
          Thomas resigned as President and Director of IDS Futures
          Corporation and Janis E. Miller became President and Director as
          of this same date.

               After an extended period of lackluster trading, strong
          trends began to emerge in currency markets during June.  The U.S.
          dollar declined against major European currencies, with long
          positions in these currencies generating substantial gains.  In
          commodities, profits in coffee and crude oil outweighed losses in
          grains, cotton and sugar.  An already tight global coffee supply,
          coupled with a freeze in coffee growing regions of Brazil, pushed
          prices to their highest level since 1986, and crude oil prices
          rose as OPEC affirmed its commitment to hold production to
          current levels.  The Partnership recorded a gain of $470,273.34
          or $18.13 per Unit in June.

               During the quarter, investors redeemed a total of 763.78
          Units.  At the end of the quarter there were 25,524.25 Units
          outstanding (including 644.45 Units owned by the General
          Partners).



                         FISCAL QUARTER ENDED MARCH 31, 1995

               The Partnership recorded a profit of $1,808,624 or $74.45
          per Unit for the first quarter of 1995.  The first month of the
          year was difficult due in part to losses in global interest rates
          and foreign exchange.  However, the next two months saw
          profitable trends in the financial markets.  As a result, the
          first quarter ended positively for the Partnership's accounts
          managed by John W. Henry & Co., Inc. and Sabre Fund Management
          Limited.

               In January the financial markets were impacted by
          speculation regarding a possible Federal Reserve monetary
          tightening as a further effort to moderate domestic economic
          growth and inflation.  The continued uncertainty regarding the
          financial crisis in Mexico and possible ramifications of the
          earthquake in Kobe, Japan also weighed on the financial markets. 
          Therefore, the Partnership recorded a loss of $288,704 or $11.72
          per Unit in January.

               During the month of February, global political and financial
          events, including the sudden demise of the British merchant bank,
          Barings PLC, sent stock prices falling around the world and
          investors rushing to safety in German marks and U.S. bonds.  The
          German mark benefited substantially from the uncertain state of
          many world economies and gained steadily versus the U.S. and
          other European currencies.  There was a global lack of support
          for the U.S. dollar as it declined against many European
          currencies and sank to new postwar lows versus Japanese yen. 
          Long positions in foreign exchange and favorable positions in the
          Japanese markets generated substantial gains for the Partnership. 
           As a result, the Partnership recorded a profit of $982,093 or
          $40.20 per Unit in February.

               The decline in value of the U.S. dollar gained momentum and
          accelerated in March.  Market participants ignored efforts by
          central bankers to support the dollar, including an unanticipated
          move by the German Bundesbank to lower short term rates late in
          March.  By month end, the dollar reached yet another postwar low. 
          Positive performance during the month was dominated by strong
          trends in foreign exchange.     Gains in currency positions,
          global interest rates and stock indexes resulted in the
          Partnership recording a profit of $1,115,235 or $45.97 per Unit
          in March.

               During the quarter, investors redeemed a total of 800.98
          Units.  At the end of the quarter there were 23,826.88 Units
          outstanding (including 644.45 Units owned by the General
          Partners).



                         FISCAL QUARTER ENDED MARCH 31, 1994


               During the first quarter of 1994, the Partnership recorded a
          loss of $575,178.41 or $21.60 per Unit.  The first two months of
          the year were especially difficult as the interest rate and
          currency markets were unsettled, showing little direction. 
          March, however, brought some stability to the markets.  As a
          result, the first quarter ended on a negative note for the
          Partnership's accounts of Chang Crowell Management Corp. and
          Sabre Fund Management Limited but positive for John W. Henry &
          Co., Inc.
           
               Trading in the financial sector, particularly in global
          interest rates which had contributed to much of last year's
          substantial returns, began the year on a negative note.  The
          Japanese financial markets were unsettled due to the initial
          failure of the government to generate support for its economic
          revival package.  Trading in foreign currency exchange was also
          negative as the U.S. dollar seesawed against the German mark and
          Japanese yen throughout the month.   Therefore, the Partnership
          posted a loss of $521,504.88 or $19.63 per Unit in January.

               Considerable uncertainty and resulting volatility continued
          in the financial markets in February.  The Federal Reserve raised
          its short term Federal funds rate potentially signaling higher
          rates in the months ahead.  Global interest rate markets reacted
          sharply as prices fell around the world.  In addition, the
          speculation of a trade war between the U.S. and Japan caused
          price fluctuations in the yen/dollar relationship.  Overall,
          profits in global interest rates were offset by losses in the
          foreign exchange markets.  The Partnership recorded a loss of
          $532,050.76 or $20.13 per Unit in February.

               March was a profitable month for all three of the traders of
          the Partnership.  Accelerating worldwide economic and political
          turmoil created sharp declines in global stock and bond prices. 
          Political unrest, including trade tensions between the U.S. and
          Japan, an assassination in Mexico, instability in Russia and a
          potential conflict in Korea weighed heavily on the financial
          markets.  Collapsing markets provided definite trend following
          opportunities in which both traders were able to profit.  Trading
          in currencies, most notably the Japanese yen, German mark and
          Swiss franc also contributed to gains.  Increased investor demand
          for silver caused a profitable uptrend for the traders. The
          Partnership posted a gain of $478,377.23 or $18.16 per Unit in
          March. 

               During the quarter investors redeemed a total of 284.59
          Units.  At the end of the quarter there were 26,288.04 Units
          outstanding  (including the 644.45 Units owned by the General
          Partners.)



          Part II.  OTHER INFORMATION



          Item 1. Legal Proceedings

                  None


          Item 2. Changes in Securities

                  None


          Item 3. Defaults Upon Senior Securities

                  None


          Item 4. Submission of Matters to a vote of Security Holders
                 
                  None


          Item 5. Other Information

                  None


          Item 6. Exhibits and Reports on Form 8-K

                  a)  Exhibits

                      None

                  b)  Reports on Form 8-K

                      None





                                     SIGNATURES


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



          Date: November     , 1995        IDS MANAGED FUTURES II, L.P.

                                           By: CIS Investments, Inc.
                                               One of its General Partners




          Date: November     , 1995         By:/s/ Donald J. Zyck        
                                                   Secretary & Treasurer

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