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, 1998   

                         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 March 31, 1998,
and the additional time frames as noted:

                                            Fiscal Quarter    Year to Date  Fiscal Year    Fiscal Quarter  Year to Date
                                            Ended 3/31/98     To 3/31/98    Ended 12/31/97 Ended 3/31/97   To 3/31/97
                                            --------------   --------------   -------------- --------------------------
<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

                                                Mar 31, 1998     Dec 31, 1997
                                               ---------------  --------------
<S>                                            <C>              <C>
ASSETS

Equity in commodity futures
   trading accounts:
   Account balance                                $11,736,752     $11,875,917
   Unrealized gain on open
     futures contracts                                318,029         636,775
                                               ---------------  --------------
                                                   12,054,781      12,512,692

Interest receivable                                    39,733          45,359
                                               ---------------  --------------
      Total assets                                $12,094,514     $12,558,051
                                               ===============  ==============

LIABILITIES AND PARTNERS' CAPITAL

Liabilities:
   Accrued commissions on open
     futures contracts due to AXP Advisors and        $50,215         $50,134
   Accrued management fee                              36,363          37,769
   Accrued incentive fee                                    0          44,664
   Accrued operating expenses                          40,772          47,272
   Redemptions payable                                 97,722          38,606
                                               ---------------  --------------
      Total liabilities                               225,072         218,445

Partners' Capital:
   Limited partners (18,241.26 units               11,464,413      11,925,442
     outstanding at 3/31/98, 18,556.44
     units outstanding at 12/31/97) (see Note 1)
   General partners (644.45 units out-                405,029         414,164
     standing at 3/31/98 and 12/31/97) (see Note 1)
                                               ---------------  --------------
      Total partners' capital                      11,869,443      12,339,606
                                               ---------------  --------------
      Total liabilities and
        partners' capital                         $12,094,514     $12,558,051
                                               ===============  ==============

See accompanying notes to financial statements.
                                               UNAUDITED


                                               IDS MANAGED FUTURES II, L.P.

                                               STATEMENTS OF OPERATIONS

                                                 Jan 1, 1998     Jan 1, 1998     Jan 1, 1997    Jan 1, 1997
                                                   through         through         through        through
                                                Mar 31, 1998     Mar 31, 1998   Mar 31, 1997   Mar 31, 1997
                                               ---------------  --------------  -------------  -------------
<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           $204,275        $204,275       $680,430       $680,430
   Change in unrealized gain (loss)
     on open positions                               (318,746)       (318,746)      (122,305)      (122,305)
Interest income                                       120,519         120,519        131,035        131,035
Foreign currency transaction gain (loss)              (28,580)        (28,580)      (108,803)      (108,803)
                                               ---------------  --------------  -------------  -------------
      Total revenues                                 ($22,532)       ($22,532)      $580,357       $580,357



EXPENSES

   Commissions paid to AXP Advisors and CIS           126,745         126,745         85,188         85,188
   Exchange fees                                        3,117           3,117          2,024          2,024
   Management fees                                    109,122         109,122        121,211        121,211
   Incentive fees                                                                     23,228         23,228
   Operating expenses                                  11,377          11,377        (13,628)       (13,628)
                                               ---------------  --------------  -------------  -------------
      Total expenses                                  250,362         250,362        218,023        218,023
                                               ---------------  --------------  -------------  -------------
      Net profit (loss)                             ($272,893)      ($272,893)      $362,334       $362,334
                                               ===============  ==============  =============  =============
PROFIT (LOSS) PER UNIT OF
  PARTNERSHIP INTEREST                                ($14.17)        ($14.17)        $17.39         $17.39
                                               ===============  ==============  =============  =============

See accompanying notes to financial statements.
                                                              UNAUDITED


                                              IDS MANAGED FUTURES II, L.P.

                                  STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

                              For the period January 1, 1998 through March 31, 1998


                                                                      Limited        General
                                                       Units*        Partners       Partners          Total
                                               ---------------  --------------  -------------  -------------
<S>                                            <C>              <C>             <C>            <C>
Partners' capital at January 1, 1998                18,556.44     $11,925,442       $414,164    $12,339,606

Net profit (loss)                                                    (263,759)        (9,135)      (272,893)

Redemptions (see Note 1)                              (315.18)       (197,270)             0       (197,270)
                                               ---------------  --------------  -------------  -------------
Partners' capital at March 31, 1998                 18,241.26     $11,464,413       $405,029    $11,869,443
                                               ===============  ==============  =============  =============


Net asset value per unit
   January 1, 1998                                                    $642.66        $642.66

Net profit (loss) per unit                                             (14.17)        (14.17)
                                                                --------------  -------------
Net asset value per unit
   March 31, 1998                                                     $628.49        $628.49



* Units of Limited Partnership interest.

See accompanying notes to financial statements.
                                                              UNAUDITED


                                IDS MANAGED FUTURES II, L.P.

                                STATEMENTS OF CASH FLOWS


                                                 Jan 1, 1998     Jan 1, 1997
                                                  through          through 
                                                Mar 31, 1998     Mar 31, 1997
                                               ---------------  --------------
<S>                                            <C>              <C>
Cash flows from operating activities:
   Net profit/(loss)                                ($272,893)       $362,334
   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                              318,746         122,305
     Interest receivable                                5,626             871
     Accrued liabilities                              (52,490)       (388,565)
     Redemptions payable                               59,116         124,777
                                               ---------------  --------------
     Net cash provided by (used in)
       operating activities                            58,105         221,722

Cash flows from financing activities:

   Partner redemptions                               (197,270)       (340,528)
                                               ---------------  --------------
   Net cash provided by (used in)
     financing activities                            (197,270)       (340,528)
                                               ---------------  --------------
Net increase (decrease) in cash                      (139,165)       (118,806)


Cash at beginning of period                        11,875,917      12,950,198
                                               ---------------  --------------
Cash at end of period                             $11,736,752     $12,831,393
                                               ===============  ==============

See accompanying notes to financial statements.
                                               UNAUDITED
</TABLE>



                         IDS MANAGED FUTURES II, L.P.

                         NOTES TO FINANCIAL STATEMENTS

                                 MARCH 31, 1998


(1)	GENERAL INFORMATION AND SUMMARY


IDS Managed Futures II, L.P. (the "Partnership") is a limited
partnership organized on April 21, 1987 under the Delaware
Revised Uniform Limited Partnership Act.  The Partnership was
formed to speculatively trade 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 of the
Partnership are CIS Investments, Inc. ("CISI") and IDS Futures
Corporation ("IDS Futures") (collectively, the "General
Partners").  The General Partners are registered commodity pool
operators under the Commodity Exchange Act, as amended, and are
responsible for administering the business and affairs of the
Partnership exclusive of trading decisions.  CISI is an
affiliate of Cargill Investor Services, Inc. ("CIS"), the
clearing broker for the Partnership.  IDS Futures is an
affiliate of American Express Financial Advisors Inc. ("AXP
Advisors"), formerly  IDS Financial Services Inc., which acts as
the Partnership's introducing broker and selling agent.  Trading
decisions for the Partnership were made by two independent
commodity trading advisors, John W. Henry & Company, Inc. and
Sabre Fund Management Limited, until July 31, 1997.  Effective
August 1, 1997 the General Partners added Welton Investment
Corporation as an additional independent commodity trading
advisor for the Partnership and the assets of the Partnership
were re-allocated between the three independent commodity
trading advisors.  The General Partners elected not to renew the
Advisory Contract of Sabre Fund Management Limited and it
expired on December 31, 1997.  Effective January 1,1998, all of
the assets of the Partnership are managed by John W. Henry &
Company, Inc. and Welton Investment Corporation. 

Units of limited partnership interest ("Units") were offered by
AXP Advisors 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.  60,127.14 Units
representing a total investment of $14,983,249 had been sold and
accepted into the Partnership during the offering period from
July 14, 1987 to December 31, 1988 (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 were permitted by a subscriber during the first
six months after he or she was 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)
disassociation of the General Partners with the Partnership; 
(3) bankruptcy of the Partnership; (4) decrease in the net asset
value to less than $1,500,000; (5) the Partnership is declared
unlawful, or (6) the net asset value per Unit declines to less
than $125 per Unit and the partners elect to terminate the
Partnership.


(2)	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


The accounting and reporting policies of the Partnership conform
to generally accepted accounting principles and to general
practices within the commodities industry.  The following is a
description of the more significant of those policies 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. 
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.


Redemptions


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


Commissions


Brokerage commissions and National Futures Association clearing
and exchange fees are accrued on a round-turn basis on open
commodity futures contracts.  The Partnership pays CIS
commissions on trades executed on its behalf at a rate of $58.75
per round turn contract.  For trades executed by Welton
Investment Corporation, the Partnership pays $43.75 per round
turn contract.  The Partnership pays these commissions directly
to CIS and CIS then reallocates the appropriate portion to AXP
Advisors.


Foreign Currency Transactions


Trading accounts in foreign currency denominations are
susceptible to both movements in underlying contract markets as
well as fluctuations in currency rates.  Translation of foreign
currencies into U.S. dollars for closed positions are translated
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.   


Use of Estimates


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


(3)	FEES


Management fees are accrued and paid monthly and incentive fees
are accrued monthly and paid quarterly.   Trading decisions for
the periods covered in these financial statements were made by
John W. Henry & Company, Inc. ("JWH"), Sabre Fund Management
Limited ("Sabre") and Welton Investment Corporation ("Welton"),
the Partnership's Commodity Trading Advisors ("CTAs").   See
Note 1 for the specific periods of trading for each CTA.

Under signed agreement for the periods presented prior to
January 1, 1996, Sabre received a monthly management fee of 1/3
of 1% of the month-end net asset value of the Partnership under
their management and 15% of the Partnership's net trading
profits, if any, in each quarter attributable to their trading. 
Effective January 1, 1996, the agreement with Sabre was changed
to reduce the management fees paid to them to 1/6 of 1% of the
month-end net assets.  The agreement with Sabre, which expired
on December 31, 1997, was not renewed.

Under signed agreement, JWH will receive a monthly management
fee of 1/3 of 1% of the month-end net asset value of the
Partnership under its management and 15%  of the Partnership's
net trading profits, if any, attributable to its management.

Under signed agreement dated July 8, 1997, Welton will receive a
monthly management fee of 1/4 of 1% of the month-end net asset
value of the Partnership under its management and 18%  of the
Partnership's net trading profits, if any, attributable to its
management.  


(4)	INCOME TAXES


No provision for Federal Income Taxes has been made in the
accompanying financial statements as each partner is responsible
for reporting income (loss) based on the pro rata share of the
profits or losses of the Partnership.  The Partnership is
responsible for the Illinois State Partnership Information and
Replacement Tax based on the operating results of the
Partnership.  Such tax amounted to $0 and $5,423 for the periods
ended March 31, 1998 and March 31, 1997, 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 nonperformance 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. 
As of March 31, 1998 the Partnership had 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 March 31, 1998:


    COMMODITY GROUP              UNREALIZED GAIN/(LOSS)   


AGRICULTURAL COMMODITIES                (896)   

FOREIGN CURRENCIES                   182,905   

STOCK INDICES                        167,119

ENERGIES                               2,460

METALS                                 5,137   

INTEREST RATE INSTRUMENTS            (38,696)   
                                     _______                    
TOTAL                                318,029   


The range of maturity dates of these exchange traded open
contracts is April of 1998 to March of 1999.  The average open
trade equity for the period of January 1, 1998 to March 31, 1998
was $590,112.

The margin requirement at March 31, 1998 was $1,275,751.  To
meet this requirement, the Partnership had on deposit with the
Clearing Broker $11,079,531 in segregated funds and $975,250 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
for a fair statement of the results for the interim periods
presented.  These adjustments consist primarily of normal
recurring accruals.  These interim financial statements should
be read in conjunction with the audited financial statements of
the Partnership for the year ended December 31, 1997, as filed
with the Securities and Exchange Commission on March 27, 1997,
as part of its Annual Report on Form 10-K.


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


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


              Fiscal Quarter ended March 31, 1998

The Partnership recorded a loss of $272,893 or $14.17 per Unit
for the first quarter of 1998.  This compares to  a gain of
$362,334 or $17.39 per Unit for the first quarter of 1997.  

During the first two months of the quarter, the Partnership
experienced losses primarily as a result of unprofitable
positions in currencies and interest rates, while during the
third month gains were recorded primarily due to gains in the
currency and energy markets.  Overall, the first quarter of
fiscal 1998 ended negatively for the Partnership account managed
by John W. Henry & Company, Inc. and positively for the
Partnership account managed by Welton Investment Corporation. 
At March 31, 1998, John W. Henry & Company, Inc. was managing
62.1% of the Partnership's assets and Welton Investment
Corporation was managing 37.9% of the Partnership's assets.

In January, performance was negatively impacted by sharp
reversals in Japanese financial markets and in gold.  Investor
optimism over efforts to revive ailing Asian economies boosted
the Japanese yen against the U.S. dollar and gave support to the
Nikkei; positions in both resulted in losses for the Partnership.
Benign inflation news in Europe and the U.S. boosted bond markets
in both regions, resulting in gains for the Partnership.  These
gains were offset by losses in stock indices and in gold prices.
Positions in crude oil and coffee produced small gains for the
Partnership.  Overall, the Partnership recorded a loss of
$353,393 or $18.40 per Unit in January.

In February, losses were incurred in nearly all currencies
traded.  Trading was also unprofitable in U.S. Treasury bonds,
interest rates and gold.  The purchase of large quantities of
silver by a major investor caused the prices of the precious
metal to soar in world markets, before succumbing to some profit
taking at month end; positions in silver resulted in gains for
the Partnership.  Profitable positions in most European bonds
failed to offset losses in other long- and short-term interest
rates.  Gains in sugar, corn and cotton offset losses in other
agricultural commodities traded.  The Partnership recorded a
loss of $47,483 or $2.49 per Unit in February.  

In March, the U.S. dollar rose against most of its major
counterparts, gaining strength from the flight of international
capital from a deteriorating Japanese economy and the purchase
of dollars to buy U.S. Treasury bonds as yields in key European
bond markets hit post-war lows.  Positions in the Swiss franc
and the German mark resulted in gains for the Partnership.  The
market for crude oil generated alot of excitement during the
month, following the surprise announcement by OPEC and non-OPEC
oil-producing nations of an agreement to cut production. 
Positions in energy markets were profitable overall.  Inflation
concerns, fueled by rising oil prices, propelled gold prices
sharply higher.  Positions in gold were unprofitable, as were
positions in silver, which became more volatile during the
month.  Except for small gains in soybeans and
soybean-derivative markets, positions in agricultural
commodities resulted in losses overall.   The Partnership
recorded a gain of $127,983 or $6.72 per Unit in March.  

During the quarter, investors redeemed a total of 315.18 Units. 
At the end of the quarter there were 18,885.71 Units outstanding
(including 644.45 Units owned by the General Partners).

Lori J. Larson resigned as President and Director of IDS Futures
Corporation, one of the General Partners of the Partnership, on
January 20, 1998.  Peter L. Slattery, a Director of IDS Futures
Corporation, replaced Ms. Larson as President effective the same
date. 

During the fiscal quarter ended March 31, 1998, the Partnership
had no material credit exposure to a counterparty which is a
foreign commodities exchange.

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 March 31, 1997
           
The Partnership recorded a gain of $362,334 or $17.39 per Unit
for the first quarter of 1997.  

During the first month, the Partnership experienced gains
primarily as a result of profits in foreign exchange rates,
while during the second two months losses were recorded due to
volatile interest rate markets and a sudden reversal in gold
prices.  Overall, the first quarter of fiscal 1997 ended
positively for the Partnership's accounts managed by John W.
Henry & Company, Inc. and Sabre Fund Management Limited.  At
March 31, 1997, John W. Henry & Company, Inc. was managing 84%
of the Partnership's assets and Sabre Fund Management Limited
was managing 16% of the Partnership's assets.

In January, the U.S. dollar continued to dominate world
currencies, reflecting both sound economic fundamentals and a
policy, shared by both the U.S. central bank and Treasury
administration officials, in support of a strong dollar.  The
Japanese yen suffered from problems in the Japanese banking
sector.  Rising unemployment and weak economic numbers in
Germany once again drove the German mark down against the U.S.
dollar.  Trading in the British pound grew increasingly volatile
as prospects for an interest rate increase in Britain weakened. 
Gold prices reached a three year low at mid-month.  Therefore,
the Partnership recorded a profit of $515,676 or $24.76 per Unit
in January.

In February, the U.S. dollar reached new highs against the
German mark, Japanese yen and Swiss franc.  The Federal Reserve
chairman hinted of a possible hike in U.S. interest rates which
sent the dollar soaring.  Volatility in global interest rate
markets continued to be fueled by speculation on the direction
of global interest rates.  Early in the month, central banks in
Germany, England and the U.S announced their decisions to keep
rates stable.  In commodity markets, gold prices rose as demand
was rekindled by the lowest spot prices since 1993.  In
agricultural markets, a two-month bull trend in coffee prices
continued as unfavorable weather and labor strife in South
America threatened supply.  The Partnership recorded a loss of
$114,916 or $5.52 per Unit in February.

In March, speculation over the direction of U.S. interest rates
unsettled financial markets around the world.  Rising U.S.
interest rates, unease over first quarter corporate earnings and
lofty stock evaluations resulted in turmoil in U.S equity
markets.  In Europe, renewed speculation about a delay in the
European Union's plans for economic and monetary union pushed
the German mark higher against the U.S. dollar.  Agricultural
markets recorded profits resulting from persistent supply
concerns.  Due to overall market turbulence, the Partnership
recorded a loss of $38,426 or $1.85 per Unit in March.

During the quarter, investors redeemed a total of 542.80 Units. 
At the end of the quarter there were 20,275.35 Units outstanding
(including 644.45 Units owned by the General Partners).

During the fiscal quarter ended March 31, 1997, the Partnership
had no material credit exposure to a counterparty which is a
foreign commodities exchange.



Item 3.         Quantitative and Qualitative Disclosures
                           About Market Risk

                            Not Applicable.



                     Part II.  OTHER INFORMATION


Item 1. Legal Proceedings

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

Item 2.	Changes in Securities

               None

Item 3.	Defaults Upon Senior Securities

               None

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

               None

Item 5. Other Information

               None

Item 6.	Exhibits and Reports on Form 8-K

               a)      Exhibits

                       None

               b)      Reports on Form 8-K

	

                       The following Form 8-K was filed with the Securities
                       and Exchange Commission on behalf of the Partnership
                       during the fiscal quarter ended March 31, 1998:

                       1)      Form 8-K dated December 31, 1997, and filed
                               on January 15, 1998,  to report that, in
                               accordance with the terms of the Advisory
                               Contract between the Partnership and Sabre
                               Fund Management Limited, the General Partners 
                               elected not to renew the Advisory Contract
                               and it expired on December 31, 1997.            




                            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:   May 13, 1998              IDS MANAGED FUTURES II, L.P.
                                  
                                   By:  CIS Investments, Inc.,
                                        One of its General Partners

                                   By:  /s/ Richard A. Driver
                                            Richard A. Driver      
                                            Treasurer

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