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 September 30, 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 September 30, 1998,
and the additional time frames as noted:

                                               Fiscal Quarter    Year to Date    Fiscal Year   Fiscal Quarter Year to Date
                                                Ended 9/30/98     To 9/30/98    Ended 12/31/97 Ended 9/30/97   To 9/30/97
                                               --------------   --------------   -------------- --------------------------
<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
		
		UNAUDITED

                                                Sep 30, 1998     Dec 31, 1997
                                               ---------------  --------------
<S>                                            <C>              <C>
ASSETS

Equity in commodity futures
   trading accounts:
   Account balance                                $10,539,764     $11,875,917
   Unrealized gain on open
     futures contracts                              2,474,934         636,775
                                               ---------------  --------------
                                                   13,014,698      12,512,692

Interest receivable                                    35,787          45,359
                                               ---------------  --------------
      Total assets                                $13,050,485     $12,558,051
                                               ===============  ==============

LIABILITIES AND PARTNERS' CAPITAL

Liabilities:
   Accrued commissions on open
     futures contracts due to AXP Advisors and        $65,707         $50,134
   Accrued management fee                              39,446          37,769
   Accrued incentive fee                              102,439          44,664
   Accrued operating expenses                          58,407          47,272
   Redemptions payable                                 89,611          38,606
                                               ---------------  --------------
      Total liabilities                               355,610         218,445

Partners' Capital:
   Limited partners (17,112.93 units               12,234,154      11,925,442
     outstanding at 9/30/98, 18,556.44
     units outstanding at 12/31/97) (see Note 1)
   General partners (644.45 units out-                460,722         414,164
     standing at 9/30/98 and 12/31/97) (see Note 1)
                                               ---------------  --------------
      Total partners' capital                      12,694,876      12,339,606
                                               ---------------  --------------
      Total liabilities and
        partners' capital                         $13,050,485     $12,558,051
                                               ===============  ==============

In the opinion of management, these statements reflect all adjustments necessary
to fairly state the financial condition of IDS Managed Futures II, L.P. (See Note 6)


                                               IDS MANAGED FUTURES II, L.P.

                                               STATEMENTS OF OPERATIONS

							UNAUDITED


                                                 Jul 1, 1998     Jan 1, 1998     Jul 1, 1997    Jan 1, 1997
                                                   through         through         through        through
                                                Sep 30, 1998     Sep 30, 1998   Sep 30, 1997   Sep 30, 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           $131,147         ($2,177)    $1,104,721       $577,940
   Change in unrealized gain (loss)
     on open positions                              2,531,956       1,838,159         15,963        354,015
Interest income                                       108,151         341,274        126,955        378,184
Foreign currency transaction gain (loss)                6,157         (49,484)       (37,737)      (133,838)
                                               ---------------  --------------  -------------  -------------
      Total revenues                               $2,777,411      $2,127,771     $1,209,903     $1,176,302



EXPENSES

   Commissions paid to AXP Advisors and CIS           137,445         416,451        133,839        373,677
   Exchange fees                                        3,125           9,171          3,456          7,947
   Management fees                                    106,407         315,620        114,080        343,397
   Incentive fees                                     102,439         102,439         33,824         57,053
   Operating expenses                                  28,299          44,937         23,477          5,673
                                               ---------------  --------------  -------------  -------------
      Total expenses                                  377,715         888,619        308,675        787,747
                                               ---------------  --------------  -------------  -------------
      Net profit (loss)                            $2,399,696      $1,239,152       $901,228       $388,555
                                               ===============  ==============  =============  =============
PROFIT (LOSS) PER UNIT OF
  PARTNERSHIP INTEREST                                $133.73          $72.25         $45.23         $19.24
                                               ===============  ==============  =============  =============

This Statement of Operations, in the opinion of management, reflects all adjustments 
necessary to fairly state the financial condition of IDS Managed Futures II, L. P. (See Note 6)


                                              IDS MANAGED FUTURES II, L.P.

                                  STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

                              For the period January 1, 1998 through September 30, 1998

							UNAUDITED



                                                                      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)                                                   1,192,594         46,558      1,239,152

Redemptions (see Note 1)                            (1,443.51)       (883,882)             0       (883,882)
                                               ---------------  --------------  -------------  -------------
Partners' capital at September 30, 1998             17,112.93     $12,234,154       $460,722    $12,694,876
                                               ===============  ==============  =============  =============


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

Net profit (loss) per unit                                              72.25          72.25
                                                                --------------  -------------
Net asset value per unit
   September 30, 1998                                                 $714.91        $714.91



* Units of Limited Partnership interest.

This Statement of Changes in Partners' Capital, in the opinion of management, reflects all adjustments
necessary to fairly state the financial condition of IDS Managed Futures II, L. P. (See Note 6)


                                IDS MANAGED FUTURES II, L.P.

                                STATEMENTS OF CASH FLOWS

					UNAUDITED



                                                 Jan 1, 1998     Jan 1, 1997
                                                  through          through 
                                                Sep 30, 1998     Sep 30, 1997
                                               ---------------  --------------
<S>                                            <C>              <C>
Cash flows from operating activities:
   Net profit/(loss)                               $1,239,152        $388,555
   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                           (1,838,159)       (354,015)
     Interest receivable                                9,572           3,846
     Accrued liabilities                               86,160        (346,969)
     Redemptions payable                               51,005        (137,221)
                                               ---------------  --------------
     Net cash provided by (used in)
       operating activities                          (452,270)       (445,805)

Cash flows from financing activities:

   Partner redemptions                               (883,882)       (838,842)
                                               ---------------  --------------
   Net cash provided by (used in)
     financing activities                            (883,882)       (838,842)
                                               ---------------  --------------
Net increase (decrease) in cash                    (1,336,153)     (1,284,647)


Cash at beginning of period                        11,875,917      12,950,198
                                               ---------------  --------------
Cash at end of period                             $10,539,764     $11,665,551
                                               ===============  ==============

This Statement of Cash Flows, in the opinion of management, reflects all adjustments 
necessary to fairly state the financial condition of IDS Managed Futures II, L. P. (See Note 6)
</TABLE>




                        IDS MANAGED FUTURES II, L.P.

                        NOTES TO FINANCIAL STATEMENTS

                             SEPTEMBER 30, 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. ("AEFA"),
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. ("JWH") and Sabre Fund Management Limited ("Sabre"), until July
31, 1997.  Effective August 1, 1997 the General Partners added Welton
Investment Corporation ("Welton") as an additional independent commodity
trading advisor for the Partnership and the assets of the Partnership were
re-allocated among 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 JWH and Welton.


Units of limited partnership interest ("Units") were offered by AEFA
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.


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 clearingb 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 AEFA.


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 alances 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 JWH, Sabre and Welton, the
Partnership's Commodity Trading Advisors ("CTAs"). See Note 1 for the
specific periods of trading for each CTA.  

Effective January 1, 1996, Sabre received management fees of 1/6 of 1% of the
month-end net assets, until December 31, 1997 when the agreement with Sabre,
which expired, 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 $18,799 and $5,823 for the periods
ended September 30, 1998 and September 30, 1997, respectively. 


(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 September 30, 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
September 30, 1998:


    COMMODITY GROUP             UNREALIZED GAIN/(LOSS)


 AGRICULTURAL COMMODITIES                 (8,481)

 FOREIGN CURRENCIES                       553,275   

 STOCK INDICES                             97,610   

 ENERGIES                                 (7,699)   

 METALS                                     9,102 

 INTEREST RATE INSTRUMENTS              1,831,127 
                                                    
 _________                    

 TOTAL                                   2,474,934 



The range of maturity dates of these exchange traded open contracts is
October of 1998 to September of 1999.  The average open trade equity for
the period of January 1, 1998 to September 30, 1998 was $760,269.

The margin requirement at September 30, 1998 was $1,606,362.  To meet this
requirement, the Partnership had on deposit with the Clearing Broker
$11,729,398 in segregated funds and $1,322,365 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, 1998, 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 September 30, 1998


The Partnership recorded a gain of $2,399,696 or $133.73 per Unit for the
third quarter of 1998.  This compares to a gain of $901,228 or $45.23 per
Unit for the third quarter of 1997. 
 
The Partnership suffered losses during the first month of the quarter largely
as a result of losses in interest rates and stock indices.  During the second
and third months of the quarter, the Partnership experienced solid gains in
interest rates and smaller gains in currencies and stock indices.  Overall,
the third quarter of fiscal 1998 ended positively for the Partnership's
accounts managed by John W. Henry & Company, Inc. and Welton Investment
Corporation.  At September 30, 1998, John W. Henry & Company, Inc. was
managing 66.1% of the Partnership's assets and Welton Investment Corporation
was managing 33.9% of the Partnership's assets. 

In July, the Partnership incurred small losses as unprofitable positions in
interest rates, stock indices and agricultural commodities offset moderate
gains in gold and crude oil.  The price of gold declined at month end along
with the Japanese yen's fall in world markets; gold and the Japanese yen have
moved in lockstep since early June, reflecting the diminishing demand for gold
as the region's economies retract.  Crude oil prices fell at month end
following an earlier rise, as reports indicated a build-up in U.S. inventory.
Gains in long-term European bond markets failed to offset losses in other
long-term interest rates traded.  Corn prices plunged on favorable weather
conditions for crops; profitable positions in corn and smaller gains in wheat,
soybean oil and live cattle did not offset losses in other markets traded.
The Partnership recorded a loss of $95,170 or $5.27 per Unit in July.

In August, the Partnership posted solid gains, led by profitable positions
in global interest rates.  Leading gains in the bond market were positions
in German and U.S. bonds, which benefited from investors' flight to quality
during the month, and the Japanese Government bond, where the yield on the
benchmark 10-year bond dropped to 1.105%, a historic low.  The U.S. dollar
made little progress against the Japanese yen as Japanese officials renewed
their threats of intervention in the currency markets.  The world's supply of
crude oil skyrocketed in August, up 11% from a year earlier, holding prices
down.  The price of crude oil has been halved from its 1997 high of $26.62
per barrel; positions in this key energy market resulted in gains. The
Partnership recorded a gain of $1,344,996 or $74.70 per Unit in August.

In September, the Partnership recorded gains as profitable positions in
interest rates and smaller gains in currencies and stock indices offset
losses in metals, energy and agricultural commodities.   Except for
Australian bonds, which reflected the uncertainty of an upcoming election
in that country, positions in all interest rates traded were profitable.
Gains were strongest in German, U.S. and Japanese government bonds; in all
three markets, yields declined to historic levels.  Profitable positions in
the German mark and Swiss franc and smaller gains in the British pound offset
losses in other currencies traded. Positions in gold and silver resulted in
losses as prices of both metals rose.  Sugar plummeted to an 11-year low
during the month on reduced demand and expectations of record crops in
Brazil; gains in sugar and cocoa failed to offset losses in other
agricultural commodities traded, but the Partnership recorded a gain of
$1,149,870 or $64.30 per Unit in September. 

During the quarter, investors redeemed a total of 293.73 Units. At the end of
the quarter there were 17,757.38 Units outstanding (including 644.45 Units
owned by the General Partners). 

During the fiscal quarter ended September 30, 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. 


Year 2000 Issue

The Partnership does not have any anticipated costs, problems or uncertainties
associated with the Year 2000 issue.  The Partnership relies on the General
Partners to provide the Partnership with certain calculations and reports, so
if the Year 2000 issue is material to the General Partners, then it may impact
the Partnership.  However, the Year 2000 issue is not material for the
General Partners since the administration software has recently been replaced
and will be in compliance with Y2000 prior to the end of 1998.  In addition,
the Clearing Broker is undergoing an intensive review to determine what areas
(if any) are not in compliance with Y2000, and expects to be in compliance by
the end of 1998.  Neither the software replacement nor the compliance review
are expected to be material or to yield noncompliance issues that are material.


Fiscal Quarter ended September 30, 1997

The Partnership recorded a gain of $901,228 or $45.23 per Unit for the third
quarter of 1997. 
 
The Partnership experienced gains during the first and third months of the
quarter as a result of strong profits in global interest rate positions,
metals and some currencies.  During the second month of the quarter, the
Partnership suffered losses in U.S and European interest rates, currencies,
crude oil and metals.  Overall, the third quarter of fiscal 1997 ended
positively for the Partnership's accounts managed by John W. Henry & Company,
Inc. and negatively for the Partnership's accounts managed by Sabre Fund
Management Limited and Welton Investment Corporation.  At September 30, 1997,
John W. Henry & Company, Inc. was managing 66.7% of the Partnership's assets,
Sabre Fund Management Limited was managing 4.5% of the Partnership's assets
and Welton Investment Corporation was managing 28.8% of the Partnership's
assets. 

In July, positions in U.S. Treasuries resulted in strong gains as did
positions in Japanese Government bonds.  In the currency markets, investors
traded German marks and Swiss francs for U.S. dollars, pushing the dollar to
new highs against both currencies.  Except for sugar, positions in all other
agricultural commodities traded resulted in losses.  Silver and gold prices
fell reflecting the sale by the Australian central bank of 60% of its gold
reserves; the positions held by the Partnership in both metals were
profitable.  The Partnership recorded a gain of $1,438,494 or $72.67 per Unit
in July.

In August, crude oil prices were pressured downward and traded erratically in
part due to the recent return of Iraqi oil to world markets.  Trading
volatility also accounted for losses in the global interest rate sector and
metals.  Price reversals in the U.S. 30-year bond and U.S. and Australian
10-year notes resulted in losses for the Partnership.  While losses occurred
in the Deutsche mark and Swiss franc, gains were made in the Japanese yen and
the Nikkei stock index.  Positions in coffee, cotton and corn also resulted
in gains for the Partnership. However, these gains did not offset the losses
incurred and the Partnership recorded a loss of $755,085 or $38.61 per Unit
in August.  	

In September, moderate gains were recorded for the Partnership, reflecting
profitable positions in global interest rate markets and the Japanese Nikkei.
The largest gains were derived from positions in the British gilt and Japanese
Government bond. Except for the Australian dollar, positions in all other
currencies traded resulted in losses.  Small gains in cotton failed to offset
losses in coffee, sugar and other agricultural markets.  Positions in silver
and copper resulted in gains, offsetting losses in gold.  The Partnership
recorded a gain of $217,819 or $11.17 per Unit in September.

During the quarter, investors redeemed a total of 329.54 Units. At the end of
the quarter there were 19,464.92 Units outstanding (including 644.45 Units
owned by the General Partners). 

During the fiscal quarter ended September 30, 1997, the Partnership had no
material credit exposure to a counterparty which is a foreign commodities
exchange. 


Fiscal Quarter ended June 30, 1998

The Partnership recorded a loss of $887,650 or $47.31 per Unit for the second
quarter of 1998.  This compares to a loss of $875,007 or $43.38 per Unit for
the second quarter of 1997. 

During the first and third months of the quarter, the Partnership experienced
losses primarily as a result of unprofitable positions in currencies,
interest rates and metals, while during the second month gains were recorded
primarily due to gains in the currency, interest rate, metals and energy
markets.  Overall, the second quarter of fiscal 1998 ended negatively for the
Partnership accounts managed by JWH and Welton.  At June 30, 1998, JWH was
managing 61% of the Partnership's assets and Welton was managing 39% of the
Partnership's assets. 

In April, positions in nearly all markets traded were unprofitable.  Positions
in the U.S. 30-year bond and Euro dollar markets resulted in losses for
interest rate futures. Unprofitable positions in the German mark and Swiss
franc offset gains in other currencies traded.  Silver prices fell following
reports that a major investment company had sold a third of its holdings.
Losses in silver and copper offset profits in gold. Sugar prices fell to a
five-year low on prospects of a large Brazilian crop.  Positions in sugar
resulted in profits as did positions in coffee, wheat, corn and soybean oil.
The Partnership recorded a loss of $731,219 or $38.72 per Unit in April. 

In May, modest gains were recorded reflecting profitable positions in interest
rates, metals, energies and currencies. The strongest gains overall came from
positions in the Japanese yen, Japanese Government bond, silver and crude oil.
Silver prices slumped as investors who bought on hopes of rising value lost
patience and took profits.  Crude oil prices were pressured by worries of
oversupply in world markets.  Gains were also recorded in positions in the
Australian dollar as a nervous market dealt with rumors of further currency
devaluations in Asia; the Australian currency fell to a 12-year low against
the U.S. dollar.  Positions in stock indices and agricultural commodities
resulted in losses overall; but the Partnership recorded a gain of $264,294
or $14.21 per Unit in May.  

In June, losses were recorded due largely to unprofitable positions in global
interest rates and metals.  Unprofitable positions in the Japanese Government
bond led losses in global interest rates as the yield rose from record lows
following intervention to support the yen.  A marginal gain in the Japanese
yen failed to offset losses in the British pound and Swiss franc.  Positions
in gold and silver also resulted in losses as the prices of both metals
remained coupled to movements in the Japanese yen.  Gains were recorded in
crude oil positions as inventories worldwide continued to exceed demand
and prices fell.  Profitable positions in cotton, sugar, coffee and corn
offset losses in other agricultural markets. The Partnership recorded a loss
of $420,725 or $22.80 per Unit in June. 

During the quarter, investors redeemed a total of 834.60 Units.  At the end
of the quarter there were 18,051.09 Units outstanding (including 644.45 Units
owned by the General Partners).

During the fiscal quarter ended June 30, 1998, the Partnership had no material
credit exposure to a counterparty which is a foreign commodities exchange.


Fiscal Quarter ended June 30, 1997
                
The Partnership recorded a loss of $875,007 or $43.38 per Unit for the second
quarter of 1997. 

During the first two months of the quarter the Partnership experienced losses
primarily as a result of losses in precious metals and foreign exchange.  The
third month experienced gains resulted due to profitable positions in metals,
interest rates and stock indices.  Overall, the second quarter of fiscal 1997
ended negatively for the Partnership's accounts managed by JWH and only
slightly positive for Sabre.  At June 30, 1997, JWH was managing 82.6% of the
Partnership's assets and Sabre was managing 17.4% of the Partnership's assets.

In April, yields on the U.S. Treasury 30-year bond soared to a nine-month
high, only to fall by month end resulting in losses in interest rates.  The
U.S. dollar continued its rise in the weeks leading up to the meeting of the
G-7 finance ministers, reaching new highs against the Japanese yen and the
German mark. Gains were realized in coffee as prices soared amid increasing
concerns about adequate supply.  In precious metals, both gold and silver
prices declined as investors' concerns over U.S. inflation subsided.  However,
the Partnership recorded a loss of $321,966.98 or $15.88 per Unit in April. 

Worldwide political events upset currency markets in May.  The British pound
rallied sharply, but briefly, hitting its highest intraday level since August
1992 after a surprise decision by Britain's newly elected Labour Government
to give the Bank of England more autonomy in setting interest rates.  In
Japan, official warnings of intervention to cap the U.S. dollar's rise against
the Japanese yen and a report that the Bank of Japan might raise a key
interest rate pushed the dollar to a 4 1/2 month low against the Japanese
currency.  Surprising strength in the polls by French socialists and sharp
disagreement in Germany over the use of gold reserves to meet criteria for
European union membership threw the future of that monetary union in doubt.
Trading in stock indices and agricultural commodities generated gains, while
trading in metals was mixed.  The Partnership recorded a loss of $910,669.26
or $45.41 per Unit in May.   				

In June, gold prices fell to a four-year low as the U.S. dollar strengthened
and inflation indicators remained favorable. Positions in both gold and
silver were profitable.  Continued uncertainty surrounding the European
currency union benefited bond markets outside the EMU circle of nations.  In
the currency markets, the Swiss monetary authority's determination to keep
the franc from appreciating against major currencies succeeded in pushing the
price of that currency down.  After reaching a 20-year high in May, coffee
prices fell steadily in June on news of higher world exports and concerns
about the impact of high prices on demand.  The Partnership recorded a gain
of $357,629.31 or $17.91 per Unit in June. 

During the quarter, investors redeemed a total of 480.85 Units.  At the end
of the quarter there were 19,794.48 Units outstanding (including 644.45 Units
owned by the General Partners). 

During the fiscal quarter ended June 30, 1997, the Partnership had no material
credit exposure to a counterparty which is a foreign commodities exchange.


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 JWH
and positively for the Partnership account managed by Welton.  At March 31,
1998, JWH was managing 62.1% of the Partnership's assets and Welton 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 a lot 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). 

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


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 JWH and Sabre.
At March 31, 1997, JWH was managing 84% of the Partnership's assets and Sabre
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 noproceeding 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

                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 12 , 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)