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, 1997   

                
                         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, 1997,
and the additional time frames as noted:

                                               Fiscal Quarter    Year to Date    Fiscal Year   Fiscal Quarter Year to Date
                                                Ended 9/30/97     To 9/30/97    Ended 12/31/96 Ended 9/30/96   To 9/30/96
                                               --------------   --------------   -------------- --------------------------
<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

                                                Sep 30, 1997     Dec 31, 1996
                                               ---------------  --------------
<S>                                            <C>              <C>
ASSETS

Equity in commodity futures
   trading accounts:
   Account balance                                $11,665,551     $12,950,198
   Unrealized gain on open
     futures contracts                                719,974         365,959
                                               ---------------  --------------
                                                   12,385,526      13,316,157

Interest receivable                                    40,122          43,968
                                               ---------------  --------------
      Total assets                                $12,425,647     $13,360,125
                                               ===============  ==============

LIABILITIES AND PARTNERS' CAPITAL

Liabilities:
   Accrued commissions on open
     futures contracts due to AXP Advisors and        $55,198         $38,104
   Accrued management fee                              37,235          40,724
   Accrued incentive fee                               32,972         356,409
   Accrued operating expenses                          38,750          75,887
   Redemptions payable                                 24,347         161,568
                                               ---------------  --------------
      Total liabilities                               188,501         672,692

Partners' Capital:
   Limited partners (18,820.47 units               11,831,995      12,294,671
     outstanding at 9/30/97, 20,173.69
     units outstanding at 12/31/96) (see Note 1)
   General partners (644.45 units out-                405,151         392,762
     standing at 9/30/97 and 12/31/96) (see Note 1)
                                               ---------------  --------------
      Total partners' capital                      12,237,146      12,687,433
                                               ---------------  --------------
      Total liabilities and
        partners' capital                         $12,425,647     $13,360,125
                                               ===============  ==============

See accompanying notes to financial statements.
                                               UNAUDITED


                                               IDS MANAGED FUTURES II, L.P.

                                               STATEMENTS OF OPERATIONS

                                                 Jul 1, 1997     Jan 1, 1997     Jul 1, 1996    Jan 1, 1996
                                                   through         through         through        through
                                                Sep 30, 1997     Sep 30, 1997   Sep 30, 1996   Sep 30, 1996
                                               ---------------  --------------  -------------  -------------
<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         $1,104,721        $577,940      ($470,775)      $319,366
   Change in unrealized gain (loss)
     on open positions                                 15,963         354,015        895,875        521,149
Interest income                                       126,955         378,184        108,576        326,931
Foreign currency transaction gain (loss)              (37,737)       (133,838)        (5,978)       (31,963)
                                               ---------------  --------------  -------------  -------------
      Total revenues                               $1,209,903      $1,176,302       $527,699     $1,135,482



EXPENSES

   Commissions paid to AXP Advisors and CIS           133,839         373,677        140,230        362,300
   Exchange fees                                        3,456           7,947          2,594          6,504
   Management fees                                    114,080         343,397         96,744        295,915
   Incentive fees                                      33,824          57,053         20,076         25,194
   Operating expenses                                  23,477           5,673         13,234          7,163
                                               ---------------  --------------  -------------  -------------
      Total expenses                                  308,675         787,747        272,878        697,076
                                               ---------------  --------------  -------------  -------------
      Net profit (loss)                              $901,228        $388,555       $254,821       $438,406
                                               ===============  ==============  =============  =============
PROFIT (LOSS) PER UNIT OF
  PARTNERSHIP INTEREST                                 $45.23          $19.24         $11.97         $20.27
                                               ===============  ==============  =============  =============

See accompanying notes to financial statements.
                                                              UNAUDITED


                                              IDS MANAGED FUTURES II, L.P.

                                  STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

                              For the period January 1, 1997 through September 30, 1997


                                                                      Limited        General
                                                       Units*        Partners       Partners          Total
                                               ---------------  --------------  -------------  -------------
<S>                                            <C>              <C>             <C>            <C>
Partners' capital at January 1, 1997                20,173.70     $12,294,671       $392,762    $12,687,433

Net profit (loss)                                                     376,167         12,389        388,556

Redemptions (see Note 1)                            (1,353.23)       (838,842)             0       (838,842)
                                               ---------------  --------------  -------------  -------------
Partners' capital at September 30, 1997             18,820.47     $11,831,995       $405,151    $12,237,146
                                               ===============  ==============  =============  =============


Net asset value per unit
   January 1, 1997                                                    $609.44        $609.44

Net profit (loss) per unit                                              19.24          19.24
                                                                --------------  -------------
Net asset value per unit
   September 30, 1997                                                 $628.68        $628.68



* Units of Limited Partnership interest.

See accompanying notes to financial statements.
                                                              UNAUDITED


                                IDS MANAGED FUTURES II, L.P.

                                STATEMENTS OF CASH FLOWS


                                                 Jan 1, 1997     Jan 1, 1996
                                                  through          through 
                                                Sep 30, 1997     Sep 30, 1996
                                               ---------------  --------------
<S>                                            <C>              <C>
Cash flows from operating activities:
   Net profit/(loss)                                 $388,555        $438,406
   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                             (354,015)       (521,149)
     Interest receivable                                3,846           5,557
     Accrued liabilities                             (346,969)          3,434
     Redemptions payable                             (137,221)         23,486
                                               ---------------  --------------
     Net cash provided by (used in)
       operating activities                          (445,805)        (50,266)

Cash flows from financing activities:

   Partner redemptions                               (838,842)       (605,922)
                                               ---------------  --------------
   Net cash provided by (used in)
     financing activities                            (838,842)       (605,922)
                                               ---------------  --------------
Net increase (decrease) in cash                    (1,284,647)       (656,188)


Cash at beginning of period                        12,950,198      10,585,211
                                               ---------------  --------------
Cash at end of period                             $11,665,551      $9,929,023
                                               ===============  ==============

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



                       IDS MANAGED FUTURES II, L.P.

                       NOTES TO FINANCIAL STATEMENTS

                       SEPTEMBER 30, 1997

                       
(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.
                       
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.  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 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)
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 by John W. Henry &
Company, Inc. and Sabre Fund Management Limited at a rate of
$58.75 per round turn contract to CIS which in turn reallocates
$37.25 per round turn contract to AXP Advisors, an affiliate of
IDS Futures.   The Partnership pays commissions on trades
executed on its behalf by Welton Investment Corporation at a
rate of $43.75 per round turn contract to CIS which in turn
reallocates $27.15 per round turn contract to AXP Advisors.


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 & Company, Inc. ("JWH"), Sabre Fund Management Limited
("Sabre") and Welton Investment Corporation ("Welton") the
Partnership's Commodity Trading Advisors ("CTAs").  Pursuant to
an agreement between the Partnership and JWH,  JWH receives 1/3
of 1% of the month-end net asset value of the Partnership under
its management.  Pursuant to an agreement between the
Partnership and Sabre dated December 26, 1995 and effective
January 1, 1996, Sabre's monthly management fee was reduced from
1/3 of 1% to 1/6 of 1% of the Partnership's Net Asset Value
subject to Sabre's trading performance.  This reduction in
management fees will continue until such time that the
cumulative trading performance of Sabre reaches 40%.  Pursuant
to an agreement between the Partnership and Welton, Welton
receives 1/4 of 1% of the month-end net asset value of the
Partnership under its management.  The Partnership pays both JWH
and Sabre a quarterly incentive fee of 15% and pays Welton a
quarterly incentive fee of 18% of trading profits achieved on
the NAV of the Partnership allocated by the General Partners to
such Advisor's 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 Personal Property and Income Tax
based on the operating results of the Partnership.  Such tax
amounted to $5,823 and $6,638 for the periods ended September
30, 1997 and September 30, 1996, 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. 
The Partnership has contracts with three CTAs who make the
trading decisions.  Two of the CTAs trade a program diversified
among all commodity groups, while the third is diversified among
the various futures contracts in the financials and metals
group.  All three 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, 1997:

                                              
    COMMODITY GROUP              UNREALIZED GAIN/(LOSS)   
                                              

AGRICULTURAL COMMODITIES                7,060   
                
FOREIGN CURRENCIES                     68,721   
                                  
STOCK INDICES                          51,566   

ENERGIES                               30,363
               
METALS                                  1,168 
                                            
INTEREST RATE INSTRUMENTS             561,096   


TOTAL                                 719,974   
                                            

The range of maturity dates of these exchange traded open
contracts is October of 1997 through June of 1998.  The average
open trade equity for the period of January 1, 1997 to September
30,1997 was $631,606.
                                            
The margin requirement at September 30, 1997 was $1,521,824.  To
meet this requirement, the Partnership had on deposit with the
Clearing Broker $9,917,665 in segregated funds and $2,467,861 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, 1996, as filed
with the Securities and Exchange Commission on March 26, 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 September 30, 1997
              
The Partnership recorded a gain of $901,228 or $45.23 per Unit
for the third quarter of 1997.  This compares to a gain of
$254,821 or $11.97 per Unit for the third quarter of 1996.  For
the nine month period ended September 30, 1997, the Partnership
posted a gain of $388,555 or $19.24 per Unit, which compares to
a profit of $438,406 or $20.27  per Unit for the nine month
period ended September 30, 1996.

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.

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.   

Effective August 22, 1997, Morris Goodwin, Jr. resigned as a
Director of IDS Futures Corporation, a General Partner of the
Partnership.  Effective September 24, 1997. Peter J. Slattery
was elected as a Director of IDS Futures Corporation.

Effective September 12, 1997, Donald J. Zyck resigned as
Secretary and Treasurer of CIS Investments, Inc., one of the
general partners of the Partnership.  Effective September 13,
1997, Rebecca S. Steindel was elected Secretary and Richard A.
Driver was elected Treasurer of CIS Investments, Inc. 


           Fiscal Quarter ended September 30, 1996
           
The Partnership recorded a gain of $254,821 or $11.97 per Unit
for the third quarter of 1996.  This compares to a loss of
$149,375 or $6.53 per Unit for the third quarter of 1995.  For
the nine month period ended September 30, 1996, the Partnership
posted a gain of $438,406 or $20.27 per Unit, which compares to
a profit of $2,153,682 or $88.54 per Unit for the nine month
period ended September 30, 1995.   

The first month of the quarter saw losses in stock indices,
currencies and metals. Favorable positions in global interest
rates, stock indices and metals generated profits in the second
and third months of the quarter.  Overall, the third quarter
ended positively for the Partnership's accounts managed by John
W. Henry & Company, Inc. and Sabre Fund Management Limited.  At
September 30, 1996, John W. Henry & Company, Inc. was managing
80.7% of the Partnership's assets and Sabre Fund Management
Limited was managing 19.3% of the Partnership's assets.

In July, sharp declines in the U.S. stock market weakened the
dollar against other key currencies as some investors fled U.S.
assets in search of opportunities overseas.  In foreign
exchange, the U.S. dollar lost ground against the German mark
and the Japanese yen as the prospect for a hike in U.S. interest
rates seemed more unlikely.  Positions in  gold and silver were
unprofitable as were positions in global stock indices.  In the
commodity markets, changing weather conditions and threats of
further cancellations of major grain export contracts by China
unsettled agricultural markets.  The Partnership recorded a loss
of $176,053 or $8.16 per Unit in July.

The Japanese yen, German mark and U.S. dollar fluctuated
throughout the month of August.  Market participants in the
financial markets remained cautious, with few willing to take
positions prior to key central bank policy meetings and economic
reports slated at month end.  The German Bundesbank's decision
to sharply lower a key interest rate surprised the market and
sparked a European bond rally.  Hurricane activity, which posed
a threat to key refineries in the Caribbean and the Gulf of
Mexico, added to upward price pressures in the energy markets. 
Prices of both crude oil and heating oil climbed to four month
highs while agricultural commodity markets remained trendless. 
The Partnership recorded a profit of $87,467 or $4.08 per Unit
in August.

In September, the U.S. dollar reached a ten-week high against
the Japanese yen, the German mark and the Swiss franc.  The
energy markets continued to benefit from upward price pressures
in crude oil and derivative products, reflecting low inventories
worldwide and renewed tension in the Middle East.  Overseas
investors followed closely the budget reports of key European
nations seeking to meet Maastricht Treaty criteria for
membership in the EMU.  Convinced of the commitment of these
nations to the EMU and of the concurrent necessity for low
European interest rates to ensure economic growth, foreign
investors turned to higher yielding U.S. dollar-denominated
assets.  Foreign central banks were heavy buyers of U.S. bonds. 
The Partnership recorded a profit of $343,407 or $16.05 per Unit
in September.

During the quarter, investors redeemed a total of 261.95 Units. 
At the end of the quarter there were 21,303.38 Units outstanding
(including 644.45 Units owned by the General Partners).

During the fiscal quarter ended September 30, 1996, 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.  This compares to a  gain of
$189,919 or $8.65 per Unit for the second quarter of 1996.  For
the six month period ended June 30, 1997, the Partnership posted
a loss of $512,673 or $25.99 per Unit, which compares to a
profit of $183,585 or $8.30 per Unit for the six month period
ended June 30, 1996.  

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 John
W. Henry & Company, Inc. and only slightly positive for Sabre
Fund Management Limited.  At June 30, 1997, John W. Henry &
Company, Inc. was managing 82.6% of the Partnership's assets and
Sabre Fund Management Limited 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 June 30, 1996

The Partnership recorded a gain of $189,919 or $8.65 per Unit
for the second quarter of 1996.  This compares to a profit of
$494,432 or $20.62 per Unit for the second quarter of 1995. 
During the first quarter of 1996, the Partnership recorded a
loss of $6,334 or $0.35 per Unit, which compares to a profit of
$1,808,624 or $74.45 per Unit for the first quarter of 1995. 

Favorable positions in global currency and physical commodity
markets generated profits in the first and third months of the
quarter.  The second month of the quarter saw losses in metals
and global interest rates.  Overall, the second quarter ended
positively for the Partnership's accounts managed by John W.
Henry & Co., Inc. and Sabre Fund Management Limited.  At June
30, 1996, John W. Henry & Co., Inc. was managing 80.7% of the
Partnership's assets and Sabre Fund Management Limited was
managing 19.3% of the Partnership's assets.

In April, crude oil prices continued to surge upwards as
refiners pushed to replenish record low inventory levels.  In
the agricultural sector, prices of wheat, corn and soybeans
soared as export demand remained strong.  The currency markets
saw relatively high U.S. bond yields which attracted investors
to the U.S. dollar, thus strengthening the dollar against the
German mark and Swiss franc.  The Partnership recorded a profit
of $309,559 or $14.02 per Unit in April.

In May, the grain and oilseed markets were volatile as concerns
over winter crops were replaced by reports of poor planting
conditions for spring crops.  Crude oil prices succumbed to
political pressures and the expected impact on world oil
supplies of the long anticipated U.N./Iraq oil agreement.  In
the currency markets, the British pound declined to a two-year
low against the U.S. dollar early in the month, but rallied back
by the end of the month well ahead of the dollar as well as the
German mark.  The Partnership recorded a loss of $271,870 or
$12.37 per Unit in May.

In June, the metals markets were impacted by repercussions from
the Sumitomo copper trading losses and by an increase in the
world supply of gold; the result of selling by central banks. 
Crude oil prices reflected continued inventory shortages and the
renewal of tension in the Middle East.  The U.S. dollar reached
a 28-month high against the Japanese yen early in the month, but
ended lower at month's end as investors turned to higher
yielding European currencies.  The Partnership recorded a profit
of $152,230 or $7.00 per Unit in June.
     
During the quarter, investors redeemed a total of 516.07 Units. 
At the end of the quarter there were 20,920.91 Units outstanding
(including 644.45 Units owned by the General Partners).

During the fiscal quarter ended June 30, 1996, the Partnership
had no credit exposure to a counterparty which is a foreign
commodities exchange which was material.


              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.  This compares to a loss of
$6,334 or $0.35 per Unit for the first quarter of 1996. 

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.


                 Fiscal Quarter ended March 31, 1996

The Partnership recorded a loss of $6,334 or $0.35 per Unit for
the first quarter of 1996.  During the first month of the
quarter, the Partnership experienced gains primarily as a result
of profits in foreign exchange rates.  The Partnership then
recorded losses in the following two months due to unprofitable
currency positions and losses in trading of stock indices and
metals.  The first quarter of fiscal 1996 ended negatively for
the Partnership's accounts managed by John W. Henry & Company,
Inc. and Sabre Fund Management Limited.  At March 31, 1996, John
W. Henry & Company, Inc. was managing 80% of the Partnership's
assets and Sabre Fund Management Limited was managing 20% of the
Partnership's assets.

In January, the primary influence on markets was the U.S.
dollar, which rose against most currencies and hit its highest
level in two years against the Japanese yen.  Trading in foreign
exchange generated the majority of profits.  Trading in stock
indices was slightly profitable.  The Partnership recorded a
profit of $529,633 or $23.51 per Unit in January.

In February, the U.S. dollar lost ground against the Japanese
yen, British pound, Swiss franc and German mark, resulting in
the Partnership giving back some of the profits earned in
January.  The largest decline occurred in Japanese yen
positions.  In the metals markets, subsiding inflation fears and
weakening demand pushed gold prices beneath the $400 threshold
reached only a month before.  Trading in interest rates and
stock indices was also unprofitable.  The Partnership recorded a
loss of $514,051 or $22.88 per Unit in February.

In March, trading was volatile, reflecting investors' confusion
over the direction of the U.S. economy.   In addition, political
tensions between China and Taiwan and "Mad Cow" disease outbreak
in Britain further added to economic uncertainties.  Elections
in Australia, which resulted in the end of 13 years of Labor
Party rule, strengthened the Australian dollar to levels not
recorded in at least 10 months.  Trading in stock indices and
metals was unprofitable.   As a result, the Partnership recorded
a loss of $21,916 or $0.99 per Unit in March.
       
During the quarter, investors redeemed a total of 447.35 Units. 
At the end of the quarter there were 22,081.44 Units outstanding
(including 644.45 Units owned by the General Partners).

During the fiscal quarter ended March 31, 1996, the Partnership
had no material credit exposure to a counterparty which is a
foreign commodities exchange.


                     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 Partnership filed a Form 8-K (Item 5) with the Securities
                and Exchange Commission on August 12, 1997 to report that
                Welton Investment Corporation had been added as a commodity
                trading advisor of the Partnership effective August 1, 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:   November 13, 1997             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)