SECURITIES AND EXCHANGE COMMISSION

                               Washington, D.C.  20549

                                      FORM 10-Q

          (Mark One)

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

                   For the quarterly period ended March 31, 1997 or

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

               For the transition period from            to           

                            Commission File Number 0-17443


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

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

                233 South Wacker Dr., Suite 2300, Chicago, IL  60606    
               (Address of principal executive offices)       (Zip Code)
               
          Registrant's telephone number, including area code (312) 460-4000

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

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

                             Yes   X         No      


<TABLE>
                                                                Part I.  Financial Information


Item 1.  Financial Statements

Following are Financial Statements for the fiscal quarter ended March 31, 1997,
and the additional time frames as noted:

                                           Fiscal Quarter    Year to Date   Fiscal Year    Fiscal Quarter Year to Date
                                           Ended 3/31/97     To 3/31/97     Ended 12/31/96 Ended 3/31/96  To 3/31/96
                                          --------------   --------------   -------------- --------------------------
<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

                                                Mar 31, 1997     Dec 31, 1996
                                               ---------------  --------------
<S>                                            <C>              <C>
ASSETS

Equity in commodity futures
   trading accounts:
   Account balance                                $12,831,393     $12,950,198
   Unrealized gain on open
     futures contracts                                243,654         365,959
                                               ---------------  --------------
                                                   13,075,047      13,316,157

Interest receivable                                    43,097          43,968
                                               ---------------  --------------
      Total assets                                $13,118,144     $13,360,125
                                               ===============  ==============

LIABILITIES AND PARTNERS' CAPITAL

Liabilities:
   Accrued commissions on open
     futures contracts due to AXP Advisors and        $30,611         $38,104
   Accrued management fee                              39,988          40,724
   Accrued incentive fee                               23,038         356,409
   Accrued operating expenses                          28,923          75,887
   Redemptions payable                                286,345         161,568
                                               ---------------  --------------
      Total liabilities                               408,904         672,692

Partners' Capital:
   Limited partners (19,630.90 units               12,305,278      12,294,671
     outstanding at 3/31/97, 20,173.69
     units outstanding at 12/31/96) (see Note 1)
   General partners (644.45 units out-                403,962         392,762
     standing at 3/31/97 and 12/31/96) (see Note 1)
                                               ---------------  --------------
      Total partners' capital                      12,709,240      12,687,433
                                               ---------------  --------------
      Total liabilities and
        partners' capital                         $13,118,144     $13,360,125
                                               ===============  ==============

See accompanying notes to financial statements.
                                               UNAUDITED


                                               IDS MANAGED FUTURES II, L.P.

                                               STATEMENTS OF OPERATIONS

                                                 Jan 1, 1997     Jan 1, 1997     Jan 1, 1996    Jan 1, 1996
                                                   through         through         through        through
                                                Mar 31, 1997     Mar 31, 1997   Mar 31, 1996   Mar 31, 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           $680,430        $680,430       $173,391       $173,391
   Change in unrealized gain (loss)
     on open positions                               (122,305)       (122,305)       (86,016)       (86,016)
Interest income                                       131,035         131,035        108,241        108,241
Foreign currency transaction gain (loss)             (108,803)       (108,803)       (13,269)       (13,269)
                                               ---------------  --------------  -------------  -------------
      Total revenues                                 $580,357        $580,357       $182,346       $182,346



EXPENSES

   Commissions paid to AXP Advisors and CIS            85,188          85,188        102,661        102,661
   Exchange fees                                        2,024           2,024          1,950          1,950
   Management fees                                    121,211         121,211        100,852        100,852
   Incentive fees                                      23,228          23,228            214            214
   Operating expenses                                 (13,628)        (13,628)       (16,997)       (16,997)
                                               ---------------  --------------  -------------  -------------
      Total expenses                                  218,023         218,023        188,680        188,680
                                               ---------------  --------------  -------------  -------------
      Net profit (loss)                              $362,334        $362,334        ($6,334)       ($6,334)
                                               ===============  ==============  =============  =============
PROFIT (LOSS) PER UNIT OF
  PARTNERSHIP INTEREST                                 $17.39          $17.39          $0.35          $0.35
                                               ===============  ==============  =============  =============

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 March 31, 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)                                                     351,135         11,200        362,335

Redemptions (see Note 1)                              (542.80)       (340,528)             0       (340,528)
                                               ---------------  --------------  -------------  -------------
Partners' capital at March 31, 1997                 19,630.90     $12,305,278       $403,962    $12,709,240
                                               ===============  ==============  =============  =============


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

Net profit (loss) per unit                                              17.39          17.39
                                                                --------------  -------------
Net asset value per unit
   March 31, 1997                                                     $626.83        $626.83



* 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 
                                                Mar 31, 1997     Mar 31, 1996
                                               ---------------  --------------
<S>                                            <C>              <C>
Cash flows from operating activities:
   Net profit/(loss)                                 $362,334         ($6,334)
   Adjustments to reconcile net loss
     to net cash provided by (used in)
     operating activities:
   Change in assets and liabilities:
     Unrealized gain (loss) on open
       futures contracts                              122,305          86,016
     Interest receivable                                  871           3,215
     Accrued liabilities                             (388,565)        (56,775)
     Redemptions payable                              124,777          58,709
                                               ---------------  --------------
     Net cash provided by (used in)
       operating activities                           221,722          84,830

Cash flows from financing activities:

   Partner redemptions                               (340,528)       (220,245)
                                               ---------------  --------------
   Net cash provided by (used in)
     financing activities                            (340,528)       (220,245)
                                               ---------------  --------------
Net increase (decrease) in cash                      (118,806)       (135,415)


Cash at beginning of period                        12,950,198      10,585,211
                                               ---------------  --------------
Cash at end of period                             $12,831,393     $10,449,795
                                               ===============  ==============

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


                             IDS MANAGED FUTURES II, L.P.

                            NOTES TO FINANCIAL STATEMENTS

                                    March 31, 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.   

          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 are permitted by a subscriber during the
          first six months after he or she has been admitted to the
          Partnership.  Thereafter, a Limited Partner may cause any or all
          of his or her Units to be redeemed by the Partnership effective
          as of the last trading day of any month of the Partnership based
          on the Net Asset Value per Unit on ten days written notice to the
          General Partners.  There are no additional charges to the
          investors at redemption.  The General Partners may declare
          additional redemption dates upon notice to the Limited Partners. 
          Payment will be made within ten business days of the effective
          date of the redemption.  The Partnership's Limited Partnership
          Agreement contains a full description of redemption and
          distribution procedures.

          The Partnership shall be terminated on December 31, 2007 if
          none of the following occur prior to that date: (1) investors
          holding more than 50 percent of the outstanding Units notify the
          General Partners to dissolve the Partnership as of a specific
          date;  (2) withdrawal, removal, insolvency, bankruptcy, legal
          disability or dissolution of the General Partners of the
          Partnership;  (3) bankruptcy or insolvency of the Partnership;
          (4) decrease in the net asset value to less than $1,500,000; (5)
          the Partnership is declared unlawful, or (6) the net asset value
          per Unit declines to less than $125 per Unit and the General
          Partners elect to withdraw from the Partnership.

          (2)  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

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

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

          Revenue Recognition

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

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

          Brokerage commissions, National Futures Association fees,
          and clearing and exchange fees are accrued on a round-turn basis
          on open commodity futures contracts.  The Partnership pays
          commissions on trades executed on its behalf at a rate of $58.75
          per round turn contract to CIS which in turn reallocates $37.25
          per round turn contract to AXP Advisors, an affiliate of IDS
          Futures. 

          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") and Sabre Fund Management Limited
          ("Sabre") 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%.  The
          Partnership pays each Advisor a quarterly incentive fee of 15% 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 $5,423 and $0 for the periods ended March 31, 1997
          and March 31, 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 non-performance by one of
          its members or one of the members' customers and as such should
          significantly reduce this credit risk.  In the cases where the
          Partnership trades on exchanges on which the Clearing House is
          not backed by the membership, the sole recourse of the
          Partnership for nonperformance will be the Clearing House.

          The Partnership holds futures and futures options positions
          on the various exchanges throughout the world.  The Partnership
          does not trade over the counter contracts.   As defined by SFAS
          105, futures positions are classified as financial instruments. 
          SFAS 105 requires that the Partnership disclose the market risk
          of loss from all of its financial instruments.  Market risk is
          defined as the possibility that future changes in market prices
          may make a financial instrument less valuable or more onerous. 
          If the markets should move against all of the futures positions
          held by the Partnership at the same time, and if the markets
          moved such that the Trading Advisors were unable to offset the
          futures positions of the Partnership, the Partnership could lose
          all of its assets and the partners would realize a 100% loss. 
          The Partnership has contracts with two CTAs who make the trading
          decisions.  One of the CTAs trades a 
          program diversified among all commodity groups, while the other
          is diversified among the various futures contracts in the
          financials and metals group.  Both CTAs trade on U.S. and
          non-U.S. exchanges.  Such diversification should greatly reduce
          this market risk.  Cash was on deposit with the Clearing Broker
          in each time period of the financial statements which exceeded
          the cash requirements of the Commodity Interests of the
          Partnership.
                    
          The following chart discloses the dollar amount of the
          unrealized gain or loss on open contracts related to exchange
          traded contracts for the Partnership as of March 31, 1997:


           COMMODITY GROUP                 UNREALIZED GAIN/(LOSS)

           AGRICULTURAL COMMODITIES                (228)
            
           FOREIGN CURRENCIES                    63,513 

           STOCK INDICES                         (6,267) 

           ENERGIES                              809.00 
          
           METALS                                11,998 

           INTEREST RATE INSTRUMENTS            173,830 
                                                                                

           TOTAL                                243,654 


          The range of maturity dates of these exchange traded open
          contracts is April of 1997 through March of 1998.  The average
          open trade equity for the period of January 1, 1996 to March 31,
          1997 was $629,968.

          The margin requirement at March 31, 1997 was $715,497.  To meet
          this requirement, the Partnership had on deposit with the
          Clearing Broker $11,475,025 in segregated funds and $1,600,022 in
          secured funds.

          (6)  FINANCIAL STATEMENT PREPARATION

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

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


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


                         Fiscal Quarter ended March 31, 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.

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

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

                         Fiscal Quarter ended March 31, 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 April 10, 1997
                   to report that notice had been given on April 1, 1997
                   to Sabre Fund Management Limited, a commodity trading
                   advisor of the Partnership, of the intention of the
                   Partnership to terminate the Advisory Contract of Sabre
                   Fund Management Limited on April 30, 1997.

                   The Partnership will file a Form 8-K (Item 5) with the
                   Securities and Exchange Commission to report that the
                   Partnership did not terminate the Advisory Contract
                   with Sabre Fund Management Limited on April 30, 1997.
                   Sabre Fund Management Limited remains as a commodity
                   trading advisor of the Partnership.

       

                                      SIGNATURES

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



          Date:  May 14, 1997             IDS MANAGED FUTURES II, L.P.

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

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