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
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from IDS Managed
Futures II, L.P. for the first quarter of 1997 and is qualified in its entirety
by reference to such 10-Q.
</LEGEND>
<CIK> 0000813831
<NAME> IDS MANAGED FUTURES II, L.P.
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1997
<CASH> 13,075,047
<SECURITIES> 0
<RECEIVABLES> 43,097
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 13,118,144
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 13,118,144
<CURRENT-LIABILITIES> 408,904
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 12,709,240
<TOTAL-LIABILITY-AND-EQUITY> 13,118,144
<SALES> 0
<TOTAL-REVENUES> 580,357
<CGS> 0
<TOTAL-COSTS> 218,023
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 362,334
<INCOME-TAX> 0
<INCOME-CONTINUING> 362,334
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 362,334
<EPS-PRIMARY> 17.39
<EPS-DILUTED> 17.39
</TABLE>
