IDS MANAGED FUTURES L P - 10-K Annual Report

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 or 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended Commission File No.
December 31, 1995 0-16515

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

Delaware 06-1189438
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification #)

233 South Wacker Drive, Suite 2300, Chicago, IL 60606
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code (312)460-4000

Securities registered pursuant to Section 12 (b) of the Act: None

Securities registered pursuant to Section 12 (g) of the Act:
Units of Limited Partnership Interest

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

Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K is not contained herein
and will not be contained, to the best of the registrant's
knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K: [X]

There is no public market for the units of limited partnership
interest. Accordingly, information with respect to the aggregate
market value of units of limited partnership interest held by
non-affiliates has not been supplied.

Registrant has no voting stock.

Index to exhibits on page 36

Documents Incorporated by Reference

Incorporated by reference in Part I, Item 1 are the Partnership
Prospectuses dated March 27, 1987, March 29, 1993, January 31,
1994 and June 26, 1995 filed pursuant to Rule 424 under the
Securities Act of 1933.

Incorporated by Reference in Part I, Item 1 and Part IV, Item 14
is Registration Statement No. 33-11111C of the Partnership on
Form S-18 under the Securities Act of 1933, declared effective on
March 27, 1987.

Incorporated by Reference in Part I, Item 1 and Part IV, Item 14
is Registration Statement No. 33-45375 of the Partnership on Form
S-1 under the Securities Act of 1933, declared effective on March
29, 1993.

Incorporated by Reference in Part I, Item 1 and Part IV, Item 14
is Registration Statement No. 33-72240 of the Partnership on Form
S-1 under the Securities Act of 1933, declared effective on
January 31, 1994.

Incorporated by Reference in Part I, Item 1 and Part IV, Item 14
is Registration Statement No. 33-86894 of the Partnership on Form
S-1 under the Securities Act of 1933, declared effective on June
26, 1995.

Part I

Item 1. Business

IDS Managed Futures, L.P. (the "Partnership") is a limited
partnership organized on December 16, 1986 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 (the "CE
Act") 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. Effective
January 1, 1995, IDS Financial Corporation, the parent company of
IDS Financial Services Inc., changed its name to American Express
Financial Corporation and IDS Financial Services Inc. changed its
name to American Express Financial Advisors Inc. These were
solely name changes; the management and structure of each company
did not change. Trading decisions for the Partnership are made
by two independent commodity trading advisors, John W. Henry &
Co., Inc. and Sabre Fund Management Limited.

CIS is a "Futures Commission Merchant", the General Partners are
"Commodity Pool Operators", AXP Advisors is an "Introducing
Broker" and the trading advisors to the Partnership are
"Commodity Trading Advisors" as those terms are used in the CE
Act. As such, they are registered with and subject to regulation
by the Commodity Futures Trading Commission ("CFTC") and the
National Futures Association ("NFA"). AXP Advisors and CIS are
also registered as broker-dealers with the National Association
of Securities Dealers, Inc. ("NASD") and the SEC.

Units of limited partnership interest ("Units") were offered
initially by AXP Advisors commencing March 27, 1987 and
concluding June 16, 1987. Subsequent offerings commenced March
29, 1993, January 31, 1994 and June 26, 1995. The total amount
of the initial offering was $7,500,000 and the total amount of
the combined reopenings was $80,000,000. Investors affiliated
with the selling agent of the Partnership are not required to pay
selling commissions, and the current offering has varied selling
commission rates depending on the total dollar amount of the
investment. Therefore, the total number of Units authorized for
the Partnership is not determinable and therefore is not
disclosed in the financial statements.

The initial offering of Units was made pursuant to a registration
statement on Form S-18 and Prospectus declared effective with the
Securities and Exchange Commission ("SEC") on March 27, 1987.
The maximum sales allowed in the offering was $7,500,000. By the
end of the offering period, subscriptions for 29,442 Units
(excluding the Units purchased by the initial Limited Partner)
had been accepted by the Partnership, representing a total
investment of $7,372,260. The minimum subscription size was
$5,000 or 20 Units for investors not affiliated with AXP Advisors
and $4,700 or 20 Units for affiliated investors (affiliated
investors did not have to pay selling commissions of $15 per
unit). In the case of Individual Retirement Accounts and Keogh
Plans the minimum subscription size was $1,000 in most
jurisdictions and $940 for affiliated investors. In June 1987,
$353,280 was paid to AXP Advisors for selling commissions and
$285,822 was reimbursed to the General Partners for organization
and offering expenses which had been incurred on behalf of the
Partnership. The trading advisors commenced trading on June 16,
1987 with $6,733,158.

The Partnership was reopened to additional investment pursuant to
a registration statement on Form S-1 that was declared effective
with the SEC on March 29, 1993. The maximum sales allowed in
this additional offering was $10,000,000. The minimum
subscription size for the reopening was $1,000 for investors not
affiliated with AXP Advisors. On January 31, 1994, a
registration statement on Form S-1 was declared effective with
the SEC for purposes of offering $20,000,000 of Units in the
Partnership in addition to the unsold portion of the $10,000,000
of Units offered pursuant to the Prospectus dated March 29, 1993.

By December 31, 1994, a total of 25,571.16 Units representing a
total investment of $20,033,657 of limited partnership interest
had been sold in the combined offerings. Selling commissions of
$1,145,552 were paid to AXP Advisors by the new limited partners.
All new investors paid organization and offering expenses
totaling $1,202,003.During the period from December 10, 1994
through December 31, 1994, subscriptions for 974.05 Units
representing a total investment of $701,402 of limited
partnership interest were received from investors which were
accepted into the Partnership as of January 31, 1995. These were
the final subscriptions received from investors before the close
of the offering. Selling commissions of $38,670 were paid to AXP
Advisors by the new limited partners and all new investors paid
organization and offering expenses totaling $42,084.

Commencing with the January 31, 1993 offering, the General
Partners modified the method in which they were reimbursed for
offering expenses that they advanced. All offering expenses
incurred in offering Units since March 29, 1993 were treated as a
single reimbursable amount. At the end of the offering (December
31, 1994), any excess of the aggregate Offering Expense charge
received by the General Partners over the actual offering
expenses advanced by them was rebated to those investors who
purchased Units during the entire offering since March 29, 1993.
Rebates were made pro rata based on the number of Units purchased
by each investor and were paid in cash. The payout to investors
equaled $671,399.88 and was paid to investors on approximately
April 1, 1995. Any rebate of less than $15 per investor,
however, was retained by the General Partners.

At the close of business on February 28, 1995 each Unit was
divided into three Units (a "3 for 1 split"), each of which has a
Net Asset Value per Unit equal to the previous Net Asset Value
per Unit divided by three. Accordingly, the total number of
Units outstanding tripled as of that date.

On June 26, 1995, a new registration statement on Form S-1 was
declared effective with the SEC to register $50,000,000 of Units
in addition to the unsold portion of the $20,000,000 offered
pursuant to the Prospectus dated January 31, 1994. The minimum
subscription size for the new offering is $1,000 for investors
not affiliated with AXP Advisors. By December 31, 1995, a total
of 18,183.271 Units representing a total investment of $5,133,101
of limited partnership interest had been sold in the new
offering. Selling commissions of $286,212 were paid to AXP
Advisors by the new limited partners. All new investors paid
organization and offering expenses totaling $153,993.

The Offering Expense charged pursuant to the registration
statement effective June 26, 1995 was reduced to 3% from the 6%
which had been charged in the previous two offerings. No rebate
similar to that described above will be made for this current
offering.

During the initial offering, the General Partners each
contributed $50,055 (a total of $100,110) in cash to the capital
of the Partnership, which was approximately 1.36% of the total
contributions to the Partnership (less selling commissions) by
all Partners. The General Partners received in exchange for such
contribution 426 Units of Partnership interest (213 Units each).
This number of Units equals the total General Partners'
contribution divided by $235 (selling price of $250 per unit less
selling commission of $15 per unit). During the offering period
ending December 31, 1994 the General Partners purchased a total
of 214.18 additional Units representing a total investment of
$160,000. In the current offering period the General Partners
have purchased 394.80 Units for a total amount of $102,880.

CIS Financial Services, Inc. ("CISFS") will act as the
Partnership's forward contract broker and in that capacity will
arrange for the Partnership to contract directly for forward
transactions in foreign currencies. CISFS is a direct
participant in the interbank market for foreign currencies. The
Partnership will act as a principal in each transaction entered
into with a bank, and CISFS will act only as the Partnership's
agent in brokering these transactions.

Under the terms of the Limited Partnership Agreement, the General
Partners may not select Partnership transactions involving the
purchase or sale of any commodity interests, but must select one
or more advisors to direct the Partnership's trading with respect
thereto. Initially, the General Partners chose and caused the
Partnership to enter into Advisory Contracts with each of John W.
Henry and Co., Inc. ("JWH") and Sabre Fund Management Limited
("Sabre") (collectively, the "Advisors"). Commencing on June 16,
1987, after the conclusion of the offering period with respect to
the Partnership's Limited Partnership Units, the Advisors began
to provide commodity trading instructions to CIS on behalf of the
Partnership. The General Partners felt it appropriate to make a
change in trading advisor systems; 70 percent of the assets
formerly managed by JWH pursuant to its Original Investment
Program were allocated to another program operated by JWH, the KT
Financial and Metals Portfolio, as of February 28, 1989. The
remaining assets in the JWH Original Investment Program were
closed due to disappointing performance as of October 13, 1989.
This money was reallocated to Sabre in early 1990. In February
1991, the General Partners felt it prudent to realign the assets
of the Partnership so that JWH and Sabre were each allocated 50%
of the trading assets.

The General Partners are responsible for the preparation of
monthly and annual reports to the Limited Partners; filing
reports required by the CFTC, the NFA, the SEC and any other
Federal or State agencies having jurisdiction over the
Partnership's operations; calculation of the Net Asset Value
(meaning the total assets less total liabilities of the
Partnership (for a more precise definition, see the Exhibit "The
Registration Statement on Form S-1" hereto)) and directing
payment of the management and incentive fees payable to the
Advisors under the Advisory Contracts.

The General Partners provide suitable facilities and procedures
for handling redemptions, transfers, distributions of profits (if
any) and orderly liquidation of the Partnership. Although CIS,
an affiliate of CISI (one of the General Partners) acts as the
Partnership's clearing broker, the General Partners are
responsible for selecting another clearing broker in the event
CIS is unable or unwilling to continue in that capacity. The
General Partners are further authorized, on behalf of the
Partnership (i) to enter into a brokerage clearing agreement and
related customer agreements with their affiliates, CIS and AXP
Advisors, pursuant to which those firms render clearing and
introducing brokerage services to the Partnership; (ii) to cause
the Partnership to pay brokerage commissions at the rates
provided for in the brokerage agreement (until August 31, 1995
this rate was $50 per round turn trade to CIS which in turn
reallocated $30 per round turn trade to AXP Advisors; effective
September 1, 1995, which was the first business day of the month
following the initial closing of the new offering, the round turn
brokerage commission rate was decreased from $50 to $35 per round
turn trade to CIS which in turn reallocates $20 per round turn
trade to AXP Advisors) and NFA, exchange, clearing, delivery,
insurance, storage, service and other fees and charges including
surcharges on foreign exchanges with higher incremental costs
incidental to the Partnership's trading; and (iii) to receive an
annual administrative fee equal, in the case of IDS Futures, to
1.45% of the Partnership's Net Asset Value ("NAV") on the first
business day of each fiscal year and, in the case of CISI, to
0.3% of the Partnership's NAV on the first business day of each
fiscal year until January 1, 1993. Commencing January 1, 1993,
the annual administrative fee payable to IDS Futures was reduced
to 1.125% and the annual administrative fee payable to CISI was
reduced to 0.25%. Although no increase to brokerage commissions
or administrative fees is anticipated, such fees as allowed in
the Prospectus may be increased at rates equivalent to increases
in the Consumer Price Index or other comparable measure of
inflation.

The Advisory Contracts between the Partnership and the Advisors
provide that the Advisors shall each have sole discretion in and
responsibility for the selection of the Partnership's commodity
transactions with respect to that portion of the Partnership's
assets allocated to it. The initial Advisory Contracts
terminated on June 30, 1988 but were extended with each Advisor
on the same terms for three additional one-year terms. An
Amendment to the Advisory Contract has extended the term of each
Advisory Contract through January 1993 with the automatic
extension of its terms for three additional one-year terms
through January 1996, unless earlier terminated in accordance
with the termination provisions contained therein. The renewal
right is applicable irrespective of any change in Advisors or any
reallocation of Partnership assets among Advisors or to other
trading advisors by the Partnership.

The Advisory Contracts shall terminate automatically with respect
to both Advisors in the event that the Partnership is terminated
in accordance with the Restated and Amended Limited Partnership
Agreement. The Advisory Contracts may be terminated by the
Partnership with respect to any Advisor individually upon written
notice to the Advisor in the event that (i) the Partnership
assets allocated to the Advisor has trading losses in excess of
30% of the assets originally allocated to the Advisor; (ii) the
Advisor is unable, to any material extent, to use its agreed upon
Trading Approach; (iii) the Advisor's registration is revoked or
not renewed; (iv) there is unauthorized assignment of the
Contract by the Advisor (v) the Advisor dissolves, merges,
consolidates with another entity, sells a substantial portion of
its assets, changes control, become bankrupt or insolvent or has
a change in executive officer; or (vi) the General Partners
determine in good faith that such termination is necessary for
the protection of the Partnership.

An Advisor may terminate the Advisory Contract at any time upon
written notice to the Partnership in the event (i) that its
continued trading on behalf of the Partnership would require the
Advisor to become registered as an investment advisor under the
Investment Advisors Act of 1940; (ii) that assets in excess of
50% of the initially allocated assets are reallocated from the
Advisor; (iii) that the registration of either General Partner is
revoked, suspended, terminated or not renewed; (iv) that the
General Partners elect to have the Advisor use a trading approach
which is different from that initially used; (v) that the General
Partners override a trading instruction or impose additional
trading limitations; (vi) that there is an unauthorized
assignment of the Advisory Contract by the General Partners; or
(vii) other good cause is shown to which the written consent of
the General Partners is also obtained. An Advisor may also
terminate the Advisory Contract on 60 days written notice to the
General Partners during any renewal term.

The Advisors will continue to advise other futures trading
accounts. The Advisors and their officers, directors and
employees also will be free to trade commodity interests for
their own accounts provided such trading is consistent with the
Advisors' obligations and responsibilities to the Partnership.
To the extent that the Advisors recommend similar or identical
trades to the Partnership and other accounts which they manage,
the Partnership may compete with those accounts for the execution
of the same or similar trades.

The Partnership initially paid JWH a monthly management fee of
1/4 of 1% of the Partnership's NAV under management as of the end
of the month, whether or not the Partnership was profitable, and
quarterly incentive fee of 18% of trading profits achieved on the
NAV of the Partnership allocated to such Advisor's management
until June 30, 1992. Effective July 1, 1992, the Partnership
began paying JWH 1/3 of 1% of the month end NAV of the
Partnership and a quarterly incentive fee of 15% of the
Partnership's net trading profits, if any, attributable to its
management. The Partnership initially paid Sabre a monthly
management fee of 1/4 of 1% of the Partnership's NAV under
management. As of December 1991 the General Partners reduced
Sabre's management fee from 1/4 of 1% to 1/8% of 1% until such
time as the trading performance for assets allocated to Sabre
reached a 25% performance return. Effective July 1, 1993,
Sabre's management fee was returned to the 1/4 of 1% level as
this performance return had been reached. Further effective
January 1, 1996, Sabre's monthly management fee was again reduced
from 1/4 of 1% to 1/8 of 1% of the Partnership's Net Asset Value
subject to Sabre's management at month end. This reduction in
management fees will continue until such time that the cumulative
trading performance of Sabre reaches a certain level specified by
the General Partners and agreed upon by Sabre. The calculation
and payment of such incentive fees is not affected by the
performance of the other Advisor. See pages 6-8 of Exhibit 10.1
hereto for a description of NAV and trading profits. The
incentive fee is paid to an Advisor only when the cumulative
trading profits for assets allocated to that Advisor at the end
of a quarter exceed the highest previous cumulative trading
profits at the end of a quarter for which an incentive fee was
paid to the Advisor.

Effective March 17, 1995, Sabre Limited, the holding company of
Sabre, changed its share ownership and management structure. On
this date Henderson Administration Group plc and Phoenix
Securities Limited both ceased to be ordinary shareholders in
Sabre Limited. In addition, Mr. Michael J. Grimme purchased a
29.25% share ownership in Sabre Limited. Following these
transactions, the holders of ordinary voting shares in Sabre
Limited are as follows: Robin W. Edwards, 41.5%; Peter G. Swete,
29.25%; and Michael J. Grimme, 29.25%. Also on March 17, 1995,
Michael J. Grimme was appointed to the Board of Directors of
Sabre Limited and became the Managing Director of Sabre.
Effective November 30, 1995, Michael J. Grimme became a
Non-Executive Director of Sabre.

Effective July 7, 1995, Bruce I. Nemirow resigned from his
positions with JWH and effective October 27, 1995 Thomas C.
Bozarth is no longer a principal of JWH. In the year ending
December 31, 1995, the following persons have been added as
principals of JWH: David R. Bailin, Executive Vice President;
Barry S. Fox, Director of Research and Development; David M.
Kozak, Vice President; Christopher E. Deakins, Vice President;
and Nancy O. Fox, Vice President. In addition, Mary Beth Hardy
was promoted to Senior Vice President of JWH.

The Limited Partnership Agreement provides that (i) funds will be
invested only in futures contracts which are traded in sufficient
volume to permit, in the opinion of each Advisor, ease of taking
and liquidating positions; (ii) no Advisor will establish futures
positions in a commodity interest such that the margin required
for those positions, when added to that required for existing
positions for the same commodity interest, would exceed 15% of
the Partnership assets allocated to the Advisor; (iii) it is
expected that 20% to 60% of the Net Assets of the Partnership
will normally be committed to initial margin, however, no Advisor
may commit more than 66 2/3% of the assets under its management
to initial margins; (iv) the Partnership will not generally
enter into an open position for a particular commodity interest
during a delivery month; (v) the Partnership may not trade in
securities or options on securities, commodity futures contracts,
or physical commodities unless such options have been approved
for trading on a designated contract market by the CFTC; the
Partnership may trade in foreign options if permitted under the
CE Act and CFTC regulations; the Partnership may trade in
futures contracts, futures contracts on foreign currencies
through foreign and domestic commodity exchanges and forward
contracts on foreign currencies; (vi) the Partnership may not
engage in pyramiding, but may employ spreads or straddles; (vii)
the Partnership's assets will not be commingled with the assets
of any other person; (viii) Advisor will not be permitted to engage
in churning the assets of the Partnership; and (ix) no rebates or
give-ups may be paid to or received by the General Partners. The
Partnership will not generally utilize borrowing except for
short-term borrowing when the Partnership takes delivery of a
physical commodity. Material changes in these trading policies
must be approved by a vote of a majority of the outstanding
Limited Partnership Units.

The Partnership's net assets are deposited in the Partnership's
account with CIS, the Partnership's clearing broker. CIS
credited the Partnership at month end with interest income on
100% of the Partnership's average monthly cash balance at a rate
equal to 80% of the average yield on the 90-day U.S. Treasury
Bills issued during that month. Effective August 1, 1993, the
rate was changed to 90% of the average yield on the 90-day U.S.
Treasury Bills issued during that month.

The Partnership currently has no salaried employees and all
administrative services performed for the Partnership are
performed by the General Partners. The General Partners have no
employees other than their officers and directors, all of whom
are employees of the affiliated companies of the General
Partners. For these administrative services, the General
Partners received an annual fee, as described above, equal to
1.75% of the NAV on the first day of the Partnership's fiscal
year (paid on a pro rata basis for the first year of the
Partnership's trading). However, after December 31, 1992 the
annual administrative fee for the General Partners was reduced to
1.375% of the NAV on the first day of the Partnership's fiscal
year.

The Partnership's business constitutes only one segment for
financial reporting purposes; it is a limited partnership whose
purpose is to trade, buy, sell, spread or otherwise acquire, hold
or dispose of commodity interests including futures contracts,
forward contracts, physical commodities and related options
thereon. The Partnership does not engage in the production or
sale of any goods or services. The objective of the Partnership
business is appreciation of its assets through speculative
trading in such commodity interests. Financial information about
the Partnership's business, as of December 31, 1995, is set forth
under Items 6 and 7 herein.

For a description of commodity trading and its regulation, see
the Prospectuses filed on Form S-18 and Form S-1 included in the
exhibits hereto as well as the Form S-18 and S-1 Registration
Statements.

The Current Offering

On June 26, 1995, a registration statement on Form S-1 was
declared effective with the SEC to register $50,000,000 of Units
in addition to the unsold portion of the $20,000,000 offered
pursuant to the Prospectus dated January 31, 1994. The
additional interests in the Partnership are offered to the public
exclusively by AXP Advisors on a best efforts basis. The minimum
subscription size for the current offering is $1,000 for
investors not affiliated with AXP Advisors. The first closing of
the current offering was August 31, 1995. As of February 29, 1996
$53,602,065 remained to be sold in the combined offerings of the
Partnership.

Competition

Each Advisor and its principals, affiliates and employees are
free to trade for their own accounts and to manage other
commodity accounts during the term of the Advisory Contract and
to use the same information and trading strategy which the
Advisor obtains, produces or utilizes in the performance of
services for the Partnership. To the extent that the Advisor
recommends similar or identical trades to the Partnership and
other accounts which it manages, the Partnership may compete with
those accounts for the execution of the same or similar trades.

Other trading advisors who are not affiliated with the
Partnership may utilize trading methods which are similar in some
respects to those methods used by the Partnership's Advisors.
These other trading advisors could also be competing with the
Partnership for the same or similar trades as requested by the
Partnership's Advisors.

Item 2. Properties

The Partnership does not utilize any physical properties in the
conduct of its business. The General Partners use the offices of
CIS and AXP Advisors, at no additional charge to the Partnership,
to perform their administration functions, and the Partnership
uses the offices of CIS, again at no additional charge to the
Partnership, as its principal administrative offices.

Item 3. Legal Proceedings

None.

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

None.

Part II

Item 5. Market for the Registrant's Units and Related Security
Holder Matters

(a) There is no established public market for the Units and
none is expected
to develop.

(b) As of December 31, 1995, there were
118,310.37 Units held by Limited Partners and
2,315.34 Units held by the General Partners.
A total of 9,012.50 Units had been redeemed
by Limited Partners during the period from
January 1, 1995 to December 31, 1995
(19,261.56 Units were redeemed prior to
calendar year 1995). The Partnership's
Restated and Amended Limited Partnership
Agreement (Exhibit 3.1 hereto) contains a
full description of redemption and
distribution procedures.

(c) To date no distributions have been made to
partners in the Partnership.

The Limited Partnership Agreement does not provide for regular or
periodic cash distributions, but gives the General Partners sole
discretion in determining what distributions, if any, the
Partnership will make to its partners. The General Partners have
not declared any such distributions to date, and do not currently
intend to declare such distributions.

Item 6. Selected Financial Data

1991 1992 1993 1994 1995

1.Operating Revenues(000) $2,243 $ 258 $3,444 $ 279 $8,419
2.Income (Loss) From
Continuing Operations(000) 1,412 (284) 2,362 (1,530) 5,755
3.Income (Loss) Per Unit 36.60 (6.04) 65.22 (16.30) 50.46
4.Total Assets(000) 7,183 5,980 15,135 24,185 33,276
5.Long Term Obligations 0 0 0 0 0
6.Cash Dividend Per Unit 0 0 0 0 0

Note: All references to Units reflect the 3-for-1 Unit split
effective February 28, 1995. See page 4 for details of the Unit
split.

Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations

Liquidity and Capital Resources

Most United States commodity exchanges limit the amount of
fluctuation in commodity futures contract prices during a single
trading day by regulations. These regulations specify what are
referred to as "daily price fluctuation limits" or "daily
limits". The daily limits establish the maximum amount the price
of a futures contract may vary either up or down from the
previous day's settlement price at the end of a trading session.
Once the daily limit has been reached in a particular commodity,
no trades may be made at a price beyond the limit. Positions in
the commodity could then be taken or liquidated only if traders
are willing to effect trades at or within the limit during the
period for trading on such day. Because the "daily limit" rule
only governs price movement for a particular trading day, it does
not limit losses. In the past, futures prices have moved the
daily limit for numerous consecutive trading days and thereby
prevented prompt liquidation of futures positions on one side of
the market, subjecting commodity futures traders holding such
positions to substantial losses for those days.

It is also possible for an exchange or the CFTC to suspend
trading in a particular contract, order immediate settlement of a
particular contract, or direct that trading in a particular
contract be for liquidation only.

The Partnership's net assets are held in a brokerage account with
CIS, and as long as CIS acts as the Partnership's clearing
broker, the Partnership initially earned interest on 100% of the
Partnership's average monthly cash balance at a rate equal to 80%
of the average yield on the 90-day U.S. Treasury Bills issued
during that month. However, effective August 1, 1993, the
Partnership began to earn interest at a rate of 90% of the
average yield on the 90-day U.S. Treasury Bills issued during
that month. For the calendar year ended December 31, 1995 CIS
had paid or accrued to pay interest of $1,389,521 to the
Partnership. Similarly, for the calendar year ended December 31,
1994 CIS had paid or accrued to pay interest of $760,250 to the
Partnership.

For the year ended December 31, 1995, investors redeemed a total
of 9,012.50 Units for $2,332,058. In 1994, investors redeemed a
total of 1,940.13 Units for $445,141.

During 1995, investors purchased 21,105.44 Units (including the
General Partners' purchase of 394.80 Units) for $5,834,503.

On December 31, 1995, the Partnership had unrealized profits of
$1,705,569 and cash on deposit of $31,440,196. These positions
required margin deposits at CIS of $3,655,729. The total balance
of the Partnership's account at CIS was $33,145,765. These
figures compare to unrealized profits of $1,340,020, cash on
deposit of $22,041,930, margin requirements of $2,923,318 and
total balance of the Partnership's account of $23,381,950 as of
December 31, 1994. On December 31, 1993, the Partnership had
unrealized profits of $648,483 and cash on deposit at CIS of
$12,986,861. These positions required margin deposits at CIS of
$1,194,246. The total balance of the Partnership's account was
$13,635,344.

During the fiscal year ended December 31, 1995, the Partnership
had no credit exposure to a counterparty which is a foreign
commodities exchange which was material.

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.

Results of Operations

The Partnership posted positive returns for 1993 and 1995 but
suffered modest losses for its Limited Partners in 1994.

Trading for 1993 was very profitable. The net return for this
period was 38%. These results were achieved primarily through
trading of world financial markets - capitalizing on strong
trends in global bonds and stock indices. Long positions in
European, United States and Pacific Rim bond markets were
generally very profitable as global economic sluggishness
continued to plague many of the world industrialized nations.
Currency markets for the most part stayed within narrow trading
ranges for this period. The one exception to this was the major
movement of the Japanese Yen. Grains had a brief flurry of
activity during the summer as severe flooding hampered crop
development in the Midwest coupled with drought conditions in the
Southeastern United States. As a result of this trading the
Partnership realized a gain for the year of $2,361,949.

The year 1994 was a challenging year for the Partnership, which
posted a loss of 6.9%. Economic and political instability
worldwide created disruptions in the financial markets. The U.S.
Administration was under fire, there was major trade tension
between the U.S. and Japan, instability in Russia, an
assassination in Mexico and conflict in Korea, all resulting in a
sharp decline in global stock and bond prices. The Yen/U.S.
Dollar relationship fluctuated sharply due to the concerns of
trade barriers or a potential trade war with Japan. The U.S.
Dollar declined relative to the European currencies and even
reached the lowest post World War II levels versus the Japanese
Yen. Physical commodities offered a few opportunities. Coffee
had a major rally after a severe freeze devastated the growing
area in Brazil, sugar prices rose to a three year high in October
and there were modest gains in precious metals. The Partnership
ended the year with a loss of $1,530,228.

In 1995 the Advisors were well-positioned to capitalize on many
trading opportunities, especially in the financial sector, which
produced a net gain of 23.03% for the year. The first quarter of
the year was the most profitable for the Partnership. The
February collapse of Barings PLC created opportunities,
especially in the Far Eastern markets. The Barings demise had a
global effect, sending stock prices falling around the world and
driving investors toward the safety of German marks and U.S.
Treasury bonds. The German mark benefited substantially from the
uncertain state of many world economies and gained steadily
versus the U.S. and other European currencies. Long positions in
foreign exchange generated sizable gains, with positions in the
Japanese yen, yen bond and the Nikkei 225 being the most
favorable. The balance of the year was much quieter in terms of
market opportunities, trends and profits. The Partnership ended
the year with a profit of $5,755,268.

To enhance the foregoing comparison of results of operations from
year to year, one can examine, line to line, the Statements of
Financial Condition and Operations. Due to sales of the
Partnership during 1995, position sizes placed in the market by
the Advisors by the end of the year were greater than at the end
of 1994. These larger position sizes caused the Partnership to
reflect the large balance in "Unrealized gain on open futures
contracts". Profitable trading by the Partnership during the
year resulted in the large gain in "Realized gain (loss) on
closed positions". This profitable trading also caused the
increase in incentive fees paid. These increased position sizes
and larger cash balances from sales as well as the profits
enjoyed by the Partnership also caused the Partnership to pay
larger commissions, management fees and General Partner fees
during 1994.

A combination of larger balances and higher interest rates caused
the significant increase in interest income in 1995.

As discussed earlier, the dollar decline versus the Japanese Yen
and the European currencies resulted in the Partnership's
"Foreign currency transaction gain".

The profits enjoyed by the Partnership also required that it
accrue for the Illinois Personal Property Replacement Tax which
caused the increase in Operating Expenses and the higher balance
in accrued Operating Expenses at the end of 1995.

The volume of sales for the month of December 1995 was
significantly less than for 1994. Therefore, the accrued selling
commissions and organization and offering expenses at the end of
1995 were substantially less than 1994.

Inflation

Inflation does have an effect on commodity prices and the
volatility of commodity markets; however, continued inflation is
not expected to have an adverse effect on the Partnership's
operations or assets.

Item 8. Financial Statements and Supplementary Data

Reference is made to the financial statements and the notes
thereto appearing on Pages 26 through 37 of this report.

Item 9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure

None.

Part III

Item 10. Directors and Executive Officers of the Registrant

The Partnership is managed by its General Partners, IDS Futures
Corporation and CIS Investments, Inc. The officers and directors
of the General Partners as of December 31, 1995 were as follows:

IDS Futures Corporation

Janis E. Miller (born in June 1951), President and Director. Ms.
Miller has served as President and Director of IDS Futures since
May 25, 1994. She has served as Vice President of Variable
Assets for American Express Financial Corporation since December
1993, where she is responsible for equity, fixed income and cash
mutual funds, the Flexible Annuity, Wealth Management, limited
partnerships and non-proprietary variable products. Ms. Miller
served as Vice President of Mutual Fund and Limited Partnership
Products Development and Marketing from June 1990 to November
1993; she served as Director of Mutual Fund Products Development
and Marketing since May 1987 and has been employed by American
Express Financial Corporation since 1981. She is a graduate of
Indiana University and holds an M.B.A. from the University of
Minnesota.

Lori J. Larson (born in August 1958), Vice President and
Director. Ms. Larson has been employed by American Express
Financial Corporation since 1981 and currently holds the title of
Vice President. Since August 1988 she has been responsible for
day-to-day management of vendor relationships, due diligence
review and operational aspects for the limited partnerships
distributed by AXP Advisors. In addition, she has
responsibility for the product development of publicly offered
mutual funds in the IDS Mutual Fund Group. Ms. Larson has held a
variety of management positions with American Express Financial
Corporation throughout her career. She is a graduate of and has
an M.B.A. from the University of Minnesota.

William H. Dudley (born in September 1932), Director. Mr. Dudley
has served as Executive Vice President-Investment and Brokerage
Operations for American Express Financial Corporation since March
1987 and as a Director of American Express Financial Corporation
since 1984. From 1974 until March 1987 he was the Senior Vice
President-Investment Operations for American Express Financial
Corporation. He is charged with overall responsibility for
American Express Financial Corporation's investment management
functions with respect to its mutual fund, private pension and
endowment accounts, face amount certificate and insurance and
annuity operations. Mr. Dudley is a graduate of the University
of Minnesota.

Michael L. Weiner (born in July 1946), Vice President, Secretary
and Treasurer. Mr. Weiner is the Vice President-Corporate Tax
Operations of American Express Financial Corporation. He has
been employed by American Express Financial Corporation since
1975. His responsibilities include research, planning and
compliance for the American Express Financial Corporation
corporate tax group. Mr. Weiner is also an officer of AXP
Advisors. Mr. Weiner graduated from the University of Minnesota
Law School in 1974 and completed the Masters of Business
Administration program at St. Thomas College of Minnesota in
1979.

John M. Knight (born in February 1952), Vice President. Mr.
Knight has been employed by American Express Financial
Corporation since July 1975. He is currently Controller-Variable
Assets, thus charged with overall finance responsibilities for
Mutual Funds, Limited Partnerships, Variable Annuities and Wealth
Management Services. From 1981 to March 1994 he held a number of
positions in the IDS Certificate Company, including Controller of
that organization. Mr. Knight is a graduate of the University of
Wisconsin-Eau Claire and a FLMI.

Morris Goodwin, Jr. (born in August 1951), Director. Mr. Goodwin
has served as Vice President and Corporate Treasurer of American
Express Financial Corporation since July 1989. He is responsible
for corporate cash management, treasury operations, short term
portfolio investment, capital allocation, liquidity management
and financing and corporate wide asset acquisition and
management. Mr. Goodwin served as Chief Financial Officer of IDS
Bank & Trust from 1988 to 1990. From 1980 until 1987, Mr.
Goodwin held various positions with Morgan Stanley & Co., Inc.
He is a graduate of Williams College and holds an M.B.A. from
Stanford Graduate School of Business.

CIS Investments, Inc.

Hal T. Hansen (born in November 1936), President and Director.
Mr. Hansen has been President of Cargill Investor Services, Inc.
since November 1978. He serves on the Executive Committees of
the Board of Directors of the NFA and the Futures Industry
Association ("FIA") and is Chairman of the NFA. Mr. Hansen
graduated from the University of Kansas in 1958. He started work
at Cargill, Incorporated in 1958 and was employed by Cargill
S.A.C.I. in Argentina from 1965 to 1969. Mr. Hansen has been
employed by Cargill Investor Services, Inc. since 1974.

L. Carlton Anderson (born in August 1937), Vice President and
Director. Mr. Anderson is a graduate of Northwestern University,
Evanston, Illinois. He started working at Cargill, Incorporated
in 1959 in the Commodity Marketing Division. He served as
President of Stevens Industries Inc., Cargill's peanut shelling
subsidiary, from 1979 to 1981. He has been employed by Cargill
Investor Services, Inc. since 1981 and is currently a Vice
President of CIS and the Director in charge of the
Portfolio Diversification Group. Mr. Anderson serves on the
Board of Directors of the Managed Futures Association.

Richard A. Driver (born in September 1947), Vice President and
Director. Mr. Driver became a Vice President and Director of
CISI on June 29, 1993. Mr. Driver graduated from the University
of North Carolina in 1969 and he received a Masters Degree from
American Graduate School of International Management in 1973.
Mr. Driver began working for Cargill, Incorporated in 1973 and
joined Cargill Investor Services, Inc. in 1977 as Vice President
of Operations.

Christopher Malo (born in August 1956), Vice President. Mr. Malo
graduated from Indiana University in 1976. He started working at
Cargill, Incorporated in June 1978 as an internal auditor. He
transferred to Cargill Investor Services, Inc. in August 1979 and
served as Secretary/Treasurer from November 1983 until July 1991.
He was elected as a Vice President in July 1991. He is a member
of the FIA Operations Division.

Barbara A. Pfendler (born in May 1953), Vice President. Ms.
Pfendler graduated from the University of Colorado in 1975. She
has held various merchandising and management positions within
Cargill's Oilseed Processing Division before transferring to CIS
in 1986. Currently, she is responsible for the CTA selection,
due diligence review and all marketing activities of the
Portfolio Diversification Group of CIS. Ms. Pfendler was elected
Assistant Vice President of CIS on May 1, 1995.

Donald J. Zyck (born in October 1961), Secretary and Treasurer.
Mr. Zyck graduated from Northern Illinois University, DeKalb,
Illinois in 1983. He began working at Cargill Investor Services,
Inc. in April 1985 as a Staff Accountant. From January 1988 to
October 1994 he was Manager of Treasury Operations at CIS. He
was elected Controller, Secretary and Treasurer of CIS in October
1994.

Bruce H. Barnett (born in June 1947), Assistant Secretary. Mr.
Barnett graduated in 1968 from Southern Connecticut State
College. New York University Law School awarded Mr. Barnett a
J.D. in 1971 and an LL.M. in 1973. He started working at
Cargill, Incorporated in 1990 as Vice President, Taxes. From
1987 to 1990, Mr. Barnett was employed in various positions at
Unilever, a European based multinational corporation.

Each officer and director holds such office until the election
and qualification of his or her successor or until his or her
earlier death, resignation or removal.

Item 11. Executive Compensation

The Partnership has no officers or directors. The General
Partners, IDS Futures and CISI, administer the business and
affairs of the Partnership (exclusive of Partnership trading
decisions which are made by independent commodity trading
advisors). The officers and directors of the General Partners
receive no compensation from the Partnership for acting in their
respective capacities with the General Partners.

All operating and administrative expenses attributable to the
Partnership are paid by the General Partners except for brokerage
commissions, NFA, clearing and exchange fees, advisory fees,
legal, accounting, auditing, printing, recording and filing fees
and postage charges which are paid directly by the Partnership.
All expenses other than brokerage commissions incurred by the
Partnership and administrative fees are paid to persons not
affiliated with the Partnership. For the services performed
through December 31, 1992 on behalf of the Partnership, the
General Partners received an annual administrative fee totaling
1.75% of the Partnership's net assets. During 1993, this fee was
reduced to 1.375%. The General Partners received a total of
$326,936 in 1995, $203,019 in 1994 and $81,036 in 1993 for this
fee.

CIS, an affiliate of CISI, is the Partnership's clearing broker.
During the year ended December 31, 1995, the Partnership accrued
and paid $701,468 in brokerage commissions to CIS as compared to
$639,227 for 1994 and $367,379 for 1993. Of these commissions,
$30 per round turn trade was paid to AXP Advisors as the
Partnership's introducing broker and $20 was retained by CIS as
clearing broker until August 31, 1995 (based on a commission rate
of $50 per round turn trade). Effective September 1, 1995, $20
per round turn trade is paid to AXP Advisors and $15 is retained
by CIS (based on a reduced commission rate of $35 per round turn
trade).

The Partnership did not transact any business through CISFS
during the year ended December 31, 1995 and therefore paid no
commissions to CISFS.

Item 12. Security Ownership of Certain Beneficial Owners and
Management

(a) As of December 31, 1995, no person was
known to the Partnership to own beneficially
more than 5% of the outstanding Units.

(b) As of December 31, 1995, the General
Partners beneficially owned 2,315.34 Units or
approximately 1.92% of the Units outstanding
as of that date. In addition, Lori J.
Larson, Vice President of IDS Futures,
beneficially owned 19.06 Units or .016% of
the outstanding Units.

(c) As of December 31, 1995, no arrangements
were known to the registrant, including no
pledge by any person of Units of the
Partnership or shares of its General Partners
or the parents of the General Partners, such
that a change in control of the Partnership
may occur at a subsequent date.

Item 13. Certain Relationships and Related
Transactions.

(a) None other than the compensation
arrangements described herein.

(b) None.

(c) None.

(d) The Registrant filed Registration
Statements on Form S-18 and Form S-1, therefore this is
information is not required to be included.

Part IV

Item 14. Exhibits, Financial Statements, Schedules and Reports
on Form 8-K

(a) The following documents are included herein:

(1) Financial Statements:

a. Report of Independent Public
Accountants.

b. Statements of Financial Condition
as of December 31, 1995 and 1994.

c. Statements of Operations,
Statements of Partners' Capital and
Statements of Cash Flows for the
years ended December 31, 1995, 1994
and 1993.

d. Notes to Financial Statements.

(2) All financial statement schedules have been
omitted either because the information required by the schedules
is not applicable, or because the information required is
contained in the financial statements included herein or the
notes hereto.

(3) Exhibits:

See the Index to Exhibits annexed hereto.

(b) Reports on Form 8-K:

(1) None.

SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) of the
Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

Date: March __, 1996 IDS Managed Futures, L.P.

By: IDS Futures Corporation By: CIS Investments, Inc.
(General Partner) (General Partner)

By: /s/ Janis E. Miller By: /s/ Hal T. Hansen
Janis E. Miller Hal T. Hansen
President President

By: /s/ Michael L. Weiner By: /s/ Donald J. Zyck
Michael L. Weiner Donald J. Zyck
V.P., Secretary and Secretary and Treasurer
Treasurer

Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons
on behalf of the registrant and in the capacities and on the date
indicated.

Date: March __, 1996

/s/ Janis E. Miller /s/ Hal T. Hansen
Janis E. Miller Hal T. Hansen
Director and President Director and President

/s/ William H. Dudley /s/ L. Carlton Anderson
William H. Dudley L. Carlton Anderson
Director Director and Vice
President

/s/ Michael L. Weiner /s/ Donald J. Zyck
Michael L. Weiner Donald J. Zyck
V.P., Secretary and Secretary and
Treasurer Treasurer

Supplemental information to be Furnished with Reports Filed
Pursuant to Section 15 (d) of the Act by Registrants Which Have
Not Registered Securities Pursuant to Section 12 of the Act.

Annual report or proxy materials have been sent to unit holders
of the Partnership for the year ended December 31, 1995. Four
copies of the annual report which is to be sent to all partners
pursuant to regulations of the CFTC are attached.

Index to Financial Statements
IDS Managed Futures, L.P.

Report of Independent Public Accountants Page 26

Statements of Financial Condition as of
December 31, 1995 and 1994 Page 27

Statements of Operations, for the years ended
December 31, 1995, 1994 and 1993 Page 28

Statements of Changes in Partners' Capital,
for the years ended December 31, 1995,
1994 and 1993 Page 29

Statements of Cash Flows, for the years ended
December 31, 1995, 1994 and 1993 Page 30

Notes to Financial Statements Page 31

Acknowledgment Page 37

Index to Exhibits

Number Exhibit

3.1 Amended and Restated Limited Partnership
Agreement

10.1 Advisory Agreements dated as of March 27,
1987 between IDS Managed Futures, L.P. and
each of John W. Henry & Co., Inc. and Sabre
Fund Management Limited, and Amended Advisory
Contracts dated January 23, 1992.

Exhibit 3.1 and 10.1 and the Prospectus filed under Form S-18 are
herein incorporated by reference to the Registration Statement as
filed by the Partnership (File No. 33-11111C) and declared
effective as of March 27, 1987.

Exhibit 3.1 and 10.1 and the Prospectus filed under Form S-1 are
herein incorporated by reference to the Registration Statement as
filed by the Partnership (File No. 33-45375) and declared
effective as of March 29, 1993.

Exhibit 3.1 and 10.1 and the Prospectus filed under Form S-1 are
herein incorporated by reference to the Registration Statement as
filed by the Partnership (File No. 33-72240) and declared
effective as of January 31, 1994.

Exhibit 3.1 and 10.1 and the Prospectus filed under Form S-1 are
herein incorporated by reference to the Registration Statement as
filed by the Partnership (File No. 33-86894) and declared
effective as of June 26, 1995.

The exhibits referenced above bear exhibit numbers corresponding
to those indicated in the Partnership's Registration Statements.

Number of
Attached Exhibits

None.

Independent Auditors Report
The Partners
IDS Managed Futures, L.P.:

We have audited the accompanying statements of financial
condition of IDS Managed Futures, L.P. as of December 31, 1995
and 1994, and the related statements of operations, partners
capital, and cash flows for each of the years in the three-year
period ended December 31, 1995. These financial statements are
the responsibility of the Partnership s management. Our
responsibility is to express an opinion on these financial
statements based on our audits.

We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of IDS Managed Futures, L.P. as of December 31, 1995 and 1994,
and the results of its operations and its cash flows for each of
the years in the three-year period ended December 31, 1995, in
conformity with generally accepted accounting principles.

January 25, 1996

IDS MANAGED FUTURES, L.P.

Statements of Financial Condition

December 31, 1995 and 1994

1995 1994

Assets
Cash $ 0 699,380
Equity in commodity futures trading accounts:
Cash on deposit with Clearing Broker 31,440,196 22,041,930
Unrealized gain on open futures contracts 1,705,569 1,340,020

33,145,765 24,081,330

Interest receivable 130,109 103,566

$33,275,874 24,184,896

Liabilities and Partners' Capital

Liabilities:
Accrued commissions on open futures contracts
due to AXP Advisors and CIS 64,903 98,322
Accrued exchange, clearing, and NFA fees 1,785 2,318
Accrued management fees 97,719 69,060
Accrued incentive fees 33,129 0
Accrued operating expenses 141,246 54,700
Accrued selling commisssions and organization
and offering expenses 52,721 83,746
Redemptions payable 370,419 99,551

Total liabilities 761,922 407,697

Partners' capital:
Limited partners (118,310.37 and 106,612.23
units outstanding at December 31, 1995
and 1994, respectively) (see Note 1) 31,889,868 23,356,449
General partners (2315.34 and 1,920.54 units outstanding at
December 31, 1995 and 1994, respectively) (see Note 1) 624,084 420,750

Total partners' capital 32,513,952 23,777,199

$33,275,874 24,184,896

See accompanying notes to financial statements.

IDS MANAGED FUTURES, L.P.

Statements of Operations

Years ended December 31, 1995, 1994, and 1993

1995 1994 1993

Revenues:
Gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on closed positions $ 6,474,664 (1,300,245) 2,811,801
Increase in unrealized gain on open
futures contracts 365,549 691,537 411,766
Interest income 1,389,521 760,250 218,411
Foreign currency transaction gain 189,505 127,359 1,901

Total revenues 8,419,239 278,901 3,443,879

Expenses:
Commission paid to AXP Advisors and CIS 701,468 639,227 367,379
Exchange, clearing, and NFA fees 18,571 15,677 9,339
Management fees 1,027,360 704,158 297,038
Incentive fees 449,841 186,976 254,665
General partner fee to IDSFC and CISI 326,936 203,019 81,036
Operating expenses 139,795 60,072 72,473

Total expenses 2,663,971 1,809,129 1,081,930

Net profit (loss) $ 5,755,268 (1,530,228) 2,361,949

Profit (loss) per unit of limited partnership interest (see Note 1)$ 50.46 (16.30) 65.22
Profit (loss) per unit of general partnership interest (see Note 1) 50.46 (16.30) 65.22

See accompanying notes to financial statements.

IDS MANAGED FUTURES, L.P.

Statements of Partners' Capital

Years ended December 31, 1995, 1994, and 1993

Total
Limited General patners'
Units* partners partners capital

Balance at December 31, 1992 33,355.56 $ 5,676,032 217,474 5,893,506

Sale of partnership interests 28,760.40 7,519,735 52,000 7,571,735
Selling commissions and organization 0.00 (870,081) (3,120) (873,201)
and offering costs
Net sales of partnership interests 28,760.40 6,649,654 48,880 6,698,534

Net profit 0.00 2,278,603 83,346 2,361,949
Redemptions (874.14) (188,989) 0 (188,989)

Balance at December 31, 1993 61,241.82 14,415,300 349,700 14,765,000

Sale of partnership interests 47,310.54 12,353,922 108,000 12,461,922
Selling commissions and organization 0.00 (1,464,994) (9,360)(1,474,354)
and offering costs
Net sales of partnership interests 47,310.54 10,888,928 98,640 10,987,568

Net loss 0.00 (1,502,638) (27,590)(1,530,228)
Redemptions (1,940.13) (445,141) 0 (445,141)

Balance at December 31, 1994 106,612.23 23,356,449 420,750 23,777,199

Sale of partnership interests 20,710.64 5,731,623 102,880 5,834,503
Selling commissions and organization 0.00 (517,959) (3,000) (520,959)
and offering costs
Net sales of partnership interests 20,710.64 5,213,664 99,880 5,313,544

Net profit 0.00 5,651,813 103,454 5,755,267
Redemptions (9,012.50) (2,332,058) 0 (2,332,058)

Balance at December 31, 1995 118,310.37 31,889,868 624,084 32,513,952

Net asset value per unit at December 31, 1995 $ 269.54 269.54

Net asset value per unit at December 31, 1994 $ 219.08 219.08

Net asset value per unit at December 31, 1993 $ 235.38 235.38

*Units of limited partnership interest; all unit amounts reflect
the 3-for-1 split as described in Note 1.

See accompanying notes to financial statements.

IDS MANAGED FUTURES, L.P.

Statements of Cash Flows

Years ended December 31, 1995, 1994, and 1993

1995 1994 1993

Cash flows from operating activities:
Net profit (loss) $ 5,755,268 (1,530,228) 2,361,949
Adjustments to reconcile net profit (loss) to net
cash provided by (used in) operating activities:
Change in assets and liabilities:
Decrease (increase) in unrealized gain on open
futures contracts (365,549) (691,537) (411,766)
Decrease (increase) in interest receivable (26,543) (70,759) (18,739)
Increase (decrease) in accrued liabilities 83,357 (50,372) 282,100

Net cash provided by (used in) provided by operating activities 5,446,533 (2,342,896) 2,213,544

Cash flows from financing activities:
Net proceeds from sale of units 5,313,544 10,987,568 6,698,534
Partner redemptions (2,061,191) (356,888) (187,901)

Net cash provided by financing activities 3,252,353 10,630,680 6,510,633

Net increase (decrease) in cash 8,698,886 8,287,784 8,724,177

Cash at beginning of year 22,741,310 14,453,526 5,729,349

Cash at end of year $31,440,196 22,741,310 14,453,526

See accompanying notes to financial statements.

IDS Managed Futures, L.P.
Notes to Financial Statements

(1) General Information and Summary

IDS Managed Futures, L.P. (the Partnership), a limited
partnership organized on December 16, 1986 under the Delaware
Revised Uniform Limited Partnership Act, was formed to engage in
the speculative trading of 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 are IDS
Futures Corporation (IDSFC) and CIS Investments, Inc. (CISI).
The clearing broker is Cargill Investor Services, Inc. (Clearing
Broker or CIS), the parent company of CISI.

Each unit of limited partnership interest was divided into three
units ( 3-for-1 split ) at the close of business on February 28,
1995, each unit having a net asset value per unit equal to the
previous net asset value per unit divided by three. Accordingly,
the total number of units outstanding tripled as of that date.
For comparative purposes, the respective prior years unit
amounts and net asset value per unit amounts have been restated
for the 3-for-1 split.

Units of limited partnership interest were offered by IDS
Financial Services Inc. (IDS) (an affiliate of IDSFC) commencing
March 27, 1987. The total amount of the offering was $7,500,000.
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.
By June 16, 1987, a total of 88,326 units representing a total
investment of $7,372,260 of limited partnership interest had
been sold. Selling commissions of $353,280 were paid to IDS.
Each of the general partners purchased 639 units. The
Partnership began trading on June 16, 1987.

Units of the limited partnership representing an additional
investment of $10,000,000 were offered by IDS commencing
March 29, 1993. An additional investment of $20,000,000 was
offered by IDS commencing January 31, 1994. Commencing June 26,
1995, American Express Financial Advisors Inc. (AXP Advisors)
(effective January 1, 1995 IDS Financial Services Inc. changed
its name to American Express Financial Advisors Inc.) offered an
additional investment of $50,000,000. By December 31, 1995, a
total of 96,782 units representing a total investment of
$25,605,280 of limited partnership interest had been sold in the
combined offerings. During the offerings, the general partners
purchased a total of 1,037 additional units representing a total
investment of $262,880. Selling commissions of $1,470,434 were
paid to AXP Advisors by the new limited partners. All new
investors paid organization and offering expenses totaling
$1,398,080.

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. 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, 2006 if none
of the following occur prior to that date: (1) investors holding
more than 50% of the outstanding units notify the general
partners to dissolve the Partnership as of a specific date; (2)
disassociation of the general partners with the Partnership; (3)
bankruptcy of the Partnership; (4) decrease in the net asset
value to less than $500,000; (5) the Partnership is declared
unlawful; or (6) the net asset value per unit declines to less
than $125 per unit and the Partners elect to terminate the
Partnership.

(2) Summary of Significant Accounting Policies

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

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

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

Revenue Recognition

Commodity futures contracts, forward contracts, physical
commodities, and related options are recorded on the trade date.
All such transactions are reported on an identified cost basis.
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 pre-determined time for forward
contracts, physical commodities, and their related options) as of
the last business day of the year or as of the last date of the
financial statements.

Prior to August 1, 1993, the Partnership earned interest on 100%
of the Partnership s average monthly cash balance on deposit with
the clearing broker at a rate equal to 80% of the average 90-day
treasury bill rate for treasury bills issued during that month.
Effective August 1, 1993 the rate was changed to 90% of the
average 90-day treasury bill rate for treasury bills issued
during that month.

Commissions

Brokerage commissions and National Futures Association (NFA),
clearing and exchange fees are accrued on a round-turn basis on
open commodity futures contracts. Prior to June 26, 1995 the
Partnership paid CIS commissions on trades executed on its behalf
at a rate of $50.00 per round-turn contract. With the June 26,
1995 offering, the rate was changed to $35.00 per round-turn
contract. The first subscribers to the offering came into the
fund at the end of August. Therefore, the new rate became
applicable in September 1995. The Partnership pays this
commission directly to CIS and CIS then reallocates the
appropriate portion to AXP Advisors.

Foreign Currency Transactions

Trading accounts in foreign currency denominations are
susceptible to both movements in the underlying contract markets
as well as fluctuation in currency rates. Translation of foreign
currencies into U.S. dollars for closed positions are translated
at an average exchange rate for the year, while year-end balances
are translated at the year-end currency rates. The impact of the
translation is reflected in the statements of operations.

Statements of Cash Flows

For purposes of the statements of cash flows, cash includes cash
on deposit with Clearing Broker in commodity futures trading
accounts.

Use of Estimates

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

(3) Fees

Management fees are accrued and paid monthly, incentive fees are
accrued monthly and paid quarterly, and general partners
administrative fees are paid annually and amortized monthly.
Trading decisions for the period of these financial statements
were made by the following Commodity Trading Advisors (CTAs):
John W. Henry & Company, Inc. (Henry) and Sabre Fund Management
Limited (Sabre).

Under signed agreement, Sabre will receive a monthly management
fee of 1/4 of 1% of the month-end new asset value of the
Partnership under their management and 18% of the Partnership s
net trading profits, if any, in each quarter attributable to
their trading. Effective December 1, 1991 to June 30, 1993, the
agreement with Sabre was changed to reduce the management fees
paid to them to 1/8th of 1% of the month-end net assets.Under
signed agreement, Henry will receive a monthly management fee of
1/3 of 1% of the month-end new asset value of the Partnership
under their management and 15% of the Partnership s net trading
profits, if any, attributable to their management.

The Partnership pays an annual administrative fee of 1.125% and
.25% of the beginning of the year net asset value of the
Partnership to IDSFC and CISI, respectively.

(4) Income Taxes

No provision for Federal income taxes has been made in the
accompanying financial statements as each partner is responsible
for reporting income (loss) based on the pro rata share of the
profits or losses of the Partnership. The Partnership is
responsible for the Illinois State Partnership Information and
Replacement Tax based on the operating results of the
Partnership. Such tax amounted to $21,393 and $86,546 for the
years ended December 31, 1993 and 1995, respectively, and is
included in operating expenses in the statement of operations.
No such tax was incurred for the years ended December 31, 1994 as
the Partnership sustained net losses.

(5) Financial Instruments with Off-balance Sheet Risk

The Partnership was formed to speculatively trade commodity
interests. The Partnership s commodity interest transactions and
its related cash balance are on deposit with the 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 contractual amounts of commitments to purchase and sell
exchange traded futures contracts was $284,240,048 and
$225,727,635, respectively, on December 31, 1995, and
$367,657,629 and $283,946,414, respectively, on December 31,
1994. The contractual amounts of these instruments reflect the
extent of the Partnership s involvement in the related futures
contracts and do not reflect the risk of loss due to counterparty
performance. Such risk is defined by SFAS 105 as credit risk.
The counterparty of the Partnership for futures contracts traded
in the United States and most non-U.S. exchanges on which the
fund 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 average fair value of commodity interests was $1,168,519 and
$859,000 during 1995 and 1994, respectively. Fair value as of
December 31, 1995 and 1994 was $1,705,569 and $1,340,020,
respectively. The net gains or losses arising from the trading
of commodity interests are presented in the statement of
operations.

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 CTAs 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 financial and metals group.
Both CTAs trade on U.S. and non-U.S. exchanges. Such
diversification should greatly reduce this market risk.

At December 31, 1995, the cash requirement of the commodity
interests of the Partnership was $3,655,729. This cash
requirement is met by $30,204,044 held in segregated funds and
$2,941,721 held in secured funds. At December 31, 1994, the cash
requirement of the commodity interests of the Partnership of
$2,923,318 was met by $21,069,467 being held in segregated funds
and $2,312,483 being held in secured funds. At December 31, 1995
and 1994, cash was on deposit with the Clearing Broker which
exceeded the cash requirement amount.

The following chart discloses the dollar amount of the unrealized
gain or loss on open contracts related to exchange traded
contracts for the Partnership at December 31, 1995 and 1994:

Commodity Group 1995 1994

Agricultural $212,081 $542,558
Currency 51,557 (193,887)
Stock Indices 220,579 -
Energies 425,780 30,118
Metals (49,905) 107,205
Interest 845,477 854,026

Total $1,705,569 $1,340,020

The range of maturity dates of these exchange traded open
contracts is January 1996 to December 1996.

Acknowledgment

To the best of my knowledge and belief, the information contained
herein is accurate and complete.

/s/ Donald J. Zyck
Donald J. Zyck
Treasurer, CIS Investments, Inc.,
one of the General Partners and Commodity Pool Operators of
IDS Managed Futures, L.P.