PAGE
1994 SEMIANNUAL REPORT
IDS Growth Fund, Inc.
Picture of: Optic fibers
Invests in companies with growth
opportunities to seek capital
appreciation
IDS
An American Express company
American
Express
Distributed by IDS Financial Services Inc.<PAGE>
PAGE
IDS Growth Fund, Inc.
Message from the President
_____________________________________________________________________
Picture of William R. Pearce
Dear Shareholder,
In an up-and-down period for growth stocks, IDS Growth Fund provided a
positive return for shareholders in the first half of its fiscal year
as telecommunications, technology and foreign stocks remain favorable
holdings in the Fund.
This Fund's primary investment policy centers on purchasing stocks of
larger companies that offer long-term growth opportunities. Generally,
these companies have strong balance sheets and above-average earnings
that are used to expand their businesses rather than pay dividends. The
stock prices of these companies often increase or decrease faster than
the stock prices of companies that pay out substantial portions of
their earnings as dividends. During the past period, growth stocks
experienced considerable price swings that were reflected in the net
asset value of the Fund's shares. Remember the investing for capital
accumulation required a long-term perspective.
An effective way of making market fluctuations work to your advantage
is dollar-cost averaging. This systematic investment strategy involves
making regular investments of fixed amounts of money. It allows you to
average the cost of buying shares since your fixed investment buys more
shares when the price per share is low and fewer shares when the price
per share is high. While this does not ensure a profit and does not
protect against a loss if the market declines, it is an effective way
for many shareholders who can continue investing through changing
market conditions to accumulate shares in a fund to meet long-term
goals. IDS Growth Fund is an especially appropriate fund for using
dollar-cost averaging.
Your IDS personal financial planner also can help you make sure your
investment and protection strategies continue to meet the objectives
in your financial plan. As your objectives and time horizons change,
talk to your planner about the broad range of IDS products and
services designed to help you meet your investment and protection
needs.
Sincerely,
William R. Pearce
President
IDS Growth Fund, Inc.
March 7, 1994
On the cover: In the era of information service, fiber optics is
an important component in telecommunications. IDS Growth Fund invests
in stocks of telecommunications companies.
<PAGE>
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IDS Growth Fund, Inc.
From Your Portfolio Manager: A Perspective
_____________________________________________________________________
Picture of: Mitzi Malevich
Mitzi Malevich became portfolio manager of the Fund in May 1992,
after several years as a portfolio manager for IDS pension fund
accounts. Prior to joining IDS in 1983, she served as a securities
analyst and portfolio manager for a major insurance company.
Despite a difficult market environment for growth stocks, IDS Growth
Fund managed to register a healthy gain during the first half of the
fiscal year. Holdings in telecommunications, technology and foreign
stocks helped the Fund outperforn the stock market as a whole, based
on the Standard & Poor's 500 Stock Index (an unmanaged list of larger
stocks commonly used to measure market performance).
The Fund turned in a solid performance in the summer months even
though the market experiensed considerable fluctuations. We remained
fully invested and committed to the Fund's strategy of investing in
companies that have strong long-term growth fundamentals regardless of
the economic outlook or market forecast.
That long-term approach was not in favor in subsequent months, as
investors tried to capitalize on market moves on a day-to-day basis.
However the Fund managed to post above-average gains. A general
downward market trend fueled by rising long-term interest rates in
the latter half of October carried over into November and had an
adverse effect on the Fund, but our foreign holdings continued to
perform well and received a lift from passage of NAFTA (the North
American Free Trade Agreement) late in the year.
Telecommunications remains one of the strongest investment themes in
the growth-stock arena. We have consistently added to our positions
of companies in this industry, and these moves worked in the Fund's
favor throughout the six-month period.
The outlook for telecommunications stocks remains positive, as American
telecommunications companies are lining up with their counterparts
overseas to provide global telecommunications. This bodes well for
investors in these companies because it will expand their market
opportunities. Although regulations pertaining to telecommunications
companies are fairly strict in the U.S. compared with other countries,
we expect these regulations to ease so that U.S. companies can become
more competitive.<PAGE>
PAGE
IDS Growth Fund, Inc.
From Your Portfolio Manager: A Perspective (continued)
_____________________________________________________________________
Another industry starting to look attractive is health care, which
has been out of favor in the past year. Some companies are poised
to benefit from whatever kind of health-care package passes the U.S.
Congress. One such segment is health maintenance organization (HMOs),
which are likely to become key players in the new world order of
health care.
Although techonology stocks were generally sluggish through the first
several months of 1993, they performed well during the past six-month
period. We have focused particularly on software companies and plan to
continue adding to our positions here.
We also still feel positive about the prospects for foreign stocks,
but think that some international markets have advanced too far too
quickly and may find future gains more difficult to come by. Therefore,
we plan to be very selective about adding to our holdings there.
In general, we think the U.S. market looks reasonably attractive,
although the environment may not favor growth stocks as strongly as
other types, such as value stocks. This means that stock selection
based on company fundamentals and long-term prospects will be crucial
to performance in the months ahead and investors should, like the
Fund, maintain their long-term focus.
<PAGE>
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IDS Growth Fund, Inc.
<TABLE>
<CAPTION>
Ten Largest Holdings Jan. 31, 1994
______________________________________________________________________________________________________________
Percent of
Fund's
Value Net Assets
_____________________________________________________________________________________
<S> <C> <C>
Motorola $ 39,400,000 3.88%
Semiconductors and communication equipment
Cisco Systems 36,250,000 3.57
Computer network product manufacturer
Oracle Systems 32,125,000 3.17
Markets database management software
Microsoft 29,793,750 2.94
Microcomputer software
Grupo Televisa 28,400,000 2.80
Television, radio production in Mexico
Merrill Lynch 26,850,000 2.64
Investment, finance and insurance company
Southwest Airlines 26,075,000 2.57
Mid-southwest U.S. airline service
First Financial Management 23,650,000 2.33
Financial data processing services
Walt Disney 23,625,000 2.33
Amusement parks, films and television
Nucor 23,600,000 2.32
Steel joists, angles and rounds
_____________________________________________________________________________________
Total $289,768,750 28.55%
_____________________________________________________________________________________
/TABLE
<PAGE>
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IDS Growth Fund, Inc.
<TABLE>
_____________________________________________________________________________________________________________
<CAPTION>
Statement of Assets and Liabilities Jan. 31, 1994
Assets
_____________________________________________________________________________________________________________
(Unaudited)
<S> <C>
Investments in securities, at value (Note 1)
(identified cost $711,592,291) $1,032,473,369
Receivable for investment securities sold 5,403,419
Dividends and accrued interest receivable 610,849
U.S. government securities held as collateral (Note 4) 1,805,209
_____________________________________________________________________________________________________________
Total assets 1,040,292,846
_____________________________________________________________________________________________________________
Liabilities
_____________________________________________________________________________________________________________
Disbursements in excess of cash on demand deposit 5,419,252
Payable for investment securities purchased 620,000
Payable upon return of securities loaned (Note 4) 18,408,109
Accrued investment management and services fee 501,378
Accrued distribution fee 41,653
Accrued transfer agency fee 104,133
Other accrued expenses 238,507
_____________________________________________________________________________________________________________
Total liabilities 25,333,032
_____________________________________________________________________________________________________________
Net assets applicable to outstanding capital stock $1,014,959,814
_____________________________________________________________________________________________________________
Represented by
_____________________________________________________________________________________________________________
Capital stock -- authorized 10,000,000,000 shares of $.01 par value;
outstanding 55,379,856 shares $ 553,799
Additional paid-in capital 675,173,359
Undistributed net investment income 137,751
Accumulated net realized gain on investments (Note 1) 18,213,827
Unrealized appreciation of investments 320,881,078
_____________________________________________________________________________________________________________
Total -- representing net assets applicable to outstanding capital stock $1,014,959,814
_____________________________________________________________________________________________________________
Net asset value per share of outstanding capital stock $ 18.33
_____________________________________________________________________________________________________________
See accompanying notes to financial statements.</TABLE>
<PAGE>
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IDS Growth Fund, Inc.
<TABLE>
_____________________________________________________________________________________________________________
<CAPTION>
Statement of Operations Six months ended Jan. 31, 1994
Investment income
_____________________________________________________________________________________________________________
(Unaudited)
<S> <C>
Income:
Dividends $3,438,948
Interest 753,809
_____________________________________________________________________________________________________________
Total income 4,192,757
_____________________________________________________________________________________________________________
Expenses (Note 2):
Investment management and services fee 2,989,918
Distribution fee 249,764
Transfer agency fee 616,993
Compensation of directors 23,458
Compensation of officers 6,775
Custodian fees 34,601
Postage 64,497
Registration fees 20,944
Reports to shareholders 15,367
Audit fees 11,000
Administrative 9,227
Other 12,709
_____________________________________________________________________________________________________________
Total expenses 4,055,253
_____________________________________________________________________________________________________________
Investment income -- net 137,504
_____________________________________________________________________________________________________________
Realized and unrealized gain on investments and foreign currency -- net
_____________________________________________________________________________________________________________
Net realized gain on security and foreign currency transactions
(Note 3) 76,941,604
Net change in unrealized appreciation or depreciation of investments 38,964,527
_____________________________________________________________________________________________________________
Net gain on investments and foreign currency 115,906,131
_____________________________________________________________________________________________________________
Net increase in net assets resulting from operations $116,043,635
_____________________________________________________________________________________________________________
See accompanying notes to financial statements.</TABLE>
<PAGE>
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IDS Growth Fund, Inc.
<TABLE>
______________________________________________________________________________________________________________
<CAPTION>
Statements of Changes in Net Assets Six months ended Year ended
Jan. 31, 1994 July 31, 1993
Operations and distributions
_____________________________________________________________________________________________________________
(Unaudited)
<S> <C> <C>
Investment income -- net $ 137,504 $ 44,759
Net realized gain on investments and foreign currency 76,941,604 56,347,374
Net change in unrealized appreciation or depreciation of investments 38,964,527 53,362,622
_____________________________________________________________________________________________________________
Net increase in net assets resulting from operations 116,043,635 109,754,755
_____________________________________________________________________________________________________________
Distributions to shareholders from:
Net investment income (35,947) (112,283)
Net realized gain on investments (94,040,848) (137,270,413)
_____________________________________________________________________________________________________________
Total distributions (94,076,795) (137,382,696)
_____________________________________________________________________________________________________________
Capital share transactions
_____________________________________________________________________________________________________________
Proceeds from sales of 2,555,570 and 5,950,126 shares (Note 2) 47,959,626 109,290,455
Net asset value of 5,261,782 and 7,517,771 shares issued in
reinvestment of distributions 92,381,180 135,011,696
Payments for redemptions of 4,274,910 and 8,124,757 shares (79,903,058) (147,380,792)
_____________________________________________________________________________________________________________
Increase in net assets from capital share transactions representing
net addition of 3,542,442 and 5,343,140 shares 60,437,748 96,921,359
_____________________________________________________________________________________________________________
Total increase in net assets 82,404,588 69,293,418
_____________________________________________________________________________________________________________
Net assets at beginning of period 932,555,226 863,261,808
_____________________________________________________________________________________________________________
Net assets at end of period
(including undistributed net investment income of $137,751 and $36,194) $1,014,959,814 $932,555,226
_____________________________________________________________________________________________________________
See accompanying notes to financial statements.</TABLE>
<PAGE>
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IDS Growth Fund, Inc.
Notes to Financial Statements (Unaudited as to Jan. 31, 1994)
______________________________________________________________________________
1. Summary of Significant Accounting Policies
The Fund is registered under the Investment
Company Act of 1940 (as amended) as a
diversified, open-end management investment
company. Significant accounting policies
followed by the Fund are summarized below:
Valuation of Securities
All securities are valued at the close of each
business day. Securities traded on national
securities exchanges or included in national
market systems are valued at the last quoted
sales price; securities for which market
quotations are not readily available are
valued at fair value according to methods
selected in good faith by the Board of
Directors. Determination of fair value
involves, among other things, reference to
market indexes, matrixes and data from
independent brokers. Short-term securities
maturing in more than 60 days from the
valuation date are valued at the market price
or approximate market value based on current
interest rates; those maturing in 60 days or
less are valued at amortized cost.
Options Transactions
In order to produce incremental earnings,
protect gains, and facilitate buying and
selling of securities for investment purposes,
the Fund may buy and sell put and call options
and write covered call options on portfolio
securities and may write cash-secured put
options. The risk in writing a call option
is that the Fund gives up the opportunity of
profit if the market price of the security
increases. The risk in writing a put option
is that the Fund may incur a loss if the
market price of the security decreases and
the option is exercised. The risk in buying
an option is that the Fund pays a premium
whether or not the option is exercised.
The Fund also has the additional risk of
not being able to enter into a closing
transaction if a liquid secondary market
does not exist.
<PAGE>
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IDS Growth Fund, Inc.
Notes to Financial Statements (continued)
_______________________________________________________________________
1. Summary of Significant Accounting Policies (continued)
Option contracts are valued daily at the
closing prices on their primary exchanges and
unrealized appreciation or depreciation is
recorded. The Fund will realize a gain or
loss upon expiration or closing of the option
transaction. When an option is exercised, the
proceeds on sales for a written call option,
the purchase cost for a written put option
or the cost of a security for a purchased
put or call option is adjusted by the amount
of premium received or paid.
Foreign Currency Translations and
Forward Foreign Currency Contracts
Securities and other assets and liabilities
denominated in foreign currencies are
translated daily into U.S. dollars at the
closing rate of exchange. Foreign currency
amounts related to the purchase or sale of
securities and income and expenses are
translated at the exchange rate on the
transaction date. It is not practicable to
identify that portion of realized and
unrealized gain (loss) arising from changes
in the exchange rates from the portion arising
from changes in the market value of
investments.
<PAGE>
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IDS Growth Fund, Inc.
Notes to Financial Statements (continued)
________________________________________________________________________
1. Summary of Significant Accounting Policies (continued)
The Fund may enter into forward foreign currency
exchange contracts for operational purposes and
to protect against adverse exchange rate
fluctuation. The net U.S. dollar value of
foreign currency underlying all contractual
commitments held by the Fund and the resulting
unrealized appreciation or depreciation are
determined using foreign currency exchange
rates from an independent pricing service.
The Fund is subject to the credit risk that
the other party will not complete the
obligations of the contract.
Federal Taxes
Since the Fund's policy is to comply with all
sections of the Internal Revenue Code applicable
to regulated investment companies and to
distribute all of its taxable income to
shareholders, no provision for income or excise
taxes is required.
Net investment income (loss) and net realized
gains (losses) may differ for financial
statement and tax purposes primarily because
of the deferral of losses on certain
futures contracts, the recognition of certain foreign
currency gains (losses) as ordinary income
(loss) for tax purposes, and losses deferred
due to "wash sale" transactions. The character
of distributions made during the year from net
investment income or net realized gains may
differ from their ultimate characterization for
federal income tax purposes. Also, due to the
timing of dividend distributions, the fiscal
year in which amounts are distributed may
differ from the year that the income or
realized gains (losses) were recorded by
the Fund.
<PAGE>
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IDS Growth Fund, Inc.
Notes to Financial Statements (continued)
_______________________________________________________________________
1. Summary of Significant Accounting Policies (continued)
Dividends to Shareholders
An annual dividend declared and paid at the end of
the calendar year from net investment income is
reinvested in additional shares of the Fund at net
asset value or payable in cash. Capital gains, when
available, are distributed along with the income
dividend.
Other
Security transactions are accounted for on the date
securities are purchased or sold. Dividend income is
recognized on the ex-dividend date and interest
income, including level-yield amortization of premium
and discount is accrued daily.
______________________________________________________________________________
2. Expenses and Sales Charges
Under terms of an agreement dated Nov. 14, 1991, the
Fund pays IDS Financial Corporation (IDS) a fee for
managing its investments, recordkeeping and other
specified services. The fee is a percentage of the
Fund's average daily net assets consisting of a group
asset charge in reducing percentages from 0.46
percent to 0.32 percent annually on the combined net
assets of all non-money market funds in the IDS
MUTUAL FUND GROUP and an individual annual asset
charge of 0.23 percent of average daily net assets.
The fee is adjusted upward or downward by a
performance incentive adjustment based on the Fund's
average daily net assets over a rolling 12-month
period as measured against the change in the Lipper
Growth Fund Index. The maximum adjustment is 0.12
percent of the Fund's average daily net assets after
deducting one percent from the performance
difference. If the performance difference is less
than one percent, the adjustment will be zero. The
adjustment decreased the fee by $119,690 for the six
months ended Jan. 31, 1994.
The Fund also pays IDS a distribution fee at an
annual rate of $6 per shareholder account and a
transfer agency fee at an annual rate of $15 per
shareholder account. The transfer agency fee is
reduced by earnings on monies pending shareholder
redemptions.
<PAGE>
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IDS Growth Fund, Inc.
Notes to Financial Statements (continued)
______________________________________________________________________________
2. Expenses and Sales Charges (continued)
IDS will assume and pay any expenses (except taxes
and brokerage commissions) that exceed the most
restrictive applicable state expense limitation.
Sales charges by IDS Financial Services Inc. for
distributing Fund shares were $972,854 for the six
months ended Jan. 31, 1994. The Fund also pays
custodian fees to IDS Bank & Trust, an affiliate of
IDS.
The Fund has a retirement plan for its independent
directors. Upon retirement directors receive monthly
payments equal to one-half of the retainer fee for as
many months as they served as directors up to 120
months. There are no death benefits. The plan is
not funded but the Fund recognizes the cost of
payments during the time the directors serve on the
Board. The retirement plan expense amounted to
$4,015 for the six months ended Jan. 31, 1994.
______________________________________________________________________________
3. Securities Transactions
Cost of purchases and proceeds from sales of
securities (other than short-term obligations)
aggregated $276,618,281 and $279,491,460,
respectively, for the six months ended Jan. 31, 1994.
Realized gains and losses are determined on an
identified cost basis.
Brokerage commissions paid to brokers affiliated with
IDS were $63,125 for the six months ended Jan. 31,
1994.
<PAGE>
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IDS Growth Fund, Inc.
Notes to Financial Statements (continued)
______________________________________________________________________________
4. Lending of Portfolio Securities
At Jan. 31, 1994, securities valued at $17,567,525
were on loan to brokers. For collateral, the Fund
received $16,602,900 in cash and U.S. government
securities valued at $1,805,209. Income from
securities lending amounted to $199,180 for the six
months ended Jan. 31, 1994. The risks to the Fund of
securities lending are that the borrower may not
provide additional collateral when required or return
the securities when due.
<PAGE>
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IDS Growth Fund, Inc.
Notes to Financial Statements (continued)
______________________________________________________________________________
5. Financial Highlights
The table below shows certain important financial
information for evaluating the Fund's results.
<TABLE>
<CAPTION>
Six months Fiscal year ended July 31,
ended ____________________________________________
Jan. 31, 1994 1993 1992 1991 1990 1989
_________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C>
Per Share Income and Capital
Changes* (Unaudited)
(for a share outstanding
throughout the period)
Net asset value, beginning
of period $17.99 $18.57 $17.62 $24.05 $23.24 $17.17
_________________________________________________________________________________________________
Income from investment operations:
Net investment income -- -- .08 .19 .34 .27
Net gains on securities
(both realized and unrealized) 2.20 2.40 2.66 .69 2.89 5.90
__________________________________________________________________________________________________
Total from investment operations 2.20 2.40 2.74 .88 3.23 6.17
__________________________________________________________________________________________________
Less distributions:
Dividends from net
investment income -- -- (.18) (.33) (.27) (.10)
Distributions from
realized gains (1.86) (2.98) (1.61) (6.98) (2.15) --
__________________________________________________________________________________________________
Total distributions (1.86) (2.98) (1.79) (7.31) (2.42) (.10)
__________________________________________________________________________________________________
Net asset value, end of period $18.33 $17.99 $18.57 $17.62 $24.05 $23.24
__________________________________________________________________________________________________
Ratios/Supplemental Data
Net assets, end
of period (in millions) $1,015 $933 $863 $780 $756 $732
Ratio of expenses to average
daily net assets .82%** .87% .88% .87% .73% .64%
Ratio of net income to average
daily net assets .03%** --% .41% 1.36% 1.40% 1.39%
Portfolio turnover rate
(excluding short-term securities) 29% 44% 83% 75% 49% 23%
_________________________________________________________________________________________________
Total Return*** 12.7%+ 13.0% 15.1% 12.4% 15.3% 36.2%
_________________________________________________________________________________________________
*Rounded to the nearest cent.
**Adjusted to an annual basis.
***Total return does not reflect payment of a sales charge.
+For the fiscal period ended Jan. 31, 1994, the annualized total return is
26.7 percent.</TABLE>
<PAGE>
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IDS Growth Fund, Inc.
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities, Jan. 31, 1994 (Unaudited)
_____________________________________________________________________________________________________________________________
<CAPTION>
Common Stocks (96.9%)
(Percentages represent value of investments compared to net assets)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
Automotive & Related (3.1%)
Ek Chor China Motorcycle 300,000 $ 10,462,500
PACCAR 345,000 20,958,750
____________
31,421,250
_____________________________________________________________________________________________________________________________
Banks and Savings & Loans (3.2%)
First Chicago 400,000 18,800,000
Metropolitan Financial 218,600 3,497,600
Norwest 400,000 10,550,000
____________
32,847,600
_____________________________________________________________________________________________________________________________
Broadcasting & Communications (15.3%)
Cable & Wireless 600,000 (c,e) 14,850,000
Cisco Systems 500,000 (b) 36,250,000
Comcast Cl A 600,000 18,825,000
Grupo Televisa 400,000 (c,d) 28,400,000
Intl Family Entertainment Cl B 196,800 (b) 4,182,000
Motorola 400,000 39,400,000
Scientific-Atlanta 300,000 8,512,500
Turner Broadcasting Cl B 200,000 (e) 5,200,000
____________
155,619,500
_____________________________________________________________________________________________________________________________
Building Materials & Construction (0.5%)
Tyco Laboratories 100,000 5,400,000
_____________________________________________________________________________________________________________________________
Business Equipment & Software (8.2%)
Danka Business Systems ADR 300,000 (c) 12,375,000
Microsoft 350,000 (b) 29,793,750
Oracle Systems 1,000,000 (b) 32,125,000
Parametric Technology 100,000 (b) 3,337,500
Service Master LP 200,000 5,500,000
____________
83,131,250
_____________________________________________________________________________________________________________________________
Chemicals (2.0%)
Great Lakes Chemical 250,000 19,718,750
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities./TABLE
<PAGE>
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IDS Growth Fund, Inc.
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
<CAPTION>
Common Stocks (continued)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
Consumer Related (11.1%)
Duracell Intl 300,000 $ 11,925,000
General Nutrition 100,000 (b) 2,575,000
Gillette 350,000 21,262,500
Home Depot 600,000 23,400,000
Nordstrom 200,000 7,000,000
Office Depot 500,000 (b) 18,187,500
QVC Network 225,000 (b,e) 9,900,000
St. John Knits 200,000 (b) 4,650,000
Shaw Inds 100,000 2,037,500
Valence Technology 200,000 (b) 3,950,000
Wal-Mart Stores 300,000 7,950,000
____________
112,837,500
_____________________________________________________________________________________________________________________________
Drugs & Health Care (6.8%)
Biogen 200,000 (b) 10,425,000
Boston Scientific 800,000 (b) 12,200,000
HEALTHSOUTH Rehab 500,000 (b) 14,125,000
Stryker 300,000 10,500,000
United Healthcare 250,000 21,375,000
____________
68,625,000
_____________________________________________________________________________________________________________________________
Electrical Equipment & Electronics (3.2%)
Maxim Integrated Products 300,000 (b) 14,925,000
Sensormatic Electronics 525,000 17,390,625
____________
32,315,625
_____________________________________________________________________________________________________________________________
Energy (2.0%)
Devon Energy 250,000 5,125,000
Enron 400,000 13,150,000
Tarragon Oil & Gas 200,000 (c) 2,448,672
____________
20,723,672
_____________________________________________________________________________________________________________________________
Entertainment & Leisure (3.2%)
Intl Game Technology 300,000 8,850,000
Walt Disney 500,000 23,625,000
____________
32,475,000
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities./TABLE
<PAGE>
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IDS Growth Fund, Inc.
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
<CAPTION>
Common Stocks (continued)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
Financial (7.0%)
BCH Financial 200,000 $ 5,200,000
First Financial Management 400,000 23,650,000
John Nuveen Cl A 400,000 10,000,000
Merrill Lynch 600,000 26,850,000
Raymond James Financial 300,000 5,250,000
____________
70,950,000
_____________________________________________________________________________________________________________________________
Food, Beverages & Tobacco (2.3%)
Coca-Cola 500,000 20,437,500
Snapple Beverage 100,000 (b) 2,800,000
____________
23,237,500
_____________________________________________________________________________________________________________________________
Insurance (4.2%)
St. Paul Companies 200,000 17,675,000
SunAmerica 300,000 12,262,500
Travelers 300,000 12,637,500
____________
42,575,000
_____________________________________________________________________________________________________________________________
Machinery (0.3%)
KENETECH 100,000 (b) 2,600,000
_____________________________________________________________________________________________________________________________
Media (0.6%)
News Corp ADR 100,000 (c,e) 5,775,000
_____________________________________________________________________________________________________________________________
Metals & Mining (4.1%)
Birmingham Steel 300,000 8,850,000
Groupo Simec ADR 128,500 (b,c) 4,047,750
Maanshan Iron & Steel 100,000 (b,c) 4,952,418
Nucor 400,000 23,600,000
____________
41,450,168
_____________________________________________________________________________________________________________________________
Multi-Industrial (0.3%)
Mayne Nickless 500,000 (c) 3,448,000
_____________________________________________________________________________________________________________________________
Publishing (0.3%)
Thomas Nelson 125,000 3,062,500
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities./TABLE
<PAGE>
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<TABLE> IDS Growth Fund, Inc.
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
<CAPTION>
Common Stocks (continued)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
Restaurants & Lodging (2.0%)
Brinker Intl 400,000 (b) $ 16,900,000
Wendy's Intl 200,000 3,425,000
____________
20,325,000
_____________________________________________________________________________________________________________________________
Telecommunications (6.7@%)
Andrew 300,000 (b) 13,275,000
Ericsson (LM) Tel Cl B ADR 500,000 (c) 22,750,000
SynOptics Communications 400,000 (b) 11,500,000
Tellabs 450,000 (b) 20,700,000
____________
68,225,000
_____________________________________________________________________________________________________________________________
Transportation (3.6%)
Mesa Airlines 600,000 (b) 10,800,000
Southwest Airlines 700,000 26,075,000
____________
36,875,000
_____________________________________________________________________________________________________________________________
Utilities (4.6%)
Century Telephone 500,000 13,625,000
McCaw Cellular Communication 200,000 (b) 10,800,000
Telefonos de Mexico L ADR 300,000 (c) 22,162,500
____________
46,587,500
_____________________________________________________________________________________________________________________________
Miscellaneous (2.3%)
Kelly Services 168,750 5,020,313
Olsten 600,000 18,750,000
____________
23,770,313
_____________________________________________________________________________________________________________________________
Total common stocks
(Cost:$663,113,196) $ 983,996,128
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities./TABLE
<PAGE>
PAGE
IDS Growth Fund, Inc.
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
<CAPTION>
Short-term Securities (4.8%)
_____________________________________________________________________________________________________________________________
Annualized Amount
Yield on Payable
Date of at
Issuer Purchase Maturity Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C>
U.S. Government Agency (0.2%)
Federal Home Loan
Mtge Corp Disc Note
02-14-94 3.04% $1,800,000 $ 1,798,030
_____________________________________________________________________________________________________________________________
Commercial Paper (4.6%)
Colgate Palmolive
02-01-94 3.21 3,100,000 (f) 3,100,000
Eiger Capital
02-18-94 3.07 2,600,000 (f) 2,596,243
Fleet Funding
03-01-94 3.07 4,000,000 (f) 3,990,480
Mobil Australia
Finance
02-17-94 3.09 2,300,000 (f) 2,296,852
Nestle Capital
02-24-94 3.04 1,600,000 1,596,903
Paccar Financial
02-10-94 3.08 4,000,000 3,996,930
Penney (JC)
Funding
03-08-94 3.05 3,800,000 3,788,769
Pennsylvania Power
& Light Energy Trust
03-17-94 3.10 4,600,000 4,582,415
04-05-94 3.11 5,000,000 4,971,378
PepsiCo
02-25-94 3.07 3,900,000 3,892,044
See accompanying notes to investments in securities./TABLE
<PAGE>
PAGE
IDS Growth Fund, Inc.
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
<CAPTION>
Short-term Securities (continued)
_____________________________________________________________________________________________________________________________
Annualized Amount
Yield on Payable
Date of at
Issuer Purchase Maturity Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C>
Commerical Paper (cont'd)
Quaker Oats
02-15-94 3.09% $1,000,000 (f) $ 998,802
Reed Publishing (USA)
03-07-94 3.08 4,400,000 (f) 4,387,242
Unilever Capital
03-07-94 3.08 6,500,000 (f) 6,481,153
_____________
46,679,211
_____________________________________________________________________________________________________________________________
Total short-term securities
(Cost: $48,479,095) $ 48,477,241
_____________________________________________________________________________________________________________________________
Total investments in securities
(Cost: $711,592,291)(g) $1,032,473,369
_____________________________________________________________________________________________________________________________
Notes to Investments in Securities
_____________________________________________________________________________________________________________________________
(a) Securities are valued by procedures described in Note 1 to the financial statements.
(b) Presently non-income producing.
(c) Foreign security values are stated in U.S. dollars.
(d) Represents a security sold under Rule 144A which is exempt from registration under the Securities Act
of 1933, as amended. This security has been determined to be liquid under guidelines established by
the Board of Directors.
(e) Security is partially or fully on loan. See Note 4 to the financial statements.
(f) Commercial paper sold within terms of a private placement memorandum, exempt from registration under
Section 4(2) of the Securities Act of 1933, as amended, and may be sold only to dealers in that program
or other "accredited investors". These securities have been determined to be liquid under the guidelines
established by the Board of Directors.
(g) At Jan. 31, 1994, the cost of securities for federal income tax purposes was approximately $711,592,000
and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
<CAPTION>
<S> <C>
Unrealized appreciation $329,227,000
Unrealized depreciation (8,346,000)
____________________________________________________________________________________________
Net unrealized appreciation $320,881,000
____________________________________________________________________________________________
/TABLE
<PAGE>
PAGE
IDS Growth Fund, Inc.
Directors and Officers
_____________________________________________________________________________
Directors of the Fund
Lynne V. Cheney
distinguished fellow, American Express Enterprise Institute for
Public Policy Research
William H. Dudley
executive vice president, IDS Financial Corporation
Robert F. Froehlke
previously president and chief executive officer of all funds
in the IDS MUTUAL FUND GROUP
David R. Hubers
president and chief executive officer, IDS Financial Corporation
Anne P. Jones
partner, Washington, D.C. law firm of Sutherland, Asbill & Brennan
Donald M. Kendall
former chairman and chief executive officer, PepsiCo, Inc.
Melvin R. Laird
senior counsellor for national and international affairs,
The Reader's Digest Association, Inc.
Lewis W. Lehr
former chairman of the board and chief executive officer,
Minnesota Mining and Manufacturing Company
William R. Pearce
president and chief executive officer of all funds in the
IDS MUTUAL FUND GROUP
Edson W. Spencer
former chairman and chief executive officer, Honeywell, Inc.
John R. Thomas
senior vice president, IDS Financial Corporation
Wheelock Whitney
chairman, Whitney Management Company
____________________________________________________________
Officers of the Fund
William R. Pearce
president and chief executive officer
Leslie L. Ogg
vice president, general counsel and treasurer
<PAGE>
PAGE
IDS Growth Fund, Inc.
IDS MUTUAL FUND GROUP
________________________________________________________________________
Specialty growth funds
Funds in this group aggressively seek capital growth, primarily from
international specialty common stocks. They are high risk mutual funds
with a potential for high reward.
IDS Precious Metals Fund, Inc.
Invests primarily in the securities of foreign or domestic companies
that explore for, mine and process or distribute gold and other
precious metals. This is the most aggressive and most speculative
IDS mutual fund.
IDS Global Growth Fund
Invests in stocks of companies throughout the world that are positioned
to meet market needs in a changing world economy. These companies
offer above-average potential for long-term growth.
IDS International Fund, Inc.
Invests primarily in common stocks of foreign companies that offer
potential for superior growth. The Fund may invest up to 20 percent
of its assets in the U.S. market.
IDS Strategy, Worldwide Growth Fund
Invests primarily in common stocks of companies throughout the world
that offer potential for superior growth. Holdings may range from
small- to large- capitalization stocks, including those of companies
involved in areas of rapid economic growth.
_______________________________________________________________________
Growth funds
Funds in this group seek capital growth, primarily from common stocks.
They are high risk mutual funds with a potential for high reward.
IDS Discovery Fund, Inc.
Invests in small- and medium-size, growth-oriented companies
emphasizing technological innovation and productivity enhancement.
Buys and holds larger growth-oriented stocks.
IDS Growth Fund, Inc.
Invests primarily in companies that have above-average potential for
long-term growth as a result of new management, marketing opportunities
or technological superiority.
IDS Strategy, Aggressive Equity Fund
Invests primarily in common stocks of companies that are selected for
their potential for above-average growth. Above-average means that
their growth potential is better, in the opinion of the Portfolio's
investment manager, than the Standard & Poor's Corporation
(S&P) 500 Stock Index.
IDS New Dimensions Fund, Inc.
Invests primarily in companies with significant growth potential due
to superiority in technology, marketing or management.
The Fund frequently changes its industry mix.
<PAGE>
PAGE
IDS Growth Fund, Inc.
IDS MUTUAL FUND GROUP (Continued)
______________________________________________________________________
Growth Funds (continued)
IDS Progressive Fund, Inc.
Invests primarily in undervalued common stocks.
The Fund holds stocks for the long-term with the goal of
capital growth.
______________________________________________________________________
Growth and income funds
These funds focus on securities of medium to large, well-established
companies that offer long-term growth of capital and reasonable income
from dividends and interest. Moderate risk.
IDS Managed Retirement Fund, Inc.
Invests in a combination of common stocks, fixed income investments
and money market securities to seek a maximum total return through
a combination of growth of capital and current income.
IDS Equity Plus Fund, Inc.
Invests primarily in a combination of moderate growth stocks,
higher-yielding equities and bonds. Seeks growth of capital and income.
IDS Blue Chip Advantage Fund
Invests in selected stocks from a major market index.
Securities purchased are those recommended by IDS research analysts
as the best from each industry represented on the index. Offers
potential for long-term growth as well as dividend income.
IDS Stock Fund, Inc.
Invests primarily in common stocks of companies representing many
sectors of the economy. Seeks current income and growth of capital.
IDS Strategy, Equity Fund
Invests primarily in undervalued common stocks that offer potential
for growth of capital and income.
IDS Utilities Income Fund, Inc.
Invests primarily in the stocks of public utility companies to seek
high current income and growth of income and capital with reduced
volatility.
IDS Diversified Equity Income Fund
Invests primarily in high-yielding common stocks to seek high current
income and, secondarily to benefit from the growth potential offered
by stock investments.
IDS Mutual
Invests in a balance between common stocks and senior securities
(preferred stocks and bonds). Seeks a balance of growth of
capital and current income.
<PAGE>
PAGE
IDS Growth Fund, Inc.
IDS MUTUAL FUND GROUP (Continued)
_____________________________________________________________________________
Tax-exempt income funds
These funds provide tax-free income by investing in municipal bonds.
The income is generally free from federal income tax.
Risk varies by bond quality.
IDS High Yield Tax-Exempt Fund, Inc.
Invests primarily in medium- and lower-quality municipal bonds and
notes. Lower quality securities generally involve greater risk of
principal and income.
IDS State Tax-Exempt Funds
(California, Massachusetts, Michigan, Minnesota, New York, Ohio)
Invests primarily in high- and medium-grade municipal securities to
provide income to residents of each respective state that is exempt
from federal, state and local income taxes. (New York is the only
state that is exempt at the local level.)
IDS Tax-Exempt Bond Fund, Inc.
Invests mainly in bonds and notes of state or local government
units, with at least 75 percent in the four highest-rated,
lowest-risk bond categories.
IDS Insured Tax-Exempt Fund
Invests primarily in municipal securities that are insured as to
the timely payment of principal and interest. The insurance
feature minimizes credit risk of the Fund but does not guarantee
the market value of the Fund's shares.
______________________________________________________________________
Income funds
The funds in this group invest their assets primarily in corporate
bonds or government securities to seek interest income.
Secondary objective is capital growth. Risk varies by bond quality.
IDS Global Bond Fund
Invests primarily in debt securities of U.S. and foreign issuers
to seek high total return through income and growth of capital.
IDS Extra Income Fund, Inc.
Invests mainly in long-term, high-yielding corporate fixed income
securities in the lower-rated, higher-risk bond categories to
seek high current income. Secondary objective is capital growth.
IDS Bond Fund, Inc.
Invests mainly in corporate bonds, at least 50 percent in the
higher-rated, lower-risk bond categories, or the equivalent,
and in government bonds.
IDS Strategy, Income Fund
Invests primarily in corporate and government bonds to
seek high current income while conserving capital.
Also may seek capital appreciation when consistent with
its primary goals.
<PAGE>
PAGE
IDS Growth Fund, Inc.
IDS MUTUAL FUND GROUP (Continued)
_____________________________________________________________________________
Income funds (continued)
IDS Selective Fund, Inc.
Invests in high-quality corporate bonds and other highly rated
debt instruments, including government securities and short-term
investments. Seeks current income and preservation of capital.
IDS Federal Income Fund, Inc.
Invests primarily in securities issued or guaranteed as to the timely
payment of principal and interest by the U.S. government, its agencies
and instrumentalities. Seeks a high level of current income and
safety of principal consistent with its type of investments.
IDS Strategy, Short-Term Income Fund
Invests primarily in short-term and intermediate-term bonds and
notes to seek a high level of current income.
_____________________________________________________________________
Money market funds
These money market funds have three main goals: conservation of
capital, constant liquidity and the highest possible current income
consistent with these objectives. Very limited risk.
IDS Cash Management Fund
Invests in such money market securities as high-quality commercial
paper, bankers' acceptances, certificates of deposit (CDs) and
other bank securities.
IDS Tax-Free Money Fund, Inc.
Invests primarily in short-term bonds and notes issued by state and
local governments to seek high current income exempt from federal
income taxes.
_____________________________________________________________________
For more complete information about any of these funds, including
charges and expenses, you can obtain a prospectus by contacting your
IDS personal financial planner or writing to IDS Shareholder Service,
P.O. Box 534, Minneapolis, MN 55440-0534. Read it carefully before
you invest or send money. This semiannual report is approved for use
only if preceded or accompanied by a prospectus for the Fund.
<PAGE>
PAGE
1994 SEMIANNUAL REPORT
IDS Growth Fund, Inc.
____________________________________________________________________
IDS MUTUAL FUND GROUP
IDS Tower 10
Minneapolis, Minnesota 55440-0010
