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IDS Growth Fund
1995 annual report
(prospectus enclosed)
(Icon of) A flower
The goal of IDS Growth Fund, Inc. is long-term growth of capital.
The fund invests primarily in common stocks and securities
convertible into common stocks.
(This annual report includes a prospectus that describes in detail
the fund's objective, investment policies, risks, sales charges,
fees and other matters of interest. Please read the prospectus
carefully before you invest or send money.)
Distributed by American Express Financial Advisors Inc.
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(Icon of) A flower
Going for Growth
In the long run, a company's stock price usually reflects its
business fortunes. Therefore, if a company thrives, its stock
tends to follow suit. That's why many long-term investors,
including Growth Fund, focus on growth stocks - those of companies
that enjoy rising sales and profits. While there will be
interruptions along the way, patient investors look forward to
sharing in that same prosperity.
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Contents
(Icon of) One open book inside of another.
The purpose of this annual report is to tell investors how the fund
performed.
The prospectus, which is bound into the middle of this annual
report, describes the fund in detail.
1995 annual report
From the president 4
From the portfolio manager 4
Ten largest holdings 6
Making the most of your fund 7
Long-term performance 8
Independent auditors' report 9
Financial statements 10
Notes to financial statements 13
Investments in securities 21
IDS mutual funds 24
Federal income tax information 27
1995 prospectus
The fund in brief
Goal 3p
Types of fund investments and their risks 3p
Proposed conversion to master/feeder structure 3p
Manager and distributor 3p
Portfolio manager 3p
Alternative sales arrangements 3p
Sales charge and fund expenses 4p
Performance
Financial highlights 6p
Total returns 7p
Key terms 9p
Investment policies and risks
Facts about investments and their risks 10p
Valuing assets 13p
How to buy, exchange or sell shares
Alternative sales arrangements 14p
How to buy shares 17p
How to exchange shares 20p
How to sell shares 21p
Reductions and waivers of the sales charge 26p
Special shareholder services
Services 31p
Quick telephone reference 31p
Distributions and taxes
Dividend and capital gain distributions 32p
Reinvestments 33p
Taxes 34p
How the fund is organized
Shares 37p
Voting rights 37p
Shareholder meetings 37p
Special considerations regarding
master/feeder structure 38p
Directors and officers 41p
Investment manager and transfer agent 43p
Distributor 44p
About American Express Financial Corporation
General information 46p
Appendix
Descriptions of derivative instruments 47p
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PAGE 4
To our shareholders
(Photo of) William R. Pearce, President of the fund
(Photo of) Mitzi Malevich, Portfolio manager
From the president
As I indicated in the fund's previous reports, new agreements
between the fund and American Express Financial Corporation (AEFC)
were approved by shareholders in November 1994. The new agreements
became effective when the fund began offering multiple classes of
shares on March 20, 1995.
The advantage of offering more than a single class of shares is
that investors may choose how they wish to pay sales charges. A
portion of these charges compensates your American Express
financial advisor (formerly called your IDS planner), who is
committed to providing you with outstanding services.
Adding new classes of mutual fund shares does make the presentation
of financial information in this report more complex. However, we
will continue our effort to make the reports easier to read and
understand. Meanwhile, your American Express financial advisor is
available to answer your questions.
William R. Pearce
From the portfolio manager
Effective stock selection and a powerful market rally combined to
produce a generous gain for IDS Growth Fund shareholders during the
past fiscal year. The fund took full advantage of the improving
investment environment, posting a return for the August 1994
through July 1995 period that was above that of both the overall
stock market and the average for growth mutual funds.
(The stock market's return is measured by the Standard & Poor's 500
Stock Index, an unmanaged group of stocks commonly used to gauge
the market's performance. As detailed in the accompanying table, a
substantial part of the fund's return for the 12 months came in the
form of a capital gain, which reduced the fund's net asset value by
a like amount.)
Patience pays off
After struggling throughout most of 1994, the stock market got off
to a strong start in 1995. The driving factors included an ongoing
low inflation rate, good corporate profits and declining long-term
interest rates - an almost sure-fire formula for rising stock
prices. With those factors in place, the market enjoyed its
strongest sustained advance in years from January through July.
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PAGE 5
To the particular benefit of this fund, growth stocks, which had
languished for many months, responded particularly well to the
positive environment. More specifically, stocks of technology
companies, especially those of semiconductor producers, comprised
the largest portion of the portfolio and were often at the
forefront of the market rally. Complementing the gains by those
issues were good performances by health care and financial services
stocks, to which the fund also had considerable exposure.
A long-term view
Stock turnover was slight during the past year, amounting to no
more than occasional portfolio pruning when holdings either reached
the price targets or failed to meet my expectations. This is
reflective of the fund's ongoing approach of holding stocks for
years, rather than months, assuming their potential for gain
remains promising.
Also consistent with my fundamental investment style, the fund
carried little cash reserves during the period. Put another way, I
keep nearly all of the portfolio invested in stocks, concentrating
on those of rapidly growing companies, with minimal regard for type
of business. As has been the case for some time, many of those
companies fall into the technology group; therefore, the fund
usually owns a substantial amount of technology stocks.
My aggressive strategy also contributed to the funds' performance
in recent months, as the return from stocks far exceeded that
generated by cash. While I expect this low cash position to be a
benefit during positive market trends, it will also likely mean
more negative performance during downturns. In the long run,
however, I believe results for shareholders will be enhanced.
As the fund enters a new fisal year, I think the key to the
market's direction will be long-term interest rates. If they take
a stable-to-declining path, stocks will be in good position to
advance, though it's unlikely they will be able to match the pace
of the first half of the year. Another potential ally to the
market is the possibility of a reduction in the capital gains tax.
That, should it occur, may be some time away, however. In the
meantime, I will continue my search for rapidly growing companies
with bright business prospects, regardless of industry sector.
Mitzi Malevich
Class A
12-month performance
(All figures per share)
Net assest value (NAV)
July 31, 1995 $21.50
July 31, 1994 $17.39
Increase $ 4.11
Distributions
Aug. 1, 1994-July 31, 1995
From income $ 0.04
From capital gains $ 1.51
Total distributions $ 1.55
Total return** +35.2%***
Class B
March 20, 1995-July 31, 1995
(All figures per share)
Net asset value (NAV)
July 31, 1995 $21.45
March 20, 1995* $17.85
Increase $ 3.60
Distributions
March 20, 1995*-July 31, 1995
From income $ --
From capital gains $ --
Total distributions $ --
Total return** +20.2%***
Class Y
March 20, 1995-July 31, 1995
(All figures per share)
Net asset value (NAV)
July 31, 1995 $21.51
March 20, 1995* $17.85
Increase $ 3.66
Distributions
March 20, 1995*-July 31, 1995
From income $ --
From capital gains $ --
Total distributions $ --
Total return** +20.5%***
*Inception date.
**The prospectus discusses the effects of sales charges, if any,
on the various classes.
***The total return is a hypothetical investment in the fund with
all distributions reinvested.
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<TABLE>
<CAPTION>
IDS Growth Fund, Inc.
Your fund's ten largest holdings
Pie Chart: The ten holdings listed here make up 24.85% of the fund's net assets
____________________________________________________________________________________________________
Percent of Value
(fund's net assets) (as July 31, 1995)
____________________________________________________________________________________________________
<S> <C> <C>
Tellabs 3.12% $44,500,000
Designer, manufacturer and marketer of a broad range of
products and equipment for use by telephone companies, the
Bell System, specialized common carriers and other providers
of telecommunication services.
Oracle Systems 2.64 37,687,500
One of the largest independent vendors of database-management
software. Oracle offers a wide variety of new products,
enhancements and applications software, supported by excellent
service.
Boston Scientific 2.53 36,153,250
Developer, manufacturer and marketer of medical devices. The company's
products are used in a broad range of medical specialties, including
cardiology, vascular surgery, urology, gastroenterology and radiology.
Andrew 2.50 35,625,000
Producer of antennas, antenna systems, coaxial cable, and products and
services supporting the integration of voice, data and video. End users
are telecommunications companies, radio equipment companies, television
stations, utilities distributors, corporate telecommunication network,
and federal, local and foreign governments.
Maxim Integrated 2.50 35,475,000
Designer and manufacturer of a broad line of analog and mixed signal
semiconductors for use in a variety of electric products. The
company's customer base is diversified and includes sales to computer,
consumer/automotive, telecommunications and aerospace industries as
well as industrial markets.
First Financial Management 2.45 35,000,000
A leading provider of information services, including processing
credit card transactions and health-care claims.
Merrill Lynch 2.33 33,300,000
One of the largest and diversified securities firms in the world.
The company broker securities, options, commodities, and futures;
underwriters selected investments products and provides investment
banking services.
Coca-Cola 2.31 32,937,500
The world's largest producer and distributor of soft drinks,
concentrates and syrups.
Nucor 2.25 32,250,000
One of the largest and most profitable domestic steel mini-mills.
Nucor is a leading producer of the joist and girders used in
construction.
Royal Dutch Petroleum 2.22 31,750,000
A major oil company that includes Royal Dutch (the Dutch version) and
Shell Transport (the English version).
</TABLE>
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Making the most of your fund
Average annual total return
(as of July 31, 1995)
Class A
1 year 5 years 10 years
+28.39% +14.93% +15.71%
Total returns for Class A, Class B and Class Y for the period from
March 20, 1995 to July 31, 1995 were +14.43, +15.18 and +20.50,
respectively. March 20, 1995 was the inception date for Class B
and Class Y. Total return for Class A is shown for comparative
purposes. The performance of Class B and Class Y will vary from
the performance of Class A based on differences in sales charges
and fees.
Your investment and return values fluctuate so that your shares,
when redeemed, may be worth more or less than the original cost.
Figures reflect the deduction of the maximum sales charge, as
discussed in the prospectus. This was a period of widely
fluctuating security prices. Past performance is no guarantee of
future results.
Build your assets systematically
To keep your assets growing steadily, one of the best ways to
invest in the fund is by dollar-cost averaging -- a time-tested
strategy that can make market fluctuations work for you. To
dollar-cost average, simply invest a fixed amount of money
regularly. You'll automatically buy more shares when the fund's
share price is low, fewer shares when it is high.
This does not ensure a profit or avoid a loss if the market
declines. But, if you can continue to invest regularly through
changing market conditions, it can be an effective way to
accumulate shares to meet your long-term goals.
How dollar-cost averaging works
Month Amount Per-share Number of shares purchased
invested market price
Jan $100 $20 5.00
Feb 100 18 5.56
Mar 100 17 5.88
Apr 100 15 6.67
May 100 16 6.25
June 100 18 5.56
July 100 17 5.88
Aug 100 19 5.26
Sept 100 21 4.76
Oct 100 20 5.00
(footnotes to table) By investing an equal number of dollars each
month...
(arrow in table pointing to April) you automatically buy more
shares when the per share market price is low.
(arrow in table pointing to September) and fewer shares when the
per share market price is high.
You have paid an average price of only $17.91 per share over the 10
months, while the average market price actually was $18.10.
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Three ways to benefit from a mutual fund:
o your shares increase in value when the fund's investments do
well
o you receive capital gains when the gains on investments sold
by the fund exceed losses
o you receive income when the fund's stock dividends, interest
and short-term gains exceed its expenses.
All three make up your total return. And you potentially can
increase your investment if, like most investors, you reinvest your
dividends and capital gain distributions to buy additional shares
of the fund or another fund.
Class A*
How your $10,000 has grown in IDS Growth Fund
Average annual total return
(as of July 31, 1995) $43,051
Growth Fund
1 year 5 years 10 years
+28.39% +14.93% +15.71%
S&P 500
Stock Index
Lipper Small Co.
Growth Fund Index
$9,500
'85 '86 '87 '88 '89 '90 '91 '92 '93 '94 '95
* The graph above is for Class A only. Class B and Class Y are not
shown. Total returns for Class A, Class B and Class Y for the
period from March 20, 1995 to July 31, 1995 were +14.43, +15.18,
+20.50, respectively. March 20, 1995 was the inception date for
Class B and Class Y. Total return for Class A is shown for
comparative purposes. The performance of Class B and Class Y will
vary from the performance of Class A based on differences in sales
charges and fees.
Assumes: Holding period from 7/31/85 to 7/31/95. Returns do not
reflect taxes payable on distributions. Also see "Performance" in
the fund's current prospectus. Reinvestment of all income and
capital gain distributions for the fund, with a value of $31,409.
Standard & Poor's 500 Stock Index (S&P 500), an unmanaged list of
common stocks, is frequently used as a general measure of market
performance. However, the S&P 500 companies are generally larger
than those in which the fund invests.
Lipper Growth Fund Index, published by Lipper Analytical Services,
Inc., includes 30 funds that are generally similar to this fund,
although some funds in the index may have somewhat different
investment policies or objectives.
On the graph above you can see how the fund's total return compared
to two widely cited unmanaged performance indexes, the S&P 500
Stock Index and the Lipper Growth Fund Index. In comparing Growth
Fund to the two indexes, you should take into account the fact that
the fund's performance reflects the maximum sales charge of 5%,
while such charges are not reflected in the performance of the
indexes. If you were actually to buy either individual stocks or
growth mutual funds, any sales charges that you pay would reduce
your total return as well.
Your investment and return values fluctuate so that your shares,
when redeemed, may be worth more or less than the original cost.
This was a period of widely fluctuating security prices. Past
performance is no guarantee of future results.
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Independent auditors' report
The board of directors and shareholders
IDS Growth Fund, Inc.:
We have audited the accompanying statement of assets and
liabilities, including the schedule of investments in securities,
of IDS Growth Fund, Inc. as of July 31, 1995, and the related
statement of operations for the year then ended and the statements
of changes in net assets for each of the years in the two-year
period ended July 31, 1995, and the financial highlights for each
of the years in the ten-year period ended July 31, 1995. These
financial statements and the financial highlights are the
responsibility of fund management. Our responsibility is to
express an opinion on these financial statements and the financial
highlights 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 and the financial highlights are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. Investment securities held in custody are
confirmed to us by the custodian. As to securities purchased and
sold but not received or delivered, and securities on loan, we
request confirmations from brokers, and where replies are not
received, we carry out other appropriate auditing procedures. 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
Growth Fund, Inc. at July 31, 1995, and the results of its
operations for the year then ended and the changes in its net
assets for each of the years in the two-year period ended July 31,
1995, and the financial highlights for the periods stated in the
first paragraph above, in conformity with generally accepted
accounting principles.
KPMG Peat Marwick LLP
Minneapolis, Minnesota
September 1, 1995
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<TABLE>
<CAPTION>
Financial statements
Statement of assets and liabilities
IDS Growth Fund, Inc.
July 31, 1995
_____________________________________________________________________________________________________________
Assets
_____________________________________________________________________________________________________________
<S> <C>
Investments in securities, at value (Note 1)
(identified cost $920,612,671) $1,439,255,595
Cash in bank on demand deposit 3,733,073
Receivable for investment securities sold 2,029,000
Dividends and accrued interest receivable 417,958
_____________________________________________________________________________________________________________
Total assets 1,445,435,626
_____________________________________________________________________________________________________________
Liabilities
_____________________________________________________________________________________________________________
Payable for investment securities purchased 11,794,511
Payable upon return of securities loaned (Note 4) 6,301,000
Accrued investment management services fee 94,071
Accrued distribution fee 3,095
Accrued service fee 27,608
Accrued transfer agency fee 17,285
Accrued administration services fee 7,697
Other accrued expenses 100,923
_____________________________________________________________________________________________________________
Total liabilities 18,346,190
_____________________________________________________________________________________________________________
Net assets applicable to outstanding capital stock $1,427,089,436
_____________________________________________________________________________________________________________
Represented by
_____________________________________________________________________________________________________________
Capital stock -- authorized 10,000,000,000 shares of $.01 par value; $ 663,740
Additional paid-in capital 869,257,364
Undistributed net investment income 756,145
Accumulated net realized gain (Note 1) 37,769,263
Unrealized appreciation 518,642,924
_____________________________________________________________________________________________________________
Total -- representing net assets applicable to outstanding capital stock $1,427,089,436
_____________________________________________________________________________________________________________
Net assets applicable to outstanding shares: Class A $1,380,428,247
Class B $ 38,437,214
Class Y $ 8,223,975
Net asset value per share of outstanding capital stock: Class A shares 64,199,790 $ 21.50
Class B shares 1,791,988 $ 21.45
Class Y shares 382,273 $ 21.51
See accompanying notes to financial statements.
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Financial statements
Statement of operations
IDS Growth Fund, Inc.
July 31, 1995
_____________________________________________________________________________________________________________
Investment income
_____________________________________________________________________________________________________________
Income:
Dividends (net of foreign taxes withheld of $182,694) $ 9,005,034
Interest 3,251,337
_____________________________________________________________________________________________________________
Total income 12,256,371
_____________________________________________________________________________________________________________
Expenses (Note 2):
Investment management services fee 7,125,802
Distribution fee
Class A 327,388
Class B 46,918
Transfer agency fee 1,346,147
Incremental transfer agency fee - Class B 1,437
Service fee
Class A 783,617
Class B 10,929
Administrative services fee 223,922
Compensation of directors 13,622
Compensation of officers 8,483
Custodian fees 106,075
Postage 101,682
Registration fees 106,411
Reports to shareholders 79,391
Audit fees 25,000
Administrative 5,597
Other 17,439
_____________________________________________________________________________________________________________
Total expenses 10,329,860
_____________________________________________________________________________________________________________
Investment income -- net 1,926,511
_____________________________________________________________________________________________________________
Realized and unrealized gain -- net
_____________________________________________________________________________________________________________
Net realized gain on security transactions (Note 3) 47,367,171
Net change in unrealized appreciation or depreciation 305,991,050
_____________________________________________________________________________________________________________
Net gain on investments 353,358,221
_____________________________________________________________________________________________________________
Net increase in net assets resulting from operations $ 355,284,732
_____________________________________________________________________________________________________________
See accompanying notes to financial statements.
</TABLE>
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<TABLE>
<CAPTION>
Financial statements
Statements of changes in net assets
IDS Growth Fund, Inc.
Year ended July 31, 1995
_____________________________________________________________________________________________________________
Operations and distributions 1995 1994
_____________________________________________________________________________________________________________
<S> <C> <C>
Investment income -- net $ 1,926,511 $ 1,053,685
Net realized gain on investments 47,367,171 132,940,828
Net change in unrealized appreciation or depreciation 305,991,050 (69,264,677)
_____________________________________________________________________________________________________________
Net increase in net assets resulting from operations 355,284,732 64,729,836
_____________________________________________________________________________________________________________
Distributions to shareholders from:
Net investment income
Class A (2,221,716) (34,025)
Net realized gain
Class A (83,810,550) (94,040,848)
_____________________________________________________________________________________________________________
Total distributions (86,032,266) (94,074,873)
_____________________________________________________________________________________________________________
Capital share transactions (Note 5)
_____________________________________________________________________________________________________________
Proceeds from sales
Class A shares (Note 2) 250,703,122 100,957,458
Class B shares 35,052,302 --
Class Y shares 7,107,887 --
Reinvestment of distribution at net asset value
Class A shares 84,354,729 92,378,509
Payments for redemptions
Class A shares (170,480,957) (144,922,563)
Class B shares (Note 2) (402,110) --
Class Y shares (121,596) --
_____________________________________________________________________________________________________________
Increase in net assets from capital share transactions 206,213,377 48,413,404
_____________________________________________________________________________________________________________
Total increase in net assets 475,465,843 19,068,367
Net assets at beginning of year 951,623,593 932,555,226
_____________________________________________________________________________________________________________
Net assets at end of year
(including undistributed net investment income of
$(756,145 and $1,049,783) $1,427,089,436 $951,623,593
_____________________________________________________________________________________________________________
See accompanying notes to financial statements.
</TABLE>
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Notes to financial statements
IDS Growth Fund, Inc.
___________________________________________________________________
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.
The fund offers Class A, Class B and Class Y shares. Class A
shares are sold with a front-end sales charge. Class B shares,
which the fund began offering on March 20, 1995, may be subject to
a contingent deferred sales charge. Class B shares automatically
convert to Class A after eight years. Class Y shares, which the
fund also began offering on March 20, 1995, have no sales charge
and are offered only to qualifying institutional investors.
All classes of shares have identical voting, dividend, liquidation
and other rights, and the same terms and conditions, except that
the level of distribution fee, transfer agency fee, and service fee
(class specific expenses) differs among classes. Income, expenses
(other than class specific expenses) and realized and unrealized
gains or losses on investments are allocated to each class of
shares based upon its relative net assets.
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,
including illiquid securities, 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.
Option transactions
In order to produce incremental earnings, protect gains, and
facilitate buying and selling of securities for investment
purposes, the fund may buy or write options traded on any U.S. or
foreign exchange or in the over-the-counter market where the
completion of the obligation is dependent upon the credit standing
of the other party. The fund also may buy and sell put and call
options and write covered call options on the 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>
PAGE 14
___________________________________________________________________
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.
Futures transactions
In order to gain exposure to or protect itself from changes in the
market, the fund may buy and sell stock index futures contracts
traded on any U.S. or foreign exchange. The fund also may buy or
write put and call options on these contracts. Risks of entering
into futures contracts and related options include the possibility
that there may be an illiquid market and that a change in the value
of the contract or option may not correlate with changes in the
value of the underlying securities.
Upon entering into a futures contract, the fund is required to
deposit either cash or securities in an amount (initial margin)
equal to a certain percentage of the contract value. Subsequent
payments (variation margin) are made or received by the fund each
day. The variation margin payments are equal to the daily changes
in the contract value and are recorded as unrealized gains and
losses. The fund recognizes a realized gain or loss when the
contract is closed or expires.
Foreign currency translations and 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. The effect of changes in
foreign exchange rates on realized and unrealized security gains or
losses is reflected as a component of such gains or losses. In the
statement of operations, net realized gains or losses from foreign
currency transactions may arise from sales of foreign currency,
closed forward contracts, exchange gains or losses realized between
the trade date and settlement dates on securities transactions, and
other translation gains or losses on dividend, interest income and
foreign withholding taxes.
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.
<PAGE>
PAGE 15
___________________________________________________________________
1. Summary of significant accounting policies (continued)
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.
On the statement of assets and liabilities, as a result of
permanent book-to-tax differences, undistributed net investment
income has been increased by $1,567 resulting in a net
reclassification adjustment to decrease paid-in-capital by $1,567.
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 a prior agreement that ended March 19, 1995, the
fund aid AEFC a fee for managing its investments, recordkeeping and
other specified services. The fee was a percentage of the fund's
average daily net assets consisting of a group asset charge in
reducing percentages from 0.46% to 0.32% 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% 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
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PAGE 16
___________________________________________________________________
2. Expenses and sales charges (continued)
0.12% of the fund's average daily net assets after deducting 1%
from the performance difference. If the performance difference is
less than 1%, the adjustment will be zero. The adjustment
increased the fee by $384,915 for the year ended July 31, 1995.
Also under the terms of a prior agreement, the fund paid AEFC 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 was reduced by earnings on monies
pending shareholder redemptions.
Effective March 20, 1995, when the fund began offering multiple
classes of shares, the fund entered into agreements with AEFC for
managing its portfolio, providing administrative services and
serving as transfer agent as follows: Under its Investment
Management Services Agreement, AEFC determines which securities
will be purchased, held or sold. The management fee is a
percentage of the fund's average daily net assets in reducing
percentages from 0.60% to 0.50% annually. The performance
incentive adjustment remains unchanged from the prior agreement.
Under an Administrative Services Agreement, the fund pays AEFC for
administration and accounting services at a percentage of the
fund's average daily net assets in reducing percentages from 0.05%
to 0.03% annually.
Under a separate Transfer Agency Agreement, AEFC maintains
shareholder accounts and records. The fund pays AEFC an annual fee
per shareholder account for this services as follows:
o Class A $15
o Class B $16
o Class Y $15
Also effective March 20, 1995, the fund entered into agreements
with American Express Financial Advisors Inc. for distribution and
shareholder servicing - related services as follows: Under a Plan
and Agreement of Distribution, the fund pays a distribution fee at
an annual rate of 0.75% of the fund's average daily net assets
attributable to Class B shares for distribution-related services.
Under a Shareholder Service Agreement, the fund pays a fee for
service provided to shareholders by financial advisors and other
servicing agents. The fee is calculated at a rate of 0.175% of the
fund's average daily net assets attributable to Class A and Class B
shares.
AEFC will assume and pay any expenses (except taxes and brokerage
commissions) that exceed the most restrictive applicable state
expense limitation.
<PAGE>
PAGE 17
___________________________________________________________________
2. Expenses and sales charges (continued)
Sales charges by American Express Financial Advisors for
distributing fund shares were $3,626,484 for Class A and $1,173 for
Class B for the year ended July 31, 1995. The fund also pays
custodian fees to American Express Trust Company, an affiliate of
AEFC.
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 $5,822 for the year ended July 31, 1995.
___________________________________________________________________
3. Securities transactions
Cost of purchases and proceeds from sales of securities (other than
short-term obligations) aggregated $382,646,719 and $320,760,906,
respectively, for the year ended July 31, 1995. Realized gains and
losses are determined on an identified cost basis.
Brokerage commissions paid to brokers affiliated with AEFC were
$114,136 for the year ended July 31, 1995.
___________________________________________________________________
4. Lending of portfolio securities
At July 31, 1995, securities valued at $5,909,375 were on loan to
brokers. For collateral, the fund received $6,301,000 in cash.
Income from securities lending amounted to $310,862 for the year
ended July 31, 1995. 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.
___________________________________________________________________
5. Capital share transactions
Transactions in shares of capital stock for the periods indicated
are as follows:
<TABLE>
<CAPTION>
Period ended July 31, 1995 Year ended
07/31/94
Class A Class B* Class Y* Class A
________________________________________________________________________________________
<S> <C> <C> <C> <C>
Sold 13,666,035 1,812,389 388,348 5,591,678
Issued for reinvested 5,080,692 -- -- 5,261,628
distributions
Redeemed (9,255,889) (20,401) (6,075) (7,981,768)
_______________________________________________________________________________________
Net increase 9,490,838 1,791,988 382,273 2,871,538
_______________________________________________________________________________________
*Inception date was March 20, 1995.
</TABLE>
<PAGE>
PAGE 18
___________________________________________________________________
6. Financial highlights
"Financial highlights" showing per share data and selected
information is presented on page 5 of the prospectus.
<PAGE>
PAGE 19
<TABLE>
<CAPTION>
Investments in securities
IDS Growth Fund, Inc.
July 31, 1995 (Percentages represents value of
investments compared to net assets)
____________________________________________________________________________________________________________________________
Common stocks (93.9%)
____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
Airlines (1.7%)
KLM Royal Dutch Air 300,000 (b,c) $ 11,175,000
Northwest Airlines 350,000 (b) 13,431,250
____________
Total 24,606,250
_____________________________________________________________________________________________________________________________
Automotive & related (0.3%)
Gentex 200,000 (b) 4,325,000
_____________________________________________________________________________________________________________________________
Banks and savings & loans (1.7%)
First Chicago 400,000 24,300,000
_____________________________________________________________________________________________________________________________
Beverages & tobacco (2.3%)
Coca-Cola 500,000 32,937,500
_____________________________________________________________________________________________________________________________
Building materials (2.0%)
Clayton Homes 750,000 15,000,000
Tyco Intl 250,000 13,750,000
____________
Total 28,750,000
_____________________________________________________________________________________________________________________________
Communications equipment (17.0%)
ADC Telecom 400,000 (b) 15,500,000
AirTouch Communications 600,000 (b) 18,900,000
Andrew 600,000 (b) 35,625,000
Cisco Systems 400,000 (b) 22,250,000
Ericsson (LM) Tel Cl B ADR 1,600,000 (c) 29,800,000
Intl Family Entertainment Cl B 196,800 (b) 2,952,000
MFS Communications 500,000 (b) 18,750,000
Motorola 400,000 30,650,000
Scientific-Atlanta 600,000 12,900,000
StrataCom 200,000 (b) 10,850,000
Tellabs 1,000,000 (b) 44,500,000
____________
Total 242,677,000
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
<PAGE>
PAGE 20
Computers & office equipment (11.4%)
Compaq Computer 600,000 (b) 30,450,000
Danka Business Systems ADR 800,000 (c) 23,900,000
Intuit 100,000 (b) 8,625,000
Microsoft 300,000 (b) 27,150,000
Oracle Systems 900,000 (b) 37,687,500
Softkey Intl 400,000 (b,d) 17,350,000
Solectron 500,000 (b) 18,187,500
____________
Total 163,350,000
______________________________________________________________________________________________________________________________
Electronics (8.2%)
Applied Materials 200,000 (b) 20,700,000
Harman Intl 350,000 13,781,250
Intel 200,000 13,000,000
Maxim Integrated Products 600,000 (b) 35,475,000
MEMC Electronic 404,000 (b) 12,170,500
Vishay Intertechnology 528,287 (b) 21,659,747
____________
Total 116,786,497
_____________________________________________________________________________________________________________________________
Energy (3.6%)
Mobil 200,000 19,550,000
Royal Dutch Petroleum 250,000 (c) 31,750,000
____________
Total 51,300,000
_____________________________________________________________________________________________________________________________
Energy equipment & services (2.4%)
Fluor 250,000 14,125,000
Schlumberger 300,000 (c) 20,100,000
____________
Total 34,225,000
_____________________________________________________________________________________________________________________________
Financial services (4.8%)
First Financial Management 400,000 35,000,000
Merrill Lynch 600,000 33,300,000
____________
Total 68,300,000
_____________________________________________________________________________________________________________________________
Health care (14.0%)
Amgen 100,000 (b) 8,512,500
Boston Scientific 990,500 (b) 36,153,250
HEALTHSOUTH Rehab 1,600,000 (b) 30,800,000
Johnson & Johnson 300,000 21,525,000
Medtronics 250,000 20,500,000
Pfizer 600,000 30,300,000
Stryker 400,000 17,500,000
Teva Pharmaceutical Inds ADR 200,000 (c) 7,937,500
United Healthcare 600,000 27,150,000
____________
Total 200,378,250
_____________________________________________________________________________________________________________________________
Health care services (0.7%)
HealthCare COMPARE 291,400 (b) 9,907,600
_____________________________________________________________________________________________________________________________
Industrial equipment & services (4.2%)
Caterpiller 350,000 24,631,250
Deere 300,000 26,962,500
Sanifill 250,000 (b) 8,218,750
____________
Total 59,812,500
_____________________________________________________________________________________________________________________________
Insurance (1.0%)
Travelers 300,000 14,212,500
_____________________________________________________________________________________________________________________________
Leisure time & entertainment (3.4%)
Disney (Walt) 500,000 29,312,500
Duracell Intl 400,000 18,400,000
____________
Total 47,712,500
_____________________________________________________________________________________________________________________________
Media (2.3%)
Comcast 600,000 12,150,000
Tele-Communications 500,000 (b) 12,500,000
Thomas Nelson 375,000 (d) 8,015,625
____________
Total 32,665,625
<PAGE>
PAGE 21
_____________________________________________________________________________________________________________________________
Metals (3.6%)
Birmingham Steel 799,100 15,582,450
Commercial Metals 100,000 2,837,500
Nucor 600,000 32,250,000
____________
Total 50,669,950
_____________________________________________________________________________________________________________________________
Multi-industry conglomerates (3.1%)
Alco Standard 300,000 24,412,500
Manpower 200,000 5,625,000
Olsten 400,000 14,000,000
____________
Total 44,037,500
_____________________________________________________________________________________________________________________________
Restaurants & lodging (0.5%)
Marriott Intl 200,000 7,250,000
_____________________________________________________________________________________________________________________________
Retail (4.0%)
Best Buy 200,000 (b) 5,200,000
Home Depot 600,000 26,325,000
Nordstrom 300,000 12,075,000
Office Depot 200,000 (b) 5,875,000
Wal-Mart Stores 300,000 7,987,500
____________
Total 57,462,500
_____________________________________________________________________________________________________________________________
Textiles & apparel (0.7%)
St. John Knits 200,000 9,575,000
_____________________________________________________________________________________________________________________________
Utilities - telephone (1.0%)
Century Telephone 500,000 14,250,000
_____________________________________________________________________________________________________________________________
Total common stocks
(Cost: $820,848,248) $1,339,491,172
_____________________________________________________________________________________________________________________________
</TABLE>
<PAGE>
PAGE 22
<TABLE>
<CAPTION>
Short-term securities (7.0%)
_____________________________________________________________________________________________________________________________
Issuer Annualized Amount Value(a)
yield on payable
date of at
purchase maturity
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C>
U.S. government agencies (0.3%)
Federal Home Loan Bank
Western Financial Services
08-11-95 5.78% $3,100,000 $ 3,095,048
Federal Home Loan Mtge Disc Note
08-28-95 5.70 1,300,000 1,294,472
Federal Natl Mtge Assn Disc Note
08-14-95 5.68 300,000 299,388
_____________
Total 4,688,908
_____________________________________________________________________________________________________________________________
Commercial paper (6.7%)
Alabama Power
08-25-95 5.76 5,800,000 5,777,844
Aon
08-10-95 5.75 5,700,000 5,691,849
AT&T Capital
08-18-95 5.93 3,700,000 3,689,709
Cargill Global Funding
08-18-95 5.72 1,300,000 (e) 1,296,489
Corporate Asset Funding
08-30-95 5.76 7,900,000 7,863,535
CPC Intl
08-30-95 5.75 2,900,000 (e) 2,886,637
08-30-95 5.76 4,500,000 (e) 4,479,229
Dun & Bradstreet
08-01-95 5.97 1,500,000 1,500,000
08-08-95 5.96 4,100,000 4,095,272
Metlife Funding
08-28-95 5.76 600,000 597,421
09-01-95 5.75 5,000,000 4,975,372
Natl Bank Detroit Canada
08-24-95 5.76 7,500,000 7,472,544
PACCAR Financial
08-24-95 5.76 3,200,000 3,188,285
Penney (JC)
09-06-95 5.76 4,300,000 4,275,404
09-07-95 5.76 4,000,000 3,976,484
Reed Elsevier
08-09-95 5.73 5,000,000 (e) 4,993,667
St. Paul Companies
08-21-95 5.75 3,800,000 (e) 3,787,946
Siemens
08-17-95 5.73 7,400,000 7,381,253
Toyota Motor Credit
08-01-95 5.97 1,400,000 1,400,000
08-16-95 5.73 5,000,000 4,988,125
USL Capital
08-28-95 5.77 5,800,000 5,775,075
USAA Capital
08-22-95 5.70 5,000,000 4,983,375
_____________
Total 95,075,515
_____________________________________________________________________________________________________________________________
Total short-term securities
(Cost: $99,764,423) $ 99,764,423
_____________________________________________________________________________________________________________________________
Total investments in securities
(Cost: $920,612,671)(f) $1,439,255,595
_____________________________________________________________________________________________________________________________
Notes to investments in securities
_____________________________________________________________________________________________________________________________
<PAGE>
PAGE 23
(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. Foreign securities represent 8.7% of the fund's
net assets as of July 31, 1995.
(d) Security is partially or fully on loan. See Note 4 to the financial statements.
(e) 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." This security has been determined to be liquid under the guidelines
established by the board of directors.
(f) At July 31, 1995, the cost of securities for federal income tax purposes was $920,612,671
and the aggregate gross unrealized appreciation and depreciation based on that cost was:
Unrealized appreciation $524,864,324
Unrealized depreciation (6,221,400)
_______________________________________________________________________________________________
Net unrealized appreciation $518,642,924
_______________________________________________________________________________________________
</TABLE>
<PAGE>
PAGE 24
IDS mutual funds
Cash equivalent investments
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 deposits (CDs) and
other bank securities.
(icon of) piggy bank
IDS Tax-Free Money Fund
Invests primarily in short-term bonds and notes issued by state and
local governments to seek high current income exempt from federal
income taxes.
(icon of) shield with piggy bank enclosed
Income investments
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.
(icon of) globe
IDS Extra Income Fund
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.
(icon of) cornucopia
IDS Bond Fund
Invests mainly in corporate bonds, at least 50% in the higher
rated, lower risk bond categories, or the equivalent, and in
government bonds.
(icon of) greek column
<PAGE>
PAGE 25
IDS Selective Fund
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.
(icon of) skyline
IDS Federal Income Fund
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.
(icon of) federal building
Tax-exempt income investments
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
Invests primarily in medium- and lower-quality municipal bonds and
notes. Lower-quality securities generally involve greater risk of
principal and income.
(icon of) shield with basket of apples enclosed
IDS State Tax-Exempt Funds
(CA, MA, MI, MN, NY, OH)
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.)
(icon of) shield with U.S. enclosed
IDS Tax-Exempt Bond Fund
Invests mainly in bonds and notes of state or local government
units, with at least 75% in the four highest rated, lowest risk
bond categories.
(icon of) shield with Greek column
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.
(icon of) shield with eagle head
<PAGE>
PAGE 26
Growth and income investments
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 International Fund
Invests primarily in common stocks of foreign companies that offer
potential for superior growth. The fund may invest up to 20% of
its assets in the U.S. market.
(icon of) three flags
IDS Managed Retirement Fund
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.
(icon of) bird in a nest
IDS Equity Select Fund
Invests primarily in a combination of moderate growth stocks,
higher-yielding equities and bonds. Seeks growth of capital and
income.
(icon of) three apple trees
IDS Blue Chip Advantage Fund
Invests in selected stocks from a major market index. Securities
purchased are those recommended by our research analysts as the
best from each industry represented on the index. Offers potential
for long-term growth as well as dividend income.
(icon of) ribbon
IDS Stock Fund
Invests in common stock of companies representing many sectors of
the economy. Seeks current income and growth of capital.
(icon of) building with columns
IDS Equity Value Fund
Invests primarily in undervalued common stocks that offer potential
for growth of capital and income.
(icon of) three growing flowers
<PAGE>
PAGE 27
IDS Utilities Income Fund
Invests primarily in the stocks of public utility companies to seek
high current income and growth of income and capital with reduced
volatility.
(icon of) electrical cord
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.
(icon of) four puzzle pieces
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.
(icon of) scale of justice
Growth investments
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
Invests in small- and medium-size, growth-oriented companies
emphasizing technological innovation and productivity enhancement.
Buys and holds larger growth-oriented stocks.
(icon of) ship
IDS Strategy Aggressive 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.
(icon of) chess piece
IDS Growth Fund
Invests primarily in companies that have above-average potential
for long-term growth as a result of new management, marketing
opportunities or technological superiority.
(icon of) flower
<PAGE>
PAGE 28
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.
(icon of) world
IDS New Dimensions Fund
Invests primarily in companies with significant growth potential
due to superiority in technology, marketing or management. The
fund frequently changes its industry mix.
(icon of) dimension
IDS Progressive Fund
Invests primarily in undervalued common stocks. The fund holds
stocks for the long term with the goal of capital growth.
(icon of) shooting star
Specialty growth investment
This fund aggressively seeks capital growth as a hedge against
inflation.
IDS Precious Metals Fund
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.
(icon of) cart of precious gems
For more complete information about any of these funds, including
charges and expenses, you can obtain a prospectus by contacting
your financial advisor or writing to American Express Shareholder
Service, P.O. Box 534, Minneapolis, MN 55440-0534. Read it
carefully before you invest or send money.
<PAGE>
PAGE 29
Federal income tax information
IDS Growth Fund, Inc.
The fund is required by the Internal Revenue Code of 1986 to tell
its shareholders about the tax treatment of the dividends it pays
during its fiscal year. The dividends listed below were reported
to you on a Form 1099-DIV, Dividends and Distributions, last
January. Shareholders should consult a tax advisor on how to
report distributions for state and local purposes.
IDS Growth Fund, Inc.
Fiscal year ended July 31, 1995
Income distributions -- taxable as dividend income, 100% qualifying
for deductions by corporations.
Payable date Per share
____________________________________________________
Dec. 29, 1994 $0.0400
Capital gain distribution -- taxable as long-term capital gain.
Payable date Per share
____________________________________________________
Dec. 29, 1994 $1.5100
____________________________________________________
Total distributions $1.5500
____________________________________________________
<PAGE>
PAGE 30
Quick telephone reference
American Express Telephone Transaction Service
Redemptions and exchanges, dividend payments or reinvestments and
automatic payment arrangements
National/Minnesota: 800-437-3133
Mpls./St. Paul area: 671-3800
American Express Shareholder Service
Fund performance, objectives and account inquiries
612-671-3733
TTY Service
For the hearing impaired
800-846-4852
American Express Infoline
Automated account information (TouchToneR phones only), including
current fund prices and performance, account values and recent
account transactions
National/Minnesota: 800-272-4445
Mpls./St. Paul area: 671-1630
AMERICAN
EXPRESS
FINANCIAL
ADVISORS
IDS Growth Fund
IDS Tower 10
Minneapolis, MN 55440-0010
<PAGE>
PAGE 31
STATEMENT OF DIFFERENCES
Difference Description
1) The layout is different 1) Some of the layout in the
throughout the annual report. annual report to
shareholders is in two
columns.
2) Headings. 2) The headings in the
annual report and
prospectus are placed
in blue strip at the top
of the page.
3) There are pictures, icons 3) Each picture, icon and
and graphs throughout the graph is described in
annual report and prospectus. parentheses.
4) Footnotes for charts and 4) The footnotes for each
graphs are described at chart or graph are typed
the left margin. below the description of
the chart or graph.
