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PAGE 1
1997 ANNUAL REPORT
IDS Selective Fund
(prospectus enclosed)
(icon of) city skyline
The goals of IDS Selective Fund, Inc. are current income and the
preservation of capital by investing in investment-grade bonds.
(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.)
AMERICAN EXPRESS Financial Advisors
Distributed by American Express Financial Advisors Inc.
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PAGE 2
(icon of) city skyline
A quest for quality
Not all bonds are created equal. A bond's quality depends on the ability of its
issuerS to make the interest and principal payments owed to the bondholders. The
quality is determined by independent rating agencies, which assign a credit
rating (in the form of a letter grade) to each bond.
Since its establishment in 1945, Selective Fund has concentrated its investments
in the four highest investment grades. Along the way, investors have enjoyed a
steady stream of interest income with minimal risk to their principal.
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PAGE 3
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.
1997 annual report
From the president 4
From the portfolio manager 4
The Portfolio's ten largest holdings 6
Making the most of the Fund 7
The Fund's long-term performance 8
Independent auditors' report (Fund) 9
Financial statements (Fund) 10
Notes to financial statements (Fund) 13
Independent auditors' report (Portfolio) 24
Financial statements (Portfolio) 25
Notes to financial statements (Portfolio) 28
Investments in securities 34
IDS mutual funds 42
Federal income tax information 46
1997 prospectus
The Fund in brief 3p
Goals 3p
Investment policies and risks 3p
Structure of the Fund 4p
Manager and distributor 4p
Portfolio manager 4p
Alternative purchase arrangements 4p
Sales charge and Fund expenses 5p
Performance 7p
Financial highlights 7p
Total returns 9p
Yield 11p
Investment policies and risks 12p
Facts about investments and their risks 12p
Valuing Fund shares 16p
How to purchase, exchange or redeem shares 17p
Alternative purchase arrangements 17p
How to purchase shares 19p
How to exchange shares 22p
How to redeem shares 22p
Reductions and waivers of the sales charge 27p
Special shareholder services 31p
Services 31p
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PAGE 4
Quick telephone reference 31p
Distributions and taxes 32p
Dividend and capital gain distributions 32p
Reinvestments 33p
Taxes 34p
How to determine the correct TIN 36p
How the Fund and Portfolio are organized 37p
Shares 37p
Voting rights 37p
Shareholder meetings 37p
Special considerations regarding
master/feeder structure 37p
Board members and officers 39p
Investment manager 41p
Administrator and Transfer Agent 41p
Distributor 42p
About American Express Financial Corporation 43p
General information 43p
Appendices 44p
Description of investment-grade corporate
bond ratings 44p
Descriptions of derivative instruments 46p
(This annual report is not part of the prospectus)
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PAGE 5
To our shareholders
(photo of) William R. Pearce
President of the Fund
(photo of) Ray Goodner
Portfolio manager
From the president
If you're experienced investor, you know that the past two years have been
unusually strong ones in many financial markets. Perhaps just as important, you
also know that history shows us that bull markets don't last forever. Though
they're often unpredictable, declines--whether they're brief or long-lasting,
moderate or substantial--are always a possibility.
That fact reinforces the need for investors to periodically review their
long-term goals and examine whether their investment program remains on track to
achieving them. Your quarterly investment statements are one part of that
monitoring process. The other is meeting with your American Express financial
advisor. That becomes even more important if there's a major change in your
financial situation or in the financial markets.
On June 10, 1996, the Fund began investing its assets in Quality Income
Portfolio instead of directly in securities of individual companies. Following
the portfolio manager's letter are the financial statements of both the Fund and
Portfolio. The notes to the financial statements and the prospectus go into more
detail of how the new structure works.
William R. Pearce
From the portfolio manager
IDS Selective Fund negotiated choppy conditions in the bond market relatively
well during the past fiscal year. As a result, investors in the Fund's Class A
shares realized a total return of 8.1% for the June 1996 through May 1997
period.
Following a largely uneventful summer, the bond market began to gain strength
last fall, thanks to reports of moderating economic growth, little change in the
low inflation rate and the Federal Reserve's decision to leave short-term
interest rates unchanged. The positive tone in the market continued through
November, fostering a sharp rise in bond prices and a concurrent decline in
long-term interest rates.
Inflation worries depress market
The ensuing months proved to be more difficult, however. Reports of surprisingly
strong economic growth created a current of uneasiness in the market, as
investors began to fear that higher inflation--bonds' worst enemy--would soon
follow. Despite consistent data indicating that inflation was not ont he rise,
many investors moved out of bonds, depressing prices and causing a run- (this
annual report is not part of the prospectus)
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PAGE 6
up in long-term interest rates. In fact, by the time the Federal Reserve Board
got into the act by raising short-term rates in late March, most of the erosion
in the bond market had already occurred. But, buoyed by ongoing tame inflation
reports and an announcement that Congress and the president would join forces to
balance the federal budget, the market managed a moderate comeback in the
spring.
As for the Fund, it clearly enjoyed its best performance during last fall's
rally. In anticipation of an improving market, I lengthened the duration of the
portfolio--a strategy that makes it more sensitive to changes in interest rates.
Because bond prices move in the opposite direction of rates, the Fund's net
asset value enjoyed an especially good boost during the ensuing rate drop.
Playing defense
Over the winter, I took a more defensive tack, including shortening the
portfolio's duration to provide a performance cushion in the rising-rate
environment and purchasing futures contracts. I also kept the level of cash
reserves higher than normal, again to mitigate the effect of the negative
environment. As for the portfolio's asset mix, by far the largest investment
remained in U.S. Treasury and government agency bonds, followed by U.S.
corporate bonds and foreign government bonds. I expect to hold to that basic
portfolio structure in this new fiscal year until the threat of higher interest
rates has clearly diminished.
Ray Goodner
Class A
12-month performance
(All figures per share)
Net asset value (NAV)
May 31, 1997 $ 9.00
May 31, 1996 $ 9.00
Increase $ --
Distributions June 1, 1996 - May 31, 1997
From income $ 0.62
From capital gains $ 0.09
Total distributions $ 0.71
Total return* +8.1%**
Class B
12-month performance
(All figures per share)
Net asset value (NAV)
May 31, 1997 $ 9.00
May 31, 1996 $ 9.00
Increase $ --
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PAGE 7
Distributions June 1, 1996 - May 31, 1997
From income $ 0.55
From capital gains $ 0.09
Total distributions $ 0.64
Total return* +7.3%**
Class Y
12-month performance
(All figures per share)
Net asset value (NAV)
May 31, 1997 $ 9.00
May 31, 1996 $ 9.00
Increase $ --
Distributions June 1, 1996 - May 31, 1997
From income $ 0.63
From capital gains $ 0.09
Total distributions $ 0.72
Total return* +8.3%**
* The prospectus discusses the effect of sales charges, if any, on the various
classes.
** The total return is a hypothetical investment in the Fund with all
distributions reinvested.
(This annual report is not part of the prospectus.)
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PAGE 8
The Portfolio's ten largest holdings
Percent Value
(of Portfolio's net assets) (as of May 31, 1997)
Japan Finance 1.67% $26,973,468
9.25% 1998
Southern California Edison 1.35 21,816,690
8.875% 2023
Republic of Italy 1.33 21,541,664
6.875% 2023
Dayton Hudson 1.11 17,866,218
7.875% 2023
PDV America 1.02 16,493,235
7.875% 2003
Pacific Bell 0.95 15,353,250
8.50% 2031
Texas Utilities Electric 0.91 14,692,210
9.75% 2021
General Motors Acceptance 0.89 14,432,132
7.00% 2000
Daimler-Benz North America 0.88 14,189,840
7.375% 2006
Bayerische Landesbank 0.82 13,293,637
5.625% 2001
Excludes U.S. Treasury and government agencies holdings.
The ten holdings listed here make up 10.93%
of the Portfolio's net assets
(This annual report is not part of the prospectus.)
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PAGE 9
Making the most of the Fund
Build your assets systematically
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, and
requires that you be able to keep on investing on a regular basis, even when the
price of your shares falls or the market declines. Investing in this manner 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 XXXXX
Feb 100 18 5.56 XXXXXx
March 100 17 5.88 XXXXXx
April 100 15 6.67 XXXXXXx
May 100 16 6.25 XXXXXXx
June 100 18 5.56 XXXXXx
July 100 17 5.88 XXXXXx
Aug 100 19 5.26 XXXXXx
Sept 100 21 4.76 XXXXx
Oct 100 20 5.00 XXXXX
(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.
(This prospectus is not part of the annual report.)
The Fund's long-term performance
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.
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PAGE 10
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.
How your $10,000 has grown in IDS Selective Fund
x
$22,248
Selective Fund
$20,000 Class A
x Lehman Aggregate Bond Index
x
$9,500 (line graph showing the return of Selective
Fund tracking slightly below the Lehman
Aggregate Bond Index)
'87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97
Average annual total return
(as of May 31, 1997)
1 year Since 5 years 10 years
Inception
Class A +2.68% --% +6.84% +8.31%
Class B* +3.27% +6.43% -- % --%
Class Y* +8.27% +9.09% -- % --%
* Inception date was March 20, 1995.
(the following two paragraphs appear in the margin to the left of
the graph above:)
Assumes: -Holding period from 6/1/87 to 5/31/97.
- -Returns do not reflect taxes payable on distributions.
- -Reinvestment of all income and capital gain distributions for the Fund, with
a value of $12,349. Also see "Performance" in the Fund's current prospectus.
The Lehman Aggregate bond Index is made up of a representative list of
government and corporate bonds as well as asset-backed securities and
mortgage-backed securities. The index is frequently used as a general measure of
bond market performance. However, the securities used to create the index may
not be representative of the bonds held in Selective Fund.
On the graph above you can see how the Fund's total return compared to a widely
cited performance measure, the Lehman Aggregate Bond Index. In comparing
Selective Fund (Class A) to this index, 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 index.
Your investment and return values fluctuate so that your shares, when redeemed,
may be worth more or less than the original cost. Average annual total return
figures reflect the impact of the applicable sales charge up to the maximum of
5%. This was a period of widely fluctuating security prices. Past performance is
no guarantee of future results. (This annual report is not part of the
prospectus.)
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PAGE 11
The financial statements contained in Post-Effective Amendment #85 to
Registration Statement No. 2-10700 filed on or about July 30, 1997 are
incorporated herein by reference.
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PAGE 12
IDS mutual funds
Global/International funds
Funds in this group seek capital growth and/or income by investing primarily in
foreign securities. Foreign investments may be subject to currency fluctuations
and political and economic risks of the countries in which the investments are
made. They are high risk mutual funds with a potential for high reward.
IDS Emerging Markets Fund
Invests in a Portfolio comprised primarily of stocks of companies in developing
countries throughout the world that are believed to offer growth potential.
Seeks to provide long-term growth of capital.
(icon of) world with countries
IDS Global Growth Fund
Invests in a Portfolio comprised primarily of 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 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 Global Balanced Fund
Invests in stocks and bonds in, for the most part, major markets throughout the
world, including the U.S. Seeks to provide a balance of growth of capital and
current income.
(icon of) scale holding two worlds
IDS Global Bond Fund
Invests in a Portfolio comprised primarily of debt securities of U.S. and
foreign issuers to seek high total return through income and growth of capital.
(icon of) globe
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.
(This annual report is not part of the prospectus.)
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PAGE 13
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. A
highly aggressive and speculative fund that seeks long-term growth of capital.
(icon of) cart of precious gems
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 Small Company Index Fund
Invests in all or a representative group of the equity securities comprising the
S&P SmallCap 600 Index, as it strives to provide long-term capital appreciation.
(icon of) office building
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 Research Opportunities Fund
Invests in a Portfolio comprised primarily of equity securities of companies
included in the S&P 500 Index that are believed to have strong growth potential.
The Portfolio is managed using a research methodology by the Research Department
of AEFC. Goal is long-term appreciation.
(icon of) magnifying glass
IDS Growth Fund
Invests in a Portfolio comprised primarily of companies that have above-average
potential for long-term growth as a result of new management, marketing
opportunities or technological superiority.
(icon of) trees
(This annual report is not part of the prospectus.)
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PAGE 14
IDS New Dimensions Fund
Invests in a Portfolio comprised primarily of 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
Growth & 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. Foreign investments may be subject to currency fluctuations and
political and economic risks of the countries in which the investments are made.
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 pine 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 Managed Allocation Fund
Invests in a Portfolio comprised primarily of U.S. equity securities, U.S. and
foreign debt securities, foreign equity securities and money market instruments.
The Fund provides diversification among these major investment categories and
has a target mix that represents the way the Fund's investments will be
allocated over the long term. Seeks maximum total return.
(icon of) gyroscope
(This annual report is not part of the prospectus.)
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PAGE 15
IDS Stock Fund
Invests in a Portfolio comprised primarily of 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
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) light bulb
IDS Diversified Equity Income Fund
Invests in a Portfolio comprised primarily of high-yielding common stocks to
seek high current income and, secondarily, to benefit from the growth potential
offered by stock investments.
(icon of) two puzzle pieces
IDS Mutual
Invests in a Portfolio that seeks to 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
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 Extra Income Fund
Invests in a Portfolio comprised mainly of 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) coins
(This annual report is not part of the prospectus.)
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PAGE 16
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
IDS Selective Fund
Invests in a Portfolio comprised primarily of 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 in a Portfolio comprised primarily of 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) shield with eagle head enclosed
Tax-exempt income funds
These funds provide tax-free income by investing in municipal bonds. The income
is generally free from federal income tax, but a portion of the income may be
subject to state and local taxes.
Risk varies by bond quality.
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 enclosed
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 star enclosed
(This annual report is not part of the prospectus.)
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PAGE 17
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 High Yield Tax-Exempt Fund
Invests in a Portfolio comprised primarily of 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 Intermediate Tax-Exempt Fund
Invests in mainly investment-grade bonds and other debt securities with
intermediate-term maturities issued by state and local government units. Goal is
to seek a high level of current income exempt from federal taxes.
(icon of) shield with a tree enclosed
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. An investment in these funds is neither insured nor guaranteed by
the U.S. government, and there can be no assurance that these funds will be able
to maintain a stable net asset value of $1.00 per share. 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.
(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
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.
(This annual report is not part of the prospectus.)
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PAGE 18
Federal income tax information
IDS Selective 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. Some of the dividends listed below were reported to you on a Form
1099-DIV, Dividends and Distributions, last January. Dividends paid to you
since the end of last year will be reported to you on a tax statement sent next
January. Shareholders should consult a tax advisor on how to report
distributions for state and local purposes.
IDS Selective Fund, Inc.
Fiscal period ended May 31, 1997
Class A
Income distributions
taxable as dividend income, 0.51% qualifying for deduction by corporations.
Payable date Per share
June 26, 1996 $0.04750
July 26, 1996 0.05094
Aug. 26, 1996 0.04470
Sept. 25, 1996 0.04763
Oct. 28, 1996 0.05446
Nov. 26, 1996 0.04654
Dec. 26, 1996 0.08544
Jan. 29, 1997 0.05284
Feb. 26, 1997 0.04347
March 26, 1997 0.04565
April 28, 1997 0.05255
May 28, 1997 0.04695
Total $0.61867
Capital gain distribution taxable as long-term capital gain.
Payable date Per share
Dec. 26, 1996 $0.08700
Total distributions $0.70567
The distribution of $0.08544 per share, payable Dec. 26, 1996, consisted of
$0.04659 derived from net investment income and $0.03885 from net short-term
capital gains.
Class B
Income distributions
taxable as dividend income, 0.51% qualifying for deduction by corporations.
June 26, 1996 $0.04209
July 26, 1996 0.04532
Aug. 26, 1996 0.03886
Sept. 25, 1996 0.04202
Oct. 28, 1996 0.04818
Nov. 26, 1996 0.04095
Dec. 26, 1996 0.07965
Jan. 29, 1997 0.04642
Feb. 26, 1997 0.03816
March 26, 1997 0.04041
April 28, 1997 0.04642
May 28, 1997 0.04133
Total $0.54981
<PAGE>
PAGE 19
Capital gain distribution taxable as long-term capital gain.
Payable date Per share
Dec. 26, 1996 $0.08700
Total distributions $0.63681
The distribution of $0.07965 per share, payable Dec. 26, 1996, consisted of
$0.04080 derived from net investment income and $0.03885 from net short-term
capital gains.
Class Y
Income distributions
taxable as dividend income, 0.51% qualifying for deduction by corporations.
June 26, 1996 $0.04872
July 26, 1996 0.05220
Aug. 26, 1996 0.04605
Sept. 25, 1996 0.04888
Oct. 28, 1996 0.05583
Nov. 26, 1996 0.04780
Dec. 26, 1996 0.08675
Jan. 29, 1997 0.05428
Feb. 26, 1997 0.04467
March 26, 1997 0.04684
April 28, 1997 0.05393
May 28, 1997 0.04772
Total $0.63367
Capital gain distribution taxable as long-term capital gain.
Payable date Per share
Dec. 26, 1996 $0.08700
Total distributions $0.72067
The distribution of $0.08675 per share, payable Dec. 26, 1996, consisted of
$0.04790 derived from net investment income and $0.03885 from net short-term
capital gains.
<PAGE>
PAGE 20
Quick telephone reference
- -----------------------------------------------------------------
American Express Financial Advisors 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
- -----------------------------------------------------------------
TTY Service
For the hearing impaired
800-846-4852
- -----------------------------------------------------------------
American Express Financial Advisors Easy Access Line
Automated account information (TouchToneR phones only), including current fund
prices and performance, account values and recent account transactions
800-862-7919
AMERICAN
EXPRESS
Financial
Advisors
IDS Selective Fund, Inc.
IDS Tower 10
Minneapolis, MN 55440-0010
<PAGE>
PAGE 21
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 are
placed in a 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. 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.
