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1996 ANNUAL REPORT
IDS Stock Fund
(prospectus enclosed)
(Icon of) building with columns
The goals of IDS Stock Fund, Inc. are current income and growth of
capital.
(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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(Icon of) building with columns
Big names, big business
These are the names you know. They are the movers and shakers of
today's business world. Whether representing established U.S.
firms or companies that have made their mark over-seas, the
securities found in Stock Fund make up a veritable who's who in the
financial market. These stocks offer a dual benefit of ongoing
growth potential along with a steady stream of dividend income.
And as we move toward a more global economy, these blue chip,
multi-national companies are well-positioned to prosper in the 21st
century.
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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.
1996 annual report
From the president 4
From the portfolio manager 4
Ten largest holdings 6
Making the most of the Fund 7
Long-term performance 8
Independent auditors' report (Fund) 9
Financial statements (Fund) 10
Notes to financial statements (Fund) 13
Independent auditors' report (Portfolio) 19
Financial statements (Portfolio) 20
Notes to financial statements (Portfolio) 23
Investments in securities 29
IDS mutual funds 34
Federal income tax information 38
1996 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
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 23p
Reductions and waivers of the sales charge 28p
Special shareholder services 33p
Services 33p
Quick telephone reference 33p
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Distributions and taxes 34p
Dividend and capital gain distributions 34p
Reinvestments 35p
Taxes 36p
How to determine the correct TIN 38p
How the Fund and Portfolio are organized 39p
Shares 39p
Voting rights 39p
Shareholder meetings 39p
Special considerations regarding
master/feeder structure 40p
Board members and officers 41p
Investment manager 43p
Administrator and transfer agent 44p
Distributor 44p
About American Express Financial Corporation 46p
General information 46p
Appendix 47p
Descriptions of derivative instruments 47p
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To our shareholders
(Photo of) William R. Pearce, President of the Fund
(Photo of) Richard H. Warden, Portfolio manager
From the president
The volatility in the stock market in recent months has put some
investors, even experienced ones, on edge. Although no one can
know exactly what will happen next, history tells us that ups and
downs are intrinsic to stock investing.
But, history also shows that changing strategies with every twist
and turn of the market is an impractical and, worse yet, typically
unproductive way to invest. What matters more, therefore, is how
we react to market volatility. If we take a long-term view and
accept the downs with the ups, we improve our chances of success.
For in the investment world, the race most often goes not to the
swift, but to the persistent.
Along the way, of course, you'll still want to review your
investment program to make sure it's on track to achieving your
financial goals. Your American Express financial advisor will help
you do just that, and I suggest you take advantage of his or her
services on a regular basis.
On May 13, 1996, the Fund began investing its assets in Equity
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 financials and the prospectus go into more detail of how the
new structure works.
William R. Pearce
From the portfolio manager
Although volatile at times, the stock market moved higher over the
past 11 months, providing the foundation for a solid gain by IDS
Stock Fund. For the November 1995 through September 1996 fiscal
period, the total return, which includes net asset value change and
dividend, was 18.6% for investors in Class A shares. (A portion of
the Fund's total return came in the form of a capital gain paid to
shareholders in December 1995, which reduced the Fund's net asset
value by the same amount at that time.)
With the favorable forces of falling long-term interest rates, low
inflation and strong corporate profits still in effect, stocks got
off to a good start in late 1995 and maintained their forward
momentum through February. At that point, with long-term interest
rates on the rise because of increasing concern about the
possiblity of higher inflation, the market began to struggle,
eventually declining more that 4% in July. But in just a few
weeks, stocks were again on the move, finishing the fiscal period
with a strong September gain.
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Emphasis on high
dividend, quality
The Fund entered the fiscal period with a relatively conservative
investment approach. This included concentrating on large, high-
quality companies with substantial dividends and the wherewithal to
succeed in what we expected would be a more challenging economic
environment. As it turned out though there were some notable
exceptions. Such companies performed well during the period.
For the Fund, much of the positive performance came from our
holdings in the financial services, technology and consumer
products areas. They comprised roughly two-thirds of portfolio
assets, with consumer products making up the largest portion.
"Convertibles" pay off
Of additional benefit to performance, especially to the Fund's
dividend, were convertible preferred stocks and convertible bonds,
which at one point accounted for nearly 20% of portfolio assets.
Less productive for the Fund, though still positive, was the 10-15%
exposure to foreign stocks.
Also worth noting is that instead of using a higher level of cash
reserves to provide a cushion in the event of a market downturn, I
bought put options on the market. (A put is a type of investment
contract that pays off when security prices decline.) Although the
market experienced no major setbacks, the options proved to be a
more efficient way to buy some market "insurance" than to hold
substantial cash reserves.
As the Fund begins a new fiscal year, my outlook has changed little
from several months ago. I continue to believe the investment
environment calls for more prudence than boldness, and the
Portfolio remains structured accordingly.
Richard H. Warden
Class A
11-month performance
(All figures per share)
Net asset value (NAV)
____________________________
Sept. 30, 1996 $22.49
____________________________
Oct. 31, 1995 $19.96
____________________________
Increase $ 2.53
____________________________
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Distributions
Nov. 1, 1995 - Sept 30, 1996
____________________________
From income $ 0.43
____________________________
From capital gains $ 0.64
____________________________
Total distributions $ 1.07
____________________________
Total return* +18.6%**
____________________________
Class B
11-month performance
(All figures per share)
Net asset value (NAV)
____________________________
Sept. 30, 1996 $22.42
____________________________
Oct. 31, 1995 $19.91
____________________________
Increase $ 2.51
____________________________
Distributions
Nov. 1, 1995 - Sept. 30, 1996
____________________________
From income $ 0.30
____________________________
From capital gains $ 0.64
____________________________
Total distributions $ 0.94
____________________________
Total return* +17.8%**
____________________________
Class Y
11-month performance
(All figures per share)
Net asset value (NAV)
____________________________
Sept 30, 1996 $22.49
____________________________
Oct. 31, 1995 $19.96
____________________________
Increase $ 2.53
____________________________
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Distributions
Nov. 1, 1995 - Sept 30, 1996
____________________________
From income $ 0.47
____________________________
From capital gains $ 0.64
____________________________
Total distributions $ 1.11
____________________________
Total return* +18.8%**
____________________________
*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.
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<TABLE>
<CAPTION>
The Portfolio's ten largest holdings
The ten holdings listed here make up 13.12% of the Portfolio's net assets
________________________________________________________________________________________________
Percent Value
(of Portfolio's net assets)(as of Sept. 30, 1996)
________________________________________________________________________________________________
<S> <C> <C>
General Electric 1.59% $52,325,000
A diversified company with interests in manufacturing,
broadcasting (NBC), financial services and technology.
Kimberly-Clark 1.34 44,062,500
World's largest manufacturer of tissue products and other
household, personal care and industrial paper products.
Pfizer 1.32 43,518,750
The leading producer of pharmaceuticals, hospital products,
animal health items, non-prescription medications and
specialty chemicals.
NationsBank 1.32 43,437,500
A bank holding company with a strong presence in North Carolina,
South Carolina, Texas, Virginia, Florida and Georgia.
Gillette 1.32 43,275,000
A leading marketer of blades and razors, toiletry products
and writing instruments.
Schlumberger 1.29 42,250,000
A holding company, that, through its subsidiaries, is engaged in
the production and sale of wine, champagne and other alcoholic and
non-alcoholic beverages, as well as food and non-food products.
Deere 1.28 42,000,000
The largest domestic manufacturer of farm machinery. The company
also manufactures construction machinery and lawn and gardening
equipment.
UNUM
$2.34 Cv Preferred 1.26 41,437,500
Through various subsidiaries, UNUM provides a broad range of
disability, health and life insurance and group pensions
products.
Philip Morris 1.23 40,387,500
The largest cigarette company that has become the second
largest packaged-food company in the world as a result of the
Kraft acquisition.
American Home Products 1.17 38,250,000
This company is engaged in the discovery, development,
manufacture, distribution and sale of a diversified line of
products in three business segments: health care products,
agricultural products and food products.
</TABLE>
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Making the most of the Fund
Average annual total return
(as of Sept. 30, 1996)
1 year Since inception 5 years 10 years
Class A +10.67% --% +12.19% +13.26%
Class B* +10.60% +17.49% --% --%
Class Y* +16.69% +21.02% --% --%
*Inception date was March 20, 1995.
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 for Class A reflect the effect of the maximum 5% sales
charge and figures for Class B reflect the applicable contingent
deferred sales charge. This was a period of widely fluctuating
security prices. Past performance is no guarantee of future
results.
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. 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 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...
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(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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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.
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 Stock Fund
$34,722
Stock
$30,000 S&P 500 Fund
Stock Index Class A
Lipper Growth &
Income Fund Index
$20,000
$9,500
'86 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96
Average annual total return
(as of Sept 30, 1996)
1 year Since inception* 5 years 10 years
Class A +10.67% --% +12.19% +13.26%
Class B +10.60% +17.49% --% --%
Class Y +16.69% +21.02% --% --%
*Inception date was March 20, 1995.
Assumes: Holding period from 11/1/86 to 9/30/96. Returns do not
reflect taxes payable on distributions. Reinvestment of all income
and capital gain distributions for the Fund, with a value of
$24,317. Also see "Performance" in the Fund's current prospectus.
The Standard & Poor's 500 Stock Index, an unmanaged list of common
stocks, is frequently used as a general measure of market
performance.
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Lipper Growth and Income Fund Index, an unmanaged index published
by Lipper Analytical Services, Inc., includes 30 funds that are
generally similar to the 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 performance indexes, the S&P 500 and the Lipper
Growth & Income Fund Index. In comparing IDS Stock 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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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.
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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
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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.
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
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
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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 which 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
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
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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
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
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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
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PAGE 20
Federal income tax information
IDS Stock 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 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 Stock Fund, Inc.
Fiscal period ended Sept. 30, 1996
Class A
Income distributions
taxable as dividend income, 54.59% qualifying for deduction by
corporations.
Payable date Per share
Dec. 28, 1995 $0.12664
March 29, 1996 0.08580
June 28, 1996 0.10051
Sept. 27, 1996 0.11881
Total $0.43176
Capital gain distribution
taxable for long-term capital gain.
Payable date Per share
Dec. 28, 1995 $0.63855
Total distributions $1.07031
The distribution of $0.76519 per share, payable Dec. 28, 1995,
consisted of $0.08964 derived from net investment income, $0.03700
from net short-term capital gains (a total of $0.12664 taxable as
dividend income) and $0.63855 from net long-term capital gains.
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PAGE 21
Class B
Income distributions
taxable as dividend income, 54.59% qualifying for deduction by
corporations.
Dec. 28, 1995 $0.09681
March 29, 1996 0.05294
June 28, 1996 0.06567
Sept. 27, 1996 0.08230
Total distributions $0.29772
Capital gain distribution
taxable for long-term capital gain.
Payable date Per share
Dec. 28, 1995 $0.63855
Total distributions $0.93627
The distribution of $0.73536 per share, payable Dec. 28, 1995,
consisted of $0.05981 derived from net investment income, $0.03700
from net short-term capital gains (a total of $0.09681 taxable as
dividend income) and $0.63855 from net long-term capital gains.
Class Y
Income distributions
taxable as dividend income, 54.59% qualifying for deduction by
corporations.
Dec. 28, 1995 $0.13552
March 29, 1996 0.09457
June 28, 1996 0.10962
Sept. 27, 1996 0.12784
Total distributions $0.46755
Capital gain distribution
taxable for long-term capital gain.
Payable date Per share
Dec. 28, 1995 $0.63855
Total distributions $1.10610
The distribution of $0.77407 per share, payable Dec. 28, 1995,
consisted of $0.09852 derived from net investment income, $0.03700
from net short-term capital gains (a total of $0.13552 taxable as
dividend income) and $0.63855 from net long-term capital gains.
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PAGE 22
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 Stock Fund
IDS Tower 10
Minneapolis, MN 55440-0010
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PAGE 23
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.
