<PAGE>
PAGE 1
FINANCIAL PLANNING
IDS Equity Plus Fund
1993 annual report
(prospectus enclosed)
(Icon of) three apple trees
The goals of IDS Equity Plus Fund, Inc. are growth of capital and
income. The fund invests primarily in moderate growth stocks,
higher yielding equities and debt securities.
IDS
An American Express company
AMERICAN
EXPRESS
Distributed by IDS Financial Services Inc.<PAGE>
PAGE 2
(Icon of) three apple trees
Budding blue chips
When most people think of stocks, they tend to focus on the notable
names in American business -- the blue chips, as they're known.
But there's another group of companies that, though smaller and
less well-known, boast impressive business histories. These mid-
sized companies, which we call "budding blue chips," are the
foundation of Equity Plus Fund. Often, they enjoy a dominant
position in their business. For an investor, this means an
opportunity to participate in the growth that's likely for these
companies and potential for rising stock prices.<PAGE>
PAGE 3
Contents
(Icon of) One book inside of another and their both being opened
together.
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.
1993 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 17
IDS mutual funds 20
Federal income tax information 23
1993 prospectus
The fund in brief
Goal 3p
Types of fund investments 3p
Manager and distributor 3p
Portfolio manager 3p
Sales charge and fund expenses
Sales charge 4p
Operating expenses 4p
Performance
Financial highlights 5p
Total returns 6p
Key terms 7p
How to buy, exchange or sell shares
How to buy shares 8p
How to exchange shares 10p
How to sell shares 10p
Reductions of the sales charge 14p
Waivers of the sales charge 15p
Special shareholder services
Services 16p
Quick telephone reference 16p
Distributions and taxes
Dividend and capital gain distributions 17p
Reinvestments 18p
Taxes 19p<PAGE>
PAGE 4
Investment policies
Facts about investments and their risks 22p
Valuing assets 26p
How the fund is organized
Shares 27p
Voting rights 27p
Shareholder meeting 27p
Directors and officers 27p
Investment manager and transfer agent 29p
Distributor 30p
About IDS
General information 31p
<PAGE>
PAGE 5
To our shareholders
(Photo of) William R. Pearce, President of the fund
(Photo of) Joe Barsky, Portfolio manager
From the president
As you read this report, you'll find it very different from those
you have received from us in the past. We've made substantial
changes in the design and organization to make the information
easier to find and understand.
The annual report and prospectus are combined into a single
document, and each provides information important to you. The
annual report gives you the fund's performance information and a
snapshot of its investments. A good place to begin is with the
portfolio manager's letter, which describes the events and
investment strategies that most influenced the fund's performance
during the year. The prospectus includes essential data such as
the fund's investment policies and service information.
In redesigning our reports, we asked IDS financial planners and
some of you for suggestions and recommendations. We believe you'll
find the results of our work worthwhile.
William R. Pearce
From the portfolio manager
Exposure to stocks representing a wide range of industries proved
to be an effective strategy for IDS Equity Plus Fund during the
fiscal year ended Nov. 30, 1993. As a result, the fund
outperformed the overall stock market (as measured by the Standard
& Poor's 500 Stock Index, an unmanaged list of common stocks often
used to measure market performance).
Although the stock market as a whole advanced for the year, the
performance was not consistent across industries. During the first
half of the year, the performance was not consistent across
industries. During the first half of the year, we found success in
the technology sector, particularly during the first few months.
That group tailed off as spring approached, however. Two other
sectors that posted good early gains were financial services and
energy stocks. But they, too,followed a pattern similar to
technology, easing up in subsequent months.
We continued to increase the portfolio's diversification throughout
the year by buying more foreign stocks. They were attractively
priced and have been performing well. We plan to add more foreign
names, as the outlook for foreign markets continues to appear
favorable.
Some of the other sectors in which we owned stocks throughout the
fiscal year were aerospace and defense, autos and auto-related,
building materials and construction, business equipment and
software, chemicals, consumer-related, machinery, furniture and
appliances and paper and packaging. Results were mixed and, as a
whole, did not have a major impact on the portfolio's performance.<PAGE>
PAGE 6
Under-performers rebound in second half
Selectively adding companies that fell out of favor early in the
year paid off later in the period. Prominent examples included
health care, media and construction-related stocks. Also, cyclical
stocks (those that tend to do well during an economic pickup)
performed particularly well during the late stages of the fiscal
year, as consumers grew more confident about the economy.
We kept the fund almost fully invested throughout the year, scaling
back cash levels from a high of 12% in July to 7% at fiscal year
end. We don't plan to make any major changes in the structure of
the portfolio, but are continuing to look for good buying
opportunities.
We think the economy will continue to show modest improvement in
the current fiscal year, and we plan to continue adding cyclical
holdings to the portfolio. Companies in housing construction and
related areas strike us as particularly promising.
Interest rates may hold market back
Although the economy should perform fairly well throughout the
year, we expect the stock market to experience some turbulence.
Theories abound about the market being over-valued according to
technical indicators, but we believe the biggest effect on the
market during the current year will come from short-term interest
rates.
Those rates rose toward the end of the year, and we think that the
Federal Reserve will continue pushing them up to ensure that
inflation does not accelerate. This could present a near-term
stumbling block for the stock market, which usually reacts
negatively to interest rate increases.
Given this expected investment environment, we plan to add
selectively to the portfolio, searching for budding blue-chip
companies that have solid, long-term prospects.
Joe Barsky
12-month performance
(All figures per share)
Net asset value (NAV)
Nov. 30, 1993 $12.04
Nov. 30, 1992 $11.19
Increase $ 0.85
Distributions
Dec. 1, 1992-Nov. 30, 1993
From income $ 0.11
From capital gains $ 0.46
Total distributions $ 0.57
Total return* +13.2%
*If you purchased shares in the fund during this period, your
return also would have been affected by the slaes charge, as
described in the prospectus.<PAGE>
PAGE 7
Your fund's ten largest holdings
(Pie chart representing) The ten holdings listed here make up
20.90% of the fund's net assets.
Percent Value
(of fund's net assets) (as of Nov. 30, 1993)
________________________________________________________________
Shaw Industries, Inc. 2.31% $14,250,000
The largest domestic carpet manufacturer. Shaw sells its products
to retailers, distributors and commercial users throughout the
United States and in certain foreign markets.
________________________________________________________________
Nucor Corporation 2.29 14,141,250
One of the largest and most profitable domestic steel mini-mills,
Nucor is a leading producer of joists and girders used in
construction.
________________________________________________________________
Sherwin-Williams 2.27 14,025,000
A leading producer and marketer of consumer and industrial paints
and coatings.
________________________________________________________________
Rubbermaid Inc. 2.17 13,400,000
A manufacturer of rubber and plastic products for the consumer,
commercial, industrial, office and children's markets.
________________________________________________________________
Crown Cork & Steel 2.08 12,837,500
A leading producer of packing materials, including metal cans and
plastic containers.
________________________________________________________________
CSX 2.02 12,450,000
A transportation company that generates most of its income from
coal and freight-hauling by rail.
________________________________________________________________
Dana Corporation 1.99 12,318,750
Produces truck and car components and parts for use in original
equipment manufacturing and distribution in the automotive
aftermarket.
________________________________________________________________
Pep Boys 1.98 12,231,250
A retailer of auto parts, with over 330 stores located primarily in
Southern California, the Delaware Valley, Texas and the Southeast.
________________________________________________________________
Goodyear Tire & Rubber 1.95 12,015,000
One of the largest manufacturer's of tires in the world.
________________________________________________________________
Dillard Department Store CLA 1.84 11,343,750
Operates approximately 220 retail department stores located in 17
southwestern and midwestern states.<PAGE>
PAGE 8
Making the most of your fund
Average annual total return
(as of Nov. 30, 1993)
1 year 5 years 10 years
+7.50% +14.25 +12.43%
Your investment and return value fluctuate so that your shares,
when redeemed, may be worth more or less than the original cost.
Figures reflect the deduction of the maximum 5% sales charge. 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 use
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 August) 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.<PAGE>
PAGE 9
Your 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.<PAGE>
PAGE 10
How your $10,000 has grown in IDS Equity Plus Fund
Average annual total return
(as of Nov. 30, 1993) x $32,288
$30,000 Since Equity Plus Fund
1 year 5 years Inception
+ 5.64% +18.04% +16.62%
x
$20,000 Lipper Growth & Income Fund Index
x S&P 500 Stock Index
X $9,500
'84 '85 '86 '87 '88 '89 '90 '91 '92 '93
(footnote to table)
Assumes: o Holding period from 11/30/83 to 11/30/93. o Returns do
not reflect taxes payable on distributions. o Also see
"Performance" in the fund's current prospectus. o Reinvestment of
all income and capital gain distributions for the fund, with a
value of $18,565.
(footnote to table)
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.
(footnote to table)
Lipper Growth & Income Fund Index, published by Lipper Analytic
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 chart 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 and Income Fund Index. In comparing Equity Plus 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 value 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.<PAGE>
PAGE 11
Independent auditors' report
The board of directors and shareholders
IDS Equity Plus Fund, Inc.:
We have audited the accompanying statement of assets
and liabilities, including the schedule of investments
in securities, of IDS Equity Plus Fund, Inc. as
of November 30, 1993, 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 November 30, 1993, and the
financial highlights for each of the years in the
ten-year period ended November 30, 1993. 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 Equity Plus Fund,
Inc. at November 30, 1993, 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 November 30, 1993, and the financial
highlights for the periods stated in the first
paragraph above, in conformity with generally accepted
accounting principles.
KPMG Peat Marwick
Minneapolis, Minnesota
January 7, 1994
<PAGE>
<PAGE>12
Financial statements
<TABLE>
Statement of assets and liabilities
IDS Equity Plus Fund, Inc.
Nov. 30, 1993
_____________________________________________________________________________________________________________
<CAPTION>
Assets
_____________________________________________________________________________________________________________
<S> <C>
Investments in securities, at value (Note 1)
(identified cost $469,032,857) $622,654,170
Dividends receivable 1,128,710
Receivable for investment securities sold 3,993,548
Receivable for foward foreign currency contracts held, at value (Notes 1 and 4)866,013
_____________________________________________________________________________________________________________
Total assets 628,642,441
_____________________________________________________________________________________________________________
Liabilities
_____________________________________________________________________________________________________________
Disbursements in excess of cash on demand deposit 9,542,438
Payable for investment securities purchased 365,901
Payable for forward foreign currency contracts held, at value (Notes 1 and 4)864,780
Accrued investment management and services fee 294,276
Accrued distribution fee 25,454
Accrued transfer agency fee 63,186
Other accrued expenses 108,919
_____________________________________________________________________________________________________________
Total liabilities 11,264,954
_____________________________________________________________________________________________________________
Net assets applicable to outstanding capital stock $617,377,487
_____________________________________________________________________________________________________________
Represented by
_____________________________________________________________________________________________________________
Capital stock -- authorized 10,000,000,000 shares of $.01 par value;
outstanding 51,294,444 shares $ 512,944
Additional paid-in capital 405,624,811
Undistributed net investment income 1,142,297
Accumulated net realized gain on investments (Note 1) 56,474,889
Unrealized appreciation of investments (Note 4) 153,622,546
_____________________________________________________________________________________________________________
Total -- representing net assets applicable to outstanding capital stock$617,377,487
_____________________________________________________________________________________________________________
Net asset value per share of outstanding capital stock $ 12.04
_____________________________________________________________________________________________________________
<FN>
See accompanying notes to financial statements.</TABLE>
<PAGE>
<PAGE>13
Financial statements
<TABLE>
Statement of operations
IDS Equity Plus Fund, Inc.
Year ended Nov. 30, 1993
_____________________________________________________________________________________________________________
<CAPTION>
Investment income
_____________________________________________________________________________________________________________
<S> <C>
Income:
Dividends (net of foreign taxes withheld of $128,505) $ 8,362,891
Interest 1,742,436
_____________________________________________________________________________________________________________
Total income 10,105,327
_____________________________________________________________________________________________________________
Expenses (Note 2):
Investment management and services fee 3,161,075
Distribution fee 258,911
Transfer agency fee 642,140
Compensation of directors 31,602
Compensation of officers 6,708
Custodian fees 60,016
Postage 91,779
Registration fees 83,893
Reports to shareholders 22,402
Audit fees 22,000
Administrative 10,715
Other 17,736
_____________________________________________________________________________________________________________
Total expenses 4,408,977
_____________________________________________________________________________________________________________
Investment income -- net 5,696,350
_____________________________________________________________________________________________________________
Realized and unrealized gain on investments and foreign currency -- net
_____________________________________________________________________________________________________________
Net realized gain on security and foreign currency transactions (including loss of $56
from foreign currency transactions) (Note 3) 56,475,888
Net change in unrealized appreciation or depreciation of investments4,317,731
_____________________________________________________________________________________________________________
Net gain on investments and foreign currency 60,793,619
_____________________________________________________________________________________________________________
Net increase in net assets resulting from operations $66,489,969
_____________________________________________________________________________________________________________
<FN>
See accompanying notes to financial statements.</TABLE>
<PAGE>
<PAGE>14
Financial statements
<TABLE>
Statements of changes in net assets
IDS Equity Plus Fund, Inc.
Year ended Nov. 30,
_____________________________________________________________________________________________________________
<CAPTION>
Operations and distributions 1993 1992
_____________________________________________________________________________________________________________
<S> <C> <C>
Investment income -- net $ 5,695,350 $ 5,347,396
Net realized gain on investments and foreign currency 56,475,888 19,788,383
Net change in unrealized appreciation or
depreciation of investments 4,317,731 51,180,085
_____________________________________________________________________________________________________________
Net increase in net assets resulting from operations 66,489,969 76,315,864
_____________________________________________________________________________________________________________
Distributions to shareholders from:
Net investment income (5,557,608) (5,600,515)
Net realized gain on investments (19,786,644) (26,326,433)
_____________________________________________________________________________________________________________
Total distributions (25,344,252) (31,926,948)
_____________________________________________________________________________________________________________
Capital share transactions
_____________________________________________________________________________________________________________
Proceeds from sales of
11,347,396 and 3,218,632 shares (Note 2) 131,816,576 33,966,405
Net asset value of 2,148,496 and 3,101,379 shares
issued in reinvestment of distributions 23,909,060 30,033,746
Payments for redemptions of
4,683,577 and 3,157,460 shares (54,866,937) (33,283,987)
_____________________________________________________________________________________________________________
Increase in net assets from capital share transactions
representing net addition of
8,812,315 and 3,162,551 shares 100,858,699 30,716,164
_____________________________________________________________________________________________________________
Total increase in net assets 142,004,416 75,105,080
Net assets at beginning of year 475,373,071 400,267,991
_____________________________________________________________________________________________________________
Net assets at end of year
(including undistributed net investment income of
$1,142,297 and $1,002,564) $617,377,487 $475,373,071
_____________________________________________________________________________________________________________
<FN>
See accompanying notes to financial statements.</TABLE>
<PAGE>
<PAGE>15
Notes to financial statements
IDS Equity Plus 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. 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.
Foreign currency translations and
forward foreign currency contracts
Securities and other assets and liabilities
denominated in foreign currencies are translated
daily into U.S. dollars at the closing rate of
exchange. Foreign currency amounts related to the
purchase or sale of securities and income and
expenses are translated at the exchange rate on the
transaction date. It is not practicable to identify
that portion of realized and unrealized gain (loss)
arising from changes in the exchange rates from the
portion arising from changes in the market value of
investments.
<PAGE>
<PAGE>16
Notes to financial statements
IDS Equity Plus Fund, Inc.
______________________________________________________________________________
1. Summary of significant accounting policies
The fund may enter into forward foreign currency
exchange contracts for operational purposes and to
protect against adverse exchange rate fluctuation.
The net U.S. dollar value of foreign currency
underlying all contractual commitments held by the
fund and the resulting unrealized appreciation or
depreciation are determined using foreign currency
exchange rates from an independent pricing service.
The fund is subject to the credit risk that the other
party will not complete the obligations of the
contract.
Federal taxes
Since the fund's policy is to comply with all
sections of the Internal Revenue Code applicable to
regulated investment companies and to distribute all
of its taxable income to shareholders, no provision
for income or excise taxes is required.
Net investment income (loss) and net realized gains
(losses) may differ for financial statement and tax
purposes primarily because of the deferral of losses
on certain futures contracts, the recognition of
certain foreign currency gains (losses) as ordinary
income (loss) for tax purposes, and losses deferred
due to "wash sale" transactions. The character of
distributions made during the year from net
investment income or net realized gains may differ
from their ultimate characterization for federal
income tax purposes. Also, due to the timing of
dividend distributions, the fiscal year in which
amounts are distributed may differ from the year that
the income or realized gains (losses) were recorded
by the fund.
On the statement of assets and liabilities, as a
result of permanent book-to-tax differences,
undistributed net investment income and accumulated
net realized gain have been increased by $991 and
$465, respectivesly, resulting in a net
reclassification adjustment to decrease paid-in-
capital by $1,456.<PAGE>
<PAGE>17
Notes to financial statements
IDS Equity Plus Fund, Inc.
______________________________________________________________________________
1. Summary of significant accounting policies
Dividends to shareholders
Dividends from net investment income, declared and
paid each calendar quarter, are reinvested in
additional shares of the fund at net asset value or
payable in cash. Capital gains, when available, are
distributed along with the last income dividend of
the calendar year.
Other
Security transactions are accounted for on the date
securities are purchased or sold. Dividend income is
recognized on the ex-dividend date and interest
income, including level-yield amortization of premium
and discount, is accrued daily.
______________________________________________________________________________
2. Expenses and sales charges
Under terms of an agreement dated Nov. 14, 1991, the
fund pays IDS Financial Corporation (IDS) a fee for
managing its investments, recordkeeping and other
specified services. The fee is a percentage of the
fund's average daily net assets consisting of a group
asset charge in reducing percentages from 0.46% 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 0.14% 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 and Income Fund Index.
The maximum adjustment is 0.08% 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 $52,030 for the year
ended Nov. 30, 1993.
The fund also pays IDS a distribution fee at an
annual rate of $6 per shareholder account and a
transfer agency fee at an annual rate of $15 per
shareholder account. The transfer agency fee is
reduced by earnings on monies pending shareholder
redemptions.
IDS will assume and pay any expenses (except taxes
and brokerage commissions) that exceed the most
restrictive applicable state expense limitation.<PAGE>
<PAGE>18
Notes to financial statements
IDS Equity Plus Fund, Inc.
______________________________________________________________________________
2. Expenses and sales charges
Sales charges by IDS Financial Services Inc. for
distributing fund shares were $3,132,061 for the year
ended Nov. 30, 1993. The fund also pays custodian
fees to IDS Bank & Trust, an affiliate of IDS.
The fund has a retirement plan for its independent
directors. Upon retirement, directors receive monthly
payments equal to one-half of the retainer fee for as
many months as they served as directors up to 120
months. There are no death benefits. The plan is not
funded but the fund recognizes the cost of payments
during the time the directors serve on the board.
The retirement plan expense amounted to $12,361 for
the year ended Nov. 30, 1993.
______________________________________________________________________________
3. Securities transactions
Cost of purchases and proceeds from sales of
securities (other than short-term obligations)
aggregated $290,266,451 and $214,964,942,
respectively, for the year ended Nov. 30, 1993.
Realized gains and losses are determined on an
identified cost basis.
Brokerage commissions paid to brokers affiliated with
IDS were $144,243 for the year ended Nov. 30, 1993.
Income from securities lending amounted to $11,438
for the year ended Nov. 30, 1993. The risks to the
fund of securities lending are that the borrower may
not provide additional collateral when required or
return the securities when due.
<PAGE>
<PAGE>19
Notes to financial statements
IDS Equity Plus Fund, Inc.
______________________________________________________________________________
4. Forward foreign currency contracts
At Nov. 30, 1993, the fund had entered into two
forward foreign currency exchange contracts that
obligate the fund to deliver currency at a specified
future date. The unrealized appreciation of $1,233
on these contracts is included in the accompanying
financial statements. The terms of the open contracts
are as follows:
<TABLE><CAPTION>
U.S. Dollar value U.S. Dollar value
Currency to be as of Currency to be as of
Exchange date delivered Nov. 30, 1993 received Nov. 30, 1993
____________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Dec. 6, 1993819,150 $612,838 613,789 $613,789
Canadian Dollar U.S. Dollar
Dec. 6, 1993336,758 251,942 252,224 252,224
Canadian Dollar U.S. Dollar
________ ________
$864,780 $866,013
</TABLE>
______________________________________________________________________________
5. Illiquid securities
At Nov. 30, 1993, investments in securities included
issued that are illiquid. The fund currently limits
investments in illiquid securities to 10% of the net
assets, at market value, at the time of purchase.
The aggregate value of such securities at Nov. 30,
1993, was $8,000,000 which represents 1% of net
assets. Pursuant to guidelines adopted by the fund's
board of directors, certain unregistered securities
are determined to be liquid and are not included
within the 10% limitation specified above.
______________________________________________________________________________
6. Financial highlights
"Financial highlights" showing per share data and
selected information is presented on page 5 of the
prospectus.
<PAGE>
<PAGE>20
Investments in securities
<TABLE>
IDS Equity Plus Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Common stocks (92.6%)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
Aerospace & defense (4.7%)
General Motors Cl H 275,000 $ 10,243,750
Martin Marietta 250,000 10,250,000
Thiokol 350,000 8,706,250
____________
Total 29,200,000
_____________________________________________________________________________________________________________________________
Automotive & related (3.9%)
Dana 225,000 12,318,750
Goodyear Tire & Rubber 270,000 12,015,000
____________
Total 24,333,750
_____________________________________________________________________________________________________________________________
Building materials (10.0%)
Clayton Homes 350,000(b) 8,050,000
Lennar 275,000 8,181,250
Masco 325,000 11,050,000
Sherwin-Williams 425,000 14,025,000
Weyerhaeuser 250,000 10,937,500
Williamette Inds 200,000 9,600,000
____________
Total 61,843,750
_____________________________________________________________________________________________________________________________
Chemicals (4.2%)
Air Products & Chemicals 250,000 11,031,250
Hanna (MA) 200,000 6,175,000
Pall 450,001 8,550,019
____________
Total 25,756,269
_____________________________________________________________________________________________________________________________
Computers & office equipment (4.2%)
Banyan Systems 300,000(b) 6,900,000
Cisco Systems 175,000(b) 9,843,750
Informix 200,000(b) 3,650,000
Parametric Technology 150,000(b) 5,737,500
____________
Total 26,131,250
_____________________________________________________________________________________________________________________________
Energy (3.9%)
Enron Oil & Gas 225,000 8,690,625
Enterra 250,000(b) 4,500,000
Oceaneering Intl 250,000(b) 3,375,000
<FN>
See accompanying notes to investments in securities./TABLE
<PAGE>
<PAGE>21
Investments in securities
<TABLE>
IDS Equity Plus Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
Common stocks (continued)
_____________________________________________________________________________________________________________________________
<CAPTION>
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
Rowan 900,000(b) $ 7,650,000
____________
Total 24,215,625
_____________________________________________________________________________________________________________________________
Financial services (6.3%)
Mellon Bank 125,000 6,937,500
Merrill Lynch 200,000 9,075,000
Morgan Stanley Group 100,000 7,175,000
Northern Trust 225,000 8,550,000
Paine Webber 275,000 7,321,875
____________
Total 39,059,375
_____________________________________________________________________________________________________________________________
Health care (3.0%)
Abbott Laboratories 300,000 8,775,000
Beckman Instruments 10,000 268,750
Genentech 193,500(b) 9,239,625
____________
Total 18,283,375
_____________________________________________________________________________________________________________________________
Household products (2.2%)
Rubbermaid 400,000 13,400,000
_____________________________________________________________________________________________________________________________
Industrial equipment & services (4.3%)
Giddings & Lewis 350,000 8,487,500
Illinois Tool Works 250,000 9,468,750
Teleflex 270,000 8,403,750
____________
Total 26,360,000
_____________________________________________________________________________________________________________________________
Industrial transportation (2.0%)
CSX 150,000 12,450,000
_____________________________________________________________________________________________________________________________
Insurance (5.7%)
ACE Limited 250,000 7,281,250
Amer Re 200,000(b) 5,400,000
SAFECO 125,000 7,093,750
Tempest Reinsurance 80,000(b,c) 8,000,000
Transatlantic Holdings 150,000 7,725,000
____________
Total 35,500,000
_______________________________________________________________________________________________________________________________
<FN>
See accompanying notes to investments in securities./TABLE
<PAGE>
<PAGE>22
Investments in securities
<TABLE>
IDS Equity Plus Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
Common stocks (continued)
_____________________________________________________________________________________________________________________________
<CAPTION>
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
Media (6.0%)
Harcourt General 250,000 $ 10,187,500
Houghton Mifflin 200,000 9,050,000
McGraw-Hill 150,000 10,462,500
Multimedia 200,000(b) 7,400,000
____________
Total 37,100,000
_____________________________________________________________________________________________________________________________
Metals (4.1%)
Nucor 270,000 14,141,250
Worthington Inds 647,300 11,165,925
____________
Total 25,307,175
_____________________________________________________________________________________________________________________________
Multi-industry conglomerates (1.6%)
Tenneco 200,000 9,625,000
_____________________________________________________________________________________________________________________________
Paper & packaging (3.2%)
Crown Cork & Seal 325,000(b) 12,837,500
Union Camp 150,000 6,975,000
____________
Total 19,812,500
_____________________________________________________________________________________________________________________________
Retail (6.6%)
Albertson's 355,000 8,786,250
Dillard Dept Store Cl A 275,000 11,343,750
Pep Boys-Manny Moe & Jack 475,000 12,231,250
Sysco 300,000 8,287,500
____________
Total 40,648,750
_____________________________________________________________________________________________________________________________
Soaps & cosmetics (3.7%)
Procter & Gamble 150,000 8,512,500
Shaw Inds 300,000 14,250,000
____________
Total 22,762,500
_____________________________________________________________________________________________________________________________
Utilities (6.3%)
Bell Atlantic 75,000 4,500,000
Cable & Wireless 400,000 8,750,000
Equitable Resources 200,000 7,250,000
<FN>
See accompanying notes to investments in securities./TABLE
<PAGE>
<PAGE>23
Investments in securities
<TABLE>
IDS Equity Plus Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
Common stocks (continued)
_____________________________________________________________________________________________________________________________
<CAPTION>
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
MCI Communications 350,000 $ 8,531,250
Pacific Telesis Group 175,000 9,931,250
____________
Total 38,962,500
_____________________________________________________________________________________________________________________________
Foreign (6.7%)(d)
BBC Brown Boveri 8,500 5,706,330
Credit Local 75,000 5,733,825
Renaissance Energy 300,000(b) 5,892,033
Royal Bank Canada 300,000 5,976,207
Talisman 270,000(b) 5,605,851
TOTAL 250,000 6,343,750
TransCanada Pipeline 400,000 5,948,148
____________
Total 41,206,144
_____________________________________________________________________________________________________________________________
Total common stocks
(Cost: $418,336,310) $571,957,963
_____________________________________________________________________________________________________________________________
<CAPTION>
Short-term securities (8.2%)
_____________________________________________________________________________________________________________________________
Issuer Annualized AmountValue(a)
yield on payable at
date of maturity
purchase
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C>
U.S. government agencies (1.0%)
Federal Home Loan Bank
Disc Notes
12-20-93 3.05% $1,000,000 $ 998,396
12-27-93 3.06 2,500,000 2,494,493
Federal Home Loan Mtge
Corp Disc Note
12-31-93 3.06 500,000 498,729
Federal Natl Mtge Assn
Disc Note
12-21-93 3.06 2,200,000 2,196,272
_____________
Total 6,187,890
_____________________________________________________________________________________________________________________________
<FN>
See accompanying notes to investments in securities./TABLE
<PAGE>
<PAGE>24
Investments in securities
<TABLE>
IDS Equity Plus Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Short-term securities (continued)
_____________________________________________________________________________________________________________________________
Issuer Annualized AmountValue(a)
yield on payable at
date of maturity
purchase
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C>
Commercial paper (7.2%)
BBV Delaware
01-04-94 3.35% $5,300,000 $ 5,283,281
Becton Dickinson
12-22-93 3.09 5,000,000 4,991,017
Beneficial
12-02-93 3.09 4,000,000 3,999,658
Cafco
01-28-94 3.37 2,200,000 2,188,126
Ciesco LP
01-05-94 3.34 2,100,000 2,093,222
Cit Group Holdings
12-07-93 3.10 4,000,000 3,997,940
Colgate Palmolive
12-13-93 3.11 1,600,000(e) 1,598,347
Columbia Fuels
01-10-94 3.39 5,600,000 5,579,031
Fleet Funding
02-10-94 3.40 3,630,000(e) 3,605,498
Hewlett-Packard
12-07-93 3.11 600,000 599,690
Morgan Stanley Group
12-01-93 3.17 1,700,000 1,700,000
Pacific Gas & Electric
12-08-93 3.10 2,700,000 2,698,372
St. Paul Companies
01-28-94 3.37 4,400,000(e) 4,376,252
Southwestern Bell Capital
12-16-93 3.10 1,000,000(e) 998,712
Southwestern Bell Telephone
12-13-93 3.12 800,000 799,171
____________
Total 44,508,317
________________________________________________________________________________________________________________________________
Total short-term securities
(Cost: $50,696,547) $ 50,696,207
_____________________________________________________________________________________________________________________________
Total investments in securities
(Cost: $469,032,857)(f) $622,654,170
_____________________________________________________________________________________________________________________________
<FN>
See accompanying notes to investments in securities./TABLE
<PAGE>
<PAGE>25
Investments in securities
<TABLE>
IDS Equity Plus Fund, Inc.
Nov. 30, 1993
_____________________________________________________________________________________________________________________________
Notes to investments in securities
_____________________________________________________________________________________________________________________________
<FN>
(a) Securities are valued by procedures described in Note 1 to the financial statements.
(b) Presently non-income producing.
(c) Identifies issues considered to be illiquid (see Note 5 to the financial statements).
Information concerning such security holdings at Nov. 30, 1993, is as follows:
<CAPTION>
Acquisition
Security date Cost
________________________________________________________________________________
<S> <C> <C>
Tempest Reinsurance 09-13-93 $8,000,000
(d) Foreign security values are stated in U.S. dollars.
(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". These securities have been determined
to be liquid under guidelines established by the board of directors.
(f) At Nov. 30, 1993, the cost of securities for federal income tax purposes was $469,032,857
and the aggregate gross unrealized appreciation and depreciation based on that cost was:
<CAPTION>
<S> <C>
Unrealized appreciation $163,523,507
Unrealized depreciation (9,902,194)
_____________________________________________________________________________________________________________________________
Net unrealized appreciation $153,621,313
_____________________________________________________________________________________________________________________________
</TABLE> <PAGE>
PAGE 26
IDS mutual funds
Cash equivalent investments
These money market funds have three main goals: conversation 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 Planned Investment Account
Invests in money market securities to provide maximum current
income consistent with liquidity and stability of principal of
principal, while serving as a base for systematic exchanges into
IDS fixed income and equity funds.
(icon of) stair steps
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
achieve 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
provide high current income. Secondary objective is capital
growth.
(icon of) cornucopia
<PAGE>
PAGE 27
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 Strategy, Income Fund
Invests primarily in corporate and government bonds to seek high
current income while conserving capital. Also may seek capital
appreciation when consistent with its primary goals.
(icon of) chess piece
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
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
IDS Strategy, Short-Term Income Fund
Invests primarily in short-term and intermediate-term bonds and
notes to seek a high level of current income.
(icon of) chess piece
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
<PAGE>
PAGE 28
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
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 Strategy, Worldwide Growth Fund
Invests primarily in common stocks of companies throughout the
world that offer potential for superior growth. Holding may range
from small- to large-capitalization stocks, including those of
companies involve in areas of rapid economic growth.
(icon of) chess piece
<PAGE>
PAGE 29
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 Plus 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 IDS 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 stocks of companies representing many sectors of
the economy. Seeks current income and growth of capital.
(icon of) building with columns
IDS Strategy, Equity Fund
Invests primarily in undervalued common stocks that offer potential
for growth of capital and income.
(icon of) chess piece
IDS mutual funds
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
<PAGE>
PAGE 30
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
<PAGE>
PAGE 31
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-sized, growth-oriented companies
emphasizing technological innovation and productivity enhancement.
Buys and holds larger growth-oriented stocks.
(icon of) ship
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
IDS Strategy, Aggressive Equity Fund
Invests primarily in common stocks of companies that are selected
for their potential for above-average growth. Above-average means
that their growth potential is better, in the opinion of the
portfolio's investment manager, than the Standard & Poor's
Corporation (S&P) 500 Stock Index.
(icon of) chess piece
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
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
<PAGE>
PAGE 32
Specialty growth investment
This fund aggressively seeks capital growth as a hedge against
inflation.
IDS Precious Metals Fund, Inc.
Invests primarily in the securities of foreign or domestic
companies that explore for, mine and process or distribute gold and
other precious metals. This is the most aggressive and most
speculative IDS mutual fund.
(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 IDS personal financial planner or writing to IDS Shareholder
Service, P.O. Box 534, Minneapolis, MN 55440-0534. Read it
carefully before you invest or send money.
<PAGE>
PAGE 33
Federal income tax information
IDS Equity Plus 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 adviser on how to report
distributions for state and local purposes.
IDS Equity Plus Fund, Inc.
Fiscal year ended Nov. 30, 1993
Income distributions taxable as dividend income, 49.95% qualifying
for deduction by corporations.
Payable date Per share
Dec. 29, 1992 $0.0280
March 29, 1993 0.0275
June 28, 1993 0.0300
Sept. 27, 1993 0.0300
Total $0.1155
Capital gain distribution
taxable as long-term capital gain.
Payable date Per share
Dec. 29, 1992 $0.4587
Total distributions $0.5742
<PAGE>
PAGE 34
Quick telephone reference
IDS 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
IDS Shareholder Service
Fund performance, objectives and account inquiries
612-671-3733
TTY Service
For the hearing impaired
800-846-4852
IDS 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
Your IDS financial planner:
AN AMERICAN EXPRESS COMPANY
1894 IDS 1994
A CENTURY OF INVESTING IN THE FUTURE
IDS Equity Plus Fund
IDS Tower 10
Minneapolis, MN 55440-0010
<PAGE>
PAGE 35
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.
