PAGE
IDS
Equity Plus
Fund
1994 semiannual report
(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.
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(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-size 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 the potential for rising stock
prices.
Contents
From the president 3
From the portfolio manager 3
Ten largest holdings 5
Financial statements 6
Notes to financial statements 9
Investments in securities 17
Directors and officers 20
IDS mutual funds 21
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To our shareholders
(picture of)
William R. Pearce
President of the fund
(picture of)
Joe Barsky
Portfolio manager
From the president
As you read this semiannual report, you'll find that it complements
the newly designed annual report you received six months ago. We hope
the substantial changes we've made to the design and organization will
help make information easier to find and understand.
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 past period.
For a broader financial perspective, please consult your IDS planner,
who can help you make sure your investment and protection strategies
continue to meet the objectives in your financial plan.
William R. Pearce
From the portfolio manager
An abrupt decline in the stock market dragged down the performance of
IDS Equity Plus Fund during the first six months of the fiscal year.
Even so, the fund's decline for the period (ended May 31, 1994) proved
to be rather modest - less than 2%.
The early part of the period was extraordinarily good, however. The
fund generated a gain of 4% in December alone, followed by a near 2%
advance in January.
Small stocks surge
The biggest boost came from stocks of small and mid-size companies,
which outperformed the stock market as a whole through January. To the
fund's benefit, we had considerable exposure to that group. We
maintained a special emphasis on housing-related stocks, many of which
soared as low interest rates continued to spark the housing industry.
Stocks of technology companies also made a solid contribution during
those months. Some of our best performing stocks in both groups
included Clayton Homes, Worthington Industries, Teleflex, Lenner Corp.
and Cisco Systems.
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To our shareholders
The change in the market and, ultimately, for the fund, began in late
January. Larger stocks came into greater favor among investors,
outpacing the advances made by small and mid-size stocks, which form
the core of this fund's portfolio.
The biggest influence came in early February, though, when the Federal
Reserve Board started raising interest rates in an effort to temper
economic growth and head off a potential increase in the inflation
rate. As often happens during interest-rate rises, the stock market
went into a retreat that, in this case, lasted for three months. Small
and mid-size stocks were hit the hardest during this time, with our
previous winners, the housing-related stocks, among the poorest
performers.
New names
We made relatively minor changes to the portfolio during the entire
six months, which is consistent with our basic philosophy of buying
stocks of what we believe are sound companies with longer-term
promise. This included the addition of some large stocks that we
expect to enjoy better earnings before too long. Examples include
Procter & Gamble (consumer products), Boeing (aircraft), Alcoa
(aluminum) and Fluor (engineering).
These additions reflect our belief that stocks of companies whose
fortunes are largely tied to economic patterns will do well as the
economy continues to expand in the months ahead. Although their merits
have, in many cases, gone unrecognized this year, these companies have
continued to enjoy good sales and profits. We expect their stocks to
eventually reflect that fundamental strength.
We also look forward to benefiting from what we believe will be a
stronger, although volatile, stock market before the year is out. The
fact that May, the last month of the period, showed some market
improvement is a source of encouragement, as is the ongoing low
inflation rate, which usually has a positive influence on stocks.
Therefore, we remain heavily invested in stocks, keeping only a small
percentage of the portfolio in cash reserves.
Joe Barsky
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To our shareholders
6-month performance
(All figures per share)
Net asset value (NAV)
May 31, 1994 $10.71
Nov. 30, 1993 $12.04
Decrease ($1.33)
Distributions
Dec. 1, 1993 - May 31, 1994
From income $ 0.12
From capital gains $ 1.03
Total distributions $ 1.15
Total return* (2.03%)
*If you purchased shares in the fund during this period, your return
also would have been affected by the sales charge, as described in the
prospectus.
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IDS Equity Plus Fund, Inc.
<TABLE><CAPTION>
Your fund's ten largest holdings
(Pie chart) The ten holdings listed here make up 19.70% of the fund's net assets
________________________________________________________________________________________________________________
Percent Value
(of fund's net assets) (as of May 31, 1994)
_______________________________________________________________________________________
<S> <C> <C>
Nucor Corporation 2.58% $15,774,375
One of the largest and most profitable domestic steel
mini-mills, Nucor is a leading producer of joists and
girders used in construction.
Pep Boys 2.30 14,062,500
A retailer of auto parts, with more than 330 stores located
primarily in Southern California and the Delaware Valley,
Texas and the Southeast.
Worthington Industries 2.00 12,225,250
This processor of close-tolerance steel also manufactures
steel castings, pressure cylinders and custom plastic and
precision metal parts.
Sherwin-Williams 1.93 11,812,500
A leading producer and marketer of consumer and industrial
paints and coatings.
Dana Corporation 1.89 11,587,500
Produces truck and car components and parts for use in
original equipment manufacturing and distribution in the
automotive aftermarket.
Albertson's, Inc. 1.84 11,250,000
An Idaho-based operator of supermarkets and combination
food/drug stores - the fourth largest U.S. food retailer.
Harcourt General 1.81 11,100,000
A leading publisher of elementary and secondary school
textbooks. The company also has interests in the motion
picture industry through General Cinema Theaters and
specialty retailing through its ownership of Nieman Marcus,
Bergdorf Goodman and Contempo Casual stores.
Intel 1.79 10,937,500
Designs and manufactures the microprocessor chips used in
all IBM-compatible personal computers.
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Union Pacific 1.78 10,915,000
A diversified transportation company composed of a western
railroad and a regional hauler, Trucking Overnite. The
company also owns Union Pacific Resources, one of the
country's largest producer of oil and gas.
McGraw-Hill 1.78 10,890,000
A textbook and magazine publisher. The company also owns
four television stations, Standard and Poor's, and Data
Resources.
</TABLE>
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Financial statements
<TABLE><CAPTION>
Statement of assets and liabilities
IDS Equity Plus Fund, Inc.
May 31, 1994
_____________________________________________________________________________________________________________
Assets
_____________________________________________________________________________________________________________
(Unaudited)
<S> <C>
Investments in securities, at value (Note 1)
(identified cost $504,592,853) $615,302,893
Dividends receivable 1,194,850
Receivable for investment securities sold 3,774,799
Receivable for foreign currency contracts held, at value (Notes 1 and 5) 378,237
U.S. government securities held as collateral (Note 4) 25,630,000
_____________________________________________________________________________________________________________
Total assets 646,280,779
_____________________________________________________________________________________________________________
Liabilities
_____________________________________________________________________________________________________________
Disbursements in excess of cash on demand deposit 68,434
Payable for investment securities purchased 7,943,148
Payable for foreign currency contracts held, at value (Notes 1 and 5) 380,320
Payable upon return of securities loaned (Note 4) 25,630,000
Accrued investment management and services fee 245,870
Accrued distribution fee 25,871
Accrued transfer agency fee 64,524
Other accrued expenses 89,547
_____________________________________________________________________________________________________________
Total liabilities 34,447,714
_____________________________________________________________________________________________________________
Net assets applicable to outstanding capital stock $611,833,065
_____________________________________________________________________________________________________________
Represented by
_____________________________________________________________________________________________________________
Capital stock -- authorized 10,000,000,000 shares of $.01 par value;
outstanding 57,133,736 shares $ 571,337
Additional paid-in capital 471,830,338
Undistributed net investment income 1,337,001
Accumulated net realized gain (Note 1) 27,386,432
Unrealized appreciation of investments (Note 5) 110,707,957
_____________________________________________________________________________________________________________
Total -- representing net assets applicable to outstanding capital stock $611,833,065
_____________________________________________________________________________________________________________
Net asset value per share of outstanding capital stock $ 10.71
_____________________________________________________________________________________________________________
See accompanying notes to financial statements.
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Financial statements
Statement of operations
IDS Equity Plus Fund, Inc.
Six months ended May 31, 1994
_____________________________________________________________________________________________________________
Investment income
_____________________________________________________________________________________________________________
(Unaudited)
Income:
Dividends (net of foreign taxes withheld of $65,657) $ 4,321,926
Interest 721,105
_____________________________________________________________________________________________________________
Total income 5,043,031
_____________________________________________________________________________________________________________
Expenses (Note 2):
Investment management and services fee 1,609,581
Distribution fee 146,535
Transfer agency fee 363,702
Compensation of directors 6,135
Compensation of officers 1,797
Custodian fees 22,939
Postage 46,988
Registration fees 29,758
Reports to shareholders 6,797
Audit fees 11,000
Administrative 6,983
Other 7,517
_____________________________________________________________________________________________________________
Total expenses 2,259,732
_____________________________________________________________________________________________________________
Investment income -- net 2,783,299
_____________________________________________________________________________________________________________
Realized and unrealized gain (loss) -- net
_____________________________________________________________________________________________________________
Net realized gain on security and foreign currency transactions (including loss of $4,946
from foreign currency transactions) (Note 3) 27,392,588
Net change in unrealized appreciation or depreciation (42,914,589)
_____________________________________________________________________________________________________________
Net loss on investments and foreign currency (15,522,001)
_____________________________________________________________________________________________________________
Net decrease in net assets resulting from operations $(12,738,702)
_____________________________________________________________________________________________________________
See accompanying notes to financial statements.
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Financial statements
<CAPTION>
Statements of changes in net assets
IDS Equity Plus Fund, Inc.
_____________________________________________________________________________________________________________
Operations and distributions May 31, 1994 Nov. 30, 1993
_____________________________________________________________________________________________________________
Six months ended Year ended
(Unaudited)
<S> <C> <C>
Investment income -- net $ 2,783,299 $ 5,696,350
Net realized gain on investments and foreign currency 27,392,588 56,475,888
Net change in unrealized appreciation or depreciation (42,914,589) 4,317,731
_____________________________________________________________________________________________________________
Net increase (decrease) in net assets resulting from operations (12,738,702) 66,489,969
_____________________________________________________________________________________________________________
Distributions to shareholders from:
Net investment income (2,588,595) (5,557,608)
Net realized gain on investments (56,481,045) (19,786,644)
_____________________________________________________________________________________________________________
Total distributions (59,069,640) (25,344,252)
_____________________________________________________________________________________________________________
Capital share transactions
_____________________________________________________________________________________________________________
Proceeds from sales of
3,710,463 and 11,347,396 shares (Note 2) 41,824,816 131,816,576
Net asset value of 4,931,342 and 2,148,496 shares
issued in reinvestment of distributions 55,978,069 23,909,060
Payments for redemptions of
2,802,513 and 4,683,577 shares (31,538,965) (54,866,937)
_____________________________________________________________________________________________________________
Increase in net assets from capital share transactions
representing net addition of
5,839,292 and 8,812,315 shares 66,263,920 100,858,699
_____________________________________________________________________________________________________________
Total increase (decrease) in net assets (5,544,422) 142,004,416
Net assets at beginning of period 617,377,487 475,373,071
_____________________________________________________________________________________________________________
Net assets at end of period
(including undistributed net investment income of
$1,337,001 and $1,142,297) $611,833,065 $617,377,487
_____________________________________________________________________________________________________________
See accompanying notes to financial statements.
</TABLE>
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Notes to financial statements
IDS Equity Plus Fund, Inc.
(Unaudited as to May 31, 1994)
______________________________________________________________________________
1. Summary of significant accounting policies
The fund is registered under the Investment Company
Act of 1940 (as amended) as a diversified, open-end
management investment company. Significant accounting
policies followed by the fund are summarized below:
Valuation of securities
All securities are valued at the close of each
business day. Securities traded on national
securities exchanges or included in national market
systems are valued at the last quoted sales price;
securities for which market quotations are not
readily available, are valued at fair value according
to methods selected in good faith by the board of
directors. Determination of fair value involves,
among other things, reference to market indexes,
matrixes and data from independent brokers.
Short-term securities maturing in more than 60 days
from the valuation date are valued at the market
price or approximate market value based on current
interest rates; those maturing in 60 days or less are
valued at amortized cost.
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.
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Notes to financial statements
IDS Equity Plus Fund, Inc.
______________________________________________________________________________
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.
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Notes to financial statements
IDS Equity Plus Fund, Inc.
______________________________________________________________________________
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 decreased the fee by $70,428 for the six
months ended May 31, 1994.
The fund also pays IDS a distribution fee at an
annual rate of $6 per shareholder account and a
transfer agency fee at an annual rate of $15 per
shareholder account. The transfer agency fee is
reduced by earnings on monies pending shareholder
redemptions.
IDS will assume and pay any expenses (except taxes
and brokerage commissions) that exceed the most
restrictive applicable state expense limitation.<PAGE>
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Notes to financial statements
IDS Equity Plus Fund, Inc.
______________________________________________________________________________
Sales charges by IDS Financial Services Inc. for
distributing fund shares were $825,172 for the six
months ended May 31, 1994. The fund also pays
custodian fees to IDS Trust Company, 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 $198 for the
six months ended May 31, 1994.
______________________________________________________________________________
3. Securities transactions
Cost of purchases and proceeds from sales of
securities (other than short-term obligations)
aggregated $172,492,441 and $146,693,015,
respectively, for the six months ended May 31, 1994.
Realized gains and losses are determined on an
identified cost basis.
Brokerage commissions paid to brokers affiliated with
IDS were $47,899 for the six months ended May 31,
1994.
______________________________________________________________________________
4. Lending of portfolio securities
At May 31, 1994, securities valued at $25,123,038
were on loan to brokers. For collateral, the fund
received U.S. government securities valued at
$25,630,000. Income from securities lending amounted
to $5,700 for the six months ended May 31, 1994. The
risks to the fund of securities lending are that the
borrower may not provide additional collateral when
required or return the securities when due.
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Notes to financial statements
IDS Equity Plus Fund, Inc.
______________________________________________________________________________
5. Foreign currency contract
At May 31, 1994, the fund had entered into a foreign
currency exchange contract that obligates the fund to
deliver currency at a specified future date. The
unrealized depreciation of $2,083 on this contract is
included in the accompanying financial statements.
The terms of the open contract 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 May 31, 1994 received May 31, 1994
____________________________________________________________________________________________________
<S> <C> <C> <C> <C>
June 14, 1994 380,320 $380,320 523,575 $378,237
U.S. Dollar Canadian Dollar
/TABLE
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Notes to financial statements
<TABLE><CAPTION>
IDS Equity Plus Fund, Inc.
_______________________________________________________________________________
6. Financial highlights
The table below shows certain important financial
information for evaluating the fund's results.
Fiscal period ended Nov. 30,
Per share income and capital changes*
1994** 1993 1992 1991 1990 1989
<C> <C> <C> <C> <C> <C>
Net asset value, $12.04 $11.19 $10.18 $ 8.82 $10.01 $ 8.09
beginning of period
Income from investment operations:
Net investment income .05 .11 .13 .18 .26 .34
Net gains (losses) on securities (.23) 1.31 1.69 1.75 (.55) 1.89
(both realized and unrealized)
Total from investment (.18) 1.42 1.82 1.93 (.29) 2.23
operations
Less distributions:
Dividends from net (.05) (.11) (.14) (.20) (.27) (.31)
investment income
Distributions from (1.10) (.46) (.67) (.37) (.63) --
realized gains
Total distributions (1.15) (.57) (.81) (.57) (.90) (.31)
Net asset value, $10.71 $12.04 $11.19 $10.18 $ 8.82 $10.01
end of period
Ratios/supplemental data
1994** 1993 1992 1991 1990 1989
Net assets, end of period $612 $617 $475 $400 $348 $392
(in millions)
Ratio of expenses to .72%*** .77% .74% .67% .63% .57%
average daily net assets
Ratio of net income to .89%*** 1.00% 1.22% 1.82% 2.78% 3.58%
average daily net assets
Portfolio turnover rate 25% 41% 42% 46% 55% 49%
(excluding short-term
securities)
Total return+ (2.0%)++ 13.2% 19.2% 22.9% (3.3%) 27.9%
*For a share outstanding throughout the period. Rounded to the nearest cent.
**Six months ended May 31, 1994 (Unaudited).
***Adjusted to an annual basis.
+Total return does not reflect payment of a sales charge.
++For the fiscal period ended May 30, 1994, the annualized total return is (4.0%).
</TABLE>
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Investments in securities
<TABLE><CAPTION>
IDS Equity Plus Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Common stocks (95.2%)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
Aerospace & defense (3.2%)
Boeing 50,000 $ 2,318,750
Martin Marietta 200,000 8,700,000
Thiokol 350,000 8,531,250
____________
Total 19,550,000
_____________________________________________________________________________________________________________________________
Automotive & related (6.6%)
Dana 225,000 11,587,500
Ford Motor 100,000 (b) 5,775,000
Goodyear Tire & Rubber 270,000 (b) 10,462,500
Worthington Inds 619,000 12,225,250
____________
Total 40,050,250
_____________________________________________________________________________________________________________________________
Banks and savings & loans (1.2%)
BankAmerica 150,000 7,275,000
_____________________________________________________________________________________________________________________________
Building materials (10.2%)
Clayton Homes 500,000 (c) 9,687,500
Lennar 450,000 8,325,000
Martin Marietta Materials 300,000 5,812,500
Masco 275,000 7,596,875
Sherwin-Williams 375,000 11,812,500
Weyerhaeuser 225,000 9,365,625
Williamette Inds 225,000 10,181,250
____________
Total 62,781,250
_____________________________________________________________________________________________________________________________
Chemicals (3.6%)
Air Products & Chemicals 125,000 5,281,250
Hanna (MA) 250,000 9,500,000
Pall 500,000 7,125,000
____________
Total 21,906,250
_____________________________________________________________________________________________________________________________
Communications equipment (0.8%)
Airtouch Communications 200,000 (c) 4,875,000
_____________________________________________________________________________________________________________________________
Computers & office equipment (7.9%)
Banyan Systems 300,000 (c) 4,387,500
Cisco Systems 300,000 (c) 7,425,000
See accompanying notes to investments in securities.
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Investments in securities
IDS Equity Plus Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Common stocks (continued)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
Computer Assn Intl 100,000 $ 4,162,500
Hewlett Packard 70,000 5,495,000
Intel 175,000 10,937,500
Lotus Development 105,000 (c) 6,300,000
Parametric Technology 325,000 (b,c) 9,628,125
____________
Total 48,335,625
_____________________________________________________________________________________________________________________________
Energy (6.5%)
Enron Oil & Gas 225,000 9,900,000
Enterra 265,000 (c) 5,763,750
Fluor 125,000 6,375,000
Oceaneering Intl 350,000 (b,c) 4,243,750
Rowan 900,000 (c) 7,087,500
Western Atlas 150,000 (c) 6,412,500
____________
Total 39,782,500
_____________________________________________________________________________________________________________________________
Financial services (2.5%)
Morgan Stanley Group 100,000 5,975,000
Northern Trust 225,000 9,337,500
____________
Total 15,312,500
_____________________________________________________________________________________________________________________________
Health care (3.7%)
Abbott Laboratories 325,000 9,709,375
Beckman Instruments 191,100 4,777,500
Genentech 175,000 (c) 8,400,000
____________
Total 22,886,875
_____________________________________________________________________________________________________________________________
Household products (3.2%)
Rubbermaid 300,000 8,362,500
Shaw Inds 600,000 10,800,000
____________
Total 19,162,500
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
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Investments in securities
IDS Equity Plus Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Common stocks (continued)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
Industrial equipment & services (5.3%)
Giddings & Lewis 350,000 $ 7,700,000
Illinois Tool Works 250,000 10,187,500
Teleflex 270,000 9,450,000
Trinity Inds 137,500 5,087,500
____________
Total 32,425,000
_____________________________________________________________________________________________________________________________
Industrial transportation (4.3%)
CSX 135,000 10,327,500
Roadway Services 70,000 4,987,500
Union Pacific 185,000 10,915,000
____________
Total 26,230,000
_____________________________________________________________________________________________________________________________
Insurance (5.0%)
ACE Limited 300,000 8,175,000
SAFECO 125,000 6,890,625
Tempest Reinsurance 80,000 (c) 7,549,840
Transatlantic Holdings 150,000 8,193,750
____________
Total 30,809,215
_______________________________________________________________________________________________________________________________
Media (6.1%)
Harcourt General 300,000 11,100,000
Houghton Mifflin 200,000 9,375,000
McGraw-Hill 165,000 10,890,000
Multimedia 200,000 (c) 5,762,500
____________
Total 37,127,500
_____________________________________________________________________________________________________________________________
Metals (5.1%)
Aluminum Co Amer 100,000 (b) 7,062,500
LTV 540,000 (c) 8,640,000
Nucor 235,000 15,774,375
____________
Total 31,476,875
_____________________________________________________________________________________________________________________________
Paper & packaging (3.0%)
Crown Cork & Seal 250,000 (b,c) 9,031,250
Union Camp 200,000 9,450,000
____________
Total 18,481,250
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.<PAGE>
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Investments in securities
IDS Equity Plus Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Common stocks (continued)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
Retail (7.8%)
Albertson's 400,000 $ 11,250,000
Dayton Hudson 125,000 9,828,125
Pep Boys-Manny Moe & Jack 450,000 14,062,500
Shoney's 350,000 (b,c) 5,906,250
Sysco 250,000 6,468,750
____________
Total 47,515,625
_____________________________________________________________________________________________________________________________
Soaps & cosmetics (1.7%)
Procter & Gamble 185,000 (b) 10,429,375
_____________________________________________________________________________________________________________________________
Utilities-gas (2.1%)
Equitable Resources 250,000 8,593,750
Tenneco 90,000 4,308,750
____________
Total 12,902,500
_____________________________________________________________________________________________________________________________
Utilities-telephone (0.6%)
Pacific Telesis Group 125,000 3,796,875
_____________________________________________________________________________________________________________________________
Foreign (4.8%)(d)
BBC Brown Boveri 8,500 7,636,358
Renaissance Energy 300,000 (c) 6,772,620
Renaissance Energy 17,900 (c,e) 404,100
RTZ 503,273 6,406,665
YPF 300,000 7,912,500
____________
Total 29,132,243
_____________________________________________________________________________________________________________________________
Total common stocks
(Cost: $471,534,168) $582,244,208
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.<PAGE>
PAGE
Investments in securities
<CAPTION>
IDS Equity Plus Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_______________________________________________________________________________________________________________________________
Short-term securities (5.4%)
_____________________________________________________________________________________________________________________________
Issuer Annualized Amount Value(a)
yield on payable at
date of maturity
purchase
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C>
U.S. government agency (0.6%)
Federal Home Loan Bank
Disc Note
06-21-94 4.18% $3,700,000 $ 3,691,428
_____________________________________________________________________________________________________________________________
Commercial paper (4.6%)
AIG Funding
06-03-94 3.86 2,100,000 2,099,551
Dow Chemical
06-07-94 3.97 6,600,000 6,595,655
Lincoln Natl
06-02-94 4.29 1,400,000 (f) 1,399,834
Merrill Lynch
07-15-94 4.39 700,000 696,261
Pennsylvania Power & Light
Energy Trust
06-13-94 4.34 2,100,000 2,096,976
06-21-94 4.32 1,005,000 1,002,599
PepsiCo
06-17-94 4.32 1,600,000 1,596,942
Pitney Bowes Credit
07-15-94 4.35 1,800,000 1,790,496
Sandoz
06-27-94 4.27 600,000 598,158
Toyota Motor Credit
06-09-94 4.15 9,400,000 9,391,373
USAA Capital
06-07-94 3.94 900,000 899,412
____________
Total 28,167,257
________________________________________________________________________________________________________________________________
Letter of credit (0.2%)
Bank of Amer-
Hyundai Motor Finance
06-01-94 3.84 1,200,000 1,200,000
_____________________________________________________________________________________________________________________________
Total short-term securities
(Cost: $33,058,685) $ 33,058,685
_____________________________________________________________________________________________________________________________
Total investments in securities
(Cost: $504,592,853)(g) $615,302,893
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.<PAGE>
PAGE
Investments in securities
IDS Equity Plus Fund, Inc.
May 31, 1994
_____________________________________________________________________________________________________________________________
Notes to investments in securities
_____________________________________________________________________________________________________________________________
(a) Securities are valued by procedures described in Note 1 to the financial statements.
(b) Security is partially or fully on loan. See Note 4 to the financial statements.
(c) Presently non-income producing.
(d) Foreign security values are stated in U.S. dollars.
(e) Represents a security sold under Rule 144A which is exempt from registration under the
Securities Act of 1933, as amended. This security has been determined to be liquid under
guidelines established by the board of directors.
(f) Commercial paper sold within terms of a private placement memorandum, exempt from registration
under Section 4(2) of the Securities Act of 1933, as amended, and may be sold only to
dealers in that program or other "accredited investors." This security has been determined
to be liquid under guidelines established by the board of directors.
(g) At May 31, 1994, the cost of securities for federal income tax purposes was approximately $504,593,000
and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
<CAPTION>
<S> <C>
Unrealized appreciation $128,064,000
Unrealized depreciation (17,354,000)
_____________________________________________________________________________________________________________________________
Net unrealized appreciation $110,710,000
_____________________________________________________________________________________________________________________________
</TABLE>
<PAGE>
PAGE
Directors and officers
Directors and officers of the fund
_____________________________________________________________________
President and interested director
William R. Pearce
President of all funds in the IDS MUTUAL FUND GROUP.
_____________________________________________________________________
Independent directors
Lynne V. Cheney
Distinguished fellow, American Enterprise Institute for
Public Policy Research.
Robert F. Froehlke
Former president of all funds in the IDS MUTUAL FUND GROUP.
Donald M. Kendall
Former chairman and chief executive officer, PepsiCo, Inc.
Melvin R. Laird
Senior counsellor for national and international affairs,
The Reader's Digest Association, Inc.
Lewis W. Lehr
Former chairman and chief executive officer,
Minnesota Mining and Manufacturing Company (3M).
Edson W. Spencer
Former chairman and chief executive officer, Honeywell, Inc.
Wheelock Whitney
Chairman, Whitney Management Company.
_____________________________________________________________________
Interested director who is a partner in a law firm that has
represented an IDS subsidiary
Anne P. Jones
Partner, law firm of Sutherland, Asbill & Brennan.
_____________________________________________________________________
Interested directors who are officers and/or employees of IDS
William H. Dudley
Executive vice president, IDS.
David R. Hubers
President and chief executive officer, IDS.
John R. Thomas
Senior vice president, IDS.
_____________________________________________________________________
Other officer
Leslie L. Ogg
Vice president of all funds in the IDS MUTUAL FUND GROUP and general
counsel and treasurer of the publicly offered funds.<PAGE>
PAGE
IDS mutual funds
Cash equivalent investments
These money market funds have three main goals: conservation of
capital, constant liquidity and the highest possible current income
consistent with these objectives. Very limited risk.
IDS Cash Management Fund
Invests in such money market securities as high quality commercial
paper, bankers' acceptances, certificates of 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
Income investments
The funds in this group invest their assets primarily in corporate
bonds or government securities to seek interest income.
Secondary objective is capital growth. Risk varies by bond quality.
IDS Global Bond Fund
Invests primarily in debt securities of U.S. and foreign issuers to
seek high total return through income and growth of capital.
(icon of) globe
IDS Extra Income Fund
Invests mainly in long-term, high-yielding corporate fixed income
securities in the lower rated, higher risk bond categories to seek
high current income. Secondary objective is capital growth.
(icon of) cornucopia
IDS Bond Fund
Invests mainly in corporate bonds, at least 50% in the higher rated,
lower risk bond categories, or the equivalent, and in government bonds.
(icon of) greek column
<PAGE>
PAGE
IDS mutual funds
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 the timely
payment of principal and interest by the U.S. government, its agencies
and instrumentalities. Seeks a high level of current income and
safety of principal consistent with its type of investments.
(icon of) federal building
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
IDS mutual funds
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. Holdings may range from
small- to large-capitalization stocks, including those of companies
involved in areas of rapid economic growth.
(icon of) chess piece
<PAGE>
PAGE
IDS mutual funds
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 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
IDS mutual funds
IDS Diversified Equity Income Fund
Invests primarily in high-yielding common stocks to seek high current
income and, secondarily, to benefit from the growth potential offered
by stock investments.
(icon of) four puzzle pieces
IDS Mutual
Invests in a balance between common stocks and senior securities
(preferred stocks and bonds). Seeks a balance of growth of capital
and current income.
(icon of) scale of justice
Growth investments
Funds in this group seek capital growth, primarily from common stocks.
They are high risk mutual funds with a potential for high reward.
IDS Discovery Fund
Invests in small- and medium-size, growth-oriented companies
emphasizing technological innovation and productivity enhancement.
Buys and holds larger growth-oriented stocks.
(icon of) ship
IDS Strategy, Aggressive 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 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 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
IDS New Dimensions Fund
Invests primarily in companies with significant growth
potential due to superiority in technology, marketing or management.
The fund frequently changes its industry mix.
(icon of) dimension
IDS Progressive Fund
Invests primarily in undervalued common stocks. The fund holds
stocks for the long term with the goal of capital growth.
(icon of) shooting star
Specialty growth investment
This fund aggressively seeks capital growth as a hedge against inflation.
IDS Precious Metals Fund
Invests primarily in the securities of foreign or domestic companies
that explore for, mine and process or distribute gold and other
precious metals. This is the most aggressive and most speculative
IDS mutual fund.
(icon of) cart of precious gems
For more complete information about any of these funds, including charges
and expenses, you can obtain a prospectus by contacting your financial
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
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 (TouchTone 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
