<PAGE> PAGE 1
000 B000000 11/30/96
000 C000000 0000052445
000 D000000 N
000 E000000 F
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 IDS EQUITY SELECT FUND, INC.
001 B000000 811-772
001 C000000 6126712772
002 A000000 IDS TOWER 10
002 B000000 MINNEAPOLIS
002 C000000 MN
002 D010000 55440
002 D020000 0010
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 47
019 C00AA00 IDSMUTFDGR
020 A000001 AMERICAN ENTERPRISE INVESTMENT SERVICES INC.
020 B000001 41-1667086
020 C000001 104
020 A000002 SOLOMON BROTHERS INC.
020 B000002 13-3082694
020 C000002 97
020 A000003 CAPITAL INSTITUTIONAL SERVICES
020 B000003 75-1565705
020 C000003 75
020 A000004 MERRILL LYNCH & CO., INC.
020 B000004 13-5674085
020 C000004 59
020 A000005 CS FIRST BOSTON GROUP
020 B000005 13-5659485
020 C000005 55
020 A000006 LEHMAN BROTHERS INC.
020 B000006 13-2518466
020 C000006 51
020 A000007 DONALDSON LUFKIN JENRETTE SEC. CORP.
020 B000007 13-2741729
020 C000007 45
020 A000008 PAINEWEBBER INC.
020 B000008 13-2638166
020 C000008 44
<PAGE> PAGE 2
020 A000009 ROBERT W. BAIRD & CO., INC.
020 B000009 39-6037917
020 C000009 34
020 A000010 J.P. MORGAN SECURITIES, INC.
020 B000010 13-3224016
020 C000010 31
021 000000 1065022 A000001 MERRILL LYNCH & CO., INC.
022 B000001 13-5674085
022 C000001 117930
022 D000001 38259
022 A000002 LEHMAN COMMERCIAL PAPER INC.
022 B000002 13-2501865
022 C000002 113750
022 D000002 22064
022 A000003 GOLDMAN SACHS & CO.
022 B000003 13-5108880
022 C000003 109152
022 D000003 26256
022 A000004 NATIONSBANK
022 B000004 75-0520130
022 C000004 33474
022 D000004 20756
022 A000005 MORGAN STANLEY & CO., INC.
022 B000005 13-2655998
022 C000005 26308
022 D000005 27609
022 A000006 J.P. MORGAN SECURITIES INC.
022 B000006 13-3224016
022 C000006 18032
022 D000006 11673
022 A000007 CHASE MANHATTAN INVESTMENT INC.
022 B000007 13-5225436
022 C000007 10059
022 D000007 6989
022 A000008 PRUDENTIAL SECURITIES INC.
022 B000008 22-2347336
022 C000008 6369
022 D000008 9670
022 A000009 CS FIRST BOSTON GROUP
022 B000009 13-5659485
022 C000009 8136
022 D000009 3199
022 A000010 BEAR STEARNS & CO.
022 B000010 13-3299429
022 C000010 2171
022 D000010 6475
023 C000000 484448
023 D000000 197647
024 00AA00 Y
025 A00AA01 MORGAN STANLEY GROUP
<PAGE> PAGE 3
025 B00AA01 13-2655998
025 C00AA01 E
025 D00AA01 7516
025 A00AA02 DEAN WITTER REYNOLDS INC.
025 B00AA02 94-1671384
025 C00AA02 D
025 D00AA02 3840
025 A00AA03 DELETE
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 Y
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
028 A01AA00 3858
028 A02AA00 940
028 A03AA00 0
028 A04AA00 5017
028 B01AA00 4246
028 B02AA00 0
028 B03AA00 0
028 B04AA00 4793
028 C01AA00 3968
028 C02AA00 0
028 C03AA00 0
028 C04AA00 5549
028 D01AA00 4216
028 D02AA00 1082
028 D03AA00 0
028 D04AA00 5322
028 E01AA00 5709
028 E02AA00 0
028 E03AA00 0
028 E04AA00 5878
028 F01AA00 6162
028 F02AA00 0
028 F03AA00 0
028 F04AA00 5754
028 G01AA00 28158
028 G02AA00 2022
028 G03AA00 0
028 G04AA00 32313
<PAGE> PAGE 4
028 H00AA00 7145
045 00AA00 Y
046 00AA00 N
047 00AA00 N
048 00AA00 0.000
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
<PAGE> PAGE 5
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
070 A01AA00 Y
070 A02AA00 N
070 B01AA00 Y
070 B02AA00 Y
070 C01AA00 N
070 C02AA00 N
070 D01AA00 Y
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 Y
070 F02AA00 N
070 G01AA00 N
070 G02AA00 N
070 H01AA00 Y
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 Y
070 K01AA00 Y
070 K02AA00 Y
070 L01AA00 Y
070 L02AA00 Y
070 M01AA00 Y
070 M02AA00 Y
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 Y
070 P02AA00 Y
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
<PAGE> PAGE 6
071 A00AA00 458200
071 B00AA00 469122
071 C00AA00 713938
071 D00AA00 64
072 A00AA00 12
072 B00AA00 1692
072 C00AA00 8668
072 D00AA00 0
072 E00AA00 0
072 F00AA00 4015
072 G00AA00 283
072 H00AA00 7
072 I00AA00 659
072 J00AA00 67
072 K00AA00 30
072 L00AA00 21
072 M00AA00 5
072 N00AA00 49
072 O00AA00 0
072 P00AA00 0
072 Q00AA00 0
072 R00AA00 24
072 S00AA00 0
072 T00AA00 62
072 U00AA00 0
072 V00AA00 0
072 W00AA00 1258
072 X00AA00 6480
072 Y00AA00 12
072 Z00AA00 3892
072AA00AA00 108411
072BB00AA00 0
072CC01AA00 84207
072CC02AA00 0
072DD01AA00 3855
072DD02AA00 0
072EE00AA00 51919
073 A01AA00 0.0000
073 A02AA00 0.0000
073 B00AA00 0.0000
073 C00AA00 0.0000
074 A00AA00 1668
074 B00AA00 0
074 C00AA00 41299
074 D00AA00 0
074 E00AA00 0
074 F00AA00 833683
074 G00AA00 0
074 H00AA00 0
074 I00AA00 0
074 J00AA00 1970
<PAGE> PAGE 7
074 K00AA00 0
074 L00AA00 882
074 M00AA00 7440
074 N00AA00 886942
074 O00AA00 8746
074 P00AA00 67
074 Q00AA00 0
074 R01AA00 0
074 R02AA00 0
074 R03AA00 0
074 R04AA00 24169
074 S00AA00 0
074 T00AA00 853960
074 U01AA00 58044
074 U02AA00 0
074 V01AA00 0.00
074 V02AA00 0.00
074 W00AA00 0.0000
074 X00AA00 44170
074 Y00AA00 0
075 A00AA00 0
075 B00AA00 743357
076 00AA00 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
080 A00AA00 RELIANCE INSURANCE COMPANY
080 C00AA00 1000
081 A00AA00 N
081 B00AA00 0
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
<PAGE> PAGE 8
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
029 000100 Y
030 A000100 681
030 B000100 5.00
030 C000100 0.50
031 A000100 240
031 B000100 0
032 000100 0
033 000100 441
034 000200 Y
035 000200 6
036 A000200 N
036 B000200 0
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 100
043 000200 62
044 000200 0
042 A000300 0
042 B000300 0
042 C000300 0
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 0
044 000300 0
SIGNATURE LESLIE L. OGG
TITLE GENERAL COUNSEL
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> IDS EQUITY SELECT FUND CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 610954407
<INVESTMENTS-AT-VALUE> 874981696
<RECEIVABLES> 2851823
<ASSETS-OTHER> 9108137
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 886941656
<PAYABLE-FOR-SECURITIES> 8745540
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24236456
<TOTAL-LIABILITIES> 32981996
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 580439
<SHARES-COMMON-STOCK> 56569496
<SHARES-COMMON-PRIOR> 54626889
<ACCUMULATED-NII-CURRENT> 681392
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 108487236
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 264026332
<NET-ASSETS> 832367450
<DIVIDEND-INCOME> 8668166
<INTEREST-INCOME> 1692320
<OTHER-INCOME> 0
<EXPENSES-NET> 6468970
<NET-INVESTMENT-INCOME> 3891516
<REALIZED-GAINS-CURRENT> 108411004
<APPREC-INCREASE-CURRENT> 84207057
<NET-CHANGE-FROM-OPS> 196509577
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3834204)
<DISTRIBUTIONS-OF-GAINS> (51429889)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2598052
<NUMBER-OF-SHARES-REDEEMED> (5154984)
<SHARES-REINVESTED> 4499539
<NET-CHANGE-IN-ASSETS> 173417389
<ACCUMULATED-NII-PRIOR> 686538
<ACCUMULATED-GAINS-PRIOR> 51917025
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4015412
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6480698
<AVERAGE-NET-ASSETS> 728772680
<PER-SHARE-NAV-BEGIN> 12.35
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> 3.30
<PER-SHARE-DIVIDEND> (.06)
<PER-SHARE-DISTRIBUTIONS> (.95)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.71
<EXPENSE-RATIO> .87
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> IDS EQUITY SELECT FUND CLASS B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 610954407
<INVESTMENTS-AT-VALUE> 874981696
<RECEIVABLES> 2851823
<ASSETS-OTHER> 9108137
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 886941656
<PAYABLE-FOR-SECURITIES> 8745540
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24236456
<TOTAL-LIABILITIES> 32981996
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 580439
<SHARES-COMMON-STOCK> 1248377
<SHARES-COMMON-PRIOR> 256438
<ACCUMULATED-NII-CURRENT> 681392
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 108487236
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 264026332
<NET-ASSETS> 18265190
<DIVIDEND-INCOME> 8668166
<INTEREST-INCOME> 1692320
<OTHER-INCOME> 0
<EXPENSES-NET> 6468970
<NET-INVESTMENT-INCOME> 3891516
<REALIZED-GAINS-CURRENT> 108411004
<APPREC-INCREASE-CURRENT> 84207057
<NET-CHANGE-FROM-OPS> 196509577
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (226)
<DISTRIBUTIONS-OF-GAINS> (273902)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1025364
<NUMBER-OF-SHARES-REDEEMED> (57140)
<SHARES-REINVESTED> 23715
<NET-CHANGE-IN-ASSETS> 173417389
<ACCUMULATED-NII-PRIOR> 686538
<ACCUMULATED-GAINS-PRIOR> 51917025
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4015412
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6480698
<AVERAGE-NET-ASSETS> 8320150
<PER-SHARE-NAV-BEGIN> 12.31
<PER-SHARE-NII> (.03)
<PER-SHARE-GAIN-APPREC> 3.30
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.95)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.63
<EXPENSE-RATIO> 1.63
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> IDS EQUITY SELECT FUND CLASS Y
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 610954407
<INVESTMENTS-AT-VALUE> 874981696
<RECEIVABLES> 2851823
<ASSETS-OTHER> 9108137
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 886941656
<PAYABLE-FOR-SECURITIES> 8745540
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24236456
<TOTAL-LIABILITIES> 32981996
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 580439
<SHARES-COMMON-STOCK> 226033
<SHARES-COMMON-PRIOR> 256438
<ACCUMULATED-NII-CURRENT> 242396
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 108487236
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 264026332
<NET-ASSETS> 3327020
<DIVIDEND-INCOME> 8668166
<INTEREST-INCOME> 1692320
<OTHER-INCOME> 0
<EXPENSES-NET> 6468970
<NET-INVESTMENT-INCOME> 3891516
<REALIZED-GAINS-CURRENT> 108411004
<APPREC-INCREASE-CURRENT> 84207057
<NET-CHANGE-FROM-OPS> 196509577
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (20808)
<DISTRIBUTIONS-OF-GAINS> (215425)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 36969
<NUMBER-OF-SHARES-REDEEMED> (73661)
<SHARES-REINVESTED> 20329
<NET-CHANGE-IN-ASSETS> 173417389
<ACCUMULATED-NII-PRIOR> 686538
<ACCUMULATED-GAINS-PRIOR> 51917025
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4015412
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6480698
<AVERAGE-NET-ASSETS> 3036380
<PER-SHARE-NAV-BEGIN> 12.35
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> 3.30
<PER-SHARE-DIVIDEND> (.08)
<PER-SHARE-DISTRIBUTIONS> (.95)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.72
<EXPENSE-RATIO> .70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
KPMG Peat Marwick LLP
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Report on Internal Accounting Control
The Board of Directors and Shareholders
IDS Equity Select Fund, Inc.:
In planning and performing our audits of the financial statements of IDS Equity
Select Fund , Inc. , for the year ended November 30, 1996, we considered
their internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form NSAR, not to provide assurance on the internal control
structure.
The management of IDS Equity Select Fund, Inc. is responsible for
establishing and maintaining a system of internal accounting control. In
fulfilling this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of internal control
structure policies and procedures. Two of the objectives of an internal control
structure are to provide management with reasonable, but not absolute,
assurance that assets are safeguarded against loss from unauthorized use or
disposition and that transactions are executed in accordance with
management's authorization and recorded properly to permit the preparation
of financial statements in conformity with generally accepted accounting
principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited
may occur and not be detected within a timely period by employees in the
normal course of performing their assigned functions. However, we noted no
matter involving the internal control structure, including procedures for
safeguarding securities, that we consider to be a material weakness as
defined above as of November 30, 1996.This report is intended solely
for the information and use of management and the Securities and
Exchange Commission.
KPMG Peat Marwick LLP
Minneapolis, Minnesota
January 3, 1997
