<PAGE> PAGE 1
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000 C000000 0000740146
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000 E000000 F
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000 G000000 Y
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 IDS STRATEGY FUND, INC.
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001 C000000 6126712772
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<PAGE> PAGE 2
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011 C03AA01 55440
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012 C01AA01 MINNEAPOLIS
012 C02AA01 MN
012 C03AA01 55440
012 C04AA01 0010
013 A00AA01 KPMG PEAT MARWICK LLP
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013 B04AA01 3900
014 A00AA01 AMERICAN EXPRESS FINANCIAL CORPORATION
014 B00AA01 8-31250
014 A00AA02 AMERICAN EXPRESS FINANCIAL ADVISORS INC.
014 B00AA02 8-16791
014 A00AA03 IDS LIFE INSURANCE COMPANY
014 B00AA03 8-14124
014 A00AA04 IDS SECURITIES CORPORATION
014 B00AA04 8-12550
014 A00AA05 AMERICAN EXPRESS SERVICE CORPORATION
014 B00AA05 8-27456
014 A00AA06 AMERICAN ENTERPRISE INVESTMENT SERVICES INC.
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 15
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SIGNATURE LESLIE L. OGG
TITLE VICE PRESIDEN
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 Strategy Fund, Inc.:
In planning and performing our audit of the financial statements of
Aggressive and Equity Value Funds within IDS Strategy Fund, Inc. for
the year ended March 31, 1997, 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 N-SAR, not to provide assurance on the internal
control structure.
The management of IDS Strategy 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
matters involving the internal control structure, including procedures
for safeguarding securities, that we consider to be a material weakness
as defined above as of March 31, 1997.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
KPMG Peat Marwick LLP
Minneapolis, Minnesota
May 2, 1997
<TABLE> <S> <C>
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<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 1649355094
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<NAME> IDS EQUITY VALUE FUND CLASS B
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<NAME> IDS EQUITY VALUE FUND CLASS Y
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<NAME> STRATEGY AGGRESSIVE FUND CLASS A
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<NAME> STRATEGY AGGRESSIVE FUND CLASS B
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<NAME> STRATEGY AGGRESSIVE FUND CLASS Y
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