PAGE
IDS
International
Fund
1994 semiannual report
(icon of) three flags
The goal of IDS International Fund, Inc. is long-term growth of capital.
The fund invests primarily in common stocks and securities convertible
into common stocks of foreign issuers.
Distributed by IDS Financial Services Inc.
IDS
An American Express company
American
Express
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(icon of) three flags
A world of opportunity
There's a new recognition among investors that extends beyond Wall Street.
Opportunity abounds in other markets, from Tokyo, London and Frankfurt to
Singapore, Mexico and Hong Kong. Ignoring these opportunities may mean
missing out on tremendous world economic growth in the years ahead.
International Fund focuses on finding the markets that offer the greatest
current potential to investors. With about two-thirds of the world's stock
market value currently based outside of the United States, American
investors now have an even greater opportunity to diversify their
portfolios beyond our boundaries.
Contents
From the president 3
From the portfolio management team 3
Ten largest holdings 5
Financial statements 6
Notes to financial statements 9
Investments in securities 15
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) Peter Lamaison
Leader of portfolio management team
(picture of) Paul Hopkins
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 management team 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 management team:
During the past six months, most international markets posted modest
advances in local currency terms. However, because of the general weakness
of the dollar, the returns were enhanced when translated into U.S. dollars.
This set the stage for a healthy gain for investors in IDS International
Fund.
Looking strictly at market performance, the six months can be broken into
two distinct periods. The first took place during the final months of the
calendar year when the Southeast Asian, Latin and Central American markets
surged to all-time highs. This was a continuation of the bull markets
enjoyed there in the past two years. In spite of political upheaval and an
economy still in recession, the Japanese market strengthened, as did its
currency - a highly positive trend for the fund given our substantial
exposure to that market. European markets and currencies also rose during
the period. The United Kingdom, on the other hand, proved to be
disappointing.
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To our shareholders
Dip in the road
However, during February and March, the situation reversed itself in some
markets, notably Southeast Asia and Latin America. The downturn was largely
a reaction to higher interest rates in the United States. Toward the end of
the period, though, many foreign markets began to shrug off the U.S.
interest-rate rise. In fact, in Europe, interest rates continued to
decline, while in Southeast Asia and Australia, the markets responded
favorably to positive economic developments.
Part of the change in geographic allocation of the portfolio reflects
market movements. Early in the period, we added Southeast Asia, thus taking
advantage of the strong markets in this region prior to the end of 1993.
Later, when stock valuations became stretched, we trimmed back our holdings
there. We consistently added to Australia, reflecting our positive view of
that nation's economy.
Europe is showing some conflicting signs; lower interest rates will provide
further economic stimulus but stock prices have already risen to levels in
anticipation of that trend.
In sum, we remain positive about the upcoming months. The global economy is
in the beginning of a growth cycle. The U.S. economy remains strong, Europe
is slowly coming out of recession and Southeast Asia shows no signs of any
weakness in its long-term growth pattern. Finally, we expect recovery in
Japan, though the timing is less certain. Therefore, we think it is
reasonable to expect foreign markets, in general, to gain further ground as
the year progresses, creating a positive environment for U.S. investors.
Peter Lamaison
Paul Hopkins
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To our shareholders
6-month performance
(All figures per share)
Net asset value (NAV)
__________________________
April 30, 1994 $10.32
__________________________
Oct. 31, 1993 $10.00
__________________________
Increase $ 0.32
__________________________
Distributions
Nov. 1, 1993-April 30, 1994
__________________________
From income $ 0.15
__________________________
From capital gains $ 0.10
__________________________
Total distributions $ 0.25
__________________________
Total return* +5.69%
__________________________
*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 International Fund, Inc.
<TABLE><CAPTION>
Your fund's ten largest holdings
(Pie chart) The ten holdings listed here make up 15.24% of the fund's net assets
_____________________________________________________________________________________________________________
Percent Value
(of fund's net assets)(as of April 30, 1994)
____________________________________________________________________________________
<S> <C> <C>
Rank Organisation (United Kingdom) 1.99% $12,642,500
A major leisure-time company with interests in film,
television, travel and lodging.
Telefonica (Spain) 1.70 10,832,000
Spain's monopoly operator of basic telephone and
telex services.
Mitsubishi Heavy Industries (Japan) 1.56 9,901,500
Japan's largest comprehensive heavy machinery manufacturer
with major interests in shipbuilding, nuclear power plants,
aerospace and heavy machines.
BTR (United Kingdom) 1.52 9,650,340
Conglomerate with significant cyclical business operations
in the UK, Australia and North America.
Siebe (United Kingdom) 1.49 9,466,730
A United Kingdom engineering company with significant U.S.
presence via Foxboro in control devices and process systems.
Cemex & Tolmex (Mexico) 1.48 9,397,500
Mexico's largest cement company.
Lafarge-Coppee (France) 1.39 8,880,098
One of the world's leaders in construction materials,
predominantly cement, concrete and aggregates.
Sumitomo Electric Industries (Japan) 1.39 8,872,290
Japan's leading wire and cable manufacturer, it dominates
the market for optical fiber cable used in communications.
Woolworth (Australia) 1.38 8,755,375
Australia's preeminent food retailer with a fast-growing
business in suburban large-scale discount department
stores.
Wharf Holdings (Hong Kong) 1.34 8,504,685
Leading commercial property investment company.
Note: Certain foreign investment risks include: changes
in currency exchange rates, adverse political or economic
order, and lack of similar regulatory requirements
followed by U.S. companies.
</TABLE>
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Financial statements
<TABLE><CAPTION>
Statement of assets and liabilities
IDS International Fund, Inc.
April 30, 1994
_____________________________________________________________________________________________________________
Assets
_____________________________________________________________________________________________________________
(Unaudited)
<S> <C>
Investments in securities, at value (Note 1)
(identified cost $582,319,802) $650,223,446
Cash in bank on demand deposit 2,394,045
Dividends receivable 3,254,694
Receivable for investment securities sold 17,500,120
Receivable for foreign currency contracts held, at value (Notes 1 and 5) 9,392,887
U.S. government securities held as collateral (Note 4) 10,991,869
_____________________________________________________________________________________________________________
Total assets 693,757,061
_____________________________________________________________________________________________________________
Liabilities
_____________________________________________________________________________________________________________
Payable for investment securities purchased 17,130,150
Payable for foreign currency contracts held, at value (Notes 1 and 5) 9,260,949
Payable upon return of securities loaned (Note 4) 30,793,199
Accrued investment management and services fee 413,892
Accrued distribution fee 45,299
Accrued transfer agency fee 113,119
Other accrued expenses 162,312
_____________________________________________________________________________________________________________
Total liabilities 57,918,920
_____________________________________________________________________________________________________________
Net assets applicable to outstanding capital stock $635,838,141
_____________________________________________________________________________________________________________
Represented by
_____________________________________________________________________________________________________________
Capital stock -- authorized 10,000,000,000 shares of $.01 par value;
outstanding 61,609,521 shares $ 616,095
Additional paid-in capital 541,257,921
Undistributed net investment income 933,998
Accumulated net realized gain (Note 1) 24,994,545
Unrealized appreciation (Note 5) 68,035,582
_____________________________________________________________________________________________________________
Total -- representing net assets applicable to outstanding capital stock $635,838,141
_____________________________________________________________________________________________________________
Net asset value per share of outstanding capital stock $ 10.32
_____________________________________________________________________________________________________________
See accompanying notes to financial statements.
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Financial statements
Statement of operations
IDS International Fund, Inc.
Six months ended April 30, 1994
_____________________________________________________________________________________________________________
Investment income
_____________________________________________________________________________________________________________
(Unaudited)
Income:
Dividends (net of foreign taxes withheld of $591,820) $ 3,797,018
Interest 621,543
_____________________________________________________________________________________________________________
Total income 4,418,561
_____________________________________________________________________________________________________________
Expenses (Note 2):
Investment management and services fee 2,188,620
Distribution fee 246,402
Transfer agency fee 614,320
Compensation of directors 4,640
Compensation of officers 1,787
Custodian fees 220,218
Postage 63,351
Registration fees 92,648
Reports to shareholders 20,734
Audit fees 15,500
Administrative 4,650
Other 6,522
_____________________________________________________________________________________________________________
Total expenses 3,479,392
_____________________________________________________________________________________________________________
Investment income -- net 939,169
_____________________________________________________________________________________________________________
Realized and unrealized gain -- net
_____________________________________________________________________________________________________________
Net realized gain on security and foreign currency transactions (including loss of $922,744
from foreign currency transactions) (Note 3) 25,094,598
Net change in unrealized appreciation or depreciation 241,532
_____________________________________________________________________________________________________________
Net gain on investments and foreign currency 25,336,130
_____________________________________________________________________________________________________________
Net increase in net assets resulting from operations $26,275,299
_____________________________________________________________________________________________________________
See accompanying notes to financial statements.
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Financial statements
<CAPTION>
Statements of changes in net assets
IDS International Fund, Inc.
_____________________________________________________________________________________________________________
Operations and distributions April 30, 1994 Oct. 31, 1993
_____________________________________________________________________________________________________________
Six months ended Year ended
(Unaudited)
<S> <C> <C>
Investment income -- net $ 939,169 $ 2,388,105
Net realized gain on investments and foreign currency 25,094,598 9,586,806
Net change in unrealized appreciation or depreciation 241,532 64,230,317
_____________________________________________________________________________________________________________
Net increase in net assets resulting from operations 26,275,299 76,205,228
_____________________________________________________________________________________________________________
Distributions to shareholders from:
Net investment income (4,463,138) --
Net realized gain on investments (7,436,433) (5,303,873)
Excess distribution of realized gain (Note 1) -- (400,127)
_____________________________________________________________________________________________________________
Total distributions (11,899,571) (5,704,000)
_____________________________________________________________________________________________________________
Capital share transactions
_____________________________________________________________________________________________________________
Proceeds from sales of
22,425,759 and 24,150,389 shares (Note 2) 230,903,373 218,558,554
Net asset value of 1,145,437 and 705,935 shares
issued in reinvestment of distributions 11,811,657 5,651,024
Payments for redemptions of
5,917,274 and 8,543,243 shares (60,793,751) (74,539,734)
_____________________________________________________________________________________________________________
Increase in net assets from capital share transactions
representing net addition of
17,653,922 and 16,313,081 shares 181,921,279 149,669,844
_____________________________________________________________________________________________________________
Total increase in net assets 196,297,007 220,171,072
Net assets at beginning of period 439,541,134 219,370,062
_____________________________________________________________________________________________________________
Net assets at end of period
(including undistributed net investment income of
$933,998 and $4,457,967) $635,838,141 $439,541,134
_____________________________________________________________________________________________________________
See accompanying notes to financial statements.
</TABLE>
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Notes to financial statements
IDS International Fund, Inc.
(Unaudited as to April 30, 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 International 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.
The effect on dividend distributions of certain
book-to-tax differences is presented as "excess
distributions" in the statement of changes in net
assets. 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 International Fund, Inc.
__________________________________________________________________________
Dividends to shareholders
An annual dividend declared and paid at the end
of the calendar year from net investment income
is reinvested in additional shares of the fund at
net asset value or payable in cash. Capital
gains, when available, are distributed along with
the income dividend.
Other
Security transactions are accounted for on the
date securities are purchased or sold. Dividend
income is recognized on the ex-dividend date or
upon receipt of ex-dividend notification in the
case of certain foreign securities. 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 0.46% 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 International Fund Index. The maximum
adjustment is 0.12% 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
$100,331 for the six months ended April 30, 1994.
From its fees IDS pays IDS International, Inc. a
subadvisory fee equal to 0.35% of the fund's
average daily net assets.
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.
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Notes to financial statements
IDS International Fund, Inc.
__________________________________________________________________________
IDS will assume and pay any expenses (except
taxes and brokerage commissions) that exceed the
most restrictive applicable state expense
limitation.
Sales charges by IDS Financial Services Inc. for
distributing fund shares were $3,661,633 for the
six months ended April 30, 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 $1,729 for the six
months ended April 30, 1994.
__________________________________________________________________________
3. Securities transactions
Cost of purchases and proceeds from sales of
securities (other than short-term obligations)
aggregated $320,301,455 and $185,981,334,
respectively, for the six months ended April 30,
1994. Realized gains and losses are determined on
an identified cost basis.
__________________________________________________________________________
4. Lending of portfolio securities
At April 30, 1994, securities valued at
$29,473,523 were on loan to brokers. For
collateral, the fund received $19,801,330 in cash
and U.S. government securities valued at
$10,991,869. Income from securities lending
amounted to $95,254 for the six months ended
April 30, 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 International Fund, Inc.
__________________________________________________________________________
5. Foreign currency contracts
At April 30, 1994, the fund had entered into six
foreign currency exchange contracts that obligate
the fund to deliver currencies at specified
future dates. The unrealized appreciation of
$131,938 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 April 30, 1994 received April 30, 1994
____________________________________________________________________________________________________
<S> <C> <C> <C> <C>
May 2, 1994 267,311 $ 267,311 372,533 $ 266,640
U.S. Dollar Australian Dollar
May 3, 1994 1,638,930 1,638,930 1,111,742 1,680,731
U.S. Dollar British Pound
May 3, 1994 221,241 221,241 1,607,206 222,864
U.S. Dollar Norway Krona
May 6, 1994 127,607 127,607 13,015,933 127,295
U.S. Dollar Japanese Yen
May 9, 1994 493,604,803 4,827,431 4,875,591 4,875,591
Japanese Yen U.S. Dollar
May 31, 1994 2,178,429 2,178,429 12,610,490 2,219,766
U.S. Dollar French Franc
___________ ___________
$9,260,949 $9,392,887
</TABLE>
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Notes to financial statements
<TABLE><CAPTION>
IDS International Fund, Inc.
_______________________________________________________________________________
6. Financial highlights
The table below shows certain important financial
information for evaluating the fund's results.
Fiscal period ended Oct. 31,
Per share income and capital changes*
1994** 1993 1992 1991 1990 1989
<C> <C> <C> <C> <C> <C>
Net asset value, $10.00 $7.94 $8.60 $8.99 $9.30 $8.66
beginning of period
Income from investment operations:
Net investment income .01 .04 .05 .07 .15 .06
Net gains (losses) on .56 2.22 (.58) .42 .51 .60
securities (both realized
and unrealized)
Total from investment .57 2.26 (.53) .49 .66 .66
operations
Less distributions:
Dividends from net (.09) -- (.05) (.16) (.10) (.02)
investment income
Distributions from (.16) (.19) (.08) (.72) (.87) --
realized gains
Excess distribution -- (.01) -- -- -- --
of realized gains
Total distributions (.25) (.20) (.13) (.88) (.97) (.02)
Net asset value, $10.32 $10.00 $7.94 $8.60 $8.99 $9.30
end of period
Ratios/supplemental data
1994** 1993 1992 1991 1990 1989
Net assets, end of period $636 $440 $219 $232 $215 $198
(in millions)
Ratio of expenses to 1.30%*** 1.47% 1.45% 1.35% 1.35% 1.41%
average daily net assets
Ratio of net income to .35%*** .83% .65% .83% 1.67% .50%
average daily net assets
Portfolio turnover rate 37% 63% 94% 66% 98% 95%
(excluding short-term
securities)
Total return+ 5.7%++ 29.2% (6.4%) 6.3% 7.1% 7.6%
*For a share outstanding throughout the period. Rounded to the nearest cent.
**Six months ended April 30, 1994 (Unaudited).
***Adjusted to an annual basis.
+Total return does not reflect payment of a sales charge.
++For the fiscal period ended April 30, 1994, the annualized total return is 11.7%.
</TABLE>
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Investments in securities
<TABLE><CAPTION>
IDS International Fund, Inc. (Percentages represent value of
April 30, 1994 (Unaudited) investments compared to net assets)
___________________________________________________________________________________________________________________________
Common stocks (91.5%)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
Argentina (1.0%)
Energy (0.7%)
YPF Sociedad Anonima ADR 180,000 $ 4,455,000
_____________________________________________________________________________________________________________________________
Utilities-telephone (0.3%)
Telefonica de Argentina 29,900 1,895,062
_____________________________________________________________________________________________________________________________
Australia (6.5%)
Banks and savings & loans (1.3%)
Westpac Banking 2,463,000 8,354,496
_____________________________________________________________________________________________________________________________
Energy (1.0%)
Broken Hill Proprietary 533,000 6,485,011
_____________________________________________________________________________________________________________________________
Industrial transportation (0.9%)
Brambles Inds 577,452 5,959,882
_____________________________________________________________________________________________________________________________
Metals (1.9%)
CRA 409,000 4,853,603
Pasminco 6,162,400 (b) 7,364,068
____________
Total 12,217,671
_____________________________________________________________________________________________________________________________
Retail (1.4%)
Woolworth 3,935,000 8,755,375
_____________________________________________________________________________________________________________________________
Belgium (0.8%)
Chemicals (0.1%)
UCB 920 643,111
_____________________________________________________________________________________________________________________________
Industrial equipment & services (0.7%)
Bekaert 6,100 4,719,070
_____________________________________________________________________________________________________________________________
Canada (0.6%)
Communications equipment
BCE Mobile Telecom 147,150 (b) 4,047,996
_____________________________________________________________________________________________________________________________
Chile (0.4%)
Utilities-telephone
Chile Telephone 29,100 2,619,000
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
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Investments in securities
IDS International Fund, Inc. (Percentages represent value of
April 30, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Common stocks (%)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
Denmark (0.8%)
Telecommunications
Teledanmark B Shares 111,600 $ 5,285,665
_____________________________________________________________________________________________________________________________
Finland (0.4%)
Banks and savings & loans
Kansallis-Osake-Pankki 1,167,500 (b) 2,622,205
_____________________________________________________________________________________________________________________________
France (6.6%)
Banks and savings & loans (0.5%)
Credit Commercial de France 76,000 3,277,576
_____________________________________________________________________________________________________________________________
Building materials (1.4%)
Lafarge-Coppee (Bearer) 109,909 8,880,098
_____________________________________________________________________________________________________________________________
Electronics (0.5%)
Alcatel Alsthom Electricite 28,725 3,463,574
_____________________________________________________________________________________________________________________________
Energy (2.2%)
Societe Elf Aquitaine 113,900 8,312,422
Total Petroleum Cl B 97,250 (c) 5,631,942
_____________
Total 13,944,364
_____________________________________________________________________________________________________________________________
Financial services (0.6%)
Cie de Suez 63,000 (b) 3,625,146
_____________________________________________________________________________________________________________________________
Soaps & cosmetics (0.5%)
L'Oreal 13,800 2,999,996
_____________________________________________________________________________________________________________________________
Miscellaneous (0.9%)
Lyonnaise des Eaux Dumez 57,000 5,949,831
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
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Investments in securities
IDS International Fund, Inc. (Percentages represent value of
April 30, 1994 (Unaudited) investments compared to net assets)
______________________________________________________________________________________________________________________________
Common stocks (continued)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
Germany (2.8%)
Banks and savings & loans (0.8%)
Deutsche Bank 11,000 (b,c) $ 5,142,808
_____________________________________________________________________________________________________________________________
Building materials (0.1%)
Hochtief 1,200 811,786
_____________________________________________________________________________________________________________________________
Insurance (0.9%)
Munich Re 2,964 (c) 5,792,542
_____________________________________________________________________________________________________________________________
Multi-industry conglomerates (1.0%)
Preussag 21,000 (c) 6,080,256
______________________________________________________________________________________________________________________________
Hong Kong (5.7%)
Banks and savings & loans (0.6%)
Hang Seng Bank 567,600 3,784,189
_____________________________________________________________________________________________________________________________
Industrial transportation (0.6%)
Shun Tak Holdings 3,780,000 (c) 4,037,040
_____________________________________________________________________________________________________________________________
Multi-industry conglomerates (3.2%)
Hutchison Whampoa 1,115,000 4,582,650
Swire Pacific Cl A 1,029,000 7,392,336
Wharf Holdings 2,205,000 8,504,685
____________
Total 20,479,671
_____________________________________________________________________________________________________________________________
Real estate (1.3%)
Great Eagle Holdings 7,332,000 4,318,548
Sun Hung Kai Properties 708,700 4,265,665
____________
Total 8,584,213
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
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Investments in securities
IDS International Fund, Inc. (Percentages represent value of
April 30, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Common stocks (continued)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
Italy (2.0%)
Automative & related (1.3%)
Fiat Priv 2,909,000 $ 8,057,930
_____________________________________________________________________________________________________________________________
Paper & packaging (0.3%)
Cartiere Burgo 241,100 (b) 1,800,294
_____________________________________________________________________________________________________________________________
Telecommunications (0.4%)
Stet 617,000 2,381,003
_____________________________________________________________________________________________________________________________
Japan (26.3%)
Banks and savings & loans (1.5%)
Fuji Bank 125,000 2,738,375
Sumitomo Trust & Banking 514,000 7,037,174
____________
Total 9,775,549
_____________________________________________________________________________________________________________________________
Building materials (1.4%)
Asahi Glass 270,000 3,115,800
Maeda Road Construction 312,000 6,132,984
____________
Total 9,248,784
_____________________________________________________________________________________________________________________________
Chemicals (0.5%)
Mitsubishi Kasei 660,000 3,291,420
_____________________________________________________________________________________________________________________________
Electronics (5.0%)
Hitachi 624,000 5,858,112
Kyocera 90,000 5,633,190
Matsushita Communications 100,000 (c) 2,317,800
Rohm 148,000 (c) 5,818,620
TDK 138,000 6,181,296
Toshiba 818,000 6,159,540
____________
Total 31,968,558
_____________________________________________________________________________________________________________________________
Financial (0.7%)
Daiwa Securities 291,000 4,525,050
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities
<PAGE>
PAGE
Investments in securities
IDS International Fund, Inc. (Percentages represent value of
April 30, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Common stocks (continued)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
Food (0.5%)
Nicherei 475,000 (b) $ 3,335,450
_____________________________________________________________________________________________________________________________
Furniture & appliances (1.5%)
Matsushita Kotokuki Electronic Inds 94,000 (b) 3,015,332
Sony 114,600 6,455,647
____________
Total 9,470,979
_____________________________________________________________________________________________________________________________
Industrial equipment & services (1.6%)
Mitsubishi Heavy Inds 1,500,000 9,901,500
______________________________________________________________________________________________________________________________
Industrial transportation (0.8%)
Nippon Express 478,000 4,814,894
_____________________________________________________________________________________________________________________________
Leisure time & entertainment (1.4%)
Konica 673,000 4,409,496
Nintendo 75,000 4,789,725
____________
Total 9,199,221
_____________________________________________________________________________________________________________________________
Machinery (1.8%)
Chiyoda 94,000 (c) 2,371,808
Fanuc 125,000 5,232,250
Fuji Machine Mfg 141,000 (c) 3,723,105
____________
Total 11,327,163
______________________________________________________________________________________________________________________________
Media (0.5%)
Tokyo Broadcast 200,000 3,422,800
______________________________________________________________________________________________________________________________
Metals (1.0%)
Nippon Steel 1,786,000 6,059,898
_____________________________________________________________________________________________________________________________
Multi-industry conglomerates (0.6%)
Kokusai Denshin Denwa 30,000 3,550,110
_____________________________________________________________________________________________________________________________
Real estate (1.0%)
Mitsui Fudosan 530,000 6,375,370
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.<PAGE>
PAGE
Investments in securities
IDS International Fund, Inc. (Percentages represent value of
April 30, 1994 (Unaudited) investments compared to net assets)
______________________________________________________________________________________________________________________________
Common stocks (continued)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
Retail (4.7%)
Aoyama Trading 95,000 $ 4,366,675
Family Mart 64,900 3,820,987
Ito-Yokado 150,000 7,848,300
Joshin Denki 137,000 2,157,065
Jusco 192,000 4,281,216
Keiyo 173,250 (c) 3,456,511
Marui 225,000 3,696,750
____________
Total 29,627,504
_____________________________________________________________________________________________________________________________
Wire & cable (1.4%)
Sumitomo Electric Inds 630,000 (c) 8,872,290
_____________________________________________________________________________________________________________________________
Miscellaneous (0.4%)
Itochu 340,000 (b) 2,254,200
_____________________________________________________________________________________________________________________________
Malaysia (2.6%)
Banks and savings & loans (0.4%)
Malayan Bank Berhad 464,000 2,615,104
_____________________________________________________________________________________________________________________________
Furniture & appliances (0.3%)
Berjaya Singer 1,121,000 1,756,607
_____________________________________________________________________________________________________________________________
Leisure time & entertainment (0.4%)
Resorts World 489,000 2,737,911
_____________________________________________________________________________________________________________________________
Multi-industry conglomerates (0.8%)
Sime Darby 1,925,000 4,993,450
_____________________________________________________________________________________________________________________________
Utilities-electric (0.7%)
Tenaga Nasional 830,000 4,615,630
_____________________________________________________________________________________________________________________________
Mexico (3.9%)
Building materials (2.7%)
Cemex & Tolmex Series B ADR 210,000 9,397,500
Empresas ICA Sociedad Controladora ADR 240,000 (c) 5,700,000
Grupo Mexicano de Desarollo Series B ADR 131,900 2,011,475
____________
Total 17,108,975
______________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS International Fund, Inc. (Percentages represent value of
April 30, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Common stocks (continued)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
Media (0.8%)
Telefonos de Mexico Series L ADR 82,200 $ 4,839,525
______________________________________________________________________________________________________________________________
Retail (0.4%)
Benavides B shares 465,800 (b) 2,289,873
______________________________________________________________________________________________________________________________
Netherlands (2.4%)
Chemicals (0.8%)
Akzo Nobel 43,850 5,264,149
______________________________________________________________________________________________________________________________
Industrial equipment & services (0.5%)
Stork VMF 117,053 3,103,075
_____________________________________________________________________________________________________________________________
Insurance (0.3%)
Intl Nederlanden Groep 48,000 1,998,912
_____________________________________________________________________________________________________________________________
Media (0.8%)
Elsevier 60,000 5,383,680
_____________________________________________________________________________________________________________________________
New Zealand (0.1%)
Paper & packaging
Carter Holt Harvey 178,800 380,844
_____________________________________________________________________________________________________________________________
Norway (1.3%)
Energy (0.8%)
Saga Petroleum Cl A 472,750 5,145,884
_____________________________________________________________________________________________________________________________
Industrial transportation (0.5%)
First Olsen Tankers 368,000 (b) 3,214,480
_____________________________________________________________________________________________________________________________
Singapore (5.5%)
Automotive & related (1.1%)
Cycle & Carriage 1,023,000 7,039,263
_____________________________________________________________________________________________________________________________
Banks and savings & loans (2.0%)
Development Bank of Singapore 690,500 6,793,829
Overseas Union Bank 1,208,750 6,140,450
____________
Total 12,934,279
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.<PAGE>
PAGE
Investments in securities
IDS International Fund, Inc. (Percentages represent value of
April 30, 1994 (Unaudited) investments compared to net assets)
____________________________________________________________________________________________________________________________
Common stocks (continued)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
Beverages & tobacco (1.1%)
Fraser & Neave 557,600 $ 6,741,384
_____________________________________________________________________________________________________________________________
Industrial equipment & services (0.4%)
Sembawang Shipyard 311,000 2,499,818
_____________________________________________________________________________________________________________________________
Industrial transportation (0.9%)
Keppel 793,000 5,813,483
_____________________________________________________________________________________________________________________________
South Africa (0.5%)
Metals
Anglo American Corp of South Africa 54,600 2,774,281
____________________________________________________________________________________________________________________________
Spain (3.0%)
Banks and savings & loans (0.5%)
Banco Popular 27,300 3,163,278
_____________________________________________________________________________________________________________________________
Energy (0.8%)
Repsol 157,000 5,215,854
_____________________________________________________________________________________________________________________________
Telecommunications (1.7%)
Telefonica 800,000 10,832,000
_____________________________________________________________________________________________________________________________
Sweden (2.0%)
Health care (1.0%)
Astra Cl A 131,700 (b) 2,714,205
Astra Cl B 173,465 (b) 3,461,841
____________
Total 6,176,046
_____________________________________________________________________________________________________________________________
Industrial equipment & services (1.0%)
Asea B Free Shares 75,700 6,270,307
_____________________________________________________________________________________________________________________________
Switzerland (1.5%)
Banks and savings & loans (1.0%)
Swiss Bank Corp 47,000 6,457,471
_____________________________________________________________________________________________________________________________
Insurance (0.5%)
Swiss Re 7,755 3,284,336
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS International Fund, Inc. (Percentages represent value of
April 30, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Common stocks (continued)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
Thailand (0.7%)
Banks and savings & loans (0.4%)
Siam Commercial Bank 374,000 $ 2,331,890
_____________________________________________________________________________________________________________________________
Computers & office equipment (0.3%)
Shinawatra Computer 81,000 1,865,754
_____________________________________________________________________________________________________________________________
United Kingdom (14.1%)
Building materials (1.6%)
CRH 500,000 2,917,500
Tarmac 2,935,750 7,409,833
____________
Total 10,327,333
_____________________________________________________________________________________________________________________________
Insurance (1.2%)
Sun Alliance Group 1,500,000 7,414,500
_____________________________________________________________________________________________________________________________
Leisure (2.0%)
Rank Organisation 1,945,000 12,642,500
_____________________________________________________________________________________________________________________________
Machinery (1.5%)
Siebe 1,010,000 9,466,730
_____________________________________________________________________________________________________________________________
Media (0.5%)
WPP 1,860,000 3,485,640
_____________________________________________________________________________________________________________________________
Metals (0.5%)
RTZ 230,000 2,948,600
_____________________________________________________________________________________________________________________________
Multi-industrial (3.6%)
BTR 1,610,000 9,650,340
Hanson 1,674,700 6,918,186
T & N 1,700,000 6,295,100
____________
Total 22,863,626
_____________________________________________________________________________________________________________________________
Real estate (0.9%)
MEPC 738,000 5,433,156
______________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.<PAGE>
PAGE
Investments in securities
IDS International Fund, Inc. (Percentages represent value of
April 30, 1994 (Unaudited) investments compared to net assets)
______________________________________________________________________________________________________________________________
Common stocks (continued)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
Retail (1.3%)
Next 2,360,000 $ 7,990,960
_____________________________________________________________________________________________________________________________
Transportation (1.0%)
British Airways 954,375 6,167,171
_____________________________________________________________________________________________________________________________
Total common stocks
(Cost: $512,099,769) $581,760,360
_____________________________________________________________________________________________________________________________
Other (0.3%)
_____________________________________________________________________________________________________________________________
<CAPTION>
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
Australia (0.2%)
Broken Hill Proprietary
Warrants 1,980,000 $ 1,360,498
_____________________________________________________________________________________________________________________________
Germany (--%)
Munich Re
Warrants 329 57,570
_____________________________________________________________________________________________________________________________
United Kingdom (0.1%)
Kingfisher
Warrants 1,000,000 370,340
_____________________________________________________________________________________________________________________________
Total other
(Cost: $3,545,355) $ 1,788,408
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.<PAGE>
PAGE
Investments in securities
<CAPTION>
IDS International Fund, Inc. (Percentages represent value of
April 30, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Short-term securities (10.5%)
_____________________________________________________________________________________________________________________________
Issuer Annualized Amount Value(a)
yield on payable at
date of maturity
purchase
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C>
Commercial paper (9.9%)
AT&T Capital
05-25-94 3.77% $5,000,000 $ 4,986,979
BBV Finance Delaware
05-11-94 3.74 4,000,000 3,995,441
05-12-94 3.74 5,500,000 5,493,161
Ciesco LP
05-23-94 3.81 3,800,000 3,790,774
Cooper Inds
05-06-94 3.73 3,000,000 2,998,140
05-13-94 3.68 4,600,000 4,593,904
CPC Intl
05-27-94 3.78 5,000,000 (d) 4,985,900
Fleet Funding
05-23-94 3.64 4,000,000 (d) 3,990,736
Goldman Sachs
05-19-94 3.64 5,000,000 4,990,421
Kredietbank
North Amer Finance
05-16-94 3.61 5,000,000 4,992,000
Lincoln Natl
05-13-94 3.65 2,500,000 (d) 2,496,714
05-17-94 3.63 3,200,000 (d) 3,194,530
Motorola
05-19-94 3.82 4,900,000 4,890,147
Pennsylvania Power & Light
Energy Trust
05-10-94 3.76 4,298,000 4,293,523
Southwestern Bell Capital
05-23-94 3.64 2,300,000 (d) 2,294,666
Southwestern Bell Telephone
05-24-94 3.63 800,000 798,069
____________
Total 62,785,105
______________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.<PAGE>
PAGE
Investments in securities
IDS International Fund, Inc. (Percentages represent value of
April 30, 1994 investments compared to net assets)
_____________________________________________________________________________________________________________________________
Short-term securities (continued)
_____________________________________________________________________________________________________________________________
Issuer Annualized Amount Value(a)
yield on payable at
date of maturity
purchase
_____________________________________________________________________________________________________________________________
Letter of credit (0.6%)
Swiss Bank-
Pemex Capital
05-25-94 3.86% $3,900,000 $ 3,889,573
_____________________________________________________________________________________________________________________________
Total short-term securities
(Cost: $66,674,678) $ 66,674,678
_____________________________________________________________________________________________________________________________
Total investments in securities
(Cost: $582,319,802)(e) $650,223,446
_____________________________________________________________________________________________________________________________
Notes to investments in securities
_____________________________________________________________________________________________________________________________
(a) Securities are valued by procedures described in Note 1 to the financial statements. Foreign security
values are stated in U.S. dollars and may be classified according to country of risk.
(b) Presently non-income producing.
(c) Security is partially or fully on loan. See Note 4 to financial statements.
(d) 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.
(e) At April 30, 1994, the cost of securities for federal income tax purposes was approximately $582,320,000
and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
<S> <C>
Unrealized appreciation $82,791,000
Unrealized depreciation (14,888,000)
_____________________________________________________________________________________________________________
Net unrealized appreciation $67,903,000
_____________________________________________________________________________________________________________
</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<PAGE>
PAGE
IDS mutual funds
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
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
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<PAGE>
PAGE
IDS mutual funds
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
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
IDS mutual funds
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
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
<PAGE>
PAGE
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 International Fund
IDS Tower 10
Minneapolis, MN 55440-0010
