PAGE
IDS Managed Retirement Fund
1995 semiannual report
(icon of) bird in a nest
The goal of IDS Managed Retirement, Inc. is to maximize total return
through a combination of growth of capital and current income.
Distributed by
American Express
Financial Advisors Inc.
<PAGE>
PAGE
(icon of) a bird in a nest
Going where the action is
Today's investment market place is changing faster than ever. The key is to be
in the right place at the right time. Managed Retirement Fund has that
potential because it has the flexibility to make sweeping shifts in its asset
mix to take advantage of expected trends in financial markets. While the focus
historically has been on U.S. stocks, the fund can also hold foreign stocks,
as well as domestic and foreign bonds, plus cash-equivalent investments. For
investors, such flexibility can mean opportunity.
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 22
Directors and officers 28
IDS mutual funds 29
<PAGE>
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To our shareholders
(Picture of) William R. Pearce
President of the fund
From the president
As I indicated in the fund's annual report, new agreements between the
fund and American Express Financial Corporation were approved by
shareholders in November 1994. The new agreements became effective when
the fund began offering multiple classes of shares on March 20, 1995.
The advantage of offering more than a single class of shares is that
investors may choose how they wish to pay sales charges. These charges
compensate your American Express financial advisor (formerly called your
IDS planner), who is committed to providing you with outstanding services.
Adding new classes of mutual fund shares does make the presentation of
financial information in this report more complex. However, we will
continue our effort to make the reports easier to read and understand.
Meanwhile, your American Express financial advisor is available to answer
your questions.
William R. Pearce
<PAGE>
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(picture of) Rich Lazarchic
Portfolio manager
From the portfolio manager
A surging U.S. stock market and rebounds in selected foreign markets
helped IDS Managed Retirement Fund post a positive total return for
the first half of the fiscal year--December 1994 through May 1995.
(Please note that the decline in net asset value over the six months
largely resulted from a capital gain paid to shareholders in December.
That distribution reduced the net asset value by the same amount.)
The opening months of the period, however, were as negative as the final
months were productive. Although the U.S. stock market managed to gain
some ground early on, a sharp downturn in smaller foreign markets, which
had provided superb returns in recent years, put the fund in a deep hole
right away.
Problems abroad
The decline was spawned by the devaluation of the Mexican peso. Not only
was that a negative event for Mexico and other Latin American markets, it
subsequently turned investor psychology against other emerging markets as
well, especially Southeast Asia. In a matter of weeks, some smaller
markets fell anywhere form 10% to 40% measured in U.S. dollars--the
currency of record for American investors. While we had less than a
quarter of the portfolio's assets in foreign investments, the severity
of the downturn had considerable impact on the fund's performance during
that time.
By February, though, the situation was greatly improved. Foreign markets
were on firmer ground, while the rally in the U.S. stock market was in
high gear. The main catalyst here at home was a leveling off and eventual
decline of long-term interest rates. This reversal of interest rates from
the upward trend of 1994 provided the boost that stocks had been waiting
for, and they responded by making strong gains through the end of the
period.
Rebound leaders
Leading the market during this time were technology stocks. While our
modest exposure to that segment kept us from matching the markets's
blistering pace, we did enjoy very good results from other types of stock,
including financial services stocks such as Nation's Bank and First
Chicago, consumer products companies such as Colgate and PepsiCo, and
healthcare companies like Johnson & Johnson and Merck.
Also contributing to the fund's comeback was a turnaround in the smaller
foreign markets, especially Latin America. True to their volatile nature
and buoyed by improving currency situations, they rebounded almost as fast
as they had retreated just a few months earlier.
With the U.S. market off to such a strong start in 1995, it's reasonable
to expect stocks to take a breather before the year is out. Should that
happen, we would view it as a normal and temporary event that well might
be followed by further advance. We expect the key to the market's
performance in the months ahead will continue to be the direction of
long-term interest rates. If they remain relatively stable or, better yet,
continue to decline, stocks stand a good chance of gaining even more
ground.<PAGE>
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In the meantime, we think conditions are right for ongoing positive
performance from our foreign holdings, which continue to comprise a
healthy portion of the portfolio. This exposure is in keeping with the
more aggressive investment style that has characterized this fund in
recent years. We intend to continue to seek out what we feel are
outstanding investment opportunities, both at home and abroad, as we
strive to provide above-average capital appreciation for shareholders.
Rich Lazarchic<PAGE>
PAGE
Class A
6-month performance
(All figures per share)
Net asset value (NAV)
_____________________________
May 31, 1995 $11.17
_____________________________
Nov. 30, 1994 $11.29
_____________________________
Decrease $(0.12)
_____________________________
Distributions
Dec. 1, 1994 - May 31, 1995
_____________________________
From income $ 0.48
____________________________
From capital gains $ 0.40
____________________________
Total distributions $ 0.88
____________________________
Total return 7.45%
____________________________
Class B
March 20, 1995 -
May 31, 1995
(All figures per share)
Net asset value (NAV)
____________________________
May 31, 1995 $11.16
____________________________
March 20, 1995* $10.41
____________________________
Increase $ 0.75
____________________________
Distributions
March 20, 1995 - May 31, 1995
____________________________
From income $ --
____________________________
From capital gains $ --
____________________________
Total distributions $ --
____________________________
Total return** 7.29%
____________________________
<PAGE>
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Class Y
March 20, 1995 -
May 31, 1995
(All figures per share)
Net asset value (NAV)
____________________________
May 31, 1995 $11.18
____________________________
March 20, 1995* $10.41
____________________________
Increase $ 0.77
____________________________
Distributions
March 20, 1995 - May 31, 1995
____________________________
From income $ --
____________________________
From capital gains $ --
____________________________
Total distributions $ --
____________________________
Total return** 7.49%
____________________________
*Commencement of operations.
**The prospectus discusses the effect
of the sales charges on the various
classes.
***The total return is a hypothetical investment in
the fund with all distributions reinvested.<PAGE>
PAGE
<TABLE>
<CAPTION>
IDS Managed Retirement Fund, Inc.
Your fund's ten largest holdings
_____________________________________________________________________________________________________________
Percent Value
(of fund's net assets) (as of May 31, 1995)
____________________________________________________________________________________
<S> <C> <C>
Cisco Systems 2.10% $52,500,000
A leader in the "router" segment of the networking
industry. (A router is a device that allows various
computers to communicate.)
BankAmerica 2.09 52,250,000
A holding company that owns Bank of America (one of the
world's largest banks) and Seattle-First National Bank.
Pfizer 1.76 44,062,500
A leading producer of pharmaceuticals, hospital
products, animal health items, non prescription
medications and specialty chemicals.
Dayton Hudson 1.70 42,525,000
A diversified retailer operating Mervyn's, Target,
Marshall Field's and Dayton/Hudson stores.
Home Depot 1.66 41,625,000
A seller of a broad range of building materials and
home-improvement products via retail warehouse stores.
The company focuses on the do-it-yourselfer and home
remodeler.
General Electric 1.62 40,600,000
A diversified company with interests in manufacturing,
broadcasting (NBC), services and technology.
Compaq Computer 1.56 39,125,000
A manufacturer of high-performance laptop, portable and
desktop personal computers using MS-DOS and OS/2 operating
systems.
Weyerhauser 1.52 37,951,875
A large, fully-integrated forest products company that
produces commodity white papers, pulp, linerboard and
boxes. Weyerhaeuser has a timber position second to none
and is a large seller of logs to both domestic and export
markets.
Dow Chemical 1.47 36,687,500
The largest chemical company in the United States
and the industry leader in nearly all major chemicals
and plastics businesses.
<PAGE>
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Amoco 1.37 34,187,500
One of the major integrated domestic oil and gas companies
known traditionally for its extensive petroleum marketing
operations.
(Pie chart)
The ten holdings listed here make up 16.85% of the fund's net assets
/TABLE
<PAGE>
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Financial statements
Statement of assets and liabilities
IDS Managed Retirement Fund, Inc.
May 31, 1995
<TABLE>
<CAPTION>
______________________________________________________________________________________________________________
Assets
______________________________________________________________________________________________________________
(Unaudited)
<S> <C>
Investments in securities, at value (Note 1):
Investments in securities of unaffiliated issuers (identified cost $2,300,039,455) $2,522,765,887
Investments in securities of affiliated issuer (identified cost $58,223,997) 45,825,000
Dividends and accrued interest receivable 4,471,822
Receivable for investment securities sold 32,986,167
Receivable for foreign currency contracts held, at value (Notes 1 and 4) 52,910,864
U.S. government securities held as collateral (Note 5) 279,571
_____________________________________________________________________________________________________________
Total assets 2,659,239,311
_____________________________________________________________________________________________________________
Liabilities
____________________________________________________________________________________________________________
Disbursements in excess of cash on demand deposit 3,073,198
Payable for investment securities purchased 41,507,014
Payable for foreign currency contracts held, at value (Notes 1 and 4) 52,415,900
Payable upon return of securities loaned (Note 5) 58,230,271
Accrued investment management services fee 124,183
Accrued distribution and service fees 73,778
Accrued transfer agency fee 72,431
Accrued administrative services fee 15,358
Other accrued expenses 399,867
_____________________________________________________________________________________________________________
Total liabilities 155,912,000
_____________________________________________________________________________________________________________
Net assets applicable to outstanding capital stock $2,503,327,311
_____________________________________________________________________________________________________________
Represented by
_____________________________________________________________________________________________________________
Capital stock -- authorized 10,000,000,000 shares of $.01 par value; $ 2,240,288
Additional paid-in capital 2,195,770,600
Undistributed net investment income 12,782,573
Accumulated net realized gain (Note 1) 81,711,451
Unrealized appreciation (Note 4) 210,822,399
_____________________________________________________________________________________________________________
Total -- representing net assets applicable to outstanding capital stock $2,503,327,311
_____________________________________________________________________________________________________________
Net assets applicable to outstanding shares: Class A $2,386,363,222
Class B $ 19,738,317
Class Y $ 97,225,772
Net asset value per share of outstanding capital stock: Class A shares 213,561,123 $ 11.17
Class B shares 1,769,039 $ 11.16
Class Y shares 8,698,718 $ 11.18
See accompanying notes to financial statements. <PAGE>
PAGE
Statement of operations
IDS Managed Retirement Fund, Inc.
Six months ended May 31, 1995
_____________________________________________________________________________________________________________
Investment income
_____________________________________________________________________________________________________________
(Unaudited)
Income:
Dividends (net of foreign taxes withheld of $218,156) $ 15,237,388
Interest 19,433,371
_____________________________________________________________________________________________________________
Total income 34,670,759
_____________________________________________________________________________________________________________
Expenses (Note 2):
Investment management services fee 5,348,020
Distribution fee
Class A 441,362
Class B 14,533
Transfer agency fee 1,860,693
Incremental transfer agency fee--Class B 500
Service fee
Class A 716,117
Class B 3,391
Administrative services fee 155,793
Compensation of directors 8,282
Compensation of officers 27,676
Custodian fees 573,730
Postage 136,451
Registration fees 118,685
Reports to shareholders 124,384
Audit fees 15,250
Administrative 10,636
Other 14,155
_____________________________________________________________________________________________________________
Total expenses 9,569,658
_____________________________________________________________________________________________________________
Investment income -- net 25,101,101
_____________________________________________________________________________________________________________
Realized and unrealized gain -- net
_____________________________________________________________________________________________________________
Net realized gain on security and foreign currency transactions
(including loss of $2,216,925 from foreign currency transactions)(Note 3) 80,947,286
Net realized gain on closed or expired option contracts written (Note 7) 1,020,928
_____________________________________________________________________________________________________________
Net realized gain on investments and foreign currency 81,968,214
Net change in unrealized appreciation or depreciation 66,547,925
_____________________________________________________________________________________________________________
Net gain on investments and foreign currency 148,516,139
_____________________________________________________________________________________________________________
Net increase in net assets resulting from operations $173,617,240
_____________________________________________________________________________________________________________
See accompanying notes to financial statements.
/TABLE
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<TABLE>
<CAPTION>
Financial statements
Statements of changes in net assets
IDS Managed Retirement Fund, Inc.
_____________________________________________________________________________________________________________
Operations and distributions May 31, 1995 Nov. 30, 1994
_____________________________________________________________________________________________________________
Six months ended Year ended
(Unaudited)
<S> <C> <C>
Investment income--net $ 25,101,101 $ 23,665,296
Net realized gain on investments and foreign currency 81,968,214 161,244,633
Net change in unrealized appreciation or depreciation 66,547,925 (173,232,646)
_____________________________________________________________________________________________________________
Net increase in net assets resulting from operations 173,617,240 11,677,283
_____________________________________________________________________________________________________________
Distributions to shareholders from:
Net investment income
Class A (17,591,985) (21,173,864)
Class B (11,538) --
Class Y (414,243) --
Net realized gain
Class A (160,120,060) (137,757,653)
Excess distribution of realized gain (Note 1)
Class A -- (1,302,096)
_____________________________________________________________________________________________________________
Total distributions (178,137,826) (160,233,613)
_____________________________________________________________________________________________________________
Capital share transactions (Note 6)
_____________________________________________________________________________________________________________
Proceeds from sales
Class A shares (Note 2) 241,276,411 612,687,152
Class B shares 19,226,926 --
Class Y shares 95,660,804 --
Reinvestment of distributions at net asset value
Class A shares 176,511,174 159,258,078
Class B shares 11,538 --
Class Y shares 414,243 --
Payments for redemptions
Class A shares (271,175,140) (216,560,194)
Class B shares (Note 2) (121,198) --
Class Y shares (5,553,361) --
_____________________________________________________________________________________________________________
Increase in net assets from capital share transactions 256,251,397 555,385,036
_____________________________________________________________________________________________________________
Total increase in net assets 251,730,811 406,828,706
Net assets at beginning of period 2,251,596,500 1,844,767,794
_____________________________________________________________________________________________________________
Net assets at end of period
(including undistributed net investment income
of $12,782,573 and $5,699,238) $2,503,327,311 $2,251,596,500
_____________________________________________________________________________________________________________
See accompanying notes to financial statements.
/TABLE
<PAGE>
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Notes to financial statements
IDS Managed Retirement Fund, Inc.
(Unaudited as to May 31, 1995)
______________________________________________________________________________
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. The fund offers
Class A, Class B and Class Y shares. Class A shares are sold with a front-end
sales charge. Class B shares, which the fund began offering on March 20, 1995,
may be subject to a contingent deferred sales charge. Class B shares
automatically convert to Class A after eight years. Class Y shares, which the
fund also began offering on March 20, 1995, have no sales charge and are
offered only to qualifying institutional investors.
All classes of shares have identical voting, dividend, liquidation and other
rights, and the same terms and conditions, except that the level of
distribution fee, transfer agency fee and service fee (class specific
expenses) differ among classes. Income, expenses (other than class specific
expenses) and realized and unrealized gains or losses on investments are
allocated to each class of shares based upon its relative net assets.
Significant accounting policies followed by the fund are summarized below:
Valuation of securities
All securities are valued at the close of each business day. Securities traded
on national securities exchanges or included in national market systems are
valued at the last quoted sales price; securities for which market quotations
are not readily available, including illiquid securities, are valued at fair
value according to methods selected in good faith by the board of directors.
Determination of fair value involves, among other things, reference to market
indexes, matrixes and data from independent brokers. Short-term securities
maturing in more than 60 days from the valuation date are valued at the market
price or approximate market value based on current interest rates; those
maturing in 60 days or less are valued at amortized cost.
Option transactions
In order to produce incremental earnings, protect gains, and facilitate buying
and selling of securities for investment purposes, the fund may buy or write
options traded on any U.S. or foreign exchange or in the over-the-counter
market where the completion of the obligation is dependent upon the credit
standing of the other party. The fund also may buy and sell put and call
options and write covered call options on portfolio securities and may write
cash-secured put options. The risk in writing a call option is that the fund
gives up the opportunity of profit if the market price of the security
increases. The risk in writing a put option is that the fund may incur a loss
if the market price of the security decreases and the option is exercised. The
risk in buying an option is that the fund pays a premium whether or not the
option is exercised. The fund also has the additional risk of not being able
to enter into a closing transaction if a liquid secondary market does not
exist.
Option contracts are valued daily at the closing prices on their primary
exchanges and unrealized appreciation or depreciation is recorded. The fund
will realize a gain or loss upon expiration or closing of the option <PAGE>
PAGE
transaction. When an option is exercised, the proceeds on sales for a written
call option, the purchase cost for a written put option or the cost of a
security for a purchased put or call option is adjusted by the amount of
premium received or paid.
Futures transactions
In order to gain exposure to or protect itself from changes in the market, the
fund may buy and sell futures contracts traded on any U.S. or foreign
exchange. The fund also may buy or write put and call options on these
contracts. Risks of entering into futures contracts and related options
include the possibility that there may be an illiquid market and that a change
in the value of the contract or option may not correlate with changes in the
value of the underlying securities.
Upon entering into a futures contract, the fund is required to deposit either
cash or securities in an amount (initial margin) equal to a certain percentage
of the contract value. Subsequent payments (variation margin) are made or
received by the fund each day. The variation margin payments are equal to the
daily changes in the contract value and are recorded as unrealized gains and
losses. The fund recognizes a realized gain or loss when the contract is
closed or expires.
Foreign currency translations and
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. The effect of changes in foreign exchange rates on realized and
unrealized security gains or losses is reflected as a component of such gains
or losses. In the statement of operations, net realized gains or losses from
foreign currency transactions may arise from sales of foreign currency, closed
forward contracts, exchange gains or losses realized between the trade date
and settlement dates on securities transactions, and other translation gains
or losses on dividends, interest income and foreign withholding taxes.
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
<PAGE>
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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.
Dividends to shareholders
Dividends declared and paid each calendar quarter from net investment income
are reinvested in additional shares of the fund at net asset value or payable
in cash.
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 a prior agreement that ended March 19, 1995, the fund paid
American Express Financial Corporation a fee for managing its investments,
recordkeeping and other specified services. The fee was 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 was 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 was 0.08%
of the fund's average daily net assets after deducting 1% from the performance
difference. If the performance difference was less than 1%, the adjustment
would have been zero. The adjustment decreased the fee by $611,896 for the six
months ended May 31, 1995.
Also under terms of the prior agreement, the fund paid American Express
Financial Corporation 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 was reduced by earnings on monies
pending shareholder redemptions.
Effective March 20, 1995, when the fund began offering multiple classes of
shares, the fund entered into agreements with American Express Financial
Corporation for managing its portfolio, providing administrative services and
serving as transfer agent as follows: Under its Investment Management Services
Agreement, American Express Financial Corporation determines which securities
will be purchased, held or sold. The management fee is a percentage of the
fund's average daily net assets in reducing percentages from 0.53% to 0.4%
annually. The performance incentive adjustment remains unchanged from the
prior agreement. Under an Administrative Services Agreement, the fund pays
American Express Financial Corporation for administration and accounting
services at a percentage of the fund's average daily net assets in reducing
percentages from 0.04% to 0.02% annually.
<PAGE>
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Under a separate Transfer Agency Agreement, American Express Financial
Corporation maintains shareholder accounts and records. The fund pays American
Express Financial Corporation an annual fee per shareholder account for this
service as follows:
o Class A $15
o Class B $16
o Class Y $15
Also effective March 20, 1995, the fund entered into agreements with American
Express Financial Advisors Inc. for distribution and shareholder servicing-
related services as follows: Under the Distribution Agreement, the fund pays a
distribution fee at an annual rate of 0.75% of the fund's average daily net
assets attributable to Class B shares for distribution-related services.
Under a Shareholder Service Agreement, the fund pays a fee for service
provided to shareholders by financial advisors and other servicing agents. The
fee is calculated at a rate of 0.175% of the fund's average daily net assets
attributable to Class A and Class B shares.
American Express Financial Corporation will assume and pay any expenses
(except taxes and brokerage commissions) that exceed the most restrictive
applicable state expense limitation.
Sales charges by American Express Financial Advisors Inc. for distributing
fund shares were $4,385,022 for Class A and $674 for Class B for the six
months ended May 31, 1995. The fund also pays custodian fees to American
Express Trust Company, an affiliate of American Express Financial Corporation.
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 $7,135 for the six months ended May 31, 1995.
______________________________________________________________________________
3. Securities transactions
Cost of purchases and proceeds from sales of securities (other than short-term
obligations) aggregated $1,094,519,800 and $985,400,486, respectively, for the
six months ended May 31, 1995. Realized gains and losses are determined on an
identified cost basis.
Brokerage commissions paid to brokers affiliated with American Express
Financial Corporation was $378,046 for the six months ended May 31, 1995.
<PAGE>
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4. Foreign currency contracts
At May 31, 1995, the fund had entered into 20 foreign currency exchange
contracts that obligate the fund to deliver currency at specified future
dates. The net unrealized appreciation of $494,964 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 May 31, 1995 received May 31, 1995
____________________________________________________________________________________________________
<S> <C> <C> <C> <C>
June 1, 1995 3,504,092 $ 2,328,994 2,324,614 $ 2,324,614
New Zealand Dollar U.S. Dollar
June 1, 1995 1,284,463 521,186 521,991 521,991
Malaysian Dollar U.S. Dollar
June 1, 1995 292,603 213,649 213,439 213,439
Canadian Dollar U.S. Dollar
June 1, 1995 2,142,494 276,976 276,951 276,951
Hong Kong Dollar U.S. Dollar
June 2, 1995 4,120,283 2,738,546 2,749,876 2,749,876
New Zealand Dollar U.S. Dollar
June 2, 1995 2,679,600 435,707 432,194 432,194
Mexican Peso U.S. Dollar
June 2, 1995 30,766 22,464 22,419 22,419
Canadian Dollar U.S. Dollar
June 5, 1995 915,872 371,626 371,400 371,400
Malaysian Dollar U.S. Dollar
June 5, 1995 270,074 34,914 34,912 34,912
Hong Kong Dollar U.S. Dollar
June 6, 1995 171,273 125,058 124,789 124,789
Canadian Dollar U.S. Dollar
June 6, 1995 835,805 84,132 85,966 85,966
Austrian Schilling U.S. Dollar
June 6, 1995 798,000 80,326 78,844 78,844
Austrian Schilling U.S. Dollar
June 6, 1995 402,880 40,554 39,680 39,680
Austrian Schilling U.S. Dollar
June 12, 1995 1,258,675 126,697 129,112 129,112
Austrian Schilling U.S. Dollar
June 12, 1995 1,256,850 126,514 126,463 126,463
Austrian Schilling U.S. Dollar<PAGE>
PAGE
June 12, 1995 3,700,000 5,869,710 5,860,800 5,860,800
British Pound U.S. Dollar
Aug. 2, 1995 920,000,000 7,468,987 7,398,472 7,398,472
Spanish Peseta U.S. Dollar
Aug. 2, 1995 115,000,000 15,593,303 15,775,034 15,775,034
Swedish Krona U.S. Dollar
Aug. 2, 1995 18,100,000 12,840,194 13,178,252 13,178,252
Deutsche Mark U.S. Dollar
Aug. 2, 1995 15,500,000 3,116,363 3,165,656 3,165,656
French Franc U.S. Dollar
___________ ___________
$52,415,900 $52,910,864
</TABLE>
______________________________________________________________________________
<PAGE>
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5. Lending of portfolio securities
At May 31, 1995, securities valued at $56,075,263 were on loan to brokers. For
collateral, the fund received $57,950,700 in cash and U.S. government
securities valued at $279,571. Income from securities lending amounted to
$396,259 for the six months ended May 31, 1995. 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.
______________________________________________________________________________
6. Capital share transactions
Transactions in shares of capital stock for the periods indicated are as
follows:
Six months ended May 31, 1995 Year ended
11/30/94
Class A Class B* Class Y* Class A
_________________________________________________________________________
Sold 22,745,949 1,778,978 9,173,049 52,780,284
Issued for reinvested
distributions 17,054,798 1,098 39,143 13,541,661
Redeemed (25,679,619) (11,037) (513,474) (18,632,894)
_________________________________________________________________________
Net increase 14,121,128 1,769,039 8,698,718 47,689,051
_________________________________________________________________________
*Commencement of operations was March 20, 1995.
_________________________________________________________________________
7. Option contracts written
The number of contracts and premium amounts associated with option
contracts written is as follows:
<TABLE>
<CAPTION>
Six months ended May 31, 1995
_____________________________________________________
Calls Puts
Contracts Premium Contracts Premium
_____________________________________________________________________________
<S> <C> <C> <C> <C>
Balance Nov. 30, 1994 8,074 $555,355 1,500 $ 82,122
Opened 11,000 515,684 2,750 255,931
Closed (4,289) (265,292) -- --
Exercised (3,000) (162,744) (1,250) (192,181)
Expired (11,785) (643,003) (3,000) (145,872)
_____________________________________________________________________________
Balance May 31, 1995 -- $ -- -- $ --
_____________________________________________________________________________
</TABLE>
______________________________________________________________________________
8. Illiquid securities
At May 31, 1995, investments in securities included issues that are illiquid.
The fund currently limits investments in illiquid securities to 10% of the net
assets, at market value, at the time of purchase. The aggregate value of such
securities at May 31, 1995 was $8,824,000, representing 0.4% of the net
assets. Pursuant to guidelines adopted by the fund's board of directors,
certain unregistered securities are determined to be liquid and are not
included within the 10% limitation specified above.<PAGE>
PAGE
<TABLE>
<CAPTION>
9. 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*
1995** 1994 1993 1992 1991 1990
Classes
A B Y
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, $11.29 $10.41 $10.41 $12.16 $11.91 $11.08 $ 9.01 $10.05
beginning of period
Income from investment operations:
Net investment income .12 .06 .08 .13 .17 .21 .20 .27
Net gains (losses) .64 .74 .74 .03 1.07 2.04 2.45 (.39)
(both realized and unrealized)
Total from investment .76 .80 .82 .16 1.24 2.25 2.65 (.12)
operations
Less distributions:
Dividends from net (.08) (.05) (.05) (.12) (.19) (.21) (.27) (.25)
investment income
Distributions from (.80) -- -- (.90) (.80) (1.20) (.31) (.67)
realized gains
Excess distribution -- -- -- (.01) -- (.01) -- --
of realized gains
Total distributions (.88) (.05) (.05) (1.03) (.99) (1.42) (.58) (.92)
Net asset value, $11.17 $11.16 $11.18 $11.29 $12.16 $11.91 $11.08 $ 9.01
end of period
Ratios/supplemental data
1995** 1994 1993 1992 1991 1990
Classes
A B Y
Net assets, end of period $2,386 $20 $97 $2,252 $1,845 $1,425 $1,007 $715
(in millions)
Ratio of expenses to .83%*** 1.63%*** .67%*** .85% .83% .85% .90% .90%
average daily net assets
Ratio of net income 2.16%*** 1.77%*** 3.00%*** 1.13% 1.46% 1.94% 1.98% 2.94%
to average daily net assets
Portfolio turnover rate 51% 51% 51% 66% 61% 46% 81% 78%
(excluding short-term
securities)
Total return*** 7.5%++ 7.7% 7.9% 1.0% 11.2%22.3% 30.9% (1.2%)
*For a share outstanding throughout the period. Rounded to the nearest cent.
**Six months ended May 31, 1995 for Class A and commencement of operations
March 20, 1995 for Class B and Y (Unaudited).
***Total return does not reflect payment of a sales charge.
+Adjusted to an annual basis.
++For the fiscal period ended May 31, 1995, the annualized total return is
15.5%.
/TABLE
<PAGE>
PAGE
<TABLE>
<CAPTION>
Investment in securities
IDS Managed Retirement Fund, Inc. (Percentages represent value of
May 31, 1995 (Unaudited) investments compared to net assets)
Investments in securities of unaffiliated issuers
_____________________________________________________________________________________________________________________________
Common stocks (82.5%)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
Aerospace & defense (0.5%)
General Motors Cl H 312,500 $ 12,734,375
_____________________________________________________________________________________________________________________________
Airlines (0.7%)
Southwest Airlines 750,000 16,593,750
_____________________________________________________________________________________________________________________________
Automotive & related (1.0%)
Automotive Inds 750,000 (b) 19,312,500
Hayes Wheels Intl 300,000 5,400,000
______________
Total 24,712,500
_____________________________________________________________________________________________________________________________
Banks and savings & loans (2.2%)
Bank of Boston 200,000 7,300,000
Citicorp 350,000 18,725,000
First Chicago 225,000 12,909,375
NationsBank 300,000 16,987,500
______________
Total 55,921,875
_____________________________________________________________________________________________________________________________
Beverages & tobacco (0.8%)
PepsiCo 400,000 19,600,000
_____________________________________________________________________________________________________________________________
Building materials (3.6%)
Georgia Pacific 300,000 23,325,000
Masco 1,000,000 28,875,000
Weyerhaeuser 865,000 37,951,875
______________
Total 90,151,875
_____________________________________________________________________________________________________________________________
Chemicals (1.6%)
Dow Chemical 500,000 36,687,500
duPont (EI) deNemours 47,500 3,224,063
______________
Total 39,911,563
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
<PAGE>
PAGE
Communications equipment (2.6%)
Airtouch Communications 1,000,000 (b) 27,250,000
Alltell 700,000 17,237,500
Scientific Atlanta 1,100,000 20,487,500
______________
Total 64,975,000
_____________________________________________________________________________________________________________________________
Computers & office equipment (5.6%)
Cisco Systems 1,200,000 (b) 52,500,000
Compaq Computer 1,000,000 (b) 39,125,000
Computer Associates Intl 250,000 16,375,000
Microsoft 50,000 (b) 4,234,375
Pitney Bowes 750,000 27,750,000
______________
Total 139,984,375
_____________________________________________________________________________________________________________________________
Energy (3.2%)
Amoco 500,000 34,187,500
Murphy Oil 500,000 21,875,000
Occidental Petroleum 1,000,000 23,000,000
______________
Total 79,062,500
_____________________________________________________________________________________________________________________________
Energy equipment & services (1.1%)
Camco 250,000 5,531,250
Input/Output 243,600 (b) 8,282,400
McDermott Intl 500,000 13,125,000
_____________
Total 26,938,650
_____________________________________________________________________________________________________________________________
Financial services (3.4%)
BankAmerica 1,000,000 52,250,000
Federal Natl Mtge 100,000 9,300,000
TIG Holdings 1,000,000 23,500,000
______________
Total 85,050,000
_____________________________________________________________________________________________________________________________
Health care (7.9%)
Abbott Laboratories 500,000 20,000,000
Amgen 450,000 (b) 32,625,000
Colgate-Palmolive 300,000 23,100,000
Johnson & Johnson 300,000 19,875,000
Lilly (Eli) 200,000 14,925,000
Medtronic 400,000 30,100,000
Merck 300,000 14,137,500
Pfizer 500,000 44,062,500
______________
Total 198,825,000
_____________________________________________________________________________________________________________________________
Health care services (0.7%)
United Healthcare 500,000 18,625,000
_____________________________________________________________________________________________________________________________
Industrial equipment & services (1.2%)
Caterpillar 500,000 30,125,000
_____________________________________________________________________________________________________________________________
Industrial transportation (0.4%)
Union Pacific 200,000 11,075,000
_____________________________________________________________________________________________________________________________<PAGE>
PAGE
Insurance (1.2%)
EW Blanch 400,000 7,300,000
UNUM 500,000 21,375,000
______________
Total 28,675,000
_____________________________________________________________________________________________________________________________
Leisure time & entertainment (3.7%)
Circus Circus Enterprises 533,300 (b) 17,798,888
Disney (Walt) 500,000 27,812,500
Intl Game Technology 800,000 12,900,000
King World Productions 500,000 (b) 20,750,000
MGM Grand 500,000 (b) 14,312,500
______________
Total 93,573,888
_____________________________________________________________________________________________________________________________
Media (2.1%)
CBS 88,000 5,896,000
New World Communications Group 388,200 (b) 8,103,675
Spelling Entertainment Group 863,500 9,498,500
Time Warner 750,000 29,718,750
______________
Total 53,216,925
_____________________________________________________________________________________________________________________________
Metals (3.1%)
Alumax 1,000,000 (b) 29,125,000
Freeport McMoRan 600,000 10,350,000
Freeport McMoRan Copper & Gold 6,250 128,125
LTV 500,000 (b) 7,000,000
Newmont Mining 500,000 20,875,000
Stillwater Mining 480,000 (b) 10,770,000
______________
Total 78,248,125
_____________________________________________________________________________________________________________________________
Multi-industry conglomerates (2.8%)
General Electric 700,000 40,600,000
Minnesota Mining & Manufacturing 500,100 29,943,487
U.S. Inds 12,500 (b) 182,813
______________
Total 70,726,300
_____________________________________________________________________________________________________________________________
Paper & packaging (1.9%)
Crown Cork & Seal 700,000 (b) 32,900,000
Fort Howard 500,000 (b) 7,187,500
Jefferson Smurfit 600,000 (b) 7,950,000
______________
Total 48,037,500
_____________________________________________________________________________________________________________________________
Retail (7.3%)
Best Buy 300,000 (b) 7,312,500
Dayton Hudson 600,000 42,525,000
Dillard Dept Store Cl A 500,000 14,375,000
Duracell Intl 500,000 21,625,000
Gap 500,000 17,187,500
<PAGE>
PAGE
Home Depot 1,000,000 41,625,000
Limited 700,000 15,575,000
Office Depot 950,000 (b) 22,800,000
______________
Total 183,025,000
_____________________________________________________________________________________________________________________________
Utilities-electric (0.4%)
California Energy 550,000 (b) 8,800,000
_____________________________________________________________________________________________________________________________
Utilities-gas (0.8%)
Enron 550,400 20,089,600
_____________________________________________________________________________________________________________________________
Utilities-telephone (0.7%)
MCI Communications 800,000 16,200,000
_____________________________________________________________________________________________________________________________
Foreign (22.0%)(d)
Australia (1.6%)
Commonwealth Aluminum 500,000 8,937,500
News Corporation 3,021,186 14,507,735
Woodside Petroleum 4,000,000 16,536,000
_____________
Total 39,981,235
_____________________________________________________________________________________________________________________________
Austria (0.2%)
Maculan Holdings 89,000 3,753,664
_____________________________________________________________________________________________________________________________
Bermuda (0.6%)
Pacific Basin 914,500 (b) 6,369,650
Tempest Reinsurance Private 80,000 (b,f) 8,824,000
____________
Total 15,193,650
_____________________________________________________________________________________________________________________________
Canada (2.2%)
Barrick Gold 700,000 (c) 17,675,000
Methanex 1,000,000 (b) 8,375,000
Northern Telecom 500,000 19,187,500
Sceptre Resources 609,600 (b) 3,782,202
Tarragon Oil & Gas 409,500 (b) 4,633,042
TVX Gold 300,000 (b) 2,271,900
______________
Total 55,924,644
_____________________________________________________________________________________________________________________________
Chile (0.4%)
Banco Osorno Y La Union ADR 225,000 3,178,125
Provida ADR 290,000 7,902,500
____________
Total 11,080,625
_____________________________________________________________________________________________________________________________
China (1.2%)
China Yuchai Intl 680,000 (b) 7,395,000
Huaneng Power Intl ADR 946,100 (b) 16,083,700
Jilin Chemical Inds 146,000 (b,c) 3,102,500
Shandong Huaneng Power ADR 500,000 3,687,500
____________
Total 30,268,700
_____________________________________________________________________________________________________________________________
<PAGE>
PAGE
Denmark (0.6%)
Tele Danmark ADR 525,000 14,962,500
_____________________________________________________________________________________________________________________________
Finland (0.3%)
Kemira ADR 450,000 8,203,500
_____________________________________________________________________________________________________________________________
France (0.4%)
Clarins 100,000 9,190,700
_____________________________________________________________________________________________________________________________
Germany (1.2%)
Lufthansa 125,000 16,804,625
SGL Carbon 300,000 (b,e) 12,735,900
____________
Total 29,540,525
_____________________________________________________________________________________________________________________________
Hong Kong (0.3%)
Guoco Group 1,300,000 6,116,500
Luks Industrial 25,000,000 2,600,000
______________
Total 8,716,500
_____________________________________________________________________________________________________________________________
India (2.7%)
Ashok Leyland 350,000 (b) 5,075,000
Century Textile & Inds 39,410 (b,e) 5,615,925
Grasim Inds 200,000 (b,e) 5,300,000
India Cements 500,000 (e) 5,260,000
Indian Hotels 595,800 (b) 10,575,450
India Petro 75,000 (b) 1,293,750
JCT GDR 220,000 (b) 4,180,000
JK Inds 737,500 (b,e) 3,871,875
Larsen & Toubro 200,000 (b,e) 3,950,000
Mahindra & Mahindra 200,000 (c) 2,312,000
Raymond Woollen Mills 315,000 (b,c) 4,843,125
Tata Engineering & Locom GDR 714,000 (b,e) 14,815,500
______________
Total 67,092,625
_____________________________________________________________________________________________________________________________
Malaysia (0.3%)
Hong Leong Credit 1,528,999 7,878,932
Multi-Purpose Holdings 4,000 7,044
______________
Total 7,885,976
_____________________________________________________________________________________________________________________________
Mexico (1.2%)
Desc Sociedad Inds 400,000 (b) 5,050,000
Grupo Financial Banamex 5,000,000 7,447,000
Grupo Sidek ADR 378,600 (b,c) 1,514,400
Grupo Televisa GDR 300,000 4,875,000
Posadas de Mexico 8,000,000 (b) 2,344,700
Telefonos de Mexico L ADR 300,000 8,437,500
______________
Total 29,668,600
_____________________________________________________________________________________________________________________________
Netherlands (0.5%)
EVC Intl 251,800 (b,e) 11,397,475
_____________________________________________________________________________________________________________________________
<PAGE>
PAGE
Philippines (1.2%)
Petron 15,000,000 (b) 12,345,000
Philippine Long Distance 263,600 (c) 18,910,761
______________
Total 31,255,761
_____________________________________________________________________________________________________________________________
Singapore (1.4%)
Asia Pacific Resources Intl 1,500,000 (b) 11,437,500
Asia Pulp & Paper ADR 1,000,000 (b) 10,750,000
Straits Steamship Land 4,000,000 13,952,000
______________
Total 36,139,500
_____________________________________________________________________________________________________________________________
South Africa (0.2%)
Nedcor 103,000 (b) 4,969,750
_____________________________________________________________________________________________________________________________
Spain (0.8%)
Telefonica de Espana 500,000 20,000,000
_____________________________________________________________________________________________________________________________
Sweden (1.8%)
Autoliv 400,000 19,475,600
Ericsson LM Tel ADR 10,000,000 24,375,000
______________
Total 43,850,600
_____________________________________________________________________________________________________________________________
United Kingdom (2.9%)
British Petro ADR 100,000 8,537,500
British Sky Broadcasting 300,000 (b) 7,650,000
General Cable ADR 935,000 (b) 12,739,375
Hanson ADR 250,000 4,568,750
National Power 600,000 (c) 7,650,000
PowerGen 375,000 (c) 5,085,937
Telewest Communications 300,000 (b,c) 7,762,500
TLG 1,950,000 (e) 4,639,050
Videotron Holdings ADR 1,000,000 (b) 13,125,000
______________
Total 71,758,112
_____________________________________________________________________________________________________________________________
Total common stocks of unaffiliated issuers
(Cost: $1,831,167,559) $2,065,713,443
_____________________________________________________________________________________________________________________________
Preferred stocks & other (0.9%)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
LSB Inds
3.25% Cv 100,000 $ 3,250,000
Luks Ind
Warrants 2,400,000 (d) 4,800
MFS Communications
2.68% Cv 425,000 (b,c) 13,228,125
Philippine Long Distance
3.50% Cv 100,000 (d) 6,550,000
_____________________________________________________________________________________________________________________________
Total preferred stocks & other
(Cost: $24,237,502) $ 23,032,925
_____________________________________________________________________________________________________________________________
<PAGE>
PAGE
Bonds (3.7%)
_____________________________________________________________________________________________________________________________
Issuer and coupon rate Principal Value(a)
amount
_____________________________________________________________________________________________________________________________
Domestic (1.8%)
Equitable Companies
6.125% Cv 2024 $13,500,000 $ 13,770,000
Intl Cable Telephone
7.25% Cv 2005 12,500,000 13,171,875
Medical Care Intl
6.75% Cv 2006 6,500,000 (e) 6,175,000
Roche Holdings
Zero Coupon
7% Cv 2010 30,000,000 (g) 11,550,000
______________
Total 44,666,875
_____________________________________________________________________________________________________________________________
Foreign (1.9%)(d)
Banco Nacional de Mexico
(U.S. Dollar)
7% Cv 1999 8,000,000 (e) 5,680,000
Cemex
(U.S. Dollar)
4.25% Cv 1997 10,000,000 7,600,000
Mexican Cetes
(Mexico Peso)
Zero Coupon
53.228% Treasury Bill 1995 46,388,480 (g) 6,651,644
54.241% Treasury Bill 1995 46,500,000 (g) 6,854,565
61.615% Treasury Bill 1995 38,885,200 (g) 5,786,118
66.318% Treasury Bill 1995 35,001,200 (g) 5,255,785
72.652% Treasury Bill 1995 28,706,920 (g) 4,355,127
74.361% Treasury Bill 1995 37,948,640 (g) 5,869,516
______________
Total 48,052,755
_____________________________________________________________________________________________________________________________
Total bonds
(Cost: $95,062,207) $ 92,719,630
_____________________________________________________________________________________________________________________________
/TABLE
<PAGE>
PAGE
<TABLE>
<CAPTION>
_____________________________________________________________________________________________________________________________
Options purchased (0.1%)
_____________________________________________________________________________________________________________________________
Issuer Number of Exercise Expiration Value(a)
contracts price date
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Put
Cisco Systems 6,000 $ 35 July 1995 $ 187,500
S&P 500 7,000 480 June 1995 87,500
3,000 485 June 1995 56,250
4,000 505 Sept. 1995 2,000,000
_____________________________________________________________________________________________________________________________
Total options purchased
(Cost: $10,572,833) $ 2,331,250
_____________________________________________________________________________________________________________________________
</TABLE>
<TABLE>
<CAPTION>
Short-term securities (13.5%)
_____________________________________________________________________________________________________________________________
Issuer Annualized Amount Value(a)
yield on payable at
date of maturity
purchase
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C>
U.S. government agency (0.3%)
Federal Home Loan Mtge
Disc Note
06-05-95 5.92% $ 8,000,000 $ 7,994,764
_____________________________________________________________________________________________________________________________
Bankers acceptance (0.2%)
Nationsbank of North Carolina
06-09-95 5.97 4,500,000 4,494,060
_____________________________________________________________________________________________________________________________
Certificate of Deposit (0.2%)
NBD Yankee
06-30-95 6.02 5,000,000 5,000,000
_____________________________________________________________________________________________________________________________
Commercial paper (12.8%)
Albertson's
07-18-95 5.98 4,300,000 4,266,710
Amer General
06-07-95 5.98 7,700,000 (h) 7,692,364
Aon
08-14-95 6.01 4,000,000 3,949,333
Associates Corp of North Amer
07-12-95 6.00 8,500,000 8,442,401
Avco Financial Services
06-14-95 6.06 4,600,000 4,590,033
BBV Finance (Delaware)
06-22-95 5.98 3,500,000 3,487,873
Becton Dickinson Real Estate
06-14-95 5.97 3,450,000 (h) 3,442,600<PAGE>
PAGE
Beneficial
06-21-95 6.00 8,100,000 8,073,180
07-20-95 5.98 5,100,000 5,058,836
Cafco
6-27-95 5.98 4,100,000 4,082,411
Cargill
06-26-95 5.97 5,850,000 (h) 5,825,869
Ciesco
07-13-95 5.97 6,500,000 6,455,031
CIT Group Holdings
06-16-95 6.06 5,500,000 5,486,250
07-12-95 5.98 8,000,000 7,945,880
Coca-Cola
06-01-95 6.12 8,600,000 8,600,000
08-07-95 6.01 4,900,000 4,843,726
Colgate Palmolive
06-19-95 6.00 5,400,000 (h) 5,383,908
Commerzbank U.S. Finance
06-09-95 5.98 2,700,000 2,696,430
Consolidated Rail
06-14-95 6.08 4,000,000 (h) 3,990,287
CPC Intl
06-02-95 6.11 7,800,000 (h) 7,798,689
07-19-95 6.10 7,600,000 (h) 7,536,641
Deutsche Bank Financial
06-12-95 5.98 7,500,000 7,486,365
Dresdner U.S. Finance
06-09-95 6.28 6,000,000 5,990,666
Fleet Funding
06-29-95 5.99 8,000,000 (h) 7,962,978
General Electric Capital
06-13-95 6.07 6,200,000 6,185,757
Goldman Sachs Group
07-10-95 5.99 7,000,000 6,954,879
Harris Trust Bank Notes
07-14-95 6.10 8,600,000 8,601,543
08-17-95 6.02 8,000,000 8,000,582
Household Finance
07-06-95 6.06 900,000 894,283
Intel
06-30-95 5.95 6,000,000 5,971,387
Kredietbank North Amer Finance
06-20-95 6.06 5,000,000 4,982,080
Lilly (Eli)
08-04-95 6.07 3,300,000 (h) 3,263,773
Metlife Funding
06-22-95 5.99 6,500,000 6,477,440
Mobil Australia Finance (Delaware)
07-11-95 6.12 3,000,000 (h) 2,978,318
PACCAR Financial
06-14-95 5.98 6,100,000 6,086,893
Penney (JC) Funding
06-13-95 5.96 5,000,000 4,990,117
07-20-95 5.99 2,600,000 2,578,979
Pfizer
06-15-95 5.94 5,466,000 (h) 5,453,416
06-23-95 5.97 4,500,000 (h) 4,483,692
07-11-95 5.96 2,800,000 (h) 2,781,613<PAGE>
PAGE
Pitney Bowes Credit
06-26-95 5.99 5,000,000 4,979,340
08-17-95 6.02 4,000,000 3,947,307
Reed Elsevier
07-06-95 6.18 4,000,000 (h) 3,974,591
SAFECO Credit
06-05-95 6.00 3,400,000 3,397,745
07-17-95 6.10 9,100,000 9,025,975
St. Paul Companies
07-10-95 5.98 5,300,000 (h) 5,265,952
Sandoz
07-24-95 6.01 3,250,000 3,220,132
08-03-95 6.09 10,000,000 9,891,911
Siemens
06-06-95 6.17 3,900,000 3,896,005
SmithKline Beecham
07-13-95 5.97 8,000,000 7,944,653
Toyota Motor Credit
06-23-95 5.95 2,600,000 2,590,594
07-28-95 5.98 5,700,000 5,646,572
Unilever Capital
06-05-95 6.20 5,200,000 (h) 5,195,666
US WEST Communications
08-07-95 5.99 5,900,000 5,832,242
USAA Capital
06-23-95 5.98 3,000,000 2,989,110
06-27-95 5.95 9,500,000 9,459,382
USL Capital
07-07-95 5.99 8,500,000 8,449,425
Wachovia Bank Notes
07-05-95 5.97 4,000,000 4,000,000
_______________
Total 321,479,815
_____________________________________________________________________________________________________________________________
Total short-term securities
(Cost: $338,999,354) $ 338,968,639
_____________________________________________________________________________________________________________________________
Total investments in securities of unaffiliated issuers
(Cost: $2,300,039,455) $2,522,765,887
_____________________________________________________________________________________________________________________________
Investment in securities of affiliated issuers (i)
_____________________________________________________________________________________________________________________________
Common stock (1.8%)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
Broadway Stores 2,500,000 (b,c) $ 13,437,500
China North Inds 15,000,000 (b,d) 15,000,000
Hutchinson Technology 300,000 (b) 10,012,500
Republic Engineered Steels 1,000,000 (b) 7,375,000
_____________________________________________________________________________________________________________________________
Total investments in securities of affiliated issuers
(Cost: $58,223,997) $ 45,825,000
_____________________________________________________________________________________________________________________________
Total investments in securities
(Cost: $2,358,263,452)(j) $2,568,590,887
_____________________________________________________________________________________________________________________________
<PAGE>
PAGE
_____________________________________________________________________________________________________________________________
Notes to investments in securities
_____________________________________________________________________________________________________________________________
(a) Securities are valued by procedures described in Note 1 to the
financial statements.
(b) Presently non-income producing.
(c) Security is partially or fully on loan. See Note 5 to the
financial statements.
(d) Foreign security values and principal amounts are stated in
U.S. dollars. For debt securities, principal amounts are denominated in the currency indicated.
(e) Represents securities sold under Rule 144A and are exempt from
registration under the Securities Act of 1933, as amended.
These securities have been determined to be liquid under guidelines
established by the board of directors.
(f) Identifies issues considered to be illiquid (see Note 8 to
the financial statements). Information concerning such security holdings at
May 31, 1995, is as follows:
Acquisition
Security date Cost
_____________________________________________________________________
Tempest Reinsurance Private 09-13-93 $8,000,000
(g) For zero coupon bonds, the interest rate disclosed represents the
annualized effective yield on the date of acquisition.
(h) 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.
(i) Investments representing 5% or more of the outstanding voting
securities of the issuer.
(j) At May 31, 1995, the cost of securities for federal income tax purposes
was approximately $2,358,230,000 and the approximate aggregate gross
unrealized appreciation and depreciation based on that cost was:
Unrealized appreciation $308,912,000
Unrealized depreciation (98,551,000)
_____________________________________________________________
Net unrealized appreciation $210,361,000
_____________________________________________________________
</TABLE>
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IDS Managed Retirement Fund, Inc.
Directors and officers of the fund
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President and interested director
William R. Pearce
President of all funds in the IDS MUTUAL FUND GROUP.
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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.
Heinz F. Hutter
Former president and chief operating officer, Cargill, Inc.
Anne P. Jones
Attorney and telecommunications consultant.
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.
C. Angus Wurtele
Chairman of the board and chief executive officer,
The Valspar Corporation.
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Interested directors who are officers and/or employees of
American Express Financial Corporation
William H. Dudley
Executive vice president, American Express Financial Corporation.
David R. Hubers
president and chief executive officer, American Express Financial
Corporation.
John R. Thomas
Senior vice president, American Express Financial Corporation.
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Officers who also are officers and/or employees of American Express
Financial Corporation
Peter J. Anderson
Vice president of all funds in the IDS MUTUAL FUND GROUP.
Melinda S. Urion
Treasurer of all funds in the IDS MUTUAL FUND GROUP.
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Other officer
Leslie L. Ogg
Vice president, general counsel and secretary of all funds in
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.)
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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.
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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.
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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.
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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.
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IDS Equity Select Fund
Invests primarily in a combination of moderate growth stocks,
higher-yielding equities and bonds. Seeks growth of
capital and income.
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IDS Blue Chip Advantage Fund
Invests in selected stocks from a major market index. Securities
purchased are those recommended by our research analysts as the
best from each industry represented on the index. Offers potential
for long-term growth as well as dividend income.
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IDS Stock Fund
Invests in common stocks of companies representing many
sectors of the economy. Seeks current income and growth of capital.
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IDS Equity Value Fund
Invests primarily in undervalued common stocks that offer potential
for growth of capital and income.
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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.
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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.
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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.
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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.
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IDS Strategy Aggressive 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.
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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.
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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.
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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.
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IDS Progressive Fund
Invests primarily in undervalued common stocks. The fund holds
stocks for the long term with the goal of capital growth.
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Specialty growth investment
This fund aggressively seeks capital growth as a hedge against inflation.
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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.
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For more complete information about any of these funds, including
charges and expenses, you can obtain a prospectus by contacting your
financial advisor or writing to American Express Shareholder Service,
P.O. Box 534, Minneapolis, MN 55440-0534. Read it carefully before
you invest or send money.
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Quick telephone reference
American Express Telephone Transaction Service
Redemptions and exchanges, dividend payments or reinvestments and
automatic payment arrangement
National/Minnesota:
800-437-3133
Mpls./St. Paul area:
671-3800
American Express Shareholder Service
Fund performance, objectives and account inquiries
612-671-3733
TTY Service
For the hearing impaired
800-846-4852
American Express Infoline
Automated account information (TouchTone phone only), including current
fund prices and performance, account values and recent account
transactions
National/Minnesota:
800-272-4445
Mpls./St. Paul area:
671-1630
AMERICAN EXPRESS FINANCIAL ADVISORS
IDS Managed Retirement Fund, Inc.
IDS Tower 10
Minneapolis, MN 55440-0010
