PAGE
1993 SEMIANNUAL REPORT
IDS Utilities Income Fund, Inc.
Picture of: Optic fibers
Invests primarily in utility stocks
to seek high current income with
growth potential
IDS
An American Express company
American
Express
Distributed by IDS Financial Services Inc.<PAGE>
PAGE
IDS Utilities Income Fund, Inc.
Message from the President
________________________________________________________________________
Picture of William R. Pearce
Dear Shareholders,
Utilities stocks continued to perform well during much of the past six
months, setting the stage for a solid gain by IDS Utilities Income Fund.
On the following page, portfolio manager Dick Warden reviews the past
six months and discusses prospects for the future.
The Fund is appropriate for conservative investors who seek a high level
of current income with the potential for moderate growth that equity
investing can provide. The Fund primarily invests in stocks of public
utilities, which constitutes one of the most stable industries in the
country. Historically, these companies have paid substantial dividends
that have often increased over the long term.
Market fluctuations reinforce the importance of taking a systematic
approach to investing. If you have long-term goals, you can use market
corrections to your advantage by making regular investments of fixed
amounts of money. This approach, called dollar-cost averaging allows
you to average the cost of buying shares since your fixed investment
buys more shares when the price per share is low and fewer shares
when the price is high. While this does not ensure a profit and does
not protect against a loss if the market declines, it is an effective
way for many shareholders who can continue investing through changing
market conditions to accumulate shares in a fund to meet long-term goals.
The IDS Systematic Investment Program includes a variety of methods
and services that allow you to take full advantage of dollar-cost
averaging. Your IDS personal financial planner can help you decide how
the Systematic Investment Program fits your financial plan.
Your IDS planner also can help you make sure your investment and
protection strategies continue to meet the objectives in your financial
plan. As your objectives and time horizons change, talk to your
planner about the broad range of IDS products and services designed to
help you meet a variety of investment and protection needs.
Sincerely,
William R. Pearce
President
IDS Utilities Income Fund, Inc.
Feb. 7, 1994
On the cover: Stocks of electric-utility companies comprise the largest
portion of IDS Utilities Income Fund's investment portfolio.
<PAGE>
IDS Utilities Income Fund, Inc.
From Your Portfolio Manager: A Perspective
________________________________________________________________________
(Picture of Dick Warden)
In addition to IDS Utilities Income Fund, which he took over in April
1993 , Dick Warden manages IDS Precious Metals Fund. Since joining IDS
in 1962, he has also served as a securities analyst and associate
portfolio manager.
Contrary to their reputation as conservative investments, utilities
stocks, sparked by falling interest rates, continued to provide above-
average returns during the past six months. By also having some
exposure to strong-performing utilities stocks in foreign markets, IDS
Utilities Income Fund generated a gain that exceeded that of utilities
stocks in general and the stock market as a whole, based on the
Standard & Poor's 500 Stock Index (an unmanaged group of common stocks
often used to measure market performance).
On Dec. 31, 1993, the Fund's net asset value per share was $6.90,
compared with $7.05 at the beginning of the fiscal year. More than
offsetting that decline were shareholder distributions totaling 60 cents
per share for the past period, including 16 cents from net investment
income and 44 cents from capital gains. (Capital gains payouts reduce
the Fund's net asset value.) On a total return basis, shareholders
experienced a gain of 6.4 percent for the six-month period. (If you
purchased shares in the Fund during this period, your return would
have been affected by the sales charge, as described in the
prospectus.)
As has been true for some time, the past six months saw a largely
positive environment for utility stocks, as they attracted considerable
interest from investors in search of yields higher than were available
on other investments, such as certificates of deposit. All the major
sectors of our domestic utility holdings--electric, telephone and natural
gas companies--performed well until mid-October, when a temporary rise
in interest rates led to a downturn in the utilities market for several
weeks.
Helping negate that trend were the excellent gains provided by the
foreign utility stocks that we owned. To the Fund's benefit, we
increased those holdings from about 14 percent to 25 percent of the
portfolio, the maximum allowed by the Fund's guidelines. Among the
countries represented were Canada, Mexico, South Africa, Hong Kong, the
United Kingdom and New Zealand. Many of those investments were funded
by reducing our holdings of domestic electric utility stocks, which were
among the hardest hit.
<PAGE>
PAGE
From Your Portfolio Manager: A Perspective (continued)
_______________________________________________________________________
As we enter the last half of the fiscal year, it's clear that the
environment for electric utilities has become more difficult; their
chances of winning rate increases have diminished as interest rates
have fallen. Given that outlook, we are concentrating our electric
utility investments in those we feel are the most reliable companies
while reducing our total exposure to that group. More promising are
the telephone utilities. They are taking part in the technological
advances occurring in the telecommunications industry that will
ultimately create what is being called the "information super-highway."
We expect to add holdings in that sector of stocks. Natural gas
companies are more difficult to assess, as their performance is largely
governed by weather trends. All in all, the yield on the Fund should
continue to be relatively attractive in the months ahead, with the
greatest stock appreciation expected from foreign investments.
<PAGE>
PAGE
IDS Utilities Income Fund, Inc.
<TABLE>
<CAPTION>
Ten Largest Holdings Dec. 31, 1993
______________________________________________________________________________________________________________
Percent of
Fund's
Value Net Assets
_____________________________________________________________________________________
<S> <C> <C>
Escom $ 16,435,811 2.06%
11% Bond Series E 2008
Pacific Telesis Group 16,200,000 2.03
Telephone service
AT&T 13,125,000 1.65
Telephone service
Equitable Resources 12,818,750 1.61
Owner of five operating utilities
U S WEST 11,468,750 1.44
Telephone service
Entergy 11,340,000 1.42
Owner of five operating utilities
MCI Communications 11,300,000 1.42
Telephone service
Texas Utilities 10,380,000 1.31
Electric utility holding company
Dominion Resources 10,209,375 1.28
Utility holding company
McCaw Cellular 10,100,000 1.27
Telephone service
_____________________________________________________________________________________
Total $123,377,686 15.49%
_____________________________________________________________________________________
</TABLE>
<PAGE>
PAGE
IDS Utilities Income Fund, Inc.
On Your Terms
_____________________________________________________________________________
Aggressive Growth Fund - A fund that seeks maximum capital appreciation
through investments in younger, less seasoned growth companies,
involving greater-than-ordinary risk.
Authorized Reinvestment - The option available to fund shareholders
whereby fund income dividends and capital gain distributions are put
back into the fund to buy new shares and thereby build up holdings.
Bear - A term used to describe a generally declining market or
someone who expects the market to decline.
Blue Chip - A term used to describe the common stock of a strong,
established corporation that has a good record of consistent
earnings throughout its history.
Bull - A term used to describe a generally rising market or
someone who expects the market to rise.
Capital Gain Distribution - Payment to fund shareholders of gains
realized on sales of securities in the fund's portfolio. When available,
this amount is paid at the end of the calendar year.
Defensive Issues - Stocks of companies that are relatively unaffected
during a decline in the business cycle, such as utilities and
food and retailing businesses.
Diversification - The policy of spreading risks among
several different investments to reduce the risks
inherent in investing.
Exchange Privilege - The ability of a shareholder to exchange an
investment from one fund to another within the same family of
funds should needs or objectives change.
Growth Fund - A fund whose primary investment objective is
long-term growth of capital. It invests principally in
common stocks with growth potential.
<PAGE>
PAGE
IDS Utilities Income Fund, Inc.
On Your Terms (continued)
_____________________________________________________________________________
Growth Stocks - Those companies that have shown a
better-than-average growth of earnings over a period of time.
Characteristically, they pay a low dividend because earnings
are reinvested into the operations of the companies.
Income Stocks - Those companies characterized by high and stable
dividend yields.
Investment Income Dividends - Payments to shareholders from
dividends and interest earned on the fund's portfolio securities.
They are distributed to shareholders on a per-share basis.
Market Value - The price at which an individual security
may be bought or sold at a given time.
Net Asset Value Per Share - The value of a fund's total assets --
securities, cash and any accrued earnings -- after deduction of
liabilities, divided by the number of shares outstanding.
It is also the redemption price.
Price/Earnings Ratio - The relationship between the market price of a
stock and the company's earnings. It is found by dividing the market
price per share by the annual earnings per share.
Public Offering Price - The price at which a fund's shares can be
purchased, or the current net asset value per share plus a
sales charge, if any.
Redemption Price - The price at which a fund's shares can be
redeemed (sold). It also is the current net asset value per share.
Sales Charge - The amount charged to purchase shares of a fund.
Share-Price Appreciation - An increase in the market value of a
fund's securities that is reflected in the net asset value of
fund shares.
<PAGE>
PAGE
IDS Utilities Income Fund, Inc.
<TABLE>
<CAPTION>
____________________________________________________________________________________________________________
Statement of Assets and Liabilities Dec. 31, 1993
Assets
_____________________________________________________________________________________________________________
<S> <C>
(Unaudited)
Investments in securities, at value (Note 1)
(identified cost $714,859,027) $775,078,206
Cash in bank on demand deposit 1,320,639
Receivable for investment securities sold 27,320,757
Dividends and accrued interest receivable 3,005,092
U.S. government securities held as collateral (Note 4) 22,533,449
Receivable for forward foreign currency contracts held, at value (Notes 1 and 5) 7,590,161
_____________________________________________________________________________________________________________
Total assets 836,848,304
_____________________________________________________________________________________________________________
Liabilities
_____________________________________________________________________________________________________________
Dividends payable to shareholders 391,279
Payable for investment securities purchased 815,127
Payable upon return of securities loaned (Note 4) 31,016,549
Payable for forward foreign currency contracts held, at value (Notes 1 and 5) 7,427,580
Accrued investment management and services fee 355,925
Accrued distribution fee 37,589
Accrued transfer agency fee 91,970
Other accrued expenses 121,040
_____________________________________________________________________________________________________________
Total liabilities 40,257,059
_____________________________________________________________________________________________________________
Net assets applicable to outstanding capital stock $796,591,245
_____________________________________________________________________________________________________________
Represented by
_____________________________________________________________________________________________________________
Capital stock -- authorized 10,000,000,000 shares of $.01 par value;
outstanding 115,397,663 shares $ 1,153,977
Additional paid-in capital 718,767,268
Undistributed net investment income 5,640
Accumulated net realized gain on investments (Note 1) 16,282,600
Unrealized appreciation of investments 60,381,760
_____________________________________________________________________________________________________________
Total -- representing net assets applicable to outstanding capital stock $796,591,245
_____________________________________________________________________________________________________________
Net asset value per share of outstanding capital stock $ 6.90
___________________________________________________________________________________________________________
See accompanying notes to financial statements. </TABLE>
<PAGE>
PAGE
IDS Utilities Income Fund, Inc.
<TABLE>
<CAPTION>
_____________________________________________________________________________________________________________
Statement of Operations Six months ended Dec. 31, 1993
Investment income
_____________________________________________________________________________________________________________
<S> <C>
(Unaudited)
Income:
Dividends (net of foreign taxes withheld of $378,492) $15,088,050
Interest (net of foreign taxes withheld of $5,150) 4,261,818
_____________________________________________________________________________________________________________
Total income 19,349,868
_____________________________________________________________________________________________________________
Expenses (Note 2):
Investment management and services fee 2,022,214
Distribution fee 208,618
Transfer agency fee 517,748
Compensation of directors 9,135
Compensation of officers 4,159
Custodian fees 79,857
Postage 69,340
Registration fees 66,946
Reports to shareholders 14,701
Audit fees 10,000
Administrative 6,332
Other 10,697
_____________________________________________________________________________________________________________
Total expenses 3,019,747
_____________________________________________________________________________________________________________
Investment income -- net 16,330,121
_____________________________________________________________________________________________________________
Realized and unrealized gain (loss) on investments and foreign currency -- net
_____________________________________________________________________________________________________________
Net realized gain on security and foreign currency transactions (including loss of $16,421
from foreign currency transactions) (Note 3) 38,080,017
Net change in unrealized appreciation or depreciation of investments (10,591,105)
_____________________________________________________________________________________________________________
Net gain on investments and foreign currency 27,488,912
_____________________________________________________________________________________________________________
Net increase in net assets resulting from operations $43,819,033
_____________________________________________________________________________________________________________
See accompanying notes to financial statements.</TABLE>
<PAGE>
PAGE
IDS Utilities Income Fund, Inc.
<TABLE>
<CAPTION>
_____________________________________________________________________________________________________________
Statements of Changes in Net Assets Six months ended Year ended
Dec. 31, 1993 June 30, 1993
Operations and distributions
_____________________________________________________________________________________________________________
<S> <C> <C>
(Unaudited)
Investment income -- net $ 16,330,121 $ 24,595,673
Net realized gain on investments and foreign currency 38,080,017 31,565,679
Net change in unrealized appreciation or depreciation of investments (10,591,105) 39,240,283
_____________________________________________________________________________________________________________
Net increase in net assets resulting from operations 43,819,033 95,401,635
_____________________________________________________________________________________________________________
Distributions to shareholders from:
Net investment income (16,496,629) (24,936,670)
Net realized gain on investments (47,384,723) (13,861,585)
Excess distribution of realized gain (Note 1) -- (261,962)
_____________________________________________________________________________________________________________
Total distributions (63,881,352) (39,060,217)
_____________________________________________________________________________________________________________
Capital share transactions
_____________________________________________________________________________________________________________
Proceeds from sales of 21,864,833 and 33,774,182 shares (Note 2) 159,427,708 225,119,401
Net asset value of 8,628,020 and 5,503,375 shares issued in
reinvestment of distributions 60,199,082 36,193,325
Payments for redemptions of 7,960,326 and 10,312,207 shares (57,724,410) (68,670,135)
_____________________________________________________________________________________________________________
Increase in net assets from capital share transactions
representing net addition of 22,532,527 and 28,965,350 shares 161,902,380 192,642,591
_____________________________________________________________________________________________________________
Total increase in net assets 141,840,061 248,984,009
_____________________________________________________________________________________________________________
Net assets at beginning of period 654,751,184 405,767,175
_____________________________________________________________________________________________________________
Net assets at end of period
(including undistributed net investment income of $5,640
and $172,148) $796,591,245 $654,751,184
_____________________________________________________________________________________________________________
See accompanying notes to financial statements.</TABLE>
<PAGE>
PAGE
IDS Utilities Income Fund, Inc.
Notes to Financial Statements (Unaudited as to Dec. 31, 1993)
________________________________________________________________________________
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.
Options Transactions
In order to produce incremental earnings, protect
gains, and facilitate buying and selling of
securities for investment purposes, the Fund 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. The Fund also may write
over-the-counter options where the completion of
the obligation is dependent upon the credit
standing of the other party.
<PAGE>
PAGE
IDS Utilities Income Fund, Inc.
Notes to Financial Statements (continued)
_______________________________________________________________________
1. Summary of Significant Accounting Policies (continued)
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 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.
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.
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.
<PAGE>
PAGE
IDS Utilities Income Fund, Inc.
Notes to Financial Statements (continued)
_______________________________________________________________________
1.Summary of Significant Accounting Policies (continued)
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.
Dividends to Shareholders
Dividends from net investment income, declared
daily and paid each calendar quarter, are
reinvested in additional shares of the Fund
at net asset value or payable in cash.
Capital gains, when available, are distributed
along with the last income dividend of the
calendar year.
Other
Security transactions are accounted for on the
date securities are purchased or sold.
Dividend income is recognized on the ex-dividend
date and interest income, including level-yield
amortization of premium and discount, is accrued
daily.
<PAGE>
PAGE
IDS Utilities Income Fund, Inc.
Notes to Financial Statements (continued)
_______________________________________________________________________
2. Expenses and Sales Charges
Under terms of an agreement dated Nov. 14, 1991,
the Fund paysIDS Financial Corporation (IDS)
a fee for managing its investments, record-keeping
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 percent to 0.32 percent
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
percent of 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.
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 $5,502,593 for
the six months ended Dec. 31, 1993.
The Fund also pays custodian fees to IDS
Bank & Trust, 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 $2,871 for
the six months ended Dec. 31, 1993.
<PAGE>
PAGE
IDS Utilities Income Fund, Inc.
Notes to Financial Statements (continued)
_______________________________________________________________________
3. Securities Transactions
Cost of purchases and proceeds from sales of
securities (other than short-term obligations)
aggregated $466,614,567 and $336,875,697,
respectively, for the six months ended
Dec. 31, 1993. Realized gains and losses are
determined on an identified cost basis.
Brokerage commissions paid to brokers affiliated
with IDS were $82,202 for the six months
ended Dec. 31, 1993.
________________________________________________________________________
4. Lending of Portfolio Securities
At Dec. 31, 1993, securities valued at
$30,079,095 were on loan to brokers.
For collateral, the Fund received $8,483,100
in cash and U.S. government securities valued
at $22,533,449. Income from securities
lending amounted to $102,932 for the six
months ended Dec. 31, 1993. 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.
<PAGE>
PAGE
IDS Utilities Income Fund, Inc.
Notes to Financial Statements (continued)
________________________________________________________________________________
5. Forward Foreign Currency Contracts
At Dec. 31, 1993, the Fund had entered into two
forward foreign currency exchange contracts that
obligate the Fund to deliver currencies at
specified future dates. The unrealized
appreciation of $162,581 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 Dec. 31, 1993 received Dec. 31, 1993
_________________________________________________________________________________
<S> <C> <C> <C> <C>
Jan. 3, 1994 9,879,356 $5,679,423 5,804,012 $5,804,012
Deutsche Mark U.S. Dollar
Jan. 4, 1994 3,040,919 1,748,157 1,786,149 1,786,149
Deutsche Mark U.S. Dollar
__________ __________
$7,427,580 $7,590,161
/TABLE
<PAGE>
PAGE
IDS Utilities Income Fund, Inc.
Notes to Financial Statements (continued)
________________________________________________________________________________
7. Financial Highlights
The table below shows certain important financial
information for evaluating the Fund's results.
<TABLE>
<CAPTION>
Six months Fiscal year ended June 30, Period from
ended Aug. 1, 1988,*
Dec. 31, 1993 1993 1992 1991 1990 to June 30, 1989
___________________________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C>
Per Share Income and Capital Changes** (Unaudited)
(for a share outstanding throughout the period)
Net asset value, beginning of period $7.05 $6.35 $5.67 $5.67 $5.54 $5.00
___________________________________________________________________________________________________________________
Income from investment operations:
Net investment income .16 .32 .33 .35 .37 .34
Net gains (losses) on securities
(both realized and unrealized) .29 .89 .73 .05 .19 .54
___________________________________________________________________________________________________________________
Total from investment operations .45 1.21 1.06 .40 .56 .88
___________________________________________________________________________________________________________________
Less distributions:
Dividends from net investment income (.16) (.33) (.32) (.35) (.37) (.34)
Distributions from realized gains (.44) (.18) (.06) (.05) (.06) --
___________________________________________________________________________________________________________________
Total distributions (.60) (.51) (.38) (.40) (.43) (.34)
___________________________________________________________________________________________________________________
Net asset value, end of period $6.90 $7.05 $6.35 $5.67 $5.67 $5.54
___________________________________________________________________________________________________________________
Ratios/Supplemental Data
Net assets, end of period (in millions) $797 $655 $406 $252 $197 $72
Ratio of expenses to average daily net assets .81%*** .86% .92% .90% .96% .87%
Ratio of net income to average daily net assets 4.36%*** 4.78% 5.37% 6.37% 6.65% 7.09%***
Portfolio turnover rate
(excluding short-term securities) 48% 64% 49% 57% 53% 41%
___________________________________________________________________________________________________________________
Total Return**** 6.4%+ 19.9% 19.2% 7.3% 10.3% 18.2%+
___________________________________________________________________________________________________________________
*Commencement of operations.
**Rounded to the nearest cent.
***Adjusted to an annual basis.
****Total return does not reflect payment of a sales charge.
+For the fiscal periods ended June 30, 1989, and Dec. 31, 1993, the annualized total return is 20.1 percent
and 13 percent, respectively. </TABLE>
<PAGE>
PAGE
IDS Utilities Income Fund, Inc.
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities, Dec. 31, 1993 (Unaudited)
_____________________________________________________________________________________________________________________________
<CAPTION>
Common Stocks (81.9%)
(Percentages represent value of investments compared to net assets)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
Drugs & Health Care (2.0%)
Health Equity 470,000 $ 4,465,000
LTC Properties 300,000 3,862,500
Meditrust 120,000 3,870,000
Omega Healthcare Investors 150,000 3,787,500
____________
15,985,000
_____________________________________________________________________________________________________________________________
Energy (2.9%)
Atlantic Richfield 85,000 8,946,250
Occidental Petroleum 300,000 5,137,500
Texaco 140,000 9,047,500
____________
23,131,250
_____________________________________________________________________________________________________________________________
Financial (5.5%)
Alexander Haagan Property 165,000 2,928,750
Amer Health Property 120,000 3,000,000
Avalon Property 150,000 3,075,000
Burnham Pacific Property 170,000 2,911,250
Camden Property Trust 125,000 3,156,250
Chateau Property 42,900 938,438
Chelsea Property 8,600 233,275
Crown Amer Realty Trust 187,000 2,805,000
See accompanying notes to investments in securities.</TABLE>
<PAGE>
PAGE
<TABLE>
IDS Utilities Income Fund, Inc.
_____________________________________________________________________________________________________________________________
<CAPTION>
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
Common Stocks (continued)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
Financial (cont'd)
Mark Center Trust 101,700 $ 1,474,650
MBNA 150,000 5,006,250
Merry Land & Investment 100,000 2,000,000
MGI Properties 75,000 1,021,875
Price Club REIT 94,500 2,764,125
Regency Realty 200,000 (b) 3,325,000
Simon Property 67,000 (b) 1,515,875
Sizeler Property Investment 235,000 2,702,500
Southwestern Property Trust 400,000 5,050,000
____________
43,908,238
____________________________________________________________________________________________________________________________
Natural Gas (10.7%)
Brooklyn Union Gas 275,000 7,528,125
Cascade Natural Gas 371,250 6,543,282
Connecticut Energy 129,800 3,228,775
Enron 301,800 8,752,200
Equitable Resources 350,000 12,818,750
KN Energy 262,500 6,759,375
Natl Fuel Gas 200,000 6,800,000
New Jersey Resources 300,000 7,762,500
NICOR 175,000 4,900,000
Peoples Energy 106,400 3,245,200
Piedmont Natural Gas 200,000 4,050,000
Seagull Energy 100,000 2,537,500
Southwest Gas 100,000 1,600,000
Washington Gas Light 70,400 2,904,000
See accompanying notes to investments in securities./TABLE
<PAGE>
PAGE
IDS Utilities Income Fund, Inc.
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
<CAPTION>
Common Stocks (continued)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
Natural Gas (cont'd)
WICOR 194,900 $ 6,139,350
____________
85,569,057
_____________________________________________________________________________________________________________________________
Power & Light (27.5%)
AES 200,000 7,000,000
Allegheny Power System 240,000 6,360,000
Amer Electric Power 240,000 8,910,000
Central Los Angeles Electric 200,000 4,950,000
Cincinnati Gas & Electric 275,000 (e) 7,562,500
Commonwealth Edison 175,000 4,943,750
Dominion Resources 225,000 10,209,375
DQE 140,000 4,830,000
Entergy 315,000 11,340,000
FPL Group 185,000 7,238,125
General Public Utilities 285,000 8,799,375
IES Inds 200,000 6,250,000
Illinois Power 280,000 6,195,000
LG&E Energy 165,000 6,682,500
Magma Power 200,000 (b) 7,050,000
Midwest Resources 150,000 2,700,000
New England Electric System 115,000 4,499,375
New York State Electric & Gas 200,000 6,150,000
NIPSCO Inds 260,000 8,547,500
Northeast Utilities 300,000 7,125,000
See accompanying notes to investments in securities.</TABLE>
<PAGE>
PAGE
IDS Utilities Income Fund, Inc.
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
<CAPTION>
Common Stocks (continued)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
Power & Light (cont'd)
PacifiCorp 400,000 $ 7,700,000
Public Service Colorado 300,000 9,637,500
Public Service Enterprises 290,000 9,280,000
Rochester Gas & Electric 200,000 5,250,000
SCANA 140,000 6,965,000
Southern Co 200,000 8,825,000
TECO Energy 190,000 4,298,750
Texas Utilities 240,000 10,380,000
UtiliCorp United 200,000 6,350,000
Washington Water Power 300,000 5,625,000
Western Resources 205,000 7,149,375
____________
218,803,125
_____________________________________________________________________________________________________________________________
Telephone (11.8%)
AT&T 250,000 13,125,000
Bell Atlantic 25,000 1,475,000
BellSouth 125,000 7,234,375
GTE 125,000 4,375,000
McCaw Cellular 200,000 (b) 10,100,000
MCI Communications 400,000 11,300,000
NYNEX 150,000 6,018,750
Pacific Telesis Group 300,000 16,200,000
Southern New England Telecom 175,000 6,321,875
See accompanying notes to investments in securities.</TABLE>
<PAGE>
PAGE
IDS Utilities Income Fund, Inc.
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
<CAPTION>
Common Stocks (continued)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
Telephone (cont'd)
Southwestern Bell 150,000 $ 6,225,000
U S WEST 250,000 11,468,750
____________
93,843,750
_____________________________________________________________________________________________________________________________
Foreign (21.1%)(c)
Ayala 4,000,000 8,100,000
Banacci 100,000 869,200
BCE 200,000 6,975,000
British Gas ADR 175,000 (e) 9,012,500
British Petroleum ADR 140,000 8,960,000
British Telecom 275,000 (e) 8,834,375
Cable & Wireless 300,000 (e) 7,200,000
China Overseas Land 15,000,000 5,130,000
East Midland Electric 425,000 4,081,275
Electrabel 50,000 9,267,800
Ericsson (LM) ADR 3,782,609 5,792,309
Gem Property Trust 2,900,000 3,973,174
Iberduero 1,250,000 8,950,000
Korea Electric Power 130,000 3,527,420
Midlands Electric 400,000 4,255,200
New Zealand Telecom 1,000,000 2,492,000
New Zealand Telephone 125,000 6,328,125
Northumbrian Water 400,000 4,290,400
Norweb Electric 375,000 4,188,750
Scottish Power 1,000,000 6,737,000
Seaboard Electric 375,000 4,105,500
Severn Trent Water 825,000 7,447,275
SIP Savings 1,250,000 (b) 2,275,000
Southern Water 200,000 2,006,400
STET Savings 1,000,000 2,018,000
Telecom Asia 10,800 (d) 646,855
Telefonica de Espana ADR 125,000 (e) 4,875,000
See accompanying notes to investments in securities.</TABLE>
<PAGE>
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IDS Utilities Income Fund, Inc.
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
<CAPTION>
Common Stocks (continued)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
Foreign (cont'd)
Telefonos de Mexico Cl A ADR 125,000 $ 8,437,500
Tenaga Nasional 700,000 5,014,800
TransCanada Pipeline 150,000 (e) 2,294,097
TransCanada Pipeline LTD 250,000 3,843,750
Westcoast Energy 360,000 5,941,276
____________
167,869,981
_____________________________________________________________________________________________________________________________
Miscellaneous (0.4%)
Holly 150,000 3,000,000
_____________________________________________________________________________________________________________________________
Total common stocks
(Cost: $602,836,223) $652,110,401
_____________________________________________________________________________________________________________________________
<CAPTION>
Preferred Stocks (4.9%)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
Boise Cascade
1 5/8% Cv 140,000 $ 3,325,000
Fleet Financial Group
$20 Cv 31,200 1,478,100
See accompanying notes to investments in securities.</TABLE>
<PAGE>
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IDS Utilities Income Fund, Inc.
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
<CAPTION>
Preferred Stocks (continued)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
LCI Intl
5% Cv 24,750 $ 711,562
MascoTech
6% Cv 225,000 5,709,375
Merry Land & Investment
1 3/4% Cm Cv 75,000 2,109,375
Natural Gas
10 1/2% Cv 5,000,000 5,025,000
Olin
3.64% Cv Series A 50,400 2,412,900
Philippine Long Distance
5 3/4% Cm Cv 70,000 (d) 3,167,500
Tenneco
2.80% Cv 87,500 3,664,063
Transco Energy
$4.75 Cm Cv 105,000 5,433,750
Unisys
$3.75 Cm Cv 125,000 6,046,875
_____________________________________________________________________________________________________________________________
Total preferred stocks
(Cost: $34,845,008) $ 39,083,500
_____________________________________________________________________________________________________________________________
<CAPTION>
Bonds (8.4%)
_____________________________________________________________________________________________________________________________
Principal
Issuer and Coupon Rate Amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
Domestic (5.3%)
Appalachian Power
9 1/8% 1st Mtge 2019 $5,700,000 $ 6,077,625
See accompanying notes to investments in securities.</TABLE>
<PAGE>
PAGE
IDS Utilities Income Fund, Inc.
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
<CAPTION>
Bonds (continued)
_____________________________________________________________________________________________________________________________
Principal
Issuer and Coupon Rate Amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
Domestic (cont'd)
Bell Telephone Pennsylvania
7 3/8% Deb 2033 $5,000,000 $ 5,037,500
Carter Hawley Hale
6 1/4% Cv Bond 2000 1,000,000 (d) 1,017,500
Consolidated Natural Gas
7 1/4% Cv Bond 2015 5,000,000 5,800,000
GTE South
9% Deb 2029 5,000,000 5,375,000
New York Telephone
8 5/8% Deb 2024 3,000,000 3,127,500
Pacific Gas & Electric
6 3/4% Bond 2023 8,000,000 7,540,000
Pennsylvania Power & Light
9 1/4% 1st Mtge 2019 1,000,000 1,206,250
Public Service Electric & Gas
8 1/2% 1st Mtge 2022 2,970,000 3,270,713
Questar Pipeline
9 3/8% Deb 2021 3,000,000 3,630,000
____________
42,082,088
_____________________________________________________________________________________________________________________________
Foreign (3.1%)(c)
Escom
(South African Rand)
11% Bond Series E 2008 74,875,000 16,435,811
See accompanying notes to investments in securities.</TABLE>
<PAGE>
PAGE
IDS Utilities Income Fund, Inc.
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
<CAPTION>
Bonds (continued)
_____________________________________________________________________________________________________________________________
Principal
Issuer and Coupon Rate Amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
Hydro-Quebec
(Canadian Dollar)
8 1/2% Bond 2029 5,000,000 $ 5,681,250
TransCanada Pipeline
(U.S. Dollar)
9 7/8% Deb 2021 2,000,000 2,515,000
____________
24,632,061
_____________________________________________________________________________________________________________________________
Total bonds
(Cost: $60,007,640) $ 66,714,149
_____________________________________________________________________________________________________________________________
<CAPTION>
Short-term Securities (2.2%)
_____________________________________________________________________________________________________________________________
Annualized Amount
Yield on Payable
Date of at
Issuer Purchase Maturity Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C>
U.S. Government Agencies (0.6%)
Federal Home Loan
Mortgage Corp Disc Note
01-31-94 3.06% $3,800,000 $ 3,790,120
See accompanying notes to investments in securities.</TABLE>
<PAGE>
PAGE
IDS Utilities Income Fund, Inc.
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
<CAPTION>
Short-term Securities (continued)
_____________________________________________________________________________________________________________________________
Annualized Amount
Yield on Payable
Date of at
Issuer Purchase Maturity Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C>
U.S. Government Agencies (cont'd)
Federal Natl Mtge
Assn Disc Note
01-19-94 3.14% $ 700,000 $ 698,904
____________
4,489,024
_____________________________________________________________________________________________________________________________
Commercial Paper (1.6%)
Bancone Diversified
Services
02-01-94 3.23 2,600,000 2,592,791
Barclays Funding
01-05-94 3.34 2,700,000 2,699,004
Chevron Transport
01-18-94 3.35 4,900,000 (f) 4,892,271
Lincoln Natl
01-14-94 3.26 2,500,000 (f) 2,497,066
_____________
12,681,132
_____________________________________________________________________________________________________________________________
Total short-term securities
(Cost: $17,170,156) $ 17,170,156
_____________________________________________________________________________________________________________________________
Total investments in securities
(Cost: $714,859,027)(g) $775,078,206
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.</TABLE>
<PAGE>
PAGE
IDS Utilities Income Fund, Inc.
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
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) Foreign security values are stated in U.S. dollars; principal amounts are denominated in the currency
indicated.
(d) Represents a security sold under Rule 144A which is exempt from registration under the Securities Act
of 1933, as amended. This security has been determined to be liquid under guidelines established
by the Board of Directors.
(e) Security is partially or fully on loan. See Note 4 to the financial statements.
(f) Commercial paper sold within terms of a private placement memorandum, exempt from registration under
Section 4(2) of the Securities Act of 1933, as amended, and may be sold only to dealers in that
program or other "accredited investors." This security has been determined to be liquid under
guidelines established by the Board of Directors.
(g) At Dec. 31, 1993, the cost of securities for federal income tax purposes was approximately $714,841,000
and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
<CAPTION>
<S> <C>
Unrealized appreciation $ 74,375,000
Unrealized depreciation (14,138,000)
_____________________________________________________________________________________________________________________________
Net unrealized appreciation $ 60,237,000
_____________________________________________________________________________________________________________________________
/TABLE
<PAGE>
PAGE
IDS Utilities Income Fund, Inc.
Directors and Officers
_____________________________________________________________________________
Directors of the Fund
William H. Dudley
executive vice president, IDS Financial Corporation
Robert F. Froehlke
previously president and chief executive officer of all funds in the
IDS MUTUAL FUND GROUP
David R. Hubers
president and chief executive officer, IDS Financial Corporation
Anne P. Jones
partner, Washington, D.C. law firm of Sutherland, Asbill & Brennan
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 of the board and chief executive officer, Minnesota
Mining and Manufacturing Company
William R. Pearce
president and chief executive officer of all funds in the IDS MUTUAL
FUND GROUP
Aulana L. Peters
partner, law firm of Gibson, Dunn & Crutcher
Edson W. Spencer
president, Spencer Associates Inc.
John R. Thomas
senior vice president, IDS Financial Corporation
Wheelock Whitney
chairman, Whitney Management Company
_____________________________________________________________________________
Officers of the Fund
William R. Pearce
president and chief executive officer
Leslie L. Ogg
vice president, general counsel and treasurer
<PAGE>
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<PAGE>
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IDS Utilities Income Fund, Inc.
IDS MUTUAL FUND GROUP
__________________________________________________________________________
Specialty growth funds
Funds in this group aggressively seek capital growth, primarily from
international specialty common stocks. They are high risk mutual funds
with a potential for high reward.
IDS Precious Metals Fund, Inc.
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.
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.
IDS International Fund, Inc.
Invests primarily in common stocks of foreign companies that offer
potential for superior growth. The Fund may invest up to 20 percent
of its assets in the U.S. market.
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.
_______________________________________________________________________
Growth funds
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, Inc.
Invests in small- and medium-size, growth-oriented companies emphasizing
technological innovation and productivity enhancement. Buys and holds
larger growth-oriented stocks.
IDS Growth Fund, Inc.
Invests primarily in companies that have above-average potential for
long-term growth as a result of new management, marketing opportunities
or technological superiority.
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.
IDS New Dimensions Fund, Inc.
Invests primarily in companies with significant growth potential due to
superiority in technology, marketing or management.
The Fund frequently changes its industry mix.
<PAGE>
PAGE
IDS Utilities Income Fund, Inc.
IDS MUTUAL FUND GROUP (Continued)
_____________________________________________________________________________
Growth funds (continued)
IDS Progressive Fund, Inc.
Invests primarily in undervalued common stocks. The Fund holds
stocks for the long-term with the goal of capital growth.
Growth and income funds
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 Managed Retirement Fund, Inc.
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.
IDS Equity Plus Fund, Inc.
Invests primarily in a combination of moderate growth stocks,
higher-yielding equities and bonds. Seeks growth of capital and income.
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.
IDS Stock Fund, Inc.
Invests primarily in common stocks of companies representing many
sectors of the economy. Seeks current income and growth of capital.
IDS Strategy, Equity Fund
Invests primarily in undervalued common stocks that offer potential
for growth of capital and income.
IDS Utilities Income Fund, Inc.
Invests primarily in the stocks of public utility companies to seek
high current income and growth of income and capital with reduced
volatility.
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.
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.
<PAGE>
PAGE
IDS Utilities Income Fund, Inc.
IDS MUTUAL FUND GROUP (Continued)
_______________________________________________________________________
Tax-exempt income funds
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, Inc.
Invests primarily in medium- and lower-quality municipal bonds and notes.
Lower quality securities generally involve greater risk of principal
and income.
IDS State Tax-Exempt Funds
(California, Massachusetts, Michigan, Minnesota, New York, Ohio)
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.)
IDS Tax-Exempt Bond Fund, Inc.
Invests mainly in bonds and notes of state or local government units,
with at least 75 percent in the four highest-rated, lowest-risk bond
categories.
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.
_________________________________________________________________________
Income funds
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.
IDS Extra Income Fund, Inc.
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.
IDS Bond Fund, Inc.
Invests mainly in corporate bonds, at least 50 percent in the
higher-rated, lower-risk bond categories, or the equivalent, and in
government bonds.
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.
<PAGE>
PAGE
IDS Utilities Income Fund, Inc.
IDS MUTUAL FUND GROUP (Continued)
______________________________________________________________________
Income funds (continued)
IDS Selective Fund, Inc.
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.
IDS Federal Income Fund, Inc.
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.
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.
_______________________________________________________________________
Money market funds
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.
IDS Planned Investment Account
Invests in money market securities to seek maximum current income
consistent with liquidity and stability of principal, while serving as
a base for systematic exchanges into IDS fixed income and equity funds.
IDS Tax-Free Money Fund, Inc.
Invests primarily in short-term bonds and notes issued by state and
local governments to seek high current income exempt from federal
income taxes.
<PAGE>
PAGE
IDS Utilities Income Fund, Inc.
IDS MUTUAL FUND GROUP (Continued)
_______________________________________________________________________
For more complete information about any of these funds, including
charges and expenses, you can obtain a prospectus by contacting
your IDS personal 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. This semiannual
report is approved for use only if preceded or accompanied
by a prospectus for the Fund.
<PAGE>
PAGE
1993 SEMIANNUAL REPORT
IDS Utilities Income
Fund, Inc.
______________________________________________________________________
IDS MUTUAL FUND GROUP
IDS Tower 10
Minneapolis, Minnesota 55440-0010
