PAGE
IDS Global Bond Fund
1994 semiannual report
(icon of) globe
The goal of IDS Global Bond Fund, a
part of IDS Global Series Inc., is a
high total return through income and
growth of capital.
Financial Planning
IDS
An American Express company
American
Express
Distributed by IDS Financial Services Inc.
<PAGE>
PAGE
(icon of) globe
A bounty of bonds
In today's global economy, investment opportunities don't stop at
the water's edge. While bonds issued by the U.S. government and
corporations once made up almost all of the bond market, today
more than half of the world's debt securities are issued from
outside the United States. This means expanded opportunity for
investors. Global Bond Fund's aim is to take advantage of
opportunities in the bond markets at any time and in any place,
providing investors with greater portfolio diversification.
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 17
Directors and officers 24
IDS mutual funds 25
<PAGE>
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To our shareholders
From the president
(Photo of William R. Pearce)
William R. Pearce
President of the fund
As you read this semiannual report, you'll find that it complements the
newly designed annual report you received six months ago. We hope the
substantial changes we've made to the design and organization will help
make information easier to find and understand.
A good place to begin is with the portfolio manager's letter, which
describes the events and investment strategies that most influenced
the fund's performance during the past period.
For a broader financial perspective, please consult your IDS planner,
who can help you make sure your investment and protection strategies
continue to meet the objectives in your financial plan.
William R. Pearce
<PAGE>
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To our shareholders (continued)
(Photo of Ray Goodner)
Ray Goodner
Portfolio manager
From the portfolio manager
Rising interest rates worldwide reversed the exceptionally strong
performance most bond markets have enjoyed in recent years. As a
result, for the past six months, IDS Global Bond Fund experienced a
modest loss on a total return basis (which includes distributions
and change in the net asset value.)
Long-term interest rates began rising in the United States last
October, reflecting investors' concern that the strengthening
economy would ignite inflation. (Interest rates usually move in
tandem with inflation expectation, and higher rates depress bond
values.) But the interest-rate rise stalled temporarily, and the fund,
after losing a little ground in November, was able to sustain a
moderate advance in December and January.
Currency counts
Most of the gains during the early months of the period were generated
by our holdings in Europe (mainly France, Italy and Germany), the United
Kingdom and Japan, where bond markets continued to perform relatively
well. Latin American bonds also performed strongly late in 1993. In
some cases, positive returns resulted from beneficial currency
translations. (As the value of the U.S. dollar rises or falls in
comparison with other nations' currencies, the portfolio's performance
is directly affected.) In this case, the dollar, for the most part,
lost value -- a trend that boosts returns for U.S. investors in foreign
markets.
The first sign of a major interest-rate reversal surfaced in Europe
shortly after the start of 1994. That was followed in early February
by the Federal Reserve's decision to raise rates in the United States
to head off a potential rise in the rate of inflation. The Fed's
action set in motion a two-month tailspin in nearly all bond markets
that more than erased previous gains. On the positive side, these
severe adjustments were not accompanied by any signs of rapidly rising
inflation, with annual rates of 3% or less prevailing in all developed
economies.
<PAGE>
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To our shareholder (continued)
U.S. hit hard
The U.S. market was among the most severly penalized, but it had plenty
of company with Europe, Canada and the emerging markets in Latin
America all experiencing sharply declining bond prices. The only winning
investments during this period were provided by favorable currency
translations, led by the strong Japanses yen, plus, to a lesser degree,
the German mark.
The cloud that has hung over most bond markets began to lift somewhat
just before the end of the six-month period, leading us to believe that
the worst may be past. Among the encouraginf signs was a sharp rebound
in bonds of emerging markets, where we began increasing our exposure to
take advantage of depressed bond prices, and a slight uptrend in the
U.S. bond markets.
As always, a key factor in the months ahead will be the inflation
outlook. At this writing, inflation in most major markets remains
relatively low -- a long-term positive for bonds. While we could
continue to see long-term interest rates rise a bit on occasion, we
think they will become more stable as the year progresses. In the
meantime, we intend to maintain a well-diversified portfolio, which
should temper any potential volatility as well as allow the fund to
participate in global gains that may lie ahead.
Ray Goodner
<PAGE>
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To our shareholders (continued)
6-months performance
(All figures per share)
Net asset value (NAV)
_____________________________
April 30, 1994 $ 5.80
_____________________________
Oct. 31, 1993 $ 6.27
_____________________________
Decrease $ 0.47
_____________________________
Distributions
Nov. 1, 1993 - April 30, 1994
_____________________________
From income $ 0.27
_____________________________
From capital gains $ 0.02
_____________________________
Total distributions $ 0.29
_____________________________
Total return* -2.93%
_____________________________
*If you purchased shares in
the fund during this period,
your return also would have
been affected by the sales
charge, as described in the
prospectus.
<PAGE>
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<TABLE>
IDS Global Bond Fund
Your fund's ten largest holdings
<CAPTION>
_____________________________________________________________________________________________________________
Percent Value
(of fund's net assets)(as of April 30, 1994)
____________________________________________________________________________________
<S> <C> <C>
Federal Republic of Germany 4.68% $19,604,326
6.375% Bond 1998
Government of Australia 3.96 16,568,454
9% Bond 2004
Government of Japan 3.92 16,397,500
3.60% Bond 2003
Federal Republic of Germany 3.83 16,046,545
6% Bond 1997
Government of Canada 3.82 15,976,834
10.50% Bond 2001
U.K. Treasury 3.40 14,237,616
8% Bond 2003
U.S. Treasury 3.19 13,329,160
7.625% Bond 2022
U.K. Treasury 3.12 13,078,590
9% Bond 2000
U.S. Treasury 2.38 9,958,166
8.875% Bond 2019
Government of Sweden 2.19 9,175,150
10.25% Bond 2003
Note: Certain foreign investment risks include: changes in currency exchange rates,
adverse political or economic order, and lack of similar regulatory requirements
followed by U.S. companies.
</TABLE>
<PAGE>
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<TABLE>
Financial statements
Statement of assets and liabilities
IDS Global Bond Fund
April 30, 1994
<CAPTION>
_____________________________________________________________________________________________________________
Assets
_____________________________________________________________________________________________________________
(Unaudited)
<S> <C>
Securities, at value (Note 1)
(identified cost $438,508,669) $426,197,154
Cash in bank on demand deposit 718,266
Receivable for investment securities sold 231,721
Dividends and accrued interest receivable 7,550,058
Receivable for forward foreign currency contracts held, at value (Notes 1 and 7) 23,691,256
_____________________________________________________________________________________________________________
Total assets 458,388,455
_____________________________________________________________________________________________________________
Liabilities
_____________________________________________________________________________________________________________
Dividends payable to shareholders 1,975,478
Payable for investment securities purchased 10,921,290
Payable upon return of securities loaned (Note 4) 2,730,000
Payable for forward foreign currency contracts held, at value (Notes 1 and 7) 23,737,594
Accrued investment management and services fee 277,116
Accrued distribution fee 21,636
Accrued transfer agency fee 55,761
Other accrued expenses 130,089
Open option contracts written, at value (premium received $143,325)(Note 6) 86,250
_____________________________________________________________________________________________________________
Total liabilities 39,935,214
_____________________________________________________________________________________________________________
Net assets applicable to outstanding capital stock $418,453,241
_____________________________________________________________________________________________________________
Represented by
_____________________________________________________________________________________________________________
Capital stock -- $.01 par value; outstanding 72,133,203 shares (Note 1) $ 721,332
Additional paid-in capital 431,880,383
Undistributed net investment income (Note 1) (66,107)
Accumulated net realized gain on investments 53,169
Unrealized depreciation of investments (Note 5 and 7) (14,135,536)
_____________________________________________________________________________________________________________
Total -- representing net assets applicable to outstanding capital stock $418,453,241
_____________________________________________________________________________________________________________
Net asset value per share of outstanding capital stock $ 5.80
_____________________________________________________________________________________________________________
See accompanying notes to financial statements.
<PAGE>
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Financial statements
Statement of operations
IDS Global Bond Fund
Year ended April 30, 1994
_____________________________________________________________________________________________________________
Investment income
_____________________________________________________________________________________________________________
(Unaudited)
Income:
Dividends (net of foreign taxes withheld of $12,359) $ 173,971
Interest (net of foreign taxes withheld of $136,282) 10,409,769
_____________________________________________________________________________________________________________
Total income 10,583,740
_____________________________________________________________________________________________________________
Expenses (Note 2):
Investment management and services fee 1,473,255
Distribution fee 113,346
Transfer agency fee 291,429
Compensation of directors 3,676
Compensation of officers 1,370
Custodian fees 45,450
Postage 54,321
Registration fees 117,416
Reports to shareholders 13,893
Audit fees 10,000
Administrative 1,873
Other 6,233
_____________________________________________________________________________________________________________
Total expenses 2,132,262
_____________________________________________________________________________________________________________
Investment income -- net 8,451,478
_____________________________________________________________________________________________________________
Realized and unrealized gain on investments and foreign currency -- net
_____________________________________________________________________________________________________________
Net realized gain on security and foreign currency transactions (including gain of $100,738
from foreign currency translations) (Note 3) 1,460,009
Net realized loss on financial futures contracts (1,101,115)
Net realized gain on closed or expired currency option contracts written (Note 6) 171,511
_____________________________________________________________________________________________________________
Net realized gain on investments and foreign currency 530,405
Net change in unrealized appreciation or depreciation of investments (23,833,311)
_____________________________________________________________________________________________________________
Net loss on investments and foreign currency (23,302,906)
_____________________________________________________________________________________________________________
Net increase in net assets resulting from operations $(14,851,428)
_____________________________________________________________________________________________________________
See accompanying notes to financial statements.
<PAGE>
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Financial statements
Statements of changes in net assets
IDS Global Bond Fund
<CAPTION>
_____________________________________________________________________________________________________________
Operations and distributions April 30, 1994 Oct. 31, 1993
_____________________________________________________________________________________________________________
Six months ended Year ended
(Unaudited)
<S> <C> <C>
Investment income -- net $ 8,451,478 $ 7,576,379
Net realized gain on investments and foreign currency 530,405 6,725,141
Net change in unrealized appreciation or
depreciation of investments (23,833,311) 7,250,626
_____________________________________________________________________________________________________________
Net increase in net assets resulting from operations (14,851,428) 21,552,146
_____________________________________________________________________________________________________________
Distributions to shareholders from:
Net investment income (10,377,786) (6,528,494)
Net realized gains on investments (3,556,158) (1,816,626)
Excess distribution of realized gain (Note 1) -- (3,667,505)
_____________________________________________________________________________________________________________
Total distributions (13,933,944) (12,012,625)
_____________________________________________________________________________________________________________
Capital share transactions
_____________________________________________________________________________________________________________
Proceeds from sales of
35,916,664 and 28,253,223 shares (Note 2) 219,083,915 172,510,247
Net asset value of 2,164,295 and 1,634,909 shares
issued in reinvestment of distributions 13,209,476 9,715,652
Payments for redemptions of
6,677,521 and 4,559,132 shares (40,228,726) (27,552,609)
_____________________________________________________________________________________________________________
Increase in net assets from capital share transactions
representing net addition of
31,403,438 and 25,329,000 shares 192,064,665 154,673,290
_____________________________________________________________________________________________________________
Total increase in net assets 163,279,293 164,212,811
_____________________________________________________________________________________________________________
Net assets at beginning of period 255,173,948 90,961,137
_____________________________________________________________________________________________________________
Net assets at end of period
(including undistributed net investment income of
($66,107) and $1,860,201) $418,453,241 $255,173,948
_____________________________________________________________________________________________________________
See accompanying notes to financial statements.
</TABLE>
<PAGE>
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Notes to financial statements
IDS Global Bond Fund
(Unaudited as to April 30, 1994)
______________________________________________________________________________
1. Summary of significant accounting policies
IDS Global Bond Fund is a series of IDS Global
Series, Inc. and is registered under the Investment
Company Act of 1940 (as amended) as a non-
diversified, open-end management investment company.
IDS Global Series, Inc. has 10 billion authorized
shares of capital stock which can be freely allocated
among the separate series as designated by the board
of directors . 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.
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 may also
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.
<PAGE>
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Notes to financial statements
IDS Global Bond Fund
______________________________________________________________________________
1. Summary of significant accounting policies
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.
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 options on
debt securities or futures are exercised, the fund
will realize a gain or loss. When other options are
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
stock index or interest rate futures 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.
<PAGE>
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Notes to financial statements
IDS Global Bond Fund
______________________________________________________________________________
1. Summary of significant accounting policies
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 commitements held by the
fund and the resulting unrealized appreciation or
depreciation are determined using foreign currency
exchange rates from an independent pricing service.
The fund is subject to the credit risk that the other
party will not complete the obligations of the
contract.
Federal taxes
Since the fund's policy is to comply with all
sections of the Internal Revenue Code applicable to
regulated investment companies and to distribute all
of its taxable income to shareholders, no provision
for income or excise taxes is required.
Net investment income (loss) and net realized gains
(losses) may differ for financial statement and tax
purposes primarily because of the deferral of losses
on certain futures contracts, the recognition of
certain foreign currency gains (losses) as ordinary
income (loss) for tax purposes, and losses deferred
due to "wash sale" transactions. The character of
distributions made during the year from net
investment income or net realized gains may differ
from their ultimate characterization for federal
income tax purposes. The effect on dividend
distributions of certain book-to-tax differences is
presented as "excess distributions" in the statement
of changes in net assets.
<PAGE>
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Notes to financial statements
IDS Global Bond Fund
______________________________________________________________________________
1. Summary of significant accounting policies
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 or upon receipt of
ex-dividend notification in the case of certain
foreign securities. For U.S. dollar denominated
bonds, interest income includes level-yield
amortization of premium and discount. For foreign
bonds, except for original issue discount, the fund
does not amortize premium and discount.
______________________________________________________________________________
2. Expenses and sales charges
Under terms of an agreement dated Nov. 14, 1991, the
fund pays IDS Financial Corporation (IDS) a fee for
managing its investments, recordkeeping and other
specified services. The fee is a percentage of the
fund's average daily net assets consisting of a group
asset charge in reducing percentages from 0.46% to
0.32% annually on the combined net assets of all
non-money market funds in the IDS MUTUAL FUND GROUP
and an individual annual asset charge of 0.46% of
average daily net assets. <PAGE>
PAGE
Notes to financial statements
IDS Global Bond Fund
______________________________________________________________________________
2. Expenses and sales charges
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 $15.50 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 $5,460,661 for the six
months ended April 30, 1994. 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 $1,274 for
the six months ended April 30, 1994.
______________________________________________________________________________
3. Securities transactions
Cost of purchases and proceeds from sales of
securities (other than short-term obligations)
aggregated $237,702,610 and $100,366,371
respectively, for the six months ended April 30,
1994. Realized gains and losses are determined on an
identified cost basis.
Brokerage commissions paid to brokers affiliated with
IDS were $6,257 for the six months ended April 30,
1994.
______________________________________________________________________________
4. Lending of portfolio securities
At April 30, 1994, securities valued at $2,617,500
were on loan to brokers. For collateral, the fund
received $2,730,000 in cash. Income from securities
lending amounted to $1,121 for the six months ended
April 30, 1994. The risks to the fund of securities
lending are that the borrower may not provide
additional collateral when required or return the
securities when due.
<PAGE>
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Notes to financial statements
IDS Global Bond Fund
______________________________________________________________________________
5. Interest rate futures contracts
At April 30, 1994, investments in securities included
securities valued at $2,224,512 that were pledged as
collateral to cover initial margin deposit on 478
purchase contracts. The market value of the open
contracts at April 30, 1994, was $49,617,396 with a
net unrealized loss of $1,834,810.
______________________________________________________________________________
6. Option contract written
<TABLE>
<CAPTION>
The number of contracts and premium amounts
associated with option contracts written is as
follows:
Six months ended April 30, 1994
______________________________________________________
Puts Calls
Contracts Premium Contracts Premium
______________________________________________________________________________
<S> <C> <C> <C> <C>
Balance Oct. 31, 1993 60 $ 82,455 -- $ --
Opened 350 267,395 183 274,907
Closed (93) (108,649) (133) (217,757)
Expired (167) (97,876) (50) (57,150)
______________________________________________________________________________
Balance Apr. 30, 1994 150 $143,325 -- $ --
/TABLE
<PAGE>
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Notes to financial statements
IDS Global Bond Fund
______________________________________________________________________________
7. Forward foreign currency contracts
At April 30, 1994, the fund had entered into seven
forward foreign currency exchange contracts that
obligate the fund to deliver currencies at specified
future dates. The unrealized depreciation of $46,338
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 Apr. 30, 1994 received Apr. 30, 1994
____________________________________________________________________________________________________
<S> <C> <C> <C> <C>
May 3, 1994 4,013,323 $ 4,013,323 6,792,750 $ 4,084,636
U.S. Dollar Deutsche Mark
May 6, 1994 3,571,458 3,571,458 27,309,868 3,562,373
U.S. Dollar Swedish Krona
May 23, 1994 3,985,407 3,985,407 6,500,000,000 4,070,214
U.S. Dollar Italian Lire
May 23, 1994 14,700,000 3,165,204 2,965,204 2,965,204
South African Rand U.S. Dollar
May 31, 1994 2,986,233 2,986,233 5,000,000 3,003,183
U.S. Dollar Deutsche Mark
June 3, 1994 2,983,828 2,983,828 5,000,000 3,002,823
U.S. Dollar Deutsche Mark
June 3, 1994 3,032,141 3,032,141 5,000,000 3,002,823
U.S. Dollar Deutsche Mark
___________ ___________
$23,737,594 $23,691,256
/TABLE
<PAGE>
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<TABLE>
Notes to financial statements
IDS Global Bond Fund
_______________________________________________________________________________
8. Financial highlights
The table below shows certain important financial information for evaluating the fund's results.
Fiscal period ended October 31,
Per share income and capital changes*
<CAPTION>
1994**** 1993 1992 1991 1990 1989**
<S> <C> <C> <C> <C> <C> <C>
Net asset value, $6.27 $5.91 $5.58 $5.46 $5.22 $5.00
beginning of period
Income from investment operations:
Net investment income .22 .26 .33 .50 .40 .12
Net gains on securites (.40) .62 .47 .12 .27 .22
(both realized and unrealized)
Total from investment (.18) .88 .80 .62 .67 .34
operations
Less distributions:
Dividends from net (.22) (.27) (.30) (.50) (.40) (.12)
investment income
Distributions from (.07) (.10) (.06) -- (.03) --
realized gains
Excess distribution -- (.15) (.11) -- -- --
of realized gains
Total distributions (.29) (.52) (.47) (.50) (.43) (.12)
Net asset value, $5.80 $6.27 $5.91 $5.58 $5.46 $5.22
end of period
Ratios/supplemental data
1994**** 1993 1992 1991 1990 1989**
Net assets, end of period $418 $255 $91 $50 $28 $11
(in millions)
Ratio of expenses to 1.24%*** 1.31% 1.39% 1.34% 1.73%++ 1.00%+
average daily net assets
Ratio of net income to 4.91%*** 5.11% 6.50% 7.15% 10.60%++ 7.04%***+
average daily net assets
Portfolio turnover rate 39% 90% 160% 123% 130% 91%
(excluding short-term securities)
Total return+ (2.93%)++++ 15.8% 14.8% 11.9% 13.3% 6.7%++++
*For a share outstanding throughout the period. Rounded to the nearest cent.
**Commencement of operations. Period from March 20, 1989 to Oct. 31, 1989.
***Adjusted to an annual basis.
****Six months ended April 30, 1994 (Unaudited).
+During the period from March 20, 1989 to Oct. 31, 1989, IDS reimbursed the fund
for expenses in excess of 1% of daily net assets. Had IDS not done so, the ratio
of expenses and the ratio of net investment income would have been 1.77% and 5.77%,
respectively.
++For the nine months ended July 31, 1990, IDS voluntarily reimbursed the fund
for a portion of its expenses. Had IDS not done so the ratio of expenses and the
ratio of net investment income would have been 1.87% and 10.46%, respectively.
+++Total return does not reflect payment of a sales charge.
++++For the fiscal period ended April 30,01994 and Oct. 31, 1989, the annualized total
return is (5.8%) and 11.05% respectively.
/TABLE
<PAGE>
PAGE
<TABLE>
Investments in securities
IDS Global Bond Fund (Percentages represent value of
April 30, 1994 (Unaudited) investments compared to net assets)
<CAPTION>
_____________________________________________________________________________________________________________________________
Bonds (71.8%)(b)
_____________________________________________________________________________________________________________________________
Issuer Coupon Maturity Principal Value(a)
rate year amount
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Argentina (4.5%)
Argentina
(U.S. Dollar) Euro 5.00 % 2005 $ 12,000,000 (h) $ 8,700,000
Argentina Republic
(U.S. Dollar) 4.25 2023 13,000,000 6,857,500
IRSA
(U.S. Dollar) 8.875 1999 1,600,000 (e) 1,456,000
Telecom Argentina
(U.S. Dollar) 8.375 2000 2,000,000 (e) 1,825,000
_____________
Total 18,838,500
_____________________________________________________________________________________________________________________________
Australia (3.9%)
Government of Australia
(Australian Dollar) 9.00 2004 22,300,000 16,568,454
_____________________________________________________________________________________________________________________________
Austria (1.3%)
Republic of Austria
(Japanese Yen) Euro 5.25 1998 540,000,000 5,599,800
_____________________________________________________________________________________________________________________________
Brazil (0.8%)
Brazil IDU
(U.S. Dollar) Euro 8.75 2001 4,455,000 3,241,013
_____________________________________________________________________________________________________________________________
Canada (7.6%)
Government of Canada
(Canadian Dollar) 7.25 2003 11,400,000 7,751,840
9.75 2021 7,200,000 5,874,250
10.50 2001 19,600,000 15,976,834
Province of Quebec
(U.S. Dollar) 11.00 2015 800,000 966,000
Rogers Cable System
(Canadian Dollar) 9.65 2014 2,000,000 1,303,072
______________
Total 31,871,996
_____________________________________________________________________________________________________________________________
China (1.7%)
Guang Dong Province Enterprises
(U.S. Dollar) 8.75 2003 5,000,000 (e) 4,606,250
People's Republic of China
(U.S. Dollar) 6.50 2004 3,000,000 (g) 2,617,500
______________
Total 7,223,750
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS Global Bond Fund (Percentages represent value of
April 30, 1994 (Unaudited) investments compared to net assets)
____________________________________________________________________________________________________________________________
Bonds (continued)
____________________________________________________________________________________________________________________________
Issuer Coupon Maturity Principal Value(a)
rate year amount
_____________________________________________________________________________________________________________________________
Columbia (0.5%)
Republic of Columbia
(U.S. Dollar) 7.25 % 2004 $ 2,100,000 $ 1,918,875
_____________________________________________________________________________________________________________________________
France (0.6%)
Government of France
(French Franc) 8.50 2023 12,500,000 2,490,500
_____________________________________________________________________________________________________________________________
Germany (10.6%)
Federal Republic of Germany
(Deutsche Mark) 6.00 1997 26,500,000 16,046,545
6.00 2016 9,000,000 4,670,460
6.375 1998 32,200,000 19,604,326
8.25 1997 6,000,000 3,839,520
_______________
Total 44,160,851
_____________________________________________________________________________________________________________________________
Indonesia (0.2%)
Indorayon
(U.S. Dollar) Sr Nts 9.125 2000 1,000,000 980,000
_____________________________________________________________________________________________________________________________
Italy (2.0%)
Republic of Italy
(U.S. Dollar) 6.875 2023 3,000,000 2,580,000
9.00 1998 9,400,000,000 5,828,000
__________
Total 8,408,000
______________________________________________________________________________________________________________________________
Japan (7.2%)
Government of Japan
(Japanese Yen) 3.60 2003 1,750,000,000 16,397,500
5.70 2013 600,000,000 6,450,000
Intl Amer Development Bank
(Japanese Yen) 5.75 1996 300,000,000 3,123,000
KFW Intl Finance
(Japanese Yen) 6.00 1999 400,000,000 4,292,000
____________
Total 30,262,500
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS Global Bond Fund (Percentages represent value of
April 30, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Bonds (continued)
_____________________________________________________________________________________________________________________________
Issuer Coupon Maturity Principal Value(a)
rate year amount
_____________________________________________________________________________________________________________________________
Korea (0.9%)
Korea Electric Power
(U.S. Dollar) 6.375% 2003 $ 3,000,000 $ 2,621,250
Korea Telecom
(U.S. Dollar) 7.40 1999 1,000,000 990,000
____________
Total 3,611,250
_____________________________________________________________________________________________________________________________
Mexico (2.1%)
Banco Nacional de Comercia
(U.S. Dollar) 7.25 2004 2,000,000 1,690,000
Petroleos Mexicanos
(U.S. Dollar) 8.625 2023 3,000,000 2,497,500
United Mexican States Euro
(U.S. Dollar) 6.25 2019 3,000,000 1,920,000
United States of Mexico Euro
(U.S. Dollar) 4.3125 2019 3,000,000 (h) 2,505,000
____________
Total 8,612,500
______________________________________________________________________________________________________________________________
Norway (0.6%)
Kingdom of Norway Euro Non-dollar
(Japanese Yen) 5.375 1997 250,000,000 2,575,000
_____________________________________________________________________________________________________________________________
South Africa (3.0%)
Escom
(South African Rand) 11.00 2008 46,000,000 9,030,720
Republic of South Africa
(South African Rand) 11.50 2000 17,500,000 3,729,600
___________
Total 12,760,320
_____________________________________________________________________________________________________________________________
Spain (0.7%)
Government of Spain
(Spanish Peso) 10.50 2003 370,000,000 2,923,000
_____________________________________________________________________________________________________________________________
Sweden (3.8%)
Government of Sweden
(Swedish Krona) 10.25 2003 63,000,000 9,175,950
11.00 1999 47,000,000 6,871,400
___________
Total 16,047,350
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS Global Bond Fund (Percentages represent value of
April 30, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Bonds (continued)
_____________________________________________________________________________________________________________________________
Issuer Coupon Maturity Principal Value(a)
rate year amount
_____________________________________________________________________________________________________________________________
United Kingdom (6.9%)
United Kingdom Treasury
(British Pound) 8.00 % 2003 9,400,000 $ 14,237,616
9.00 1994 1,000,000 1,542,980
9.00 2000 8,200,000 13,078,590
_____________
Total 28,859,186
_____________________________________________________________________________________________________________________________
United States (12.3%)
AMR
(U.S. Dollar) 9.75 2021 500,000 505,000
10.00 2021 1,000,000 1,033,750
Barclays Capital
(U.S. Dollar) 9.75 2021 1,000,000 1,120,000
Chesapeake
(U.S. Dollar) 9.875 2003 1,000,000 1,090,000
Chrysler Financial
(U.S. Dollar) 9.00 1994 500,000 508,125
Delta Airlines
(U.S. Dollar) 9.875 2000 1,500,000 1,586,250
Fairchild Inds
(U.S. Dollar) Sr Sec Nts 12.25 1999 1,000,000 1,002,500
Federal Paper Board
(U.S. Dollar) 10.00 2011 1,000,000 1,117,500
General Motors
(U.S. Dollar) 9.125 2001 2,000,000 2,165,000
Georgia-Pacific
(U.S. Dollar) Credit Sensitive Nts 9.85 1997 500,000 531,250
Kearny Real Estate LP
(U.S. Dollar) 6.55 2000 2,500,000 2,506,250
PDV Amer
(U.S. Dollar) 7.875 2003 3,500,000 3,298,750
Phillips Pertoleum
(U.S. Dollar) 7.92 2023 3,115,000 2,908,631
Pt Indah Kiat
(U.S. Dollar) Euro 8.875 2000 2,500,000 2,293,750
See accompanying notes to investments in securities.<PAGE>
PAGE
Investments in securities
IDS Global Bond Fund (Percentages represent value of
April 30, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Bonds (continued)
_____________________________________________________________________________________________________________________________
Issuer Coupon Maturity Principal Value(a)
rate year amount
_____________________________________________________________________________________________________________________________
United States (cont'd)
Questar Pipeline
(U.S. Dollar) 9.375% 2021 $ 1,000,000 $ 1,103,750
Resolution Funding Corp
(U.S. Dollar) 7.50 2017 2,000,000 (c) 340,820
8.00 2016 3,259,000 (c) 596,071
Southern California Gas
(U.S. Dollar) 7.375 2023 900,000 816,750
Texas Utilities
(U.S. Dollar) 1st Mtge 9.75 2021 500,000 545,000
U.S. Treasury
(U.S. Dollar) 7.625 2022 13,000,000 13,329,160
8.875 2019 8,595,000 (d) 9,958,166
USX
(U.S. Dollar) 8.125 2023 3,000,000 2,962,500
____________
Total 51,318,973
_____________________________________________________________________________________________________________________________
Venezuela (0.6%)
Venezuela
(U.S. Dollar) 6.75 2020 5,000,000 2,475,000
_____________________________________________________________________________________________________________________________
Total bonds
(Cost: $312,727,024) $300,746,818
_____________________________________________________________________________________________________________________________
<CAPTION>
Common Stocks (2.0%)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
Atlantic Richfield 14,800 1,411,550
Cambridge Shopping Center 310 (b) 3,591
Hanson 576,148 (b) 2,380,067
Newmont Gold 21,200 (b) 863,900
Occidental Petroleum 55,600 (b) 986,900
Vaalreefs Exploration & Mining ADR 75,000 (b) 651,563
Woolworth 1,000,000 (b) 2,225,000
_____________________________________________________________________________________________________________________________
Total common stocks
(Cost: $8,759,980) $ 8,522,571
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS Global Bond Fund (Percentages represent value of
April 30, 19934 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Options Purchased (--%)
_____________________________________________________________________________________________________________________________
Issuer Number of Exercise Expiration Value(a)
of contracts price date
____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Put
Deutsche Mark 200 $55 June 1984 $ 2,500
_____________________________________________________________________________________________________________________________
Total options purchased
(Cost:$96,400) $ 2,500
_____________________________________________________________________________________________________________________________
<CAPTION>
Short-term securities (27.9%)
_____________________________________________________________________________________________________________________________
Issuer Annualized Amount Value(a)
yield on payable
date of at
purchase maturity
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C>
U.S. government agencies (1.4%)
Federal Home Loan Mtge Corp
Disc Note
05-27-94 3.71 % $4,795,000 $ 4,781,694
Student Loan Marketing Assn
Disc Note
05-16-94 3.65 900,000 898,544
_____________
Total 5,680,238
_____________________________________________________________________________________________________________________________
Commercial paper (25.0%)
Amgen
05-20-94 3.63 5,500,000 5,488,939
05-27-94 3.81 3,600,000 3,589,740
05-27-94 3.86 1,200,000 1,196,535
ABB Treasury Center
05-09-94 3.63 5,600,000 (f) 5,594,932
05-18-94 3.81 4,200,000 (f) 4,192,020
BBV Delaware
05-12-94 3.74 2,000,000 1,997,513
CPC Intl
05-06-94 3.74 3,400,000 (f) 3,397,886
Colgate Palmolive
05-18-94 3.67 5,000,000 (f) 4,990,875
Cooper Indus
05-13-94 3.68 5,800,000 5,792,313
Eiger Capital
05-26-94 3.82 1,800,000 (f) 1,795,047
Fleet Funding
05-23-94 3.64 2,200,000 (f) 2,194,905
Gateway Fuel
05-31-94 3.81 2,600,000 2,591,492
See accompanying notes to investments in securities.<PAGE>
PAGE
Investments in securities
IDS Global Bond Fund (Percentages represent value of
April 30, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Short-term securities (continued)
_____________________________________________________________________________________________________________________________
Issuer Annualized Amount Value(a)
yield on payable
date of at
purchase maturity
_____________________________________________________________________________________________________________________________
Commercial paper (cont'd)
Gillette
05-10-94 3.76% $2,000,000 (f) $ 1,997,917
Goldman Sachs
05-19-94 3.64 4,000,000 3,992,337
Hewlett-Packard
05-02-94 3.69 1,800,000 1,799,633
Intel
05-11-94 3.63 4,500,000 4,495,022
Metlife Funding
05-02-93 3.57 5,800,000 5,798,856
05-23-94 3.81 5,000,000 4,987,861
Mobile Australia Delaware
05-03-94 3.61 4,400,000 (f) 4,398,680
PACCAR
05-09-94 3.68 4,000,000 3,996,330
Penney (JC)
05-19-94 3.61 2,800,000 2,794,680
Pennsylvania Power & Light
Energy Trust
05-12-94 3.63 3,900,000 3,895,294
PepsiCo
05-24-94 3.80 5,300,000 (f) 5,286,573
06-01-94 3.82 4,400,000 4,385,138
Quaker Oats
05-16-94 3.61 2,000,000 (f) 1,996,800
SBT Funding
05-17-94 3.61 2,144,000 (f) 2,140,355
Toyata Motor Credit
05-10-94 3.63 4,000,000 3,995,978
05-27-94 3.81 3,000,000 2,991,450
05-24-94 3.83 3,000,000 2,991,405
____________
Total 104,766,506
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS Global Bond Fund (Percentages represent value of
April 30, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Short-term securities (continued)
_____________________________________________________________________________________________________________________________
Issuer Annualized Amount Value(a)
yield on payable
date of at
purchase maturity
_____________________________________________________________________________________________________________________________
Letters of credit (1.5%)
ABN AMRO-
Sci Systems
06-06-94 3.92% $2,400,000 $ 2,390,380
First Natl Bank Chicago-
Commonwealth Fuel
06-01-94 3.84 3,400,000 3,388,425
NationsBank of North Carolina-
Comdisco
05-04-94 3.66 700,000 699,716
____________
Total 6,478,521
_____________________________________________________________________________________________________________________________
Total short-term securities
(Cost: $116,925,265) $116,925,265
_____________________________________________________________________________________________________________________________
Total investments in securities
(Cost: $438,508,669)(i) $426,197,154
_____________________________________________________________________________________________________________________________
<PAGE>
PAGE
Investments in securities
IDS Global Bond Fund
April 30, 1994
________________________________________________________________________________________________________________
Notes to investments in securities
________________________________________________________________________________________________________________
(a) Securities are valued by procedures described in Note 1 to the financial statements.
(b) Foreign security values are stated in U.S. dollars; principal amounts are denominated in the currency
indicated.
(c) For zero coupon bonds, the interest rate disclosed represents the annualized effective yield on
the date of acquisition.
(d) Partially pledged as initial deposit on the following open interest rate futures purchase contracts
(see Note 5 to the financial statements):
<CAPTION>
Foreign
Type of security par value
_________________________________________________________________________
<S> <C>
British gilt futures 10,850,000
German bundes futures 18,500,000
French futures 73,000,000
Italian futures 8,200,000,000
_________________________________________________________________________
(e) 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.
(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) Security is partially or fully on loan. See Note 4 to the financial statements.
(h) Interest rate varies, rate shown in the effective rate on April 30, 1994.
(i) At April 30, 1994, the cost of securities for federal income tax purposes was approximately
$438,381,000 and the approximate aggregate gross unrealized appreciation and depreciation
based on that cost was:
<S> <C>
Unrealized appreciation $ 5,879,000
Unrealized depreciation (18,063,000)
_______________________________________________________________________________
Net unrealized depreciation $(12,184,000)
_______________________________________________________________________________
</TABLE>
<PAGE>
PAGE
Directors and officers
Directors and officers of the fund
_____________________________________________________________________
President and interested director
William R. Pearce
President of all funds in the IDS MUTUAL FUND GROUP.
_____________________________________________________________________
Independent directors
Lynne V. Cheney
Distinguished fellow, American Enterprise Institute for
Public Policy Research.
Robert F. Froehlke
Former president of all funds in the IDS MUTUAL FUND GROUP.
Donald M. Kendall
Former chairman and chief executive officer, PepsiCo, Inc.
Melvin R. Laird
Senior counsellor for national and international affairs,
The Reader's Digest Association, Inc.
Lewis W. Lehr
Former chairman and chief executive officer,
Minnesota Mining and Manufacturing Company (3M).
Edson W. Spencer
Former chairman and chief executive officer, Honeywell, Inc.
Wheelock Whitney
Chairman, Whitney Management Company.
_____________________________________________________________________
Interested director who is a partner in a law firm that has
represented an IDS subsidiary
Anne P. Jones
Partner, law firm of Sutherland, Asbill & Brennan.
_____________________________________________________________________
Interested directors who are officers and/or employees of IDS
William H. Dudley
Executive vice president, IDS.
David R. Hubers
President and chief executive officer, IDS.
John R. Thomas
Senior vice president, IDS.
_____________________________________________________________________
Other officer
Leslie L. Ogg
Vice president of all funds in the IDS MUTUAL FUND GROUP and general
counsel and treasurer of the publicly offered funds.<PAGE>
PAGE
IDS mutual funds
Cash equivalent investments
These money market funds have three main goals: conservation of
capital, constant liquidity and the highest possible current income
consistent with these objectives. Very limited risk.
IDS Cash Management Fund
Invests in such money market securities as high quality commercial
paper, bankers' acceptances, certificates of deposit (CDs) and
other bank securities.
(icon of) piggy bank
IDS Tax-Free Money Fund
Invests primarily in short-term bonds and notes issued by state and
local governments to seek high current income exempt from federal
income taxes.
(icon of) shield with piggy bank enclosed
Income investments
The funds in this group invest their assets primarily in corporate
bonds or government securities to seek interest income.
Secondary objective is capital growth. Risk varies by bond quality.
IDS Global Bond Fund
Invests primarily in debt securities of U.S. and foreign issuers to
seek high total return through income and growth of capital.
(icon of) globe
IDS Extra Income Fund
Invests mainly in long-term, high-yielding corporate fixed-income
securities in the lower rated, higher risk bond categories to seek
high current income. Secondary objective is capital growth.
(icon of) cornucopia<PAGE>
PAGE
IDS mutual funds
IDS Bond Fund
Invests mainly in corporate bonds, at least 50% in the higher rated,
lower risk bond categories, or the equivalent, and in government bonds.
(icon of) greek column
IDS Strategy, Income Fund
Invests primarily in corporate and government bonds to seek high
current income while conserving capital. Also may seek capital
appreciation when consistent with its primary goals.
(icon of) chess piece
IDS Selective Fund
Invests in high quality corporate bonds and other highly rated debt
instruments including government securities and short-term
investments. Seeks current income and preservation of capital.
(icon of) skyline
IDS Federal Income Fund
Invests primarily in securities issued or guaranteed as to the timely
payment of principal and interest by the U.S. government, its agencies
and instrumentalities. Seeks a high level of current income and
safety of principal consistent with its type of investments.
(icon of) federal building
IDS Strategy, Short-Term Income Fund
Invests primarily in short-term and intermediate-term bonds and notes
to seek a high level of current income.
(icon of) chess piece
Tax-exempt income investments
These funds provide tax-free income by investing in municipal bonds.
The income is generally free from federal income tax. Risk varies
by bond quality.
IDS High Yield Tax-Exempt Fund
Invests primarily in medium- and lower-quality municipal bonds and
notes. Lower-quality securities generally involve greater risk of
principal and income.
(icon of) shield with basket of apples enclosed<PAGE>
PAGE
IDS mutual funds
IDS State Tax-Exempt Funds
(CA, MA, MI, MN, NY, OH)
Invests primarily in high- and medium-grade municipal securities
to provide income to residents of each respective state that is
exempt from federal, state and local income taxes. (New York
is the only state that is exempt at the local level.)
(icon of) shield with U.S. enclosed
IDS Tax-Exempt Bond Fund
Invests mainly in bonds and notes of state or local government
units, with at least 75% in the four highest rated, lowest risk bond
categories.
(icon of) shield with Greek column
IDS Insured Tax-Exempt Fund
Invests primarily in municipal securities that are insured as to
the timely payment of principal and interest. The insurance
feature minimizes credit risk of the fund but does not guarantee
the market value of the fund's shares.
(icon of) shield with eagle head
Growth and income investments
These funds focus on securities of medium to large, well-established
companies that offer long-term growth of capital and reasonable income
from dividends and interest. Moderate risk.
IDS International Fund
Invests primarily in common stocks of foreign companies that offer
potential for superior growth. The fund may invest up to 20%
of its assets in the U.S. market.
(icon of) three flags
IDS Strategy, Worldwide Growth Fund
Invests primarily in common stocks of companies throughout the world
that offer potential for superior growth. Holdings may range from
small- to large- capitalization stocks, including those of companies
involved in areas of rapid economic growth.
(icon of) chess piece
IDS Managed Retirement Fund
Invests in a combination of common stocks, fixed-income
investments and money market securities to seek a maximum total
return through a combination of growth of capital and current income.
(icon of) bird in a nest
<PAGE>
PAGE
IDS mutual funds
IDS Equity Plus Fund
Invests primarily in a combination of moderate growth stocks,
higher-yielding equities and bonds. Seeks growth of
capital and income.
(icon of) three apple trees
IDS Blue Chip Advantage Fund
Invests in selected stocks from a major market index. Securities
purchased are those recommended by IDS research analysts as the
best from each industry represented on the index. Offers potential
for long-term growth as well as dividend income.
(icon of) ribbon
IDS Stock Fund
Invests in common stocks of companies representing many
sectors of the economy. Seeks current income and growth of capital.
(icon of) building with columns
IDS Strategy, Equity Fund
Invests primarily in undervalued common stocks that offer potential
for growth of capital and income.
(icon of) chess piece
IDS Utilities Income Fund
Invests primarily in the stocks of public utility companies to seek
high current income and growth of income and capital with reduced
volatility.
(icon of) electrical cord
IDS Diversified Equity Income Fund
Invests primarily in high-yielding common stocks to seek high current
income and, secondarily, to benefit from the growth potential offered
by stock investments.
(icon of) four puzzle pieces
IDS Mutual
Invests in a balance between common stocks and senior securities
(preferred stocks and bonds). Seeks a balance of growth of capital
and current income.
(icon of) scale of justice<PAGE>
PAGE
IDS mutual funds
Growth investments
Funds in this group seek capital growth, primarily from common stocks.
They are high risk mutual funds with a potential for high reward.
IDS Discovery Fund
Invests in small- and medium-size, growth-oriented companies
emphasizing technological innovation and productivity enhancement.
Buys and holds larger growth-oriented stocks.
(icon of) ship
IDS Strategy, Aggressive Equity Fund
Invests primarily in common stocks of companies that are selected
for their potential for above-average growth. Above-average means
that their growth potential is better, in the opinion of the
portfolio's investment manager, than the Standard & Poor's
Corporation (S&P) 500 Stock Index.
(icon of) chess piece
IDS Growth Fund
Invests primarily in companies that have above-average potential
for long-term growth as a result of new management, marketing
opportunities or technological superiority.
(icon of) flower
IDS Global Growth Fund
Invests in stocks of companies throughout the world that are
positioned to meet market needs in a changing world economy.
These companies offer above-average potential for long-term growth.
(icon of) world
IDS New Dimensions Fund
Invests primarily in companies with significant growth
potential due to superiority in technology, marketing or management.
The fund frequently changes its industry mix.
(icon of) dimension
IDS Progressive Fund
Invests primarily in undervalued common stocks. The fund holds
stocks for the long term with the goal of capital growth.
(icon of) shooting star
<PAGE>
PAGE
Specialty growth investment
This fund aggressively seeks capital growth as a hedge against inflation.
IDS Precious Metals Fund
Invests primarily in the securities of foreign or domestic companies
that explore for, mine and process or distribute gold and other
precious metals. This is the most aggressive and most speculative
IDS mutual fund.
(icon of) cart of precious gems
For more complete information about any of these funds, including charges
and expenses, you can obtain a prospectus by contacting your financial
planner or writing to IDS Shareholder Service, P.O. Box 534, Minneapolis,
MN 55440-0534. Read it carefully before you invest or send money.
<PAGE>
PAGE
Quick telephone reference
IDS Telephone Transaction Service
Redemptions and exchanges, dividend payments or reinvestments and
automatic payment arrangements
National/Minnesota:
800-437-3133
Mpls./St. Paul area:
671-3800
IDS Shareholder Service
Fund performance, objectives and account inquiries
612-671-3733
TTY Service
For the hearing impaired
800-846-4852
IDS Infoline
Automated account information (TouchTone phones only), including current
fund prices and performance, account values and recent account
transactions
National/Minnesota:
800-272-4445
Mpls./St. Paul area:
671-1630
Your IDS financial planner
AN AMERICAN EXPRESS COMPANY
1894 IDS 1994
A CENTURY OF INVESTING IN THE FUTURE
IDS Global Bond Fund
IDS Tower 10
Minneapolis, MN 55440-0010
<PAGE>
PAGE
IDS Global Growth Fund
1994 semiannual report
(icon of) world
The goal of IDS Global Growth Fund, a
part of IDS Global Series Inc., is a
long-term growth of capital. The fund
invests primarily in common stocks and
securities convertible into common stocks
of companies throughout the world.
Financial Planning
IDS
An American Express company
American
Express
Distributed by IDS Financial Services Inc.
<PAGE>
PAGE
(icon of) world
It's a big world after all
No one needs to be told that the world is changing rapidly.
For example, some years ago U.S. stocks accounted for about
two-thirds of the total value of stocks worldwide. Today,
that figure is down to about one-third, as many foreign stock
markets have enjoyed explosive growth. Global Growth Fund
seeks to take advantage of that trend by investing in
companies throughout the world, not just the United States.
For the most part, these are fast-growing foreign companies
involved in essential businesses such as infrastructure creation,
finance and environmental clean-up. As they prosper, Global Growth
Fund offers investors the potential to prosper along with them.
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 19
Directors and officers 24
IDS mutual funds 25
<PAGE>
PAGE
To our shareholders
From the president
(Photo of William R. Pearce)
William R. Pearce
President of the fund
As you read this semiannual report, you'll find that it complements the
newly designed annual report you received six months ago. We hope the
substantial changes we've made to the design and organization will help
make information easier to find and understand.
A good place to begin is with the portfolio manager's letter, which
describes the events and investment strategies that most influenced
the fund's performance during the past period.
For a broader financial perspective, please consult your IDS planner,
who can help you make sure your investment and protection strategies
continue to meet the objectives in your financial plan.
William R. Pearce
<PAGE>
PAGE
To our shareholders (continued)
(Photo of Edward F. Korff)
Edward F. Korff
Portfolio manager
From the portfolio manager
International stock markets lived up to their reputation for volatility
during the past six months. After posting exceptionally strong advances
late in 1993, many of the smaller markets did an about-face early in
1994, giving back much of their gains. Naturally, IDS Global Growth
Fund was affected by these trends, but still finished in positive
territory, for the period as a whole.
The surge in foreign stocks that began early in 1993 continued through
to the end of the year, as investors poured money into top-performing
markets such as Southeast Asia, Latin America (including Mexico) and
Hong Kong at a remarkable rate. The influx certainly had an effect; in
November and December alone (the first two months of the fund's fiscal
period), some markets were up a stunning 20% and more, propelling many
stocks to unrealistically high levels.
Ups and downs
That became evident within days of the new year, as prices began to
fall nearly as fast as they had risen. The retreat was first sparked
by social and political unrest in Mexico, then fanned by a weakening
Mexican currency. Large investors quickly decided it was time to take
profits (sell the stocks that had racked up sizable gains) in that
country, which drove down prices. The negative psychology soon spread
to other Latin American markets, such as Argentina and Chile, where
investors had also realized great gains.
The story was the same in Hong Kong and Southeast Asia, although the
sell-offs resulted more from the rise in interest rates in the United
States. (Because of those countries' ties to the U.S. dollar, their
interest rates typically move in tandem with those in the United
States. As was borne out this year, rising rates often have a negative
effect on stocks.) Similar to the situation in the Latin American
markets, the declines in Hong Kong and Southeast Asia continued almost
through the end of the six-month period.
<PAGE>
PAGE
To our shareholders (continued)
Japan bucks trend
The biggest exception to the trend was Japan, whose slumping stock
market rebounded quite strongly from January through April. Europe
also held up reasonably well, as the economies there began to work
their way out of recession. Our exposure to those markets provided
positive returns that helped temper the downturns in other parts of
the world.
As we move into the second half of the fiscal year, we ae no less
confident of the long-term outlook for foreign investing. Many
countries continue to enjoy robust economies while others are beginning
to gather forward momentum. Against this backdrop, inflation, in
most cases, seems to be of little threat. That's a good basic
prescription for stocks. We continue to find good compaines whose stocks
are reasonably priced, including recent portfolio additions from India
and the Philippines. As always, our focus remains on attractive companies
no matter where they're located. Also encouraging is that many of the
markets that experienced dramatic declines began to head higher near
the close of the period.
Of course, that doesn't mean there won't be occasional setbacks along
the way-this year and in the years to come. But for a patient investor,
we expect it to be a worthwhile journey.
Edward F. Korff
<PAGE>
PAGE
To our shareholders (continued)
6-month performance
(All figures per share)
Net asset value (NAV)
_____________________
April 30, 1994 $6.61
_____________________
Oct. 31, 1993 $6.30
_____________________
Increase $0.31
_____________________
Distributions
Nov. 1, 1993-April 30, 1994
___________________________
From income $0.03
___________________________
From capital gains $0.08
___________________________
Total distributions $0.11
___________________________
Total return* +6.5%
___________________________
*If you purchased shares in the fund during this period, your return
also would have been affected by the sales charge, as described in
the prospectus.<PAGE>
PAGE
<TABLE>
IDS Global Growth Fund
Your fund's ten largest holdings
<CAPTION>
Percent Value
(of fund's net assets) (as of April 30, 1994)
<S> <C> <C>
Castorama Dubois (France) 2.32% $11,476,800
A fast growing "do-it-yourself" retailer in
France (currently expanding into Italy).
Friedrich Grohe (Germany) 2.16 10,679,480
Largest manufacturer of faucets and fixtures in Europe
York Benimaru (Japan) 1.89 9,349,600
Major retailer
Douglas Holdings (Germany) 1.82 8,974,725
Specialty retailer
Hornbach (Germany) 1.81 8,929,638
The most rapidly growing "do-it-yourself" retailer
in Germany.
Air Liquide (France) 1.75 8,660,400
One of the world's largest producers of industrial gases.
Alpine Electronics (Japan) 1.72 8,493,750
Consumer electronics producer.
Global Mark International (Indonesia) 1.62 8,020,000
Largest manufactuer of food products in Indonesia.
Sceptre (Canada) 1.58 7,818,440
Producer of oil and gas.
SAP (Germany) 1.54 7,612,748
Leading computer software producer.
(Pie chart)
The ten holdings listed here make up 18.21% of the fund's
net assets
Note: Certain foreign investment risks include: changes
in currency exchange rates, adverse political or economic
order, and lack of similar regulatory requirements
followed by U.S. companies.
/TABLE
<PAGE>
PAGE
<TABLE>
Financial statements
Statement of assets and liabilities
IDS Global Growth Fund
April 30, 1994
<CAPTION>
Assets
_____________________________________________________________________________________________________________
(Unaudited)
<S> <C>
Investments in securities, at value (Note 1):
Investments in securities of unaffiliated issuers (identified cost $455,803,724) $495,717,131
Investments in securities of affiliated issuer (identified cost $2,601,416) 1,299,375
_____________________________________________________________________________________________________________
Total investments in securities (identified cost $458,405,140) 497,016,506
Cash in bank on demand deposit 6,343,092
Receivable for investment securities sold 4,503,008
Receivable for foreign currency contracts held, at value (Notes 1 and 4) 2,197,116
Dividends and accrued interest receivable 664,797
U.S. government securities held as collateral (Note 5) 16,604,321
Organizational costs (Note 1) 5,758
_____________________________________________________________________________________________________________
Total assets 527,334,598
_____________________________________________________________________________________________________________
Liabilities
_____________________________________________________________________________________________________________
Payable for foreign currency contracts held, at value (Notes 1 and 4) 2,209,241
Payable upon return of securities loaned (Note 5) 30,062,321
Payable to investment manager for organizational costs (Note 1) 5,777
Accrued investment management and services fee 317,340
Accrued distribution fee 36,523
Accrued transfer agency fee 91,203
Other accrued expenses 207,640
_____________________________________________________________________________________________________________
Total liabilities 32,930,045
_____________________________________________________________________________________________________________
Net assets applicable to outstanding capital stock $494,404,553
_____________________________________________________________________________________________________________
Represented by
_____________________________________________________________________________________________________________
Capital stock -- $.01 par value; outstanding 74,817,634 shares (Note 1) $ 748,176
Additional paid-in capital 452,889,007
Net operating loss (Note 1) (121,905)
Accumulated net realized gain 2,290,034
Unrealized appreciation (Note 4) 38,599,241
_____________________________________________________________________________________________________________
Total -- representing net assets applicable to outstanding capital stock $494,404,553
_____________________________________________________________________________________________________________
Net asset value per share of outstanding capital stock $ 6.61
_____________________________________________________________________________________________________________
See accompanying notes to financial statements.<PAGE>
PAGE
Statement of operations
IDS Global Growth Fund
Six months ended April 30, 1994
Investment income
_____________________________________________________________________________________________________________
(Unaudited)
Income:
Dividends (net of foreign taxes withheld of $72,722) $ 1,190,034
Interest 1,215,568
_____________________________________________________________________________________________________________
Total income 2,405,602
_____________________________________________________________________________________________________________
Expenses (Note 2):
Investment management and services fee 1,574,140
Distribution fee 172,186
Transfer agency fee 429,142
Compensation of directors 5,088
Compensation of officers 897
Custodian fees 116,423
Postage 65,449
Registration fees 127,097
Reports to shareholders 18,565
Audit fees 8,750
Administrative 2,062
Other 11,540
_____________________________________________________________________________________________________________
Total expenses 2,531,339
_____________________________________________________________________________________________________________
Investment loss -- net (125,737)
_____________________________________________________________________________________________________________
Realized and unrealized gain -- net
_____________________________________________________________________________________________________________
Net realized gain on security and foreign currency transactions (including gain of $5,551
from foreign currency transactions) (Note 3) 2,298,099
Net change in unrealized appreciation or depreciation 11,357,235
_____________________________________________________________________________________________________________
Net gain on investments and foreign currency 13,655,334
_____________________________________________________________________________________________________________
Net increase in net assets resulting from operations $13,529,597
_____________________________________________________________________________________________________________
See accompanying notes to financial statements.
<PAGE>
PAGE
Financial statements
Statements of changes in net assets
IDS Global Growth Fund
<CAPTION>
Operations and distributions April 30, 1994 Oct. 31, 1993
_____________________________________________________________________________________________________________
Six months ended Year ended
(Unaudited)
<S> <C> <C>
Investment income (loss) -- net $ (125,737) $ 988,544
Net realized gain on investments and foreign currency 2,298,099 3,967,337
Net change in unrealized appreciation or depreciation 11,357,235 29,879,290
_____________________________________________________________________________________________________________
Net increase in net assets resulting from operations 13,529,597 34,835,171
_____________________________________________________________________________________________________________
Distributions to shareholders from:
Net investment income (1,088,318) (494,216)
Net realized gain on investments (3,909,792) (512,166)
Excess distribution of realized gain (Note 1) (5,551) (59,927)
_____________________________________________________________________________________________________________
Total distributions (5,003,661) (1,066,309)
_____________________________________________________________________________________________________________
Capital share transactions
_____________________________________________________________________________________________________________
Proceeds from sales of
39,399,800 and 27,423,494 shares (Note 2) 263,717,459 156,463,473
Net asset value of 741,487 and 215,463 shares
issued in reinvestment of distributions 4,980,480 1,060,945
Payments for redemptions of
4,029,591 and 2,934,518 shares (26,813,286) (16,190,471)
_____________________________________________________________________________________________________________
Increase in net assets from capital share transactions
representing net addition of
36,111,696 and 24,704,439 shares 241,884,653 141,333,947
_____________________________________________________________________________________________________________
Total increase in net assets 250,410,589 175,102,809
Net assets at beginning of period 243,993,964 68,891,155
_____________________________________________________________________________________________________________
Net assets at end of period
(including undistributed net investment income
of $(121,905) and $1,092,150) $494,404,553 $243,993,964
_____________________________________________________________________________________________________________
See accompanying notes to financial statements.
</TABLE>
<PAGE>
PAGE
Notes to financial statements
IDS Global Growth Fund
(Unaudited as to April 30, 1994)
______________________________________________________________________________
1. Summary of significant accounting policies
IDS Global Growth Fund is a series of IDS Global
Series, Inc. and is registered under the Investment
Company Act of 1940 (as amended) as a diversified,
open-end management investment company. IDS Global
Series, Inc. has 10 billion authorized shares of
capital stock that can be freely allocated among the
separate series as designated by the board of
directors. 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
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.
<PAGE>
PAGE
Notes to financial statements
IDS Global Growth Fund
______________________________________________________________________________
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.
<PAGE>
PAGE
Notes to financial statements
IDS Global Growth Fund
______________________________________________________________________________
1. Summary of significant accounting policies (continued)
The fund may enter into forward foreign currency
exchange contracts for operational purposes and to
protect against adverse exchange rate fluctuation.
The net U.S. dollar value of foreign currency
underlying all contractual commitments held by the
fund and the resulting unrealized appreciation or
depreciation are determined using foreign currency
exchange rates from an independent pricing service.
The fund is subject to the credit risk that the other
party will not complete the obligations of the
contract.
Federal taxes
Since the fund's policy is to comply with all
sections of the Internal Revenue Code applicable to
regulated investment companies and to distribute all
of its taxable income to shareholders, no provision
for income or excise taxes is required.
Net investment income (loss) and net realized gains
(losses) may differ for financial statement and tax
purposes primarily because of the deferral of losses
on certain futures contracts, the recognition of
certain foreign currency gains (losses) as ordinary
income (loss) for tax purposes, and losses deferred
due to "wash sale" transactions. The character of
distributions made during the year from net
investment income or net realized gains may differ
from their ultimate characterization for federal
income tax purposes. The effect on dividend
distributions of certain book-to-tax differences is
presented as "excess distributions" in the statement
of changes in net assets. Also, due to the timing of
dividend distributions, the fiscal year in which
amounts are distributed may differ from the year that
the income or realized gains (losses) were recorded
by the fund.
<PAGE>
PAGE
Notes to financial statements
IDS Global Growth Fund
______________________________________________________________________________
1. Summary of significant accounting policies (continued)
Dividends to shareholders
An annual dividend declared and paid by the end of
the calendar year from net investment income is
reinvested in additional shares of the fund at net
asset value or payable in cash. Capital gains, when
available, are distributed along with the income
dividend.
Other
Security transactions are accounted for on the date
securities are purchased or sold. Dividend income is
recognized on the ex-dividend date or upon receipt of
ex-dividend notification in the case of certain
foreign securities. Interest income, including
level-yield amortization of premium and discount is
accrued daily. Organization costs are being amortized
over 60 months on a straight-line basis.
______________________________________________________________________________
2. Expenses and sales charges
Under terms of an agreement dated Nov. 14, 1991, the
fund pays IDS Financial Corporation (IDS) a fee for
managing its investments, recordkeeping and other
specified services. The fee is a percentage of the
fund's average daily net assets consisting of a group
asset charge in reducing percentages from 0.46% to
0.32% annually on the combined net assets of all
non-money market funds in the IDS MUTUAL FUND GROUP
and an individual annual asset charge of 0.46% of
average daily net assets.
The 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.
<PAGE>
PAGE
Notes to financial statements
IDS Global Growth Fund
______________________________________________________________________________
2. Expenses and sales charges (continued)
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 $5,109,089 for the six
months ended April 30, 1994. The fund also pays
custodian fees to IDS Trust Company, an affiliate of
IDS.
The fund has a retirement plan for its independent
directors. Upon retirement, directors receive monthly
payments equal to one-half of the retainer fee for as
many months as they served as directors up to 120
months. There are no death benefits. The plan is not
funded but the fund recognizes the cost of payments
during the time the directors serve on the board.
The retirement plan expense amounted to $1,274 for
the six months ended April 30, 1994.
______________________________________________________________________________
3. Securities transactions
Cost of purchases and proceeds from sales of
securities (other than short-term obligations)
aggregated $261,025,837 and $62,315,789,
respectively, for the six months ended April 30,
1994. Realized gains and losses are determined on an
identified cost basis.
Brokerage commissions paid to brokers affiliated with
IDS were $92,561 for the six months ended April 30,
1994.
<PAGE>
PAGE
<TABLE>
Notes to financial statements (continued)
IDS Global Growth Fund
______________________________________________________________________________
4. Foreign currency contracts
At April 30, 1994, the fund had entered into three
foreign currency exchange contracts that obligate the
fund to deliver currencies at specified future dates.
The unrealized depreciation of $12,125 on these
contracts is included in the accompanying financial
statements. The terms of the open contracts are as
follows:
<CAPTION>
U.S. Dollar value U.S. Dollar value
Currency to be as of Currency to be as of
Exchange date delivered April 30, 1994 received April 30, 1994
____________________________________________________________________________________________________
<S> <C> <C> <C> <C>
May 3, 1994 49,800 $ 35,269 34,748 $ 34,748
Swiss Franc U.S. Dollar
May 4, 1994 48,000 33,994 33,682 33,682
Swiss Franc U.S.Dollar
May 5, 1994 3,021,648 2,139,978 2,128,686 2,128,686
Swiss Franc U.S. Dollar
__________ __________
$2,209,241 $2,197,116
______________________________________________________________________________
</TABLE>
5. Lending of portfolio securities
At April 30, 1994, securities valued at $27,768,437
were on loan to brokers. For collateral, the fund
received $13,458,000 in cash and U.S. government
securities valued at $16,604,321. Income from
securities lending amounted to $91,747 for the six
months ended April 30, 1994. The risks to the fund of
securities lending are that the borrower may not
provide additional collateral when required or return
the securities when due.<PAGE>
PAGE
<TABLE>
Notes to financial statements
IDS Global Growth
_____________________________________________________________________________
6. Financial highlights
The table below shows certain important financial information
for evaluating the fund's results.
Fiscal period ended Oct. 31,
Per share income and capital changes*
<CAPTION>
1994** 1993 1992 1991 1990***
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $6.30 $4.92 $5.03 $4.67 $5.00
Income from investment operations:
Net investment income (loss) (.01) .02 .04 .08 .04
Net gains (losses) on securities (both realized and unrealized) .43 1.43 (.11) .36 (.37)
Total from investment operations .42 1.45 (.07) .44 (.33)
Less distributions:
Dividends from net investment income (.02) (.03) (.04) (.08) --
Distributions from realized gains (.09) (.03) -- -- --
Excess distributions of realized gains -- (.01) -- -- --
Total distributions (.11) (.07) (.04) (.08) --
Net asset value, end of period $6.61 $6.30 $4.92 $5.03 $4.67
Ratios/supplemental data
1994** 1993 1992 1991 1990***
Net assets, end of period (in millions) $494 $244 $69 $38 $21
Ratio of expenses to average daily net assets 1.38%****1.51% 1.72% 1.70% .81%
Ratio of net income (loss) to average daily net assets (.07)%**** .80% 1.16% 1.66% 2.99%****
Portfolio turnover rate (excluding short-term securities) 19% 27% 41% 33% 20%
Total return+ 6.5%++ 29.9% (1.5%) 9.8% (6.7%)++
*For a share outstanding throughout the period. Rounded to the nearest cent.
**Six months ended April 30, 1994 (Unaudited).
***Commencement of operations. Period from May 29, 1990 to Oct. 31, 1990.
****Adjusted to an annual basis.
+Total return does not reflect payment of a sales charge.
++For the fiscal periods ended Oct. 31, 1990 and April 30, 1994, the annualized total returns
are (16.1)% and 13.4%, respectively.
</TABLE>
<PAGE>
PAGE
<TABLE>
Investments in securities
IDS Global Growth Fund (Percentages represent value of
April 30, 1994 (Unaudited) investments compared to net assets)
<CAPTION>
Investments in securities of unaffiliated issuers
_____________________________________________________________________________________________________________________________
Common stocks (75.4%)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
Argentina (6.8%)
Banks and savings & loans (2.7%)
Banco de Galicia ADR 225,000 $ 6,834,375
Banco Frances 250,000 (c) 6,625,000
____________
Total 13,459,375
_____________________________________________________________________________________________________________________________
Beverages & tobacco (1.5%)
Baesa ADR 215,000 7,390,625
_____________________________________________________________________________________________________________________________
Building materials & construction (1.0%)
IRSA 150,000 (b,c,d) 5,025,000
_____________________________________________________________________________________________________________________________
Multi-industry conglomerates (1.6%)
Comp Naviera Perez ADR 750,000 7,500,000
_____________________________________________________________________________________________________________________________
Australia (0.9%)
Retail
Woolworth 200,000 (b) 4,451,960
_____________________________________________________________________________________________________________________________
Canada (3.4%)
Energy (3.0%)
Renaissance Energy 300,000 (c) 6,732,543
Sceptre 800,000 (c) 7,818,440
___________
Total 14,550,983
_____________________________________________________________________________________________________________________________
Utilities-gas (0.4%)
Archer Resource 150,000 (c) 2,076,772
_____________________________________________________________________________________________________________________________
Chile (2.0%)
Financial services (0.6%)
GT Chile Growth Euro 100,000 2,750,000
_____________________________________________________________________________________________________________________________
Industrial equipment & services (1.4%)
Madeco ADR 250,000 7,250,000
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities. <PAGE>
PAGE
Investments in securities
IDS Global Growth Fund (Percentages represent value of
April 30, 1994 (Unaudited) investments compared to net assets)
Investments in securities of unaffiliated issuers
_____________________________________________________________________________________________________________________________
Common stocks (cont'd)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
France (11.1%)
Banks and savings & loans (0.9%)
Sovac 15,000 $ 4,446,390
_____________________________________________________________________________________________________________________________
Chemicals (1.8%)
Air Liquide 60,000 8,660,400
_____________________________________________________________________________________________________________________________
Computers & office equipment (0.9%)
Sligos 47,675 4,590,387
_____________________________________________________________________________________________________________________________
Food (1.2%)
IDIA 150,000 5,837,850
_____________________________________________________________________________________________________________________________
Industrial equipment & services (1.2%)
CNIM 24,026 6,128,072
_____________________________________________________________________________________________________________________________
Industrial transportation (0.9%)
SAGA 40,000 4,295,000
_____________________________________________________________________________________________________________________________
Retail (2.3%)
Castorama Dubois 80,000 11,476,800
_____________________________________________________________________________________________________________________________
Utilities-electric (1.0%)
Lyonnaise Des Eaux & De L'Eclairage 50,000 (c) 5,219,150
_____________________________________________________________________________________________________________________________
Utilities-gas (0.9%)
Primagaz 25,000 4,369,825
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.<PAGE>
PAGE
Investments in securities
IDS Global Growth Fund (Percentages represent value of
April 30, 1994 (Unaudited) investments compared to net assets)
Investments in securities of unaffiliated issuers
_____________________________________________________________________________________________________________________________
Common stocks (cont'd)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
Germany (7.9%)
Banks and savings & loans (1.4%)
Bankgesell Berlin 30,000 (c,d) $ 7,035,450
_____________________________________________________________________________________________________________________________
Building materials & construction (3.7%)
CHA Holdings 25,000 5,787,725
Pfleiderer 20,000 7,276,000
Weru 6,000 5,051,112
____________
Total 18,114,837
_____________________________________________________________________________________________________________________________
Retail (2.8%)
AVA 10,000 (c) 4,828,620
Douglas Holdings 25,000 8,974,725
____________
Total 13,803,345
_____________________________________________________________________________________________________________________________
Hong Kong (6.3%)
Automotive & related (0.4%)
Innovative Intl Holdings 5,184,000 1,824,768
_____________________________________________________________________________________________________________________________
Building materials & construction (2.5%)
Henderson Investment 6,000,000 4,464,000
Hysan Development 2,000,000 5,850,000
Kumagai Gumi 2,000,000 (d) 2,122,000
_____________
Total 12,436,000
_____________________________________________________________________________________________________________________________
Multi-industry conglomerates (2.6%)
Hutchison Whampoa 1,700,000 6,987,000
Shun Tak Enterprise 5,700,000 6,087,600
____________
Total 13,074,600
_____________________________________________________________________________________________________________________________
Utilities-telephone (0.8%)
Hong Kong Telecom 2,096,200 4,014,223
_____________________________________________________________________________________________________________________________
India (1.4%)
Miscellaneous
Reliance Inds GDR Euro 400,000 (c) 7,152,000
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.<PAGE>
PAGE
Investments in securities
IDS Global Growth Fund (Percentages represent value of
April 30, 1994 (Unaudited) investments compared to net assets)
Investments in securities of unaffiliated issuers
______________________________________________________________________________________________________________________________
Common stocks (cont'd)
______________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
Italy (1.6%)
Furniture & appliances (1.1%)
Natuzzi ADR 200,000 (c) $ 5,425,000
_____________________________________________________________________________________________________________________________
Industrial equipment & services (0.5%)
Sasib 400,000 2,510,000
_____________________________________________________________________________________________________________________________
Japan (7.2%)
Electronics (4.0%)
Alpine Electronics 450,000 (d) 8,493,750
Chudenko 97,450 (d) 3,726,391
Japan Radio 300,000 (d) 5,897,100
Nippon Signal 150,000 (d) 1,921,650
____________
Total 20,038,891
_____________________________________________________________________________________________________________________________
Retail (3.2%)
Canon Sales 200,000 6,259,000
York Benimaru 200,000 9,349,600
____________
Total 15,608,600
_____________________________________________________________________________________________________________________________
Mexico (6.2%)
Banks and savings & loans (2.1%)
Grupo Finance Banamex 1,000,000 6,717,000
Grupo Financiero Banorte 750,000 (c) 3,801,525
____________
Total 10,518,525
_____________________________________________________________________________________________________________________________
Beverages & tobacco (0.5%)
Formento Economico 500,000 2,406,000
_____________________________________________________________________________________________________________________________
Building materials & construction (1.2%)
Bufete Inds ADR 200,000 (c) 5,775,000
_____________________________________________________________________________________________________________________________
Metals (1.2%)
Grupo Simec ADR 300,000 (c) 6,037,500
_____________________________________________________________________________________________________________________________
Multi-industry conglomerates (1.2%)
Grupo Carso ADR 300,000 (c) 5,954,190
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.<PAGE>
PAGE
Investments in securities
IDS Global Growth Fund (Percentages represent value of
April 30, 1994 (Unaudited) investments compared to net assets)
Investments in securities of unaffiliated issuers
______________________________________________________________________________________________________________________________
Common stocks (cont'd)
______________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
Netherlands (2.5%)
Building materials & construction (1.3%)
IHC Caland 300,000 $ 6,294,900
_____________________________________________________________________________________________________________________________
Industrial equipment & services (1.2%)
Boskalis 260,000 (d) 6,139,120
_____________________________________________________________________________________________________________________________
Norway (0.4%)
Energy
Saga Petro Cl B 200,000 2,190,800
_____________________________________________________________________________________________________________________________
Phillipines (0.6%)
Multi-industry conglomerates
Universal Robina 3,930,500 (c) 2,888,917
_____________________________________________________________________________________________________________________________
Portugual (0.8%)
Financial services
Banco Commercial Portugues ADR 268,999 4,034,985
_____________________________________________________________________________________________________________________________
Singapore/Malaysia (6.2%)
Banks and savings & loans (3.7%)
AMMB Holdings 750,000 6,634,500
Commerce Asset 1,000,000 3,546,000
Development Bank of Singapore 500,000 4,919,500
United Overseas Bank 381,250 3,309,631
____________
Total 18,409,631
_____________________________________________________________________________________________________________________________
Electronics (0.9%)
Technology Resource Cl A 1,250,000 (c) 4,198,750
_____________________________________________________________________________________________________________________________
Leisure time & entertainment (0.9%)
Resorts World 750,000 4,199,250
_____________________________________________________________________________________________________________________________
Multi-industry conglomerates (0.7%)
Keppel 500,000 3,665,500
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.<PAGE>
PAGE
Investments in securities
IDS Global Growth Fund (Percentages represent value of
April 30, 1994 (Unaudited) investments compared to net assets)
Investments in securities of unaffiliated issuers
_____________________________________________________________________________________________________________________________
Common stocks (cont'd)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
Spain (1.2%)
Food
Pryca Centros Comer 400,000 $ 5,712,000
_____________________________________________________________________________________________________________________________
Switzerland (2.6%)
Banks and savings & loans (0.7%)
CS Holdings 7,500 3,208,215
_____________________________________________________________________________________________________________________________
Industrial equipment & services (1.4%)
Sulzer Gebruder 10,000 (c,d) 7,075,070
_____________________________________________________________________________________________________________________________
Insurance (0.5%)
Schweiz-Ruckversicherungs 6,000 (c) 2,541,072
_____________________________________________________________________________________________________________________________
United Kingdom (2.8%)
Electronics (0.6%)
Electrocomponents 400,000 3,096,000
_____________________________________________________________________________________________________________________________
Health care (0.7%)
Medeva 1,507,575 3,235,256
_____________________________________________________________________________________________________________________________
Media (1.5%)
Blenheim Group 750,000 3,979,500
Wace Group 1,000,000 3,552,000
____________
Total 7,531,500
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.<PAGE>
PAGE
Investments in securities
IDS Global Growth Fund (Percentages represent value of
April 30, 1994 (Unaudited) investments compared to net assets)
Investments in securities of unaffiliated issuers
_____________________________________________________________________________________________________________________________
Common stocks (cont'd)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
United States (3.5%)
Building materials & construction (0.8%)
Foamex Intl 300,000 (c) $ 4,162,500
_____________________________________________________________________________________________________________________________
Communications equipment (0.7%)
Geotek Communications 300,000 (c) 3,337,500
_____________________________________________________________________________________________________________________________
Computers & office equipment (0.2%)
Iomega 400,000 (c) 950,000
_____________________________________________________________________________________________________________________________
Industrial equipment & services (0.8%)
Calgon Carbon 300,000 3,900,000
_____________________________________________________________________________________________________________________________
Industrial transportation (1.0%)
Fritz 165,000 (c) 5,073,750
_____________________________________________________________________________________________________________________________
Total common stocks of unaffiliated issuers
(Cost: $341,204,755) $373,052,234
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.<PAGE>
PAGE
Investments in securities
IDS Global Growth Fund (Percentages represent value of
April 30, 1994 (Unaudited) investments compared to net assets)
Investments in securities of unaffiliated issuers
_____________________________________________________________________________________________________________________________
<CAPTION>
Bonds (3.0%)
_____________________________________________________________________________________________________________________________
Issuer and Principal Value(a)
coupon rate Amount
_____________________________________________________________________________________________________________________________
<S> <C> <C>
Indonesia (1.6%)
Global Mark Intl Euro
(U.S. Dollar)
3.50% Cv 1997 $ 8,000,000 $ 8,020,000
_____________________________________________________________________________________________________________________________
Mexico (1.1%)
Mexican Cetes
(Mexican Peso)
Zero Coupon Treasury Bill 1994
(14.96% annualized yield on date of purchase) 17,500,000 (g) 5,164,754
_____________________________________________________________________________________________________________________________
Spain (0.3%)
Banco Santander
(Spanish Peseta)
9% Cv 1994 200,000,000 1,613,020
_____________________________________________________________________________________________________________________________
Total bonds
(Cost: $14,559,753) $ 14,797,774
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS Global Growth Fund (Percentages represent value of
April 30, 1994 (Unaudited) investments compared to net assets)
Investments in securities of unaffiliated issuers
_____________________________________________________________________________________________________________________________
<CAPTION>
Preferred stocks & other (5.5%)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
Germany
Friedrich Grohe 40,000 $ 10,679,480
Hornbach 9,000 8,929,638
SAP 4,000 7,612,748
____________
Total 27,221,866
_____________________________________________________________________________________________________________________________
Total preferred stocks & other
(Cost: $19,334,509) $ 27,221,866
_____________________________________________________________________________________________________________________________
<CAPTION>
Short-term securities (16.3%)
_____________________________________________________________________________________________________________________________
Issuer Annualized Amount Value(a)
yield on payable
date of at
purchase maturity
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C>
U.S. government agency (0.3%)
Federal Farm Credit Bank Disc Note
05-10-94 3.55% $1,600,000 $ 1,598,427
_____________________________________________________________________________________________________________________________
Commercial paper (15.0%)
Amgen
05-27-94 3.86 4,300,000 4,287,584
Cafco
05-12-94 3.81 4,200,000 4,194,679
See accompanying notes to investments in securities.<PAGE>
PAGE
Investments in securities
IDS Global Growth Fund (Percentages represent value of
April 30, 1994 (Unaudited) investments compared to net assets)
Investments in securities of unaffiliated issuers
______________________________________________________________________________________________________________________________
<CAPTION>
Short-term securities (continued)
_____________________________________________________________________________________________________________________________
Issuer Annualized Amount Value(a)
yield on payable
date of at
purchase maturity
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C>
Commercial paper (cont'd)
Ciesco LP
06-02-94 3.84% $3,400,000 $ 3,388,094
CIT Group Holdings
05-26-94 3.81 3,700,000 3,689,846
Colgate Palmolive
05-24-94 3.63 2,200,000 (e) 2,194,691
Fleet Funding
05-09-94 3.76 1,300,000 (e) 1,298,781
Goldman Sachs Group
05-04-94 3.61 1,300,000 1,299,480
Merrill Lynch
05-11-94 3.67 2,300,000 2,297,435
MetLife Funding
05-02-94 3.57 3,300,000 3,299,349
05-23-94 3.81 5,000,000 4,987,861
Mobil Australia Finance (Delaware)
05-05-94 3.61 3,400,000 (e) 3,398,300
05-20-94 3.61 4,505,000 (e) 4,495,990
Norfolk Southern
05-23-94 3.83 3,100,000 (e) 3,092,434
Penney (JC) Funding
05-25-94 3.81 3,100,000 3,091,819
PepsiCo
06-01-94 3.82 2,000,000 1,993,245
Sara Lee
05-19-94 3.64 4,700,000 4,690,996
06-01-94 3.81 4,700,000 4,684,124
Southwestern Bell Telephone
05-18-94 3.63 4,500,000 4,491,855
USAA Capital
05-03-94 3.61 3,200,000 3,199,040
05-16-94 3.81 5,900,000 5,890,036
Walmart
05-20-94 3.83 4,000,000 3,991,511
____________
Total 73,957,150
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securites.<PAGE>
PAGE
Investments in securities
IDS Global Growth Fund (Percentages represent value of
April 30, 1994 (Unaudited) investments compared to net assets)
Investments in securities of unaffiliated issuers
______________________________________________________________________________________________________________________________
Short-term securities (continued)
_____________________________________________________________________________________________________________________________
Issuer Annualized Amount Value(a)
yield on payable
date of at
purchase maturity
_____________________________________________________________________________________________________________________________
Letter of credit (1.0%)
Bank of Amer-
Hyundai Motor Finance
05-26-94 3.83% $5,100,000 $ 5,085,930
_____________________________________________________________________________________________________________________________
Total short-term securities
(Cost: $80,641,507) $ 80,641,507
_____________________________________________________________________________________________________________________________
<CAPTION>
Options purchased (--%)
_____________________________________________________________________________________________________________________________
Issuer Number Exercise Expiration Value(a)
of contracts price date
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Put
Deutsche Mark Futures 100 $56 June 1994 $ 3,750
_____________________________________________________________________________________________________________________________
Total options purchased
(Cost: $63,200) $ 3,750
_____________________________________________________________________________________________________________________________
Total investments in securities of unaffiliated issuers
(Cost: $455,803,724) $495,717,131
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.<PAGE>
PAGE
Investments in securities
IDS Global Growth Fund (Percentages represent value of
April 30, 1994 (Unaudited) investments compared to net assets)
Investments in securities of affiliated issuer (f)
_____________________________________________________________________________________________________________________________
<CAPTION>
Common stock (0.3%)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
United States
Chemicals
GNI Group 385,000 (c) $ 1,299,375
_____________________________________________________________________________________________________________________________
Total investments in securities of affiliated issuer
(Cost: $2,601,416) $ 1,299,375
_____________________________________________________________________________________________________________________________
Total investments in securities
(Cost: $458,405,140)(h) $497,016,506
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.<PAGE>
PAGE
Investments in securities
IDS Global Growth Fund
April 30, 1994 (Unaudited)
______________________________________________________________________________________________________________________________
Notes to investments in securities
_____________________________________________________________________________________________________________________________
(a) Securities are valued by procedures described in Note 1 to the financial statements. Foreign security values are stated
in U.S. dollars. For debt securities, principal amounts are denominated in the currency indicated.
(b) 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.
(c) Presently non-income producing.
(d) Security is partially or fully on loan. See Note 6 to the financial statements.
(e) 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.
(f) Investments representing 5% or more of the outstanding voting securities of the issuer.
(g) For zero coupon bonds, the interest rate disclosed represents the annualized effective yield on the date of acquisition.
(h) At April 30, 1994, the cost of securities for federal income tax purposes was approximately $458,405,000 and the
approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
<S> <C>
Unrealized appreciation $52,837,000
Unrealized depreciation (14,225,000)
____________________________________________________________________________________________
Net unrealized appreciation $38,612,000
____________________________________________________________________________________________
</TABLE>
<PAGE>
PAGE
Directors and officers
Directors and officers of the fund
_____________________________________________________________________
President and interested director
William R. Pearce
President of all funds in the IDS MUTUAL FUND GROUP.
_____________________________________________________________________
Independent directors
Lynne V. Cheney
Distinguished fellow, American Enterprise Institute for
Public Policy Research.
Robert F. Froehlke
Former president of all funds in the IDS MUTUAL FUND GROUP.
Donald M. Kendall
Former chairman and chief executive officer, PepsiCo, Inc.
Melvin R. Laird
Senior counsellor for national and international affairs,
The Reader's Digest Association, Inc.
Lewis W. Lehr
Former chairman and chief executive officer,
Minnesota Mining and Manufacturing Company (3M).
Edson W. Spencer
Former chairman and chief executive officer, Honeywell, Inc.
Wheelock Whitney
Chairman, Whitney Management Company.
_____________________________________________________________________
Interested director who is a partner in a law firm that has
represented an IDS subsidiary
Anne P. Jones
Partner, law firm of Sutherland, Asbill & Brennan.
_____________________________________________________________________
Interested directors who are officers and/or employees of IDS
William H. Dudley
Executive vice president, IDS.
David R. Hubers
President and chief executive officer, IDS.
John R. Thomas
Senior vice president, IDS.
_____________________________________________________________________
Other officer
Leslie L. Ogg
Vice president of all funds in the IDS MUTUAL FUND GROUP and general
counsel and treasurer of the publicly offered funds.<PAGE>
PAGE
IDS mutual funds
Cash equivalent investments
These money market funds have three main goals: conservation of
capital, constant liquidity and the highest possible current income
consistent with these objectives. Very limited risk.
IDS Cash Management Fund
Invests in such money market securities as high quality commercial
paper, bankers' acceptances, certificates of deposit (CDs) and
other bank securities.
(icon of) piggy bank
IDS Tax-Free Money Fund
Invests primarily in short-term bonds and notes issued by state and
local governments to seek high current income exempt from federal
income taxes.
(icon of) shield with piggy bank enclosed
Income investments
The funds in this group invest their assets primarily in corporate
bonds or government securities to seek interest income.
Secondary objective is capital growth. Risk varies by bond quality.
IDS Global Bond Fund
Invests primarily in debt securities of U.S. and foreign issuers to
seek high total return through income and growth of capital.
(icon of) globe
IDS Extra Income Fund
Invests mainly in long-term, high-yielding corporate fixed-income
securities in the lower rated, higher risk bond categories to seek
high current income. Secondary objective is capital growth.
(icon of) cornucopia<PAGE>
PAGE
IDS Bond Fund
Invests mainly in corporate bonds, at least 50% in the higher rated,
lower risk bond categories, or the equivalent, and in government bonds.
(icon of) greek column
IDS Strategy, Income Fund
Invests primarily in corporate and government bonds to seek high
current income while conserving capital. Also may seek capital
appreciation when consistent with its primary goals.
(icon of) chess piece
IDS Selective Fund
Invests in high quality corporate bonds and other highly rated debt
instruments including government securities and short-term
investments. Seeks current income and preservation of capital.
(icon of) skyline
IDS Federal Income Fund
Invests primarily in securities issued or guaranteed as to the timely
payment of principal and interest by the U.S. government, its agencies
and instrumentalities. Seeks a high level of current income and
safety of principal consistent with its type of investments.
(icon of) federal building
IDS Strategy, Short-Term Income Fund
Invests primarily in short-term and intermediate-term bonds and notes
to seek a high level of current income.
(icon of) chess piece
Tax-exempt income investments
These funds provide tax-free income by investing in municipal bonds.
The income is generally free from federal income tax. Risk varies
by bond quality.
IDS High Yield Tax-Exempt Fund
Invests primarily in medium- and lower-quality municipal bonds and
notes. Lower-quality securities generally involve greater risk of
principal and income.
(icon of) shield with basket of apples enclosed<PAGE>
PAGE
IDS State Tax-Exempt Funds
(CA, MA, MI, MN, NY, OH)
Invests primarily in high- and medium-grade municipal securities
to provide income to residents of each respective state that is
exempt from federal, state and local income taxes. (New York
is the only state that is exempt at the local level.)
(icon of) shield with U.S. enclosed
IDS Tax-Exempt Bond Fund
Invests mainly in bonds and notes of state or local government
units, with at least 75% in the four highest rated, lowest risk bond
categories.
(icon of) shield with Greek column
IDS Insured Tax-Exempt Fund
Invests primarily in municipal securities that are insured as to
the timely payment of principal and interest. The insurance
feature minimizes credit risk of the fund but does not guarantee
the market value of the fund's shares.
(icon of) shield with eagle head
Growth and income investments
These funds focus on securities of medium to large, well-established
companies that offer long-term growth of capital and reasonable income
from dividends and interest. Moderate risk.
IDS International Fund
Invests primarily in common stocks of foreign companies that offer
potential for superior growth. The fund may invest up to 20%
of its assets in the U.S. market.
(icon of) three flags
IDS Strategy, Worldwide Growth Fund
Invests primarily in common stocks of companies throughout the world
that offer potential for superior growth. Holdings may range from
small- to large- capitalization stocks, including those of companies
involved in areas of rapid economic growth.
(icon of) chess piece
IDS Managed Retirement Fund
Invests in a combination of common stocks, fixed-income
investments and money market securities to seek a maximum total
return through a combination of growth of capital and current income.
(icon of) bird in a nest
<PAGE>
PAGE
IDS Equity Plus Fund
Invests primarily in a combination of moderate growth stocks,
higher-yielding equities and bonds. Seeks growth of
capital and income.
(icon of) three apple trees
IDS Blue Chip Advantage Fund
Invests in selected stocks from a major market index. Securities
purchased are those recommended by IDS research analysts as the
best from each industry represented on the index. Offers potential
for long-term growth as well as dividend income.
(icon of) ribbon
IDS Stock Fund
Invests in common stocks of companies representing many
sectors of the economy. Seeks current income and growth of capital.
(icon of) building with columns
IDS Strategy, Equity Fund
Invests primarily in undervalued common stocks that offer potential
for growth of capital and income.
(icon of) chess piece
IDS Utilities Income Fund
Invests primarily in the stocks of public utility companies to seek
high current income and growth of income and capital with reduced
volatility.
(icon of) electrical cord
IDS Diversified Equity Income Fund
Invests primarily in high-yielding common stocks to seek high current
income and, secondarily, to benefit from the growth potential offered
by stock investments.
(icon of) four puzzle pieces
IDS Mutual
Invests in a balance between common stocks and senior securities
(preferred stocks and bonds). Seeks a balance of growth of capital
and current income.
(icon of) scale of justice<PAGE>
PAGE
Growth investments
Funds in this group seek capital growth, primarily from common stocks.
They are high risk mutual funds with a potential for high reward.
IDS Discovery Fund
Invests in small- and medium-size, growth-oriented companies
emphasizing technological innovation and productivity enhancement.
Buys and holds larger growth-oriented stocks.
(icon of) ship
IDS Strategy, Aggressive Equity Fund
Invests primarily in common stocks of companies that are selected
for their potential for above-average growth. Above-average means
that their growth potential is better, in the opinion of the
portfolio's investment manager, than the Standard & Poor's
Corporation (S&P) 500 Stock Index.
(icon of) chess piece
IDS Growth Fund
Invests primarily in companies that have above-average potential
for long-term growth as a result of new management, marketing
opportunities or technological superiority.
(icon of) flower
IDS Global Growth Fund
Invests in stocks of companies throughout the world that are
positioned to meet market needs in a changing world economy.
These companies offer above-average potential for long-term growth.
(icon of) world
IDS New Dimensions Fund
Invests primarily in companies with significant growth
potential due to superiority in technology, marketing or management.
The fund frequently changes its industry mix.
(icon of) dimension
IDS Progressive Fund
Invests primarily in undervalued common stocks. The fund holds
stocks for the long term with the goal of capital growth.
(icon of) shooting star
<PAGE>
PAGE
Specialty growth investment
This fund aggressively seeks capital growth as a hedge against inflation.
IDS Precious Metals Fund
Invests primarily in the securities of foreign or domestic companies
that explore for, mine and process or distribute gold and other
precious metals. This is the most aggressive and most speculative
IDS mutual fund.
(icon of) cart of precious gems
For more complete information about any of these funds, including charges
and expenses, you can obtain a prospectus by contacting your financial
planner or writing to IDS Shareholder Service, P.O. Box 534, Minneapolis,
MN 55440-0534. Read it carefully before you invest or send money.
<PAGE>
PAGE
Quick telephone reference
IDS Telephone Transaction Service
Redemptions and exchanges, dividend payments or reinvestments and
automatic payment arrangements
National/Minnesota:
800-437-3133
Mpls./St. Paul area:
671-3800
IDS Shareholder Service
Fund performance, objectives and account inquiries
612-671-3733
TTY Service
For the hearing impaired
800-846-4852
IDS Infoline
Automated account information (TouchTone phones only), including current
fund prices and performance, account values and recent account
transactions
National/Minnesota:
800-272-4445
Mpls./St. Paul area:
671-1630
Your IDS financial planner
AN AMERICAN EXPRESS COMPANY
1894 IDS 1994
A CENTURY OF INVESTING IN THE FUTURE
IDS Global Growth Fund
IDS Tower 10
Minneapolis, MN 55440-0010
