<PAGE>
PAGE 1
FINANCIAL PLANNING
IDS Global Growth Fund
1993 annual report
(prospectus enclosed)
(Icon of) world
The goal of IDS Global Growth Fund, a part of IDS Global Series,
Inc., is long-term growth of capital. The fund invests primarily
in common stocks and securities convertible into common stocks of
companies throughout the world.
IDS
An American Express company
AMERICAN
EXPRESS
Distributed by IDS Financial Services Inc.
<PAGE>
PAGE 2
(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 offers investors the potential to
prosper along with them.
<PAGE>
PAGE 3
Contents
(Icon of) One book inside of another and their both being opened
together.
The purpose of this annual report is to tell investors how the fund
performed.
The prospectus which is bound into the middle of this annual
report, describes the fund in detail.
1993 annual report
From the president 4
From the portfolio manager 4
Ten largest holdings 6
Long-term performance 7
Making the most of your fund 8
Independent auditors' report 9
Financial statements 10
Notes to financial statements 13
Investments in securities 20
IDS mutual funds 24
Federal income tax information 27
1993 prospectus
The fund in brief
Goal 3p
Types of fund investments 3p
Manager and distributor 3p
Portfolio manager 3p
Sales charge and fund expenses
Sales charge 4p
Operating expenses 4p
Performance
Financial highlights 5p
Total returns 6p
Key terms 7p
How to buy, exchange or sell shares
How to buy shares 8p
How to exchange shares 10p
How to sell shares 10p
Reductions of the sales charge 14p
Waivers of the sales charge 16p
Special shareholder services
Services 17p
Quick telephone reference 17p
Distributions and taxes
Dividend and capital gain distributions 18p
Reinvestments 19p
Taxes 20p
<PAGE>
PAGE 4
Investment policies
Facts about investments and their risks 23p
Valuing assets 26p
How the fund is organized
Shares 27p
Voting rights 27p
Shareholder meetings 27p
Directors and officers 27p
Investment manager and transfer agent 29p
Distributor 30p
About IDS
General information 31p
<PAGE>
PAGE 5
To our shareholders
(Photo of) William R. Pearce, President of the fund
(Photo of) Edward F. Korff, Portfolio manager
From the president
As you read this report, you'll find it very different from those
you have received from us in the past. We've made substantial
changes in the design and organization to make the information
easier to find and understand.
The annual report and prospectus are combined into a single
document, and each provides information important to you. The
annual report gives you the fund's performance information and a
snapshot of its investments. 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 year. The prospectus includes essential data such as
the fund's investment policies and service information.
In redesigning our reports, we asked IDS financial planners and
some of you for suggestions and recommendations. We believe that
you'll find the results of our work worthwhile.
William R. Pearce
From the portfolio manager
Attractive investment opportunities and a huge influx of money into
international stock markets combined to make the past 12 months a
very positive period for U.S. investors in foreign securities.
What may be surprising is that many of the world's stock markets
performed well while confronted with hurdles that included a
generally weak global economy, turmoil in the foreign exchange
markets and political change. But it should be remembered that
stock markets tend to focus on the future more than the present,
and the prospect of economic recovery and better corporate profits
in 1994 and 1995 began pushing foreign markets higher last winter.
Advantage, Asia
Japan got off to an extremely fast start, then tailed off in
subsequent months. Hong Kong and Southeast Asia (Singapore,
Malaysia, Thailand) were especially strong overall, while selected
stocks in other countries such as Germany (where we kept the
highest percentage of our assets), Mexico and France also made
substantial contributions to our portfolio's progress.
<PAGE>
PAGE 6
The poorest performance came from our relatively small position in
U.S. stocks.
Currency fluctuations, always a consideration for investors in
foreign securities, played a part in the fund's performance,
contributing modestly to the gain. (When the U.S. dollar weakens
in value against another currency, investors in this fund benefit
from the currency exchange rate. A stronger dollar, however, has a
negative effect.)
As we have since the fund's inception, we concentrated on stocks of
companies that are involved in one of three business segments -
infrastructure creation (including essentials such as roads,
bridges and sewage systems), environmental clean-up and finance.
In virtually all cases, the stocks we are investing in are of
rapidly growing companies that, we believe, have the potential to
perform well regardless of the economic climates of their home
countries.
Our trading activity was modest during the period, but we did add
more stocks in Singapore, Malaysia, Japan and South America.
Story still unfolding
What appears to be happening in many foreign markets is what
happened in the United States a few years ago; economies have
slowed down, leading to lower interest rates - which often serves
as a spark for stocks. In some countries, the fire has been
further fueled by reductions in corporate and personal taxes and,
in the case of Southeast Asia, robust economic growth. In South
America, political reform is becoming a positive factor.
Given their recent strong performance, it would be normal for
foreign stocks to back-track a bit at some point. More important,
though, the longer-term outlook continues to encourage us. The
world is changing rapidly, and with that, we believe, comes
opportunity for investment growth.
Edward F. Korff
12-month performance
(All figures per share)
Net asset value (NAV)
Oct. 31, 1993 $ 6.30
Oct. 31, 1992 $ 4.92
Increase $ 1.38
Distributions
Nov. 1, 1992 - Oct. 31, 1993
From income $ 0.04
From capital gains $ 0.03
Total distributions $ 0.07
Total return* +29.9%
*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 7
Your fund's ten largest holdings
(pie chart representing) The ten holdings listed here make up
17.76% of the fund's net assets.
<TABLE>
<CAPTION>
____________________________________________________________________________________________________________
Percent Value
(of fund's net assets) (as of Oct. 31 1993)
____________________________________________________________________________________________________________
<S> <C> <C>
Pfleiderer (Germany) 2.07% $5,055,163
A producer of foundation products for the European
high-speed train network and specialty
telecommunication masts and poles.
IHC Caland (Netherlands) 1.91 4,659,075
A holding company involved in international marine
technology-oriented businesses. Principal products
include floating crude oil loading, storage and
production systems and specialized dredging equipment.
Hornbach (Germany) 1.85 4,509,392
The most rapidly growing "do-it-yourself" retailer in
Germany.
CNIM (France) 1.77 4,322,422
A leading provider of co-generation facilities.
Castorama Dubois (France) 1.74 4,255,244
A fast growing "do-it-yourself" retailer in
France (currently expanding into Italy)
Arab Malaysian Bank (Singapore/Malaysia) 1.73 4,224,000
A leading commercial/merchant bank.
Weru (Germany) 1.72 4,190,275
A manufacturer of PVC (polyvinyl chloride) window
systems and entrance doors for use in home and
commercial building construction.
CHA Holdings (Germany) 1.67 4,070,970
A leading producer of residential construction
components.
Sovac (France) 1.65 4,033,170
A provider of financing services, such as property
loans, credit, auto and life insurance, to individuals.
IDIA (France) 1.65 4,014,564
A specialized lender to, and shareholder of, many,
small food-related companies.
</TABLE>
<PAGE>
PAGE 8
Your fund's long-term performance
How your $10,000 has grown in IDS Global Growth Fund
$12,451
Global Growth Fund
$10,000
Lipper
International Fund Index
$9,500
EAFE Index
6/1/90 90 91 92 93
Assumes: Holding period from 6/01/90 to 10/31/93. Returns do not
reflect taxes payable on distributions. Also see "Performance" in
the fund's current prospectus. Reinvestment of all income and
capital gain distributions for the fund, with a value of $476.
The Morgan Stanley Capital International EAFE Index (EAFE Index),
compiled from a composite of securities markets of Europe,
Australia and the Far East, is widely recognized by investors in
foreign markets as the measurement index for portfolios of non-
North American securities.
Lipper International Fund Index, published by Lipper Analytical
Services, Inc., includes 10 funds that are generally similar to the
fund, although some funds in the index may have somewhat different
investment policies or objectives.
If you invested $10,000 in Global Growth Fund and held the fund
until Oct. 31, 1993, reinvesting all dividends, your investment
would have grown to $12,451.
On the chart above you can see how the fund's total return compared
to two widely cited performance indexes, the EAFE and the Lipper
International Fund Index. In comparing Global Growth Fund to the
two indexes, you should take into account the fact that the fund's
performance reflects the maximum sales charge of 5%, while such
charges are not reflected in the performance of the indexes. If
you were actually to buy either individual stocks or growth mutual
fund, any sales charges that you pay would reduce your total return
as well.
Average annual total return
(as of Oct. 31, 1993)
1 year Since inception*
+23.45% +6.62%
*Period from May 29, 1990 to Oct. 31, 1993.
Your investment and return value fluctuate so that your shares,
when redeemed, may be worth more or less than the original cost.
Figures reflect the effect of the 5% sales charge. Past
performance is no guarantee of future results.<PAGE>
PAGE 9
Making the most of your fund
Build your assets systematically
To keep your assets growing steadily, one of the best ways to
invest in the fund is by dollar-cost averaging -- a time-tested
strategy that can make market fluctuations work for you. To
dollar-cost average, simply invest a fixed amount of money
regularly. You'll automatically buy more shares when the fund's
share price is low, fewer shares when it is high.
This does not ensure a profit or avoid a loss if the market
declines. But, if you can continue to invest regularly through
changing market conditions, it can be an effective way to
accumulate shares to meet your long-term goals.
How dollar-cost averaging works
Month Amount Per-share Number of shares purchased
invested market price
Jan $100 $20 5.00
Feb 100 16 6.25
Mar 100 9 11.11
Apr 100 5 20.00
May 100 7 14.29
June 100 10 10.00
July 100 15 6.67
Aug 100 20 5.00
Sept 100 17 5.88
Oct 100 12 8.33
(footnotes to table) By investing an equal number of dollars each
month...
(arrow in table pointing to April) you automatically buy more
shares when the per share market price is low
(arrow in table pointing to August) and fewer shares when the per
share market price is high.
You have paid an average price of only $10.81 per share over the 10
months, while the average market price actually was $13.10.
Three ways to benefit from a mutual fund:
o your shares increase in value when the fund's investments do
well
o you receive capital gains when the gains on investments sold
by the fund exceed losses
o you receive income when the fund's stock dividends, interest
and short-term gains exceed its expenses.
All three make up your total return. And you potentially can
increase your investment if, like most investors, you reinvest your
dividends and capital gain distributions to buy additional shares
of the fund or another fund.
<PAGE>
PAGE 10
Independent auditors' report
___________________________________________________________________
The board of directors and shareholders
IDS Global Series, Inc.:
We have audited the accompanying statement of assets and
liabilities, including the schedule of investments in securities,
of IDS Global Growth Fund (a series of IDS Global Series, Inc.) as
of October 31, 1993, and the related statement of operations for
the year then ended and the statements of changes in net assets for
each of the years in the two-year period ended October 31, 1993,
and the financial highlights for each of the years in the
three-year period ended October 31, 1993, and for the period from
May 29, 1990 (commencement of operations), to October 31, 1990.
These financial statements and the financial highlights are the
responsibility of fund management. Our responsibility is to
express an opinion on these financial statements and the financial
highlights based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements and the financial highlights are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. Investment securities held in custody are
confirmed to us by the custodian. As to securities purchased and
sold but not received or delivered, and securities on loan, we
request confirmations from brokers, and where replies are not
received, we carry out other appropriate auditing procedures. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of IDS
Global Growth Fund at October 31, 1993, and the results of its
operations for the year then ended and the changes in its net
assets for each of the years in the two-year period ended October
31, 1993, and the financial highlights for the periods stated in
the first paragraph above, in conformity with generally accepted
accounting principles.
KPMG Peat Marwick
Minneapolis, Minnesota
December 3, 1993
<PAGE>
PAGE 11
<TABLE>
<CAPTION>
Financial statements
Statement of assets and liabilities
IDS Global Growth Fund
Oct. 31, 1993
Assets
_____________________________________________________________________________________________________________
<S> <C>
Investments in securities, at value (Note 1):
Investments in securities of unaffiliated issuers (identified cost $221,472,915) $248,541,245
Investments in securities of affiliated issuer (identified cost $2,232,666) 2,417,025
_____________________________________________________________________________________________________________
Total investments in securities (identified cost $223,705,581) 250,958,270
Cash in bank on demand deposit 2,396,364
Receivable for investment securities sold 5,590,859
Receivable for forward foreign currency contracts held, at value (Notes 1 and 4) 8,742,193
Dividends and accrued interest receivable 480,542
Organizational costs (Note 1) 8,783
_____________________________________________________________________________________________________________
Total assets 268,177,011
_____________________________________________________________________________________________________________
Liabilities
_____________________________________________________________________________________________________________
Payable for investment securities purchased 6,091,663
Payable for forward foreign currency contracts held, at value (Notes 1 and 4) 8,752,876
Payable upon return of securities loaned (Note 6) 9,026,000
Payable to investment manager for organizational costs (Note 1) 8,801
Accrued investment management and services fee 155,428
Accrued distribution fee 17,954
Accrued transfer agency fee 44,885
Other accrued expenses 85,440
_____________________________________________________________________________________________________________
Total liabilities 24,183,047
_____________________________________________________________________________________________________________
Net assets applicable to outstanding capital stock $243,993,964
_____________________________________________________________________________________________________________
Represented by
_____________________________________________________________________________________________________________
Capital stock -- $.01 par value; outstanding 38,705,938 shares (Note 1) $ 387,059
Additional paid-in capital 211,365,471
Undistributed net investment income (Note 1) 1,092,150
Accumulated net realized gain on investments 3,907,278
Unrealized appreciation of investments (Note 4) 27,242,006
_____________________________________________________________________________________________________________
Total -- representing net assets applicable to outstanding capital stock $243,993,964
_____________________________________________________________________________________________________________
Net asset value per share of outstanding capital stock $ 6.30
_____________________________________________________________________________________________________________
See accompanying notes to financial statements.
</TABLE>
<PAGE>
PAGE 12
<TABLE>
<CAPTION>
Statement of operations
IDS Global Growth Fund
Year ended Oct. 31, 1993
Investment income
_____________________________________________________________________________________________________________
<S> <C>
Income:
Dividends (net of foreign taxes withheld of $139,989) $ 1,866,616
Interest (net of foreign taxes withheld of $20,666) 989,253
_____________________________________________________________________________________________________________
Total income 2,855,869
_____________________________________________________________________________________________________________
Expenses (Note 2):
Investment management and services fee 1,063,723
Distribution fee 143,216
Transfer agency fee 357,231
Compensation of directors 8,955
Compensation of officers 1,504
Custodian fees 91,235
Postage 64,001
Registration fees 80,355
Reports to shareholders 20,940
Audit fees 17,500
Administrative 3,300
Other 15,365
_____________________________________________________________________________________________________________
Total expenses 1,867,325
_____________________________________________________________________________________________________________
Investment income -- net 988,544
_____________________________________________________________________________________________________________
Realized and unrealized gain on investments and foreign currency -- net
_____________________________________________________________________________________________________________
Net realized gain on security and foreign currency transactions (including loss of $83,490
from foreign currency translations)(Note 3) 3,804,884
Net realized gain on closed currency option contracts written (Note 5) 162,453
_____________________________________________________________________________________________________________
Net realized gain on investments and foreign currency 3,967,337
Net change in unrealized appreciation or depreciation of investments 29,879,290
_____________________________________________________________________________________________________________
Net gain on investments and foreign currency 33,846,627
_____________________________________________________________________________________________________________
Net increase in net assets resulting from operations $34,835,171
_____________________________________________________________________________________________________________
See accompanying notes to financial statements.
</TABLE>
<PAGE>
PAGE 13
<TABLE>
<CAPTION>
Financial statements
Statements of changes in net assets
IDS Global Growth Fund
Year ended Oct. 31,
Operations and distributions 1993 1992
_____________________________________________________________________________________________________________
<S> <C> <C>
Investment income -- net $ 988,544 $ 612,496
Net realized gain on investments and foreign currency 3,967,337 636,052
Net change in unrealized appreciation or
depreciation of investments 29,879,290 (3,690,728)
_____________________________________________________________________________________________________________
Net increase (decrease) in net assets resulting from operations 34,835,171 (2,442,180)
_____________________________________________________________________________________________________________
Distributions to shareholders from:
Net investment income (494,216) (273,906)
Net realized gain on investments (512,166) --
Excess distribution of realized gain (Note 1) (59,927) (4,393)
_____________________________________________________________________________________________________________
Total distributions (1,066,309) (278,299)
_____________________________________________________________________________________________________________
Capital share transactions
_____________________________________________________________________________________________________________
Proceeds from sales of
27,423,494 and 7,996,155 shares (Note 2) 156,463,473 41,684,918
Net asset value of 215,463 and 54,164 shares
issued in reinvestment of distributions 1,060,945 275,607
Payments for redemptions of
2,934,518 and 1,652,258 shares (16,190,471) (8,556,990)
_____________________________________________________________________________________________________________
Increase in net assets from capital share transactions
representing net addition of
24,704,439 and 6,398,061 shares 141,333,947 33,403,535
_____________________________________________________________________________________________________________
Total increase in net assets 175,102,809 30,683,056
_____________________________________________________________________________________________________________
Net assets at beginning of year 68,891,155 38,208,099
_____________________________________________________________________________________________________________
Net assets at end of year
(including undistributed net investment income
of $1,092,150 and $591,872) $243,993,964 $68,891,155
_____________________________________________________________________________________________________________
See accompanying notes to financial statements.
</TABLE>
<PAGE>
PAGE 14
Notes to financial statements
IDS Global Growth Fund
___________________________________________________________________
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 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.
Options transactions
In order to produce incremental earnings, protect gains, and
facilitate buying and selling of securities for investment
purposes, the fund may buy and sell put and call options and write
covered call options on portfolio securities and may write
cash-secured put options. The risk in writing a call option is that
the fund gives up the opportunity of profit if the market price of
the security increases. The risk in writing a put option is that
the fund may incur a loss if the market price of the security
decreases and the option is exercised. The risk in buying an option
is that the fund pays a premium whether or not the option is
exercised. The fund also has the additional risk of not being able
to enter into a closing transaction if a liquid secondary
market does not exist. The fund also may write over-the-counter
options where the completion of the obligation is dependent upon
the credit standing of the other party.
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.
<PAGE>
PAGE 15
Notes to financial statements
IDS Global Growth Fund
___________________________________________________________________
1. Summary of significant accounting policies (continued)
Foreign currency translations and
forward foreign currency contracts
Securities and other assets and liabilities denominated in foreign
currencies are translated daily into U.S. dollars at the closing
rate of exchange. Foreign currency amounts related to the purchase
or sale of securities and income and expenses are translated at the
exchange rate on the transaction date. It is not practicable to
identify that portion of realized and unrealized gain (loss)
arising from changes in the exchange rates from the portion arising
from changes in the market value of investments.
The fund may enter into forward foreign currency exchange contracts
for operational purposes and to protect against adverse exchange
rate fluctuation. The net U.S. dollar value of foreign currency
underlying all contractual commitments held by the fund and the
resulting unrealized appreciation or depreciation are determined
using foreign currency exchange rates from an independent pricing
service. The fund is subject to the credit risk that the other
party will not complete the obligations of the contract.
Federal taxes
Since the fund's policy is to comply with all sections of the
Internal Revenue Code applicable to regulated investment companies
and to distribute all of its taxable income to shareholders, no
provision for income or excise taxes is required.
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.
On the statement of assets and liabilities, as a result of
permanent book-to-tax differences, undistributed net investment
income has been increased by $5,950 resulting in a net
reclassification adjustment to decrease paid-in-capital by $5,950.
<PAGE>
PAGE 16
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.
IDS will assume and pay any expenses (except taxes and brokerage
commissions) that exceed the most restrictive applicable state
expense limitation.
Sales charges by IDS Financial Services Inc. for distributing fund
shares were $3,003,112 for the year ended Oct. 31, 1993. The fund
also pays custodian fees to IDS Bank & Trust, an affiliate of IDS.
The fund has a retirement plan for its independent directors. Upon
retirement, directors receive monthly payments equal to one-half of
the retainer fee for as many months as they served as directors up
to 120 months. There are no death benefits. The plan is not funded
but the fund recognizes the cost of payments during the time the
directors serve on the board. The retirement plan expense amounted
to $2,314 for the year ended Oct. 31, 1993.
<PAGE>
PAGE 17
Notes to financial statements
IDS Global Growth Fund
___________________________________________________________________
3. Securities transactions
Cost of purchases and proceeds from sales of securities (other than
short-term obligations) aggregated $139,983,634 and $29,193,966,
respectively, for the year ended Oct. 31, 1993. Realized gains and
losses are determined on an identified cost basis.
Brokerage commissions paid to brokers affiliated with IDS were
$87,879 for the year ended Oct. 31, 1993.
<PAGE>
PAGE 18
Notes to financial statements
IDS Global Growth Fund
___________________________________________________________________
4. Forward foreign currency contracts
At Oct. 31, 1993, the fund had entered into 17 forward foreign
currency exchange contracts that obligate the fund to deliver
currencies at specified future dates. The unrealized depreciation
of $10,683 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 Oct. 31, 1993 received Oct. 31, 1993
____________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Nov. 1, 1993 360,571 $ 360,571 2,640,570 $ 360,534
U.S. Dollar Norwegian Krona
Nov. 2, 1993 609,998 609,998 1,560,071 610,237
U.S. Dollar Malaysian Dollar
Nov. 3, 1993 1,107,684 1,107,684 1,859,857 1,109,369
U.S. Dollar Deutsche Mark
Nov. 3, 1993 315,370 315,370 595,481 316,173
U.S. Dollar Dutch Florin
Nov. 3, 1993 1,652,047 985,414 981,973 981,973
Deutsche Mark U.S. Dollar
Nov. 3, 1993 668,183 398,558 397,167 397,167
Deutsche Mark U.S. Dollar
Nov. 4, 1993 1,232,112 734,931 729,784 729,784
Deutsche Mark U.S. Dollar
Nov. 4, 1993 1,494,902 891,680 885,435 885,435
Deutsche Mark U.S. Dollar
Nov. 5, 1993 624,226 624,226 1,180,193 626,629
U.S. Dollar Dutch Florin
Nov. 5, 1993 661,197 661,197 1,691,144 661,507
U.S. Dollar Malaysian Dollar
Nov. 8, 1993 8,146,782 690,845 690,054 690,054
Austrian Schilling U.S. Dollar
Nov. 8, 1993 916,513 77,720 77,389 77,389
Austrian Schilling U.S. Dollar
Nov. 30, 1993 81,098 81,098 479,935 81,674
U.S. Dollar French Franc
Nov. 30, 1993 517,847 517,847 3,039,090 517,182
U.S. Dollar French Franc
Nov. 30, 1993 20,321 20,321 119,357 20,312
U.S. Dollar French Franc
Nov. 30, 1993 245,320 245,320 1,444,320 245,789
U.S. Dollar French Franc
Nov. 30, 1993 430,096 430,096 2,532,575 430,985
U.S. Dollar ___________ French Franc ___________
$8,752,876 $8,742,193
</TABLE>
<PAGE>
PAGE 19
Notes to financial statements
IDS Global Growth Fund
___________________________________________________________________
5. Option contracts written
The number of contracts and premium amounts associated with option
contracts written is as follows:
<TABLE>
<CAPTION>
Year ended Oct. 31, 1993
___________________________________________________
Calls Puts
____________________________________________________
Contracts Premium Contracts Premium
_________________________________________________________________________
<S> <C> <C> <C> <C>
Balance Oct. 31, 1992 -- $ -- -- $ --
Opened 75 207,913 40 44,970
Closed (75) (207,913) (40) (44,970)
_________________________________________________________________________
Balance Oct. 31, 1993 -- $ -- -- $ --
_________________________________________________________________________
</TABLE>
___________________________________________________________________
6. Lending of portfolio securities
At Oct. 31, 1993, securities valued at $8,206,575 were on loan to
brokers. For collateral, the fund received $9,026,000 in cash.
Income from securities lending amounted to $867 for the year ended
Oct. 31, 1993. The risks to the fund of securities lending are
that the borrower may not provide additional collateral when
required or return the securities when due.
___________________________________________________________________
7. Financial highlights
"Financial highlights" showing per share data and selected
information is presented on page 5 of the prospectus.
<PAGE>
PAGE 20
<TABLE>
<CAPTION>
Investments in securities
IDS Global Growth Fund (Percentages represent value of
Oct. 31, 1993 investments compared to net assets)
Investments in securities of unaffiliated issuers
_____________________________________________________________________________________________________________________________
Common stocks (77.5%)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
Argentina (4.5%)
Banks and savings & loan (1.3%)
Banco de Galicia ADR 100,000 $ 3,225,000
_____________________________________________________________________________________________________________________________
Beverages & tobacco (1.5%)
Baesa ADR 100,000 3,687,500
_____________________________________________________________________________________________________________________________
Building materials (1.7%)
IRSA 150,000 (b,c) 3,975,000
_____________________________________________________________________________________________________________________________
Australia (1.6%)
Retail
Woolworth 200,000 (b) 3,900,000
_____________________________________________________________________________________________________________________________
Austria (0.6%)
Building materials
Universale-BAU 16,100 1,395,307
_____________________________________________________________________________________________________________________________
Canada (2.5%)
Energy (1.6%)
Sceptre 350,000 3,972,608
_____________________________________________________________________________________________________________________________
Utilities-gas (0.9%)
Archer Resource 150,000 (c) 2,184,934
_____________________________________________________________________________________________________________________________
Chile (1.5%)
Industrial equipment
Madeco ADR 175,000 (c) 3,631,250
_____________________________________________________________________________________________________________________________
France (9.6%)
Banks and savings & loan (2.7%)
Credit Local de France 33,000 (b) 2,579,907
Sovac 15,000 4,033,170
____________
Total 6,613,077
_____________________________________________________________________________________________________________________________
Computers & office equipment (0.4%)
Sligos 11,000 949,069
_____________________________________________________________________________________________________________________________
Food (1.7%)
IDIA 98,500 4,014,564
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
</TABLE>
<PAGE>
PAGE 21
<TABLE>
<CAPTION>
Investments in securities
IDS Global Growth Fund (Percentages represent value of
Oct. 31, 1993 investments compared to net assets)
Investments in securities of unaffiliated issuers
_____________________________________________________________________________________________________________________________
Common stocks (cont'd)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
France (cont'd)
Industrial equipment & services (1.8%)
CNIM 19,026 $ 4,322,422
_____________________________________________________________________________________________________________________________
Retail (1.7%)
Castorama Dubois 33,429 4,255,244
_____________________________________________________________________________________________________________________________
Utilities-gas (1.3%)
Primagaz 20,000 3,189,100
_____________________________________________________________________________________________________________________________
Germany (9.4%)
Building materials & construction (6.8%)
CHA Holdings 15,000 4,070,970
Friedrich Grone 15,000 3,292,560
Pfleiderer 12,500 5,055,163
Weru 5,000 4,190,275
____________
Total 16,608,968
_____________________________________________________________________________________________________________________________
Computers & office equipment (1.1%)
Computer 2000 5,108 2,623,310
_____________________________________________________________________________________________________________________________
Retail (1.5%)
Douglas Holdings 10,000 3,638,530
_____________________________________________________________________________________________________________________________
Hong Kong (6.4%)
Automotive & related (0.5%)
Innovative Intl Holdings 3,000,000 1,221,000
_____________________________________________________________________________________________________________________________
Building materials (0.8%)
Kumagai Gumi 1,500,000 2,056,500
_____________________________________________________________________________________________________________________________
Multi-industry conglomerates (3.4%)
Hopewell Holdings 2,250,000 2,254,500
Hutchison Whampoa 1,000,000 3,765,000
Shun Tak Enterprise 2,000,000 2,380,000
____________
Total 8,399,500
_____________________________________________________________________________________________________________________________
Restaurant & lodging (0.7%)
Cafe de Coral 2,200,000 1,592,800
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
</TABLE>
<PAGE>
PAGE 22
<TABLE>
<CAPTION>
Investments in securities
IDS Global Growth Fund (Percentages represent value of
Oct. 31, 1993 investments compared to net assets)
Investments in securities of unaffiliated issuers
______________________________________________________________________________________________________________________________
Common stocks (cont'd)
______________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
Hong Kong (cont'd)
Utilities-telephone (1.0%)
Hong Kong Telecom 1,096,200 $ 2,367,792
_____________________________________________________________________________________________________________________________
Italy (2.4%)
Building materials (0.2%)
Cogefar Impresit Constr General 295,000 (c) 475,540
_____________________________________________________________________________________________________________________________
Furniture & appliances (1.5%)
Natuzzi 150,000 (c) 3,637,500
_____________________________________________________________________________________________________________________________
Industrial equipment (0.7%)
Sasib 400,000 1,796,000
_____________________________________________________________________________________________________________________________
Japan (6.2%)
Electronics (2.9%)
Chudenko 72,450 2,607,765
Japan Radio 150,000 2,561,100
Nippon Signal 150,000 (d) 2,048,850
____________
Total 7,217,715
_____________________________________________________________________________________________________________________________
Leisure time & entertainment (0.9%)
Heiwa 75,000 (d) 2,152,725
_____________________________________________________________________________________________________________________________
Retail (2.4%)
Canon Sales 100,000 (d) 2,768,800
York Benimaru 75,000 3,087,150
____________
Total 5,855,950
_____________________________________________________________________________________________________________________________
Mexico (3.7%)
Banks and savings & loan (1.5%)
Banacci Cl C 600,000 3 ,684,600
_____________________________________________________________________________________________________________________________
Beverages & tobacco (1.0%)
Femsa Cl B 500,000 2,558,500
_____________________________________________________________________________________________________________________________
Metals (1.2%)
Groupo Simec ADR 160,000 (c) 2,900,000
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
</TABLE>
<PAGE>
PAGE 23
<TABLE>
<CAPTION>
Investments in securities
IDS Global Growth Fund (Percentages represent value of
Oct. 31, 1993 investments compared to net assets)
Investments in securities of unaffiliated issuers
______________________________________________________________________________________________________________________________
Common stocks (cont'd)
______________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
Netherlands (3.1%)
Building materials (1.9%)
IHC Caland 225,000 $ 4,659,075
_____________________________________________________________________________________________________________________________
Electronics (0.9%)
Getronics 98,239 2,190,730
_____________________________________________________________________________________________________________________________
Industrial services (0.3%)
Boskalis 25,000 621,500
_____________________________________________________________________________________________________________________________
Norway (0.6%)
Energy
Saga Petro Cl B 125,000 1,467,750
_____________________________________________________________________________________________________________________________
Portugual (1.2%)
Financial services
Banco Commercial Portugues ADR 218,999 (d) 3,011,236
_____________________________________________________________________________________________________________________________
Singapore/Malaysia (9.0%)
Banks and savings & loan (5.5%)
Arab Malaysian Bank 600,000 4,224,000
Commerce Asset 1,000,000 3,109,000
Development Bank of Singapore 375,000 3,806,625
United Overseas Bank 281,250 2,234,250
____________
Total 13,373,875
_____________________________________________________________________________________________________________________________
Electronics (1.3%)
Technology Resource Cl A 1,000,000 (c) 3,168,000
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
</TABLE>
<PAGE>
PAGE 24
<TABLE>
<CAPTION>
Investments in securities
IDS Global Growth Fund (Percentages represent value of
Oct. 31, 1993 investments compared to net assets)
Investments in securities of unaffiliated issuers
_____________________________________________________________________________________________________________________________
Common stocks (cont'd)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
Singapore/Malaysia (cont'd)
Leisure time & entertainment (0.9%)
Resorts World 400,000 $ 2,190,400
_____________________________________________________________________________________________________________________________
Multi-industry conglomerates (1.3%)
Keppel 550,000 3,206,725
_____________________________________________________________________________________________________________________________
Spain (2.2%)
Building materials (0.5%)
Cubiertas 16,450 1,066,256
_____________________________________________________________________________________________________________________________
Food (0.8%)
Pryca Centros Comer 200,000 2,135,800
_____________________________________________________________________________________________________________________________
Industrial transportation (0.9%)
Aumar Autopistas 200,000 2,217,600
_____________________________________________________________________________________________________________________________
Switzerland (1.2%)
Insurance
Schweiz-Ruckversicherungs 6,000 3,021,258
_____________________________________________________________________________________________________________________________
United Kingdom (5.8%)
Banks and savings & loans (1.0%)
Abby Natl 400,000 2,500,400
_____________________________________________________________________________________________________________________________
Electronics (1.0%)
Electrocomponents 350,000 2,297,050
_____________________________________________________________________________________________________________________________
Health care (0.9%)
Medeva 1,300,000 2,224,300
_____________________________________________________________________________________________________________________________
Industrial transportation (0.5%)
Tiphook ADR 750,000 1,227,750
_____________________________________________________________________________________________________________________________
Media (2.4%)
Blenheim Group 600,000 3,232,800
Wace Group 1,000,000 2,634,000
____________
Total 5,866,800
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
</TABLE>
<PAGE>
PAGE 25
<TABLE>
<CAPTION>
Investments in securities
IDS Global Growth Fund (Percentages represent value of
Oct. 31, 1993 investments compared to net assets)
Investments in securities of unaffiliated issuers
_____________________________________________________________________________________________________________________________
Common stocks (cont'd)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
United States (6.0%)
Computers & office equipment (0.6%)
Iomega 400,000 (c) $ 1,500,000
_____________________________________________________________________________________________________________________________
Health care (0.2%)
Meadowbrook Rehab Group 150,000 (c) 412,500
_____________________________________________________________________________________________________________________________
Industrial equipment & services (1.8%)
Calgon Carbon 125,000 1,265,625
Sanifill 175,000 (c) 3,106,250
____________
Total 4,371,875
_____________________________________________________________________________________________________________________________
Insurance (1.2%)
Midocean 100,000 (c) 2,900,000
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
</TABLE>
<PAGE>
PAGE 26
<TABLE>
<CAPTION>
Investments in securities
IDS Global Growth Fund (Percentages represent value of
Oct. 31, 1993 investments compared to net assets)
Investments in securities of unaffiliated issuers
_____________________________________________________________________________________________________________________________
Common stocks (cont'd)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
United States (cont'd)
Restaurants & Lodging (1.0%)
ShoLodge 100,000 $ 2,325,000
_____________________________________________________________________________________________________________________________
Transportation (1.2%)
Fritz 100,000 (c) 3,025,000
_____________________________________________________________________________________________________________________________
Total common stocks of unaffiliated issuers
(Cost: $165,017,500) $189,082,885
_____________________________________________________________________________________________________________________________
Bond (0.8%)
_____________________________________________________________________________________________________________________________
Issuer Principal Value(a)
Amount
_____________________________________________________________________________________________________________________________
Spain
Banco Santander
(Spanish Peseta)
9% Cv 1994 200,000,000 $ 1,920,000
_____________________________________________________________________________________________________________________________
Total bond
(Cost: $1,506,563) $ 1,920,000
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
</TABLE>
<PAGE>
PAGE 27
<TABLE>
<CAPTION>
Investments in securities
IDS Global Growth Fund (Percentages represent value of
Oct. 31, 1993 investments compared to net assets)
Investments in securities of unaffiliated issuers
_____________________________________________________________________________________________________________________________
Preferred stocks & other (4.3%)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
Brazil (--%)
South Amer Fund
Warrants 50,000 $ 53,750
_____________________________________________________________________________________________________________________________
France (--%)
Primagaz
Warrants 1,125 25,846
_____________________________________________________________________________________________________________________________
Germany (4.2%)
Hornbach 4,000 4,509,392
SAP 5,000 3,877,120
Westag & Getalit 8,000 1,908,736
____________
10,295,248
_____________________________________________________________________________________________________________________________
Singapore/Malaysia (0.1%)
Commerce Asset
Rights 266,666 (e) --
Keppel
Warrants 50,000 138,556
United Overseas
Warrants 24,500 80,328
____________
218,884
_____________________________________________________________________________________________________________________________
Total preferred stocks & other
(Cost: $8,004,220) $ 10,593,728
_____________________________________________________________________________________________________________________________
</TABLE>
<TABLE>
<CAPTION>
Short-term securities (19.2%)
_____________________________________________________________________________________________________________________________
Issuer Annualized Amount Value(a)
yield on payable
date of at
purchase maturity
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C>
Commercial paper (15.6%)
ABB Treasury Center (USA)
11-10-93 3.11% $4,600,000 (f) $ 4,595,643
Amer General Investment
11-30-93 3.11 1,900,000 (f) 1,894,928
BBV Finance (Delaware)
12-17-93 3.11 800,000 796,693
See accompanying notes to investments in securities.
</TABLE>
<PAGE>
PAGE 28
<TABLE>
<CAPTION>
Investments in securities
IDS Global Growth Fund (Percentages represent value of
Oct. 31, 1993 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
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C>
Commercial Paper (cont'd)
Ciesco LP
11-10-93 3.12% $1,500,000 $ 1,498,575
Commerzbank U.S. Finance
11-22-93 3.09 1,000,000 998,032
Corporate Receivables
11-16-93 3.10 800,000 798,829
G.E. Capital
12-10-93 3.10 1,100,000 1,096,129
Merrill Lynch
12-03-93 3.11 1,900,000 1,894,437
Natl Australia Funding (Delaware)
11-12-93 3.11 4,400,000 4,395,074
Natl Bank Detroit Canada
11-15-93 3.12 3,000,000 2,995,840
Penney (JC) Funding
11-09-93 3.11 1,000,000 999,139
12-01-93 3.08 1,100,000 1,096,998
Pennsylvania Power & Light Energy Trust
11-17-93 3.11 2,800,000 2,795,660
Pioneer Hi-Bred Intl
12-06-93 3.11 2,000,000 1,993,628
Pitney Bowes Credit
12-03-93 3.09 2,500,000 2,492,728
Rohm & Haas Finance
11-12-93 3.11 3,400,000 3,396,194
St. Paul Companies
11-15-93 3.11 600,000 (f) 599,173
Sandoz
11-18-93 3.09 2,000,000 1,996,749
12-15-93 3.11 1,700,000 1,693,266
____________
Total 38,027,715
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securites.
</TABLE>
<PAGE>
PAGE 29
<TABLE>
<CAPTION>
Investments in securities
IDS Global Growth Fund (Percentages represent value of
Oct. 31, 1993 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
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C>
Letters of credit (3.6%)
Bank of Amer-
AES Barbers Point
11-30-93 3.12% $3,000,000 $ 2,991,966
First Natl Chicago-
Commonwealth Fuel II
11-10-93 3.14 2,040,000 2,038,049
NationsBank North Carolina-
Comdisco
12-08-93 3.11 3,900,000 3,886,902
____________
Total 8,916,917
_____________________________________________________________________________________________________________________________
Total short-term securities
(Cost: $46,944,632) $ 46,944,632
_____________________________________________________________________________________________________________________________
Total investments in securities of unaffiliated issuers
(Cost: $221,472,915) $248,541,245
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
</TABLE>
<PAGE>
PAGE 30
<TABLE>
<CAPTION>
Investments in securities
IDS Global Growth Fund (Percentages represent value of
Oct. 31, 1993 investments compared to net assets)
Investments in securities of affiliated issuer (g)
_____________________________________________________________________________________________________________________________
Common stock (1.0%)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
United States
Chemicals
GNI Group 325,000 (c) $ 2,417,025
_____________________________________________________________________________________________________________________________
Total investments in securities of affiliated issuer
(Cost: $2,232,666) $ 2,417,025
_____________________________________________________________________________________________________________________________
Total investments in securities
(Cost: $223,705,581)(h) $250,958,270
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
<PAGE>
PAGE 31
Investments in securities
IDS Global Growth Fund
Oct. 31, 1993
_____________________________________________________________________________________________________________________________
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; 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) Presently negligible market value.
(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) Investments representing 5% or more of the outstanding voting securities of the issuer.
(h) At Oct. 31, 1993, the cost of securities for federal income tax purposes was $223,705,581 and the aggregate gross
unrealized appreciation and depreciation based on that cost was:
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Unrealized appreciation $37,630,676
Unrealized depreciation (10,377,987)
____________________________________________________________________________________________
Net unrealized appreciation $27,252,689
____________________________________________________________________________________________
</TABLE>
<PAGE>
PAGE 32
IDS mutual funds
Cash equivalent investments
These money market funds have three main goals: conversation 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 deposits (CDs) and
other bank securities.
(icon of) piggy bank
IDS Planned Investment Account
Invests in money market securities to provide maximum current
income consistent with liquidity and stability of principal of
principal, while serving as a base for systematic exchanges into
IDS fixed income and equity funds.
(icon of) stair steps
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
achieve 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
provide high current income. Secondary objective is capital
growth.
(icon of) cornucopia
<PAGE>
PAGE 33
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, Inc.
Invests in high quality corporate bonds and other highly-rated debt
instruments including government securities and short-term
investments. Seeks current income and preservation of capital.
(icon of) skyline
IDS Federal Income Fund, Inc.
Invests primarily in securities issued or guaranteed as to
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, Inc.
Invests primarily in medium- and lower-quality municipal bonds and
notes.
(icon of) shield with basket of apples enclosed
<PAGE>
PAGE 34
IDS State Tax-Exempt Funds
(California, Massachusetts, Michigan, Minnesota, New York, Ohio)
Invests primarily in high- and medium-grade municipal securities to
provide income to residents of each respective state that is exempt
from federal, state and local income taxes. (New York is the only
state that is exempt at the local level.)
(icon of) shield with U.S. enclosed
IDS Tax-Exempt Bond Fund, Inc.
Invests mainly in bonds and notes of state or local government
units, with at least 75 percent in the four highest rated, lowest
risk bond categories.
(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, Inc.
Invests primarily in common stocks of foreign companies that offer
potential for superior growth. The Fund may invest up to 20
percent of its assets in the U.S. market.
(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. Holding may range
from small- to large-capitalization stocks, including those of
companies involve in areas of rapid economic growth.
(icon of) chess piece
IDS Managed Retirement Fund, Inc.
Invests in a combination of common stocks, fixed income investments
and money market securities to seek a maximum total return through
a combination of growth of capital and current income.
(icon of) bird in a nest
<PAGE>
PAGE 35
IDS Equity Plus Fund, Inc.
Invests primarily in a combination of moderate growth stocks,
higher-yielding equities and bonds. Seeks growth of capital and
income.
(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, Inc.
Invests primarily in common stocks of blue chip U.S. companies
representing almost every major sector 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, Inc.
Invests primarily in the stocks of public utility companies to
provide 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 provide 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 36
Growth funds
Funds in this group seek capital growth, primarily from common
stocks. They are high risk mutual funds with a potential for high
reward.
IDS Discovery Fund, Inc.
Invests in small and medium-sized, growth-oriented companies
emphasizing technological innovation and productivity enhancement.
Buys and holds larger growth-oriented stocks.
(icon of) ship
IDS Growth Fund, Inc.
Invests primarily in companies that have above-average potential
for long-term growth as a result of new management, marketing
opportunities or technological superiority.
(icon of) flower
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 New Dimensions Fund, Inc.
Invests primarily in domestic 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, Inc.
Invests primarily in undervalued common stocks. The Fund holds
stocks for the long-term with the goal of capital growth.
(icon of) shooting star
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
Specialty growth investment
This fund aggressively seeks capital growth as a hedge against
inflation.<PAGE>
PAGE 37
IDS Precious Metals Fund, Inc.
Invests primarily in the securities of foreign or domestic
companies that explore for, mine and process or distribute gold and
other precious metals. This is the most aggressive and most
speculative IDS mutual fund.
(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 IDS personal financial planner or writing to IDS Shareholder
Service, P.O. Box 534, Minneapolis, MN 55440. Read it carefully
before you invest or send money.
<PAGE>
PAGE 38
Federal income tax information
IDS Global Growth Fund
The fund is required by the Internal Revenue Code of 1986 to tell
its shareholders about the tax treatment of the dividends it pays
during its fiscal year. The dividends listed below were reported
to you on a Form 1099-DIV, Dividends and Distributions, last
January. Shareholders should consult a tax adviser on how to report
distributions for state and local purposes.
IDS Global Growth Fund
Fiscal year ended Oct. 31, 1993
Income distribution taxable as dividend income 3.28% qualifying for
deduction by corporations.
Payable date Per share
Dec. 30, 1992 $0.03613
Capital gain distribution taxable as long-term capital gain.
Payable date Per share
Dec. 30, 1992 $0.03337
Total distributions $0.06950
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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 (TouchToneR 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:
IDS Global Growth Fund
IDS Tower 10
Minneapolis, MN 55440-0010
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STATEMENT OF DIFFERENCES
Difference Description
1) The layout is different 1) Some of the layout in the
throughout the annual report. annual report to
shareholders is in two
columns.
2) Headings. 2) The headings in the
annual report and
prospectus are placed
in blue strip at the top
of the page.
3) There are pictures, icons 3) Each picture, icon and
and graphs throughout the graph is described in
annual report and prospectus. parentheses.
4) Footnotes for charts and 4) The footnotes for each
graphs are described at chart or graph are typed
the left margin. below the description of
the chart or graph.
