<PAGE>
PAGE 1
IDS
Global Growth
Fund
1995 annual report
(prospectus enclosed)
(icon of) globe
The goal of IDS Global 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.
(This annual report includes a prospectus that describes in detail
the Fund's objective, investment policies, risks, sales charges,
fees and other matters of interest. Please read the prospectus
carefully before you invest or send money.)
Distributed by
American Express
Financial Advisors Inc.
<PAGE>
PAGE 2
(icon of) globe
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.
1995 annual report
From the president 4
From the portfolio manager 4
Ten largest holdings 6
Making the most of your Fund 7
Long-term performance 8
Independent auditors' report 9
Financial statements 10
Notes to financial statements 13
Investments in securities 22
IDS mutual funds 28
Federal income tax information 31
1995 prospectus
The Fund in brief
Goal 3p
Types of Fund investments and their risks 3p
Proposed conversion to master/feeder structure 3p
Manager and distributor 4p
Portfolio manager 4p
Alternative purchase arrangements 4p
Sales charge and Fund expenses 5p
Performance
Financial highlights 7p
Total returns 9p
Investment policies and risks 11p
Facts about investments and their risks 12p
Valuing Fund shares 15p
How to buy, exchange or redeem shares
Alternative purchase arrangements 16p
How to purchase shares 18p
How to exchange shares 21p
How to redeem shares 21p
Reductions and waivers of the sales charge 26p
Special shareholder services
Services 30p
Quick telephone reference 30p
Distributions and taxes
Dividend and capital gain distributions 31p
Reinvestments 32p
Taxes 32p
How to determine the correct TIN 34p
How the fund is organized
Shares 35p
Voting rights 35p
Shareholder meetings 35p
Special considerations regarding
master/feeder structure 36p
Directors and officers 38p
Investment manager and transfer agent 40p
Distributor 41p
About American Express Financial Corporation
General information 44p
Appendix
Descriptions of derivative instruments 46p
<PAGE>
PAGE 4
To our shareholders
(Photo of) William R. Pearce
President of the Fund
(Photo of) Richard Lazarchic
Portfolio manager
From the president
If you're an experienced investor, you know that 1995 was an
unusually strong year for the U.S. financial markets. Perhaps just
as important, you also know that history shows that bull markets
don't last forever. Though they're often unpredictable, declines--
whether they're brief or long-lasting, moderate or substantial--are
always a possibility.
That fact reinforces the need for investors to review periodically
their long-term goals and assess whether their investment program
remains on track to achieving them. Your quarterly investment
statements are one part of that monitoring process. The other is a
meeting with your American Express financial advisor. That becomes
even more important if there's a major change in your financial
situation or in the financial markets.
Before closing, I want to introduce Richard Lazarchic, who became
the new portfolio manager of this Fund last July. He joined the
company in 1979, and also manages IDS Managed Retirement Fund and
formerly managed IDS Utilities Fund and IDS Diversified Equity
Income Fund. His review of the past period and his outlook follow.
William R. Pearce
From the portfolio manager
With relatively few exceptions, foreign stock markets either lost
ground or failed to advance during the past 12 months, extending a
slump that began in early 1994. IDS Global Growth Fund's
performance reflected this trend, as it incurred a loss for its
November 1994 through October 1995 fiscal year.
The period got off to a stumbling start, as fears of higher
interest rates began driving down stocks in many smaller markets.
On the heels of that, Mexico devalued its peso in December 1994,
which sent Mexican stocks into a tailspin that soon spread to other
Latin American markets and even to markets in Asia. In a matter of
weeks, some markets fell anywhere from 10% to 40% measured in U.S.
dollars--the currency of record for U.S. investors.
Spring surge
It wasn't until spring that the smaller markets were able to right
themselves. Supported by appreciating local currencies, markets in
Latin America and Southeast Asia began moving forward with nearly
as much vigor as they previously retreated. By that time, the U.S.
market, to which we had increased our exposure, was also enjoying a
strong rally. As a result, the Fund enjoyed a strong, though
temporary, rebound.
From that point, however, most foreign markets did well just to
hold their ground, as the runaway bull market in the U.S. kept
attracting the great bulk of investors' capital. The situation was
compounded by a strengthening U.S. dollar during the summer and
fall--a factor that reduces returns for Americans who invest
outside U.S. borders. (Conversely, a weaker dollar enhances
returns from foreign stocks.)
Diversification provides cushion
While it was impossible to avoid the impact of these events, the
Fund's decline was tempered somewhat by our well-diversified
portfolio. A good example was our substantial exposure to European
markets, particularly Germany and France. These markets performed
better than several others, and we also benefitted at times from
appreciating local currencies (the German mark and French franc).
Among other major markets, our holdings in Japan were largely poor
performers, as that country continued to suffer from an
unresponsive economy. Concurrent with a change in portfolio
managers last July, this Fund has undergone a moderate
repositioning--the most notable example being a reduction of
holdings in Germany, France and Japan and an increase in
Scandinavia, Latin America (excluding Mexico) and Southeast Asia.
This shift is based on our desire to emphasize investments in
countries that are experiencing the greatest economic growth. We
also have been extending the growth theme to our stock selection by
focusing mainly on companies with above-average profit potential.
Recently, that has often led us to consumer-product companies,
particularly those in the food, beverage, retailing and personal-
care industries.
While we can't predict that positive performance will be immediate,
we do expect selected foreign markets to fare better in the year
ahead. Such an upturn wouldn't eliminate market volatility, of
course, but we think it could signal a return to the profitable
long-term results foreign markets have generated in years past.
Richard Lazarchic
<PAGE>
PAGE 5
Class A
12-month performance
(All figures per share)
Net asset value (NAV)
Oct. 31, 1995 $ 6.37
Oct. 31, 1994 $ 6.96
Decrease $ (0.59)
Distributions
Nov. 1, 1994 - Oct. 31, 1995
From income $ 0.05
From capital gains $ 0.05
Total distributions $ 0.10
Total return** (7.0)%***
Class B
March 20, 1995 - Oct. 31, 1995
(All figures per share)
Net asset value (NAV)
Oct. 31, 1995 $ 6.34
March 20, 1995* $ 5.82
Increase $ 0.52
Distributions
March 20, 1995* - Oct. 31, 1995
From income $ --
From capital gains $ --
Total distributions $ --
Total return** +8.9%***
Class Y
March 20, 1995 - Oct. 31, 1995
(All figures per share)
Net asset value (NAV)
Oct. 31, 1995 $ 6.38
March 20, 1995* $ 5.82
Increase $ 0.56
Distributions
March 20, 1995* - Oct. 31, 1995
From income $ --
From capital gains $ --
Total distributions $ --
Total return** +9.6%***
*Inception date.
**The prospectus discusses the effect of sales charges, if any, on
the various classes.
***The total return is a hypothetical investment in the Fund with
all distributions reinvested.
<PAGE>
PAGE 6
<TABLE>
<CAPTION>
IDS Global Growth Fund
Your Fund's ten largest holdings
The ten holdings listed here make up 15.37% of the Fund's net assets
Percent Value
(of Fund's net assets) (as of Oct. 31, 1995)
<S> <C> <C>
Renong (Malaysia) 1.69% $11,875,000
2.50% Cv Bond 2005
Engaged in the engineering, construction and operation of
major infrastruction projects in Malaysia.
Bankgesellshchaft Berlin (Germany) 1.67 11,792,280
Dominant mortgage bank in Berlin area.
First Pacific (Hong Kong) 1.63 11,510,000
An investment and management company. Through its subsidiaries,
the company is engaged in marketing and distribution, integrated
property services, telecommunication and banking.
Volker Stevin (Netherlands) 1.62 11,412,852
A market leader in road construction, traffic control systems and
pipelines, Volker Stevin will benefit more than other construction
companies from the expected upturn in Dutch infrastructure.
Castorama Dubois (France) 1.62 11,378,430
A fast growing "do-it-yourself" retailer in
France (currently expanding into Italy).
Bre-X Minerals (Canada) 1.60 11,277,917
This company, directly and through joint ventures, is engaged in the
acquisition, exploration and development of mining properties.
Hutchinson Whampoa (Hong Kong) 1.57 11,018,000
A highly diversified company based in Hong Kong, positioned to
benefit from the above-average growth of the Pacific Basin region.
Mannesmann (Germany) 1.40 9,873,540
This company's operations are divided into six business segments:
machinery and plant construction, automotive technology, elelctrical
engineering, telecommunications, tubes and pipes, and trading.
Jungheinrich (Germany) 1.31 9,199,400
A German manufacturer of forklifts and industrial trucks.
Renaissance Energy (Germany) 1.26 8,844,932
This company is engaged in the acquisition of petroleum and natural
gas rights and the exploration, development and production of oil and
natural gas.
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 7
Making the most of your fund
Average annual total return
(as of Oct. 31, 1995)
Class A
1 year 5 year Since inception*
- -11.65% +6.83% +4.93%
*May 29, 1990
Total returns for Class A, Class B and Class Y for the period from
March 20, 1995 to Oct. 31, 1995 were +4.10%, +4.04% and +9.66%,
respectively. March 20, 1995 was the inception date for Class B
and Class Y. Total return for Class A is shown for comparative
purposes. The performance of Class B and Class Y will vary from
the performance of Class A based on differences in sales charges
and fees.
Your investment and return values fluctuate so that your shares,
when redeemed, may be worth more or less than the original cost.
Figures for Class A and Class B reflect the effect of the maximum
5% sales charge. This was a period of widely fluctuating security
prices. Past performance is no guarantee of future results.
Build your assets systematically
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 18 5.56
Mar 100 17 5.88
Apr 100 15 6.67
May 100 16 6.25
June 100 18 5.56
July 100 17 5.88
Aug 100 19 5.26
Sept 100 21 4.76
Oct 100 20 5.00
(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 September) and fewer shares when the
per share market price is high.
You have paid an average price of only $17.91 per share over the 10
months, while the average market price actually was $18.10.
<PAGE>
PAGE 8
Your Fund's long-term performance
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.
Class A*
How your $10,000 has grown in IDS Global Growth Fund
Average annual total return
(as of Oct. 31, 1995)
1 year 5 years Since 5/29/90
- -11.65% +6.83% +4.93%
Lipper International
Fund Index
$12,985
Global Growth
Fund
EAFE Index
$9,500
6/1/90 '90 '91 '92 '93 '94 '95
*The graph above is for Class A only. Class B and Class Y are not
shown. Total returns for Class A, Class B and class Y for the
period from March 20, 1995 to Oct. 31, 1995 were +4.10%, +4.04% and
+9.66%, respectively. March 20, 1995 was the inception date for
Class B and Class Y. Total return for Class A is shown for
comparative purposes. The performance of Class B and Class Y will
vary from the performance of Class A based on differences in sales
charges and fees.
Assumes: o Holding period from 6/01/90 to 10/31/95. o Returns do
not reflect taxes payable on distributions. o Also see
"Performance" in the fund's current prospectus. o Reinvestment of
all income and capital gain distributions for the Fund, with a
value of $880. Also see "Performance" in the Fund's current
prospectus.
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.
On the graph 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
funds, any sales charges that you pay would reduce your total
return as well.
Your investment and return values fluctuate so that your shares,
when redeemed, may be worth more or less than the original cost.
This was a period of widely fluctuating security prices. Past
performance is no guarantee of future results.
<PAGE>
PAGE 9
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, 1995, 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, 1995, and the financial highlights for each of the
years in the five-year period ended October 31, 1995, 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, 1995, 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, 1995, and the financial highlights for the periods
stated in the first paragraph above, in conformity with generally
accepted accounting principles.
KPMG Peat Marwick LLP
Minneapolis, Minnesota
December 1, 1995
<PAGE>
PAGE 10
<TABLE>
<CAPTION>
Financial statements
Statement of assets and liabilities
IDS Global Growth Fund
Oct. 31, 1995
_____________________________________________________________________________________________________________
Assets
_____________________________________________________________________________________________________________
<S> <C>
Investments in securities, at value (Note 1):
Investments in securities of unaffiliated issuers (identified cost $690,959,451) $696,341,698
Investments in securities of affiliated issuers (identified cost $2,977,041) 3,150,000
Cash in bank on demand deposit 6,089,504
Dividends and accrued interest receivable 2,069,458
Receivable for investment securities sold 18,263,210
Unrealized appreciation on foreign currency contracts held, at value (Notes 1 and 4) 7,620
U.S. government securities held as collateral (Note 5) 9,574,741
_____________________________________________________________________________________________________________
Total assets 735,496,231
_____________________________________________________________________________________________________________
Liabilities
_____________________________________________________________________________________________________________
Payable for investment securities purchased 10,994,212
Unrealized depreciation on foreign currency contracts held, at value (Notes 1 and 4) 3,848,703
Payable upon return of securities loaned (Note 5) 16,671,706
Accrued investment management services fee 59,641
Accrued distribution fee 1,699
Accrued service fee 12,972
Accrued transfer agency fee 17,746
Accrued administrative services fee 4,250
Other accrued expenses 121,766
_____________________________________________________________________________________________________________
Total liabilities 31,732,695
_____________________________________________________________________________________________________________
Net assets applicable to outstanding capital stock $703,763,536
_____________________________________________________________________________________________________________
Represented by
_____________________________________________________________________________________________________________
Capital stock -- $.01 par value (Note 1) $ 1,104,822
Additional paid-in capital 679,888,008
Undistributed net investment income 17,412,089
Accumulated net realized gain (Note 1) 4,067,152
Unrealized appreciation of investments and on translation
of assets and liabilities in foreign currencies (Notes 4 and 7) 1,291,465
_____________________________________________________________________________________________________________
Total -- representing net assets applicable to outstanding capital stock $703,763,536
_____________________________________________________________________________________________________________
Net assets applicable to outstanding shares: Class A $659,071,729
Class B $ 21,191,733
Class Y $ 23,500,074
Net asset value per share of outstanding capital stock: Class A shares 103,455,734 $ 6.37
Class B shares 3,341,575 $ 6.34
Class Y shares 3,684,897 $ 6.38
See accompanying notes to financial statements.<PAGE>
PAGE 11
Financial statements
Statement of operations
IDS Global Growth Fund
Year ended Oct. 31, 1995
_____________________________________________________________________________________________________________
Investment income
_____________________________________________________________________________________________________________
Income:
Dividends (net of foreign taxes withheld of $716,243) $10,512,509
Interest 9,736,833
_____________________________________________________________________________________________________________
Total income 20,249,342
_____________________________________________________________________________________________________________
Expenses (Note 2):
Investment management services fee 5,454,220
Distribution fee
Class A 243,536
Class B 45,989
Transfer agency fee 1,642,098
Incremental transfer agency fee - Class B 1,594
Service fee
Class A 728,112
Class B 10,693
Administrative services fee 241,709
Compensation of directors 10,872
Compensation of officers 6,699
Custodian fees 636,223
Postage 135,965
Registration fees 107,971
Reports to shareholders 99,260
Audit fees 23,000
Administrative 10,143
Other 18,016
_____________________________________________________________________________________________________________
Total expenses 9,416,100
Earnings credits on cash balances (Note 2) (12,539)
_____________________________________________________________________________________________________________
Total net expenses 9,403,561
_____________________________________________________________________________________________________________
Investment income -- net 10,845,781
_____________________________________________________________________________________________________________
Realized and unrealized gain (loss) -- net
_____________________________________________________________________________________________________________
Net realized gain on security and foreign currency transactions
(including loss of $29,612 from foreign currency transactions)(Note 3) 279,261
Net realized gain on stock index futures contracts 1,758,122
_____________________________________________________________________________________________________________
Net realized gain on investments and foreign currency 2,037,383
Net change in unrealized appreciation or depreciation of investments and on
translation of assets and liabilities in foreign currencies (59,607,264)
_____________________________________________________________________________________________________________
Net loss on investments and foreign currency (57,569,881)
_____________________________________________________________________________________________________________
Net decrease in net assets resulting from operations $(46,724,100)
_____________________________________________________________________________________________________________
See accompanying notes to financial statements.
/TABLE
<PAGE>
PAGE 12
<TABLE>
<CAPTION>
Financial statements
Statements of changes in net assets
IDS Global Growth Fund
Year ended Oct. 31,
_____________________________________________________________________________________________________________
Operations and distributions 1995 1994
_____________________________________________________________________________________________________________
<S> <C> <C>
Investment income -- net $ 10,845,781 $ 4,023,830
Net realized gains on investments and foreign currency 2,037,383 5,188,698
Net change in unrealized appreciation or depreciation of investments
and on translation of assets and liabilities in foreign currencies (59,607,264) 33,656,723
_____________________________________________________________________________________________________________
Net increase (decrease) in net assets resulting from operations (46,724,100) 42,869,251
_____________________________________________________________________________________________________________
Distributions to shareholders from:
Net investment income
Class A (4,548,940) (1,094,030)
Net realized gains
Class A (5,265,856) (3,909,791)
_____________________________________________________________________________________________________________
Total distributions (9,814,796) (5,003,821)
_____________________________________________________________________________________________________________
Capital share transactions (Note 6)
_____________________________________________________________________________________________________________
Proceeds from sales
Class A shares (Note 2) 349,901,545 487,713,822
Class B shares 22,236,244 --
Class Y shares 28,305,289 --
Reinvestment of distributions at net asset value
Class A shares 9,752,256 4,980,642
Payments for redemptions
Class A shares (312,991,564) (104,574,827)
Class B shares (Note 2) (557,491) --
Class Y shares (6,322,878) --
_____________________________________________________________________________________________________________
Increase in net assets from capital share transactions 90,323,401 388,119,637
_____________________________________________________________________________________________________________
Total increase in net assets 33,784,505 425,985,067
Net assets at beginning of year 669,979,031 243,993,964
_____________________________________________________________________________________________________________
Net assets at end of year
(including undistributed net investment income of
$17,412,089 and $3,950,178) $703,763,536 $669,979,031
_____________________________________________________________________________________________________________
See accompanying notes to financial statements.
</TABLE>
<PAGE>
PAGE 13
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 that can be freely allocated among the separate series as
designated by the board of directors. The Fund offers Class A,
Class B and Class Y shares. Class A shares are sold with a front-
end sales charge. Class B shares, which the Fund began offering on
March 20, 1995, may be subject to a contingent deferred sales
charge. Class B shares automatically convert to Class A after eight
years. Class Y shares, which the Fund also began offering on March
20, 1995, have no sales charge and are offered only to qualifying
institutional investors.
All classes of shares have identical voting, dividend, liquidation
and other rights, and the same terms and conditions, except that
the level of distribution fee, transfer agency fee and service fee
(class specific expenses) differs among classes. Income, expenses
(other than class specific expenses) and realized and unrealized
gains or losses on investments are allocated to each class of
shares based upon its relative net assets.
Significant accounting policies followed by the Fund are summarized
below:
Valuation of securities
All securities are valued at the close of each business day.
Securities traded on national securities exchanges or included in
national market systems are valued at the last quoted sales price;
securities for which market quotations are not readily available
are valued at fair value according to methods selected in good
faith by the board of directors. Determination of fair value
involves, among other things, reference to market indexes, matrixes
and data from independent brokers. Short-term securities maturing
in more than 60 days from the valuation date are valued at the
market price or approximate market value based on current interest
rates; those maturing in 60 days or less are valued at amortized
cost.
Option transactions
In order to produce incremental earnings, protect gains and
facilitate buying and selling of securities for investment
purposes, the Fund may buy or write options traded on any U.S. or
foreign exchange or in the over-the-counter market where the
completion of the obligation is dependent upon the credit standing
of the other party. The Fund also may buy and sell put and call
options and write covered call options on portfolio securities and
may write cash-secured put options. The risk in writing a call
option is that the Fund gives up the opportunity of profit if the <PAGE>
PAGE 14
market price of the security increases. The risk in writing a put
option is that the Fund may incur a loss if the market price of the
security decreases and the option is exercised. The risk in buying
an option is that the Fund pays a premium whether or not the option
is exercised. The Fund also has the additional risk of not being
able to enter into a closing transaction if a liquid secondary
market does not exist.
Option contracts are valued daily at the closing prices on their
primary exchanges and unrealized appreciation or depreciation is
recorded. The Fund will realize a gain or loss upon expiration or
closing of the option transaction. When an option is exercised, the
proceeds on sales for a written call option, the purchase cost for
a written put option or the cost of a security for a purchased put
or call option is adjusted by the amount of premium received or
paid.
Futures transactions
In order to gain exposure to or protect itself from changes in the
market, the Fund may buy and sell futures contracts traded on any
U.S. or foreign exchange. The Fund also may buy or write put and
call options on these 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.
Foreign currency translations and
foreign currency contracts
Securities and other assets and liabilities denominated in foreign
currencies are translated daily into U.S. dollars at the closing
rate of exchange. Foreign currency amounts related to the purchase
or sale of securities and income and expenses are translated at the
exchange rate on the transaction date. The effect of changes in
foreign exchange rates on realized and unrealized security gains or
losses is reflected as a component of such gains or losses. In the
statement of operations, net realized gains or losses from foreign
currency transactions may arise from sales of foreign currency,
closed forward contracts, exchange gains or losses realized between
the trade date and settlement dates on securities transactions,
other translation gains or losses on dividends, interest income and
foreign withholding taxes.
The Fund may enter into forward foreign currency exchange contracts
for operational purposes and to protect against adverse exchange
rate fluctuation. The net U.S. dollar value of foreign currency
underlying all contractual commitments held by the Fund and the
resulting unrealized appreciation or depreciation are determined <PAGE>
PAGE 15
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. 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 $7,165,070 and accumulated net
realized gain has been increased by $2,029,852, resulting in a net
classification adjustment to decrease additional
paid-in capital by $9,194,922.
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.
___________________________________________________________________
2. Expenses and sales charges
Under terms of a prior agreement that ended March 19, 1995, the
Fund paid AEFC a fee for managing its investments, recordkeeping
and other specified services. The fee was a percentage of the
Fund's average daily net assets consisting of a group asset charge
in reducing percentages from 0.46% to 0.32% annually on the
combined net assets of all non-money market funds in the IDS MUTUAL
FUND GROUP and an individual annual asset charge of 0.46% of
average daily net assets.
<PAGE>
PAGE 16
Also under terms of a prior agreement, the Fund paid AEFC 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.
Effective March 20, 1995, when the Fund began offering multiple
classes of shares, the Fund entered into agreements with AEFC for
managing its portfolio, providing administrative services and
serving as transfer agent as follows: Under its Investment
Management Services Agreement, AEFC determines which securities
will be purchased, held or sold. The management fee is a percentage
of the Fund's average daily net assets in reducing percentages from
0.8% to 0.675% annually.
Under an Administrative Services Agreement, the Fund pays AEFC for
administration and accounting services at a percentage of the
Fund's average daily net assets in reducing percentages from 0.06%
to 0.035% annually.
Under a separate Transfer Agency Agreement, AEFC maintains
shareholder accounts and records. The Fund pays AEFC an annual fee
per shareholder account for this service as follows:
o Class A $15
o Class B $16
o Class Y $15
Also effective March 20, 1995, the Fund entered into agreements
with American Express Financial Advisors Inc. for distribution and
shareholder servicing-related services as follows: Under a Plan and
Agreement of Distribution, the Fund pays a distribution fee at an
annual rate of 0.75% of the Fund's average daily net assets
attributable to Class B shares for distribution-related services.
Under a Shareholder Service Agreement, the Fund pays a fee for
service provided to shareholders by financial advisors and other
servicing agents. The fee is calculated at a rate of 0.175% of the
Fund's average daily net assets attributable to Class A and Class B
shares.
AEFC will assume and pay any expenses (except taxes and brokerage
commissions) that exceed the most restrictive applicable state
expense limitation.
Sales charges received by American Express Financial Advisors Inc.
for distributing Fund shares were $3,610,407 for Class A and $2,332
for Class B for the year ended Oct. 31, 1995. The Fund also pays
custodian fees to American Express Trust Company, an affiliate of
AEFC.
During the year ended Oct. 31, 1995, the Fund's custodian and
tranfer agency fees were reduced by $12,539 as a result of earnings
credits from overnight cash balances.
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,
<PAGE>
PAGE 17
but the Fund recognizes the cost of payments during the time the
directors serve on the board. The retirement plan expense amounted
to $4,487 for the year ended Oct. 31, 1995.
___________________________________________________________________
3. Securities transactions
Cost of purchases and proceeds from sales of securities (other than
short-term obligations) aggregated $541,555,602 and $519,467,757,
respectively, for the year ended Oct. 31, 1995. Realized gains and
losses are determined on an identified cost basis.
Brokerage commissions paid to brokers affiliated with AEFC were
$6,922 for the year ended Oct. 31, 1995.
4. Foreign currency contracts
At Oct. 31, 1995, the Fund had entered into 12 foreign currency
exchange contracts that obligate the Fund to deliver currency at
specified future dates. The unrealized appreciation and/or
depreciation on these contracts is included in the accompanying
financial statements. The terms of the open contracts are as
follows:
<TABLE>
<CAPTION>
Exchange date Currency to be Currency to be Unrealized Unrealized
delivered received appreciation depreciation
_____________________________________________________________________________________________
<S> <C> <C> <C> <C>
Nov. 1, 1995 2,476,677 1,760,329 $ 951 $ --
Deutsche Mark U.S. Dollar
Nov. 2, 1995 224,421,230 98,866 46 --
Indonesian Rupee U.S. Dollar
Nov. 2, 1992 388,830 276,315 98 --
Deutsche Mark U.S. Dollar
Nov. 2, 1995 261,214 185,669 108 --
Deutsche Mark U.S. Dollar
Nov. 2, 1995 1,148,070 815,369 -- 195
Deutsche Mark U.S. Dollar
Nov. 3, 1995 61,814 43,894 -- 17
Deutsche Mark U.S. Dollar
Nov. 6, 1995 16,656,085 11,838,434 6,307 --
Deutsche Mark U.S. Dollar
Nov. 7, 1995 7,838,854 1,604,022 -- 2,795
French Franc U.S. Dollar
Nov. 7, 1995 575,046 408,611 110 --
Deutsche Mark U.S. Dollar
Nov. 29, 1995 20,000,000 13,691,222 -- 534,643
Deutsche Mark U.S. Dollar
Nov. 29, 1995 60,000,000 41,016,666 -- 1,660,926
Deutsche Mark U.S. Dollar
Nov. 29, 1995 60,000,000 41,027,464 -- 1,650,127
Deutsche Mark U.S. Dollar
_________ ___________
$7,620 $3,848,703
_____________________________________________________________________________
/TABLE
<PAGE>
PAGE 18
5. Lending of portfolio securities
At Oct. 31, 1995, securities valued at $16,392,508 were on loan to
brokers. For collateral, the Fund received $7,096,965 in cash and
U.S. government securities valued at $9,574,741. Income from
securities lending amounted to $188,915 for the year ended Oct.
31, 1995. The risks to the Fund of securities lending are that the
borrower may not provide additional collateral when required or
return the securities when due.
___________________________________________________________________
6. Capital share transactions
Transactions in shares of capital stock for the years indicated are
as follows:
<TABLE>
<CAPTION>
Year ended Oct. 31, 1995 Year ended
10/31/94
Class A Class B* Class Y* Class A
______________________________________________________________________________
<S> <C> <C> <C> <C>
Sold 54,746,186 3,426,130 4,666,904 72,265,905
Issued for reinvested 1,583,930 -- -- 741,509
distributions
Redeemed (49,171,839) (84,555) (982,007) (15,415,895)
______________________________________________________________________________
Net increase 7,158,277 3,341,575 3,684,897 57,591,519
______________________________________________________________________________
*Inception date was March 20, 1995.
</TABLE>
___________________________________________________________________
7. Stock index futures contracts
Investments in securities at Oct. 31, 1995, included securities
valued at $8,092,500 that were pledged as collateral to cover
initial margin deposits on 799 open purchase contracts. The market
value of the open contracts at
Oct. 31, 1995, was $60,866,302 with a net unrealized loss of
$476,573.
___________________________________________________________________
8. Financial highlights
"Financial highlights" showing per share data and selected
information is presented on pages 5 and 6 of the prospectus.
<PAGE>
PAGE 19
<TABLE>
<CAPTION>
Investments in securities
IDS Global Growth Fund (Percentages represent value of
Oct. 31, 1995 investments compared to net assets)
Investments in securities of unaffiliated issuers
_____________________________________________________________________________________________________________________________
Common stocks (67.3%)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
Argentina (2.8%)
Building materials & construction (0.8%)
IRSA 262,500 $ 5,512,500
_____________________________________________________________________________________________________________________________
Multi-industry conglomerates (1.3%)
Comp Naviera Perez ADR 1,000,000 (d) 8,820,000
_____________________________________________________________________________________________________________________________
Utilities-electric (0.7%)
Capex GDR 400,000 (d) 4,950,000
_____________________________________________________________________________________________________________________________
Australia (0.9%)
Airlines (0.6%)
Qantas Airways 256,500 (b) 4,533,021
_____________________________________________________________________________________________________________________________
Metals (0.3%)
Golden Shamrock 4,000,000 (c) 2,192,000
_____________________________________________________________________________________________________________________________
Bahamas (0.8%)
Industrial transportation
Teekay Shipping 250,000 5,812,500
_____________________________________________________________________________________________________________________________
Bermuda (0.5%)
Media
Comcast 275,000 (c) 3,540,625
______________________________________________________________________________________________________________________________
Brazil (0.7%)
Retail
Lojas Arapua ADR 486,000 (b,c) 4,598,492
______________________________________________________________________________________________________________________________
Canada (3.5%)
Energy (1.3%)
Renaissance Energy 400,000 (b,c) 8,844,932
_____________________________________________________________________________________________________________________________
Metals (2.2%)
Bre-X Minerals 318,100 (c) 11,277,917
Prime Resources 600,000 (c) 4,366,482
_____________
Total 15,644,399
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities. <PAGE>
PAGE 20
Chile (3.5%)
Banks and savings & loans (1.3%)
Banco O'Higgins 270,000 5,771,250
Banco Osorno ADR 225,000 3,037,500
_____________
Total 8,808,750
_____________________________________________________________________________________________________________________________
Building materials (0.2%)
New World Infrastructure 720,000 (c) 1,266,480
______________________________________________________________________________________________________________________________
Industrial equipment & services (0.9%)
Madeco ADR 250,000 6,218,750
_____________________________________________________________________________________________________________________________
Retail (0.6%)
Santa Isabel 200,000 (b) 4,525,000
______________________________________________________________________________________________________________________________
Utilities-telephone (0.5%)
Telefonos de Chile ADR 53,600 3,859,200
______________________________________________________________________________________________________________________________
France (6.5%)
Computers & office equipment (1.2%)
Sligos 100,000 8,670,600
_____________________________________________________________________________________________________________________________
Electronics (0.9%)
SGS-Thomson Microele 135,000 (c) 6,108,750
______________________________________________________________________________________________________________________________
Industrial equipment & services (0.4%)
CNIM 72,700 2,533,304
_____________________________________________________________________________________________________________________________
Industrial transportation (0.7%)
SAGA 150,000 4,996,350
_____________________________________________________________________________________________________________________________
Metals (0.6%)
Usinor Sacilor 300,000 (c) 4,488,900
_____________________________________________________________________________________________________________________________
Retail (1.6%)
Castorama Dubois 70,000 11,378,430
_____________________________________________________________________________________________________________________________
Utilities-electric (1.1%)
Lyonnaise Des Eaux & De L'Eclairage 82,017 8,019,212
_____________________________________________________________________________________________________________________________
Germany (4.8%)
Banks and savings & loans (2.6%)
Bankgesellshchaft Berlin 40,000 11,792,280
Commerzbank 27,000 (d) 6,248,907
_____________
Total 18,041,187
_____________________________________________________________________________________________________________________________
Industrial equipment & services (1.4%)
Mannesmann 30,000 9,873,540
_____________________________________________________________________________________________________________________________
Metals (0.8%)
SGL Carbon 85,000 (b) 5,573,195
_____________________________________________________________________________________________________________________________
Hong Kong (4.2%)
Financial services (1.6%)
First Pacific 10,000,000 11,510,000
_____________________________________________________________________________________________________________________________
Multi-industry conglomerates (1.6%)
Hutchison Whampoa 2,000,000 11,018,000
_____________________________________________________________________________________________________________________________
Utilities-electric (1.0%)
Consolidated Electric Power 3,500,000 7,084,000
_____________________________________________________________________________________________________________________________
Indonesia (2.2%)
Banks and savings & loans (0.5%)
Lippo Bank Foreign 1,650,000 3,342,140
______________________________________________________________________________________________________________________________
Chemicals (0.6%)
PT Tri Polyta ADR 250,000 3,875,000
_____________________________________________________________________________________________________________________________
Industrial equipment & services (0.1%)
PT Komatsu 704,000 619,991
______________________________________________________________________________________________________________________________
Real estate (1.0%)
PT Jaya Real Properties 2,435,000 6,942,185
_____________________________________________________________________________________________________________________________
Italy (1.3%)
Multi-industry conglomerates (0.6%)<PAGE>
PAGE 21
Sasib 1,000,000 4,432,000
_____________________________________________________________________________________________________________________________
Utilities-telephone (0.7%)
Stet 1,800,000 5,101,200
______________________________________________________________________________________________________________________________
Japan (7.9%)
Building materials (0.6%)
Nishimatsu Construction 400,000 4,500,400
_____________________________________________________________________________________________________________________________
Electronics (2.3%)
Mitsubishi Electric 700,000 5,231,800
Rohm 100,000 6,075,700
TDK 100,000 5,156,000
____________
Total 16,463,500
_____________________________________________________________________________________________________________________________
Industrial equipment & services (1.6%)
Mitsubishi Heavy Inds 800,000 6,175,200
Secom 80,000 5,212,720
_____________
Total 11,387,920
_____________________________________________________________________________________________________________________________
Retail (1.8%)
Familymart 150,000 6,325,200
York-Benimaru 200,000 6,339,800
____________
Total 12,665,000
_____________________________________________________________________________________________________________________________
Utilities-electric (1.6%)
Oki Electric 650,000 (c,d) 6,022,250
Sumitomo Electric 475,000 5,483,400
_____________
Total 11,505,650
_____________________________________________________________________________________________________________________________
Mexico (3.3%)
Banks and savings & loans (0.5%)
Grupo Finance Banamex Series B 1,450,000 2,482,806
Grupo Finance Banamex Series L 72,500 119,052
Grupo Financiero Banorte Series B 975,000 (c) 998,946
____________
Total 3,600,804
_____________________________________________________________________________________________________________________________
Building materials & construction (2.1%)
Bufete Inds ADR 500,000 (c) 6,687,500
Empresas ICA Sociedad Controladora 500,000 (d) 4,750,000
Tolmex Series B 900,000 3,378,942
____________
Total 14,816,442
_____________________________________________________________________________________________________________________________
Multi-industry conglomerates (0.7%)
Grupo Carso ADR 500,000 (c) 5,235,085
_____________________________________________________________________________________________________________________________
Netherlands (3.5%)
Building materials & construction (2.4%)
IHC Caland 200,000 5,691,800
Volker Stevin 177,400 11,412,852
_____________
Total 17,104,652
_____________________________________________________________________________________________________________________________
Energy equipment & services (0.9%)
Schlumberger 100,000 6,225,000
_____________________________________________________________________________________________________________________________
Textiles & apparel (0.2%)
Gucci 52,400 (c,d) 1,572,000
_____________________________________________________________________________________________________________________________
Norway (0.1%)
Banks and savings & loans
Fokus Bank 145,000 (c) 768,355
_____________________________________________________________________________________________________________________________
Peru (0.6%)
Banks and savings & loans
Banco Wiese ADR 600,000 3,975,000
_____________________________________________________________________________________________________________________________
Phillipines (2.4%)
Financial services (0.8%)
Filinvest Development 6,000,000 (b) 5,304,000
_____________________________________________________________________________________________________________________________
Paper & packaging (1.6%)
Intl Container Service 10,000,000 4,220,000
<PAGE>
PAGE 22
Portucell ADR 1,000,000 (d) 7,000,876
_____________
Total 11,220,876
_____________________________________________________________________________________________________________________________
Singapore/Malaysia (2.1%)
Banks and savings & loans (0.9%)
Commerce Asset 1,082,000 (b) 5,364,556
Commerce Asset 138,000 684,204
_____________
Total 6,048,760
_____________________________________________________________________________________________________________________________
Multi-industry conglomerates (1.2%)
Keppel 1,000,000 8,209,000
_____________________________________________________________________________________________________________________________
Spain (1.1%)
Utilities-telephone
Telefonica de Espana ADR 200,000 7,525,000
_____________________________________________________________________________________________________________________________
Sweden (1.3%)
Banks and savings & loans (0.4%)
Nordbanken ADR 91,000 (b,c) 2,684,500
_____________________________________________________________________________________________________________________________
Metals (0.9%)
Hoganas Cl B 235,000 6,334,425
______________________________________________________________________________________________________________________________
<PAGE>
PAGE 23
Switzerland (0.8%)
Multi-industry conglomerates
BBC Brown Boveri Series A 5,000
5,794,100
_____________________________________________________________________________________________________________________________
Taiwan (0.4%)
Electronics
Acer GDR 144,000 (b) 1,890,000
Siliconware 39,500 (c) 622,125
_____________
Total 2,512,125
_____________________________________________________________________________________________________________________________
Thailand (1.9%)
Banks and saving & loans (0.7%)
Bangkok Bank 450,000 4,648,950
_____________________________________________________________________________________________________________________________
Building materials (1.2%)
Siam City Cement 280,000 4,628,400
TPI Polene 602,400 3,949,772
_____________
Total 8,578,172
_____________________________________________________________________________________________________________________________
United Kingdom (5.4%)
Electronics (1.7%)
Electrocomponents 1,200,000 6,146,400
Nynex Cable ADR 270,000 (c) 5,501,250
_____________
Total 11,647,650
_____________________________________________________________________________________________________________________________
Financial services (0.5%)
GT Chile Growth Euro 100,000 3,825,000
_____________________________________________________________________________________________________________________________
Health care (1.1%)
SmithKline Beecham 150,000 (c) 7,781,250
_____________________________________________________________________________________________________________________________
Media (1.3%)
British Sky 117,500 4,200,625
Videotron 400,000 5,275,000
_____________
Total 9,475,625
_____________________________________________________________________________________________________________________________
Metals (0.8%)
Tambang Timah 477,000 (c) 5,712,075
_____________________________________________________________________________________________________________________________
United States (4.8%)
Financial services (0.4%)
Credicorp 160,000 (c) 2,640,000
______________________________________________________________________________________________________________________________
Industrial transportation (1.0%)
Fritz 200,000 (c,e) 7,000,000
_____________________________________________________________________________________________________________________________
Metals (2.8%)
Alumax 150,000 (c) 4,425,000
Stillwater Mining 50,000 843,750
Stillwater Mining 450,000 (b,c) 7,593,750
UCAR Intl 250,000 (b) 7,125,000
_____________
Total 19,987,500
_____________________________________________________________________________________________________________________________
Utilities-telephone (0.6%)
Orion Network Systems 439,200 (c) 4,062,600
_____________________________________________________________________________________________________________________________
Total common stocks of unaffiliated issuers
(Cost: $483,030,708) $473,546,049
_____________________________________________________________________________________________________________________________
Bonds (6.9%)
_____________________________________________________________________________________________________________________________
Issuer and Principal Value(a)
coupon rate Amount
_____________________________________________________________________________________________________________________________
Argentina (0.6%)
Banco de Galicia
(U.S. Dollar)
7% Cv 2002 $ 5,000,000 $ 4,081,250
_____________________________________________________________________________________________________________________________
Luxembourg (0.7%)
Scandinavian Broadcast <PAGE>
PAGE 24
(U.S. Dollar)
7.25% Cv 2005 4,500,000 4,826,250
______________________________________________________________________________________________________________________________
Malaysia (1.9%)
Commerce Asset
(U.S. Dollar)
1.75% Cv 2004 1,500,000 1,668,750
Renong
(U.S. Dollar)
2.50% Cv 2005 10,000,000 (b) 11,875,000
_____________
Total 13,543,750
_____________________________________________________________________________________________________________________________
Mexico (1.3%)
Banco Nacional de Mexico
(U.S. Dollar)
7% Cv 1999 5,000,000 (b) 4,000,000
Mexican Cetes
(Mexican Peso)
Zero Coupon
50.60% Treasury Bill 1995 38,099,640 (f) 5,287,829
____________
Total 9,287,829
_____________________________________________________________________________________________________________________________
South Africa (0.3%)
Sappi BVI Finance
(U.S. Dollar)
7.50% Cv 2002 1,825,000 (b) 1,859,219
_____________________________________________________________________________________________________________________________
Thailand (0.6%)
Sahaviriya Steel
(U.S. Dollar)
3.50% Cv 2005 5,000,000 (b) 4,250,000
_____________________________________________________________________________________________________________________________
United Kingdom (0.9%)
Liberty Life Insurance
(U.S. Dollar)
6.50% Cv 2004 6,000,000 (b) 6,600,000
______________________________________________________________________________________________________________________________
<PAGE>
PAGE 25
United States (0.6%)
Intl Cabletel
(U.S. Dollar)
7.25% Cv 2005 3,800,000 4,374,750
______________________________________________________________________________________________________________________________
Total bonds
(Cost: $45,615,498) $ 48,823,048
_____________________________________________________________________________________________________________________________
Preferred stocks (3.3%)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
Germany
Friedrich Grohe 25,000 $ 6,002,675
Jungheinrich 50,000 9,199,400
Moebel Walther 400 176,174
SAP 50,000 7,672,050
_____________
Total 23,050,299
_____________________________________________________________________________________________________________________________
Total preferred stocks
(Cost: $11,387,424) $ 23,050,299
_____________________________________________________________________________________________________________________________
</TABLE>
<TABLE>
<CAPTION>
Short-term securities (21.4%)
_____________________________________________________________________________________________________________________________
Issuer Annualized Amount Value(a)
yield on payable
date of at
purchase maturity
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C>
U.S. government agency (0.7%)
U.S. Treasury Bills
01-18-96 5.37% $5,000,000 (e) $ 4,942,176
_____________________________________________________________________________________________________________________________
Commercial paper (19.5%)
A.I. Credit
12-04-95 5.75 6,000,000 5,968,540
Aon
11-08-95 5.75 5,000,000 4,994,439
11-10-95 5.75 3,000,000 2,995,710
CAFCO
11-14-95 5.76 1,800,000 (g) 1,796,282
11-15-95 5.75 4,000,000 (g) 3,991,102
12-05-95 5.74 3,600,000 3,580,620
Commerzbank U.S. Finance
12-01-95 5.75 5,000,000 4,976,167
Consolidated Rail
11-27-95 5.75 4,700,000 (g) 4,680,618
CPC Intl
11-01-95 5.79 7,400,000 (g) 7,400,000
11-16-95 5.79 7,600,000 (g) 7,581,792
Dean Witter, Discover & Co.
11-22-95 5.76 6,300,000 6,278,942
Ford Motor Credit
11-17-95 5.77 4,300,000 4,289,049
Goldman Sachs Group
11-22-95 5.76 2,700,000 2,690,991
Harris Bank
11-03-95 5.75 5,800,000 5,800,000
Lincoln Natl
11-20-95 5.76 3,900,000 (g) 3,888,206
Metlife Funding
11-29-95 5.74 2,200,000 2,190,247
Morgan Stanley Group
11-10-95 5.76 8,500,000 8,487,824
Motorola
12-07-95 5.74 5,000,000 4,971,500
PACCAR Financial
11-07-95 5.75 4,300,000 4,295,901
12-04-95 5.75 3,200,000 3,183,221
Pfizer
12-07-95 5.74 7,100,000 (g) 7,059,530
<PAGE>
PAGE 26
Pioneer Hi-Bred Intl
11-14-95 5.75 3,100,000 3,093,597
Reed Elsevier
11-10-95 5.76 5,100,000 (g) 5,092,694
12-01-95 5.74 4,200,000 (g) 4,180,015
Sandoz
11-13-95 5.84 2,600,000 2,594,973
11-21-95 5.76 2,900,000 2,890,784
Southern California Gas
11-17-95 5.76 4,400,000 (g) 4,388,814
12-12-95 5.76 2,800,000 (g) 2,780,807
Transamerica Financial
11-06-95 5.77 4,700,000 4,696,259
USL Capital
11-13-95 5.76 6,500,000 6,487,585
_____________
Total 137,306,209
_____________________________________________________________________________________________________________________________
Letters of credit (1.2%)
First Natl Bank Chicago-
Commed Fuel
11-09-95 5.76 2,911,000 2,907,293
11-09-95 5.82 3,784,000 3,779,140
Barclays Bank-
Banco Nacional de Mexico
12-06-95 5.79 2,000,000 1,987,484
____________
Total 8,673,917
_____________________________________________________________________________________________________________________________
Total short term securities
(Cost: $150,925,821) $150,922,302
_____________________________________________________________________________________________________________________________
Total investments in securities of unaffiliated issuers
(Cost: $690,959,451) $696,341,698
_____________________________________________________________________________________________________________________________
/TABLE
<PAGE>
PAGE 27
<TABLE>
<CAPTION>
_____________________________________________________________________________________________________________________________
Investments in securities of affiliated issuer (h)
_____________________________________________________________________________________________________________________________
Common stock (0.4%)
_____________________________________________________________________________________________________________________________
Issuer Shares Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C>
United States
Industrial equipment & services
GNI Group 450,000 (c) $ 3,150,000
____________________________________________________________________________________________________________________________
Total investments in securities of affiliated issuer
(Cost: $2,977,041) $ 3,150,000
_____________________________________________________________________________________________________________________________
Total investments in securities
(Cost: $693,936,492)(i) $699,491,698
_____________________________________________________________________________________________________________________________
<PAGE>
PAGE 28
______________________________________________________________________________________________________________________________
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 5 to the financial statements.
(e) Fully or partially pledged as initial deposit on the following open stock index futures purchase contracts (see Note 7
to the financial statements):
Type of security Contracts
______________________________________________________________
Hang Sang Index, Nov. 1995 389
Nikkei 225 Stock Index, Dec. 1995 410
______________________________________________________________
(f) For zero coupon bonds, the interest rate disclosed represents the annualized effective yield on the date of acquisition.
(g) 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.
(h) Investments representing 5% or more of the outstanding voting securities of the issuer.
(i) At Oct. 31, 1995, the cost of securities for federal income tax purposes was $702,850,321 and the
aggregate gross unrealized appreciation and depreciation based on that cost was:
Unrealized appreciation $52,084,576
Unrealized depreciation (55,443,199)
____________________________________________________________________________________________
Net unrealized depreciation $(3,358,623)
____________________________________________________________________________________________
</TABLE>
<PAGE>
PAGE 29
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 deposits (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
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
<PAGE>
PAGE 30
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
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
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
<PAGE>
PAGE 31
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 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
IDS Equity Select 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 our 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 stock of companies representing many sectors of
the economy. Seeks current income and growth of capital.
(icon of) building with columns
IDS Equity Value Fund
Invests primarily in undervalued common stocks that offer potential
for growth of capital and income.
(icon of) three growing flowers
<PAGE>
PAGE 32
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
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 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
<PAGE>
PAGE 33
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
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 advisor or writing to American Express Shareholder
Service, P.O. Box 534, Minneapolis, MN 55440-0534. Read it
carefully before you invest or send money.
<PAGE>
PAGE 34
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
advisor on how to report distributions for state and
local purposes.
IDS Global Growth Fund
Fiscal year ended Oct. 31, 1995
Class A
Income distribution
taxable as dividend income,
2.69% qualifying for deduction by corporations.
Payable date Per share
Dec. 30, 1994 $0.05202
Capital gain distribution
taxable as long-term capital gain.
Payable date Per share
Dec. 30, 1994 $0.04401
Total distributions $0.09603
The distribution of $0.09603 per share, payable Dec. 30, 1994,
consisted of $0.04450 derived from net investment income, $0.00752
from net short-term capital gains (a total of $0.05202 taxable
as dividend income) and $0.04401 from net long-term capital gains.
<PAGE>
PAGE 35
Quick telephone reference
American Express 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
American Express Shareholder Service
Fund performance, objectives and account inquiries
612-671-3733
TTY Service
For the hearing impaired
800-846-4852
American Express Infoline
Automated account information (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
AMERICAN
EXPRESS
FINANCIAL
ADVISORS
IDS Global Growth Fund
IDS Tower 10
Minneapolis, MN 55440-0010
