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PAGE 1
1996 Annual Report
IDS Global Growth Fund
(prospectus enclosed)
The goal of the IDS Global Growth Fund, a part of IDS Global
Series, Inc., is long-term growth of capital. The Fund invests in
a Portfolio comprised primarily of common stocks and securities
convertible into common stocks of companies throughout the world.
(icon of) world globe
(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.
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PAGE 2
(Icon of) world 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 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.
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PAGE 3
Contents
The purpose of this annual report is to tell investors how the Fund
performed.
(Icon of) One open book inside of another.
The prospectus, which is bound into the middle of this annual
report, describes the Fund in detail.
1996 annual report
From the president 4
From the portfolio manager 4
Ten largest holdings 6
Making the most of the Fund 7
Long-term performance 8
Independent auditors' report 9
Financial statements 10
Notes to financial statements 13
Investments in securities 34
IDS mutual funds 43
Federal income tax information 47
1996 prospectus
The Fund in brief 3p
Goal 3p
Investment policies and risks 3p
Structure of the fund 4p
Manager and distributor 4p
Portfolio manager 4p
Alternative purchase arrangements 5p
Sales charge and Fund expenses 6p
Performance 8p
Financial highlights 8p
Total returns 10p
Investment policies and risks 12p
Facts about investments and their risks 12p
Valuing Fund shares 16p
How to purchase, exchange or redeem shares 17p
Alternative purchase arrangements 17p
How to purchase shares 18p
How to exchange shares 22p
How to redeem shares 22p
Reductions and waivers of the sales charge 27p
Special shareholder services 31p
Services 31p
Quick telephone reference 31p
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PAGE 4
Distributions and taxes 32p
Dividend and capital gain distributions 32p
Reinvestments 33p
Taxes 34p
How to determine the correct TIN 36p
How the Fund and Portfolio are organized 37p
Shares 37p
Voting rights 38p
Shareholder meetings 38p
Special considerations regarding
master/feeder structure 39p
Board members and officers 42p
Investment manager 44p
Administrator and transfer agents 44p
Distributor 45p
About American Express Financial Corporation 46p
General information 46p
Appendix 47p
Descriptions of derivative instruments 47p
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PAGE 5
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 the past two years
have been unusually strong ones in many worldwide 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 periodically review their
long-term goals and examine whether their investment program
remains on track to achieving them.
On May 13, 1996, the Fund began investing its assets in World
Growth Portfolio instead of directly in securities of individual
companies. Following the portfolio manager's letter are the
financial statements of both the Fund and Portfolio. The notes to
the financials and the prospectus go into more detail of how the
new structure works.
William R. Pearce
From the portfolio manager
A repositioned Portfolio and particularly good returns from Latin
American markets benefited IDS Global Growth Fund during the past
fiscal year. For investors in Class A shares, the Fund's total
return was 14.5% for the November 1995 through October 1996 period.
After many months of struggle, foreign markets appeared ready to
rebound late in 1995. As it turned out, the imminent upturn
coincided almost exactly with the beginning of the Fund's fiscal
year. Although some foreign markets had already established
forward momentum, the full force of the upswing began in November
of 1995, and it continued largely without interruption through last
spring.
"Emerging" markets rebound
That early advance was led by so-called "emerging" markets--those
in either smaller or less-developed countries such as in Latin
America (including Mexico, Argentina, Peru, Venezuela and Brazil)
and Southeast Asia (including Singapore, Malaysia and Thailand).
Among the larger, more established markets, Japan also managed a
good performance, while Europe as a whole remained relatively
unproductive.
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PAGE 6
Aside from the seemingly tireless Latin American markets, the
positive performance could not be sustained during the summer and
fall, however. Southeast Asia, in particular, lost ground, as did
Japan, whose returns to U.S.-based investors were further reduced
by a decline in the value of the yen versus the dollar. The
Portfolio's holding among metal producers, both industrial metals
and precious metals such as gold, were especially poor performers
during that time.
A repositioned portfolio
There were considerable changes to the Portfolio that, for the most
part, worked to the Fund's advantage over the 12 months. Prior to
the beginning of the fiscal year, I substantially trimmed holdings
in Europe, chiefly in France and Germany, and increased exposure to
Southeast Asia, Latin America and Japan. In addition, I
substantially increased holdings among U.S. stocks, which rose from
about 5% of the Portfolio last spring to more than 20% by fall.
Beyond those changes, I broadened the scope of the Portfolio to
include more stocks of companies in the consumer products and
natural resource sectors. Lastly, regardless of industry, I also
focused more on stocks of companies with consistent, above-average
earnings growth, while avoiding those whose fortunes depend largely
on the strength of their local economies.
Looking to the current fiscal year, the fundamentals appear to have
improved in most regions of the world, with Latin American
countries continuing to enjoy particularly strong economic growth.
While I may increase the Portfolio's exposure to those markets, I
intend to keep the portfolio broadly diversified, both by country
and industry.
Richard Lazarchic
Class A
12-month perfomance
(All figures per share)
Net asset value (NAV)
__________________________
Oct. 31, 1996 $7.12
__________________________
Oct. 31, 1995 $6.37
__________________________
Increase $0.75
__________________________
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PAGE 7
Distributions
Nov. 1, 1995-Oct. 31, 1996
__________________________
From income $0.13
__________________________
From capital gains $0.03
__________________________
Total distributions $0.16
__________________________
Total return* +14.5%**
__________________________
Class B
12-month performance
(All figures per share)
Net asset value (NAV)
__________________________
Oct. 31, 1996 $7.05
__________________________
Oct. 31, 1995 $6.34
__________________________
Increase $0.71
__________________________
Distributions
Nov. 1, 1995-Oct. 31, 1996
__________________________
From income $0.12
__________________________
From capital gains $0.03
__________________________
Total distributions $0.15
__________________________
Total return* +13.6%**
__________________________
Class Y
12-month performance
(All figures per share)
Net asset value (NAV)
__________________________
Oct. 31, 1996 $7.13
__________________________
Oct. 31, 1995 $6.38
__________________________
Increase $0.75
__________________________
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PAGE 8
Distributions
Nov. 1, 1995-Oct. 31, 1996
__________________________
From income $0.14
__________________________
From capital gains $0.03
__________________________
Total distributions $0.17
__________________________
Total return* +14.7%**
__________________________
*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.
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PAGE 9
The Portfolio's ten largest holdings
<TABLE><CAPTION>
World Growth Portfolio
The Portfolio's ten largest holdings
The ten holdings listed here make up 12.12% of the Portfolio's net assets
Percent Value
(of Portfolio's net assets) (as of Oct. 31, 1996)
<S> <C> <C>
Commonwealth Bank of Australia (Australia) 1.74% $18,692,380
Principal activities are personal banking, business banking,
institutional banking, funds management and development banking.
Republic of South Africa (South Africa) 1.63 17,487,115
2.64% 2005
Sun Intl (Bahamas) 1.32 14,175,000
This company is an international resort and gaming company that develops
and manages resort and casino properties. Sun Intl is also engaged in
real estate and air transportation.
Renaissance Energy (Canada) 1.18 12,685,144
This company is engaged in the acquisition of petroleum and natural
gas rights and the exploration, development and production of oil and
natural gas.
Cie Generale Dex Eaux (France) 1.14 12,227,171
The parent company of a multinational, diversified group of
approximately 2,500 service companies catering to the needs of
communities, public institutions and private businesses of all sizes.
Quimica Minera Chile (Chile) 1.07 11,500,000
Through its subsidiaries the company is engaged in the production and
sale of chemical products and concentrated minerals, including iodine,
potassium, nitrates, sulfates and fertilizers.
Multi-Purpose Holdings (Malaysia) 1.05 11,285,175
Principal activities include licensed four digit numbers forecast game,
property development and investment, commercial banking, financial
and general insurance, securities brokerage, manufacturing and
trading, operation of hotels, manufacturing and marketing of
chipboards, ownership and operation of ships for charter hire and
cargo services and investment holding.
Ladbroke Group (United Kingdom) 1.05 11,249,608
Operates hotels worldwide and retail gambling casinos in the
United Kingdom, Ireland, Belgium and the United States.
UCAR Intl (United States) 1.00 10,759,375
Engaged in the development, manufacture and marketing of carbon
graphite products for the steel, ferroalloys, aluminum, chemicals,
aerospace and transportation industries.
Amer Group (Finland) .94 10,041,896
This company is involved in manufacturing and marketing of sporting
goods, import and marketing of automobiles and publishing and
printing import and export.
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
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PAGE 10
Class A
12-month performance
(All figures per share)
Net asset value (NAV)
_____________________________
Oct. 31, 1996 $ 7.12
_____________________________
Oct. 31, 1995 $ 6.37
_____________________________
Increase $ 0.75
_____________________________
Distributions
Nov. 1, 1995 - Oct. 31, 1996
_____________________________
From income $ 0.13
____________________________
From capital gains $ 0.03
____________________________
Total distributions $ 0.16
____________________________
Total return* +14.5%**
____________________________
Class B
12-month performance
(All figures per share)
Net asset value (NAV)
____________________________
Oct. 31, 1996 $ 7.05
____________________________
Oct. 31, 1995 $ 6.34
____________________________
Increase $ 0.71
____________________________
Distributions
Nov. 1, 1995 - Oct. 31, 1996
____________________________
From income $ 0.12
____________________________
From capital gains $ 0.03
____________________________
Total distributions $ 0.15
____________________________
Total return* +13.6%**
____________________________<PAGE>
PAGE 11
Class Y
12-month performance
(All figures per share)
Net asset value (NAV)
____________________________
Oct. 31, 1996 $ 7.13
____________________________
Oct. 31, 1995 $ 6.38
____________________________
Increase $ 0.75
____________________________
Distributions
Nov. 1, 1995 - Oct. 31, 1996
____________________________
From income $ 0.14
____________________________
From capital gains $ 0.03
____________________________
Total distributions $ 0.17
____________________________
Total return* +14.7%**
____________________________
*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.
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PAGE 12
Making the most of the Fund
Average annual total return
(as of Oct. 31, 1996)
__________________________________________________________________
1 year 5 years Since Inception
Class A* 8.76% 7.73% 6.37%
Class B** 9.62% --% 11.68%
Class Y** 14.66% --% 15.01%
*Inception date was May 29, 1990.
**Inception date was March 20, 1995.
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 reflect the effect of the maximum 5% sales
charge and figures for Class B reflect the applicable contingent
deferred 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
March 100 17 5.88
April 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
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PAGE 13
(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 Sept.) 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.
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PAGE 14
The Fund's long-term perfomance
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.
How your $10,000 has grown in IDS Global Growth Fund
(graph illustrating the growth of $10,000 in the Fund)
Lipper International
Fund Index
$14,867
Global Growth
Fund Class A
EAFE Index
$9,500
6/1/90 '91 '92 '93 '94 '95 '96
Average annual total return
(as of Oct. 31, 1996)
__________________________________________________________________
1 year 5 years Since Inception
Class A* 8.76% 7.73% 6.37%
Class B** 9.62% --% 11.68%
Class Y** 14.66% --% 15.01%
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PAGE 15
*Inception date was May 29, 1990.
**Inception date was March 20, 1995.
On the graph above you can see how the Fund's total retrun 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.
Average annual total return figures reflect the deduction of the
maximum 5% sales charge. This was a period of widely fluctuating
security prices. Past performance is no guarantee of future
results.
Assumes:
o Holding period from 6/1/90 to 10/31/96
o Returns do not reflect taxes payable on distributions.
o Reinvestment of all income and capital gain distributions for
the Fund, with a value of $1,348. 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 measurements 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.
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PAGE 16
IDS mutual funds
Global/International funds
Funds in this group seek capital growth and/or income by investing
primarily in foreign securities. Foreign investments may be
subject to currency fluctuations and political and economic risks
of the countries in which the investments are made. They are high
risk mutual funds with a potential for high reward.
IDS Emerging Markets Fund
Invests in a Portfolio comprised primarily of stocks of companies
in developing countries throughout the world that are believed to
offer growth potential. Seeks to provide long-term growth of
capital.
(icon of) world with countries
IDS Global Growth Fund
Invests in a Portfolio comprised primarily of 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 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 Global Balanced Fund
Invests in stocks and bonds in, for the most part, major markets
throughout the world, including the U.S. Seeks to provide a
balance of growth of capital and current income.
(icon of) scale holding two worlds
IDS Global Bond Fund
Invests in a Portfolio comprised primarily of debt securities of
U.S. and foreign issuers to seek high total return through income
and growth of capital.
(icon of) globe
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.<PAGE>
PAGE 17
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. A highly aggressive and speculative fund
that seeks long-term growth of capital.
(icon of) cart of precious gems
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 Small Company Index Fund
Invests in all or a representative group of the equity securities
comprising the S&P SmallCap 600 Index, as it strives to provide
long-term capital appreciation.
(icon of) office building
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 Research Opportunities Fund
Invests in a Portfolio comprised primarily of equity securities of
companies included in the S&P 500 Index that are believed to have
strong growth potential. The Portfolio is managed using a research
methodology by the Research Department of AEFC. Goal is long-term
appreciation.
(icon of) magnifying glass
IDS Growth Fund
Invests in a Portfolio comprised primarily of companies that have
above-average potential for long-term growth as a result of new
management, marketing opportunities or technological superiority.
(icon of) trees
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PAGE 18
IDS New Dimensions Fund
Invests in a Portfolio comprised primarily of 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
Growth & income funds
These funds focus on securities of medium to large, well-
established companies that offer long-term growth of capital and
reasonable income from dividends and interest.
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 pine 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 Managed Allocation Fund
Invests in a Portfolio comprised primarily of U.S. equity
securities, U.S. and foreign debt securities, foreign equity
securities and money market instruments. The Fund provides
diversification among these major investment categories and has a
target mix that represents the way the Fund's investments will be
allocated over the long term. Seeks maximum total return.
(icon of) gyroscope
IDS Stock Fund
Invests in a Portfolio comprised primarily of common stock of
companies representing many sectors of the economy. Seeks current
income and growth of capital.
(icon of) building with columns<PAGE>
PAGE 19
IDS Equity Value Fund
Invests primarily in undervalued common stocks that offer potential
for growth of capital and income.
(icon of) three growing flowers
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) light bulb
IDS Diversified Equity Income Fund
Invests in a Portfolio comprised primarily of high-yielding common
stocks to seek high current income and, secondarily, to benefit
from the growth potential offered by stock investments.
(icon of) two puzzle pieces
IDS Mutual
Invests in a Portfolio which seeks to 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
Income funds
The funds in this group invest their assets primarily in corporate
bonds or government securities to seek interest income. Secondary
objective is capital growth. Risk varies by bond quality.
IDS Extra Income Fund
Invests in a Portfolio comprised mainly of 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) coins
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
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PAGE 20
IDS Selective Fund
Invests in a Portfolio comprised primarily of 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 in a Portfolio comprised primarily of 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) shield with eagle head enclosed
Tax-exempt income funds
These funds provide tax-free income by investing in municipal
bonds. The income is generally free from federal income tax, but a
portion of the income may be subject to state and local taxes.
Risk varies by bond quality.
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 enclosed
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 star 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
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PAGE 21
IDS High Yield Tax-Exempt Fund
Invests in a Portfolio comprised primarily of 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 Intermediate Tax-Exempt Fund
Invests in mainly investment-grade bonds and other debt securities
with intermediate-term maturities issued by state and local
government units. Goal is to seek a high level of current income
exempt from federal taxes.
(icon of) shield with a tree enclosed
Money market funds
These money market funds have three main goals: conservation of
capital, constant liquidity and the highest possible current income
consistent with these objectives. An investment in these funds is
neither insured nor guaranteed by the U.S. government, and there
can be no assurance that these funds will be able to maintain a
stable net asset value of $1.00 per share. Very limited risk.
IDS Cash Management Fund
Invests in such money market securities as high quality commercial
paper, bankers' acceptances, certificates of deposit (CDs) and
other bank securities.
(icon of) piggy bank
IDS Tax-Free Money Fund
Invests primarily in short-term bonds and notes issued by state and
local governments to seek high current income exempt from federal
income taxes.
(icon of) shield with piggy bank enclosed
<PAGE>
PAGE 22
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, 1996
Class A
Income distribution
taxable as dividend income,
1.11% qualifying for deduction by corporations.
Payable date Per share
Dec. 29, 1995 $0.12967
Capital gain distribution taxable as long-term capital gain.
Payable date Per share
Dec. 29, 1995 $0.03073
Total distributions $0.16040
Class B
Income distribution
taxable as dividend income,
1.11% qualifying for deduction by corporations.
Payable date Per share
Dec. 29, 1995 $0.11675
Capital gain distribution taxable as long-term capital gain.
Payable date Per share
Dec. 29, 1995 $0.03073
Total distributions $0.14748
Class Y
Income distribution
taxable as dividend income,
1.11% qualifying for deduction by corporations.
Payable date Per share
Dec. 29, 1995 $0.13859
Capital gain distribution taxable as long-term capital gain.
Payable date Per share
Dec. 29, 1995 $0.03073
Total distributions $0.16932<PAGE>
PAGE 23
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 Mutual
IDS Tower 10
Minneapolis, MN 55440-0010
<PAGE>
PAGE 24
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 are
placed in a 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. 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.
