-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, my7H9+g9R25zZBpB1PslN9oDyQr0MfWTI2bWHqo75nx1rcKZw3QsojEITQVMcWX3 P4vF1A9PPLnTkSoqOkVybQ== 0000820027-94-000294.txt : 19940615 0000820027-94-000294.hdr.sgml : 19940615 ACCESSION NUMBER: 0000820027-94-000294 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19940430 FILED AS OF DATE: 19940614 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IDS STOCK FUND INC CENTRAL INDEX KEY: 0000052423 STANDARD INDUSTRIAL CLASSIFICATION: 0000 IRS NUMBER: 410839317 STATE OF INCORPORATION: MN FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-00498 FILM NUMBER: 94534107 BUSINESS ADDRESS: STREET 1: 80 SOUTH 8TH STREET STREET 2: T33/52 CITY: MINNEAPOLIS STATE: MN ZIP: 55440 BUSINESS PHONE: 6126712727 FORMER COMPANY: FORMER CONFORMED NAME: INVESTORS STOCK FUND INC DATE OF NAME CHANGE: 19831221 N-30D 1 STOCK APRIL 1994 SEMIANNUAL REPORT IDS Stock Fund 1994 semiannual report (icon of) building with columns The goals of IDS Stock Fund, Inc. are current income and growth of capital. The fund invests primarily in common stocks and securities convertible into common stock. Distributed by IDS Financial Services Inc. IDS An American Express company AMERICAN EXPRESS PAGE (icon of) building with columns Big names, big business These are the names you know. They are the movers and shakers of today's business world. Whether representing established U.S. firms or companies that have made their mark over-seas, the securities found in IDS Stock Fund make up a veritable who's who in the financial market place. These stocks offer a dual benefit of ongoing growth potential along with a steady stream of dividend income. And as we move toward a more global economy, these blue chip, multi-national companies are well-positioned to prosper in the 21st century. Contents From the president 3 From the portfolio manager 3 Ten largest holdings 5 Financial statements 6 Notes to financial statements 9 Investments in securities 19 Directors and officers 24 IDS mutual funds 25 PAGE To our shareholders (Picture of William Pearce) William R. Pearce President of the fund From the president As you read this semiannual report, you'll find that it complements the newly designed annual report you received six months ago. We hope the substantial changes we've made to the design and organization will help make information easier to find and understand. A good place to begin is with the portfolio manager's letter, which describes the events and investment strategies that most influenced the fund's performance during the past period. For a broader financial perspective, please consult your IDS planner, who can help you make sure your investment and protection strategies continue to meet the objectives in your financial plan. Sincerely, William R. Pearce PAGE (picture of Joe Barsky) Portfolio manager From the portfolio manager Solid stock-picking and well-timed portfolio shifts allowed IDS Stock Fund to weather a volatile investment environment and show a positive return for the six-month period ended April 30, 1994. In the process, the fund outperformed the market as a whole, based on the Standard & Poor's 500 Stock Index (an unmanaged list of larger stocks commonly used to measure market performance.) The period proved to be a difficult one because many stock groups that did well in the first few months quickly fell out of favor, while others that started poorly rebounded well later on. These rapid shifts in the market required considerable nimbleness on our part in managing the portfolio. Foreign stocks provide boost A good example was provided by the Hong Kong and the Mexican markets, which experienced huge gains during 1993, only to fall off sharply in the first few months of this year. Fortunately, we decided to begin shedding our holdings in Hong Kong while this market was near its top. We applied the same strategy to Mexico, with similar success. In the latter case, however, we have been selectively adding to our holdings. The same is true for Chile and Argentina. Foreign holdings have recently accounted for approximately 20% of the portfolio, and we plan to retain this position in the months ahead. Back home, we focused early in the period on so called "cyclical" stocks - -- those that benefit from an improving economy. Those stocks did quite well for a time, but, along with the overall market, stumbled later in the period when interest rates began rising. In fact, the stock market fell more that 7% during February and March. Few sectors performed well throughout the entire period, but two exceptions were health-care services (primarily health-management organizations) and aerospace. The portfolio had exposure to both groups. We also managed to select productive stocks in the following sectors: banks, chemicals, industrial machinery, building materials and retailing. We remained nearly fully invested throughout the six months, with cash levels around 11%. The fund also continues to hold both convertible preferred stocks and bonds and real estate investment trusts (known as REITS), which provide substantial yields that help offset possible price volatility. Steady economy should help stocks Although we expect the economy to grow at a steady pace, we don't foresee inflation becoming a problem. In this type of environment, we expect stocks, particularly cyclicals, to do well. Thus, we plan to selectively add to our cyclical holdings. We are also considering adding to our retailing and consumer-oriented stocks, such as those of food companies. Our strategy for the near term probably will include holding a blend of growth and value stocks in the portfolio. PAGE From the portfolio manager (continued) As we have noted before, we feel it is unwise to make substantial changes in long-term strategies based on short-term events. Rather, we plan to continue to focus on the long-term objectives of the fund: price appreciation combined with a reasonable level of income. Joe Barsky 6-month performance (All figures per share) Net asset value (NAV) ___________________________ April 30, 1994 $19.10 ___________________________ Oct. 31, 1993 $21.24 ___________________________ Decrease $ 2.14 ___________________________ Distributions Nov. 1, 1993-April 30, 1994 ___________________________ From income $ .60 ___________________________ From capital gains $ 1.64 ___________________________ Total distributions $ 2.24 ___________________________ Total return* + .20% ___________________________ *If you purchased shares in the fund during this period, your return also would have been affected by the sales charge, as described in the prospectus. PAGE IDS Stock Fund, Inc. Your fund's ten largest holdings (pie chart) The ten holdings listed here make up 13.50% of the fund's net assets
_____________________________________________________________________________________________________________ Percent Value (of fund's net assets)(as of April 30, 1994) ____________________________________________________________________________________ NationsBank 1.58% $ 33,962,500 NationsBank is one of the largest regional banks in the country and has a strong franchise that includes North Carolina, South Carolina, Texas, Virginia, Florida and Georgia. Minnesota Mining & Manufacturing 1.43 30,546,875 Minnesota Mining & Manufacturing (3M) is a diversified manufacturer of industrial, commercial and consumer products, including tapes, adhesives, coatings and sealants. Kimberly-Clark 1.41 30,181,250 A large, Dallas-based, producer of paper and packaging materials. Royal Dutch Petroleum 1.40 29,975,000 Royal Dutch Petroleum Co, which includes Royal Dutch (the Dutch version) and Shell Transport (the English version) is a major oil company. Xerox 1.38 29,662,500 Xerox Corp. is a large, multinational company focused on the document-processing business. The company also operates several financial services businesses. Sears, Roebuck & Co. 1.37 29,375,000 Sears, Roebuck & Co., through its Sears stores, is the third largest retailer in the world. Dana 1.26 27,062,500 A producer of truck and car components and parts for use in the original equipment manufacturing automotive aftermarket. Occidental Petroleum 1.24 26,625,000 Occidental Petroleum is a worldwide producer of oil and natural gas, with additional interests in chemical operations, gas transmission and coal mining. LIN Broadcasting 1.23 26,437,500 LIN Broadcasting Corp. engages in cellular telephone operations, television broadcasting, and specialty publishing. RTZ 1.20 25,640,000 A large United Kingdom company specializing in mining, including aluminum, copper and gold. /TABLE PAGE Financial statements Statement of assets and liabilities IDS Stock Fund, Inc. April 30, 1994
_____________________________________________________________________________________________________________ Assets _____________________________________________________________________________________________________________ (Unaudited) Investments in securities, at value (Note 1): Investments in securities of unaffiliated issuers (identified cost $2,050,251,703) $2,170,263,061 Investments in securities of affiliated issuer (identified cost $19,280,400) 17,500,000 _____________________________________________________________________________________________________________ Total investments in securities (identified cost $2,069,532,103) 2,187,763,061 Dividends and accrued interest receivable 6,734,223 Receivable for investment securities sold 8,943,304 _____________________________________________________________________________________________________________ Total assets 2,203,440,588 _____________________________________________________________________________________________________________ Liabilities _____________________________________________________________________________________________________________ Disbursements in excess of cash on demand deposit 1,745,318 Payable for investment securities purchased 27,749,872 Payable upon return of securities loaned (Note 4) 28,551,000 Accrued investment management and services fee 890,144 Accrued distribution fee 75,967 Accrued transfer agency fee 189,465 Other accrued expenses 579,734 _____________________________________________________________________________________________________________ Total liabilities 59,781,500 _____________________________________________________________________________________________________________ Net assets applicable to outstanding capital stock $2,143,659,088 _____________________________________________________________________________________________________________ Represented by _____________________________________________________________________________________________________________ Capital stock -- authorized 10,000,000,000 shares of $.01 par value; outstanding 112,247,884 shares $ 1,122,479 Additional paid-in capital 1,851,680,283 Undistributed net investment income 4,658,643 Accumulated net realized gain (Note 1) 167,966,725 Unrealized appreciation 118,230,958 _____________________________________________________________________________________________________________ Total -- representing net assets applicable to outstanding capital stock $2,143,659,088 _____________________________________________________________________________________________________________ Net asset value per share of outstanding capital stock $ 19.10 _____________________________________________________________________________________________________________ See accompanying notes to financial statements. PAGE Financial statements Statement of operations IDS Stock Fund, Inc. Six months ended April 30, 1994 _____________________________________________________________________________________________________________ Investment income _____________________________________________________________________________________________________________ (Unaudited) Income: Dividends (net of foreign taxes withheld of $540,461) $ 27,580,245 Interest 9,444,329 _____________________________________________________________________________________________________________ Total income 37,024,574 _____________________________________________________________________________________________________________ Expenses (Note 2): Investment management and services fee 5,779,860 Distribution fee 455,426 Transfer agency fee 1,129,895 Compensation of directors 93,166 Compensation of officers 13,905 Custodian fees 277,423 Postage 104,141 Registration fees 84,582 Reports to shareholders 35,903 Audit fees 14,750 Administrative 25,334 Other 28,674 _____________________________________________________________________________________________________________ Total expenses 8,043,059 _____________________________________________________________________________________________________________ Investment income -- net 28,981,515 _____________________________________________________________________________________________________________ Realized and unrealized gain (loss) -- net _____________________________________________________________________________________________________________ Net realized gain on security and foreign currency transactions (including loss of $27,974 from foreign currency transactions) (Note 3) 168,018,826 Net change in unrealized appreciation or depreciation (193,971,227) _____________________________________________________________________________________________________________ Net loss on investments and foreign currency (25,952,401) _____________________________________________________________________________________________________________ Net increase in net assets resulting from operations $ 3,029,114 _____________________________________________________________________________________________________________ See accompanying notes to financial statements. PAGE Financial statements Statements of changes in net assets IDS Stock Fund, Inc. _____________________________________________________________________________________________________________ Operations and distributions April 30, 1994 Oct. 31, 1993 _____________________________________________________________________________________________________________ Six months ended Year ended (Unaudited) Investment income -- net $ 28,981,515 $ 50,064,349 Net realized gain on investments and foreign currency 168,018,826 189,191,483 Net change in unrealized appreciation or depreciation (193,971,227) 75,180,622 _____________________________________________________________________________________________________________ Net increase in net assets resulting from operations 3,029,114 314,436,454 _____________________________________________________________________________________________________________ Distributions to shareholders from: Net investment income (29,760,325) (47,684,415) Net realized gain on investments (189,047,837) (145,269,306) Excess distribution of realized gain (Note 1) -- (28,968) _____________________________________________________________________________________________________________ Total distributions (218,808,162) (192,982,689) _____________________________________________________________________________________________________________ Capital share transactions _____________________________________________________________________________________________________________ Proceeds from sales of 12,079,464 and 13,265,220 shares (Note 2) 238,381,074 267,880,638 Net asset value of 9,876,449 and 9,177,264 shares issued in reinvestment of distributions 194,122,323 176,369,824 Payments for redemptions of 6,643,855 and 8,219,963 shares (132,162,564) (165,004,017) _____________________________________________________________________________________________________________ Increase in net assets from capital share transactions representing net addition of 15,312,058 and 14,222,521 shares 300,340,833 279,246,445 _____________________________________________________________________________________________________________ Total increase in net assets 84,561,785 400,700,210 _____________________________________________________________________________________________________________ Net assets at beginning of period 2,059,097,303 1,658,397,093 _____________________________________________________________________________________________________________ Net assets at end of period (including undistributed net investment income of $4,658,643 and $5,437,453) $2,143,659,088 $2,059,097,303 _____________________________________________________________________________________________________________ See accompanying notes to financial statements
PAGE Notes to financial statements IDS Stock Fund, Inc. (Unaudited as to April 30, 1994) ______________________________________________________________________________ 1. Summary of significant accounting policies The fund is registered under the Investment Company Act of 1940 (as amended) as a diversified, open-end management investment company. Significant accounting policies followed by the fund are summarized below: Valuation of securities All securities are valued at the close of each business day. Securities traded on national securities exchanges or included in national market systems are valued at the last quoted sales price; securities for which market quotations are not readily available are valued at fair value according to methods selected in good faith by the board of directors. Determination of fair value involves, among other things, reference to market indexes, matrixes and data from independent brokers. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates; those maturing in 60 days or less are valued at amortized cost. Options transactions In order to produce incremental earnings, protect gains, and facilitate buying and selling of securities for investment purposes, the fund may buy or write options traded on any U.S. or foreign exchange or in the over-the-counter market where the completion of the obligation is dependent upon the credit standing of the other party. The fund also may buy and sell put and call options and write covered call options on portfolio securities and may write cash-secured put options. The risk in writing a call option is that the fund gives up the opportunity of profit if the market price of the security increases. The risk in writing a put option is that the fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the fund pays a premium whether or not the option is exercised. The fund also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist. PAGE Notes to financial statements IDS Stock Fund, Inc. ______________________________________________________________________________ 1. Summary of significant accounting policies 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 stock index 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 forward foreign currency contracts Securities and other assets and liabilities denominated in foreign currencies are translated daily into U.S. dollars at the closing rate of exchange. Foreign currency amounts related to the purchase or sale of securities and income and expenses are translated at the exchange rate on the transaction date. It is not practicable to identify that portion of realized and unrealized gain (loss) arising from changes in the exchange rates from the portion arising from changes in the market value of investments. PAGE Notes to financial statements IDS Stock Fund, Inc. ______________________________________________________________________________ 1. Summary of significant accounting policies The fund may enter into forward foreign currency exchange contracts for operational purposes and to protect against adverse exchange rate fluctuation. The net U.S. dollar value of foreign currency underlying all contractual commitments held by the fund and the resulting unrealized appreciation or depreciation are determined using foreign currency exchange rates from an independent pricing service. The fund is subject to the credit risk that the other party will not complete the obligations of the contract. Federal taxes Since the fund's policy is to comply with all sections of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to shareholders, no provision for income or excise taxes is required. Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of the deferral of losses on certain futures contracts, the recognition of certain foreign currency gains (losses) as ordinary income (loss) for tax purposes, and losses deferred due to "wash sale" transactions. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. The effect on dividend distributions of certain book-to-tax differences is presented as "excess distributions" in the statement of changes in net assets. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the fund. PAGE Notes to financial statements IDS Stock Fund, Inc. ______________________________________________________________________________ 1. Summary of significant accounting policies Dividends to shareholders Dividends from net investment income, declared and paid each calendar quarter, are reinvested in additional shares of the fund at net asset value or payable in cash. Capital gains, when available, are distributed along with the last income dividend of the calendar year. Other Security transactions are accounted for on the date securities are purchased or sold. Dividend income is recognized on the ex-dividend date and interest income, including level-yield amortization of premium and discount, is accrued daily. ______________________________________________________________________________ 2. Expenses and sales charges Under terms of an agreement dated Nov. 14, 1991, the fund pays IDS Financial Corporation (IDS) a fee for managing its investments, recordkeeping and other specified services. The fee is a percentage of the fund's average daily net assets consisting of a group asset charge in reducing percentages from 0.46% to 0.32% annually on the combined net assets of all non-money market funds in the IDS MUTUAL FUND GROUP and an individual annual asset charge of 0.14% of average daily net assets. The fee is adjusted upward or downward by a performance incentive adjustment based on the fund's average daily net assets over a rolling 12-month period as measured against the change in the Lipper Growth and Income Fund Index. The maximum adjustment is 0.08% of the fund's average daily net assets after deducting 1% from the performance difference. If the performance difference is less than 1%, the adjustment will be zero. The adjustment increased the fee by $135,147 for the six months ended April 30, 1994. The fund also pays IDS a distribution fee at an annual rate of $6 per shareholder account and a transfer agency fee at an annual rate of $15 per shareholder account. The transfer agency fee is reduced by earnings on monies pending shareholder redemptions. PAGE Notes to financial statements IDS Stock Fund, Inc. ______________________________________________________________________________ 2. Expenses and sales charges IDS will assume and pay any expenses (except taxes and brokerage commissions) that exceed the most restrictive applicable state expense limitation. Sales charges by IDS Financial Services Inc. for distributing fund shares were $2,287,448 for the six months ended April 30, 1994. The fund also pays custodian fees to IDS Trust Company, an affiliate of IDS. The fund has a retirement plan for its independent directors. Upon retirement, directors receive monthly payments equal to one-half of the retainer fee for as many months as they served as directors up to 120 months. There are no death benefits. The plan is not funded but the fund recognizes the cost of payments during the time the directors serve on the board. The retirement plan expense amounted to $8,317 for the six months ended April 30, 1994. ______________________________________________________________________________ 3. Securities transactions Cost of purchases and proceeds from sales of securities (other than short-term obligations) aggregated $859,986,665 and $804,535,679, respectively, for the six months ended April 30, 1994. Realized gains and losses are determined on an identified cost basis. Brokerage commissions paid to brokers affiliated with IDS were $396,294 for the six months ended April 30, 1994. ______________________________________________________________________________ 4. Lending of portfolio securities At April 30, 1994, securities valued at $27,568,800 were on loan to brokers. For collateral, the fund received $28,551,000 in cash. Income from securities lending amounted to $92,015 for the six months ended April 30, 1994. The risks to the fund of securities lending are that the borrower may not provide additional collateral when required or return the securities when due. PAGE Notes to financial statements IDS Stock Fund, Inc. ______________________________________________________________________________ 5. Financial highlights The table below shows certain important financial information for evaluating the funds's results. Fiscal period ended Oct. 31, Per share income and capital changes*
1994** 1993 1992 1991 1990 1989 Net asset value, $21.24 $20.05 $20.02 $17.26 $20.76 $17.43 beginning of period Income from investment operations: Net investment income .27 .55 .64 .68 .83 .77 Net gains (losses) on (.17) 2.93 1.11 4.02 (.87) 3.26 securities (both realized and unrealized) Total from investment .10 3.48 1.75 4.70 (.04) 4.03 operations Less distributions: Dividends from net (.29) (.53) (.63) (.74) (.85) (.70) investment income Distributions from (1.95) (1.76) (1.09) (1.20) (2.61) -- realized gains Total distributions (2.24) (2.29) (1.72) (1.94) (3.46) (.70) Net asset value, end of period $19.10 $21.24 $20.05 $20.02 $17.26 $20.76 Ratios/supplemental data Net assets, end of period 1994** 1993 1992 1991 1990 1989 (in millions) $2,144 $2,059 $1,658 $1,513 $1,213 $1,347 Ratio of expenses to .76%*** .73% .72% .65% .63% .60% average daily net assets Ratio of net income to 2.75%*** 2.75% 3.21% 3.59% 4.32% 3.94% average daily net assets Portfolio turnover rate 42% 76% 77% 58% 26% 54% (excluding short-term securities) Total return+ 0.2%++ 18.8% 9.4% 29.0% (0.9%) 23.4% *For a share outstanding throughout the period. Rounded to the nearest cent. **Six months ended April 30, 1994 (Unaudited). ***Adjusted to an annual basis. +Total return does not reflect payment of a sales charge. ++For the fiscal period ended April 30, 1994, the annualized total return is 0.4%
PAGE Investments in securities IDS Stock Fund, Inc. (Percentages represent value of April 30, 1994 (Unaudited) investments compared to net assets)
Investments in securities of unaffiliated issuers _____________________________________________________________________________________________________________________________ Common stocks (71.5%) _____________________________________________________________________________________________________________________________ Issuer Shares Value(a) _____________________________________________________________________________________________________________________________ Aerospace & defense (1.8%) Northrop 650,000 $ 24,862,500 United Technologies 200,000 12,750,000 _____________ Total 37,612,500 _____________________________________________________________________________________________________________________________ Automotive & related (1.3%) Dana 500,000 27,062,500 _____________________________________________________________________________________________________________________________ Banks and savings & loans (6.3%) Banca Popolare di Bergamo 100,000 (b) 1,506,100 Banco de Santander ADR 550,000 (b,c) 23,925,000 Banco Frances Del Rio Plata 200,000 (b,d) 5,300,000 BankAmerica 550,000 23,787,500 First Chicago 425,000 22,471,875 NationsBank 650,000 33,962,500 PNC Bank 900,000 25,087,500 ______________ Total 136,040,475 _____________________________________________________________________________________________________________________________ Beverages & tobacco (2.2%) Panamerican Beverages 150,000 (b) 5,156,250 PepsiCo 550,000 20,075,000 UST 800,000 22,300,000 ______________ Total 47,531,250 _____________________________________________________________________________________________________________________________ Building materials (1.3%) Tolmex Series B 450,000 (b) 5,503,050 Weyerhaeuser 550,000 23,443,750 ______________ Total 28,946,800 _____________________________________________________________________________________________________________________________ Chemicals (2.1%) Dow Chemical 375,000 23,531,250 Nalco Chemical 300,000 10,087,500 Witco 425,000 12,431,250 ______________ Total 46,050,000 _____________________________________________________________________________________________________________________________ See accompanying notes to investments in securities. PAGE Investments in securities IDS Stock Fund, Inc. (Percentages represent value of April 30, 1994 (Unaudited) investments compared to net assets) Investments in securities of unaffiliated issuers _____________________________________________________________________________________________________________________________ Common stocks (continued) _____________________________________________________________________________________________________________________________ Issuer Shares Value(a) _____________________________________________________________________________________________________________________________ Communications equipment (4.0%) AirTouch Communications 925,000 (d) $ 22,778,125 Cisco Systems 275,000 8,335,938 Ericsson (LM) ADR 12,500,000 (b) 19,921,875 LIN Broadcasting 250,000 (d) 26,437,500 Northern Telecom 250,000 (b) 7,437,500 ______________ Total 84,910,938 _____________________________________________________________________________________________________________________________ Computers & office equipment (4.1%) Banyan 500,000 (d) 8,875,000 COMPAQ Computer 50,000 5,550,000 Computer Assn Intl 275,000 8,903,125 Informix 400,000 6,550,000 Pitney Bowes 550,000 21,037,500 Wall Data 175,000 (c,d) 6,518,750 Xerox 300,000 29,662,500 ______________ Total 87,096,875 _____________________________________________________________________________________________________________________________ Electronics (0.4%) Intel 150,000 9,150,000 _____________________________________________________________________________________________________________________________ Energy (8.0%) Amoco 450,000 25,256,250 Enterprise Oil 3,750,000 (b) 23,583,750 Occidental Petroleum 1,500,000 26,625,000 Repsol ADR 700,000 (b) 23,100,000 Royal Dutch Petroleum 275,000 (b) 29,975,000 Texaco 350,000 22,531,250 YPF Sociedad Anonima ADR 800,000 (b) 19,800,000 ______________ Total 170,871,250 _____________________________________________________________________________________________________________________________ Energy equipment & services (1.1%) Schlumberger 425,000 (b) 23,375,000 _____________________________________________________________________________________________________________________________ See accompanying notes to investments in securities. PAGE Investments in securities IDS Stock Fund, Inc. (Percentages represent value of April 30, 1994 (Unaudited) investments compared to net assets) Investments in securities of unaffiliated issuers _____________________________________________________________________________________________________________________________ Common stocks (continued) _____________________________________________________________________________________________________________________________ Issuer Shares Value(a) _____________________________________________________________________________________________________________________________ Financial services (4.0%) Beneficial 600,000 $ 22,800,000 Bradley Real Estate Trust 400,000 3,600,000 Developers Diversified Realty 125,000 3,984,375 Federal Natl Mtge 250,000 20,812,500 General Property Trust 2,450,000 (b) 4,312,000 Holly Residential Property 225,000 3,712,500 Kimco Realty 125,000 4,484,375 Kranzco Realty Trust 175,000 3,806,250 Mutual Risk Management 400,000 9,350,000 Sizeler Property 350,000 4,593,750 Southwestern Property Trust 275,000 3,643,750 ______________ Total 85,099,500 _____________________________________________________________________________________________________________________________ Furniture & appliances (1.1%) Maytag 1,275,000 24,065,625 _____________________________________________________________________________________________________________________________ Health care (3.1%) Bristol-Myers Squibb 400,000 21,550,000 Pfizer 375,000 22,125,000 Schering-Plough 375,000 22,875,000 ______________ Total 66,550,000 _____________________________________________________________________________________________________________________________ Health care services (1.5%) Columbia Healthcare 250,000 10,593,750 Foundation Health 200,000 (d) 7,850,000 Humana 375,000 (d) 6,937,500 Physician Corp of Amer 275,000 6,617,187 ______________ Total 31,998,437 _____________________________________________________________________________________________________________________________ Industrial equipment & services (2.2%) General Signal 725,000 23,743,750 Giddings & Lewis 900,000 22,725,000 ______________ Total 46,468,750 _____________________________________________________________________________________________________________________________ See accompanying notes to investments in securities. PAGE Investments in securities IDS Stock Fund, Inc. (Percentages represent value of April 30, 1994 (Unaudited) investments compared to net assets) Investments in securities of unaffiliated issuers _____________________________________________________________________________________________________________________________ Common stocks (continued) _____________________________________________________________________________________________________________________________ Issuer Shares Value(a) _____________________________________________________________________________________________________________________________ Industrial transportation (2.1%) CSX 284,600 $ 22,163,225 Union Pacific 400,000 23,600,000 ______________ Total 45,763,225 _____________________________________________________________________________________________________________________________ Insurance (1.6%) CIGNA 425,000 24,862,500 Travelers 275,000 9,556,250 ______________ Total 34,418,750 _____________________________________________________________________________________________________________________________ Media (3.0%) Grupo Televisa ADR 300,000 (b,e) 15,900,000 McGraw-Hill 350,000 22,793,750 Reader's Digest Assn 600,000 24,900,000 ______________ Total 63,593,750 _____________________________________________________________________________________________________________________________ Metals (3.4%) Cyprus Minerals 900,000 25,312,500 Lukens 700,000 21,700,000 RTZ 2,000,000 (b) 25,640,000 ______________ Total 72,652,500 _____________________________________________________________________________________________________________________________ Multi-industry conglomerates (7.4%) General Electric 250,000 23,781,250 Grupo Carso ADR 300,000 (b,d) 5,954,190 Hanson ADR 1,150,000 (b) 23,718,750 Hutchison Whampoa 5,000,000 (b) 20,550,000 ITT 275,000 24,681,250 Madeco ADR 200,000 (b) 5,800,000 Minnesota Mining & Mfg 625,000 30,546,875 Tenneco 450,000 23,062,500 ______________ Total 158,094,815 _____________________________________________________________________________________________________________________________ See accompanying notes to investments in securities. PAGE Investments in securities IDS Stock Fund, Inc. (Percentages represent value of April 30, 1994 (Unaudited) investments compared to net assets) Investments in securities of unaffiliated issuers _____________________________________________________________________________________________________________________________ Common stocks (continued) _____________________________________________________________________________________________________________________________ Issuer Shares Value(a) _____________________________________________________________________________________________________________________________ Paper & packaging (3.6%) Kimberly-Clark 550,000 $ 30,181,250 Kimberly-Clark de Mexico Cl A 1,350,000 (b) 25,556,850 Union Camp 500,000 22,187,500 ______________ Total 77,925,600 _____________________________________________________________________________________________________________________________ Retail (1.4%) Sears Roebuck 625,000 29,375,000 _____________________________________________________________________________________________________________________________ Utilities - electric (1.5%) Central Puerto ADR 130,000 (b) 5,070,000 Edison 1,100,000 (b) 6,211,700 Veba 70,000 (b) 21,631,330 ______________ Total 32,913,030 _____________________________________________________________________________________________________________________________ Utilities - gas (1.0%) Enron 750,000 22,218,750 ____________________________________________________________________________________________________________________________ Utilities - telephone (2.0%) BCE 500,000 (b) 17,875,000 Pacific Telesis Group 750,000 24,000,000 ______________ Total 41,875,000 _____________________________________________________________________________________________________________________________ Total common stocks (Cost: $1,398,099,859) $1,531,660,320 _____________________________________________________________________________________________________________________________ See accompanying notes to investments in securities. PAGE Investments in securities IDS Stock Fund, Inc. (Percentages represent value of April 30, 1994 (Unaudited) investments compared to net assets) Investments in securities of unaffiliated issuers _____________________________________________________________________________________________________________________________ Preferred stocks (10.1%) _____________________________________________________________________________________________________________________________ Issuer Shares Value(a) _____________________________________________________________________________________________________________________________ Alco Standard $2.375 Cv 275,000 $ 17,187,500 Bethlehem Steel $3.50 Cm Cv 300,000 (e) 16,987,500 Ceridan $2.75 Cv 200,000 11,850,000 Compania Inversiones Telephone $5.04 Cv 300,000 (b) 18,450,000 Equitable 6% Cm Cv 275,000 (e) 13,990,625 First Chicago 2.875% Cm Cv 250,000 13,500,000 Ford Motor 4.20% Cv 175,000 16,887,500 General Motors 3.25% Cv 300,000 16,987,500 Kenetech 8.25% Cv 645,000 13,061,250 Parker & Parsley Capital $3.125 Cv 325,000 (e) 17,468,750 RJR Nabisco Holdings $8.35 Cv 2,000,000 13,000,000 Sears Roebuck 3.75% Cv 300,000 16,312,500 Tenneco $2.80% Cm Cv 325,000 13,365,625 Travelers $5.50 Cv 300,000 (c) 17,700,000 _____________________________________________________________________________________________________________________________ Total preferred stocks (Cost: $210,127,329) $ 216,748,750 _____________________________________________________________________________________________________________________________ See accompanying notes to investments in securities. PAGE Investments in securities IDS Stock Fund, Inc. (Percentages represent value of April 30, 1994 (Unaudited) investments compared to net assets) Investments in securities of unaffiliated issuers _____________________________________________________________________________________________________________________________ Bonds (8.0%) _____________________________________________________________________________________________________________________________ Principal Issuer and coupon rate amount Value(a) _____________________________________________________________________________________________________________________________ Automatic Data Processing Zero Coupon Cv 2012 (5.24% annualized yield on date of purchase) $45,000,000 (f) $ 17,831,250 Banco Nacional de Mexico 7% Cv 1999 15,000,000 (b,e) 16,500,000 Conner Peripherals 6.75% 2001 10,000,000 8,637,500 Container Corp Amer 13.50% Sr Sub Nt 1999 10,000,000 10,900,000 Henderson Land Group Euro 4% Cv 1996 15,000,000 (b,e) 14,306,250 MascoTech 4.50% 2003 20,000,000 17,000,000 Medical Care Intl 6.75% 2006 20,000,000 (e) 18,200,000 NAC Re 5.25% Cv 2002 20,000,000 (e) 17,300,000 Rogers Communications Zero Coupon Cv 2013 (5.49% annualized yield on date of purchase) 50,000,000 (b,f) 17,000,000 Stone Container 6.75% Cv 2007 25,000,000 17,187,500 SynOptics Communications 5.25% Cv 2003 20,000,000 (e) 15,800,000 _____________________________________________________________________________________________________________________________ Total bonds (Cost: $190,818,472) $ 170,662,500 _____________________________________________________________________________________________________________________________ See accompanying notes to investments in securities. PAGE Investments in securities IDS Stock Fund, Inc. (Percentages represent value of April 30, 1994 (Unaudited) investments compared to net assets) Investments in securities of unaffiliated issuers _____________________________________________________________________________________________________________________________ Short-term securities (11.7%) _____________________________________________________________________________________________________________________________ Issuer Annualized Amount Value(a) yield on payable date of at purchase maturity _____________________________________________________________________________________________________________________________ U.S. government agency (0.2%) Federal Natl Mtge Assoc Disc Note 05-23-94 3.67% $ 3,800,000 $ 3,791,114 _____________________________________________________________________________________________________________________________ Bankers acceptance (0.2%) Morgan Guaranty 05-12-94 3.61 5,000,000 4,994,000 _____________________________________________________________________________________________________________________________ Commercial paper (10.8%) ABB Treasury Center (USA) 05-13-94 3.64 6,000,000 (g) 5,992,157 05-18-94 3.81 5,500,000 (g) 5,489,550 Amgen 06-24-94 3.98 3,300,000 3,280,085 Associates Corp North Amer 05-02-94 3.70 6,000,000 5,998,767 AT&T Capital 05-09-94 3.64 6,000,000 5,994,570 Chevron Transport 05-19-94 3.64 5,000,000 (g) 4,990,421 Ciesco LP 05-18-94 3.67 7,900,000 7,885,582 Columbia Fuels 05-13-94 3.66 1,175,000 1,173,451 05-25-94 3.84 7,200,000 7,180,900 Commercial Credit 06-01-94 3.67 5,000,000 4,983,778 Consolidated Rail 05-26-94 3.86 5,000,000 (g) 4,986,097 Fleet Funding 05-23-94 3.64 10,000,000 (g) 9,976,840 Gannett 06-20-94 3.95 5,000,000 4,972,162 Gillette 05-02-94 3.60 3,000,000 (g) 2,999,400 05-03-94 3.67 5,000,000 (g) 4,998,479 See accompanying notes to investments in securities. PAGE Investments in securities IDS Stock Fund, Inc. (Percentages represent value of April 30, 1994 (Unaudited) investments compared to net assets) Investments in securities of unaffiliated issuers _____________________________________________________________________________________________________________________________ Short-term securities (continued) _____________________________________________________________________________________________________________________________ Issuer Annualized Amount Value(a) yield on payable date of at purchase maturity _____________________________________________________________________________________________________________________________ Commercial paper (cont'd) Heinz (HJ) 05-26-94 3.70% $10,000,000 $ 9,973,422 Household Finance 05-02-94 3.55 4,800,000 4,799,053 05-27-94 3.81 7,000,000 6,980,050 Intel 07-01-94 3.93 5,500,000 5,460,153 Kredietbank North Amer Finance 05-13-94 3.63% 5,000,000 4,993,464 Merrill Lynch 05-25-94 3.72 600,000 598,458 Metlife Funding 05-17-94 3.62 5,500,000 5,490,624 Mobile Australia Finance (Delaware) 05-05-94 3.61 3,200,000 (g) 3,198,400 Morgan Stanley Group 05-24-94 3.77 3,200,000 3,192,000 Nestle Capital 05-20-94 3.59 9,000,000 8,982,100 Norfolk Southern 07-12-94 3.91 8,000,000 (g) 7,931,920 Pacific Energy Fuels 06-07-94 3.79 14,000,000 13,944,288 Penney (JC) Funding 05-19-94 3.61 8,600,000 8,583,660 Pfizer 05-20-94 3.59 8,000,000 7,984,089 Reed Publishing (USA) 07-11-94 3.94 4,000,000 (g) 3,966,420 St. Paul Companies 05-06-94 3.63 1,900,000 (g) 1,898,854 05-16-94 3.70 10,000,000 (g) 9,983,644 Sandoz 05-11-94 3.69 7,000,000 6,992,129 05-25-94 3.81 4,700,000 4,687,597 07-26-94 4.19 3,900,000 3,860,437 Sara Lee 05-10-94 3.61 4,800,000 4,795,200 See accompanying notes to investments in securities. PAGE Investments in securities IDS Stock Fund, Inc. (Percentages represent value of April 30, 1994 (Unaudited) investments compared to net assets) Investments in securities of unaffiliated issuers _____________________________________________________________________________________________________________________________ Short-term securities (continued) _____________________________________________________________________________________________________________________________ Issuer Annualized Amount Value(a) yield on payable date of at purchase maturity _____________________________________________________________________________________________________________________________ Commercial paper (cont'd) Southwestern Bell Capital 05-23-94 3.64% $ 7,000,000 (g) $ 6,983,766 06-22-94 3.78 6,000,000 (g) 5,963,359 Southwestern Bell Telephone 05-24-94 3.63 4,200,000 4,189,864 Toyota Motor Credit 05-10-94 3.68 5,100,000 5,094,801 ______________ Total 231,429,991 _____________________________________________________________________________________________________________________________ Letters of credit (0.5%) Bank of Amer- Hyundai Motor Finance 06-13-94 3.78 3,700,000 3,682,996 First Natl Bank- Chicago 05-12-94 3.67 4,500,000 4,494,525 NationsBank- North Carolina 05-04-94 3.66 2,800,000 2,798,865 ______________ Total 10,976,386 _____________________________________________________________________________________________________________________________ Total short-term securities (Cost: $251,206,043) $ 251,191,491 _____________________________________________________________________________________________________________________________ Total investments in securities of unaffiliated issuers (Cost: $2,050,251,703) $2,170,263,061 _____________________________________________________________________________________________________________________________ See accompanying notes to investments in securities. PAGE Investments in securities IDS Stock Fund, Inc. (Percentages represent value of April 30, 1994 (Unaudited) investments compared to net assets) Investments in securities of affiliated issuer (h) _____________________________________________________________________________________________________________________________ Preferred stock (0.8%) _____________________________________________________________________________________________________________________________ Issuer Shares Value(a) _____________________________________________________________________________________________________________________________ USX 3.25% Cm Cv 350,000 $ 17,500,000 _____________________________________________________________________________________________________________________________ Total investments in securities of affiliated issuer (Cost: $19,280,400) $ 17,500,000 _____________________________________________________________________________________________________________________________ Total investments in securities (Cost: $2,069,532,103)(i) $2,187,763,061 _____________________________________________________________________________________________________________________________ Notes to investments in securities _____________________________________________________________________________________________________________________________ (a) Securities are valued by procedures described in Note 1 to the financial statements. (b) Foreign security values and principal amounts are stated in U.S. dollars. (c) Security is partially or fully on loan. See Note 4 to the financial statements. (d) Presently non-income producing. (e) Represents a security sold under Rule 144A which is exempt from registration under the Securities Act of 1933, as amended. This security has been determined to be liquid under guidelines established by the board of directors. (f) 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 the guidelines established by the board of directors. (h) Investments representing 5% or more of the outstanding voting securities of the issuer. (i) At April 30, 1994, the cost of securities for federal income tax purposes was approximately $2,069,262,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $199,003,000 Unrealized depreciation (80,502,000) ___________________________________________________________________________________________ Net unrealized appreciation $118,501,000 ___________________________________________________________________________________________
PAGE IDS Stock Fund, Inc. Directors and officers Directors and officers of the fund _____________________________________________________________________________ President and interested director William R. Pearce President of all funds in the IDS MUTUAL FUND GROUP. ______________________________________________________________________________ Independent directors Lynne V. Cheney Distinguished fellow, American Enterprise Institute for Public Policy Research. Robert F. Froehlke Former president of all funds in the IDS MUTUAL FUND GROUP. Donald M. Kendall Former chairman and chief executive officer, PepsiCo, Inc. Melvin R. Laird Senior counsellor for national and international affairs, The Reader's Digest Association, Inc. Lewis W. Lehr Former chairman and chief executive officer, Minnesota Mining and Manufacturing Company (3M). Edson W. Spencer Former chairman and chief executive officer, Honeywell, Inc. Wheelock Whitney Chairman, Whitney Management Company ________________________________________________________________________ Interested director who is a partner in a law firm that has represented an IDS subsidiary Anne P. Jones Partner, law firm of Sutherland, Asbill & Brennan. ________________________________________________________________________ Interested directors who are officers and/or employees of IDS William H. Dudley Executive vice president, IDS. David R. Hubers president and chief executive officer, IDS. John R. Thomas Senior vice president, IDS. ________________________________________________________________________ Other officer Leslie L. Ogg Vice president of all funds in the IDS MUTUAL FUND GROUP and general counsel and treasurer of the publicly offered funds. PAGE IDS mutual funds Cash equivalent investments These money market funds have three main goals: conservation of capital, constant liquidity and the highest possible current income consistent with these objectives. Very limited risk. IDS Cash Management Fund Invests in such money market securities as high quality commercial paper, bankers' acceptances, certificates of deposit (CDs) and other bank securities. (icon of) piggy bank IDS Tax-Free Money Fund Invests primarily in short-term bonds and notes issued by state and local governments to seek high current income exempt from federal income taxes. (icon of) shield with piggy bank enclosed Income investments The funds in this group invest their assets primarily in corporate bonds or government securities to seek interest income. Secondary objective is capital growth. Risk varies by bond quality. IDS Global Bond Fund Invests primarily in debt securities of U.S. and foreign issuers to seek high total return through income and growth of capital. (icon of) globe IDS Extra Income Fund Invests mainly in long-term, high-yielding corporate fixed income securities in the lower rated, higher risk bond categories to seek high current income. Secondary objective is capital growth. (icon of) cornucopia PAGE IDS Bond Fund Invests mainly in corporate bonds, at least 50% in the higher rated, lower risk bond categories, or the equivalent, and in government bonds. (icon of) greek column IDS Strategy, Income Fund Invests primarily in corporate and government bonds to seek high current income while conserving capital. Also may seek capital appreciation when consistent with its primary goals. (icon of) chess piece IDS Selective Fund Invests in high quality corporate bonds and other highly rated debt instruments including government securities and short-term investments. Seeks current income and preservation of capital. (icon of) skyline IDS Federal Income Fund Invests primarily in securities issued or guaranteed as to the timely payment of principal and interest by the U.S. government, its agencies and instrumentalities. Seeks a high level of current income and safety of principal consistent with its type of investments. (icon of) federal building IDS Strategy, Short-Term Income Fund Invests primarily in short-term and intermediate-term bonds and notes to seek a high level of current income. (icon of) chess piece Tax-exempt income investments These funds provide tax-free income by investing in municipal bonds. The income is generally free from federal income tax. Risk varies by bond quality. IDS High Yield Tax-Exempt Fund Invests primarily in medium- and lower-quality municipal bonds and notes. Lower-quality securities generally involve greater risk of principal and income. (icon of) shield with basket of apples enclosed PAGE IDS State Tax-Exempt Funds (CA, MA, MI, MN, NY, OH) Invests primarily in high- and medium-grade municipal securities to provide income to residents of each respective state that is exempt from federal, state and local income taxes. (New York is the only state that is exempt at the local level.) (icon of) shield with U.S. enclosed IDS Tax-Exempt Bond Fund Invests mainly in bonds and notes of state or local government units, with at least 75% in the four highest rated, lowest risk bond categories. (icon of) shield with Greek column IDS Insured Tax-Exempt Fund Invests primarily in municipal securities that are insured as to the timely payment of principal and interest. The insurance feature minimizes credit risk of the fund but does not guarantee the market value of the fund's shares. (icon of) shield with eagle head Growth and income investments These funds focus on securities of medium to large, well-established companies that offer long-term growth of capital and reasonable income from dividends and interest. Moderate risk. IDS International Fund Invests primarily in common stocks of foreign companies that offer potential for superior growth. The Fund may invest up to 20% of its assets in the U.S. market. (icon of) three flags IDS Strategy, Worldwide Growth Fund Invests primarily in commonon stocks of companies throughout the world that offer potential for superior growth. Holdings may range from small- to large- capitalization stocks, including those of companies involved in areas of rapid economic growth. (icon of) chess piece IDS Managed Retirement Fund Invests in a combination of common stocks, fixed-income investments and money market securities to seek a maximum total return through a combination of growth of capital and current income. (icon of) bird in a nest PAGE IDS Equity Plus Fund Invests primarily in a combination of moderate growth stocks, higher-yielding equities and bonds. Seeks growth of capital and income. (icon of) three apple trees IDS Blue Chip Advantage Fund Invests in selected stocks from a major market index. Securities purchased are those recommended by IDS research analysts as the best from each industry represented on the index. Offers potential for long-term growth as well as dividend income. (icon of) ribbon IDS Stock Fund Invests in common stocks of companies representing many sectors of the economy. Seeks current income and growth of capital. (icon of) building with columns IDS Strategy, Equity Fund Invests primarily in undervalued common stocks that offer potential for growth of capital and income. (icon of) chess piece IDS Utilities Income Fund Invests primarily in the stocks of public utility companies to seek high current income and growth of income and capital with reduced volatility. (icon of) electrical cord IDS Diversified Equity Income Fund Invests primarily in high-yielding common stocks to seek high current income and, secondarily, to benefit from the growth potential offered by stock investments. (icon of) four puzzle pieces IDS Mutual Invests in a balance between common stocks and senior securities (preferred stocks and bonds). Seeks a balance of growth of capital and current income. (icon of) scale of justice PAGE Growth investments Funds in this group seek capital growth, primarily from common stocks. They are high risk mutual funds with a potential for high reward. IDS Discovery Fund Invests in small- and medium-size, growth-oriented companies emphasizing technological innovation and productivity enhancement. Buys and holds larger growth-oriented stocks. (icon of) ship IDS Strategy, Aggressive Equity Fund Invests primarily in common stocks of companies that are selected for their potential for above-average growth. Above-average means that their growth potential is better, in the opinion of the portfolio's investment manager, than the Standard & Poor's Corporation (S&P) 500 Stock Index. (icon of) chess piece IDS Growth Fund Invests primarily in companies that have above-average potential for long-term growth as a result of new management, marketing opportunities or technological superiority. (icon of) flower IDS Global Growth Fund Invests in stocks of companies throughout the world that are positioned to meet market needs in a changing world economy. These companies offer above-average potential for long-term growth. (icon of) world IDS New Dimensions Fund Invests primarily in companies with significant growth potential due to superiority in technology, marketing or management. The fund frequently changes its industry mix. (icon of) dimension IDS Progressive Fund Invests primarily in undervalued common stocks. The fund holds stocks for the long term with the goal of capital growth. PAGE Specialty growth investment This fund aggressively seeks capital growth as a hedge against inflation. IDS Precious Metals Fund Invests primarily in the securities of foreign or domestic companies that explore for, mine and process or distribute gold and other precious metals. This is the most aggressive and most speculative IDS mutual fund. (icon of) cart of precious gems For more complete information about any of these funds, including charges and expenses, you can obtain a prospectus by contacting your financial planner or writing to IDS Shareholder Service, P.O. Box 534, Minneapolis, MN 55440-0534. Read it carefully before you invest or send money. PAGE Quick telephone reference IDS Telephone Transaction Service Redemptions and exchanges, dividend payments or reinvestments and automatic payment arrangements National/Minnesota: 800-437-3133 Mpls./St. Paul area: 671-3800 IDS Shareholder Service Fund performance, objectives and account inquiries 612-671-3733 TTY Service For the hearing impaired 800-846-4852 IDS Infoline Automated account information (TouchTone phones only), including current fund prices and performance, account values and recent account transactions National/Minnesota: 800-272-4445 Mpls./St. Paul area: 671-1630 Your IDS financial planner AN AMERICAN EXPRESS COMPANY 1894 IDS 1994 A CENTURY OF INVESTING IN THE FUTURE IDS Stock Fund IDS Tower 10 Minneapolis, MN 55440-0010 -----END PRIVACY-ENHANCED MESSAGE-----