1997 ANNUAL REPORT
IDS
Intermediate
Tax-Exempt
Fund
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The goal of IDS Intermediate Tax-Exempt Fund, a part of IDS Tax-Exempt Bond
Fund, Inc., is to seek a high level of current income exempt from federal taxes.
(This annual report includes a prospectus that describes in detail the Fund's
objectives, investment policies, risks, sales charges, fees and other matters of
interest. Please read the prospectus carefully before you invest or send money.)
AMERICAN EXPRESS Financial Advisors
Distributed by American Express Financial Advisors Inc.
<PAGE>
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Why suffer from a `lack of interest'?
If you're looking for a higher yield than a typical tax-free money market fund
with less price volatility than a typical tax-exempt bond fund, this fund is
designed for you. Its yield is generally free from federal taxes, but not
necessarily state and local taxes.
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Contents
(icon of) one open book inside of another
The purpose of this annual report is to tell investors how the Fund performed.
The prospectus, which is bound into the middle of this annual report, describes
the Fund in detail.
1997 annual report
From the chairman 4
From the portfolio manager 4
The Fund's ten largest holdings 6
Making the most of the Fund 7
The Fund's long-term performance 8
Independent auditors' report 9
Financial statements 10
Notes to financial statements 13
Investments in securities 24
IDS mutual funds 32
Federal income tax information 36
1997 prospectus
The Fund in brief 3p
Goal 3p
Investment policies and risks 3p
Manager and distributor 3p
Portfolio manager 3p
Alternative purchase arrangements 3p
Sales charge and Fund expenses 4p
Performance 6p
Financial highlights 6p
Total returns 7p
Yield 8p
Investment policies and risks 10p
Facts about investments and their risks 11p
Alternative investment option 14p
Valuing Fund shares 15p
How to purchase, exchange or redeem shares 16p
Alternative purchase arrangements 16p
How to purchase shares 19p
How to exchange shares 21p
How to redeem shares 21p
Reductions and waivers of the sales charge 26p
Special shareholder services 31p
Services 31p
Quick telephone reference 31p
Distributions and taxes 32p
Dividend and capital gain distributions 32p
Reinvestments 33p
Taxes 33p
How to determine the correct TIN 35p
How the Fund is organized 36p
Shares 36p
Voting rights 36p
Shareholder meetings 36p
Board members and officers 36p
Investment manager 38p
Administrator and transfer agent 38p
Distributor 38p
About American Express Financial Corporation 40p
General information 40p
Appendices 41p
Appendix A: Description of bond ratings 41p
Appendix B: 1998 federal tax-exempt and
taxable equivalent yield calculations 43p
Appendix C: Descriptions of derivative instruments 46p
(This annual report is not part of the prospectus.)
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To our shareholders
From the chairman
If you're an experienced investor, you know that the past few years have
been unusually strong in many financial markets. Perhaps just as
important, history shows that bull markets don't last forever. Though
they're often unpredictable, declines -- whether they're brief or
long-lasting, moderate or substantial -- are always a possibility.
That fact reinforces the need for investors to review periodically their
long-term goals and examine whether their investment program remains on
track to achieving them. Your quarterly investment statements are one part
of that monitoring process. The other is a meeting with your American
Express financial advisor. That becomes even more important if there's a
major change in your financial situation or in the financial markets.
William R. Pearce
(picture of) William R. Pearce
William R. Pearce
Chairman of the board
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From the portfolio manager
An improving bond market and strong demand for municipal bonds led to a
productive fiscal year for IDS Intermediate Tax-Exempt Fund. From December
1996 though November 1997, the Fund's Class A shares generated a total
return, which includes net asset value change and dividend payments, of
4.4%. Most of the return came in the form of dividends.
The first several months of the period was largely a time of struggle for
bonds, as fear of higher inflation hung over the market. Despite ongoing
reports that inflation was not on the rise, many investors moved out of
bonds. This caused an increase in long-term interest rates, which in turn
depressed bond prices.
By spring, the outlook had brightened, as ongoing reports of tame
inflation and an agreement between Congress and the president to balance
the federal budget restored investors' confidence in bonds. Aside from a
moderate reversal in August, the positive tone in the market continued
through the end of the fiscal year, allowing bonds to more than make up
for ground lost early in the period. A healthy demand for municipal bonds
in particular provided additional price support for that segment of the
market.
A conservative strategy
Throughout the fiscal year, I took a slightly cautious investment
approach, as I thought interest rates were more likely to rise than fall.
This centered on maintaining a somewhat short duration -- between three
and four years. (A function of the average maturity of the portfolio's
holdings, duration determines how sensitive the Fund's value is to
interest-rate changes. The longer the duration, the greater the
sensitivity.) This strategy helped cushion the downturn caused by the
interest-rate rise last spring, but tempered the gain when rates came down
later.
In addition, as the fiscal year progressed, I increased investments in
BBB-rated bonds, which are still investment-grade quality but offer higher
yields than AAA, or highest-quality, issues. The BBB bonds, which
comprised about 22% of assets at the end of the period, had the desired
effect of enhancing the Fund's dividend.
Because I still believe that interest rates are more likely to rise than
fall in the months ahead, I plan to stay with a conservative investment
strategy. This includes a substantial cash component, which will provide
the flexibility to quickly add higher-yielding bonds should they become
available.
Terry Fettig
(picture of) Terry Fettig
Terry Fettig
Portfolio manager
(This annual report is not part of the prospectus.)
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Class A
12-months performance
(All figures per share)
Net asset value (NAV)
Nov. 30, 1997 $5.09
Nov. 30, 1996 $5.04
Increase $0.05
Distributions
Dec. 1, 1996 - Nov. 30, 1997
From income $0.18
From capital gains $ --
Total distributions $0.18
Total return* + 4.4%**
Class B
12-months performance
(All figures per share)
Net asset value (NAV)
Nov. 30, 1997 $5.09
Nov. 30, 1996 $5.04
Increase $0.05
Distributions
Dec. 1, 1996 - Nov. 30, 1997
From income $0.14
From capital gains $ --
Total distributions $0.14
Total return* + 3.7%**
Class Y
12-months performance
(All figures per share)
Net asset value (NAV)
Nov. 30, 1997 $5.09
Nov. 30, 1996 $5.04
Increase $0.05
Distributions
Dec. 1, 1996 - Nov. 30, 1997
From income $0.18
From capital gains $ --
Total distributions $0.18
Total return* + 4.6%**
*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.
(This annual report is not part of the prospectus.)
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The Fund's ten largest holdings
Percent Value
(of Fund's net assets) (as of Nov. 30, 1997)
Chicago Illinois Unlimited Tax General Obligation
Refunding Bonds Series 1996B (FGIC Insured)
6.00% 2002 2.44% $552,219
Houston Texas Water & Sewer System Prior Lien
Refunding Revenue Bonds Series 1992B (MBIA Insured)
5.75% 2002 2.36 532,355
New York State Dormitory Authority Health Care Revenue Bonds
Mental Health Services Facilities Series 1997
5.00% 2002 2.27 511,970
Delaware County Pennsylvania Industrial Development Authority
Pollution Control Refunding Revenue Bonds Series 1997
5.30% 2001 2.26 509,960
Denver Colorado City & County Airport Revenue Bonds Series 1996
(MBIA Insured) A.M.T.
4.80% 2000 2.25 507,855
Long Beach Harbor California Revenue Bonds Series 1993 A.M.T.
4.50% 2002 2.23 503,005
North Springs Florida Improvement District Special Assessment
Revenue Bonds Parkland Isles Series 1997B
6.25% 2005 2.22 502,500
Knox County Tennessee Unlimited Tax General
Obligation Bonds Series 1997
4.45% 2003 2.22 502,175
Anchorage Alaska Unlimited Tax General Obligation Bonds
Series 1992 (MBIA Insured)
5.85% 2001 1.98 448,179
Southern California College of Optometry
Educational Facilities Authority College
Revenue Bonds Series 1997B
4.90% 1999 1.52 343,631
Excludes short-term securities.
Note: Certain of the Fund's income may be subject to the Alternative
Minimum Tax (A.M.T.).
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The ten holdings listed here make up 21.75% of the Fund's net assets
(This annual report is not part of the prospectus.)
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Making the most of the Fund
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.
Using this strategy does not ensure a profit or avoid a loss if the market
declines, and requires that you be able to keep on investing on a regular
basis, even when the price of your shares falls or the market declines.
Investing in this manner 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 XXXXX
Feb 100 18 5.56 XXXXXx
March 100 17 5.88 XXXXXx
April 100 15 6.67 XXXXXXx
May 100 16 6.25 XXXXXXx
June 100 18 5.56 XXXXXx
July 100 17 5.88 XXXXXx
Aug 100 19 5.26 XXXXXx
Sept 100 21 4.76 XXXXx
Oct 100 20 5.00 XXXXX
(footnotes to table) By investing an equal number of dollars each
month...
(arrow in table pointing to April) you automatically buy more shares when the
per share market price is low...
(arrow in table pointing to September) and fewer shares when the per share
market price is high.
You have paid an average price of only $17.91 per share over the 10 months,
while the average market price actually was $18.10.
(This annual report is not part of the prospectus.)
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The Fund's long-term performance
Three ways to benefit from a mutual fund:
o your shares increase in value when the Fund's
investments do well
o you receive capital gains when the gains on
investments sold by the Fund exceed losses
o you receive income when the Fund's stock dividends, interest and
short-term gains exceed its expenses.
All three make up your total return and you potentially can increase your
investment if, like most investors, you reinvest your dividends and
capital gain distributions to buy additional shares of the Fund or another
fund.
Assumes: oHolding period from 12/1/96 to 11/30/97. oReturns do not reflect
taxes payable on distributions. oReinvestment of all income and capital
gain distributions for the Fund, with a value of $352. Also see
"Performance" in the Fund's current prospectus.
Lehman Brothers Municipal 3-year Bond Index is made up of a representative
list of general obligation, revenue and prerefunded bonds that have an
approximate maturity of three years. The index is frequently used as a
general performance measure of tax-exempt bonds with shorter maturities.
However, the securities used to create the index may not be representative
of the bonds held in Intermediate Tax-Exempt Fund.
Average annual total return
(as of Nov. 30, 1997)
1 year Since inception*
Class A -0.78% +0.16%
Class B -0.33% +0.59%
Class Y +4.57% +5.33%
*Inception date was Nov. 13, 1996. For purposes of the graph above, start date
was Nov. 30, 1996.
On the graph above you can see how the Fund's total return compared to a
widely cited performance index, the Lehman Brothers Municipal 3-year Bond
Index. In comparing Intermediate Tax-Exempt Fund (Class A) to the index,
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 index.
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 impact of the applicable sales charge, up
to a maximum of 5%. This was a period of widely fluctuating security
prices. Past performance is no guarantee of future results.
(This annual report is not part of the prospectus.)
<PAGE>
The financial statements contained in Post-Effective Amendment #43 to
Registration Statement No. 2-57328 filed on or about January 27, 1997 are
incorporated herein by reference.
<PAGE>
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.
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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.
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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.
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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.
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Growth funds
Funds in this group seek capital growth, primarily from common stocks. They are
high risk mutual funds with a potential for high reward.
IDS 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.
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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.
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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.
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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.
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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.
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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.
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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.
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IDS Progressive Fund
Invests primarily in undervalued common stocks. The Fund holds stocks for the
long term with the goal of capital growth.
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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. Foreign investments may be subject to currency fluctuations and
political and economic risks of the countries in which the investments are made.
IDS Equity Select Fund
Invests primarily in a combination of moderate growth stocks, higher-yielding
equities and bonds. Seeks growth of capital and income.
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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.
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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.
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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.
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IDS Equity Value Fund
Invests primarily in undervalued common stocks that offer potential for growth
of capital and income.
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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.
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IDS Diversified Equity Income Fund
Invests in a Portfolio comprised primarily in high-yielding common stocks to
seek high current income and, secondarily, to benefit from the growth potential
offered by stock investments.
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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.
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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.
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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.
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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.
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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.
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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
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
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.)
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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.
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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.
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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.
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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
For more complete information about any of these funds, including charges and
expenses, you can obtain a prospectus by contacting your financial advisor or
writing to American Express Shareholder Service, P.O. Box 534, Minneapolis, MN
55440-0534. Read it carefully before you invest or send money.
<PAGE>
Federal income tax information
IDS Intermediate Tax-Exempt 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 Form
1099-DIV, Dividends and Distributions.
IDS Intermediate Tax-Exempt Fund
Fiscal year ended Nov. 30, 1997
Class A
Exempt-interest distributions -- taxable status explained below.
Payable date Per share
Dec. 26, 1996 $0.01110
Jan. 29, 1997 0.01518
Feb. 26, 1997 0.01452
March 26, 1997 0.01346
April 28, 1997 0.01677
May 28, 1997 0.01501
June 26, 1997 0.01502
July 25, 1997 0.01431
Aug. 27, 1997 0.01598
Sept. 25, 1997 0.01459
Oct. 28, 1997 0.01649
Nov. 25, 1997 0.01418
Total distributions $0.17661
Class B
Exempt-interest distributions -- taxable status explained below.
Payable date Per share
Dec. 26, 1996 $0.00829
Jan. 29, 1997 0.01170
Feb. 26, 1997 0.01164
March 26, 1997 0.01056
April 28, 1997 0.01338
May 28, 1997 0.01194
June 26, 1997 0.01203
July 25, 1997 0.01128
Aug. 27, 1997 0.01251
Sept. 25, 1997 0.01155
Oct. 28, 1997 0.01302
Nov. 25, 1997 0.01122
Total distributions $0.13912
Class Y
Exempt-interest distributions -- taxable status explained below.
Payable date Per share
Dec. 26, 1997 $0.01179
Jan. 29, 1997 0.01615
Feb. 26, 1997 0.01520
March 26, 1997 0.01412
April 28, 1997 0.01768
May 28, 1997 0.01565
June 26, 1997 0.01550
July 25, 1997 0.01472
Aug. 27, 1997 0.01629
Sept. 25, 1997 0.01512
Oct. 28, 1997 0.01721
Nov. 25, 1997 0.01459
Total distributions $0.18402
Source of distributions
Distributions during the fiscal year ended Nov. 30, 1997, were derived
exclusively from interest on tax-exempt securities. For dividends paid by
the Fund to be tax-exempt the Fund must have at least 50% of its assets in
tax-exempt obligations at the end of each fiscal quarter.
Federal taxation
Exempt-interest dividends are exempt from federal income taxes and should
not be included in shareholders' gross income.
Other taxation
Exempt-interest dividends may be subject to state and local taxes. Each
shareholder should consult a tax advisor about reporting this income for
state and local tax purposes.
Source of income by state
Percentages of income from municipal securities earned by the Fund from
various states during the fiscal year ended Nov. 30, 1997 are listed
below.
Alabama 0.121%
Alaska 2.695
Arizona 2.311
Arkansas 0.244
California 5.218
Colorado 4.869
Connecticut 0.914
Florida 2.306
Georgia 2.793
Hawaii 1.897
Illinois 7.088
Indiana 1.967
Iowa 0.061
Kansas 0.979
Kentucky 0.729
Louisiana 2.358
Massachusetts 0.503
Michigan 2.246
Minnesota 3.140
Mississippi 2.252
Missouri 1.832
Nevada 1.521
New Hampshire 0.499
New Mexico 2.411
New York 11.407
North Carolina 0.746
North Dakota 0.691
Ohio 3.524
Oklahoma 1.512
Oregon 0.343
Pennsylvania 4.542
Rhode Island 1.019
South Carolina 0.673
South Dakota 0.897
Tennessee 2.297
Texas 12.219
Utah 2.172
Virginia 1.683
Washington 1.673
West Virginia 0.512
Wisconsin 2.859
Wyoming 0.277
(This annual report is not part of the prospectus.)
<PAGE>
Quick telephone reference
American Express Redemptions and exchanges, National/Minnesota
Financial Advisors dividend payments or 800-437-3133
Telephone Transaction reinvestments and automatic
Service payment arrangements Mpls./St. Paul area:
671-3800
TTY Service For the hearing impaired 800-846-4852
American Express Automated account information 800-862-7919
Financial Advisors (TouchTone(R) phones only),
Easy Access Line including current fund prices
and performance, account values
and recent account transactions
AMERICAN EXPRESS Financial Advisors
IDS Intermediate Tax-Exempt Fund
IDS Tower 10
Minneapolis, MN 55440-0010
<PAGE>
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.
