PAGE
IDS High Yield Tax-Exempt Fund
1994 semiannual report
(Icon of) shield with basket of apples enclosed
The goal of IDS High Yield Tax-Exempt Fund, Inc. is to
provide high yield generally exempt from federal income
taxes.
IDS
An American Express company
AMERICAN
EXPRESS
Distributed by
IDS Financial Services Inc.
<PAGE>
PAGE
(Icon of) shield with basket of apples enclosed
More yield, less taxes
Most of the time, making money means paying taxes. But investors still
can enjoy income that is free from federal taxes by taking advantage
of tax-exempt bonds. High Yield Tax-Exempt Fund, the largest national
municipal bond fund, strives to provide the maximum amount of
generally tax-free income by focusing on municipal bonds that pay
above-average interest. To reduce the investment risk, the fund holds
a large, widely diversified portfolio of bonds. The result can be a
healthy after-tax return for investors in higher tax brackets.
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 14
Directors and officers 40
IDS mutual funds 41
<PAGE>
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To our shareholders
(Picture of )
William R. Pearce
President of the fund
(Picture of)
Kurt Larson
Portfolio manager
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.
William R. Pearce
From the portfolio manager
The positive bond environment characterized by generally falling
interest rates in recent years changed course during the first half of
the fund's fiscal year. This resulted in a net asset value decline for
the fund that, although tempered by the dividend, meant a negative
total return for the six-month period ended May 31, 1994.
This was in contrast to the first two months of the period (December
and January), when interest rates remained in a stable-to-declining
pattern. Because bond prices rise when rates decline, this modest
trend was positive for the fund and boosted the values of its bond
holdings during those months.
A new environment
Things in the bond world soon changed, though. In early February,
based on data indicating a strengthening economy, the Federal Reserve
Board raised short-term interest rates. The Fed's intent was to
maintain a modest rate of growth in the economy to keep inflation
under control, as it has been for the past three years.
<PAGE>
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To our shareholders
(An especially robust economy usually is soon accompanied by much
higher inflation, which means rapidly rising prices on goods and
services.) By the end of April, the Fed had raised rates twice more.
Because increasing inflation is bad for fixed-income investments such
as bonds (higher inflation usually results in higher interest rates,
which drives down bond prices), professional investors began selling
bonds immediately upon the Fed's first move in February. Coming into
1994, we had anticipated moderately higher inflation and some
intervention by the Federal Reserve. What was surprising was the
extent of the bond market's reaction to the Fed's actions and,
consequently, the extent of the selling and the price decline. As it
turned out, the interest-rate rise that we thought might occur over
the course of the entire year played out in barely eight weeks.
Market settles down
The broad bond market, though still volatile on a day-to-day basis,
managed to break out of its sustained decline in April and May.
Municipal bonds, aided by a decrease in the amount of bonds issued,
also began to fare better. We take this as an indication that the
brunt of the storm in the market may have passed. While we expect
ongoing volatility, we think any increase in inflation and interest
rates from this point will be relatively modest.
Given that outlook, we have been selectively adding some bonds with
higher yields in an attempt to increase the fund's dividend.
Representative examples include municipal bonds that are tied to
waste-to-energy projects (such as using waste coal to provide
electricity) and resource-recovery projects (such as recycling
cardboard boxes). We believe these will nicely complement the
essential-services bonds (those backed by revenue-producing projects
such as toll roads and water systems) that continue to comprise the
core of the fund's portfolio.
Kurt Larson
<PAGE>
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To our shareholders
6-month performance
(All figures per share)
Net asset value (NAV)
____________________________
May 31, 1994 $ 4.47
____________________________
Nov. 30, 1993 $ 4.76
____________________________
Decrease $(0.29)
____________________________
Distributions
Dec. 1, 1993 - May 31, 1994
____________________________
From income $ 0.15
____________________________
From capital gains $ 0.02
____________________________
Total distributions $ 0.17
____________________________
Total return* (2.49%)
____________________________
*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>
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<TABLE>
IDS High Yield Tax-Exempt Fund, Inc.
Your fund's ten largest holdings
<CAPTION>
(Pie chart)
The ten holdings listed here make up 6.86% of the fund's net assets
_____________________________________________________________________________________
Percent Value
(of fund's net assets) (as of May 31, 1994)
_____________________________________________________________________________________
<S> <C> <C>
New York City Municipal Water Financial Authority
Water & Sewer System Revenue Bonds Series A
6.25% 2021 .86% $55,139,250
Eastern North Carolina Municipal Power Agency
Power System Refunding Revenue Bonds Series 1991A
5.75% 2019 .78 50,029,100
Broward County Florida Resource Recovery Revenue Bonds
L.P. South Project
7.95% 2008 .74 47,236,918
Washington Public Power Supply System Nuclear Project #1
Revenue Bonds Series 1993B
5.60% 2015 .71 45,022,656
Northern California Power Agency Geothermal #3
Revenue Bonds
5.00% 2009 .69 43,894,216
Monroe County Michigan Pollution Control Revenue Bonds
Detroit Edison
7.75% 2019 .68 43,530,778
Puerto Rico Electric Power Agency Revenue Bonds
Series N
6.00% 2010 .62 39,470,000
Chicago Illinois O'Hare International Airport Terminal
Special Revenue Bonds
6.50% 2018 .61 39,088,353
Dormitory Authority New York City University System
Consolidated 2nd General Resource Revenue Bonds
6.00% 2016 .59 37,609,356
New Hampshire Industrial Development Authority
Pollution Control Revenue Bonds Public Service
Series 1991B
7.50% 2021 .58 37,301,622
/TABLE
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<TABLE>
Financial statements
Statement of assets and liabilities
IDS High Yield Tax-Exempt Fund, Inc.
May 31, 1994
<CAPTION>
_____________________________________________________________________________________________________________
Assets
_____________________________________________________________________________________________________________
(Unaudited)
<S> <C>
Investments in securities, at value (Note 1)
(identified cost $5,991,233,575) $6,268,847,426
Accrued interest receivable 148,832,020
Receivable for investment securities sold 28,330,029
_____________________________________________________________________________________________________________
Total assets 6,446,009,475
_____________________________________________________________________________________________________________
Liabilities
_____________________________________________________________________________________________________________
Disbursements in excess of cash on demand deposit 30,177,859
Dividends payable to shareholders 6,755,880
Payable for investment securities purchased 27,170,348
Accrued investment management and services fee 2,815,322
Accrued distribution fee 106,687
Accrued transfer agency fee 272,899
Other accrued expenses 652,986
_____________________________________________________________________________________________________________
Total liabilities 67,951,981
_____________________________________________________________________________________________________________
Net assets applicable to outstanding capital stock $6,378,057,494
_____________________________________________________________________________________________________________
Represented by
_____________________________________________________________________________________________________________
Capital stock -- authorized 10,000,000,000 shares of $.01 par value;
outstanding 1,425,603,050 shares $ 14,256,030
Additional paid-in capital 6,123,995,597
Accumulated net realized loss (Note 1) (2,793,297)
Unrealized appreciation (Note 4) 242,599,164
_____________________________________________________________________________________________________________
Total -- representing net assets applicable to outstanding capital stock $6,378,057,494
_____________________________________________________________________________________________________________
Net asset value per share of outstanding capital stock $ 4.47
_____________________________________________________________________________________________________________
See accompanying notes to financial statements.
<PAGE>
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Financial statements
Statement of operations
IDS High Yield Tax-Exempt Fund, Inc.
Six months ended May 31, 1994
<CAPTION>
_____________________________________________________________________________________________________________
Investment income
_____________________________________________________________________________________________________________
(Unaudited)
<S> <C>
Income:
Interest $ 230,261,817
_____________________________________________________________________________________________________________
Expenses (Note 2):
Investment management and services fee 16,722,303
Distribution fee 612,681
Transfer agency fee 1,541,694
Compensation of directors 56,095
Compensation of officers 15,738
Custodian fees 112,396
Postage 263,131
Registration fees 80,656
Reports to shareholders 82,398
Audit fees 18,500
Administrative 57,919
Other 84,308
_____________________________________________________________________________________________________________
Total expenses 19,647,819
_____________________________________________________________________________________________________________
Investment income -- net 210,613,998
_____________________________________________________________________________________________________________
Realized and unrealized gain (loss) -- net
_____________________________________________________________________________________________________________
Net realized gain on security transactions (Note 3) 19,132,688
Net change in unrealized appreciation or depreciation (395,194,546)
_____________________________________________________________________________________________________________
Net loss on investments (376,061,858)
_____________________________________________________________________________________________________________
Net decrease in net assets resulting from operations $(165,447,860)
_____________________________________________________________________________________________________________
See accompanying notes to financial statements.
<PAGE>
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Financial statements
Statements of changes in net assets
IDS High Yield Tax-Exempt Fund, Inc.
<CAPTION>
_____________________________________________________________________________________________________________
Operations and distributions May 31, 1994 Nov. 30, 1993
_____________________________________________________________________________________________________________
Six months ended Year ended
(Unaudited)
<S> <C> <C>
Investment income -- net $ 210,613,998 $ 408,915,669
Net realized gain on investments 19,132,688 30,340,901
Net change in unrealized appreciation or depreciation (395,194,546) 147,320,430
_____________________________________________________________________________________________________________
Net increase (decrease) in net assets resulting from operations (165,447,860) 586,577,000
_____________________________________________________________________________________________________________
Distributions to shareholders from:
Net investment income (210,614,220) (408,908,716)
Net realized gain on investments (30,683,921) (27,741,401)
_____________________________________________________________________________________________________________
Total distributions (241,298,141) (436,650,117)
_____________________________________________________________________________________________________________
Capital share transactions
_____________________________________________________________________________________________________________
Proceeds from sales of
137,445,206 and 210,362,306 shares (Note 2) 635,288,725 999,841,120
Net asset value of 36,780,868 and 63,612,850 shares
issued in reinvestment of distributions 171,116,048 301,687,871
Payments for redemptions of
163,586,752 and 158,383,974 shares (754,560,176) (754,206,709)
_____________________________________________________________________________________________________________
Increase in net assets from capital share transactions
representing net addition of
10,639,322 and 115,591,182 shares 51,844,597 547,322,282
_____________________________________________________________________________________________________________
Total increase (decrease) in net assets (354,901,404) 697,249,165
Net assets at beginning of period 6,732,958,898 6,035,709,733
_____________________________________________________________________________________________________________
Net assets at end of period
(including undistributed net investment income of
$0 and $222) $6,378,057,494 $6,732,958,898
_____________________________________________________________________________________________________________
See accompanying notes to financial statements.
/TABLE
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Notes to financial statements
IDS High Yield Tax-Exempt Fund, Inc.
(Unaudited as to May 31, 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 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.
Futures transactions
In order to gain exposure to or protect itself from
changes in the market, the fund may buy and sell
interest rate futures contracts. Risks of entering
into futures contracts include the possibility that
there may be an illiquid market and that a change in
the value of the contract 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.<PAGE>
PAGE
Notes to financial statements
IDS High Yield Tax-Exempt Fund, Inc.
______________________________________________________________________________
1. Summary of significant accounting policies
Federal taxes
Since the fund's policy is to comply with all
sections of the Internal Revenue Code applicable to
regulated investment companies and to distribute all
of its taxable income to shareholders, no provision
for income or excise taxes is required.
Net investment income (loss) and net realized gains
(losses) may differ for financial statement and tax
purposes primarily because of the deferral of losses
on certain futures contracts, the recognition of
certain foreign currency gains (losses) as ordinary
income (loss) for tax purposes, and losses deferred
due to "wash sale" transactions. The character of
distributions made during the year from net
investment income or net realized gains may differ
from their ultimate characterization for federal
income tax purposes. Also, due to the timing of
dividend distributions, the fiscal year in which
amounts are distributed may differ from the year that
the income or realized gains (losses) were recorded
by the fund.
Dividends to shareholders
Dividends from net investment income, declared daily
and payable monthly, 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. Interest income,
including level-yield amortization of premium and
discount, is accrued daily.<PAGE>
PAGE
Notes to financial statements
IDS High Yield Tax-Exempt Fund, Inc.
______________________________________________________________________________
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 0.11% of average
daily net assets.
The fund also pays IDS a distribution fee at an
annual rate of $6 per shareholder account and a
transfer agency fee at an annual rate of $15.50 per
shareholder account. The transfer agency fee is
reduced by earnings on monies pending shareholder
redemptions.
IDS will assume and pay any expenses (except taxes
and brokerage commissions) that exceed the most
restrictive applicable state expense limitation.
Sales charges by IDS Financial Services Inc. for
distributing fund shares were $9,892,730 for the six
months ended May 31, 1994.
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 $29,848 for
the six months ended May 31, 1994.<PAGE>
PAGE
Notes to financial statements
IDS High Yield Tax-Exempt Fund, Inc.
______________________________________________________________________________
3. Securities transactions
Cost of purchases and proceeds from sales of
securities (other than short-term obligations)
aggregated $488,894,574 and $449,193,518
respectively, for the six months ended May 31, 1994.
Realized gains and losses are determined on an
identified cost basis.
______________________________________________________________________________
4. Interest rate futures contracts
At May 31, 1994, investments in securities included
securities valued $22,516,990 that were pledged as
collateral to cover initial margin deposits on 4,000
purchase contracts. The market value of the open
contracts at May 31, 1994, was $414,250,000 with a
net unrealized loss of $35,014,687.
<PAGE>
PAGE
<TABLE>
Notes to financial statements
IDS High Yield Tax-Exempt Fund, Inc.
_______________________________________________________________________________
5. Financial highlights
The table below shows certain important financial
information for evaluating the fund's results.
Fiscal period ended Nov. 30,
Per share income and capital changes*
<CAPTION>
1994** 1993 1992 1991*** 1990 1989
<S> <C> <C> <C> <C> <C> <C>
Net asset value, $4.76 $4.65 $4.55 $4.44 $4.57 $4.42
beginning of period
Income from investment operations:
Net investment income .15 .30 .31 .30 .34 .34
Net gains (losses) on (.27) .13 .12 .11 (.12) .15
securities (both realized
and unrealized)
Total from investment (.12) .43 .43 .41 .22 .49
operations
Less distributions:
Dividends from net (.15) (.30) (.32) (.30) (.34) (.34)
investment income
Distributions from (.02) (.02) (.01) -- (.01) --
realized gains
Total distributions (.17) (.32) (.33) (.30) (.35) (.34)
Net asset value, $4.47 $4.76 $4.65 $4.55 $4.44 $4.57
end of period
Ratios/supplemental data
1994** 1993 1992 1991*** 1990 1989
Net assets, end of period $6,378 $6,733 $6,036 $5,291 $4,750 $4,594
(in millions)
Ratio of expenses to .59%**** .61% .62% .60%**** .60% .60%
average daily net assets
Ratio of net income to 6.37%**** 6.32% 6.86% 7.26%**** 7.62% 7.50%
average daily net assets
Portfolio turnover rate 7% 10% 12% 10% 22% 7%
(excluding short-term
securities)
Total return+ (2.5%)++ 9.6% 9.7% 10.1%**** 5.5% 11.7%
*For a share outstanding throughout the period. Rounded to the nearest cent.
**Six months ended May 31, 1994 (Unaudited).
***The fund's fiscal year-end was changed from Dec. 31 to Nov. 30, effective 1991.
****Adjusted to an annual basis.
+Total return does not reflect payment of a sales charge.
++For the fiscal period ended May 31, 1994, the annualized total return is (4.9%).
/TABLE
<PAGE>
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<TABLE>
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
<CAPTION>
_____________________________________________________________________________________________________________________________
Municipal bonds (97.2%)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b) (c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Alabama (1.1%)
Baldwin County Eastern Shore Health Care Authority Hospital Revenue Bonds
Thomas Hospital Series 1991 8.50 % 2016 $ 4,765,000 $ 5,240,833
Camden Industrial Development Board Solid Waste Disposal Revenue Bonds
MacMillan Bloedel Series 1991A 7.75 2019 8,500,000 8,947,780
Columbia Industrial Development Board Pollution Control
Refunding Revenue Bonds Alabama Power Series D 9.375 2015 8,500,000 9,068,480
Columbia Industrial Development Board Pollution Control Revenue Bonds
Alabama Power Farley Plant Series B 10.875 2014 21,400,000 22,467,860
Columbia Industrial Development Board Pollution Control Revenue Bonds
Alabama Power Farley Plant Series E 9.25 2015 11,500,000 12,486,470
Marengo County Limited Obligation Capital Outlay Warrants Series 1988 8.50 2018 3,000,000 3,486,810
Mobile Airport Authority Revenue Bonds Series 1984 11.25 2014 4,000,000 4,203,400
Mobile Medical Clinic Board Psychiatric Revenue Bonds Charter Medical 11.50 2008 2,740,000 2,809,815
______________
Total 68,711,448
_____________________________________________________________________________________________________________________________
Alaska (0.9%)
Anchorage Municipality Senior Lien Electric Revenue Bonds Series 1986
(AMBAC Insured) 6.00 2019 10,150,000 9,853,620
North Slope Borough General Obligation Bonds Series 1984G 10.50 1996 7,555,000 7,749,617
North Slope Borough General Obligation Refunding Bonds Series 1984G 10.40 1995 845,000 879,713
Valdez Marine Terminal Refunding Revenue Bonds BP Pipelines Series 1993A 5.85 2025 39,450,000 35,746,829
______________
Total 54,229,779
_____________________________________________________________________________________________________________________________
Arizona (0.4%)
Maricopa County Hospital System Revenue Bonds Samaritan Health Services
Series 1981 12.00 2008 4,865,000 5,910,530
Maricopa County Industrial Development Authority Hospital System
Refunding Revenue Bonds Samaritan Health Services Series 1985A 9.25 2015 7,000,000 7,639,100
Maricopa-Stanfield Irrigation & Drainage District Pinal County
General Obligation Refunding Bonds Series 1989 6.00 2004 12,950,000 9,065,000
______________
Total 22,614,630
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
<PAGE>
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Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b) (c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
Arkansas (0.3%)
Pope County Pollution Control Revenue Bonds Arkansas Power & Light
Series 1985 11.00 % 2015 $ 7,380,000 $ 8,174,383
Pope County Solid Waste Disposal Revenue Bonds Arkansas Power & Light
Series 1991 8.00 2021 3,250,000 3,495,733
Texarkana Public Facility Board SCH Health Care Systems Revenue Bonds
Series 1985A 9.375 2015 5,000,000 5,264,600
______________
Total 16,934,716
_____________________________________________________________________________________________________________________________
California (6.1%)
Burbank Redevelopment Agency Tax Allocation Bonds
Golden State Series 1993A 6.00 2013-23 9,500,000 8,937,660
Community Development Authority Health Facilities Unihealth America
Certificate of Participation Series 1993 Inverse Floater (AMBAC Insured) 7.77 2011 22,400,000 (d) 19,656,000
East Bay Municipal Utility District Water Revenue Bonds
Series 1993 Inverse Floater (MBIA Insured) 7.37 2008 15,500,000 (d) 13,330,000
Eden Township Hospital District Insured Health Facilities
Refunding Revenue Bonds Certificate of Participation
Eden Hospital Health Services Series 1993 5.85 2018 3,750,000 3,346,725
Health Facilities Finance Authority Refunding Revenue Bonds
Evangelical Lutheran Good Samaritan Society Series 1993
(AMBAC Insured) 5.30 2015 6,995,000 6,184,769
Los Angeles Convention & Exhibition Center Authority Lease
Refunding Revenue Bonds Series 1993A (MBIA Insured) 5.00 2006 19,000,000 17,824,090
Los Angeles Convention & Exhibition Center Authority Lease
Refunding Revenue Bonds Series 1993A (MBIA Insured) 5.10 2007 20,000,000 18,701,400
Los Angeles Convention & Exhibition Center Authority Lease
Refunding Revenue Bonds Series 1993A (MBIA Insured) 5.15 2008 21,000,000 19,544,700
Los Angeles Convention & Exhibition Center Authority Lease
Refunding Revenue Bonds Series 1993A (MBIA Insured) 5.20 2009 21,000,000 19,495,770
Los Angeles International Airport Regional Airports Improvement
Corporation Refunding Revenue Bonds United Airlines Series 1984 8.80 2021 11,650,000 12,724,713
Los Angeles International Airport Regulatory Airports Improvement
Sublease Revenue Bonds Western Airlines Issue 1985 11.25 2025 10,000,000 10,979,100
Los Angeles Water & Power Electric Plant Refunding Revenue Bonds
Series 1992 6.375 2020 10,000,000 9,955,000
Modesto Santa Clara Redding Public Power Bonds San Juan Series C 5.50 2021 4,500,000 4,008,150
Northern California Power Agency Geothermal #3 Refunding Revenue Bonds
Series 1985A 7.00 2010 13,510,000 13,652,801
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b) (c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
Northern California Power Agency Geothermal #3 Revenue Bonds 5.00 % 2009 $49,635,000 $ 43,894,216
Orange County Special Tax Community Facilities Bonds
Aliso Veijo District 88-1 Series 1992A 7.35 2018 6,000,000 6,887,340
Pleasanton Joint Powers Financing Authority Reassessment
Revenue Bonds Series 1993A 6.15 2012 4,900,000 4,617,858
Regional Airports Improvement Facilities Sublease Revenue Bonds
Continental Airlines Los Angeles International Airport
Series 1988 9.00 2008-17 13,000,000 13,899,128
Sacramento Municipal Utility District Electric Refunding Revenue Bonds
Series R 6.00 2015-17 20,385,000 19,527,093
Sacramento Municipal Utility District Electric Refunding Revenue Bonds
Series 1993D Inverse Floater (FSA Insured) 6.32 2005 15,800,000 (d) 14,970,500
Sacramento Municipal Utility District Electric Refunding Revenue Bonds
Series 1993D Inverse Floater (FSA Insured) 6.52 2006 16,400,000 (d) 15,498,000
Sacramento Municipal Utility District Electric Refunding Revenue Bonds
Series 1993D Inverse Floater (MBIA Insured) 6.97 2015 15,000,000 (d) 12,731,250
San Joaquin Hills Orange County Transporation Corridor Agency
Senior Lien Toll Road Revenue Bonds 6.75 2032 14,785,000 14,295,321
San Jose Redevelopment Agency Merged Area Tax Allocation Bonds
Series 1993 Inverse Floater (MBIA Insured) 7.85 2014 30,600,000 (d) 24,824,250
San Marcos Public Facility Authority Refunding Revenue Bonds
Civic Center Public Improvement Series A 6.20 2022 12,300,000 11,249,334
Sierra Unified School District Fresno County Certificate of Participation
Capital Financing Refunding Bonds Series 1993 6.125 2018 6,470,000 5,905,040
Southern California Public Power Authority Power Revenue Bonds
Palo Verde Series 1993 Inverse Floater (FGIC Insured) 7.67 2017 20,000,000 (d) 15,800,000
Southern California Public Power Authority Power Revenue Bonds
Series 1986B 5.75 2017 2,025,000 1,904,350
Southern California Public Power Authority Transmission
Refunding Revenue Bonds Series 1986B 7.00 2022 1,500,000 1,607,088
Ukiah Unified School District Mendocino County
Certificate of Participation Series 1993 6.00 2010 5,000,000 4,665,350
______________
Total 390,616,996
_____________________________________________________________________________________________________________________________
Colorado (3.5%)
Arapahoe County Industrial Development Revenue Bonds
Dillion Real Estate-Kroger 8.00 2009 4,000,000 4,284,840
Aurora Centretech Metropolitan District Arapahoe County Series 1987B 9.625 2008 4,960,000 (e) 4,662,400
Briargate Public Building Authority Landowner Assessment Lien Bonds
Series 1985A 10.25 2000 5,000,000 (e) 2,500,000
Colorado Springs Cottonwood General Improvement District
General Obligation Bonds Series 1986 9.25 2031 3,500,000 2,590,000
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b) (c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
Colorado Springs Hospital Revenue Bonds Memorial Hospital Series 1990 7.875% 2010 $ 5,000,000 $ 5,266,200
Colorado Springs Stetson Hills Public Building Authority
Landowner Assessment Lien Bonds Series 1988A 9.75 2008 2,869,110 (e) 143,455
Colorado Springs Utilities System Refunding Revenue Bonds Series 1991C 6.50 2015 26,400,000 27,489,226
Colorado Springs Utilities System Refunding Revenue Bonds Series 1991C 6.75 2001-21 30,000,000 32,553,346
Denver Airport System Revenue Bonds Series 1985 8.375 2011 6,000,000 6,092,880
Denver City & County Airport Systems Revenue Bonds Series 1991A 8.75 2023 10,000,000 10,777,200
Denver City & County Airport Systems Revenue Bonds Series 1991D 7.00 2025 12,475,000 11,472,759
Denver City & County Airport Systems Revenue Bonds Series 1991D 7.75 2013-21 30,150,000 31,066,626
Denver City & County Airport Systems Revenue Bonds Series 1992A 7.25 2025 20,975,000 20,566,827
Denver City & County Airport Systems Revenue Bonds Series 1992B 7.25 2023 20,500,000 19,362,045
Denver City & County GVR Metropolitan District
General Obligation Refunding & Improvement Bonds Series 1985 10.25 2002 4,000,000 4,000,000
Denver City & County GVR Metropolitan District
General Obligation Refunding Bonds Series 1991 8.00 2006 2,115,000 2,072,700
Denver Urban Renewal Authority Tax Increment Revenue Bonds
South Broadway Montgomery Ward Urban Renewal Series 1992 8.50 2016 14,740,000 14,997,950
El Paso County School District #20 General Obligation Refunding Bonds
Series 1993A 6.10 2005 2,215,000 2,264,616
El Paso County School District #20 General Obligation Refunding Bonds
Series 1993A 6.15 2008 1,000,000 1,016,320
El Paso County School District #20 General Obligation Refunding Bonds
Series 1993A 6.20 2007 1,250,000 1,281,450
Hotchkiss Industrial Development Revenue Bonds Dillion Real Estate-Kroger 8.00 2009 1,500,000 1,606,815
Housing Finance Authority Single Family Program Senior Bonds
Series 1991B (FGIC Insured) 7.25 2011 3,550,000 3,676,415
Housing Finance Authority Single Family Program Senior Bonds
Series 1991B (FGIC Insured) 7.30 2018 3,205,000 3,208,558
Northern Colorado Water District Revenue Bonds Series D 6.00 2015 4,000,000 3,985,640
Thornton Industrial Development Revenue Bonds Dillion Real Estate-Kroger 8.00 2009 4,500,000 4,500,000
Westminster Industrial Development Revenue Bonds Dillion Real Estate-Kroger 8.00 2009 3,500,000 3,769,010
Winter Park Restated Parking Facility Lease/Purchase & Declaration
of Trust Refunding Certificate of Participation Series 1985 11.00 2004 1,000,000 1,058,450
______________
Total 226,265,728
_____________________________________________________________________________________________________________________________
Connecticut (0.2%)
Development Authority Solid Waste & Electric Revenue Bonds Ogden Martin 10.00 2014 7,500,000 8,143,500
State Transporation Infrastructure Special Tax Obligation Revenue Bonds
Series B 5.70 1997 4,300,000 4,463,142
______________
Total 12,606,642
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b) (c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
District of Columbia (0.2%)
General Obligation Refunding Bonds Series A 7.875% 2006 $12,625,000 $ 13,677,420
Housing Finance Agency Multiple Family Mortgage Revenue Bonds
Temple Courts Section 8 Series 1985 (FHA Insured) 12.00 2022 1,320,000 1,447,538
______________
Total 15,124,958
_____________________________________________________________________________________________________________________________
Florida (4.6%)
Broward County Airport System Revenue Bonds Series 1989B 7.625 2013 15,000,000 16,154,250
Broward County Resource Recovery Revenue Bonds L.P. South Project 7.95 2008 43,310,000 47,236,918
Charlotte County Development Authority 1st Mortgage
Refunding Revenue Bonds Royal Palm Retirement Centre Series 1991 9.50 2014 4,310,000 4,435,507
Crossings at Fleming Island Community Development District Utility
Revenue Bonds Series 1994 7.375 2019 14,000,000 13,053,740
Department of Transportation Turnpike Revenue Bonds Series 1991A
(AMBAC Insured) 6.25 2020 20,000,000 20,203,200
Gateway Centre Development District Pinellas County Special Assessment
Revenue Bonds Series 1988 9.125 2009 3,195,000 3,362,003
Hillsborough County Utility Refunding Revenue Bonds Series 1991A 6.50 2016 24,760,000 24,385,629
Hillsborough County Utility Refunding Revenue Bonds Series 1991A 7.00 2001-14 24,000,000 24,936,540
Jacksonville Electric Authority St. John's River Power Park System
Revenue Bonds Series 1989 6.00 2015 10,300,000 10,140,659
Jacksonville Health Facilities Authority Hospital Refunding Revenue Bonds
Riverside Hospital Series 1989 7.625 2013 1,600,000 1,676,864
Lakeland Electric & Water Refunding Revenue Bonds Series 1986 7.00 2009 5,000,000 5,217,150
Lee County Industrial Development Authority Industrial Development
Revenue Bonds Gulf Utility Series 1988A 9.625 2018 5,545,000 6,247,940
Lee County Industrial Development Authority Industrial Development
Revenue Bonds Gulf Utilities Series 1988B 9.50 2020 4,000,000 4,488,640
Leesburg Refunding Hospital Revenue Bonds Leesburg Regional Medical Center
Series 1984 10.25 2014 3,750,000 3,883,350
Municipal Power Agency Refunding Revenue Bonds St. Lucie Series 1986 7.375 2016 6,000,000 6,502,380
Orange County Health Facilities Authority 1st Mortgage Revenue Bonds
RHA/Princeton Hospital Series 1991 9.00 2021 10,000,000 10,982,400
Palm Beach County Health Facilities Authority Hospital Revenue Bonds
Good Samaritan Health Series 1993 6.30 2022 4,250,000 4,081,742
Palm Beach County Solid Waste Industrial Development Revenue Bonds
Okeelanta Power Limited Partnership Series 1993A 6.70 2015 10,000,000 9,372,900
Palm Beach County Solid Waste Industrial Development Revenue Bonds
Okeelanta Power Limited Partnership Series 1993A 6.85 2021 11,700,000 10,902,294
Pinellas County Capital Improvement Revenue Bonds Series 1991 5.40 1997 5,570,000 5,717,939
Polk County Industrial Development Authority 1st Mortgage
Refunding Revenue Bonds Spring Haven II 8.75 2014 6,665,000 6,955,461
Port Everglades Port Authority Revenue Bonds Junior Lien 5.00 2016 18,635,000 15,893,605
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b) (c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
Riverwood Community Development District Charlotte County
Special Assessment Revenue Bonds Series 1992A 8.50 % 2012 $ 5,800,000 $ 5,799,710
Riverwood Community Development District Charlotte County
Special Assessment Revenue Bonds Series 1992B 8.50 2012 1,875,000 1,874,906
State Board of Education Refunding Bonds Series 1989A 6.00 2025 16,750,000 16,403,610
Sumter County Village Community Development District #1
Capital Improvement Revenue Bonds Series 1992 8.40 2012 6,980,000 7,137,888
Sunrise Utility System Refunding & Improvement Revenue Bonds 10.75 2018 5,000,000 6,502,400
______________
Total 293,549,625
_____________________________________________________________________________________________________________________________
Georgia (3.7%)
Atlanta Special Purpose Facility Revenue Bonds Delta Air Lines
Series 1989B 6.25 2019 8,685,000 7,746,152
Atlanta Special Purpose Facility Revenue Bonds Delta Air Lines
Series 1989B 7.90 2018 13,500,000 13,743,540
Burke County Development Authority Pollution Control Revenue Bonds
Georgia Power 1st Series 1984 12.25 2014 11,500,000 11,891,230
Burke County Development Authority Pollution Control Revenue Bonds
Georgia Power 2nd Series 1984 11.625 2014 8,000,000 8,317,440
Burke County Development Authority Pollution Control Revenue Bonds
Georgia Power 3rd Series 1984 12.00 2014 5,000,000 5,237,850
Burke County Development Authority Pollution Control Revenue Bonds
Georgia Power 1st Series 1985 10.125 2015 8,175,000 8,771,121
Burke County Development Authority Pollution Control Revenue Bonds
Georgia Power 3rd Series 1985 10.50 2015 20,575,000 22,597,934
Dekalb County Hospital Authority Revenue Anticipation Certificate
Dekalb Medical Center Series 1993A (MBIA Insured) 5.20 2008 2,040,000 1,910,929
Dekalb County Hospital Authority Revenue Anticipation Certificate
Dekalb Medical Center Series 1993A (MBIA Insured) 5.25 2009 2,000,000 1,866,400
Effingham County Pollution Control Revenue Bonds Fort Howard
Series 1988 7.90 2005 19,850,000 20,670,202
Fulco Hospital Authority Revenue Anticipation Certificate
Georgia Baptist Health Care Systems Series 1992A 6.375 2022 20,300,000 19,564,734
Monroe County Development Authority Pollution Control Revenue Bonds
Georgia Power-Scherer 1st Series 1985 10.50 2015 14,725,000 16,099,873
Monroe County Pollution Control Revenue Bonds Gulf Power 1st Series 1984 10.50 2014 10,000,000 10,539,900
Municipal Electric Authority Power Refunding Bonds Series 1989R 6.00 2014 9,130,000 8,853,544
Municipal Electric Authority Power Revenue Bonds 6.00 2020 3,350,000 3,210,539
Municipal Electric Authority Power Revenue Bonds 7.00 2019 1,340,000 1,397,593
Municipal Electric Authority Power Revenue Bonds 9.875 2017 20,000,000 21,097,600
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b) (c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
Municipal Electric Authority Power Revenue Bonds Series 5 (FGIC Insured) 6.00 % 2025 $34,490,000 $ 33,639,132
Municipal Electric Authority Power Revenue Bonds Series J 10.75 2020 7,000,000 7,493,640
Municipal Electric Authority Power Revenue Bonds Series L 5.00 2020 1,150,000 954,833
Municipal Electric Authority Power Revenue Bonds Series 1986A 7.875 2018 2,625,000 2,821,140
Rockdale County Development Authority Solid Waste Disposal Revenue Bonds
Visy Paper Series 1993 7.50 2026 10,000,000 9,694,200
______________
Total 238,119,526
_____________________________________________________________________________________________________________________________
Hawaii (0.3%)
City & County of Honolulu Refunding & Improvement
General Obligation Bonds Series 1993B Inverse Floater 7.32 2006 10,000,000 (d) 9,500,000
City & County of Honolulu Refunding & Improvement
General Obligation Bonds Series 1993B Inverse Floater 7.62 2008 10,000,000 (d) 9,337,500
______________
Total 18,837,500
_____________________________________________________________________________________________________________________________
Idaho (--%)
The Regents of the University Student Fee Refunding Revenue Bonds
Series 1986 (FGIC Insured) 7.00 2010 1,050,000 1,098,657
_____________________________________________________________________________________________________________________________
Illinois (8.8%)
Bradley Kankakee County Tax Increment Refunding Revenue Bonds
Series 1993 8.40 2012 5,800,000 5,820,996
Broadview Cook County Senior Lien Tax Increment Revenue Bonds
Series 1993 8.25 2013 12,000,000 11,884,800
Chicago General Obligation Refunding Bonds Series 1985 9.875 2013 18,510,000 20,017,269
Chicago O'Hare International Airport General Airport Revenue Bonds
Series 1984AB 10.625 2015 5,500,000 5,887,640
Chicago O'Hare International Airport General Airport Revenue Bonds
Series 1990A 6.00 2018 29,000,000 27,293,930
Chicago O'Hare International Airport General Airport Revenue Bonds
Series 1990A 7.50 2016 21,000,000 23,038,470
Chicago O'Hare International Airport Special Revenue Facility Bonds
Delta Airlines Series 1992 6.45 2018 10,000,000 9,117,700
Chicago O'Hare International Airport Special Revenue Facility Bonds
United Airlines Series C 8.20 2018 24,065,000 25,523,098
Chicago O'Hare International Airport Terminal Special Revenue Bonds 6.50 2018 38,660,000 39,088,353
Chicago O'Hare International Airport Terminal Special Revenue Bonds 7.50 2017 32,250,000 34,897,725
Chicago O'Hare International Airport Terminal Special Revenue Bonds
(FGIC Insured) 7.875 2025 17,750,000 18,124,703
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b) (c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
Chicago Public Building Commission Revenue Bonds
Chicago Board of Education Series 1993A (MBIA Insured) 5.75 % 2018 $13,000,000 $ 12,082,720
Chicago Ridge Special Service Area #1 Unlimited Ad Valorem Tax Bonds
Series 1990 9.00 2008 2,700,000 2,805,354
Civic Center Bonds Dedicated Tax Revenue Bonds Series 1985 9.50 2015 10,000,000 11,096,400
Cook County Bedford Park Senior Lien Tax Increment Revenue Bonds
Mark IV Series 1992 9.75 2012 1,740,000 1,895,156
Crestwood Cook County Tax Increment Revenue Bonds Series 1988 10.50 2008 10,000,000 10,498,100
Development Finance Authority Belmont House Limited II
Subordinate Revenue Bonds Series 1989B 11.00 2004 7,000,000 (e) 350,000
Development Finance Authority Pollution Control Refunding Revenue Bonds
Central Illinois Public Service Series 1993B-2 5.90 2028 2,500,000 2,334,125
Development Finance Authority Pollution Control Refunding Revenue Bonds
Commonwealth Edison Series 1994 5.70 2009 2,000,000 1,866,340
Development Finance Authority Pollution Control Refunding Revenue Bonds
Commonwealth Edison Series 1994 5.85 2014 4,500,000 4,108,140
Development Finance Authority Pollution Control Refunding Revenue Bonds
Illinois Power Series 1991A 7.375 2021 19,250,000 20,486,428
Development Finance Authority Pollution Control Revenue Bonds
Commonwealth Edison Series 1984 11.375 2014 10,000,000 10,485,600
Development Finance Authority Pollution Control Revenue Bonds
Commonwealth Edison Series 1985 10.625 2015 5,280,000 5,637,667
Development Finance Authority Pollution Control Revenue Bonds
Illinois Power Series 1986A 7.625 2016 25,000,000 26,685,500
Development Finance Authority Pollution Control Revenue Bonds
Illinois Power Series 1986B 7.625 2016 2,000,000 2,134,840
Development Finance Authority Pollution Control Revenue Bonds
Illinois Power Series 1986C 7.625 2016 15,560,000 16,609,055
Development Finance Authority Solid Waste Disposal Facility Revenue Bonds
Ford Heights Waste Tire to Energy Series 1994 7.875 2011 10,000,000 10,101,600
Education Facilities Authority Refunding Revenue Bonds DePaul University
Series 1985A 9.625 2010 3,000,000 3,298,260
Educational Facilities Authority Refunding Revenue Bonds
Art Institute of Chicago Series 1993 5.75 2018 1,750,000 1,632,032
Educational Facilities Authority Refunding Revenue Bonds
Art Institute of Chicago Series 1993 5.80 2027 3,350,000 3,158,246
Educational Facilities Authority Refunding Revenue Bonds
Loyola University of Chicago Series 1993 Inverse Floater (FGIC Insured) 8.72 2012 11,000,000 (d) 9,900,000
Educational Facilities Authority Revenue Bonds University Chicago
Series 1985 5.70 2025 17,500,000 16,024,750
Granite City Madison County Hospital Refunding Revenue Bonds
St. Elizabeth Medical Center Series 1989A 8.125 2008 3,500,000 3,644,410
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b) (c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
Hanover Park Cook & DuPage Counties 1st Mortgage Revenue Bonds
Windsor Park Manor Series 1989 9.50 % 2014 $ 7,000,000 $ 7,720,440
Health Facilities Authority Refunding Revenue Bonds
Edwards Hospital Series 1993A 6.00 2019 6,350,000 5,745,290
Health Facilities Authority Refunding Revenue Bonds
Masonic Medical Center Series 1993 5.50 2019 2,000,000 1,677,160
Health Facilities Authority Refunding Revenue Bonds
Peoria Methodist Medical Center Series 1985A 8.00 2014 4,000,000 4,183,560
Health Facilities Authority Refunding Revenue Bonds
University of Chicago Series 1993 Inverse Floater
(MBIA Insured) 8.22 2014 10,000,000 (d) 8,725,000
Health Facilities Authority Revenue Bonds Masonic Medical Center
Series 1985 10.25 2015 4,100,000 4,486,876
Health Facility Authority Revenue Bonds Delnore Community Hospital
Series 1989 8.00 2019 7,000,000 8,023,330
Health Facility Authority Revenue Bonds Sarah Bush Lincoln Health Center
Series 1992 7.25 2012-22 4,000,000 4,090,720
Health Facility Authority Revenue Bonds South Suburban Hospital
Series 1992 7.00 2009-18 9,000,000 9,305,800
Hodgkins General Obligation Tax Increment Bonds Series 1991 9.50 2009 13,000,000 14,092,000
Jefferson County Housing Development Rome Meadows Elderly Housing
Section 8 8.90 2006 2,000,000 2,048,800
Lansing Cook County Tax Increment Revenue Bonds Series 1987 10.00 2007 10,000,000 11,013,900
Lansing Tax Increment Refunding Revenue Bonds Landings Redevelopment Area
Limited Sales Tax Pledge Series 1992 7.00 2008 10,000,000 10,294,400
Marion General Obligation Hospital Alternate Revenue Source Bonds
Series 1991 7.50 2016 3,800,000 3,853,998
Metropolitan Fair & Exposition Authority Dedicated State Tax
Revenue Bonds 6.00 2014 5,585,000 5,402,091
Metropolitan Pier & Exposition Authority McCormick Place Expansion Bonds
Series 1992A 6.50 2027 26,510,000 26,401,574
Northwest Suburban Water Supply Joint Action Water Agency (MBIA Insured) 5.75 2012 2,000,000 1,901,220
Northwest Water Commission Cook & Lake County Water Revenue Bonds
(MBIA Insured) 6.50 2012 5,025,000 5,376,247
Pekin Pollution Control Revenue Bonds Commonwealth Edison Series 1979B 6.75 2004 2,250,000 2,272,860
Regional Transportation Authority General Obligation Bonds
Counties of Cook, Dupage, Kane, Lake, McHenery and Will
Series 1993A (FGIC Insured) 5.80 2013 10,000,000 9,567,700
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b) (c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
Richland County Hospital Revenue Bonds Richland Memorial Hospital
Series B 10.70 % 2009 $ 2,000,000 $ 2,260,260
Streamwood Collateralized Industrial Development Revenue Bonds
Woodland Heights 10.75 2014 5,705,000 6,001,204
Tinley Park Cook & Will Counties Limited Sales Tax Revenue Bonds
Series 1988 10.25 1999 895,000 (e) 402,750
Tinley Park Cook & Will Counties Unlimited Ad Valorem Tax Bonds
of Special Service 10.65 2007 1,525,000 (e) 945,500
Waukegan Pollution Control Revenue Bonds Commonwealth Edison Series B 6.875 2009 5,000,000 5,026,450
______________
Total 558,348,537
_____________________________________________________________________________________________________________________________
Indiana (2.7%)
Brazil 1st Mortgage Revenue Bonds Hoosier Care II Series 1990 10.375 2020 4,280,000 4,821,848
Carmel Retirement Rental Housing Refunding Revenue Bonds
Beverly Enterprises Series 1992 8.75 2008 7,000,000 7,767,480
Evansville Hospital Authority Hospital Refunding Revenue Bonds
Daughters of Charity Health System St. Mary's Medical Center 10.125 2015 3,000,000 3,278,610
Hanover 1st Mortgage Revenue Bonds Hoosier Care II Series 1990 10.375 2020 6,995,000 7,880,567
Health Facilities Authority Hospital Revenue Bonds
Community Hospital of Anderson Series 1993 6.00 2023 10,000,000 9,220,300
Indianapolis Resource Recovery Revenue Bonds
Ogden Martin System of Indianapolis Series 1985AB 7.80 2004 9,400,000 10,105,846
Indianapolis Resource Recovery Revenue Bonds
Ogden Martin System of Indianapolis Series 1985B 7.90 2008 2,050,000 2,209,141
Jasper County Pollution Control Refunding Revenue Bonds
Northern Indiana Public Services Series 1989A 7.50 2014 8,000,000 8,502,480
Kokomo Hospital Authority Hospital Refunding Revenue Bonds
St. Joseph's Hospital Series 1988A 8.75 2013 5,000,000 5,819,100
La Porte County Hospital Authority Hospital Refunding Revenue Bonds
La Porte Hospital Series 1993 6.00 2023 2,990,000 2,601,719
La Porte County Hospital Authority Hospital Refunding Revenue Bonds
La Porte Hospital Series 1993 6.25 2012 5,070,000 4,844,588
Lawrenceburg Pollution Control Refunding Revenue Bonds
Indiana-Michigan Electric Series E 5.90 2019 8,100,000 7,313,409
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b) (c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
Marion County Hospital Authority Hospital Facility Revenue Bonds
Methodist Hospital Series 1989 6.50 % 2008-13 $19,670,000 $ 20,346,268
Muncie Economic Development 1st Mortgage Revenue Bonds
Delaware Advancement Series 1986 8.25 2016 3,000,000 3,129,720
Municipal Power Agency Power Supply System Refunding Revenue Bonds 5.75 2018 6,470,000 5,909,892
Princeton Pollution Control Revenue Bonds State Public Service Series 1987C
(MBIA Insured) 7.60 2012 16,000,000 17,378,080
Rockport Pollution Control Refunding Revenue Bonds
Indiana-Michigan Electric Series B 7.60 2016 5,500,000 5,860,250
St. Joseph County Hospital Facility Revenue Bonds
Memorial Hospital of South Bend 9.40 2010 2,000,000 2,418,500
Sullivan Pollution Control Refunding Revenue Bonds
Indiana-Michigan Elecric Series C 5.95 2009 18,500,000 17,587,025
Vincennes Community School Building 1st Mortgage Refunding Bonds
Series 1986 6.00 2016 10,000,000 9,562,800
Vincennes Economic Development Revenue Bonds Southwest Indiana
Regional Youth Village Facility Series 1993 8.50 2024 16,575,000 16,239,688
______________
Total 172,797,311
_____________________________________________________________________________________________________________________________
Iowa (0.8%)
Davenport Health Facility 1st Mortgage Revenue Bonds
Ridgecrest Retirement Village Series 1985 8.20 2006 3,000,000 3,205,230
Davenport Health Facility 1st Mortgage Revenue Bonds
Ridgecrest Retirement Village Series 1985 12.75 2005 1,000,000 1,104,250
Iowa City Refunding Revenue Bonds Mercy Hospital Series 1986 6.00 2012 6,300,000 5,941,845
Keokuk Hospital Facilities Refunding Revenue Bonds
Keokuk Area Hospital Series 1991 7.625 2021 5,350,000 5,589,626
Muscatine Electric Refunding Revenue Bonds Series 1986 5.00 2007-08 7,720,000 6,892,364
Muscatine Electric Refunding Revenue Bonds Series 1986 6.00 2005-06 23,280,000 23,307,515
Sioux City Hospital Facility Revenue Bonds
St. Lukes Regional Medical Center 10.875 2013 3,740,000 4,360,915
______________
Total 50,401,745
_____________________________________________________________________________________________________________________________
Kentucky (1.4%)
Development Finance Authority Hospital Facility Revenue Bonds
St. Luke Hospital Series 1989B 6.00 2019 22,695,000 20,742,095
Development Finance Authority Medical Center
Refunding Revenue Improvement Bonds Ashland Hospital Series 1987 9.75 2011 4,000,000 4,689,240
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b) (c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
Economic Development Finance Authority Revenue Bonds
Baptist Health Care System Series 1994 (MBIA Insured) 5.00 % 2015 $10,000,000 $ 8,541,200
Jefferson County Multi-family Housing Revenue Bonds Brownsboro Gardens
Series 1986A (FHA Insured) 8.00 2026 5,565,000 5,751,539
Louisville Airport Lease Revenue Bonds Series 1989A 7.875 2019 4,000,000 4,391,920
Louisville & Jefferson County Riverport Authority Mortgage Revenue Bonds
Series 1986 7.875 2016 7,185,000 7,744,352
Louisville Parking Authority of River City PARC 1st Mortgage
Refunding Revenue & Improvement Bonds Series 1985 9.25 2015 5,000,000 5,475,700
McCracken County Revenue Bonds Lourdes Hospital 6.00 2012 8,300,000 8,039,048
Muhlenberg County Hospital Refunding Revenue Bonds
Muhlenberg Community Hospital Series 1988 9.50 2010 4,490,000 4,808,296
Turnpike Authority Economic Road Development Refunding Revenue Bonds
Series 1993 Inverse Floater (AMBAC Insured) 7.93 2012 15,000,000 (d) 13,068,750
Turnpike Authority Toll Road Refunding Revenue Bonds Series 1981A 13.375 2010 8,055,000 8,983,258
______________
Total 92,235,398
_____________________________________________________________________________________________________________________________
Louisiana (2.9%)
Calcasieu Parish Industrial Development Polution Control
Refunding Revenue Bonds Gulf State Utilities Series 1992 6.75 2012 7,000,000 7,014,350
Energy & Power Authority Refunding Revenue Bonds Rodemacher Unit #2
Series 1991 (FGIC Insured) 6.00 2013 20,000,000 19,778,200
Hodge Village Combined Utility System Revenue Bonds Stone Container
Series 1990 9.00 2010 23,000,000 23,520,030
New Orleans Audobon Park Commission Aquarium Revenue Bonds Series 1992A 7.00 1997 1,400,000 1,463,938
New Orleans Audobon Park Commission Aquarium Revenue Bonds Series 1992A 8.00 2012 7,100,000 7,468,632
New Orleans Housing Development Elderly Assisted Tivoli Place Section 8 7.875 2010 1,500,000 1,542,195
Public Facilities Authority Revenue Bonds Alton Ochsner Medical Foundation
Series 1985A 6.00 2005 4,165,000 4,369,710
St. Charles Parish Environmental Revenue Bonds Louisiana Power & Light
Series 1993B 5.95 2023 12,000,000 10,598,400
St. Charles Parish Pollution Control Revenue Bonds Louisiana Power & Light
Series 1984 8.25 2014 28,600,000 31,472,584
St. Charles Parish Pollution Control Revenue Bonds Louisiana Power & Light
Series 1991 7.50 2021 20,700,000 21,522,411
St. Charles Parish Pollution Control Revenue Bonds Louisiana Power & Light
2nd Series 1984 8.00 2014 29,155,000 31,371,363
St. James Parish Pollution Control Revenue Bonds B.F. Goodrich
Series 1981 14.50 2011 500,000 616,480
Southern Louisiana Port Commission Dock & Wharf Facilities B.F. Goodrich 14.50 2011 3,335,000 4,111,921
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b) (c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
Southern Louisiana Port Commission Terminal Refunding Revenue Bonds
Gatx Terminal Series 1993 7.00 % 2023 $13,180,000 $ 13,396,811
West Feliciana Parish Demand Pollution Control Revenue Bonds
Gulf State Utilities Series 1985B 9.00 2015 6,000,000 6,875,340
______________
Total 185,122,365
_____________________________________________________________________________________________________________________________
Maine (0.4%)
Bucksport Solid Waste Disposal Revenue Bonds
Champion International Series 1985 6.25 2010 11,885,000 11,638,149
Health & Higher Educational Facilities Authority Revenue Bonds
St. Mary's Hospital Series 1989 8.625 2022 3,500,000 4,093,425
Skowhegan Pollution Control Refunding Revenue Bonds
Scott Paper Series 1993 5.90 2013 10,000,000 9,270,100
______________
Total 25,001,674
_____________________________________________________________________________________________________________________________
Maryland (0.6%)
Frederick County Economic Refunding Revenue Bonds Alumax Series 1992 7.25 2017 9,880,000 10,215,031
Harford County Industrial Development Revenue Bonds Dorsey 8.00 2005 600,000 601,746
Prince George's County Hospital Revenue Bonds Dimensions Health
Series 1992 7.00 2022 7,000,000 7,806,540
Prince George's County Hospital Revenue Bonds Dimensions Health
Series 1992 7.25 2017 11,400,000 12,970,464
State Transportation Authority Facility Revenue Bonds
Series 1992 Capital Appreciation Zero Coupon (FGIC Insured) 6.33 2010-11 9,700,000 (f) 3,438,020
State Transportation Authority Facility Revenue Bonds
Series 1992 Zero Coupon (FGIC Insured) 6.35 2012 5,000,000 (f) 1,610,800
______________
Total 36,642,601
______________________________________________________________________________________________________________________________
Massachusetts (2.4%)
Greater Lawrence Sanitary District North Andover
General Obligation Bonds 8.50 2005 4,495,000 4,715,345
Health & Educational Facilities Authority Revenue Bonds
Berkshire Health Systems Series C 5.90 2011 2,000,000 1,786,340
Health & Educational Facilities Authority Revenue Bonds
Berkshire Health Systems Series C 6.00 2020 4,000,000 3,474,240
Health & Educational Facilities Authority Revenue Bonds
Beverly Hospital Inverse Floater (MBIA Insured) 7.92 2020 8,000,000 (d) 6,790,000
Health & Educational Facilities Authority Revenue Bonds
Charlton Memorial Hospital Series B 7.25 2013 6,455,000 6,760,128
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b) (c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
Industrial Finance Agency 1st Mortgage Revenue Bonds
Berkshire Retirement Community Lennox Series 1988 9.00 % 2000 $ 885,000 $ 933,321
Industrial Finance Agency 1st Mortgage Revenue Bonds
Berkshire Retirement Community Lennox Series 1988 9.875 2018 2,800,000 3,195,556
Industrial Finance Agency 1st Mortgage Revenue Bonds
Berkshire Retirement Community Lennox Series 1989 9.875 2018 550,000 627,698
Industrial Finance Agency Pollution Control
Refunding Revenue Bonds Eastern Edison Series 1993 5.875 2008 500,000 469,970
Industrial Finance Agency Resource Recovery Revenue Bonds
SEMASS Series 1991A 9.00 2015 18,885,000 20,919,292
Industrial Finance Agency Resource Recovery Revenue Bonds
SEMASS Series 1991B 9.25 2015 25,000,000 28,048,500
Municipal Wholesale Electric Power Supply System Revenue Bonds
Series 1992B 6.75 2017 14,500,000 15,851,140
Municipal Wholesale Electric Power Supply System Revenue Bonds
Series 1993A Inverse Floater (AMBAC Insured) 8.02 2018 6,800,000 (d) 5,372,000
State General Obligation Consolidated Loan Bonds Series 1989
(AMBAC Insured) 6.90 1997 2,500,000 2,660,100
State General Obligation Refunding Bonds Series 1993C 5.20 2008 14,000,000 12,965,120
State General Obligation Refunding Bonds Series 1993C
(FGIC Insured) 6.00 2009 18,000,000 18,249,120
Water Resources Authority General Refunding Revenue Bonds Series 1992B 5.50 2015 16,500,000 14,904,780
Water Resources Authority General Revenue Bonds Series 1992A 6.50 2019 3,500,000 3,650,745
______________
Total 151,373,395
_____________________________________________________________________________________________________________________________
Michigan (3.1%)
Crawford County Economic Development Corporation Environmental
Improvement Revenue Bonds Weyerhaeuser Series 1991A 7.125 2007 10,800,000 11,487,636
Detroit Convention Facilities Limited Tax Revenue Bonds
Cobo Hall Expansion Series 1985 9.00 2010 4,000,000 4,193,040
Detroit Unlimited Tax General Obligation Bonds Series 1993 6.35 2014 4,000,000 3,847,080
Dexter Community School District School Building & Site
1993 Unlimited Tax General Obligation Refunding Bonds 5.00 2017 4,255,000 3,588,624
Economic Development Authority Economic Development Revenue Bonds
Oil & Gas Revenue Bonds Series 1982A 11.50 1994 15,000 15,222
Flint Economic Development Limited Obligation Economic Development
Revenue Bonds Hillhaven Series 1982 12.50 2010 2,500,000 2,579,925
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b) (c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
Midland County Economic Development Corporation Pollution Control Limited
Obligation Refunding Revenue Bonds Midland Cogeneration Series 1990B 9.50 % 2009 $30,500,000 $ 33,682,980
Midland County Economic Development Corporation Pollution Control Limited
Obligation Refunding Revenue Bonds Midland Cogeneration Series 1990C 8.50 2009 18,900,000 20,054,979
Monroe County Pollution Control Revenue Bonds Detroit Edison 7.75 2019 40,250,000 43,530,778
Monroe County Pollution Control Revenue Bonds Detroit Edison Series 1985A 10.50 2016 10,000,000 11,040,800
Regents of the University of Michigan Hospital Refunding Revenue Bonds
Series 1986A 7.75 2012 5,000,000 5,484,650
State Building Authority Refunding Revenue Bonds Series 1993I
(AMBAC Insured) 5.125 2008 2,365,000 2,206,450
State Building Authority Refunding Revenue Bonds Series 1993I
(AMBAC Insured) 5.20 2009 8,050,000 7,493,503
State Hospital Finance Authority Hospital Refunding Revenue Bonds
Daughters of Charity Health System Providence Hospital 10.00 2015 4,900,000 5,312,825
State Hospital Finance Authority Hospital Refunding Revenue Bonds
Detroit Medical Center Series 1993A 6.50 2018 10,000,000 9,795,800
State Hospital Finance Authority Hospital Revenue Bonds
McLaren Obligated Group Series 1991A 7.50 2021 7,500,000 8,589,900
State Job Development Authority Pollution Control Revenue Bonds Chrysler 5.70 1999 4,350,000 4,394,066
Strategic Fund Limited Obligation Refunding Revenue Bonds Ford Motor
Series 1991A 7.10 2006 16,400,000 17,924,872
______________
Total 195,223,130
_____________________________________________________________________________________________________________________________
Minnesota (2.6%)
Appleton Correctional Facility Revenue Bonds Series 1990A 9.875 2020 15,000,000 (e) 9,300,000
Apple Valley 1st Mortgage Nursing Home Revenue Bonds
Apple Valley Health Care (FHA Insured) 10.50 2012 485,000 499,637
Bloomington Community Development Refunding Revenue Note
24th Avenue Motel 8.50 2005 1,601,584 1,649,631
Bloomington Health Care Facility Revenue Bonds
Friendship Village of Bloomington Series 1992 8.50 2002 5,270,000 5,698,346
Brainerd Economic Development Authority Health Care Facility Revenue Bonds
Benedictine Health System St. Joseph Medical Center Series 1990 8.375 2020 4,670,000 5,475,715
Duluth Economic Development Authority Health Care Facility Revenue Bonds
Benedictine Health System St. Mary's Medical Center Series 1990 8.375 2020 8,300,000 9,731,999
Duluth Housing & Redevelopment Authority Lakeshore Lutheran Home
1st Mortgage Revenue Bonds 8.00 2000 200,000 199,502
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b) (c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
Duluth Housing & Redevelopment Authority Lakeshore Lutheran Home
1st Mortgage Revenue Bonds 8.25 % 2009 $ 750,000 $ 747,983
International Falls Solid Waste Disposal Revenue Bonds Boise Cascade
Series 1990 7.75 2015 10,000,000 (g) 10,530,500
Maplewood Elder Care Facility Revenue Bonds Care Institute Series 1994 7.75 2024 8,000,000 7,721,120
Mille Lacs Capital Improvement Authority Infrastructure Revenue Bonds
Series 1992A 9.25 2012 4,925,000 5,405,187
Minneapolis Water & Sewer Revenue Bonds Series 1992 5.00 1995 7,800,000 7,908,966
Osseo Independent School District #279 General Obligation
School Building Bonds Series 1994A Inverse Floater 7.30 2012 2,400,000 (d) 2,067,000
Regents of the University of Minnesota General Obligation Bonds
Series 1993A Inverse Floater 7.17 2003 12,000,000 (d) 11,130,000
St. Louis Park Health Care Facilities Revenue Bonds
Healthsystem Minnesota Obligated Group Series 1993 (AMBAC Insured) 5.20 2016 10,000,000 8,827,200
St. Louis Park Health Care Facilities Revenue Bonds
Healthsystem Minnesota Obligated Group Series 1993 Inverse Floater
(AMBAC Insured) 5.77 2005 9,200,000 (d) 7,590,000
St. Louis Park Health Care Facilities Revenue Bonds
Healthsystem Minnesota Obligated Group Series 1993 Inverse Floater
(AMBAC Insured) 6.77 2013 18,000,000 (d) 13,702,500
St. Louis Park Health Care Park Nicollet Medical Center Facility
Revenue Bonds Series 1990A 9.25 2020 6,000,000 7,267,140
St. Paul Housing & Redevelopment Authority Health Care Facility
Revenue Bonds Lyngblomsten Care Center Series 1993A 7.125 2017 2,950,000 2,879,259
St. Paul Housing & Redevelopment Authority Health Care Facility
Revenue Bonds Lyngblomsten Care Center Series 1993A 9.60 2006 2,220,000 2,358,750
St. Paul Housing & Redevelopment Authority Health Care Facility
Revenue Bonds Lyngblomsten Multi-family Rental Housing Series 1993B 7.00 2024 2,870,000 2,711,806
Southern Minnesota Municipal Power Agency Power Supply System
Refunding Revenue Bonds Series 1986B 7.00 2016 2,000,000 2,123,540
Southern Minnesota Municipal Power Agency Power Supply System
Refunding Revenue Bonds Series 1992 5.75 2018 32,210,000 30,691,943
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b) (c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
Southern Minnesota Municipal Power Agency Power Supply System
Revenue Bonds Series 1985A 7.00 % 2018 $ 8,265,000 $ 8,620,560
Southern Minnesota Municipal Power Agency Revenue Bonds Series 1985C 7.00 2016 3,885,000 4,052,133
______________
Total 168,890,417
_____________________________________________________________________________________________________________________________
Mississippi (1.2%)
Claiborne County Pollution Control Revenue Bonds Middle South Energy 9.50 2013-16 21,750,000 23,875,050
Claiborne County Pollution Control Revenue Bonds Middle South Energy
Series C 9.875 2014 15,375,000 17,789,644
Claiborne County Pollution Control Revenue Bonds Middle South Energy
Series D 12.50 2015 16,000,000 17,730,080
Harrison County Waste Water Management District Refunding Bonds
Series 1986 5.00 2015 4,250,000 3,740,850
Jackson Industrial Development Revenue Bonds Dorsey 8.00 2005 510,000 518,104
Lowndes County Solid Waste Disposal Revenue Bonds Weyerhaeuser
Series 1989 7.875 2005 12,250,000 13,300,805
______________
Total 76,954,533
_____________________________________________________________________________________________________________________________
Missouri (0.8%)
Nevada Combined Waterworks & Sewage System Refunding Revenue Bonds
Series 1985 10.00 2004 5,000,000 5,327,600
Regional Convention & Sports Complex Authority Bonds
St. Louis Sponsor Series 1991B 7.00 2021 5,810,000 6,477,453
Regional Convention & Sports Complex Authority Bonds
St. Louis Sponsor Series 1991C 7.90 2021 2,700,000 2,982,015
State Environment & Improvement Energy Resources Authority
Pollution Control Revenue Bonds Chrysler 5.70 1999 9,250,000 9,274,420
Sikeston Electric System Refunding Revenue Bonds Series 1992
(MBIA Insured) 5.60 2000 4,040,000 4,170,613
Sikeston Electric System Refunding Revenue Bonds Series 1992
(MBIA Insured) 5.80 2002 4,165,000 4,340,680
St. Louis Industrial Development Authority Refunding Revenue Bonds
Kiel Center Multipurposes Arena Series 1992 7.875 2024 15,400,000 16,110,402
______________
Total 48,683,183
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b) (c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
Nebraska (0.1%)
Omaha Public Power District Electric System Revenue Bonds Series 1986A 6.00 % 2015 $ 1,370,000 $ 1,390,207
Public Power District Supply System Revenue Bonds Series 1993C 5.00 2017 3,000,000 2,549,250
______________
Total 3,939,457
_____________________________________________________________________________________________________________________________
Nevada (0.5%)
Clark County Collateralized Pollution Control Revenue Bonds
State Power 7.80 2009 11,850,000 12,597,024
Clark County Industrial Development Revenue Bonds State Power Series 1990 7.80 2020 5,000,000 5,241,850
Humboldt County Collateralized Pollution Control & Water Facilities
Washoe County Hospital Revenue Bonds Washoe Medical Center Series 1989A 7.60 2019 2,750,000 2,960,045
Las Vegas Redevelopment Agency Tax Increment Subordinate Lien
Revenue Bonds Series 1994A 6.00 2010 2,000,000 1,895,480
Las Vegas Redevelopment Agency Tax Increment Subordinate Lien
Revenue Bonds Series 1994A 6.10 2014 2,000,000 1,893,880
Washoe County Hospital Revenue Bonds Washoe Medical Center Series 1993A 6.00 2015 7,250,000 6,666,955
______________
Total 31,255,234
_____________________________________________________________________________________________________________________________
New Hampshire (2.3%)
Business Financial Authority Pollution Control Refunding Revenue Bonds
United Illuminating Series 1993A 5.875 2033 13,200,000 11,311,080
Industrial Development Authority Pollution Control Revenue Bonds
State Public Service Series 1991A 7.65 2021 10,000,000 10,502,900
Industrial Development Authority Pollution Control Revenue Bonds
State Public Service Series 1991B 7.50 2021 35,735,000 37,301,622
Industrial Development Authority Pollution Control Revenue Bonds
State Public Service Series 1991C 7.65 2021 25,000,000 26,285,750
Industrial Development Authority Pollution Control Revenue Bonds
United Illuminating Series 1987A 9.375 2012 15,000,000 16,711,800
Industrial Development Authority Pollution Control Revenue Bonds
United Illuminating Series 1989A 8.00 2014 8,000,000 8,589,040
State Higher Education & Health Facility Authority Hospital Revenue Bonds
Mary Hitchcock Memorial Hospital Series 1993 Inverse Floater
(FGIC Insured) 6.02 2013 17,000,000 (d) 15,348,620
State Turnpike System Refunding Revenue Bonds Series 1992 5.75 2020 20,615,000 18,978,788
______________
Total 145,029,600
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b) (c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
New Jersey (0.1%)
Economic Development Authority 1st Mortgage Gross Revenue Bonds
Mega Care Union Hospital 8.625% 2007 $ 2,500,000 $ 2,834,400
Health Care Facility Finance Authority Revenue Bonds
Zurbrugg Memorial Hospital Series C 8.50 2012 3,500,000 3,795,855
Middlesex County Industrial Financing Authority Pollution Control
Revenue Bonds Amerada Hess Series 1984 11.625 2014 1,500,000 1,609,245
______________
Total 8,239,500
_____________________________________________________________________________________________________________________________
New Mexico (1.4%)
Albuquerque Airport Revenue Bonds Series 1987B 8.75 2019 15,000,000 16,535,700
Albuquerque Health Care System Revenue Bonds Lovelace Medical Fund 10.25 2011 55,000 55,404
Cibola County Correctional Facility Certificate of Participation
Series 1993 8.50 2015 17,355,000 17,355,000
Farmington Pollution Control Refunding Revenue Bonds State Public Service
San Juan Series 1994A 6.40 2023 11,000,000 10,023,860
Farmington Pollution Control Revenue Bonds State Public Service 6.50 2009 4,935,000 4,781,472
Farmington Pollution Control Revenue Bonds State Public Service San Juan
Series 1978A 6.00 2008 9,000,000 8,546,760
Farmington Power Refunding Revenue Bonds Generating Division 9.875 2013 5,000,000 6,575,000
Las Vegas Hospital Facility Refunding Revenue Bonds
Northeastern Regional Hospital Series 1987 9.625 2013 6,035,000 6,557,873
Lordsberg Pollution Control Refunding Revenue Bonds Phelps Dodge 6.50 2013 20,000,000 20,308,400
______________
Total 90,739,469
_____________________________________________________________________________________________________________________________
New York (7.6%)
Battery Park City Authority Senior Refunding Revenue Bonds
Series 1993A 5.80 2022 20,000,000 18,559,600
Dormitory Authority New York City University Education Facility
Revenue Bonds Series 1990A 7.70 2012 10,000,000 11,479,800
Dormitory Authority New York City University Education Facility
Revenue Bonds Series 1993A 5.25 2015 24,195,000 21,133,607
Dormitory Authority New York City University Education Facility
Revenue Bonds Series 1993A 5.50 2013 4,000,000 3,652,760
Dormitory Authority New York City University Education Facility
Revenue Bonds Series 1993C 5.40 2023 20,625,000 17,681,194
Dormitory Authority New York City University System Consolidated
2nd General Resource Revenue Bonds Series 1990C 5.00 2017 20,820,000 17,154,639
Dormitory Authority New York City University System Consolidated
2nd General Resource Revenue Bonds Series 1990C 6.00 2016 39,465,000 37,609,356
Dormitory Authority New York City University System Consolidated
2nd General Resource Revenue Bonds Series 1990D 7.00 2009 5,000,000 5,423,750
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b) (c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
Dormitory Authority New York City University System Consolidated
2nd General Resolution Revenue Bonds Series 1993A 5.75 % 2013 $12,750,000 $ 11,976,840
Erie County Industrial Facility Revenue Bonds Monogram Industries 12.00 2006 4,795,000 (e) 4,699,100
General Obligation Bonds Series 1985B 10.875 2014 10,000,000 10,637,600
General Obligation Bonds Series 1992B 7.40 2000 30,000,000 32,739,600
Metropolitan Transportation Authority Commuter Facility Revenue Bonds
Series H 6.00 2014 6,150,000 5,873,681
Metropolitan Transportation Authority Transit Facility Revenue Bonds
Series G 6.00 2014 4,970,000 4,746,698
Metropolitan Transportation Transit Facilities Service Contract Series 3 6.00 2019 6,395,000 6,039,182
New York City Industrial Development Agency Special Facility Revenue Bonds
American Airlines Series 1990 8.00 2020 16,130,000 16,855,527
New York City Municipal Water Financial Authority Water & Sewer System
Revenue Bonds Series 1994B Inverse Floater (MBIA Insured) 7.05 2009 15,500,000 (d) 13,446,250
New York City Municipal Water Financial Authority Water & Sewer System
Revenue Bonds Series A 6.25 2021 55,500,000 55,139,250
New York City Municipal Water Financial Authority Water & Sewer System
Revenue Bonds Series B 5.00 2017 6,255,000 5,327,133
Port Authority Special Project Bonds La Guardia Airport Passenger Terminal
Continental & Eastern Airlines 9.00 2006 2,645,000 2,938,119
Port Authority Special Project Bonds La Guardia Airport Passenger Terminal
Continental & Eastern Airlines Series 2 9.00 2010 8,800,000 9,775,216
Port Authority Special Project Bonds La Guardia Airport Passenger Terminal
Continental & Eastern Airlines Series 2 9.125 2015 17,500,000 19,571,125
State Energy Research & Development Authority Electric Facility
Revenue Bonds Consolidated Edison 7.125 2022 10,750,000 11,276,857
State Energy Research & Development Authority Electric Facility
Revenue Bonds Consolidated Edison 7.375 2024 23,000,000 24,275,120
State Energy Research & Development Authority Electric Facility
Revenue Bonds Consolidated Edison 7.50 2021 9,000,000 9,512,100
State Energy Research & Development Authority Electric Facility
Revenue Bonds Consolidated Edison Series 1990A 7.50 2025 30,975,000 33,071,388
State Energy Research & Development Authority Electric Facility
Revenue Bonds Long Island Lighting Series 1992A 7.15 2020 4,500,000 4,473,540
State Energy Research & Development Authority Electric Facility
Revenue Bonds Long Island Lighting Series 1992B 7.15 2019-22 28,925,000 28,751,052
State Facilities Finance Agency Insured Hospital Mortgage Revenue Bonds
Series 1985B (FHA Insured) 9.75 2025 9,500,000 10,120,255
State Housing Finance Agency State University Construction
Refunding Bonds Series 1986A 6.50 2013 3,500,000 3,712,590
See accompanying notes to investments in securities.<PAGE>
PAGE
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b) (c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
State Local Government Assistance Corporation Series 1991A 6.50 % 2020 $11,000,000 $ 11,146,080
State Urban Development Correctional Facility Revenue Bonds Series A 7.00 2016 1,800,000 1,910,610
State Urban Development Correctional Facility Revenue Bonds Series B 7.00 2016 10,750,000 11,410,587
______________
Total 482,120,206
_____________________________________________________________________________________________________________________________
North Carolina (5.0%)
Eastern Municipal Power Agency Power Supply System
Refunding Revenue Bonds Series 1985D 8.50 2011 20,795,000 21,383,914
Eastern Municipal Power Agency Power Supply System
Refunding Revenue Bonds Series 1985D 10.25 2009 29,460,000 31,453,264
Eastern Municipal Power Agency Power Supply System
Refunding Revenue Bonds Series 1993B 6.25 2012 30,655,000 30,203,145
Eastern Municipal Power Agency Power Supply System Revenue Bonds
Series 1985A 7.50 2019 2,650,000 2,709,916
Eastern Municipal Power Agency Power Supply System Revenue Bonds
Series 1985D 7.50 2012 1,000,000 1,022,270
Eastern Municipal Power Agency Power System Refunding Revenue Bonds
Series 1986A 4.00 2018 8,675,000 6,428,696
Eastern Municipal Power Agency Power System Refunding Revenue Bonds
Series 1986A 5.00 2017 6,500,000 5,629,887
Eastern Municipal Power Agency Power System Refunding Revenue Bonds
Series 1988A 6.00 2026 3,125,000 3,051,335
Eastern Municipal Power Agency Power System Refunding Revenue Bonds
Series 1989A 5.50 2011 37,800,000 34,441,470
Eastern Municipal Power Agency Power System Refunding Revenue Bonds
Series 1989A 6.50 2024 16,750,000 16,755,193
Eastern Municipal Power Agency Power System Refunding Revenue Bonds
Series 1989A 7.50 2010 29,160,000 33,456,359
Eastern Municipal Power Agency Power System Refunding Revenue Bonds
Series 1991A 5.75 2019 55,000,000 50,029,100
Municipal Power Agency #1 Catawba Electric Revenue Bonds Series 1985 9.00 2013 21,500,000 22,591,770
Municipal Power Agency #1 Catawba Electric Revenue Bonds Series 1985A 7.00 2020 9,000,000 9,298,072
Municipal Power Agency #1 Catawba Electric Revenue Bonds Series 1985B 8.50 2017 13,000,000 14,098,630
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b) (c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
Municipal Power Agency #1 Catawba Electric Revenue Bonds Series 1988 7.00 % 2016 $ 5,140,000 $ 5,306,742
Municipal Power Agency #1 Catawba Electric Revenue Bonds Series 1992 6.25 2017 9,800,000 9,806,762
Municipal Power Agency #1 Catawba Electric Revenue Bonds Series 1993
Inverse Floater (MBIA Insured) 8.03 2012 7,400,000 (d) 6,447,250
Municipal Power Agency #1 Catawba Electric Revenue Bonds Series 1993
Inverse Floater (MBIA Insured) 8.23 2020 15,000,000 (d) 12,581,250
Offiss Incorporation Recreational Facilities Gross Revenue Bonds
Smoky Mountain Golf Course Series 1994 7.50 2019 5,695,000 5,310,587
______________
Total 322,005,612
_____________________________________________________________________________________________________________________________
North Dakota (0.4%)
Fargo Hospital Refunding Revenue & Improvement Bonds Dakota Hospital
Series 1992 6.875 2012 3,000,000 3,059,190
Fargo Hospital Refunding Revenue & Improvement Bonds Dakota Hospital
Series 1992 7.00 2022 4,250,000 4,368,660
General Obligation Bonds Real Estate Series 1986A 6.00 2013 10,000,000 9,786,700
Hettinger Hospital Refunding Revenue Bonds Community Memorial Hospital
Series 1985 10.00 2005 3,585,000 3,873,843
State Board of Higher Education University of North Dakota Housing &
Auxiliary Facilities Refunding Revenue Bonds Series 1985A 9.25 2014 5,060,000 5,437,679
______________
Total 26,526,072
_____________________________________________________________________________________________________________________________
Ohio (2.3%)
Air Quality Development Authority Pollution Control Revenue Bonds
Cincinnati Gas & Electric 10.125 2015 10,000,000 11,020,800
Air Quality Development Authority Pollution Control Revenue Bonds
Dayton Power & Light 9.50 2015 7,050,000 7,728,281
Air Quality Development Authority Pollution Control Revenue Bonds
Ohio Edison Series 1989A 7.625 2023 6,750,000 6,932,587
Bellefontaine Hospital Facilities Refunding Revenue Bonds
Mary Rutan Health Association Series 1993 6.00 2013 5,330,000 4,798,865
Butler County Hospital Facilities Refunding Revenue & Improvement Bonds
Fort Hamilton-Hughes Memorial Center Series 1991 7.50 2010 8,650,000 9,037,434
Cleveland Parking Facilities Improvement Revenue Bonds Series 1992 8.10 2022 15,000,000 16,170,300
Coshocton County Solid Waste Disposal Refunding Revenue Bonds
Stone Container Series 1992 7.875 2013 17,500,000 17,658,550
Erie County Hospital Improvement & Refunding Revenue Bonds
Firelands Community Hospital Series 1992 6.75 2015 6,540,000 6,692,120
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b) (c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
Franklin County Refunding Revenue Bonds Online Computer Library Center
Series 1985 9.75 % 2009 $ 2,500,000 $ 2,655,725
Hancock Industrial Development Revenue Bonds Payless Cashways 11.75 2004 2,500,000 2,603,450
Marion County Health Care Facilities Refunding & Improvement
Revenue Bonds United Church Homes Series 1993 6.300 2015 1,800,000 1,644,336
Marion County Health Care Facilities Refunding & Improvement
Revenue Bonds United Church Homes Series 1993 6.375 2010 2,000,000 1,910,780
Montgomery County Health Facilities Refunding Revenue Bonds
Friendship Village of Dayton Series 1990A 9.25 2016 9,000,000 9,090,990
Montgomery County Health Facilities Refunding Revenue Bonds
Friendship Village of Dayton Series 1985 11.75 2015 3,500,000 3,963,680
Montgomery County Industrial Development Revenue Bonds SPM Systems
Series 1991 10.00 2005 7,290,000 (e) 3,645,000
Sandusky County Hospital Refunding Revenue Bonds
Memorial Hospital Association Series 1985 11.25 2009 4,000,000 4,229,840
Water Development Authority Collateralized Pollution Control Revenue Bonds
Cleveland Electric Series 1989 8.00 2023 10,000,000 10,405,700
Water Development Authority Collateralized Pollution Control Revenue Bonds
Toledo Edison Series 1989 8.00 2023 8,500,000 8,851,390
Water Development Authority Pollution Control Revenue Bonds
Duquesne Light Series 1985A 11.125 2015 2,970,000 3,196,106
Water Development Authority Pollution Control Revenue Bonds Ohio Edison 8.10 2023 10,000,000 10,561,500
Water Development Authority Pollution Control Revenue Bonds
Pennsylvania Power Series 1984 12.00 2014 3,400,000 3,642,046
___________
Total 146,439,480
_____________________________________________________________________________________________________________________________
Oklahoma (1.4%)
Grand River Dam Authority Refunding Revenue Bonds Series 1985 9.375 2005 3,500,000 3,752,035
Grand River Dam Authority Refunding Revenue Bonds Series 1987 5.00 2012 10,105,000 8,875,424
Hinton Economic Development Authority Certificate of Participation
Series 1994 8.75 2015 12,800,000 12,800,000
Hinton Economic Development Authority Certificate of Participation
Dominion Leasing Series 1990A 9.75 2015 19,090,000 20,976,474
Jackson County Memorial Hospital Authority Hospital
Refunding Revenue Bonds Jackson County Memorial Hosital Series 1994 7.30 2015 6,000,000 (h) 5,951,160
Midwest City Memorial Hospital Authority Hospital Revenue Bonds
Series 1992 7.375 2022 7,815,000 8,025,223
Municipal Power Authority Power Supply System Revenue Bonds
Series 1985C 9.625 2023 6,740,000 7,424,514
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b) (c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
Oklahoma City Central Oklahoma Transportation & Parking Authority
Parking System Refunding Revenue Bonds Series 1986 (AMBAC Insured) 6.90 % 2008 $ 8,180,000 $ 8,554,644
Oklahoma County Industrial Authority Hospital Revenue Bonds
Southwest Medical Center Series 1992A 7.20 2022 14,735,000 14,859,953
______________
Total 91,219,427
_____________________________________________________________________________________________________________________________
Oregon (--%)
State Veterans Welfare Department Pre-Refunded Bonds Series LXVII 12.40 2000 2,000,000 2,375,140
_____________________________________________________________________________________________________________________________
Pennsylvania (4.3%)
Beaver County Industrial Development Authority Collateralized Pollution
Control Revenue Bonds Cleveland Electric Illuminating Series 1985 10.50 2015 6,000,000 6,496,200
Beaver County Industrial Development Authority Pollution Control
Revenue Bonds Cleveland Electric Illuminating Series 1984 11.125 2014 25,800,000 27,318,588
Beaver County Industrial Development Authority Pollution Control
Revenue Bonds Duquesne Light Series 1984B 11.625 2014 2,000,000 2,138,680
Beaver County Industrial Development Authority Pollution Control
Revenue Bonds Toledo Edison Series 1984A 13.25 2014 6,000,000 6,365,460
Beaver County Industrial Development Authority Pollution Control
Revenue Bonds Toledo Edison Series 1985B 12.25 2015 5,450,000 6,027,591
Beaver County Industrial Development Authority Pollution Control
Revenue Bonds Toledo Edison-Beaver Valley Series 1985C 10.75 2015 4,500,000 4,924,350
Beaver County Industrial Development Authority Pollution Control
Revenue Bonds Ohio Edison 7.75 2024 34,650,000 35,982,292
Beaver County Industrial Development Authority Pollution Control
Revenue Bonds Ohio Edison Series A 10.50 2015 10,000,000 11,006,500
Bulter County Industrial Development Authority Health Care
Refunding Revenue Bonds Pittsburgh Lifetime Care Community Sherwood Oaks
Series 1993 5.75 2011 2,000,000 1,818,320
Bulter County Industrial Development Authority Health Care
Refunding Revenue Bonds Pittsburgh Lifetime Care Community Sherwood Oaks
Series 1993 5.75 2016 3,000,000 2,640,030
Delaware County Authority 1st Mortgage Revenue Bonds
Whitehorse Village Continuing Care Series 1989 9.70 2009-19 11,000,000 12,023,380
Delaware County Industrial Development Authority Pollution Control
Refunding Revenue Bonds Philadelphia Electric Series A 7.375 2021 900,000 939,888
Economic Development Financing Authority Resource Recovery Revenue Bonds
Northampton Generating SNR Series 1994A 6.50 2013 9,000,000 8,553,330
Economic Development Financing Authority Resource Recovery Revenue Bonds
Northampton Generating SNR Series 1994A 6.60 2019 5,000,000 4,677,850
Economic Development Financing Authority Resource Recovery Revenue Bonds
Northampton Generating SUB Series 1994C 6.95 2021 5,000,000 4,722,900
Fayette County Hospital Authority Hospital Refunding Revenue Bonds
Uniontown Hospital Series 1987 7.625 2015 9,000,000 9,461,880
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b) (c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
Lehigh County Industrial Development Authority Pollution Control
Revenue Bonds Pennsylvania Power & Light Series 1984A 10.625% 2014 $15,275,000 $ 15,843,535
Montgomery County Higher Education and Health Authority
Retirement Community Revenue Bonds G.D.L. Farms Series A 9.50 2020 3,000,000 3,667,920
Montgomery County Industrial Development Authority Pollution Control
Refunding Revenue Bonds Philadelphia Electric Series 1991 7.60 2021 3,165,000 3,294,417
Northhampton County Pollution Control Revenue Bonds Metropolitan Edison 10.50 1995 2,000,000 2,155,920
Philadelphia Airport Revenue Bonds Philadelphia Airport System Series 1985 8.875 2005 1,680,000 1,796,122
Philadelphia Airport Revenue Bonds Philadelphia Airport System Series 1985 9.00 2015 5,750,000 6,167,508
Philadelphia Authority Industrial Development Commercial Development
Revenue Bonds Grace Retail 11.50 2008 2,290,000 2,358,700
Philadelphia Gas Works Revenue Bonds Series 13 7.70 2021 4,150,000 4,807,401
Philadelphia Hospital & Higher Education Facility Authority Hospital
Revenue Bonds Albert Einstein Medical Center 7.625 2011 15,545,000 16,569,882
Philadelphia Municipal Authority Lease Refunding Revenue Bonds
Series 1993D 6.25 2013 2,500,000 2,348,725
Philadelphia Municipal Authority Lease Refunding Revenue Bonds
Series 1993D 6.30 2017 1,550,000 1,443,143
Philadelphia Water & Sewer Revenue Bonds 12th Series 6.00 2016 10,000,000 10,324,800
Philadelphia Water & Sewer Revenue Bonds 12th Series 7.25 2014 12,000,000 12,772,800
Philadelphia Water & Sewer Revenue Bonds 16th Series 7.00 2018 14,000,000 14,258,020
Philadelphia Water & Sewer Revenue Bonds 16th Series 7.50 2010 13,200,000 14,230,128
Pittsburgh Public Parking Authority Parking System Revenue Bonds
Series 1985 9.50 2007 4,200,000 4,612,860
Wilkins Industrial Development Authority Revenue Bonds
Retirement Community Longwood at Oakmont Series 1991A 10.00 2021 8,495,000 9,786,665
______________
Total 271,535,785
_____________________________________________________________________________________________________________________________
Puerto Rico (0.7%)
Electric Power Agency Revenue Bonds Series N 6.00 2010 40,000,000 39,470,000
Electric Power Agency Revenue Bonds Series O 6.00 2010 5,305,000 5,234,709
______________
Total 44,704,709
_____________________________________________________________________________________________________________________________
South Carolina (2.0%)
Cherokee County Spring City Knitting Cluett Peabody 7.40 2009 5,200,000 6,169,228
Georgetown County Hospital Facility Revenue Bonds
Georgetown County Memorial Hospital 9.75 2017 2,000,000 2,111,540
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b) (c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
Greenville County Industrial Development Revenue Bonds
Merscot-Greenville Waste Water Treatment Series 1986A 8.00 % 2008 $ 8,530,000 $ 9,102,704
Piedmont Municipal Power Agency Electric Refunding Revenue Bonds
Series 1985 7.00 2025 17,430,000 18,179,839
Piedmont Municipal Power Agency Electric Refunding Revenue Bonds
Series 1986B 5.75 2024 7,550,000 6,827,767
Piedmont Municipal Power Agency Electric Revenue Bonds Series 1984 7.00 2013 8,385,000 8,545,740
Piedmont Municipal Power Agency Electric Revenue Bonds Series 1985 7.50 2016 5,830,000 5,961,816
Public Service Authority Electric System Expansion Revenue Bonds
Santee Cooper Series 1985A 9.50 2022 23,920,000 26,002,954
Public Service Authority Electric System Expansion Revenue Bonds
Santee Cooper Series 1986D 6.375 2022 2,250,000 2,236,725
Public Service Authority Electric System Expansion Revenue Bonds
Santee Cooper Series 1991D 6.625 2031 14,975,000 16,513,232
Public Service Authority Electric System Expansion Revenue Bonds
Santee Cooper Series A 9.20 2021 3,000,000 3,251,790
Public Service Authority Electric System Revenue Bonds
Santee Cooper Series 1991B 6.00 2031 8,755,000 8,166,752
Public Service Authority Electric System Revenue Bonds
Santee Cooper Series 1993A Inverse Floater (MBIA Insured) 7.78 2013 17,700,000 (d) 15,133,500
______________
Total 128,203,587
_____________________________________________________________________________________________________________________________
South Dakota (0.3%)
Heartland Consumers Power District Electric System
Refunding Revenue Bonds Series 1986 6.00 2010 10,205,000 10,369,811
State Lease Revenue Trust Certificates Series 1993
(Capital Guaranty Insured) 6.70 2017 7,260,000 7,872,599
______________
Total 18,242,410
_____________________________________________________________________________________________________________________________
Tennessee (0.3%)
Chattanooga Municipal Improvement & Sewer Facility Unlimited Tax Bonds 6.50 2007 2,000,000 2,090,580
Jackson Industrial Development Board Solid Waste Disposal Revenue Bonds
Owens-Corning Fiberglas Series 1993 6.25 2004 5,350,000 5,349,358
Knox County Health Education & Housing Facility Hospital Revenue Bonds
Baptist Health System East Tennessee Series 1989 8.60 2016 10,000,000 10,597,000
______________
Total 18,036,938
_____________________________________________________________________________________________________________________________
Texas (10.0%)
Alliance Airport Authority Special Facility Revenue Bonds
American Airlines Series 1990 7.50 2029 37,400,000 37,261,620
Arlington Limited Tax General Obligation Bonds 6.50 2004 1,500,000 1,558,620
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b) (c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
Austin Combined Utility Systems Refunding Revenue Bonds Series 1985 8.00 % 2014 $ 6,500,000 $ 6,864,845
Austin Combined Utility Systems Refunding Revenue Bonds Series 1985 10.75 2010-15 12,000,000 15,422,640
Austin Combined Utility Systems Refunding Revenue Bonds Series 1986 5.00 2013 20,000,000 17,126,800
Austin General Obligation Public Improvement Bonds Series 1986 6.75 2006 2,000,000 2,101,640
Austin General Obligation Public Improvement Bonds Series 1986 7.00 2007 5,450,000 5,752,257
Austin Utility Subordinate Lien Refunding Revenue Bonds Series 1985 7.00 2015 9,000,000 9,366,030
Board of Regents of the University System General Refunding Revenue Bonds
Series 1986 6.50 2007 17,500,000 18,339,759
Brazos River Authority Collateralized Pollution Control Revenue Bonds
Houston Lighting & Power Series 1986A 7.875 2018 25,000,000 26,769,000
Brazos River Authority Collateralized Pollution Control Revenue Bonds
Texas Utility Electric Series 1986 8.25 2016 7,765,000 8,385,423
Brazos River Authority Collateralized Pollution Control Revenue Bonds
Texas Utility Electric Series 1989A 8.25 2019 14,000,000 15,211,560
Brazos River Authority Collateralized Pollution Control Revenue Bonds
Texas Utility Electric Series 1990A 8.125 2020 13,205,000 14,318,446
Brazos River Authority Collateralized Pollution Control Revenue Bonds
Texas Utility Electric Series 1991A 7.875 2021 24,450,000 26,368,102
Brazos River Authority Collateralized Refunding Revenue Bonds
Houston Lighting & Power Series 1989A 7.625 2019 26,300,000 28,224,897
Brazos River Authority Pollution Control Revenue Bonds
Houston Lighting & Power Series 1985A 9.875 2015 11,500,000 12,428,280
Brazos River Authority Pollution Control Revenue Bonds Texas Utilities 9.25 2018 13,000,000 14,606,020
Brownsville Utility System Priority Revenue Bonds Series 1990
(AMBAC Isured) 6.50 2017 10,015,000 10,205,385
Brownsville Utility System Revenue Bonds Series 1984 11.625 2014 12,000,000 12,704,520
Clay Road Municipal Utility District Unlimited Tax
Refunding Revenue Bonds Series 1991 7.625 2011 2,000,000 2,071,260
Colony Municipal Utility District #1 Denton County Series 1980 9.25 2007 1,000,000 1,312,290
Dallas & Fort Worth International Airport Regional Airport
Joint Revenue Bonds Series 1985 9.125 2015 14,500,000 15,781,365
Dallas & Fort Worth International Airport Special Facility Revenue Bonds
American Airlines Series 1990 7.50 2025 26,200,000 26,040,442
Dallas & Fort Worth International Airport Special Facility Revenue Bonds
Delta Air Lines Series 1991 7.125 2026 13,500,000 12,838,770
El Paso Water & Sewer Revenue Bonds 7.00 2003-05 7,100,000 7,433,771
Garland Utility System Revenue Bonds Series 1986 6.80 2003 3,335,000 3,481,807
Harris County Health Facilities Development Hospital
Refunding Revenue Bonds Memorial Hospital Series 1985 6.00 2004 6,460,000 6,364,715
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b) (c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
Harris County Health Facilities Hospital Revenue Bonds Memorial Hospital
Series 1992 7.125% 2015 $16,000,000 $ 17,115,200
Harris County Industrial Development Marine Terminal Refunding Revenue Bonds
GATX Terminal Series 1992 6.95 2022 15,000,000 15,336,600
Lower Colorado River Authority Priority Revenue Bonds 7.00 2013 17,000,000 17,731,340
Lower Colorado River Authority Priority Revenue Bonds 9.00 2009 10,000,000 10,921,000
Lower Colorado River Authority Priority Revenue Bonds Series 1985 8.00 2014 2,500,000 2,678,175
Mansfield Tarrant Johnson & Ellis Counties Waterworks & Sewer System
Revenue Bonds Series 1985 10.25 2003 1,000,000 1,070,440
Mansfield Tarrant Johnson & Ellis Counties Waterworks & Sewer System
Revenue Bonds Series 1985 10.375 2007 1,815,000 1,945,390
Matagorda County Navigation District #1 Collateral Pollution Control
Revenue Bonds Central Power & Light Series 1986A (AMBAC Insured) 7.50 2020 6,500,000 7,146,555
Matagorda County Navigation District #1 Collateral Pollution Control
Revenue Bonds Houston Power & Light Series 1986A 7.875 2016 8,000,000 8,678,000
Matagorda County Navigation District #1 Collateral Pollution Control
Revenue Bonds Houston Power & Light Series 1989A 7.875 2019 10,060,000 11,156,238
Matagorda County Navigation District #1 Pollution Control Revenue Bonds
Central Power & Light Series 1986 7.875 2016 18,000,000 19,414,080
Matagorda County Navigation District #1 Pollution Control Revenue Bonds
Houston Lighting & Power Series 1985A 10.00 2015 5,000,000 5,465,350
Midland County Hospital District Revenue Bonds Series 1992 7.50 2016 3,025,000 3,162,184
Mills Road Municipal Utility District Harris County Unlimited Tax
Refunding Bonds Series 1993 6.50 2014 3,030,000 2,914,315
Municipal Power Agency Revenue Bonds Series 1985 7.00 2014 10,000,000 10,390,400
Municipal Power Agency Revenue Bonds Series 1985 9.50 2013 19,500,000 21,166,080
Municipal Power Agency Revenue Bonds Series 1986 6.50 2014 4,000,000 4,174,240
Municipal Power Authority 5.50 2013 7,410,000 6,753,326
Municipal Power Authority (BIG Insured) 6.25 2010 13,940,000 14,901,163
North Austin Municipal Utility District #1 Austin Contract Revenue Bonds
Series 1985 9.90 2006-07 2,800,000 3,193,792
North Austin Municipal Utility District #1 Austin Contract Revenue Bonds
Series 1985 10.00 2008-09 2,625,000 2,999,561
North Central Texas Health Facility Development Hospital Revenue Bonds
University Medical Center 8.20 2019 4,245,000 4,743,618
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b) (c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
North Central Texas Health Facility Development Hospital Revenue Bonds
University Medical Center Series 1987 7.75 % 2017 $ 7,500,000 $ 7,978,350
Plano Collin & Denton County General Obligation Bonds Limited Tax
Series 1986 6.00 2006 1,600,000 1,608,768
Sabine River Authority Collateralized Pollution Control Revenue Bonds
Texas Utilities Electric Series 1990A 8.125 2020 30,500,000 32,861,920
San Antonio Electric & Gas System Refunding Revenue Bonds Series 1989B 5.00 2016 11,000,000 9,355,720
San Antonio Electric & Gas System Revenue Bonds Series 1987 5.00 2014 8,680,000 7,434,333
West Side Calhoun County Navigation District Solid Waste Disposal
Revenue Bonds Union Carbide Chemical & Plastics Series 1991 8.20 2021 17,550,000 19,138,275
West Side Calhoun County Navigation District Solid Waste Disposal
Revenue Bonds Union Carbide Chemical & Plastics Series 1993 6.40 2023 4,750,000 4,476,400
Wichita County Wichita Falls Hospital Board Revenue Bonds
Wichita Falls Hospital 10.75 2014 4,750,000 5,060,697
_____________
Total 639,311,774
_____________________________________________________________________________________________________________________________
Utah (2.0%)
Association Municipal Power System Hunter Series A (AMBAC Insured) 5.50 2012 4,000,000 3,706,040
Carbon County Solid Waste Disposal Refunding Revenue Bonds
Sunnyside Cogeneration Associates Series 1991 9.25 2018 25,350,000 27,328,314
Housing Finance Agency Single Family Mortgage Senior Bonds Series 1991C
(FGIC Insured) 7.30 2011 2,005,000 2,055,566
Housing Finance Agency Single Family Mortgage Senior Bonds Series 1991C
(FGIC Insured) 7.35 2016 1,590,000 1,635,410
Hurricane Health Facilities Development Revenue Bonds
Mission Health Services Series 1990 10.50 2020 7,900,000 9,032,228
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b) (c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
Intermountain Power Agency Power Supply Refunding Revenue Bonds
Series F (AMBAC Insured) 5.00 % 2013 $ 5,000,000 $ 4,348,850
Intermountain Power Agency Power Supply Refunding Revenue Bonds
Series 1985A 10.375 2016 7,000,000 (g) 7,598,640
Intermountain Power Agency Power Supply Refunding Revenue Bonds
Series 1985B 7.00 2019-20 12,400,000 12,797,792
Intermountain Power Agency Power Supply Refunding Revenue Bonds
Series 1985B (AMBAC Insured) 9.50 2015 3,600,000 3,879,036
Intermountain Power Agency Power Supply Refunding Revenue Bonds
Series 1993B Inverse Floater 7.67 2011 7,600,000 (d) 6,536,000
Intermountain Power Agency Power Supply Refunding Revenue Bonds
Series G 8.00 2020 4,740,000 4,941,877
Intermountain Power Agency Power Supply Refunding Revenue Bonds
Series J (MBIA Insured) 6.50 2014 6,620,000 6,799,799
Intermountain Power Agency Power Supply Revenue Bonds Series 1987A
(MBIA Insured) 5.00 2012 8,000,000 6,995,920
Intermountain Power Agency Series 1989A 6.00 2023 3,500,000 3,378,585
Intermountain Power Agency Series 1989B 6.00 2023 10,165,000 (g) 9,812,376
Salt Lake City & County General Obligation Public Building Bonds 6.875 2010-11 5,700,000 6,026,553
State Board of Regents Student Loan Revenue Bonds Series 1993B 5.70 2007 5,750,000 5,675,423
State Board of Regents Student Loan Revenue Bonds Series 1993B 5.75 2008 4,750,000 4,569,738
West Valley City Salt Lake County K mart Industrial Development
Revenue Bonds 10.50 2005 1,450,000 1,620,505
______________
Total 128,738,652
_____________________________________________________________________________________________________________________________
Virginia (0.4%)
Hopewell City Industrial Development Authority Pollution Control
Refunding Revenue Bonds Stone Container Series 1992 8.25 2010 3,170,000 3,197,959
Housing Development Authority Commonmwealth Mortgage Bonds Series 1992A 7.15 2033 15,000,000 15,502,800
Southeastern Public Service Authority Senior Revenue Bonds
Regional Solid Waste System Series A 10.50 2015 5,300,000 5,766,983
_____________
Total 24,467,742
_____________________________________________________________________________________________________________________________
Washington (4.2%)
Health Care Facilities Authority Revenue Bonds
Seattle Highline Community Hospital Series 1993 (Connie Lee Insured) 5.50 2014 7,500,000 6,759,450
Longview Industrial Development Corporation Solid Waste Revenue Bonds
Weyerhauser Series 1991 7.45 2013 20,000,000 21,323,000
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b) (c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
Public Power Supply System Nuclear Project #1 Refunding Revenue Bonds
Series A 6.50 % 2015 $21,000,000 $ 21,044,520
Public Power Supply System Nuclear Project #1 Refunding Revenue Bonds
Bonneville Power Administration Series 1993A Inverse Floater
(FSA Insured) 8.53 2011 25,000,000 (d) 22,843,750
Public Power Supply System Nuclear Project #1 Refunding Revenue Bonds
Series 1993B 5.60 2015 48,650,000 45,022,656
Public Power Supply System Nuclear Project #1 Refunding Revenue Bonds
Series 1993C 5.375 2015 23,000,000 20,242,530
Public Power Supply System Nuclear Project #3 Refunding Revenue Bonds
Series 1993C 5.375 2015 23,100,000 20,330,541
Public Power Supply System Nuclear Project #1 Revenue Bonds Series 1989 6.00 2017 28,070,000 26,658,640
Public Power Supply System Nuclear Project #1 Revenue Bonds Series 1990A 6.00 2017 38,875,000 36,920,365
Public Power Supply System Nuclear Project #3 Revenue Bonds Series 1989B 5.50 2017-18 27,550,000 24,346,192
Seattle Municipal Light & Power Refunding Revenue Bonds Series 1986 5.875 2010 6,000,000 6,209,940
Snohomish County Public Utility District #1 Generation System
Revenue Bonds Series 1986A 5.00 2020 17,750,000 15,236,068
______________
Total 266,937,652
_____________________________________________________________________________________________________________________________
West Virginia (1.7%)
Board of Regents State System Tuition Fee Revenue Bonds University 7.75 2011 8,000,000 8,649,520
Clarksburg Waterworks Improvement & Refunding Revenue Bonds
Series 1985 10.875 2020 4,500,000 4,797,945
Kanawha County Pollution Control Revenue Bonds Union Carbide Series 1984 7.35 2004 3,000,000 3,168,840
Marion County Solid Waste Disposal Facility Revenue Bonds
American Power Paper Recycling Series 1993 7.75 2011 20,000,000 19,811,400
Marion County Solid Waste Disposal Facility Revenue Bonds
American Power Paper Recycling Series 1994 8.25 2011 5,000,000 (h) 5,000,000
Marion County Solid Waste Disposal Facility Revenue Bonds
American Power Paper Recycling Series 1995 9.00 2011 5,000,000 (h) 5,000,000
Mason County Pollution Control Refunding Revenue Bonds
Appalachian Power Series 1992J 6.60 2022 25,000,000 24,588,000
Pea Ridge Public Service District Sewer Refunding Revenue Bonds
Series 1990 9.25 2020 2,655,000 2,717,499
Putnam County Pollution Control Revenue Bonds Appalachian Power Series C 6.60 2019 10,600,000 10,521,984
School Building Authority Capital Improvement Revenue Bonds Series 1991A 6.00 2021 20,785,000 20,241,264
South Charleston Pollution Control Refunding Revenue Bonds Union Carbide
Series 1985 7.625 2005 3,000,000 3,242,280
______________
Total 107,738,732
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b)(c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
Wisconsin (1.1%)
Health & Education Facilities Authority Revenue Bonds St. Clare Hospital 7.00 % 2022 $10,000,000 $ 9,913,900
Health Facilities Authority Refunding Revenue Bonds Villa Clement
Series 1986 8.75 2012 4,500,000 4,602,420
La Crosse Resource Recovery Revenue Bonds Northern States Power
Series A 7.75 2011 17,000,000 18,352,350
Madison Industrial Development Refunding Revenue Bonds
Madison Gas & Electric Series 1992B 6.70 2027 19,300,000 19,921,846
New Richmond Solid Waste Disposal Facility Revenue Bonds
American Resource Recovery Series 1994 6.875 2007 7,700,000 7,339,640
State General Obligation Refunding Revenue Bonds Series 1993 3.00 1994 3,500,000 3,496,115
Superior Water Supply Facility Revenue Bonds
Superior Water Light & Power Series 1986 7.875 2021 6,500,000 6,993,675
______________
Total 70,619,946
_____________________________________________________________________________________________________________________________
Wyoming (0.1%)
Green River & Rock Springs Sweetwater County Joint Powers
Water Board Revenue Bonds Series 1988A 8.50 2007 2,500,000 2,748,400
Natrona County Hospital Revenue Bonds Wyoming Medical Center 8.125 2010 6,500,000 7,022,535
______________
Total 9,770,935
_____________________________________________________________________________________________________________________________
Total municipal bonds
(Cost: $5,920,951,759) $6,198,582,553
_____________________________________________________________________________________________________________________________
<CAPTION>
Short-term securities (1.1%)
_____________________________________________________________________________________________________________________________
Issuer (j) Annualized Amount Value(a)
yield on date payable at
of purchase maturity
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C>
Municipal Notes
California State R.A.N.
06-28-94 3.50% $ 9,960,000 $ 9,962,967
Dekalb County Georgia T.A.N.
12-30-94 3.25 4,000,000 4,000,000
See accompanying notes to investments in securities.
<PAGE>
PAGE
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
May 31, 1994 (Unaudited) investments compared to net assets)
_____________________________________________________________________________________________________________________________
Short-term securities (continued)
_____________________________________________________________________________________________________________________________
Issuer (j) Annualized Amount Value(a)
yield on date payable at
of purchase maturity
_____________________________________________________________________________________________________________________________
Los Angeles County T.R.A.N.
06-30-94 2.72% $ 6,500,000 $ 6,497,595
Massachusetts Bay Transit Authority Notes
09-30-94 3.25 6,000,000 6,000,060
New York City General Obligation Bonds V.R.D.B. Series 1994A-4
08-01-22 3.20 500,000 (i) 500,000
08-01-23 3.20 1,000,000 (i) 1,000,000
New York City R.A.N.
06-30-94 3.50 26,300,000 26,304,251
Regents of the University of Michigan Hospital Refunding Revenue Bonds
T.E.C.P. Series 1992A
12-01-19 3.00 500,000 500,000
Valdez Marine Terminal Refunding Revenue Bonds Exxon V.R.D.B.
Series 1993A
12-01-33 3.10 15,500,000 (i) 15,500,000
_____________________________________________________________________________________________________________________________
Total short-term securities
(Cost: $70,281,816) $ 70,264,873
_____________________________________________________________________________________________________________________________
Total investments in securities
(Cost: $5,991,233,575)(k) $6,268,847,426
_____________________________________________________________________________________________________________________________
Notes to investments in securities
_____________________________________________________________________________________________________________________________
(a) Securities are valued by procedures described in Note 1 to the financial statements.
(b) Investments in bonds, by rating category as a percentage of total bonds, are as follows:
<CAPTION>
(Unaudited)
__________________________________________
Rating 5-31-94 11-30-93
_______________________________________________________________________________________________________
<S> <C> <C>
AAA 26% 22%
AA 9 13
A 24 27
BBB and below 39 26
Non-rated 2 12
_______________________________________________________________________________________________________
Total 100% 100%
_______________________________________________________________________________________________________
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Investments in securities
IDS High Yield Tax-Exempt Fund, Inc.
May 31, 1994 (Unaudited)
______________________________________________________________________________________________________________________
Notes to investments in securities (continued)
______________________________________________________________________________________________________________________
(c) The following abbreviations are used in portfolio descriptions to identify the insurer of the issue:
AMBAC -- American Municipal Bond Association Corporation
BIG -- Bond Investors Guarantee
FGIC -- Financial Guarantee Insurance Corporation
FHA -- Federal Housing Authority
FSA -- Financial Security Assurance
MBIA -- Municipal Bond Investors Assurance
(d) Inverse floaters represent securities which pay interest at a rate that increases (decreases) based on
(decreases) increases of market short-term rates. Interest rate disclosed is the rate in effect on May 31, 1994.
(e) Presently non-income producing. For long-term debt securities items identified are in default as to payment of
interest and/or principal.
(f) For zero coupon bonds, the interest rate disclosed represents the annualized effective yield on the date of
acquisition.
(g) Partially pledged as initial deposit on the following open interest rate futures purchase contracts (see Note 4
to the financial statements):
Type of security Par value
________________________________________________________________
U.S. Treasury Bonds June 1994 $400,000,000
________________________________________________________________
(h) At May 31, 1994, the cost of securities purchased on a when-issued basis was $16,001,706.
(i) Interest rate varies to reflect current market conditions; rate shown is the effective rate on May 31, 1994.
(j) The following abbreviations are used in portfolio descriptions:
R.A.N. -- Revenue Anticipation Note
T.A.N. -- Tax Anticipation Note
T.E.C.P. -- Tax-Exempt Commercial Paper
T.R.A.N. -- Tax & Revenue Anticipation Note
V.R.D.B. -- Variable Rate Demand Bond
(k) At May 31, 1994, the cost of securities for federal income tax purposes was approximately $5,986,664,000
and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
<CAPTION>
<S> <C>
Unrealized appreciation $410,692,000
Unrealized depreciation (128,509,000)
______________________________________________________________________________________________________
Net unrealized appreciation $282,183,000
______________________________________________________________________________________________________
/TABLE
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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>
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>
PAGE
IDS mutual funds
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>
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IDS mutual funds
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 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 eagle head enclosed
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 common 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
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IDS mutual funds
IDS Managed Retirement Fund
Invests in a combination of common stocks, fixed-income
investments and money market securities to seek a maximum total
return through a combination of growth of capital and current income.
(icon of) bird in a nest
IDS Equity 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
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IDS mutual funds
IDS Diversified Equity Income Fund
Invests primarily in high-yielding common stocks to seek high current
income and, secondarily, to benefit from the growth potential offered
by stock investments.
(icon of) four puzzle pieces
IDS Mutual
Invests in a balance between common stocks and senior securities
(preferred stocks and bonds). Seeks a balance of growth of capital
and current income.
(icon of) scale of justice
Growth investments
Funds in this group seek capital growth, primarily from common stocks.
They are high risk mutual funds with a potential for high reward.
IDS Discovery Fund
Invests in small- and medium-size, growth-oriented companies
emphasizing technological innovation and productivity enhancement.
Buys and holds larger growth-oriented stocks.
(icon of) ship
IDS Strategy, Aggressive 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<PAGE>
PAGE
IDS mutual funds
IDS New Dimensions Fund
Invests primarily in companies with significant growth
potential due to superiority in technology, marketing or management.
The fund frequently changes its industry mix.
(icon of) dimension
IDS Progressive Fund
Invests primarily in undervalued common stocks. The fund holds
stocks for the long term with the goal of capital growth.
(icon of) shooting star
Specialty growth investment
This fund aggressively seeks capital growth as a hedge against inflation.
IDS Precious Metals Fund
Invests primarily in the securities of foreign or domestic companies
that explore for, mine and process or distribute gold and other
precious metals. This is the most aggressive and most speculative
IDS mutual fund.
(icon of) cart of precious gems
For more complete information about any of these funds, including charges
and expenses, you can obtain a prospectus by contacting your financial
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>
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Quick telephone reference
IDS Telephone Transaction Service
Redemptions and exchanges, dividend payments or reinvestments and
automatic payment arrangements
National/Minnesota:
800-437-3133
Mpls./St. Paul area:
671-3800
IDS Shareholder Service
Fund performance, objectives and account inquiries
612-671-3733
TTY Service
For the hearing impaired
800-846-4852
IDS Infoline
Automated account information (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 High Yield Tax-Exempt Fund
IDS Tower 10
Minneapolis, MN 55440-0010
