<PAGE>
PAGE 1
FINANCIAL PLANNING
IDS High Yield Tax-Exempt Fund
1993 annual report
(prospectus enclosed)
(Icon of) shield
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 2
(Icon of) Shield
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. Hugh Yield Tax-Exempt Fund, the
largest national municipal bond fund, strives to provide the
maximum amount of 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
providing protection to shareholders seeking to avoid the impact of
default by an individual bond. The result can be a superior after-
tax return for investors in higher tax brackets.<PAGE>
PAGE 3
Contents
(Icon of) One book inside of another and their both being opened
together.
The purpose of this annual report is to tell investors how the fund
performed.
The prospectus which is bound into the middle of this annual
report, describes the fund in detail.
1993 annual report
From the president 4
From the portfolio manager 4
Ten largest holdings 6
Making the most of your fund 7
Long-term performance 8
Independent auditors' report 9
Financial statements 10
Notes to financial statements 13
Investments in securities 16
IDS mutual funds 42
Federal income tax information 45
1993 prospectus
The fund in brief
Goal 3p
Types of fund investments 3p
Manager and distributor 3p
Portfolio manager 3p
Sales charge and fund expenses
Sales charge 4p
Operating expenses 4p
Performance
Financial highlights 5p
Total returns 6p
Yield 7p
Key terms 8p
How to buy, exchange or sell shares
How to buy shares 9p
How to exchange shares 11p
How to sell shares 11p
Reductions of the sales charge 15p
Waivers of the sales charge 16p
Special shareholder services
Services 17p
Quick telephone reference 17p
Distributions and taxes
Dividend and capital gain distributions 18p
Reinvestments 18p
Taxes 18p<PAGE>
PAGE 4
Investment policies
Facts about investments and their risks 21p
Valuing assets 24p
How the fund is organized
Shares 25p
Voting rights 25p
Shareholder meetings 25p
Directors and officers 25p
Investment manager and transfer agent 27p
Distributor 28p
About IDS
General information 29p
Appendix
1994 Federal tax information 30p<PAGE>
PAGE 5
To our shareholders
(Photo of) William R. Pearce, President of the fund
(Photo of) Kurt Larson, Portfolio manager
From the president
As you read this report, you'll find it very different from those
you've received in the past. We've made substantial changes in the
design and organization to make the information easier to find and
understand.
The annual report and prospectus are combined into a single
document, and each provides information important to you. The
annual report gives you the fund's performance information and a
snapshot of its investments. A good place to begin in with the
portfolio manager's letter, which describes the events and
investment strategies that most influenced the fund's performance
during the year. The prospectus includes essential data such as
the fund's investment policies and service information.
In redesigning our reports, we asked IDS financial planners and
some of you for suggestions and recommendations. We believe you'll
find the results of our work worthwhile.
William R. Pearce
From the portfolio manager
The past fiscal year was an excellent period for municipal bond
investors, as rising bond prices combined with a healthy level of
dividend income to provide a double-barreled benefit.
Demand for municipal bonds stayed strong throughout the year, as
many people who saw their income taxes go up as a result of 1993's
budget bill began moving money into tax-exempt investments. At the
same time, however, the supply of municipal bonds remained ample.
So, all in all, one factor basically offset the other.
We entered the period expecting moderate economic growth, a
relatively low rate of inflation and fairly stable interest rates.
Our outlook proved to be accurate on the first two counts, but we
were pleasantly surprised to see interest rates undergo a modest
but generally steady decline. (When rates fall, the underlying
values of bonds held in the portfolio automatically rise, creating
a higher net asset value for shareholders.)
12-month performance
(All figures per share)
Net asset value (NAV)
Nov. 30, 1993 $ 4.76
Nov. 30, 1992 $ 4.65
Increase $ 0.11
<PAGE>
PAGE 6
Distributions
Dec. 1, 1992 - Nov. 30, 1993
From income $ 0.30
From capital gains $ 0.02
Total distributions $ 0.32
Total return* +9.6%
*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.
Putting the money to work
To receive the full benefit from this environment, we stayed
essentially fully invested--that is, we kept nearly all of the
portfolio's assets invested in municipal bonds and only a small
amount in cash reserves, which provide far less return in the
current interest rate environment.
Specifically, we maintained the bulk of the investments in
essential-services municipal bonds, the core of the portfolio.
Like all municipals, these bonds are issued by units of government,
but they are backed by revenue-producing facilities such as toll
roads and water and sewer systems. Because they're supported by an
ongoing revenue stream, these bonds are considered to be less
subject to default on interest and principal payments. Plus, they
tend to have more price stability.
Trying to boost the yield
The most notable portfolio change was the gradual and selective
addition of general obligation bonds (GOs) issued by large cities.
Given the struggling economy in recent years, we have largely
avoided GOs, which depend on a municipality's taxing power for
their financing. But, as the national economy has picked up, so
have the financial conditions of several cities and states.
Equally important, these bonds offer high yields and, we think,
potential for price appreciation.
In this new fiscal year, inflation continues to be well-behaved,
which acts against rising interest rates. Beyond that, it appears
that the supply/demand situation from municipal bonds will become
more favorable, as more people in higher tax brackets will be
choosing among fewer bonds. Naturally, that's good for bond
prices. On the other hand, we probably can't expect interest rates
to decline enough to provide much price appreciation. Therefore,
to help maintain the return, we are adding some bonds with longer
maturities, which, if rates do fall, have the potential for above-
average gain.
Kurt Larson<PAGE>
PAGE 7
<TABLE>
<CAPTION>
Your fund's ten largest holdings
__________________________________________________________________________________________________________
Percent Value
(of fund's net assets) (as of Nov. 30, 1993)
__________________________________________________________________________________________________________
<S> <C> <C>
New York City Municipal Water Financial Authority
Water & Sewer System Revenue Bonds Series A
6.25% 2021 .84% $56,751,525
Eastern North Carolina Municipal Power Agency Power
System Refunding Revenue Bonds Series 1991A
5.75% 2019 .80 53,711,900
Broward County Florida Resource Recovery Revenue Bonds
L.P. South Project
7.95% 2008 .73 49,132,596
Washington Public Power Supply System Nuclear Project #1
Revenue Bonds Series 1993B
5.60% 2015 .72 48,225,772
Eastern North Carolina Municipal Power Agency Power
System Refunding Revenue Bonds Series 1993B
6.25% 2012 .70 47,200,878
Northern California Power Agency Geothermal #3
Revenue Bonds
5.00% 2009 .69 46,439,995
Monroe County Michigan Pollution Control Revenue Bonds
Detroit Edison
7.75% 2019 .68 45,720,378
Puerto Rico Electric Power Agency Revenue Bonds
Series N
6.00% 2010 .61 40,928,800
Texas Alliance Airport Authority Special Facility
Revenue Bonds American Airlines Series 1990
7.50% 2029 .60 40,261,474
Chicago Illinois O'Hare International Airport Terminal
Special Revenue Bonds
6.50% 2018 .59 40,108,204
</TABLE>
<PAGE>
PAGE 8
Making the most of your fund
Build your assets systematically
To keep your assets growing steadily, one of the best ways to
invest in the fund is by dollar-cost averaging -- a time-tested
strategy that can make market fluctuations work for you. To
dollar-cost average, simply invest a fixed amount of money
regularly. You'll automatically buy more shares when the fund's
share price is low, fewer shares when it is high.
This does not ensure a profit or avoid a loss if the market
declines. But, if you can continue to invest regularly through
changing market conditions, it can be an effective way to
accumulate shares to meet your long-term goals.
How dollar-cost averaging works
Month Amount Per-share Number of shares purchased
invested market price
Jan $100 $20 5.00
Feb 100 18 5.56
Mar 100 17 5.88
Apr 100 15 6.67
May 100 16 6.25
June 100 18 5.56
July 100 17 5.88
Aug 100 19 5.26
Sept 100 21 4.76
Oct 100 20 5.00
(footnotes to table) By investing an equal number of dollars each
month...
(arrow in table pointing to April) you automatically buy more
shares when the per share market price is low
(arrow in table pointing to August) and fewer shares when the per
share market price is high.
You have paid an average price of only $17.91 per share over the 10
months, while the average market price actually was $18.10.
Three ways to benefit from a mutual fund:
o your shares increase in value when the fund's
investments do well
o you receive capital gains when the gains on
investments sold by the fund exceed losses
o you receive income when the fund's interest
dividends and short-term gains exceed its
expenses.
All three make up your total return. And you potentially can
increase your investment if, like most investors, you reinvest your
dividends and capital gain distributions to buy additional shares
of the fund or another fund.<PAGE>
PAGE 9
How your $10,000 has grown in High Yield Tax-Exempt Fund
$26,115
High Yield
Tax-Exempt Fund
$20,000
Lehman Muni Index
$ 9,500
84 85 86 87 88 89 90 91 92 93
Average annual total return (as of Nov. 30, 1993)
1 year 5 years 10 years
+4.09% +8.18% +10.07%
Assumes: Holding period from 11/30/83 to 11/30/93. Returns do not
reflect taxes payable on distributions. Also see "Performance" in
the fund's current prospectus. Reinvestment of all income and
capital gain distributions for the fund, with a value of $14,570.
Lehman Brothers Municipal Bond Index is made up of a representative
list of general obligation, revenue, insured and prefunded bonds.
The index is frequently used as a general measure of tax-exempt
bond market performance. However, the securities used to create
the index may not be representative of the bonds held in IDS High
Yield Tax-Exempt Fund.
On the chart above you can see how the fund's total return compared
to a widely cited performance measure, the Lehman Brothers
Municipal Bond Index. In comparing High Yield Tax-Exempt Fund with
this index, you should take into account the fact that the fund's
performance reflects the maximum sales charge of 5%, while such
charges are not reflected in the performance of the index. If you
were actually to buy either individual bonds or bond mutual funds,
any sales charges that you pay would reduce your total return as
well.
Your investment and return value fluctuate so that your shares,
when redeemed, may be worth more or less than the original cost.
This was a period of widely fluctuating security prices. Past
performance is no guarantee of future results.<PAGE>
PAGE 10
Independent auditors' report
___________________________________________________________________
The board of directors and shareholders
IDS High Yield Tax-Exempt Fund, Inc.:
We have audited the accompanying statement of assets and
liabilities, including the schedule of investments in securities,
of IDS High Yield Tax-Exempt Fund, Inc. as of November 30, 1993,
and the related statement of operations for the year then ended and
the statements of changes in net assets for each of the years in
the two-year period ended November 30, 1993, and the financial
highlights for each of the years in the two-year period ended
November 30, 1993, the eleven months ended November 30, 1991, and
for each of the years in the seven-year period ended December 31,
1990. These financial statements and the financial highlights are
the responsibility of fund management. Our responsibility is to
express an opinion on these financial statements and the financial
highlights based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements and the financial highlights are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. Investment securities held in custody are
confirmed to us by the custodian. As to securities purchased and
sold but not received or delivered, we request confirmations from
brokers, and where replies are not received, we carry out other
appropriate auditing procedures. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of IDS
High Yield Tax-Exempt Fund, Inc. at November 30, 1993, and the
results of its operations for the year then ended and the changes
in its net assets for each of the years in the two-year period
ended November 30, 1993, and the financial highlights for the
periods stated in the first paragraph above, in conformity with
generally accepted accounting principles.
KPMG Peat Marwick
Minneapolis, Minnesota
January 7, 1994<PAGE>
PAGE 11
<TABLE>
<CAPTION>
Financial statements
Statement of assets and liabilities
IDS High Yield Tax-Exempt Fund, Inc.
Nov. 30, 1993
__________________________________________________________________________________________________________
Assets
__________________________________________________________________________________________________________
<S> <C>
Investments in securities, at value (Note 1)
(identified cost $5,985,649,290) $6,623,443,000
Cash in bank on demand deposit 12,543,407
Accrued interest receivable 148,828,513
Receivable for investment securities sold 5,472,792
__________________________________________________________________________________________________________
Total assets 6,790,287,712
__________________________________________________________________________________________________________
Liabilities
__________________________________________________________________________________________________________
Dividends payable to shareholders 8,099,770
Payable for investment securities purchased 45,047,220
Accrued investment management and services fee 2,996,048
Accrued distribution fee 107,891
Accrued transfer agency fee 269,375
Other accrued expenses 808,510
__________________________________________________________________________________________________________
Total liabilities 57,328,814
__________________________________________________________________________________________________________
Net assets applicable to outstanding capital stock $6,732,958,898
__________________________________________________________________________________________________________
Represented by
__________________________________________________________________________________________________________
Capital stock -- authorized 10,000,000,000 shares of $.01 par value;
outstanding 1,414,963,728 shares $ 14,149,637
Additional paid-in capital 6,072,257,393
Undistributed net investment income 222
Accumulated net realized gain on investments (Note 1) 8,757,936
Unrealized appreciation of investments 637,793,710
__________________________________________________________________________________________________________
Total -- representing net assets applicable to outstanding capital stock $6,732,958,898
__________________________________________________________________________________________________________
Net asset value per share of outstanding capital stock $ 4.76
__________________________________________________________________________________________________________
<FN>
See accompanying notes to financial statements./TABLE
<PAGE>
PAGE 12
<TABLE>
<CAPTION>
Financial statements
Statement of operations
IDS High Yield Tax-Exempt Fund, Inc.
Year ended Nov. 30, 1993
__________________________________________________________________________________________________________
Investment income
__________________________________________________________________________________________________________
<S> <C>
Income:
Interest $448,242,156
__________________________________________________________________________________________________________
Expenses (Note 2):
Investment management and services fee 33,286,494
Distribution fee 1,195,381
Transfer agency fee 3,009,860
Compensation of directors 104,924
Compensation of officers 100,863
Custodian fees 204,527
Postage 643,704
Registration fees 262,035
Reports to shareholders 233,233
Audit fees 37,000
Administrative 109,125
Other 139,341
__________________________________________________________________________________________________________
Total expenses 39,326,487
__________________________________________________________________________________________________________
Investment income -- net 408,915,669
__________________________________________________________________________________________________________
Realized and unrealized gain on investments -- net
__________________________________________________________________________________________________________
Net realized gain on security transactions (Note 3) 30,340,901
Net change in unrealized appreciation or depreciation of investments 147,320,430
__________________________________________________________________________________________________________
Net gain on investments 177,661,331
__________________________________________________________________________________________________________
Net increase in net assets resulting from operations $586,577,000
__________________________________________________________________________________________________________
<FN>
See accompanying notes to financial statements.</TABLE>
<PAGE>
PAGE 13
<TABLE>
<CAPTION>
Financial statements
Statements of changes in net assets
IDS High Yield Tax-Exempt Fund, Inc.
Year ended Nov. 30,
__________________________________________________________________________________________________________
Operations and distributions 1993 1992
__________________________________________________________________________________________________________
<S> <C> <C>
Investment income -- net $ 408,915,669 $ 389,616,209
Net realized gain on investments 30,340,901 28,510,825
Net change in unrealized appreciation or
depreciation of investments 147,320,430 106,881,283
__________________________________________________________________________________________________________
Net increase in net assets resulting from operations 586,577,000 525,008,317
__________________________________________________________________________________________________________
Distributions to shareholders from:
Net investment income (408,908,716) (389,605,538)
Net realized gain on investments (27,741,401) (22,137,823)
__________________________________________________________________________________________________________
Total distributions (436,650,117) (411,743,361)
__________________________________________________________________________________________________________
Capital share transactions
__________________________________________________________________________________________________________
Proceeds from sales of
210,362,306 and 198,093,607 shares (Note 2) 999,841,120 914,112,046
Net asset value of 63,612,850 and 60,538,339 shares
issued in reinvestment of distributions 301,687,871 278,945,863
Payments for redemptions of
158,383,974 and 121,539,214 shares (754,206,709) (561,406,943)
__________________________________________________________________________________________________________
Increase in net assets from capital share transactions
representing net addition of
115,591,182 and 137,092,732 shares 547,322,282 631,650,966
__________________________________________________________________________________________________________
Total increase in net assets 697,249,165 744,915,922
Net assets at beginning of year 6,035,709,733 5,290,793,811
__________________________________________________________________________________________________________
Net assets at end of year
(including undistributed net investment income of
$222 and $(6,731)) $6,732,958,898 $6,035,709,733
__________________________________________________________________________________________________________
<FN>
See accompanying notes to financial statements./TABLE
<PAGE>
PAGE 14
Notes to financial statements
IDS High Yield Tax-Exempt Fund, Inc.
___________________________________________________________________
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 15
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 share-
holders, 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 16
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 $30,119,652 for the
year ended Nov. 30, 1993.
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 $54,969 for the year
ended Nov. 30, 1993.<PAGE>
PAGE 17
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 $1,403,113,217 and $635,212,907,
respectively, for the year ended Nov. 30, 1993.
Realized gains and losses are determined on an
identified cost basis.
___________________________________________________________________
4. Financial highlights
"Financial highlights" showing per share data and
selected information is presented on page 5 of
the prospectus.<PAGE>
PAGE 18
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal bonds (96.5%)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of issuer and title of issue (b)(c) rate Maturity amount Value(a)
_____________________________________________________________________________________________________________________________
<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 $ 5,475,557
Camden Industrial Development Board Solid Waste Disposal Revenue Bonds
MacMillan Bloedel Series 1991A 7.75 2019 8,500,000 9,486,850
Columbia Industrial Development Board Pollution Control
Refunding Revenue Bonds Alabama Power Series D 9.375 2015 8,500,000 9,289,820
Columbia Industrial Development Board Pollution Control Revenue Bonds
Alabama Power Farley Plant Series B 10.875 2014 21,400,000 23,202,950
Columbia Industrial Development Board Pollution Control Revenue Bonds
Alabama Power Farley Plant Series E 9.25 2015 11,500,000 12,811,115
Courtland Industrial Development Authority Champion International 7.00 2008 3,000,000 3,024,840
Marengo County Limited Obligation Capital Outlay Warrants Series 1988 8.50 2018 3,000,000 3,609,240
Mobile Airport Authority Revenue Bonds Series 1984 11.25 2014 4,000,000 4,329,840
Mobile Medical Clinic Board Psychiatric Revenue Bonds Charter Medical 11.50 2008 2,740,000 2,800,965
______________
Total 74,031,177
_____________________________________________________________________________________________________________________________
Alaska (0.5%)
Anchorage General Obligation Bonds (FGIC Insured) 8.125 2011 11,000,000 12,387,980
Anchorage Municipality Senior Lien Electric Revenue Bonds Series 1986
(AMBAC Insured) 6.00 2019 10,150,000 10,321,535
North Slope Borough General Obligation Bonds Series 1984C 10.50 1996 7,555,000 8,038,168
North Slope Borough General Obligation Refunding Bonds Series 1984C 10.40 1995 845,000 914,001
______________
Total 31,661,684
_____________________________________________________________________________________________________________________________
Arizona (0.5%)
Maricopa County Hospital System Revenue Bonds Samaritan Health Services
Series 1981 12.00 2008 5,000,000 6,350,337
Maricopa County Industrial Development Authority Hospital System
Refunding Revenue Bonds Samaritan Health Services Series 1985A 9.25 2015 7,000,000 7,842,870
Maricopa-Stanfield Irrigation & Drainage District
General Obligation Bonds Unlimited Tax Series 1984 10.50 1999 8,555,000 8,867,258
Maricopa-Stanfield Irrigation & Drainage District Pinal County
General Obligation Refunding Bonds Series 1989 6.00 2004 13,200,000 11,220,000
Pinal County Irrigation & Drainage District General Obligation
Refunding Bonds Series 1989 6.00 2004 945,000 789,075
______________
Total 35,069,540
_____________________________________________________________________________________________________________________________
<FN>
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE 19 Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of issuer and title of issue (b)(c) rate Maturity amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Arkansas (0.3%)
Independence County Pollution Control Revenue Bonds
Arkansas Power & Light Series 1993 6.25 % 2021 $ 3,000,000 $ 3,081,930
Pope County Pollution Control Revenue Bonds Arkansas Power & Light
Series 1985 11.00 2015 7,380,000 8,467,000
Pope County Solid Waste Disposal Revenue Bonds Arkansas Power & Light
Series 1991 8.00 2021 3,250,000 3,703,700
Texarkana Public Facility Board SCH Health Care Systems Revenue Bonds
Series 1985A 9.375 2015 5,000,000 5,434,600
______________
Total 20,687,230
_____________________________________________________________________________________________________________________________
California (5.7%)
Burbank Redevelopment Agency Tax Allocation Bonds
Golden State Series 1993A 6.00 2013-23 9,500,000 9,635,880
Community Development Authority Health Facilities Unihealth America
Certificate of Participation Series 1993 Inverse Floater (AMBAC Insured) 8.38 2011 22,400,000 (e) 22,624,000
East Bay Municipal Utility District Water Revenue Bonds
Series 1993 Inverse Floater (MBIA Insured) 7.37 2008 15,500,000 (e) 15,364,375
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 3,725,550
Los Angeles Convention & Exhibition Center Authority Lease
Refunding Revenue Bonds Series 1993A (MBIA Insured) 5.00 2006 19,000,000 18,892,460
Los Angeles Convention & Exhibition Center Authority Lease
Refunding Revenue Bonds Series 1993A (MBIA Insured) 5.10 2007 20,000,000 19,881,200
Los Angeles Convention & Exhibition Center Authority Lease
Refunding Revenue Bonds Series 1993A (MBIA Insured) 5.15 2008 21,000,000 20,784,750
Los Angeles Convention & Exhibition Center Authority Lease
Refunding Revenue Bonds Series 1993A (MBIA Insured) 5.20 2009 21,000,000 20,666,100
Los Angeles International Airport Regional Airports Improvement
Corporation Refunding Revenue Bonds United Airlines Series 1984 8.80 2021 11,650,000 13,305,931
Los Angeles International Airport Regulatory Airports Improvement
Sublease Revenue Bonds Western Airlines Issue 1985 11.25 2025 10,000,000 11,553,100
Los Angeles Water & Power Electric Plant Refunding Revenue Bonds
Series 1992 6.375 2020 10,000,000 10,574,800
Modesto Santa Clara Redding Public Power Bonds San Juan Series C 5.50 2021 4,500,000 4,412,070
Northern California Power Agency Geothermal #3 Refunding Revenue Bonds
Series 1985A 7.00 2010 13,510,000 14,073,232
<FN>
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE 20
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of issuer and title of issue (b)(c) rate Maturity amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Northern California Power Agency Geothermal #3 Revenue Bonds 5.00 % 2009 $49,635,000 $ 46,439,995
Orange County Special Tax Community Facilities Bonds
Aliso Veijo District 88-1 Series 1992A 7.35 2018 6,000,000 6,440,880
Pleasanton Joint Powers Financing Authority Reassessment
Revenue Bonds Series 1993A 6.15 2012 5,000,000 5,049,400
Regional Airports Improvement Facilities Sublease Revenue Bonds
Continental Airlines Los Angeles International Airport
Series 1988 9.00 2008-17 13,000,000 14,498,380
Sacramento Municipal Utility District Electric Refunding Revenue Bonds
Series R 6.00 2015-17 20,385,000 20,531,542
Sacramento Municipal Utility District Electric Refunding Revenue Bonds
Series 1993D Inverse Floater (FSA Insured) 7.42 2005 15,800,000 (e) 16,511,000
Sacramento Municipal Utility District Electric Refunding Revenue Bonds
Series 1993D Inverse Floater (FSA Insured) 7.62 2006 16,400,000 (e) 17,281,500
Sacramento Municipal Utility District Electric Refunding Revenue Bonds
Series 1993D Inverse Floater (MBIA Insured) 8.07 2015 15,000,000 (e) 14,812,500
San Joaquin Hills Orange County Transporation Corridor Agency
Senior Lien Toll Road Revenue Bonds 6.75 2032 14,785,000 15,142,945
San Marcos Public Facility Authority Refunding Revenue Bonds
Civic Center Public Improvement Series A 6.20 2022 10,000,000 9,958,900
Sierra Unified School District Fresno County Certificate of Participation
Capital Financing Refunding Bonds Series 1993 6.125 2018 6,470,000 (d) 6,408,664
Southern California Public Power Authority Power Revenue Bonds
Palo Verde Series 1993 Inverse Floater (FGIC Insured) 7.67 2017 20,000,000 (e) 19,000,000
Southern California Public Power Authority Power Revenue Bonds
Series 1986B 5.75 2017 2,025,000 2,030,164
Southern California Public Power Authority Transmission
Refunding Revenue Bonds Series 1986B 7.00 2022 1,500,000 1,653,788
Ukiah Unified School District Mendocino County
Certificate of Participation Series 1993 6.00 2010 5,000,000 4,957,700
______________
Total 386,210,806
_____________________________________________________________________________________________________________________________
Colorado (3.6%)
Arapahoe County Industrial Development Revenue Bonds
Dillion Real Estate-Kroger 8.00 2009 4,000,000 4,478,920
Aurora Centretech Metropolitan District Arapahoe County Series 1987B 9.625 2008 4,960,000 (f) 4,116,800
Briargate Public Building Authority Landowner Assessment Lien Bonds
Series 1985A 10.25 2000 5,000,000 (f) 2,600,000
Colorado Springs Cottonwood General Improvement District
General Obligation Bonds Series 1986 9.25 2031 3,500,000 2,625,000
Colorado Springs Hospital Revenue Bonds Memorial Hospital Series 1990 7.875 2010 5,000,000 5,513,700
Colorado Springs Stetson Hills Public Building Authority
Landowner Assessment Lien Bonds Series 1988A 9.75 2008 2,869,110 (f) 286,911
<FN>
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE 21
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of issuer and title of issue (b)(c) rate Maturity amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Colorado Springs Utilities System Refunding Revenue Bonds Series 1991C 6.50 % 2015 $26,400,000 $ 28,746,696
Colorado Springs Utilities System Refunding Revenue Bonds Series 1991C 6.75 2021 30,000,000 33,168,300
Denver Airport System Revenue Bonds Series 1985 8.375 2011 6,000,000 6,220,920
Denver City & County Airport Systems Revenue Bonds Series 1991A 8.75 2023 10,000,000 11,830,400
Denver City & County Airport Systems Revenue Bonds Series 1991D 7.00 2025 12,475,000 12,967,014
Denver City & County Airport Systems Revenue Bonds Series 1991D 7.75 2013-21 30,150,000 35,584,583
Denver City & County Airport Systems Revenue Bonds Series 1992A 7.25 2025 20,975,000 22,879,949
Denver City & County Airport Systems Revenue Bonds Series 1992B 7.25 2023 20,500,000 22,091,005
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 2,115,000
Denver Urban Renewal Authority Tax Increment Revenue Bonds
South Broadway Montgomery Ward Urban Renewal Series 1992 8.50 2016 14,740,000 15,071,650
El Paso County School District #20 General Obligation Refunding Bonds
Series 1993A 6.10 2005 2,215,000 2,326,725
El Paso County School District #20 General Obligation Refunding Bonds
Series 1993A 6.15 2008 1,000,000 1,033,750
El Paso County School District #20 General Obligation Refunding Bonds
Series 1993A 6.20 2007 1,250,000 1,287,225
Hotchkiss Industrial Development Revenue Bonds Dillion Real Estate-Kroger 8.00 2009 1,500,000 1,674,420
Housing Finance Authority Single Family Program Senior Bonds
Series 1991B (FGIC Insured) 7.25 2011 3,615,000 3,869,171
Housing Finance Authority Single Family Program Senior Bonds
Series 1991B (FGIC Insured) 7.30 2018 3,265,000 3,401,673
Northern Colorado Water District Revenue Bonds Series D 6.00 2015 4,000,000 4,112,440
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 3,919,055
Winter Park Restated Parking Facility Lease/Purchase & Declaration
of Trust Refunding Certificate of Participation Series 1985 11.00 2004 1,000,000 1,093,730
______________
Total 241,515,037
_____________________________________________________________________________________________________________________________
Connecticut (0.2%)
Development Authority Solid Waste & Electric Revenue Bonds Ogden Martin 10.00 2014 7,500,000 8,367,075
State Transporation Infrastructure Special Tax Obligation Revenue Bonds
Series B 5.70 1997 4,300,000 4,585,649
______________
Total 12,952,724
_____________________________________________________________________________________________________________________________
<FN>
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE 22
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of issuer and title of issue (b)(c) rate Maturity amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
District of Columbia (0.2%)
General Obligation Refunding Bonds Series A 7.875% 2006 $12,625,000 $ 14,120,431
Housing Finance Agency Multiple Family Mortgage Revenue Bonds
Temple Courts Section 8 Series 1985 (FHA Insured) 12.00 2022 1,320,000 1,570,721
______________
Total 15,691,152
_____________________________________________________________________________________________________________________________
Florida (4.4%)
Broward County Airport System Revenue Bonds Series 1989B 7.625 2013 15,000,000 16,942,350
Broward County Resource Recovery Revenue Bonds L.P. South Project 7.95 2008 43,310,000 49,132,596
Charlotte County Development Authority 1st Mortgage
Refunding Revenue Bonds Royal Palm Retirement Centre Series 1991 9.50 2014 4,385,000 4,585,395
Department of Transportation Turnpike Revenue Bonds Series 1991A
(AMBAC Insured) 6.25 2020 20,000,000 21,045,400
Gateway Centre Development District Pinellas County Special Assessment
Revenue Bonds Series 1988 9.125 2009 3,195,000 3,388,649
Hillsborough County Utility Refunding Revenue Bonds Series 1991A 6.50 2016 24,760,000 25,951,699
Hillsborough County Utility Refunding Revenue Bonds Series 1991A 7.00 2014 24,000,000 26,131,680
Jacksonville Electric Authority St. John's River Power Park System
Revenue Bonds Series 1989 6.00 2015 10,300,000 10,537,621
Jacksonville Health Facilities Authority Hospital Refunding Revenue Bonds
Riverside Hospital Series 1989 7.625 2013 1,600,000 1,767,216
Lakeland Electric & Water Refunding Revenue Bonds Series 1986 7.00 2009 5,000,000 5,368,800
Lee County Industrial Development Authority Industrial Development
Revenue Bonds Gulf Utility Series 1988A 9.625 2018 5,545,000 6,303,279
Lee County Industrial Development Authority Industrial Development
Revenue Bonds Gulf Utilities Series 1988B 9.50 2020 4,000,000 4,523,200
Leesburg Refunding Hospital Revenue Bonds Leesburg Regional Medical Center
Series 1984 10.25 2014 3,750,000 4,020,150
Municipal Power Agency Refunding Revenue Bonds St. Lucie Series 1986 7.375 2016 6,000,000 6,716,940
Municipal Power Agency Revenue Bonds St. Lucie 6.50 2015 20,250,000 21,829,905
Orange County Health Facilities Authority 1st Mortgage Revenue Bonds
RHA/Princeton Hospital Series 1991 9.00 2021 10,000,000 11,147,700
Palm Beach County Health Facilities Authority Hospital Revenue Bonds
Good Samaritan Health Series 1993 6.30 2022 4,250,000 4,429,733
Pinellas County Capital Improvement Revenue Bonds Series 1991 5.40 1997 5,570,000 5,852,510
Polk County Industrial Development Authority 1st Mortgage
Refunding Revenue Bonds Spring Haven II 8.75 2014 6,665,000 7,071,232
Port Everglades Port Authority Revenue Bonds Junior Lien 5.00 2016 18,635,000 17,547,461
Riverwood Community Development District Charlotte County
Special Assessment Revenue Bonds Series 1992A 8.50 2012 5,800,000 6,140,808
Riverwood Community Development District Charlotte County
Special Assessment Revenue Bonds Series 1992B 8.50 2012 2,220,000 2,350,447
Sarasota County Health Facilities Authority Venice Hospital Series 1983 10.125 2014 3,950,000 4,029,790
<FN>
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE 23
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of issuer and title of issue (b)(c) rate Maturity amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
State Board of Education Refunding Bonds Series 1989A 6.00 % 2025 $16,750,000 $ 17,183,992
Sumter County Village Community Development District #1
Capital Improvement Revenue Bonds Series 1992 8.40 2012 7,750,000 8,215,000
Sunrise Utility System Refunding & Improvement Revenue Bonds 10.75 2018 5,000,000 6,835,000
______________
Total 299,048,553
_____________________________________________________________________________________________________________________________
Georgia (3.6%)
Atlanta Housing Development First Lien Revenue Bonds
Assisted Briarcliff Summit Section 8 7.75 2010 500,000 512,565
Atlanta Special Purpose Facility Revenue Bonds Delta Air Lines
Series 1989B 6.25 2019 8,685,000 8,319,883
Atlanta Special Purpose Facility Revenue Bonds Delta Air Lines
Series 1989B 7.90 2018 13,500,000 14,548,005
Burke County Development Authority Pollution Control Revenue Bonds
Georgia Power 1st Series 1984 12.25 2014 11,500,000 12,390,560
Burke County Development Authority Pollution Control Revenue Bonds
Georgia Power 2nd Series 1984 11.625 2014 8,000,000 8,638,640
Burke County Development Authority Pollution Control Revenue Bonds
Georgia Power 3rd Series 1984 12.00 2014 5,000,000 5,447,250
Burke County Development Authority Pollution Control Revenue Bonds
Georgia Power 1st Series 1985 10.125 2015 8,175,000 9,022,993
Burke County Development Authority Pollution Control Revenue Bonds
Georgia Power 3rd Series 1985 10.50 2015 20,575,000 23,311,475
Dekalb County Hospital Authority Revenue Anticipation Certificate
Dekalb Medical Center Series 1993A (MBIA Insured) 5.20 2008 2,040,000 2,033,554
Dekalb County Hospital Authority Revenue Anticipation Certificate
Dekalb Medical Center Series 1993A (MBIA Insured) 5.25 2009 2,000,000 1,980,780
Effingham County Pollution Control Revenue Bonds Fort Howard
Series 1988 7.90 2005 19,850,000 21,363,166
Fulco Hospital Authority Revenue Anticipation Certificate
Georgia Baptist Health Care Systems Series 1992A 6.375 2022 20,300,000 21,288,001
Monroe County Development Authority Pollution Control Revenue Bonds
Georgia Power-Scherer 1st Series 1985 10.50 2015 14,725,000 16,540,592
Monroe County Pollution Control Revenue Bonds Gulf Power 1st Series 1984 10.50 2014 10,000,000 10,884,300
Municipal Electric Authority Power Refunding Bonds Series 1989R 6.00 2014 9,130,000 9,313,239
Municipal Electric Authority Power Revenue Bonds 6.00 2020 3,350,000 3,406,112
Municipal Electric Authority Power Revenue Bonds 7.00 2019 1,340,000 1,433,492
Municipal Electric Authority Power Revenue Bonds 9.875 2017 20,000,000 21,697,000
<FN>
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE 24
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of issuer and title of issue (b)(c) rate Maturity amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Municipal Electric Authority Power Revenue Bonds Series J 10.75 % 2020 $ 7,000,000 $ 7,777,560
Municipal Electric Authority Power Revenue Bonds Series L 5.00 2020 1,150,000 1,048,558
Municipal Electric Authority Power Revenue Bonds Series 1986A 7.875 2018 2,625,000 2,903,932
Municipal Electric Authority Power Revenue Bonds Series 1989 6.00 2025 34,490,000 35,045,289
______________
Total 238,906,946
_____________________________________________________________________________________________________________________________
Hawaii (0.3%)
City & County of Honolulu Refunding & Improvement
General Obligation Bonds Series 1993B Inverse Floater 7.72 2006 10,000,000 (e) 10,500,000
City & County of Honolulu Refunding & Improvement
General Obligation Bonds Series 1993B Inverse Floater 8.02 2008 10,000,000 (e) 10,550,000
______________
Total 21,050,000
_____________________________________________________________________________________________________________________________
Idaho (--%)
The Regents of the University Student Fee Refunding Revenue Bonds
Series 1986 (FGIC Insured) 7.00 2010 1,050,000 1,128,592
_____________________________________________________________________________________________________________________________
Illinois (9.0%)
Bradley Kankakee County Tax Increment Refunding Revenue Bonds
Series 1993 8.40 2012 5,800,000 5,887,174
Broadview Cook County Senior Lien Tax Increment Revenue Bonds
Series 1993 8.25 2013 12,000,000 11,998,560
Chicago General Obligation Refunding Bonds Series 1985 9.875 2013 18,510,000 20,741,566
Chicago O'Hare International Airport General Airport Revenue Bonds
Series 1983B 9.625 2013 8,300,000 8,596,476
Chicago O'Hare International Airport General Airport Revenue Bonds
Series 1984AB 10.625 2015 5,500,000 6,038,670
Chicago O'Hare International Airport General Airport Revenue Bonds
Series 1985A 8.75 2016 22,500,000 23,062,500
Chicago O'Hare International Airport General Airport Revenue Bonds
Series 1990A 6.00 2018 29,000,000 29,386,570
Chicago O'Hare International Airport General Airport Revenue Bonds
Series 1990A 7.50 2016 21,000,000 23,727,480
Chicago O'Hare International Airport Special Revenue Facility Bonds
Delta Airlines Series 1992 6.45 2018 10,000,000 9,974,800
Chicago O'Hare International Airport Special Revenue Facility Bonds
United Airlines Series C 8.20 2018 24,440,000 27,006,444
Chicago O'Hare International Airport Terminal Special Revenue Bonds 6.50 2018 38,660,000 40,108,204
<FN>
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE 25
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of issuer and title of issue (b)(c) rate Maturity amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Chicago O'Hare International Airport Terminal Special Revenue Bonds 7.50 % 2017 $32,250,000 $ 35,973,585
Chicago O'Hare International Airport Terminal Special Revenue Bonds
(FGIC Insured) 7.875 2025 17,750,000 19,496,422
Chicago Public Building Commission Revenue Bonds
Chicago Board of Education Series 1993A (MBIA Insured) 5.75 2018 13,000,000 13,055,770
Chicago Ridge Special Service Area #1 Unlimited Ad Valorem Tax Bonds
Series 1990 9.00 2008 2,700,000 2,827,305
Civic Center Bonds Dedicated Tax Revenue Bonds Series 1985 9.50 2015 10,000,000 11,505,600
Cook County Bedford Park Senior Lien Tax Increment Revenue Bonds
Mark IV Series 1992 9.75 2012 1,740,000 1,912,399
Crestwood Cook County Tax Increment Revenue Bonds Series 1988 10.50 2008 10,000,000 10,513,000
Development Finance Authority Belmont House Limited II
Subordinate Revenue Bonds Series 1989B 11.00 2004 7,000,000 (f) 350,000
Development Finance Authority Pollution Control Refunding Revenue Bonds
Central Illinois Public Service Series 1993B-2 5.90 2028 2,500,000 2,543,825
Development Finance Authority Pollution Control Refunding Revenue Bonds
Illinois Power Series 1991A 7.375 2021 19,250,000 21,893,988
Development Finance Authority Pollution Control Revenue Bonds
Commonwealth Edison Series 1984 11.375 2014 10,000,000 10,873,100
Development Finance Authority Pollution Control Revenue Bonds
Commonwealth Edison Series 1985 10.625 2015 5,280,000 5,787,197
Development Finance Authority Pollution Control Revenue Bonds
Illinois Power Series 1986A 7.625 2016 25,000,000 27,655,750
Development Finance Authority Pollution Control Revenue Bonds
Illinois Power Series 1986B 7.625 2016 2,000,000 2,212,460
Development Finance Authority Pollution Control Revenue Bonds
Illinois Power Series 1986C 7.625 2016 15,560,000 17,212,939
Education Facilities Authority Refunding Revenue Bonds DePaul University
Series 1985A 9.625 2010 3,000,000 3,416,940
Educational Facilities Authority Refunding Revenue Bonds
Art Institute of Chicago Series 1993 5.75 2018 1,750,000 1,740,725
Educational Facilities Authority Refunding Revenue Bonds
Art Institute of Chicago Series 1993 5.80 2027 3,350,000 3,352,345
Educational Facilities Authority Refunding Revenue Bonds
Loyola University of Chicago Series 1993 Inverse Floater (FGIC Insured) 8.47 2012 11,000,000 (e) 11,096,250
Educational Facilities Authority Revenue Bonds University Chicago
Series 1985 5.70 20.25 17,500,000 17,550,225
Environmental Facilities Financing Authority Pollution Control Revenue Bonds
Commonwealth Edison Series 1983 9.75 2013 6,020,000 6,232,927
Granite City Madison County Hospital Refunding Revenue Bonds
St. Elizabeth Medical Center Series 1989A 8.125 2008 3,500,000 3,761,695
<FN>
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE 26
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of issuer and title of issue (b)(c) rate Maturity amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Hanover Park Cook & DuPage Counties 1st Mortgage Revenue Bonds
Windsor Park Manor Series 1989 9.50 % 2014 $ 7,000,000 $ 7,606,060
Health Facilities Authority Refunding Revenue Bonds
Edwards Hospital Series 1993A 6.00 2019 6,350,000 6,268,085
Health Facilities Authority Refunding Revenue Bonds
Peoria Methodist Medical Center Series 1985A 8.00 2014 4,000,000 4,266,240
Health Facilities Authority Refunding Revenue Bonds
University of Chicago Series 1993 Inverse Floater
(MBIA Insured) 8.72 2014 10,000,000 (e) 10,075,000
Health Facilities Authority Revenue Bonds Masonic Medical Center
Series 1985 10.25 2015 4,100,000 4,661,454
Health Facility Authority Revenue Bonds Delnore Community Hospital
Series 1989 8.00 2019 7,000,000 8,324,890
Health Facility Authority Revenue Bonds Sarah Bush Lincoln Health Center
Series 1992 7.25 2012-22 4,000,000 4,310,080
Health Facility Authority Revenue Bonds South Suburban Hospital
Series 1992 7.00 2009-18 9,000,000 9,652,480
Hodgkins General Obligation Tax Increment Bonds Series 1991 9.50 2009 13,000,000 14,219,400
Jefferson County Housing Development Rome Meadows Elderly Housing
Section 8 8.90 2006 2,000,000 2,059,320
Lansing Cook County Tax Increment Revenue Bonds Series 1987 10.00 2007 10,000,000 11,432,800
Lansing Tax Increment Refunding Revenue Bonds Landings Redevelopment Area
Limited Sales Tax Pledge Series 1992 7.00 2008 10,000,000 10,864,700
Marion General Obligation Hospital Alternate Revenue Source Bonds
Series 1991 7.50 2016 3,800,000 4,040,312
Metropolitan Fair & Exposition Authority Dedicated State Tax
Revenue Bonds 6.00 2014 5,585,000 5,651,964
Metropolitan Pier & Exposition Authority McCormick Place Expansion Bonds
Series 1992A 6.50 2027 26,510,000 27,736,353
Northwest Suburban Water Supply Joint Action Water Agency (MBIA Insured) 5.75 2012 2,000,000 2,010,180
Northwest Water Commission Cook & Lake County Water Revenue Bonds
(MBIA Insured) 6.50 2012 5,025,000 5,508,556
Pekin Pollution Control Revenue Bonds Commonwealth Edison Series 1979B 6.75 2004 2,250,000 2,288,812
Regional Transportation Authority General Obligation Bonds
Counties of Cook, Dupage, Kane, Lake, McHenery and Will
Series 1993AB (FGIC Insured) 5.80 2013 10,000,000 10,159,300
<FN>
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE 27
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of issuer and title of issue (b)(c) rate Maturity amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Richland County Hospital Revenue Bonds Richland Memorial Hospital
Series B 10.70 % 2009 $ 2,000,000 $ 2,325,000
Streamwood Collateralized Industrial Development Revenue Bonds
Woodland Heights 10.75 2014 5,790,000 6,105,265
Tinley Park Cook & Will Counties Limited Sales Tax Revenue Bonds
Series 1988 10.25 1999 895,000 (f) 402,750
Tinley Park Cook & Will Counties Unlimited Ad Valorem Tax Bonds
of Special Service 10.65 1993-07 1,525,000 (f) 1,006,500
Waukegan Pollution Control Revenue Bonds Commonwealth Edison Series B 6.875 2009 5,000,000 5,087,550
______________
Total 603,555,942
_____________________________________________________________________________________________________________________________
Indiana (2.5%)
Brazil 1st Mortgage Revenue Bonds Hoosier Care II Series 1990 10.375 2020 4,280,000 4,860,026
Carmel Retirement Rental Housing Refunding Revenue Bonds
Beverly Enterprises Series 1992 8.75 2008 7,000,000 7,875,630
Evansville Hospital Authority Hospital Refunding Revenue Bonds
Daughters of Charity Health System St. Mary's Medical Center 10.125 2015 3,000,000 3,391,620
Hanover 1st Mortgage Revenue Bonds Hoosier Care II Series 1990 10.375 2020 6,995,000 7,942,962
Health Facilities Authority Hospital Revenue Bonds
Community Hospital of Anderson Series 1993 6.00 2023 10,000,000 9,890,800
Indianapolis Resource Recovery Revenue Bonds
Ogden Martin System of Indianapolis Series 1985AB 7.80 2004 9,400,000 10,390,854
Indianapolis Resource Recovery Revenue Bonds
Ogden Martin System of Indianapolis Series 1985B 7.90 2008 2,050,000 2,271,748
Jasper County Pollution Control Refunding Revenue Bonds
Northern Indiana Public Services Series 1989A 7.50 2014 8,000,000 8,691,920
Kokomo Hospital Authority Hospital Refunding Revenue Bonds
St. Joseph's Hospital Series 1988A 8.75 2013 5,000,000 6,018,150
La Porte County Hospital Authority Hospital Refunding Revenue Bonds
La Porte Hospital Series 1993 6.00 2023 2,990,000 2,917,194
La Porte County Hospital Authority Hospital Refunding Revenue Bonds
La Porte Hospital Series 1993 6.25 2012 5,070,000 5,081,509
Lawrenceburg Pollution Control Refunding Revenue Bonds
Indiana-Michigan Electric Series E 5.90 2019 8,100,000 8,025,156
Madison County Hospital Facility Reference & Improvement Revenue Bonds
St. John's Holy Cross Health System Series 1983 10.75 2011 5,000,000 5,101,050
<FN>
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE 28
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of issuer and title of issue (b)(c) rate Maturity amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Marion County Hospital Authority Hospital Facility Revenue Bonds
Methodist Hospital Series 1989 6.50 % 2008-13 $19,670,000 $ 21,040,691
Muncie Economic Development 1st Mortgage Revenue Bonds
Delaware Advancement Series 1986 8.25 2016 3,000,000 3,164,040
Municipal Power Agency Power Supply System Refunding Revenue Bonds 5.75 2018 6,470,000 6,504,873
Princeton Pollution Control Revenue Bonds State Public Service Series 1987C
(MBIA Insured) 7.60 2012 16,000,000 17,860,160
Rockport Pollution Control Refunding Revenue Bonds
Indiana-Michigan Electric Series B 7.60 2016 5,500,000 6,161,705
St. Joseph County Hospital Facility Revenue Bonds
Memorial Hospital of South Bend 9.40 2010 2,000,000 2,524,960
Sullivan Pollution Control Refunding Revenue Bonds
Indiana-Michigan Elecric Series C 5.95 2009 18,500,000 18,589,910
Vincennes Community School Building 1st Mortgage Refunding Bonds
Series 1986 6.00 2016 10,000,000 10,147,000
______________
Total 168,451,958
_____________________________________________________________________________________________________________________________
Iowa (0.8%)
Davenport Health Facility 1st Mortgage Revenue Bonds
Ridgecrest Retirement Village Series 1985 8.20 2006 3,000,000 3,250,290
Davenport Health Facility 1st Mortgage Revenue Bonds
Ridgecrest Retirement Village Series 1985 12.75 2005 1,000,000 1,142,760
Iowa City Refunding Revenue Bonds Mercy Hospital Series 1986 6.00 2012 6,300,000 6,299,496
Keokuk Hospital Facilities Refunding Revenue Bonds
Keokuk Area Hospital Series 1991 7.625 2021 5,350,000 5,823,582
Muscatine Electric Refunding Revenue Bonds Series 1986 5.00 2007-08 7,720,000 7,385,915
Muscatine Electric Refunding Revenue Bonds Series 1986 6.00 2005-06 23,280,000 23,735,880
Sioux City Hospital Facility Revenue Bonds
St. Lukes Regional Medical Center 10.875 2013 3,740,000 4,602,257
______________
Total 52,240,180
_____________________________________________________________________________________________________________________________
Kentucky (1.5%)
Development Finance Authority Hospital Facility Revenue Bonds
St. Luke Hospital Series 1989B 6.00 2019 22,695,000 22,861,808
Development Finance Authority Medical Center
Refunding Revenue Improvement Bonds Ashland Hospital Series 1987 9.75 2011 4,000,000 4,856,240
<FN>
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE 29
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of issuer and title of issue (b)(c) rate Maturity amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Higher Educational Student Loan Revenue Bonds Series 1993B
(Insured Student Loan) 5.20 % 2004 $ 8,900,000 $ 8,885,671
Jefferson County Multi-family Housing Revenue Bonds Brownsboro Gardens
Series 1986A (FHA Insured) 8.00 2026 5,565,000 5,784,038
Louisville Airport Lease Revenue Bonds Series 1989A 7.875 2019 4,000,000 4,573,120
Louisville & Jefferson County Riverport Authority Mortgage Revenue Bonds
Series 1986 7.875 2016 7,185,000 7,930,516
Louisville Parking Authority of River City PARC 1st Mortgage
Refunding Revenue & Improvement Bonds Series 1985 9.25 2015 5,000,000 5,634,750
McCracken County Revenue Bonds Lourdes Hospital 6.00 2012 8,300,000 8,454,795
Muhlenberg County Hospital Refunding Revenue Bonds
Muhlenberg Community Hospital Series 1988 9.50 2010 4,490,000 4,851,355
Turnpike Authority Economic Road Development Refunding Revenue Bonds
Series 1993 Inverse Floater (AMBAC Insured) 8.40 2012 15,000,000 (e) 15,300,000
Turnpike Authority Toll Road Refunding Revenue Bonds Series 1981A 13.375 2010 8,055,000 9,386,572
______________
Total 98,518,865
_____________________________________________________________________________________________________________________________
Louisiana (2.7%)
Calcasieu Parish Industrial Development Polution Control
Refunding Revenue Bonds Gulf State Utilities Series 1992 6.75 2012 7,000,000 7,476,770
Energy & Power Authority Refunding Revenue Bonds Rodemacher Unit #2
Series 1991 (FGIC Insured) 6.00 2013 20,000,000 20,579,000
Hodge Village Combined Utility System Revenue Bonds Stone Container
Series 1990 9.00 2010 23,000,000 23,139,840
New Orleans Audobon Park Commission Aquarium Revenue Bonds Series 1992A 7.00 1997 1,800,000 1,868,868
New Orleans Audobon Park Commission Aquarium Revenue Bonds Series 1992A 8.00 2012 7,100,000 7,647,552
New Orleans Housing Development Elderly Assisted Tivoli Place Section 8 7.875 2010 1,500,000 1,538,130
Public Facilities Authority Revenue Bonds Alton Ochsner Medical Foundation
Series 1985A 6.00 2005 4,165,000 4,471,877
St. Charles Parish Pollution Control Revenue Bonds Louisiana Power & Light
Series 1984 8.25 2014 28,600,000 33,254,936
St. Charles Parish Pollution Control Revenue Bonds Louisiana Power & Light
Series 1991 7.50 2021 20,700,000 23,112,378
St. Charles Parish Pollution Control Revenue Bonds Louisiana Power & Light
2nd Series 1984 8.00 2014 29,155,000 33,845,165
St. James Parish Pollution Control Revenue Bonds B.F. Goodrich
Series 1981 14.50 2011 500,000 653,430
Southern Louisiana Port Commission Dock & Wharf Facilities B.F. Goodrich 14.50 2011 3,335,000 4,358,378
<FN>
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE 30
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of issuer and title of issue (b)(c) rate Maturity amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Southern Louisiana Port Commission Terminal Refunding Revenue Bonds
Gatx Terminal Series 1993 7.00 % 2023 $13,180,000 $ 14,423,928
West Feliciana Parish Demand Pollution Control Revenue Bonds
Gulf State Utilities Series 1985B 9.00 2015 6,000,000 7,242,180
______________
Total 183,612,432
_____________________________________________________________________________________________________________________________
Maine (0.4%)
Bucksport Solid Waste Disposal Revenue Bonds
Champion International Series 1985 6.25 2010 11,885,000 12,038,435
Health & Higher Educational Facilities Authority Revenue Bonds
St. Mary's Hospital Series 1989 8.625 2022 3,500,000 3,906,350
Skowhegan Pollution Control Refunding Revenue Bonds
Scott Paper Series 1993 5.90 2013 10,000,000 (d) 9,976,100
______________
Total 25,920,885
_____________________________________________________________________________________________________________________________
Maryland (0.5%)
Frederick County Economic Refunding Revenue Bonds Alumax Series 1992 7.25 2017 9,880,000 10,725,629
Harford County Industrial Development Revenue Bonds Dorsey 8.00 2005 612,000 618,530
Prince George's County Hospital Revenue Bonds Dimensions Health
Series 1992 7.00 2022 7,000,000 7,602,280
Prince George's County Hospital Revenue Bonds Dimensions Health
Series 1992 7.25 2017 11,400,000 12,505,914
State Transportation Authority Facility Revenue Bonds
Series 1992 Capital Appreciation Zero Coupon (FGIC Insured) 6.33 2010-11 9,700,000 (h) 3,715,249
State Transportation Authority Facility Revenue Bonds
Series 1992 Zero Coupon (FGIC Insured) 6.35 2012 5,000,000 (h) 1,775,100
______________
Total 36,942,702
______________________________________________________________________________________________________________________________
Massachusetts (3.0%)
Greater Lawrence Sanitary District North Andover
General Obligation Bonds 8.50 2005 4,910,000 5,212,161
Health & Educational Facilities Authority Revenue Bonds
Beverly Hospital Inverse Floater (MBIA Insured) 8.48 2020 8,000,000 (e) 8,410,000
Health & Educational Facilities Authority Revenue Bonds
Charlton Memorial Hospital Series B 7.25 2013 6,455,000 7,203,199
<FN>
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE 31
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of issuer and title of issue (b)(c) rate Maturity amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Industrial Finance Agency 1st Mortgage Revenue Bonds
Berkshire Retirement Community Lennox Series 1988 9.00 % 2000 $ 1,000,000 $ 1,061,920
Industrial Finance Agency 1st Mortgage Revenue Bonds
Berkshire Retirement Community Lennox Series 1988 9.875 2018 2,800,000 3,137,036
Industrial Finance Agency 1st Mortgage Revenue Bonds
Berkshire Retirement Community Lennox Series 1989 9.875 2018 550,000 601,722
Industrial Finance Agency Pollution Control
Refunding Revenue Bonds Eastern Edison Series 1993 5.875 2008 500,000 503,515
Industrial Finance Agency Resource Recovery Revenue Bonds
SEMASS Series 1991A 9.00 2015 18,885,000 21,353,081
Industrial Finance Agency Resource Recovery Revenue Bonds
SEMASS Series 1991B 9.25 2015 25,000,000 28,391,250
Municipal Wholesale Electric Power Supply System Revenue Bonds Series 1992B 6.75 2017 14,500,000 15,624,765
Municipal Wholesale Electric Power Supply System Revenue Bonds
Series 1993A Inverse Floater (AMBAC Insured) 7.72 2018 6,800,000 (e) 6,417,500
Salem Pollution Control Revenue Bonds New England Power 10.625 2013 15,500,000 15,813,255
State General Obligation Consolidated Loan Bonds Series 1989
(AMBAC Insured) 6.90 1997 2,500,000 2,729,650
State General Obligation Refunding Bonds Series 1993C 5.20 2008 14,000,000 13,634,600
State General Obligation Refunding Bonds Series 1993C
(FGIC Insured) 6.00 2009 18,000,000 19,428,120
State Housing Finance Agency Single Family Housing Revenue Bonds 6.30 2025 7,090,000 7,276,113
State Housing Finance Agency Single Family Housing Revenue Bonds Series 21 7.125 2025 20,985,000 22,533,693
Water Resources Authority General Refunding Revenue Bonds Series 1992B 5.50 2015 16,500,000 15,810,300
Water Resources Authority General Revenue Bonds Series 1992A 6.50 2019 3,500,000 3,884,650
______________
Total 199,026,530
_____________________________________________________________________________________________________________________________
Michigan (3.3%)
Crawford County Economic Development Corporation Environmental
Improvement Revenue Bonds Weyerhaeuser Series 1991A 7.125 2007 10,800,000 12,223,332
Detroit Convention Facilities Limited Tax Revenue Bonds
Cobo Hall Expansion Series 1985 9.00 2010 4,000,000 4,312,120
Dexter Community School District School Building & Site
1993 Unlimited Tax General Obligation Refunding Bonds 5.00 2017 4,255,000 (d) 3,976,510
Detroit Sewer Disposal System Revenue Bonds 7.125 2019 20,500,000 23,590,170
Economic Development Authority Economic Development Revenue Bonds
Oil & Gas Revenue Bonds Series 1982A 11.50 1994 1,985,000 2,063,904
Flint Economic Development Limited Obligation Economic Development
Revenue Bonds Hillhaven Series 1982 12.50 2010 2,500,000 2,581,250
<FN>
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE 32
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of issuer and title of issue (b)(c) rate Maturity amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Midland County Economic Development Corporation Pollution Control Limited
Obligation Refunding Revenue Bonds Midland Cogeneration Series 1990B 9.50 % 2009 $12,000,000 $ 13,953,120
Midland County Economic Development Corporation Pollution Control Limited
Obligation Refunding Revenue Bonds Midland Cogeneration Series 1990C 8.50 2009 18,900,000 20,524,455
Monroe County Pollution Control Revenue Bonds Detroit Edison 7.75 2019 40,250,000 45,720,378
Monroe County Pollution Control Revenue Bonds Detroit Edison Series 1985A 10.50 2016 10,000,000 11,503,500
Public Power Agency Belle River Refunding Revenue Bonds Series 1986 7.00 2018 14,150,000 15,271,953
Regents of the University of Michigan Hospital Refunding Revenue Bonds
Series 1986A 7.75 2012 5,000,000 5,678,500
State Building Authority Refunding Revenue Bonds Series 1993I
(AMBAC Insured) 5.125 2008 2,365,000 2,361,145
State Building Authority Refunding Revenue Bonds Series 1993I
(AMBAC Insured) 5.20 2009 8,050,000 7,955,332
State Hospital Finance Authority Hospital Refunding Revenue Bonds
Daughters of Charity Health System Providence Hospital 10.00 2015 4,900,000 5,534,403
State Hospital Finance Authority Hospital Refunding Revenue Bonds
Detroit Medical Center Series 1993A 6.50 2018 10,000,000 10,657,800
State Hospital Finance Authority Hospital Revenue Bonds
McLaren Obligated Group Series 1991A 7.50 2021 7,500,000 9,009,750
State Job Development Authority Pollution Control Revenue Bonds Chrysler 5.70 1999 4,350,000 4,439,349
Strategic Fund Limited Obligation Refunding Revenue Bonds Ford Motor
Series 1991A 7.10 2006 16,400,000 18,829,988
______________
Total 220,186,959
_____________________________________________________________________________________________________________________________
Minnesota (2.8%)
Appleton Correctional Facility Revenue Bonds Series 1990A 9.875 2020 15,000,000 (f) 12,300,000
Apple Valley 1st Mortgage Nursing Home Revenue Bonds
Apple Valley Health Care (FHA Insured) 10.50 2012 500,000 539,950
Bloomington Community Development Refunding Revenue Note
24th Avenue Motel 8.50 1998 1,613,882 1,613,882
Bloomington Health Care Facility Revenue Bonds
Friendship Village of Bloomington Series 1992 8.50 2002 5,720,000 6,261,570
Brainerd Economic Development Authority Health Care Facility Revenue Bonds
Benedictine Health System St. Joseph Medical Center Series 1990 8.375 2020 4,670,000 5,691,096
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 10,114,795
Duluth Housing & Redevelopment Authority Lakeshore Lutheran Home
1st Mortgage Revenue Bonds 8.00 2000 200,000 198,570
<FN>
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE 33
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of issuer and title of issue (b)(c) rate Maturity amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Duluth Housing & Redevelopment Authority Lakeshore Lutheran Home
1st Mortgage Revenue Bonds 8.25 % 2009 $ 750,000 $ 744,720
International Falls Solid Waste Disposal Revenue Bonds Boise Cascade
Series 1990 7.75 2015 10,000,000 10,952,900
Mille Lacs Capital Improvement Authority Infrastructure Revenue Bonds
Series1992A 9.25 2012 4,925,000 5,146,625
Minneapolis Water & Sewer Revenue Bonds Series 1992 5.00 1995 7,800,000 8,010,678
Osseo Independent School District #279 General Obligation
School Building Bonds Series 1994A Inverse Floater 7.55 2012 2,400,000 (e) 2,397,000
Regents of the University of Minnesota General Obligation Bonds
Series 1993A Inverse Floater 6.48 2003 12,000,000 (e) 12,225,000
St. Louis Park Health Care Facilities Revenue Bonds
Healthsystem Minnesota Obligated Group Series 1993 (AMBAC Insured) 5.20 2016 10,000,000 9,614,100
St. Louis Park Health Care Facilities Revenue Bonds
Healthsystem Minnesota Obligated Group Series 1993 Inverse Floater
(AMBAC Insured) 6.08 2005 9,200,000 (e) 8,590,500
St. Louis Park Health Care Facilities Revenue Bonds
Healthsystem Minnesota Obligated Group Series 1993 Inverse Floater
(AMBAC Insured) 7.08 2013 18,000,000 (e) 16,335,000
St. Louis Park Health Care Park Nicollet Medical Center Facility
Revenue Bonds Series 1990A 9.25 2020 6,000,000 7,579,020
St. Paul Housing & Redevelopment Authority Health Care Facility
Revenue Bonds Lyngblomsten Care Center Series 1993A 7.125 2017 2,950,000 2,949,705
St. Paul Housing & Redevelopment Authority Health Care Facility
Revenue Bonds Lyngblomsten Care Center Series 1993A 9.60 2006 2,220,000 2,353,200
St. Paul Housing & Redevelopment Authority Health Care Facility
Revenue Bonds Lyngblomsten Multi-family Rental Housing Series 1993B 7.00 2024 2,870,000 2,858,950
Southern Minnesota Municipal Power Agency Power Supply System
Refunding Revenue Bonds Series 1986A 6.75 2013 12,320,000 13,344,654
Southern Minnesota Municipal Power Agency Power Supply System
Refunding Revenue Bonds Series 1986B 7.00 2016 2,000,000 2,177,160
Southern Minnesota Municipal Power Agency Power Supply System
Refunding Revenue Bonds Series 1992 5.75 2018 32,210,000 32,709,255
Southern Minnesota Municipal Power Agency Power Supply System
Revenue Bonds Series 1983B 7.00 2018 1,100,000 1,103,916
<FN>
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE 34
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of issuer and title of issue (b)(c) rate Maturity amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Southern Minnesota Municipal Power Agency Power Supply System
Revenue Bonds Series 1985A 7.00 % 2018 $ 8,265,000 $ 8,843,385
Southern Minnesota Municipal Power Agency Revenue Bonds Series 1985C 7.00 2016 3,885,000 4,156,872
______________
Total 188,812,503
_____________________________________________________________________________________________________________________________
Mississippi (1.2%)
Claiborne County Pollution Control Revenue Bonds Middle South Energy 9.50 2013-16 21,750,000 24,754,298
Claiborne County Pollution Control Revenue Bonds Middle South Energy
Series C 9.875 2014 15,375,000 18,611,130
Claiborne County Pollution Control Revenue Bonds Middle South Energy
Series D 12.50 2015 16,000,000 18,488,320
Harrison County Waste Water Management District Refunding Bonds
Series 1986 5.00 2015 4,250,000 4,104,310
Jackson Industrial Development Revenue Bonds Dorsey 8.00 2005 521,000 529,096
Lowndes County Solid Waste Disposal Revenue Bonds Weyerhaeuser
Series 1989 7.875 2005 12,250,000 13,790,315
______________
Total 80,277,469
_____________________________________________________________________________________________________________________________
Missouri (0.8%)
Independence Industrial Development Authority Health Facilities
Refunding & Improvement Revenue Bonds Independence Regional Health Center
Series 1993 6.375 2018 4,000,000 4,099,080
Nevada Combined Waterworks & Sewage System Refunding Revenue Bonds
Series 1985 10.00 2004 5,000,000 5,505,850
Regional Convention & Sports Complex Authority Bonds
St. Louis Sponsor Series 1991B 7.00 2021 5,810,000 6,513,881
Regional Convention & Sports Complex Authority Bonds
St. Louis Sponsor Series 1991C 7.90 2021 2,700,000 3,045,384
State Environment & Improvement Energy Resources Authority
Pollution Control Revenue Bonds Chrysler 5.70 1999 9,250,000 9,498,085
Sikeston Electric System Refunding Revenue Bonds Series 1992
(MBIA Insured) 5.60 2000 4,040,000 4,297,469
Sikeston Electric System Refunding Revenue Bonds Series 1992
(MBIA Insured) 5.80 2002 4,165,000 4,477,042
St. Louis Industrial Development Authority Refunding Revenue Bonds
Kiel Center Multipurposes Arena Series 1992 7.875 2024 15,400,000 16,643,088
______________
Total 54,079,879
_____________________________________________________________________________________________________________________________
<FN>
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE 35
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of issuer and title of issue (b)(c) rate Maturity amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Montana (0.2%)
Forsyth Rosebud County Collateralized Pollution Control Revenue Bonds
Montana Power Series 1984A 10.125 % 2014 $12,000,000 $ 12,430,680
_____________________________________________________________________________________________________________________________
Nebraska (0.1%)
Omaha Public Power District Electric System Revenue Bonds Series 1986A 6.00 2015 1,370,000 1,474,613
Public Power District Supply System Revenue Bonds Series 1993C 5.00 2017 3,000,000 2,775,540
______________
Total 4,250,153
_________________________________________________________________________________________________________________________________
Nevada (0.4%)
Clark County Collateralized Pollution Control Revenue Bonds
State Power 7.80 2009 11,850,000 13,258,847
Clark County Industrial Development Revenue Bonds State Power Series 1990 7.80 2020 5,000,000 5,582,550
Humboldt County Collateralized Pollution Control & Water Facilities
Washoe County Hospital Revenue Bonds Washoe Medical Center Series 1989A 7.60 2019 2,750,000 3,102,357
Washoe County Hospital Revenue Bonds Washoe Miedical Center Series 1993A 6.00 2015 7,250,000 7,255,945
______________
Total 29,199,699
_____________________________________________________________________________________________________________________________
New Hampshire (2.3%)
Business Financial Authority Pollution Control Refunding Revenue Bonds
United Illuminating Series 1993A 5.875 2033 13,200,000 12,680,052
Industrial Development Authority Pollution Control Revenue Bonds
State Public Service Series 1991A 7.65 2021 10,000,000 11,155,700
Industrial Development Authority Pollution Control Revenue Bonds
State Public Service Series 1991B 7.50 2021 35,735,000 39,546,852
Industrial Development Authority Pollution Control Revenue Bonds
State Public Service Series 1991C 7.65 2021 25,000,000 28,017,500
Industrial Development Authority Pollution Control Revenue Bonds
United Illuminating Series 1987A 9.375 2012 15,000,000 17,473,500
Industrial Development Authority Pollution Control Revenue Bonds
United Illuminating Series 1989A 8.00 2014 8,000,000 9,166,240
State Higher Education & Health Facility Authority Hospital Revenue Bonds
Mary Hitchcock Memorial Hospital Series 1993 Inverse Floater
(FGIC Insured) 6.57 2013 17,000,000 (e) 16,828,810
State Turnpike System Refunding Revenue Bonds Series 1992 5.75 2020 20,615,000 20,644,892
______________
Total 155,513,546
_____________________________________________________________________________________________________________________________
<FN>
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE 36
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of issuer and title of issue (b)(c) rate Maturity amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
New Jersey (0.1%)
Economic Development Authority 1st Mortgage Gross Revenue Bonds
Mega Care Union Hospital 8.625% 2007 $ 2,500,000 $ 2,933,050
Health Care Facility Finance Authority Revenue Bonds
Zurbrugg Memorial Hospital Series C 8.50 2012 3,500,000 3,852,730
Middlesex County Industrial Financing Authority Pollution Control
Revenue Bonds Amerada Hess Series 1984 11.625 2014 1,500,000 1,655,670
______________
Total 8,441,450
_____________________________________________________________________________________________________________________________
New Mexico (1.2%)
Albuquerque Airport Revenue Bonds Series 1987B 8.75 2019 15,000,000 17,093,250
Albuquerque Health Care System Revenue Bonds Lovelace Medical Fund 10.25 2011 55,000 56,296
Cibola County Correctional Facility Certificate of Participation
Series 1993 8.50 2015 17,355,000 17,333,306
Farmington Pollution Control Revenue Bonds State Public Service 6.50 2009 4,935,000 4,952,124
Farmington Pollution Control Revenue Bonds State Public Service San Juan
Series 1978A 6.00 2008 9,000,000 8,838,450
Farmington Power Refunding Revenue Bonds Generating Division 9.875 2013 5,000,000 7,030,950
Las Vegas Hospital Facility Refunding Revenue Bonds
Northeastern Regional Hospital Series 1987 9.625 2013 6,035,000 6,609,955
Lordsberg Pollution Control Refunding Revenue Bonds Phelps Dodge 6.50 2013 20,000,000 21,721,200
______________
Total 83,635,531
_____________________________________________________________________________________________________________________________
New York (7.1%)
Battery Park City Authority Senior Refunding Revenue Bonds
Series 1993A 5.80 2022 20,000,000 (d) 19,998,800
Dormitory Authority New York City University Education Facility
Revenue Bonds Series 1990A 7.70 2012 10,000,000 11,975,900
Dormitory Authority New York City University Education Facility
Revenue Bonds Series 1993A 5.50 2013 28,000,000 27,249,600
Dormitory Authority New York City University System Consolidated
2nd General Resource Revenue Bonds Series 1990C 5.00 2017 20,820,000 18,692,404
Dormitory Authority New York City University System Consolidated
2nd General Resource Revenue Bonds Series 1990C 6.00 2016 39,465,000 39,867,543
Dormitory Authority New York City University System Consolidated
2nd General Resource Revenue Bonds Series 1990D 7.00 2009 5,000,000 5,726,750
<FN>
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE 37
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of issuer and title of issue (b)(c) rate Maturity amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Dormitory Authority New York City University System Consolidated
2nd General Resolution Revenue Bonds Series 1993A 5.75 % 2013 $12,750,000 $ 12,689,947
Erie County Industrial Facility Revenue Bonds Monogram Industries 12.00 2006 4,795,000 (f) 4,747,050
General Obligation Bonds Series 1985B 10.875 2014 10,000,000 11,050,100
General Obligation Bonds Series 1992B 7.40 2000 30,000,000 33,648,600
Metropolitan Transportation Authority Commuter Facility Revenue Bonds
Series H 6.00 2014 6,150,000 6,176,015
Metropolitan Transportation Authority Transit Facility Revenue Bonds
Series G 6.00 2014 4,970,000 4,993,707
Metropolitan Transportation Transit Facilities Service Contract Series 3 6.00 2019 6,395,000 6,417,304
New York City Industrial Development Agency Special Facility Revenue Bonds
American Airlines Series 1990 8.00 2020 16,130,000 17,808,488
New York City Municipal Water Financial Authority Water & Sewer System
Revenue Bonds Series 1994B Inverse Floater (MBIA Insured) 7.72 2009 15,500,000 (e) 15,286,875
New York City Municipal Water Financial Authority Water & Sewer System
Revenue Bonds Series A 6.25 2021 55,500,000 56,751,525
New York City Municipal Water Financial Authority Water & Sewer System
Revenue Bonds Series B 5.00 2017 6,255,000 5,915,604
Port Authority Special Project Bonds La Guardia Airport Passenger Terminal
Continental & Eastern Airlines 9.00 2006 2,645,000 3,101,633
Port Authority Special Project Bonds La Guardia Airport Passenger Terminal
Continental & Eastern Airlines Series 2 9.00 2010 8,800,000 10,302,864
Port Authority Special Project Bonds La Guardia Airport Passenger Terminal
Continental & Eastern Airlines Series 2 9.125 2015 17,500,000 20,611,325
State Energy Research & Development Authority Electric Facility
Revenue Bonds Consolidated Edison 7.125 2022 10,750,000 11,855,208
State Energy Research & Development Authority Electric Facility
Revenue Bonds Consolidated Edison 7.375 2024 23,000,000 25,656,040
State Energy Research & Development Authority Electric Facility
Revenue Bonds Consolidated Edison 7.50 2021 9,000,000 10,003,590
State Energy Research & Development Authority Electric Facility
Revenue Bonds Consolidated Edison Series 1990A 7.50 2025 30,975,000 35,249,550
State Energy Research & Development Authority Electric Facility
Revenue Bonds Long Island Lighting Series 1992B 7.15 2019-22 17,675,000 19,101,726
State Facilities Finance Agency Insured Hospital Mortgage Revenue Bonds
Series 1985B (FHA Insured) 9.75 2025 9,500,000 10,396,230
State Housing Finance Agency State University Construction
Refunding Bonds Series 1986A 6.50 2013 3,500,000 4,009,915
<FN>
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE 38
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of issuer and title of issue (b)(c) rate Maturity amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
State Local Government Assistance Corporation Series 1991A 6.50 % 2020 $11,000,000 $ 11,802,010
State Urban Development Correctional Facility Revenue Bonds Series A 7.00 2016 1,800,000 1,916,514
State Urban Development Correctional Facility Revenue Bonds Series B 7.00 2016 10,750,000 11,445,847
______________
Total 474,448,664
_____________________________________________________________________________________________________________________________
North Carolina (5.4%)
Eastern Municipal Power Agency Power Supply System
Pre-Refunded Revenue Bonds Series 1985A 10.00 2018 5,000,000 5,418,800
Eastern Municipal Power Agency Power Supply System
Refunding Revenue Bonds Series 1985D 8.50 2011 20,795,000 22,006,933
Eastern Municipal Power Agency Power Supply System
Refunding Revenue Bonds Series 1985D 10.25 2009 29,460,000 32,576,279
Eastern Municipal Power Agency Power Supply System
Refunding Revenue Bonds Series 1993B 6.25 2012 45,655,000 47,200,878
Eastern Municipal Power Agency Power Supply System Revenue Bonds
Series 1985A 7.50 2019 2,650,000 2,776,962
Eastern Municipal Power Agency Power Supply System Revenue Bonds
Series 1985D 7.50 2012 1,000,000 1,039,490
Eastern Municipal Power Agency Power System Refunding Revenue Bonds
Series 1986A 4.00 2018 8,675,000 7,140,132
Eastern Municipal Power Agency Power System Refunding Revenue Bonds
Series 1986A 5.00 2017 6,500,000 6,216,802
Eastern Municipal Power Agency Power System Refunding Revenue Bonds
Series 1988A 6.00 2026 3,125,000 3,370,429
Eastern Municipal Power Agency Power System Refunding Revenue Bonds
Series 1989A 5.50 2011 37,800,000 36,658,062
Eastern Municipal Power Agency Power System Refunding Revenue Bonds
Series 1989A 6.50 2024 16,750,000 17,155,182
Eastern Municipal Power Agency Power System Refunding Revenue Bonds
Series 1989A 7.50 2010 29,160,000 35,459,904
Eastern Municipal Power Agency Power System Refunding Revenue Bonds
Series 1991A 5.75 2019 55,000,000 53,711,900
Eastern Municipal Power Agency Power System Revenue Bonds 8.00 2019 1,930,000 1,938,569
Municipal Power Agency #1 Catawba Electric Revenue Bonds Series 1984 10.00 2014 3,315,000 3,434,572
Municipal Power Agency #1 Catawba Electric Revenue Bonds Series 1985 9.00 2013 21,500,000 23,283,640
Municipal Power Agency #1 Catawba Electric Revenue Bonds Series 1985A 7.00 2020 9,000,000 9,515,484
Municipal Power Agency #1 Catawba Electric Revenue Bonds Series 1985B 8.50 2017 13,000,000 14,551,940
<FN>
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE 39
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of issuer and title of issue (b)(c) rate Maturity amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Municipal Power Agency #1 Catawba Electric Revenue Bonds Series 1988 7.00 % 2016 $ 5,140,000 $ 5,593,348
Municipal Power Agency #1 Catawba Electric Revenue Bonds Series 1992 6.25 2017 9,800,000 10,287,060
Municipal Power Agency #1 Catawba Electric Revenue Bonds Series 1993
Inverse Floater (MBIA Insured) 7.845 2012 7,400,000 (e) 7,215,000
Municipal Power Agency #1 Catawba Electric Revenue Bonds Series 1993
Inverse Floater (MBIA Insured) 8.045 2020 15,000,000 (e) 14,625,000
______________
Total 361,176,366
_____________________________________________________________________________________________________________________________
North Dakota (0.4%)
Fargo Hospital Refunding Revenue & Improvement Bonds Dakota Hospital
Series 1992 6.875 2012 3,000,000 3,274,140
Fargo Hospital Refunding Revenue & Improvement Bonds Dakota Hospital
Series 1992 7.00 2022 4,250,000 4,678,315
General Obligation Bonds Real Estate Series 1986A 6.00 2013 10,000,000 10,230,700
Hettinger Hospital Refunding Revenue Bonds Community Memorial Hospital
Series 1985 10.00 2005 3,585,000 3,925,145
State Board of Higher Education University of North Dakota Housing &
Auxiliary Facilities Refunding Revenue Bonds Series 1985A 9.25 2014 5,060,000 5,602,331
______________
Total 27,710,631
_____________________________________________________________________________________________________________________________
Ohio (2.3%)
Air Quality Development Authority Pollution Control Revenue Bonds
Cincinnati Gas & Electric 10.125 2015 10,000,000 11,375,500
Air Quality Development Authority Pollution Control Revenue Bonds
Dayton Power & Light 9.50 2015 7,050,000 7,919,759
Air Quality Development Authority Pollution Control Revenue Bonds
Ohio Edison Series 1989A 7.625 2023 6,750,000 7,438,432
Bellefontaine Hospital Facilities Refunding Revenue Bonds
Mary Rutan Health Association Series 1993 6.00 2013 5,330,000 5,208,742
Butler County Hospital Facilities Refunding Revenue & Improvement Bonds
Fort Hamilton-Hughes Memorial Center Series 1991 7.50 2010 8,650,000 9,548,822
Cleveland Parking Facilities Improvement Revenue Bonds Series 1992 8.10 2022 15,000,000 16,586,100
Coshocton County Solid Waste Disposal Refunding Revenue Bonds
Stone Container Series 1992 7.875 2013 17,500,000 17,045,700
Erie County Hospital Improvement & Refunding Revenue Bonds
Firelands Community Hospital Series 1992 6.75 2015 6,540,000 7,129,319
<FN>
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE 40
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of issuer and title of issue (b)(c) rate Maturity amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Franklin County Refunding Revenue Bonds Online Computer Library Center
Series 1985 9.75 % 2009 $ 2,500,000 $ 2,753,850
Hancock Industrial Development Revenue Bonds Payless Cashways 11.75 2004 2,500,000 2,706,325
Lake County Hospital Revenue Bonds Lake County Memorial Hospital
Series 1983 10.75 2013 3,700,000 3,838,454
Montgomery County Health Facilities Refunding Revenue Bonds
Friendship Village of Dayton Series 1990A 9.25 2016 9,000,000 10,049,400
Montgomery County Health Facilities Refunding Revenue Bonds
Friendship Village of Dayton Series 1985 11.75 2015 3,500,000 4,138,995
Montgomery County Industrial Development Revenue Bonds SPM Systems
Series 1991 10.00 2005 7,290,000 7,189,034
Sandusky County Hospital Refunding Revenue Bonds
Memorial Hospital Association Series 1985 11.25 2009 4,000,000 4,406,720
Water Development Authority Collateralized Pollution Control Revenue Bonds
Cleveland Electric Series 1989 8.00 2023 10,000,000 11,239,300
Water Development Authority Collateralized Pollution Control Revenue Bonds
Toledo Edison Series 1989 8.00 2023 8,500,000 9,553,405
Water Development Authority Pollution Control Revenue Bonds
Duquesne Light Series 1985A 11.125 2015 2,970,000 3,289,364
Water Development Authority Pollution Control Revenue Bonds Ohio Edison 8.10 2023 10,000,000 11,234,100
Water Development Authority Pollution Control Revenue Bonds
Pennsylvania Power Series 1984 12.00 2014 3,400,000 3,769,240
___________
Total 156,420,561
_____________________________________________________________________________________________________________________________
Oklahoma (1.1%)
Grand River Dam Authority Refunding Revenue Bonds Series 1985 9.375 2005 3,500,000 3,878,630
Grand River Dam Authority Refunding Revenue Bonds Series 1987 5.00 2012 10,105,000 9,534,068
Hinton Economic Development Authority Certificate of Participation
Dominion Leasing Series 1990A 9.75 2015 19,090,000 21,285,350
Midwest City Memorial Hospital Authority Hospital Revenue Bonds
Series 1992 7.375 2022 7,815,000 8,414,332
Municipal Power Authority Power Supply System Revenue Bonds
Series 1985C 9.625 2023 6,740,000 7,688,453
Oklahoma City Central Oklahoma Transportation & Parking Authority
Parking System Refunding Revenue Bonds Series 1986 (AMBAC Insured) 6.90 2008 8,180,000 8,860,331
Oklahoma County Industrial Authority Hospital Revenue Bonds
Southwest Medical Center Series 1992A 7.20 2022 14,735,000 15,627,204
______________
Total 75,288,368
_____________________________________________________________________________________________________________________________
<FN>
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE 41
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of issuer and title of issue (b)(c) rate Maturity amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Oregon (--%)
State Veterans Welfare Department Pre-Refunded Bonds Series LXVII 12.40 % 2000 $ 2,000,000 $ 2,490,920
_____________________________________________________________________________________________________________________________
Pennsylvania (3.7%)
Beaver County Industrial Development Authority Collateralized Pollution
Control Revenue Bonds Cleveland Electric Illuminating Series 1985 10.50 2015 6,000,000 6,739,800
Beaver County Industrial Development Authority Pollution Control
Revenue Bonds Cleveland Electric Illuminating Series 1984 11.125 2014 25,800,000 28,380,258
Beaver County Industrial Development Authority Pollution Control
Revenue Bonds Duquesne Light Series 1984B 11.625 2014 2,000,000 2,219,240
Beaver County Industrial Development Authority Pollution Control
Revenue Bonds Toledo Edison Series 1984A 13.25 2014 6,000,000 6,673,380
Beaver County Industrial Development Authority Pollution Control
Revenue Bonds Toledo Edison Series 1985B 12.25 2015 5,450,000 6,296,876
Beaver County Industrial Development Authority Pollution Control
Revenue Bonds Toledo Edison-Beaver Valley Series 1985C 10.75 2015 4,500,000 5,129,460
Beaver County Industrial Development Authority Pollution Control
Revenue Bonds Ohio Edison 7.75 2024 12,000,000 13,383,120
Beaver County Industrial Development Authority Pollution Control
Revenue Bonds Ohio Edison Series A 10.50 2015 10,000,000 11,375,000
Bulter County Industrial Development Authority Health Care
Refunding Revenue Bonds Pittsburgh Lifetime Care Community Sherwood Oaks
Series 1993 5.75 2016 3,000,000 2,861,790
Bulter County Industrial Development Authority Health Care
Refunding Revenue Bonds Pittsburgh Lifetime Care Community Sherwood Oaks
Series 1993 6.00 2011 2,000,000 1,923,240
Chartiers Valley Industrial Development Authority Beverly Enterprises
Series 1982A 10.54 2007 2,785,000 2,873,674
Delaware County Authority 1st Mortgage Revenue Bonds
Whitehorse Village Continuing Care Series 1989 9.70 2009-19 11,000,000 12,079,710
Delaware County Industrial Development Authority Pollution Control
Refunding Revenue Bonds Philadelphia Electric Series A 7.375 2021 900,000 1,005,192
Fayette County Hospital Authority Hospital Refunding Revenue Bonds
Uniontown Hospital Series 1987 7.625 2015 9,000,000 9,759,240
Higher Educational Authority Medical Coverage of Pennsylvania
Revenue Bonds 1st Series 1984 12.00 2014 5,750,000 6,053,945
Lehigh County Industrial Development Authority Pollution Control
Revenue Bonds Pennsylvania Power & Light Series 1984A 10.625 2014 15,275,000 16,394,047
<FN>
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE 42
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of issuer and title of issue (b)(c) rate Maturity amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Lehigh County Industrial Development Authority Pollution Control
Revenue Bonds Pennsylvania Power & Light Series 1984B 10.625% 2014 $ 3,000,000 $ 3,145,050
Montgomery County Higher Education and Health Authority
Retirement Community Revenue Bonds G.D.L. Farms Series A 9.50 2020 3,000,000 3,279,120
Montgomery County Industrial Development Authority Pollution Control
Refunding Revenue Bonds Philadelphia Electric Series 1991 7.60 2021 3,165,000 3,538,692
Northhampton County Pollution Control Revenue Bonds Metropolitan Edison 10.50 1995 2,000,000 2,235,060
Philadelphia Airport Revenue Bonds Philadelphia Airport System Series 1985 8.875 2005 1,680,000 1,824,446
Philadelphia Airport Revenue Bonds Philadelphia Airport System Series 1985 9.00 2015 5,750,000 6,254,907
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 5,011,913
Philadelphia Hospital & Higher Education Facility Authority Hospital
Revenue Bonds Albert Einstein Medical Center 7.625 2011 15,545,000 17,217,176
Philadelphia Municipal Authority Lease Refunding Revenue Bonds
Series 1993D 5.75 2013 2,500,000 2,494,150
Philadelphia Municipal Authority Lease Refunding Revenue Bonds
Series 1993D 6.30 2017 1,550,000 1,546,063
Philadelphia Water & Sewer Revenue Bonds 12th Series 6.00 2016 10,000,000 10,584,700
Philadelphia Water & Sewer Revenue Bonds 12th Series 7.25 2014 12,000,000 13,171,800
Philadelphia Water & Sewer Revenue Bonds 16th Series 7.00 2018 14,000,000 14,699,720
Philadelphia Water & Sewer Revenue Bonds 16th Series 7.50 2010 13,200,000 14,500,464
Pittsburgh Public Parking Authority Parking System Revenue Bonds
Series 1985 9.50 2007 4,200,000 4,783,758
Wilkins Industrial Development Authority Revenue Bonds Retirement Community
Longwood at Oakmont Series 1991A 10.00 2021 8,495,000 9,914,260
______________
Total 249,707,951
_____________________________________________________________________________________________________________________________
Puerto Rico (0.7%)
Electric Power Agency Revenue Bonds Series N 6.00 2010 40,000,000 40,928,800
Electric Power Agency Revenue Bonds Series O 6.00 2010 5,305,000 5,428,182
______________
Total 46,356,982
_____________________________________________________________________________________________________________________________
South Carolina (2.0%)
Cherokee County Spring City Knitting Cluett Peabody 7.40 2009 5,200,000 6,529,172
Georgetown County Hospital Facility Revenue Bonds
Georgetown County Memorial Hospital 9.75 2017 2,000,000 2,180,380
<FN>
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE 43
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of issuer and title of issue (b)(c) rate Maturity amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Greenville County Industrial Development Revenue Bonds
Merscot-Greenville Waste Water Treatment Series 1986A 8.00 % 2008 $ 8,530,000 $ 9,335,061
Piedmont Municipal Power Agency Electric Refunding Revenue Bonds
Series 1985 7.00 2025 17,430,000 18,649,751
Piedmont Municipal Power Agency Electric Refunding Revenue Bonds
Series 1986B 5.75 2024 7,550,000 7,506,739
Piedmont Municipal Power Agency Electric Revenue Bonds Series 1984 7.00 2013 8,385,000 8,738,512
Piedmont Municipal Power Agency Electric Revenue Bonds Series 1985 7.50 2016 5,830,000 6,109,315
Public Service Authority Electric System Expansion Revenue Bonds
Santee Cooper Series 1985A 9.50 2022 23,920,000 26,893,495
Public Service Authority Electric System Expansion Revenue Bonds
Santee Cooper Series 1986D 6.375 2022 2,250,000 2,320,178
Public Service Authority Electric System Expansion Revenue Bonds
Santee Cooper Series 1991D 6.625 2031 14,975,000 17,204,029
Public Service Authority Electric System Expansion Revenue Bonds
Santee Cooper Series A 9.20 2021 3,000,000 3,359,130
Public Service Authority Electric System Revenue Bonds
Santee Cooper Series 1991B 6.00 2031 8,755,000 8,871,266
Public Service Authority Electric System Revenue Bonds
Santee Cooper Series 1993A Inverse Floater (MBIA Insured) 8.212 2013 17,700,000 (e) 17,589,375
______________
Total 135,286,403
_____________________________________________________________________________________________________________________________
South Dakota (0.3%)
Heartland Consumers Power District Electric System
Refunding Revenue Bonds Series 1986 6.00 2010 10,205,000 10,823,117
State Lease Revenue Trust Certificates Series 1993
(Capital Guaranty Insured) 6.70 2017 7,260,000 8,269,866
______________
Total 19,092,983
_____________________________________________________________________________________________________________________________
Tennessee (0.2%)
Chattanooga Municipal Improvement & Sewer Facility Unlimited Tax Bonds 6.50 2007 2,000,000 2,162,560
Knox County Health Education & Housing Facility Hospital Revenue Bonds
Baptist Health System East Tennessee Series 1989 8.60 2016 10,000,000 10,918,400
______________
Total 13,080,960
_____________________________________________________________________________________________________________________________
Texas (10.9%)
Alliance Airport Authority Special Facility Revenue Bonds
American Airlines Series 1990 7.50 2029 37,400,000 40,261,474
Arlington Limited Tax General Obligation Bonds 6.50 2004 1,500,000 1,599,870
<FN>
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE 44
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of issuer and title of issue (b)(c) rate Maturity amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Austin Combined Utility Systems Refunding Revenue Bonds Series 1985 8.00 % 2014 $ 6,500,000 $ 7,082,335
Austin Combined Utility Systems Refunding Revenue Bonds Series 1985 10.75 2010-15 12,000,000 16,194,720
Austin Combined Utility Systems Refunding Revenue Bonds Series 1986 5.00 2013 20,000,000 18,254,400
Austin General Obligation Public Improvement Bonds Series 1986 6.75 2006 2,000,000 2,164,640
Austin General Obligation Public Improvement Bonds Series 1986 7.00 2007 5,450,000 5,932,543
Austin Utility Subordinate Lien Refunding Revenue Bonds Series 1985 7.00 2015 9,000,000 9,631,620
Board of Regents of the University System General Refunding Revenue Bonds
Series 1986 6.50 2007 17,500,000 18,906,713
Brazos River Authority Collateralized Pollution Control Revenue Bonds
Houston Lighting & Power Series 1986A 7.875 2018 25,000,000 27,779,750
Brazos River Authority Collateralized Pollution Control Revenue Bonds
Texas Utility Electric Series 1986 8.25 2016 7,765,000 8,719,474
Brazos River Authority Collateralized Pollution Control Revenue Bonds
Texas Utility Electric Series 1989A 8.25 2019 14,000,000 15,979,740
Brazos River Authority Collateralized Pollution Control Revenue Bonds
Texas Utility Electric Series 1990A 8.125 2020 13,205,000 15,207,670
Brazos River Authority Collateralized Pollution Control Revenue Bonds
Texas Utility Electric Series 1991A 7.875 2021 24,450,000 28,068,111
Brazos River Authority Collateralized Refunding Revenue Bonds
Houston Lighting & Power Series 1989A 7.625 2019 26,300,000 29,559,359
Brazos River Authority Pollution Control Revenue Bonds
Houston Lighting & Power Series 1985A 9.875 2015 11,500,000 12,748,900
Brazos River Authority Pollution Control Revenue Bonds Texas Utilities 9.25 2018 13,000,000 15,214,550
Brownsville Utility System Priority Revenue Bonds Series 1990
(AMBAC Isured) 6.50 2017 10,015,000 10,799,675
Brownsville Utility System Revenue Bonds Series 1984 11.625 2014 12,000,000 13,029,960
Clay Road Municipal Utility District Unlimited Tax
Refunding Revenue Bonds Series 1991 7.625 2011 2,000,000 2,127,820
Colony Municipal Utility District #1 Denton County Series 1980 9.25 2007 1,000,000 1,395,040
Dallas & Fort Worth International Airport Regional Airport
Joint Revenue Bonds Series 1985 9.125 2015 14,500,000 16,154,740
Dallas & Fort Worth International Airport Special Facility Revenue Bonds
American Airlines Series 1990 7.50 2025 26,200,000 28,157,926
Dallas & Fort Worth International Airport Special Facility Revenue Bonds
Delta Air Lines Series 1991 7.125 2026 13,500,000 13,938,885
El Paso Water & Sewer Revenue Bonds 7.00 2003-05 7,100,000 7,631,648
Garland Utility System Revenue Bonds Series 1986 6.80 2003 3,335,000 3,571,118
Harris County Health Facilities Development Hospital
Refunding Revenue Bonds Memorial Hospital Series 1985 6.00 2004 6,460,000 6,503,153
<FN>
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE 45
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of issuer and title of issue (b)(c) rate Maturity amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Harris County Health Facilities Hospital Revenue Bonds Memorial Hospital
Series 1992 7.125% 2015 $16,000,000 $ 17,913,600
Harris County Industrial Development Marine Terminal Refunding Revenue Bonds
GATX Terminal Series 1992 6.95 2022 15,000,000 16,234,950
Houston Water & Sewer Junior Lein Revenue Refunding Bonds Series 1991C
(AMBAC Insured) 5.70 1997 9,500,000 10,077,410
Lower Colorado River Authority Priority Revenue Bonds 7.00 2013 17,000,000 18,189,660
Lower Colorado River Authority Priority Revenue Bonds 9.00 2009 10,000,000 11,282,600
Lower Colorado River Authority Priority Revenue Bonds Series 1985 8.00 2014 2,500,000 2,770,500
Mansfield Tarrant Johnson & Ellis Counties Waterworks & Sewer System
Revenue Bonds Series 1985 10.25 2003 1,000,000 1,111,720
Mansfield Tarrant Johnson & Ellis Counties Waterworks & Sewer System
Revenue Bonds Series 1985 10.375 2007 1,815,000 2,021,420
Matagorda County Navigation District #1 Collateral Pollution Control
Revenue Bonds Central Power & Light Series 1986A (AMBAC Insured) 7.50 2020 6,500,000 7,458,100
Matagorda County Navigation District #1 Collateral Pollution Control
Revenue Bonds Houston Power & Light Series 1986A 7.875 2016 8,000,000 8,922,320
Matagorda County Navigation District #1 Collateral Pollution Control
Revenue Bonds Houston Power & Light Series 1989A 7.875 2019 10,060,000 11,307,138
Matagorda County Navigation District #1 Pollution Control Revenue Bonds
Central Power & Light Series 1986 7.875 2016 18,000,000 20,051,820
Matagorda County Navigation District #1 Pollution Control Revenue Bonds
Houston Lighting & Power Series 1985A 10.00 2015 5,000,000 5,607,700
Midland County Hospital District Revenue Bonds Series 1992 7.50 2016 3,025,000 3,331,433
Mills Road Municipal Utility District Harris County Unlimited Tax
Refunding Bonds Series 1993 6.50 2014 4,030,000 4,133,571
Municipal Power Agency Revenue Bonds Series 1985 7.00 2014 10,000,000 10,627,000
Municipal Power Agency Revenue Bonds Series 1985 9.50 2013 19,500,000 21,926,970
Municipal Power Agency Revenue Bonds Series 1986 6.50 2014 4,000,000 4,189,760
Municipal Power Authority 5.50 2013 7,410,000 7,158,208
Municipal Power Authority (BIG Insured) 6.25 2010 13,940,000 14,779,467
Nacogdoches County Hospital District 1st Mortgage
Refunding Revenue Bonds 11.00 2009 5,415,000 5,722,789
North Austin Municipal Utility District #1 Austin Contract Revenue Bonds
Series 1985 9.90 2006-07 2,800,000 3,328,528
North Austin Municipal Utility District #1 Austin Contract Revenue Bonds
Series 1985 10.00 2008-09 2,625,000 3,126,979
North Central Texas Health Facility Development Hospital Revenue Bonds
University Medical Center 8.20 2019 4,245,000 4,720,567
<FN>
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE 46
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of issuer and title of issue (b)(c) rate Maturity amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
North Central Texas Health Facility Development Hospital Revenue Bonds
University Medical Center Series 1987 7.75 % 2017 $ 7,500,000 $ 7,910,400
Odessa Housing Development Family Housing Revenue Bonds #2 Section 8 12.00 2001-03 825,000 864,494
Plano Collin & Denton County General Obligation Bonds Limited Tax
Series 1986 6.00 2004-06 4,800,000 5,008,608
Sabine River Authority Collateralized Pollution Control Revenue Bonds
Texas Utilities Electric Series 1990A 8.125 2020 30,500,000 34,694,665
Sam Rayburn Municipal Power Agency Supply System Refunding Revenue Bonds
Series 1993B 5.50 2020 9,375,000 8,589,656
Sam Rayburn Municipal Power Agency Supply System Refunding Revenue Bonds
Series 1993B 6.125 2013 5,000,000 5,052,750
San Antonio Electric & Gas Refunding Revenue Bonds
Registered Subordinate Lien 7.00 2014 31,775,000 32,440,686
San Antonio Electric & Gas System Refunding Revenue Bonds Series 1989B 5.00 2016 11,000,000 10,246,170
San Antonio Electric & Gas System Revenue Bonds Series 1987 5.00 2014 8,680,000 8,114,151
West Side Calhoun County Navigation District Solid Waste Disposal
Revenue Bonds Union Carbide Chemical & Plastics Series 1991 8.20 2021 17,550,000 20,130,026
West Side Calhoun County Navigation District Solid Waste Disposal
Revenue Bonds Union Carbide Chemical & Plastics Series 1993 6.40 2023 4,750,000 4,873,500
Wichita County Wichita Falls Hospital Board Revenue Bonds
Wichita Falls Hospital 10.75 2014 4,750,000 5,245,995
_____________
Total 735,781,145
_____________________________________________________________________________________________________________________________
Utah (2.1%)
Association Municipal Power System Hunter Series A (AMBAC Insured) 5.50 2012 4,000,000 3,967,600
Carbon County Solid Waste Disposal Refunding Revenue Bonds
Sunnyside Cogeneration Associates Series 1991 9.25 2018 25,350,000 27,801,092
Housing Finance Agency Single Family Mortgage Senior Bonds Series 1991C
(FGIC Insured) 7.30 2011 2,005,000 2,107,716
Housing Finance Agency Single Family Mortgage Senior Bonds Series 1991C
(FGIC Insured) 7.35 2016 1,590,000 1,690,997
Hurricane Health Facilities Development Revenue Bonds
Mission Health Services Series 1990 10.50 2020 7,900,000 9,091,320
Intermountain Power Agency Power Supply Pre-Refunded Revenue Bonds
Series 1983B 11.00 2022 6,770,000 7,019,948
Intermountain Power Agency Power Supply Pre-Refunded Revenue Bonds
Series 1985B 9.375 2001 2,600,000 2,893,514
<FN>
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE 47
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of issuer and title of issue (b)(c) rate Maturity amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Intermountain Power Agency Power Supply Refunding Revenue Bonds
Series F (AMBAC Insured) 5.00 % 2013 $ 5,000,000 $ 4,696,500
Intermountain Power Agency Power Supply Refunding Revenue Bonds
Series 1985A 10.375 2016 7,000,000 7,832,510
Intermountain Power Agency Power Supply Refunding Revenue Bonds
Series 1985B 7.00 2019-20 12,400,000 13,116,596
Intermountain Power Agency Power Supply Refunding Revenue Bonds
Series 1985B (AMBAC Insured) 9.50 2015 3,600,000 4,013,316
Intermountain Power Agency Power Supply Refunding Revenue Bonds
Series 1993B Inverse Floater 8.08 2011 7,600,000 (e) 7,695,000
Intermountain Power Agency Power Supply Refunding Revenue Bonds
Series G 8.00 2020 4,740,000 5,085,878
Intermountain Power Agency Power Supply Refunding Revenue Bonds
Series J (MBIA Insured) 6.50 2014 6,620,000 6,951,794
Intermountain Power Agency Power Supply Revenue Bonds Series 1987A
(MBIA Insured) 5.00 2012 8,000,000 7,555,360
Intermountain Power Agency Series 1989A 6.00 2023 3,500,000 3,534,405
Intermountain Power Agency Series 1989B 6.00 2023 10,165,000 10,264,922
Salt Lake City & County General Obligation Public Building Bonds 6.875 2010-11 5,700,000 6,200,004
State Board of Regents Student Loan Revenue Bonds Series 1993B 5.70 2007 5,750,000 5,774,323
State Board of Regents Student Loan Revenue Bonds Series 1993B 5.75 2008 4,750,000 4,749,715
West Valley City Salt Lake County K mart Industrial Development
Revenue Bonds 10.50 2005 1,450,000 1,675,359
______________
Total 143,717,869
_____________________________________________________________________________________________________________________________
Virginia (0.4%)
Hopewell City Industrial Development Authority Pollution Control
Refunding Revenue Bonds Stone Container Series 1992 8.25 2010 3,170,000 3,161,187
Housing Development Authority Commonmwealth Mortgage Bonds Series 1992A 7.15 2033 15,000,000 16,113,750
Southeastern Public Service Authority Senior Revenue Bonds
Regional Solid Waste System Series A 10.50 2015 5,300,000 5,992,392
_____________
Total 25,267,329
_____________________________________________________________________________________________________________________________
<FN>
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE 38
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of issuer and title of issue (b)(c) rate Maturity amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Washington (4.1%)
General Obligation Unlimited Pre-Refunded Tax Bonds 9.30 % 2002 $ 5,000,000 $ 5,654,450
Longview Industrial Development Corporation Solid Waste Revenue Bonds
Weyerhauser Series 1991 7.45 2013 20,000,000 22,251,000
Public Power Supply System Nuclear Project #1 Refunding Revenue Bonds
Series A 6.50 2015 21,000,000 22,475,460
Public Power Supply System Nuclear Project #1 Refunding Revenue Bonds
Bonneville Power Administration Series 1993A Inverse Floater (FSA Insured) 8.37 2011 25,000,000 (e) 25,750,000
Public Power Supply System Nuclear Project #1 Refunding Revenue Bonds
Series 1993B 5.60 2015 48,650,000 48,225,772
Public Power Supply System Nuclear Project #1 Refunding Revenue Bonds
Series 1993C 5.375 2015 23,000,000 21,776,860
Public Power Supply System Nuclear Project #1 Revenue Bonds Series 1976B 6.50 2017 11,460,000 11,725,070
Public Power Supply System Nuclear Project #1 Revenue Bonds Series 1989 6.00 2017 28,070,000 28,306,069
Public Power Supply System Nuclear Project #1 Revenue Bonds Series 1990A 6.00 2017 38,875,000 39,250,533
Public Power Supply System Nuclear Project #3 Revenue Bonds Series 1989B 5.50 2017-18 27,550,000 26,476,533
Seattle Municipal Light & Power Refunding Revenue Bonds Series 1986 5.875 2010 6,000,000 6,371,220
Snohomish County Public Utility District #1 Generation System
Revenue Bonds Series 1986A 5.00 2020 17,750,000 17,001,127
______________
Total 275,264,094
_____________________________________________________________________________________________________________________________
West Virginia (1.3%)
Board of Regents State System Tuition Fee Revenue Bonds University 7.75 2011 8,000,000 8,907,120
Clarksburg Waterworks Improvement & Refunding Revenue Bonds
Series 1985 10.875 2020 4,500,000 4,976,235
Kanawha County Pollution Control Revenue Bonds Union Carbide Series 1984 7.35 2004 3,000,000 3,345,480
Mason County Pollution Control Refunding Revenue Bonds
Appalachian Power Series 1992J 6.60 2022 25,000,000 26,589,500
Marshall County Pollution Control Revenue Bonds Ohio Power Series A 6.95 2007 5,150,000 5,150,566
Pea Ridge Public Service District Sewer Refunding Revenue Bonds
Series 1990 9.25 2020 2,680,000 2,939,344
Putnam County Pollution Control Revenue Bonds Appalachian Power Series C 6.60 2019 10,600,000 11,263,030
School Building Authority Capital Improvement Revenue Bonds Series 1991A 6.00 2021 20,785,000 21,278,852
South Charleston Pollution Control Refunding Revenue Bonds Union Carbide
Series 1985 7.625 2005 3,000,000 3,428,940
______________
Total 87,879,067
_____________________________________________________________________________________________________________________________
<FN>
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE 49
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of issuer and title of issue (b)(c) rate Maturity amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Wisconsin (1.1%)
Health & Education Facilities Authority Revenue Bonds St. Clare Hospital 7.00 % 2022 $10,000,000 $ 10,960,800
Health Facilities Authority Refunding Revenue Bonds Villa Clement
Series 1986 8.75 2012 4,500,000 4,678,785
La Crosse Resource Recovery Revenue Bonds Northern States Power
Series A 7.75 2011 17,000,000 18,882,240
Madison Industrial Development Refunding Revenue Bonds
Madison Gas & Electric Series 1992B 6.70 2027 19,300,000 20,984,697
State General Obligation Pre-Refunded Bonds 9.50 2001 5,870,000 6,441,973
State General Obligation Pre-Refunded Bonds 9.60 2004 7,400,000 8,130,602
Superior Water Supply Facility Revenue Bonds
Superior Water Light & Power Series 1986 7.875 2021 6,500,000 7,222,735
______________
Total 77,301,832
_____________________________________________________________________________________________________________________________
Wyoming (0.2%)
Green River & Rock Springs Sweetwater County Joint Powers
Water Board Revenue Bonds Series 1988A 8.50 2007 2,500,000 2,795,000
Natrona County Hospital Revenue Bonds Wyoming Medical Center 8.125 2010 6,500,000 7,409,870
______________
Total 10,204,870
_____________________________________________________________________________________________________________________________
Total municipal bonds
(Cost: $5,861,942,407) 6,120,735,992 $6,499,527,799
_____________________________________________________________________________________________________________________________
<CAPTION>
Short-term securities (1.8%)
_____________________________________________________________________________________________________________________________
Annualized Amount
yield on date payable at
Issuer (i) of purchase maturity Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C>
Municipal Notes
Colorado T.R.A.N.
06-27-94 2.60% $ 5,000,000 $ 5,020,600
06-27-94 2.72 20,000,000 20,082,400
Good Samaritan Center California Health Facility Authority
Palm Desert V.R.D.B.
09-01-94 3.05 6,000,000 (g) 6,000,000
<FN>
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE 50
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Short-term securities (continued)
_____________________________________________________________________________________________________________________________
Annualized Amount
yield on date payable at
Issuer (i) of purchase maturity Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C>
Iowa T.R.A.N.
06-30-94 2.74% $ 4,700,000 $ 4,719,693
Los Angeles County T.R.A.N.
06-30-94 2.72 22,000,000 22,065,560
New York City R.A.N.
06-30-94 2.70 3,685,000 3,706,631
06-30-94 2.71 8,000,000 8,046,960
06-30-94 2.78 20,000,000 20,117,400
Pennsylvania T.R.A.N.
06-30-94 2.66 10,495,000 10,543,067
Texas T.R.A.N. Series 1993
08-31-94 2.65 2,500,000 2,514,350
08-31-94 2.83 10,000,000 10,057,400
Utah General Obligation Refunding Bonds Series 1992C
07-01-94 3.30 11,000,000 11,041,140
_____________________________________________________________________________________________________________________________
Total short-term securities
(Cost: $123,706,883) $ 123,915,201
_____________________________________________________________________________________________________________________________
Total investments in securities
(Cost: $5,985,649,290)(j) $6,623,443,000
_____________________________________________________________________________________________________________________________
Notes to investments in securities
_____________________________________________________________________________________________________________________________
<FN>
(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 11-30-93 11-30-92
_______________________________________________________________________________________________________
<S> <C> <C>
AAA 22% 17%
AA 13 15
A 27 30
BBB and below 26 28
Non-rated 12 10
_______________________________________________________________________________________________________
Total 100% 100%
_______________________________________________________________________________________________________
</TABLE>
<PAGE>
PAGE 51
Investments in securities
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1993 investments compared to net assets)
_____________________________________________________________________________________________________________________________
Notes to investments in securities (continued)
_____________________________________________________________________________________________________________________________
<FN>
(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) At Nov. 30, 1993, the cost of securities purchased on a when-issued basis was $40,541,970.
(e) 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 Nov. 30, 1993.
(f) Presently non-income producing. For long-term debt securities items identified are in default as to payment of
interest and/or principal.
(g) Interest rate varies to reflect current market conditions; rate shown is the effective rate on Nov. 30, 1993.
(h) For zero coupon bonds, the interest rate disclosed represents effective yield on the date of acquisition.
(i) The following abbreviations are used in portfolio descriptions:
R.A.N. -- Revenue Anticipation Note
T.R.A.N. -- Tax & Revenue Anticipation Note
V.R.D.B. -- Variable Rate Demand Bond
(j) At Nov. 30, 1993, the cost of securities for federal income tax purposes was $5,981,941,766 and the
aggregate gross unrealized appreciation and depreciation based on that cost was:
<CAPTION>
<S> <C>
Unrealized appreciation $666,081,790
Unrealized depreciation (24,580,556)
______________________________________________________________________________________________________
Net unrealized appreciation $641,501,234
______________________________________________________________________________________________________
</TABLE>
<PAGE>
PAGE 52
IDS mutual funds
Cash equivalent investments
These money market funds have three main goals: conversation of
capital, constant liquidity and the highest possible current income
consistent with these objectives. Very limited risk.
IDS Cash Management Fund
Invests in such money market securities as high quality commercial
paper, bankers' acceptances, certificates of deposits (CDs) and
other bank securities.
(icon of) piggy bank
IDS Planned Investment Account
Invests in money market securities to provide maximum current
income consistent with liquidity and stability of principal of
principal, while serving as a base for systematic exchanges into
IDS fixed income and equity funds.
(icon of) stair steps
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
achieve 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
provide high current income. Secondary objective is capital
growth.
(icon of) cornucopia
<PAGE>
PAGE 53
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, Inc.
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, Inc.
Invests primarily in securities issued or guaranteed as to
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, Inc.
Invests primarily in medium- and lower-quality municipal bonds and
notes.
(icon of) shield with basket of apples enclosed
<PAGE>
PAGE 54
IDS State Tax-Exempt Funds
(California, Massachusetts, Michigan, Minnesota, New York, Ohio)
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, Inc.
Invests mainly in bonds and notes of state or local government
units, with at least 75 percent in the four highest rated, lowest
risk bond categories.
(icon of) shield with Greek column
IDS Insured Tax-Exempt Fund
Invests primarily in municipal securities that are insured as to
the timely payment of principal and interest. The insurance
feature minimizes credit risk of the Fund but does not guarantee
the market value of the Fund's shares.
(icon of) shield with eagle head
Growth and income investments
These funds focus on securities of medium to large, well-
established companies that offer long-term growth of capital and
reasonable income from dividends and interest. Moderate risk.
IDS International Fund, Inc.
Invests primarily in common stocks of foreign companies that offer
potential for superior growth. The Fund may invest up to 20
percent 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. Holding may range
from small- to large-capitalization stocks, including those of
companies involve in areas of rapid economic growth.
(icon of) chess piece
IDS Managed Retirement Fund, Inc.
Invests in a combination of common stocks, fixed income investments
and money market securities to seek a maximum total return through
a combination of growth of capital and current income.
(icon of) bird in a nest<PAGE>
PAGE 55
IDS Equity Plus Fund, Inc.
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, Inc.
Invests primarily in common stocks of blue chip U.S. companies
representing almost every major sector 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, Inc.
Invests primarily in the stocks of public utility companies to
provide high current income and growth of income and capital with
reduced volatility.
(icon of) electrical cord
IDS Diversified Equity Income Fund
Invests primarily in high-yielding common stocks to provide high
current income and, secondarily to benefit from the growth
potential offered by stock investments.
(icon of) four puzzle pieces
IDS Mutual
Invests in a balance between common stocks and senior securities
(preferred stocks and bonds). Seeks a balance of growth of capital
and current income.
(icon of) scale of justice
<PAGE>
PAGE 56
Growth funds
Funds in this group seek capital growth, primarily from common
stocks. They are high risk mutual funds with a potential for high
reward.
IDS Discovery Fund, Inc.
Invests in small and medium-sized, growth-oriented companies
emphasizing technological innovation and productivity enhancement.
Buys and holds larger growth-oriented stocks.
(icon of) ship
IDS Growth Fund, Inc.
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 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 New Dimensions Fund, Inc.
Invests primarily in domestic 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, Inc.
Invests primarily in undervalued common stocks. The Fund holds
stocks for the long-term with the goal of capital growth.
(icon of) shooting star
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 57
Specialty growth investment
This fund aggressively seeks capital growth as a hedge against
inflation.
IDS Precious Metals Fund, Inc.
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 IDS personal financial planner or writing to IDS Shareholder
Service, P.O. Box 534, Minneapolis, MN 55440. Read it carefully
before you invest or send money.<PAGE>
PAGE 58
Federal income tax information
<TABLE>
IDS High Yield Tax-Exempt Fund, Inc.
___________________________________________________________________
The fund is required by the Internal Revenue Code
of 1986 to tell its shareholders about the tax
treatment of the dividends it pays during its
fiscal year. The dividends listed below were
reported to you on your year-end statement, in
January.
IDS High Yield Tax-Exempt Fund, Inc.
Fiscal year ended Nov. 30, 1993
Exempt-interest dividends -- taxable status
explained below.
<CAPTION>
Payable date Per share
<S> <C>
Dec. 28, 1992 $0.0280
Jan. 26, 1993 0.0234
Feb. 24, 1993 0.0256
March 25, 1993 0.0236
April 23, 1993 0.0240
May 24, 1993 0.0253
June 24, 1993 0.0259
July 23, 1993 0.0231
Aug. 23, 1993 0.0250
Sept. 23, 1993 0.0255
Oct. 22, 1993 0.0234
Nov. 23, 1993 0.0261
Total $0.2989
Taxable dividend -- short-term capital gain
taxable as dividend income.
<CAPTION>
Payable date Per share
<S> <C>
Dec. 28, 1992 $0.0028
Capital gain distribution -- taxable as long-term
capital gain.
<CAPTION>
Payable date Per share
<S> <C>
Dec. 28, 1992 $0.0185
Total distributions $0.3202
Federal taxation
Exempt-interest dividends are exempt from federal
income taxes and should not be included in
shareholders' gross income.
/TABLE
<PAGE>
PAGE 59
Federal income tax information
<TABLE>
<CAPTION>
IDS High Yield Tax-Exempt Fund, Inc.
___________________________________________________________________
Other taxation
Exempt-interest dividends may be subject to state
and local taxes. Each shareholder should consult
a tax adviser about reporting this income for
state and local tax purposes.
Source of income by state
Percentages of income from municipal securities
earned by the fund from various states during the
year ended Nov. 30, 1993 are listed below.
<S> <C>
Alabama 1.528%
Alaska 0.489
Arizona 0.845
Arkansas 0.603
California 4.180
Colorado 3.343
Connecticut 0.219
Florida 4.662
Georgia 3.702
Hawaii 0.312
Idaho 0.068
Illinois 9.124
Indiana 2.393
Iowa 0.841
Kentucky 1.541
Louisiana 2.959
Maine 0.239
Maryland 0.644
Massachusetts 2.851
Michigan 3.356
Minnesota 1.986
Mississippi 1.348
Missouri 0.709
Montana 0.305
Nebraska 0.025
Nevada 0.452
New Hampshire 2.437
New Jersey 0.468
New Mexico 1.348
New York 6.359
North Carolina 5.197
North Dakota 0.585
Ohio 3.119
Oklahoma 1.305
Oregon 0.036
/TABLE
<PAGE>
PAGE 60
Federal income tax information
<TABLE>
<CAPTION>
IDS High Yield Tax-Exempt Fund, Inc.
___________________________________________________________________
<S> <C>
Pennsylvania 4.884%
Puerto Rico 0.754
Rhode Island 0.088
South Carolina 2.214
South Dakota 0.195
Tennessee 0.268
Texas 12.568
Utah 2.445
Vermont 0.046
Virginia 0.487
Washington 3.456
Washington, DC 0.256
West Virginia 1.300
Wisconsin 1.295
Wyoming 0.166
/TABLE
<PAGE>
PAGE 61
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 (TouchToneR phones only), including
current fund prices and performance, account values and recent
account transactions
National/Minnesota: 800-272-4445
Mpls./St. Paul area: 671-1630
Your IDS financial planner:
IDS HIGH YIELD TAX-EXEMPT FUND
IDS Tower 10
Minneapolis, MN 55440-0010
