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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Pre-Effective Amendment No. _____
Post-Effective Amendment No. 32 (File No. 2-63552) X
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. 33 (File No. 811-2901) X
IDS HIGH YIELD TAX-EXEMPT FUND, INC.
IDS Tower 10, Minneapolis, MN 55440
Leslie L. Ogg
901 S. Marquette Avenue, Suite 2810
Minneapolis, MN 55440-0010
(612) 330-9283
Approximate Date of Proposed Public Offering:
It is proposed that this filing will become effective (check
appropriate box)
X immediately upon filing pursuant to paragraph (b)
on (date) pursuant to paragraph (b) of rule 485
60 days after filing pursuant to paragraph (a)(i)
on (date) pursuant to paragraph (a)(i) of rule 485
75 days after filing pursuant to paragraph (a)(ii)
on (date) pursuant to paragraph (a)(ii) of rule 485.
If appropriate, check the following box:
This Post-Effective Amendment designates a new effective date
for a previously filed Post-Effective Amendment.
Registrant has registered an indefinite number of securities under
the Securities Act of 1933 pursuant to Section 24(f) of the
Investment Company Act of 1940. Registrant filed its 24f-2 Notice
for the fiscal period ended November 30, 1994, on or about January
30, 1995.
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Cross reference sheet showing location in the prospectus of the
information called for by the items enumerated in Part A and Part B
of Form N-1A.
Negative answers omitted from prospectus are so indicated.
<TABLE><CAPTION>
PART A PART B
Section Section in
Item No. in Prospectus Item No. Statement of Additional Information
<S> <C> <C> <C>
1 Cover page of prospectus 10 Cover page of SAI
2 The fund in brief; Sales charge and fund 11 Table of Contents
expenses
12 NA
3(a) Financial highlights
(b) NA 13(a) Additional Investment Policies; all
(c) Performance appendices except Dollar-Cost Averaging
(d) Financial highlights (b) Additional Investment Policies
(c) Additional Investment Policies
4(a) The fund in brief; Investment policies and (d) Portfolio Transactions
risks; How the fund is organized
(b) Investment policies and risks 14(a) Directors and officers of the fund;**
(c) Investment policies and risks Directors and officers
(b) Directors and Officers
5(a) Directors and officers; Directors and (c) Directors and Officers
officers of the fund (listing)
(b) How the fund is organized; About American 15(a) NA
Express Financial Corporation (b) NA
(b)(i) About American Express Financial (c) Directors and Officers
Corporation -- General Information
(b)(ii) Investment manager and transfer agent 16(a)(i) How the fund is organized; About American
(b)(iii) Investment manager and transfer agent Express Financial Corporation**
(c) Portfolio manager (a)(ii) Agreements: Investment Management Services
(d) The fund in brief Agreement, Plan and Supplemental
(e) Investment manager and transfer agent Agreement of Distribution
(f) Distributor (a)(iii) Agreements: Investment Management Services Agreement
(g) Investment manager and transfer agent (b) Agreements: Investment Management Services Agreement
(c) NA
5A(a) * (d) Agreements: Administrative Services
(b) * Agreement, Shareholder Service Agreement
(e) NA
6(a) Shares; Voting rights (f) Agreements: Distribution Agreement
(b) NA (g) NA
(c) NA (h) Custodian; Independent Auditors
(d) Voting Rights (i) Agreements: Transfer Agency Agreement; Custodian
(e) Cover page; Special shareholder services
(f) Dividends and capital gains distributions; 17(a) Portfolio Transactions
Reinvestments (b) Brokerage Commissions Paid to Brokers Affiliated
(g) Taxes with American Express Financial Corporation
(c) Portfolio Transactions
7(a) Distributor (d) Portfolio Transactions
(b) Key terms; Valuing assets (e) Portfolio Transactions
(c) How to buy, exchange or sell shares
(d) How to buy shares 18(a) Shares and Voting rights**
(e) NA (b) NA
(f) Distributor
19(a) Investing in the Fund
8(a) How to sell shares (b) Valuing Fund Shares; Investing in the Fund
(b) NA (c) NA
(c) How to buy shares: Three ways to invest
(d) How to buy, exchange or sell shares: 20 Taxes
Redemption policies -- "Important..."
21(a) Agreements: Distribution Agreement
9 None (b) Agreements: Distribution Agreement
(c) NA
22(a) Performance Information (for money market
funds only)
(b) Performance Information (for all funds except
money market funds)
23 Financial Statements
*Designates information is located in annual report.
**Designates page number in prospectus.
/TABLE
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Part A.
Registrant's effective prospectus to this registration statement is
hereby incorporated by reference.
Part B.
Registrant's effective statement of additional information for this
registration statement is hereby incorporated by reference.
Part C. OTHER INFORMATION
Item 24. Financial Statements and Exhibits
(a) FINANCIAL STATEMENTS:
These financial statements filed electronically as Item
24(a) to Registrant's Post-Effective Amendment No. 31
to Registration Statement No. 2-63552 are incorporated
herein by reference:
- Independent Auditors' Report dated January 6, 1995
- Statement of Assets and Liabilities, Nov. 30, 1994
- Statement of Operations, Year ended Nov. 30, 1994
- Statement of Changes in Net Assets, for the two-year
period ended Nov. 30, 1993 and Nov. 30, 1994
- Notes to Financial Statements
- Investments in Securities, Nov. 30, 1994
- Notes to Investments in Securities
(b) EXHIBITS:
1. Copy of Articles of Incorporation, filed as Exhibit 1 to
Registrant's Post-Effective Amendment No. 19 to Registration
Statement No. 2-63552, is incorporated herein by reference.
2. Copy of By-laws, as amended Jan. 12, 1989, filed as Exhibit 2
to Registrant's Post-Effective Amendment No. 20 to
Registration Statement No. 2-63552, is incorporated herein by
reference.
3. Not applicable.
4. Form of Stock certificate, filed as Exhibit 4 to Registrant's
Registration Statement No. 2-62552, on February 9, 1979, is
incorporated herein by reference.
5. Form of Investment Management Services Agreement between
Registrant and American Express Financial Corporation, dated
March 20, 1995, filed electronically as Exhibit 5 to
Registrant's Post-Effective Amendment No. 31 to Registration
Statement No. 2-63552 is incorporated herein by reference.
6. Form of Distribution Agreement Between Registrant and
American Express Financial Advisors Inc., dated March 20,
1995, filed electronically as Exhibit 6 to Registrant's Post-
Effective Amendment No. 31 to Registration Statement No. 2-
63552 is incorporated herein by reference.
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7. All employees are eligible to participate in a profit sharing
plan. Entry into the plan is Jan. 1 or July 1. The
Registrant contributes each year an amount up to 15 percent
of their annual salaries, the maximum deductible amount
permitted under Section 404(a) of the Internal Revenue Code.
8. Form of Custodian Agreement between Registrant and American
Express Trust Company, dated March 20, 1995, filed
electronically as Exhibit 8 to Registrant's Post-Effective
Amendment No. 31 to Registration Statement No. 2-63552 is
incorporated herein by reference.
9(a). Copy of Plan and Agreement of Merger, filed electronically as
Exhibit No. 9 to Registrant's Post-Effective Amendment No. 13
to Registration Statement No. 2-63552, is incorporated herein
by reference.
9(b). Form of Transfer Agency Agreement between Registrant and
American Express Financial Corporation, dated March 20, 1995,
filed electronically as Exhibit 9(b) to Registrant's Post-
Effective Amendment No. 31 to Registration Statement No. 2-
63552 is incorporated herein by reference.
9(c). Copy of License Agreement between Registrant and IDS
Financial Corporation dated January 25, 1988, filed as
Exhibit 9(c) to Registrant's Post-Effective Amendment No. 21
to Registration Statement No. 2-63552, is incorporated herein
by reference.
9(d). Form of Shareholder Service Agreement between Registrant and
American Express Financial Advisors Inc., dated March 20,
1995, filed electronically as Exhibit 9(d) to Registrant's
Post-Effective Amendment No. 31 to Registration Statement No.
2-63552 is incorporated herein by reference.
9(e). Form of Administrative Service Agreement between Registrant
and American Express Financial Advisors Inc., dated March 20,
1995, filed electronically as Exhibit 9(e) to Registrant's
Post-Effective Amendment No. 31 to Registration Statement No.
2-63552 is incorporated herein by reference.
10. Not Applicable.
11. Independent Auditors' Consent filed electronically as Exhibit
11 to Registrant's Post-Effective Amendment No. 31 to
Registration Statement No. 2-63552 is incorporated herein by
reference.
12. None.
13. Not Applicable.
14. Forms of Keogh, IRA and other retirement plans, filed as
Exhibits 14(a) through 14(n) to IDS Growth Fund, Inc., Post-
Effective Amendment No. 19 to Registration Statement No. 2-
54516 are incorporated herein by reference.
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15. Form of Plan and Agreement of Distribution between Registrant
and American Express Financial Advisors Inc., dated March 20,
1995, filed electronically as Exhibit 15 to Registrant's
Post-Effective Amendment No. 31 to Registration Statement No.
2-63552 is incorporated herein by reference.
16. Schedule for computation of each performance quotation
provided in the Registration Statement in response to Item
22, filed electronically as Exhibit 16(b) to Registrant's
Post-Effective Amendment No. 25 to Registration Statement No.
2-63552 is incorporated herein by reference.
17. Financial Data Schedule filed electronically as Exhibit 17 to
Registrant's Post-Effective Amendment No. 31 to Registration
Statement No. 2-63552 is incorporated herein by reference.
18. Copy of Plan pursuant to Rule 18f-3 under the 1940 Act is
filed electronically herewith.
19(a). Directors' Power of Attorney dated November 10, 1994 filed
electronically as Exhibit 18(a) to Registrant's Post-
Effective Amendment No. 29, is incorporated herein by
reference.
19(b). Officers' Power of Attorney dated June 1, 1993, to sign
amendments to this Registration Statement filed
electronically as Exhibit 17(a) to Registrant's Post-
Effective Amendment No. 26 to Registration Statement No. 2-
63552 is incorporated herein by reference.
Item 25. Persons Controlled by or under Common Control with
Registrant
None.
Item 26. Number of Holders of Securities
(1) (2)
Number of Record
Title of as of
Class May 1, 1994
Common Stock 187,705
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant, IDS High Yield Tax-
Exempt Fund Inc., certifies that it meets the requirements for the
effectiveness of this Amendment to its Registration Statement
pursuant to Rule 485(b) under the Securities Act of 1933 and has
duly caused this Amendment to its Registration Statement to be
signed on its behalf by the undersigned, thereunto duly authorized,
in the City of Minneapolis and the State of Minnesota on the 8th
day of May, 1995.
IDS HIGH YIELD TAX-EXEMPT FUND, INC.
By /s/ Melinda S. Urion
Melinda S. Urion, Treasurer
By /s/ William R. Pearce**
William R. Pearce, President
Pursuant to the requirements of the Securities Act of 1933, this
Amendment to its Registration Statement has been signed below by
the following persons in the capacities indicated on the 8th day of
May, 1995.
Signature Capacity
/s/ William R. Pearce** President and Principal
William R. Pearce Executive Officer and
Director
/s/ Leslie L. Ogg** Vice President, General
Leslie L. Ogg Counsel and Secretary
/s/ Lynne V. Cheney* Director
Lynne V. Cheney
/s/ William H. Dudley* Director
William H. Dudley
/s/ Robert F. Froehlke* Director
Robert F. Froehlke
/s/ David R. Hubers* Director
David R. Hubers
/s/ Heinz F. Hutter* Director
Heinz F. Hutter
/s/ Anne P. Jones* Director
Anne P. Jones
/s/ Donald M. Kendall* Director
Donald M. Kendall
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/s/ Melvin R. Laird* Director
Melvin R. Laird
/s/ Lewis W. Lehr* Director
Lewis W. Lehr
/s/ Edson W. Spencer* Director
Edson W. Spencer
/s/ John R. Thomas* Director
John R. Thomas
/s/ Wheelock Whitney* Director
Wheelock Whitney
/s/ C. Angus Wurtele* Director
C. Angus Wurtele
*Signed pursuant to Directors' Power of Attorney dated November 10,
1994, filed electronically as Exhibit 18(a) to Registrant's Post-
Effective Amendment No. 29, by:
/s/ Leslie L. Ogg
Leslie L. Ogg
**Signed pursuant to Officers' Power of Attorney dated June 1,
1993, filed as Exhibit 18(b) to Post-Effective Amendment No. 26 to
Registration Statement No. 2-63552 by:
/s/ Leslie L. Ogg
Leslie L. Ogg
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CONTENTS OF THIS
POST-EFFECTIVE AMENDMENT NO. 32
TO REGISTRATION STATEMENT NO. 2-63552
This post-effective amendment comprises the following papers and
documents:
The facing sheet.
Cross reference sheet.
Part A.
The prospectus.
Part B.
Statement of Additional Information.
Financial Statements.
Part C.
Other information.
Exhibits.
The signatures.
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PAGE 1 IDS Bond Fund, Inc.
March 20, 1995
Plan under Section 18f-3(d)
Filed pursuant to Item 24(b)(18) of Form N-lA
Separate Arrangements
Each class of shares will represent interests in the same portfolio
of investments of the Fund and be identical except those
differences that relate to (a) the impact of the disproportionate
payments made under the Rule 12b-1 plan; (b) the impact of the
disproportionate payments made because of service fees; (c) the
differences in class expenses including transfer agent fees and any
other expense determined by the board of directors to be a class
expense; and (d) the difference in voting rights on the 12b-1 plan,
exchange privileges and class designations. The current classes of
shares are as follows:
Class A shares - 5% initial sales charge waived or reduced
for certain purchases.
Class B shares - contingent deferred sales charge ranging
from 5% down to 0% after six years.
Class Y shares - no sales charge
Expense Allocation Procedures
American Express Financial Corporation, as the Fund's
administrator, on a daily basis shall allocate the income,
expenses, and realized and unrealized gains and losses of the Fund
on the basis of the relative percentage of net assets of each class
of shares, except class specific expenses for service fees, 12b-1
distribution fees, and transfer agent fees which shall be paid
directly by each class as follows:
Class A and Class B service fee - 17.5 basis points
Class B distribution fee - 75 basis points
Class B transfer agent fee - an additional $1 for each
shareholder account
Should at any time an expense of a class be waived or reimbursed,
American Express Financial Corporation first shall determine that
such waiver or reimbursement would not result in another class
subsidizing the class, is fair and equitable to all classes and
does not operate to the detriment of another class and then shall
monitor the implementation and operation to assure the waiver or
reimbursement operates consistent with the determination. The board
of directors shall monitor the actions of American Express
Financial Corporation.
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Exchange Privileges
Shares of a class may be exchanged for shares of the same class of
another fund in the IDS MUTUAL FUND GROUP.
Conversion Privileges
Class B shares including a proportionate amount of shares acquired
through reinvestment of distributions shall convert after eight
years into Class A shares at relative net asset values without the
imposition of any fee.
