<PAGE>
PAGE 1
IDS
High Yield Tax-Exempt Fund
1994 annual report
(Icon of) shield with basket of apples enclosed
The goal of
IDS High Yield
Tax-Exempt Fund, Inc. is to provide
high yield generally exempt from federal income taxes.
Distributed by
American Express
Financial Advisors Inc.
<PAGE>
PAGE 2
More yield,
less taxes
Most of the time, making money means paying taxes. But investors
still can enjoy income that is free from federal taxes by taking
advantage of tax-exempt bonds. High Yield Tax-Exempt Fund, the
largest national municipal bond fund, strives to provide the
maximum amount of tax-free income by focusing on municipal bonds
that pay above-average interest.
However, certain income may be subject to state or local or the
alternative minimum tax. 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
The purpose of this annual report is to tell investors how the fund
performed.
1994 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 18
IDS mutual funds 46
Federal income tax information 49
<PAGE>
PAGE 4
To our shareholders
(Photo of) William R. Pearce, President of the fund
(Photo of) Kurt Larson, Portfolio manager
From the president
All of the funds in the IDS MUTUAL FUND GROUP held shareholder
meetings on Nov. 9, 1994. The meetings, which were well-attended,
approved all of the proposals advanced by management. Among the
proposals were:
o The election of directors and the selection of KPMG Peat
Marwick LLP as independent auditors for each of the funds in
the group.
o A new investment management agreement that will become
effective for each fund when it begins offering multiple
classes of shares, now planned to occur in March, 1995.
o A change in investment policy that will permit the funds to
adopt a master/feeder structure if and when the board of each
fund determines that it is in the best interest of the
shareholders.
o And, finally, changes to the funds' "fundamental investment
policies" that, among other things, allow the board to modify
them should it deem appropriate.
No other business was presented at the meeting, which was concluded
by a report to shareholders from the IDS Investment Department.
Thanks to all of you for your effort in reviewing the proxy
material and voting your proxies.
William R. Pearce
From the portfolio manager
The positive environment that bond funds such as this one had
enjoyed for some years turned hostile during the past 12 months in
the face of sharply rising interest rates. (Rising rates depress
bond values, while falling rates enhance them.) The result was one
of the steepest declines the bond market has experienced during
this century. Municipal bonds were especially hard hit, a fact that
was ultimately reflected in a decline in the fund's net asset
value. Importantly, however, the dividend paid to shareholders was
essentially unaffected.
The downturn was in contrast to the outset of the fiscal year
(December 1993 and January 1994), when interest rates remained in a
stable-to-declining pattern. As to be expected, the fund benefited
from this environment, enjoying positive returns during those
months.
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PAGE 5
A new environment
The bond environment soon changed, however, as in early February
the Federal Reserve Board began raising short-term interest rates
to cool down the economy and head off a potential increase in the
inflation rate. By the end of November 1994, the final month of the
fiscal year, the Fed had raised rates six times.
Although the data continued to show that inflation was well-
behaved, professional bond investors viewed the Fed's actions as an
indication that an increase in inflation was imminent. And, because
higher inflation erodes the value of fixed-income investments such
as bonds, investors quickly engaged in mass bond-selling, driving
down bond prices and driving up long-term interest rates in the
process.
Compounding the situation was an increase in redemptions on the
part of mutual bond fund shareholders. Because mutual funds needed
to sell some bonds to cover redemptions, this created more downward
pressure on municipal bond prices. The redemption rate for this
fund did not require us to make major adjustments to the portfolio.
A calm within the storm
The broad bond market, though still very volatile on a day-to-day
basis, managed to break out of the trend in the spring. Municipal
bonds, aided by a decrease in the number of bonds issued, also
began to fare better and, in fact, managed to regain some of their
previous lost ground. By fall, though, inflation fears and higher
interest rates were again dominating the market, causing municipal
bond prices to resume their downtrend.
The portfolio structure was little changed during the fiscal year;
the majority of holdings continued to consist of medium- and high-
quality bonds, many of them in the essential-services category
(tied to projects such as toll roads and water systems.) To
maintain the fund's dividend, we added some higher-yielding bonds
that are funded by waste-to-energy and resource-recovery projects.
While we expect ongoing volatility in the bond market during the
current fiscal year, we think the investment environment will be a
better one. The biggest determinant will be interest rates, which
we expect to settle down before too long. In addition, we expect an
ongoing favorable supply/demand situation for municipal bonds to be
a plus for the market and, ultimately, the fund. Our main priority,
however, continues to be maintaining a healthy dividend for
shareholders.
Kurt Larson
12-month performance
(All figures per share)
Net asset value (NAV)
Nov. 30, 1994 $4.18
Nov. 30, 1993 $4.76
Decrease $(0.58)
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PAGE 6
Distributions
Dec. 1, 1993 - Nov. 30, 1994
From income $0.30
From capital gains $0.02
Total distributions $0.32
Total return* (5.8)%
*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.
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PAGE 7
Your fund's ten largest holdings
(Pie chart) The ten holdings listed here make up 6.80% of the
fund's net assets
<TABLE><CAPTION>
_____________________________________________________________________________________
Percent Value
(of fund's net assets) (as of Nov. 30, 1994)
_____________________________________________________________________________________
<S> <C> <C>
New York City Municipal Water Financial Authority
Water & Sewer System Revenue Bonds Series A
6.25% 2021 .84% $48,646,305
Broward County Florida Resource Recovery Revenue Bonds
L.P. South Project
7.95% 2008 .77 44,613,269
Eastern North Carolina Municipal Power Agency
Power System Refunding Revenue Bonds Series 1991A
5.75% 2019 .77 44,495,550
Monroe County Michigan Pollution Control Revenue Bonds
Detroit Edison
7.75% 2019 .72 41,554,100
Northern California Power Agency Geothermal #3
Revenue Bonds
5.00% 2009 .70 40,413,313
Puerto Rico Electric Power Agency Revenue Bonds
Series N
6.00% 2010 .63 36,343,200
New Hampshire Industrial Development Authority
Pollution Control Revenue Bonds State Public Service
Series 1991B
7.50% 2021 .60 34,461,404
Beaver County Pennsylvania Industrial Development
Authority Pollution Control Revenue Bonds Ohio Edison
7.75% 2024 .60 34,364,830
Texas Alliance Airport Authority Special Facility
Revenue Bonds American Airlines Series 1990
7.50% 2029 .59 34,200,430
Dormitory Authority New York City University System
Consolidated 2nd General Resource Revenue Bonds
Series 1990C
6.00% 2016 .58 33,701,137
</TABLE>
<PAGE>
PAGE 8
Making the most of your fund
Average annual total return
(as of Nov. 30, 1994)
1 year 5 years 10 years
- - -10.48% +4.56% +8.52%
Your investment and return values fluctuate so that your shares,
when redeemed, may be worth more or less than the original cost.
Figures reflect the deduction of the maximum 5% sales charge. This
was a period of widely fluctuating security prices. Past
performance is no guarantee of future results.
Build your assets systematically
To keep your assets growing steadily, one of the best ways to use
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.
<PAGE>
PAGE 9
Your fund's long-term performance
Three ways to benefit from a mutual fund:
o your shares increase in value when the fund's investments do
well
o you receive capital gains when the gains on investments sold
by the fund exceed losses
o you receive income when the fund's 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.
How your $10,000 has grown in IDS High Yield Tax-Exempt Fund
$22,655 x
IDS High Yield Tax-Exempt Fund
$20,000 x
Lehman Muni Index
x $9,500
'84 '85 '86 '87 '88 '89 '90 '91 '92 '93 '94
Average annual total return (as of Nov. 30, 1994)
1 year 5 years 10 years
- - -10.48% +4.56% +8.52%
Assumes: Holding period from 11/30/84 to 11/30/94. 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 $12,381.
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 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 charge that you pay would reduce your total return as
well.
Your investment and return values fluctuate so that your shares,
when redeemed, may be worth more or less than the original cost.
Average annual total return figures reflect the deduction of the
maximum 5% sales charge. 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, 1994,
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, 1994, and the financial
highlights for each of the years in the three-year period ended
November 30, 1994, the eleven months ended November 30, 1991, and
for each of the years in the six-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, 1994, 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, 1994, and the financial highlights for the
periods stated in the first paragraph above, in conformity with
generally accepted accounting principles.
KPMG Peat Marwick LLP
Minneapolis, Minnesota
January 6, 1995
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PAGE 11
<TABLE>
<CAPTION>
Financial statements
Statement of assets and liabilities
IDS High Yield Tax-Exempt Fund, Inc.
Nov. 30, 1994
_____________________________________________________________________________________________________________
Assets
_____________________________________________________________________________________________________________
<S> <C>
Investments in securities, at value (Note 1)
(identified cost $5,729,117,366) $5,652,724,879
Accrued interest receivable 141,217,924
Receivable for investment securities sold 1,388,125
_____________________________________________________________________________________________________________
Total assets 5,795,330,928
_____________________________________________________________________________________________________________
Liabilities
_____________________________________________________________________________________________________________
Disbursements in excess of cash on demand deposit 8,685,126
Dividends payable to shareholders 2,240,168
Payable for investment securities purchased 11,950,440
Accrued investment management and services fee 2,391,655
Accrued distribution fee 96,091
Accrued transfer agency fee 243,125
Other accrued expenses 671,058
_____________________________________________________________________________________________________________
Total liabilities 26,277,663
_____________________________________________________________________________________________________________
Net assets applicable to outstanding capital stock $5,769,053,265
_____________________________________________________________________________________________________________
Represented by
_____________________________________________________________________________________________________________
Capital stock -- authorized 10,000,000,000 shares of $.01 par value;
outstanding 1,380,760,792 shares $ 13,807,608
Additional paid-in capital 5,930,215,986
Accumulated net realized loss (Notes 1 and 6) (98,750,811)
Unrealized depreciation (Note 4) (76,219,518)
_____________________________________________________________________________________________________________
Total -- representing net assets applicable to outstanding capital stock $5,769,053,265
_____________________________________________________________________________________________________________
Net asset value per share of outstanding capital stock $ 4.18
_____________________________________________________________________________________________________________
See accompanying notes to financial statements.
/TABLE
<PAGE>
PAGE 12
<TABLE><CAPTION>
Statement of operations
IDS High Yield Tax-Exempt Fund, Inc.
Year ended Nov. 30, 1994
_____________________________________________________________________________________________________________
Investment income
_____________________________________________________________________________________________________________
<S> <C>
Income:
Interest $ 454,192,920
_____________________________________________________________________________________________________________
Expenses (Note 2):
Investment management and services fee 32,334,785
Distribution fee 1,211,164
Transfer agency fee 3,069,187
Compensation of directors 132,294
Compensation of officers 51,759
Custodian fees 205,185
Postage 446,874
Registration fees 132,018
Reports to shareholders 65,790
Audit fees 37,750
Administrative 78,329
Other 129,549
_____________________________________________________________________________________________________________
Total expenses 37,894,684
_____________________________________________________________________________________________________________
Investment income -- net 416,298,236
_____________________________________________________________________________________________________________
Realized and unrealized gain (loss) -- net
_____________________________________________________________________________________________________________
Net realized loss on security transactions (Note 3) (36,845,837)
Net realized loss on financial futures contracts (44,216,938)
Net realized gain on expired option contracts written (Note 5) 4,225,164
______________________________________________________________________________________________________________
Net realized loss on investments (76,837,611)
Net change in unrealized appreciation or depreciation (714,013,228)
_____________________________________________________________________________________________________________
Net loss on investments (790,850,839)
_____________________________________________________________________________________________________________
Net decrease in net assets resulting from operations $(374,552,603)
_____________________________________________________________________________________________________________
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 1994 1993
_____________________________________________________________________________________________________________
<S> <C> <C>
Investment income -- net $ 416,298,236 $ 408,915,669
Net realized gain (loss) on investments (76,837,611) 30,340,901
Net change in unrealized appreciation or depreciation (714,013,228) 147,320,430
_____________________________________________________________________________________________________________
Net increase (decrease) in net assets resulting from operations (374,552,603) 586,577,000
_____________________________________________________________________________________________________________
Distributions to shareholders from:
Net investment income (416,298,458) (408,908,716)
Net realized gain (30,681,908) (27,741,401)
_____________________________________________________________________________________________________________
Total distributions (446,980,366) (436,650,117)
_____________________________________________________________________________________________________________
Capital share transactions
_____________________________________________________________________________________________________________
Proceeds from sales of
222,781,222 and 210,362,306 shares (Note 2) 1,010,567,033 999,841,120
Net asset value of 70,023,194 and 63,612,850 shares
issued in reinvestment of distributions 316,177,064 301,687,871
Payments for redemptions of
327,007,352 and 158,383,974 shares (1,469,116,761) (754,206,709)
_____________________________________________________________________________________________________________
Increase in net assets from capital share transactions
representing net reduction of
34,202,936 and net addition of 115,591,182 shares (142,372,664) 547,322,282
_____________________________________________________________________________________________________________
Total increase (decrease) in net assets (963,905,633) 697,249,165
Net assets at beginning of year 6,732,958,898 6,035,709,733
_____________________________________________________________________________________________________________
Net assets at end of year
(including undistributed net investment income of
$0 and $222) $5,769,053,265 $6,732,958,898
_____________________________________________________________________________________________________________
See accompanying notes to financial statements.
</TABLE>
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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.
Option transactions
In order to produce incremental earnings, protect gains and
facilitate buying and selling of securities for investment
purposes, the fund may buy and sell put and call options and write
covered call options on portfolio securities and may write cash-
secured put options. The risk in writing a call option is that the
fund gives up the opportunity of profit if the market price of the
security increases. The risk in writing a put option is that the
fund may incur a loss if the market price of the security decreases
and the option is exercised. The fund also has the additional risk
of not being able to enter into a closing transaction if a liquid
secondary market does not exist. The fund also may write over-the-
counter options where the completion of the obligation is dependent
upon the credit standing of the other party.
Option contracts are valued daily at the closing prices on their
primary exchanges and unrealized appreciation or depreciation is
recorded. The fund will realize a gain or loss upon expiration or
closing of the option transaction. When options on debt securities
or futures are exercised, the fund will realize a gain or loss.
When other options are exercised, the proceeds on sales for a
written call option, the purchase cost for a written put option or
the cost of a security for a purchased put or call option is
adjusted by the amount of premium received or paid.
Futures transactions
In order to gain exposure to or protect itself from changes in the
market, the fund may buy and sell interest rate futures contracts.
Risks of entering into futures contracts and related options
include the possibility that there may be an illiquid market and <PAGE>
PAGE 15
that a change in the value of the contract or option may not
correlate with changes in the value of the underlying securities.
Upon entering into a futures contract, the fund is required to
deposit either cash or securities in an amount (initial margin)
equal to a certain percentage of the contract value. Subsequent
payments (variation margin) are made or received by the fund each
day. The variation margin payments are equal to the daily changes
in the contract value and are recorded as unrealized gains and
losses. The fund recognizes a realized gain or loss when the
contract is closed or expires.
Securities purchased on a when-issued basis
Delivery and payment for securities that have been purchased by the
fund on a forward-commitment or when-issued basis can take place
one month or more after the transaction date. During this period,
such securities are subject to market fluctuations, and they may
effect the fund's net assets the same as owned securities. The fund
designates cash or liquid high-grade debt securities at least equal
to the amount of its commitment. As of Nov. 30, 1994, the fund had
entered into outstanding when-issued or forward commitments of
$11,950,440.
Federal taxes
Since the fund's policy is to comply with all sections of the
Internal Revenue Code applicable to regulated investment companies
and to distribute all of its taxable income to shareholders, no
provision for income or excise taxes is required.
Net investment income (loss) and net realized gains (losses) may
differ for financial statement and tax purposes primarily because
of the deferral of losses on certain futures contracts, the
recognition of certain foreign currency gains (losses) as ordinary
income (loss) for tax purposes, and losses deferred due to "wash
sale" transactions. The character of distributions made during the
year from net investment income or net realized gains may differ
from their ultimate characterization for federal income tax
purposes. Also, due to the timing of dividend distributions, the
fiscal year in which amounts are distributed may differ from the
year that the income or realized gains (losses) were recorded by
the fund.
On the statement of assets and liabilities, as a result of
permanent book-to-tax differences, accumulated net realized loss
has been decreased by $10,772, resulting in a net reclassification
adjustment to decrease paid-in-capital by $10,772.
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.
<PAGE>
PAGE 16
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.
___________________________________________________________________
2. Expenses and sales charges
Under terms of an agreement dated Nov. 14, 1991, the fund pays
American Express Financial Corporation 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 American Express Financial Corporation 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.
American Express Financial Corporation will assume and pay any
expenses (except taxes and brokerage commissions) that exceed the
most restrictive applicable state expense limitation.
Sales charges by American Express Financial Advisors Inc. for
distributing fund shares were $16,213,287 for the year ended Nov.
30, 1994.
The fund has a retirement plan for its independent directors. Upon
retirement, directors receive monthly payments equal to one-half of
the retainer fee for as many months as they served as directors up
to 120 months. There are no death benefits. The plan is not funded
but the fund recognizes the cost of payments during the time the
directors serve on the board. The retirement plan expense amounted
to $59,968 for the year ended Nov. 30, 1994.
___________________________________________________________________
3. Securities transactions
Cost of purchases and proceeds from sales of securities (other than
short-term obligations) aggregated $1,075,060,850 and
$1,222,139,047, respectively, for the year ended Nov. 30, 1994.
Realized gains and losses are determined on an identified cost
basis.
___________________________________________________________________
4. Interest rate futures contracts
At Nov. 30, 1994, investments in securities included securities
valued at $33,203,330 that were pledged as collateral to cover
initial margin deposits on 135 open purchase contracts and 135 open
sale contracts. The market value of the open contracts at Nov. 30,
1994, was $24,540,468 with a net unrealized gain of $172,969.
___________________________________________________________________
5. Option contracts written
The number of contracts and premium amounts associated with option
contracts written is as follows:<PAGE>
PAGE 17
Year ended Nov. 30, 1994
________________________________________________
Puts Calls
Contracts Premium Contracts Premium
________________________________________________
Balance Nov. 30, 1993 -- -- -- --
Open 2,000 $ 3,001,630 2,623 $ 1,223,534
Expired (2,000) (3,001,630) (2,623) (1,223,534)
________________________________________________
Balance Nov. 30, 1994 -- $ -- -- $ --
________________________________________________
___________________________________________________________________
6. Capital loss carryover
For federal income tax puposes, the fund has a capital loss
carryover of $77,922,805 at Nov. 30, 1994, that will expire in 2002
if not offset by subsequent capital gains. It is unlikely the board
of directors will authorize a distribution of any net realized
capital gains until the available capital loss carryover has been
offset or expires.
___________________________________________________________________
7. Financial highlights
The table below shows certain important financial information for
evaluating the fund's results.
<PAGE>
PAGE 18
<TABLE><CAPTION>
Fiscal period ended Nov. 30,
Per share income and capital changes*
1994 1993 1992 1991** 1990 1989 1988 1987 1986 1985
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value $4.76 $4.65 $4.55 $4.44 $4.57 $4.42 $4.34 $4.69 $4.30 $3.93
beginning of period
Income from investment operations:
Net investment income .30 .30 .31 .30 .34 .34 .34 .35 .36 .38
Net gains (losses) (.56) .13 .12 .11 (.12) .15 .08 (.34) .49 .40
(both realized
and unrealized)
Total from investment (.26) .43 .43 .41 .22 .49 .42 .01 .85 .78
operations
Less distributions:
Dividends from net (.30) (.30) (.32) (.30) (.34) (.34) (.34) (.35) (.36) (.38)
investment income
Distributions from (.02) (.02) (.01) -- (.01) -- -- (.01) (.10) (.03)
realized gains
Total distributions (.32) (.32) (.33) (.30) (.35) (.34) (.34) (.36) (.46) (.41)
Net asset value,
end of period $4.18 $4.76 $4.65 $4.55 $4.44 $4.57 $4.42 $4.34 $4.69 $4.30
Ratios/supplemental data
1994 1993 1992 1991** 1990 1989 1988 1987 1986 1985
Net assets, end of period$5,769$6,733 $6,036 $5,291 $4,750 $4,594 $4,070 $3,740 $3,730 $2,555
(in millions)
Ratio of expenses to .59% .61% .62% .60%+ .60% .60% .59% .60% .60% .62%
average daily net assets
Ratio of net income to 6.50% 6.32% 6.86% 7.26%+ 7.62% 7.50% 7.66% 7.80% 7.84% 9.22%
average daily net assets
Portfolio turnover rate 17% 10% 12% 10% 22% 7% 13% 15% 12% 21%
(excluding short-term
securities)
Total return++ (5.8%) 9.6% 9.7% 10.1%+ 5.5% 11.7% 11.2% (1.8%) 22.7% 21.1%
*For a share outstanding throughout the period. Rounded to the nearest cent.
**The fund's fiscal year-end was changed from Dec. 31 to Nov. 30, effective 1991.
+Adjusted to an annual basis.
++Total return does not reflect payment of a sales charge.
</TABLE>
<PAGE>
PAGE 19
<TABLE><CAPTION>
Investments in securities
IDS High Yield Tax-Exempt Fund, Inc. (Percentages represent value of
Nov. 30, 1994 investments compared to net assets)
_____________________________________________________________________________________________________________________________
Municipal bonds (97.1%)
_____________________________________________________________________________________________________________________________
Name of issuer and title of issue (b)(c) Coupon Maturity Principal Value(a)
rate amount
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Alabama (0.7%)
Baldwin County Eastern Shore Health Care Authority Hospital Revenue Bonds
Thomas Hospital Series 1991 8.50 % 2016 $ 4,765,000 $ 4,974,612
Camden Industrial Development Board Solid Waste Disposal Revenue Bonds
MacMillan Bloedel Series 1991A 7.75 2019 8,500,000 8,503,740
Columbia Industrial Development Board Pollution Control
Refunding Revenue Bonds Alabama Power Series D 9.375 2015 8,500,000 8,836,770
Columbia Industrial Development Board Pollution Control Revenue Bonds
Alabama Power Farley Plant Series E 9.25 2015 11,500,000 12,105,015
Marengo County Limited Obligation Capital Outlay Warrants Series 19888.50 2018 3,000,000 3,357,180
Mobile Medical Clinic Board Psychiatric Revenue Bonds Charter Medical11.50 2008 2,740,000 2,786,087
______________
Total 40,563,404
_____________________________________________________________________________________________________________________________
Alaska (0.3%)
Anchorage Municipality Senior Lien Electric Revenue Bonds Series 1986
(AMBAC Insured) 6.00 2019 10,150,000 8,757,115
North Slope Borough General Obligation Bonds Series 1984B
Zero Coupon (CGIC Insured) 7.051 2004 7,000,000 (f,h) 3,721,620
North Slope Borough General Obligation Bonds Series 1984B
Zero Coupon (CGIC Insured) 7.151 2005 7,000,000 (f,h) 3,448,760
North Slope Borough General Obligation Refunding Bonds Series 1984G10.40 1995 310,000 320,531
______________
Total 16,248,026
_____________________________________________________________________________________________________________________________
Arizona (0.5%)
Chandler Industrial Development Authority Beverly Enterprises
Series 1994 7.625 2008 2,960,000 2,820,554
Scottsdale Industrial Development Authority Beverly Enterprises
Series 1994 7.625 2008 3,225,000 3,135,022
Maricopa County Hospital System Revenue Bonds Samaritan Health Services
Series 1981 12.00 2008 4,865,000 5,683,255
Maricopa County Industrial Development Authority Hospital System
Refunding Revenue Bonds Samaritan Health Services Series 1985A 9.25 2015 7,000,000 7,390,180
Maricopa County Pollution Control Refunding Revenue Bonds
Palo Verde Public Service 6.375 2023 3,500,000 2,903,670
Maricopa-Stanfield Irrigation & Drainage District Pinal County
General Obligation Refunding Bonds Series 1989 6.00 2004 12,950,000 9,324,000
______________
Total 31,256,681
_____________________________________________________________________________________________________________________________
Arkansas (0.3%)
Pope County Pollution Control Revenue Bonds Arkansas Power & Light
Series 1985 11.00 2015 7,380,000 7,924,792
Pope County Solid Waste Disposal Revenue Bonds Arkansas Power & Light
Series 1991 8.00 2021 3,250,000 3,334,337
Texarkana Public Facility Board SCH Health Care Systems Revenue Bonds
Series 1985A 9.375 2015 5,000,000 5,123,700
______________
Total 16,382,829
_____________________________________________________________________________________________________________________________
California (4.9%)
Burbank Redevelopment Agency Tax Allocation Bonds
Golden State Series 1993A 6.00 2013-23 9,500,000 8,019,625
Community Development Authority Health Facilities Unihealth America
Certificate of Participation Series 1993 Inverse Floater (AMBAC Insured)7.17201122,400,000 (d) 15,848,000
East Bay Municipal Utility District Water Revenue Bonds
Series 1993 Inverse Floater (MBIA Insured) 6.67 2008 15,500,000 (d) 10,908,125
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 3,045,300
Los Angeles International Airport Regional Airports Improvement
Corporation Refunding Revenue Bonds United Airlines Series 1984 8.80 2021 11,650,000 12,218,753
Los Angeles International Airport Regulatory Airports Improvement
Sublease Revenue Bonds Western Airlines Issue 1985 11.25 2025 10,000,000 10,664,100
<PAGE>
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Los Angeles Water & Power Electric Plant Refunding Revenue Bonds
Series 1992 6.375 2020 10,000,000 9,175,700
Modesto Santa Clara Redding Public Power Bonds San Juan Series C
(AMBAC Insured) 5.50 2021 4,500,000 3,662,505
Northern California Power Agency Geothermal #3 Refunding Revenue Bonds
Series 1985A 7.00 2010 13,510,000 13,740,075
Northern California Power Agency Geothermal #3 Revenue Bonds 5.00 2009 49,635,000 40,413,313
Novato Community Facility District #1 Vintage Oaks Public
Improvement Special Tax Refunding Bonds 7.25 2021 5,000,000 4,588,300
Orange County Special Tax Community Facilities Bonds
Aliso Veijo District 88-1 Series 1992A 7.35 2018 6,000,000 6,585,000
Pleasanton Joint Powers Financing Authority Reassessment
Revenue Bonds Series 1993A 6.15 2012 4,890,000 4,277,528
Regional Airports Improvement Facilities Sublease Revenue Bonds
Continental Airlines Los Angeles International Airport
Series 1988 9.00 2008-17 12,800,000 13,256,519
Sacramento Municipal Utility District Electric Refunding Revenue Bonds
Series R 6.00 2015-17 20,385,000 17,794,049
Sacramento Municipal Utility District Electric Refunding Revenue Bonds
Series 1993D Inverse Floater (FSA Insured) 5.82 2005 15,800,000 (d) 12,284,500
Sacramento Municipal Utility District Electric Refunding Revenue Bonds
Series 1993D Inverse Floater (FSA Insured) 6.02 2006 16,400,000 (d) 12,566,500
Sacramento Municipal Utility District Electric Refunding Revenue Bonds
Series 1993D Inverse Floater (MBIA Insured) 6.47 2015 15,000,000 (d) 10,350,000
San Joaquin Hills Orange County Transporation Corridor Agency
Senior Lien Toll Road Revenue Bonds 6.75 2032 14,785,000 13,053,972
San Jose Redevelopment Agency Merged Area Tax Allocation Bonds
Series 1993 Inverse Floater (MBIA Insured) 6.586 2014 30,600,000 (d) 20,004,750
San Marcos Public Facility Authority Refunding Revenue Bonds
Civic Center Public Improvement Series A 6.20 2022 12,300,000 10,419,330
Sierra Unified School District Fresno County Certificate of Participation
Capital Financing Refunding Bonds Series 1993 6.125 2018 6,470,000 5,522,016
Southern California Public Power Authority Power Revenue Bonds
Palo Verde Series 1993 Inverse Floater (FGIC Insured) 7.12 2017 20,000,000 (d) 12,325,000
Southern California Public Power Authority Power Revenue Bonds
Series 1986B 5.75 2017 2,025,000 1,725,462
Southern California Public Power Authority Transmission
Refunding Revenue Bonds Series 1986B 7.00 2022 1,500,000 1,569,086
Ukiah Unified School District Mendocino County
Certificate of Participation Series 1993 6.00 2010 5,000,000 4,379,750
University of California Refunding Revenue Bonds
Multiple Purpose Project (AMBAC Insured) 5.25 2016 6,000,000 4,812,420
______________
Total 283,209,678
_____________________________________________________________________________________________________________________________
Colorado (3.8%)
Arapahoe County Industrial Development Revenue Bonds
Dillion Real Estate-Kroger 8.00 2009 4,000,000 (e) 4,022,080
Aurora Centretech Metropolitan District Arapahoe County Series 1987B6.00 2023 5,732,785 4,815,539
Briargate Public Building Authority Landowner Assessment Lien Bonds
Series 1985A 10.25 2000 5,000,000 (e) 2,500,000
Colorado Springs Cottonwood General Improvement District
General Obligation Bonds Series 1986 9.25 2031 3,500,000 1,225,000
Colorado Springs Hospital Revenue Bonds Memorial Hospital Series 19907.875 2010 5,000,000 5,041,300
Colorado Springs Stetson Hills Public Building Authority
Landowner Assessment Lien Bonds Series 1988A 9.75 2008 2,869,110 (e) 143,456
Colorado Springs Utilities System Refunding Revenue Bonds Series 1991C6.50 2015 24,895,000 23,825,262
Colorado Springs Utilities System Refunding Revenue Bonds Series 1991C6.752001-21 30,000,000 30,555,100
Colorado Springs Utilities System PreRefunded Revenue Bonds Series 1991C6.502015 1,505,000 1,578,595
Denver Airport System Revenue Bonds Series 1985 8.375 2011 6,000,000 6,070,260
Denver City & County Airport Systems Revenue Bonds Series 1991A 8.75 2023 10,000,000 10,298,800
Denver City & County Airport Systems Revenue Bonds Series 1991D 7.75 2021 8,650,000 8,166,638
Denver City & County Airport Systems Revenue Bonds Series 1992A 7.25 2025 20,975,000 19,225,265
Denver City & County Airport Systems Revenue Bonds Series 1992B 7.25 2023 20,500,000 18,334,790
Denver City & County Airport Systems Revenue Bonds Series 1994A 7.50 2012 5,000,000 4,768,150
Denver City & County Airport Systems Revenue Bonds Series 1994A 7.50 2023 19,340,000 17,809,239
Denver City & County GVR Metropolitan District
General Obligation Refunding & Improvement Bonds Series 1985 10.25 2002 4,000,000 3,960,000
Denver City & County GVR Metropolitan District
General Obligation Refunding Bonds Series 1991 8.00 2006 2,115,000 1,988,100
Denver Urban Renewal Authority Tax Increment Revenue Bonds
South Broadway Montgomery Ward Urban Renewal Series 1992 8.50 2016 14,740,000 14,703,150
El Paso County School District #20 General Obligation Refunding Bonds
Series 1993A 6.10 2005 2,215,000 2,134,042
El Paso County School District #20 General Obligation Refunding Bonds
Series 1993A 6.15 2008 1,000,000 943,470
El Paso County School District #20 General Obligation Refunding Bonds
Series 1993A 6.20 2007 1,250,000 1,169,337
Hotchkiss Industrial Development Revenue Bonds Dillion Real Estate-Kroger8.002009 1,500,000 1,502,175
<PAGE>
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Housing Finance Authority Single Family Program Senior Bonds
Series 1991B (FGIC Insured) 7.25 2011 3,360,000 3,311,650
Housing Finance Authority Single Family Program Senior Bonds
Series 1991B (FGIC Insured) 7.30 2018 3,035,000 2,926,377
Northern Colorado Water District Revenue Bonds Series D 6.00 2015 4,000,000 3,567,280
Superior Metropolitan District #2 Limited Tax General Obligation
Refunding Bonds MDC Holdings Series 1994B 7.50 1998 3,300,000 3,288,615
Superior Metropolitan District #2 Limited Tax General Obligation
Refunding Bonds MDC Holdings Series 1994B 8.25 2013 2,580,000 2,472,853
Superior Metropolitan District #2 Limited Tax General Obligation
Refunding Bonds MDC Holdings Series 1994B 8.50 2013 12,000,000 11,778,240
Thornton Industrial Development Revenue Bonds Dillion Real Estate-Kroger8.002009 4,500,000 4,500,000
Westminster Industrial Development Revenue Bonds Dillion Real Estate-Kroger8.0020093,500,000 3,513,615
Winter Park Restated Parking Facility Lease/Purchase & Declaration
of Trust Refunding Certificate of Participation Series 1985 11.00 2004 1,000,000 1,009,980
______________
Total 221,148,358
_____________________________________________________________________________________________________________________________
Connecticut (0.2%)
Development Authority Solid Waste & Electric Revenue Bonds Ogden Martin10.002014 7,500,000 7,948,875
State Transporation Infrastructure Special Tax Obligation Revenue Bonds
Series B 5.70 1997 4,300,000 4,347,773
______________
Total 12,296,648
_____________________________________________________________________________________________________________________________
District of Columbia (1.0%)
General Obligation Refunding Bonds Series A 7.875 2006 12,625,000 13,365,204
General Obligation Refunding Bonds Series 1994A (MBIA Insured) 6.00 2010 27,875,000 25,068,545
General Obligation Refunding Bonds Series 1994A (MBIA Insured) 6.10 2011 7,580,000 6,904,698
General Obligation Refunding Bonds Series 1994B-2 (FSA Insured) 5.50 2006 12,405,000 11,104,956
Housing Finance Agency Multiple Family Mortgage Revenue Bonds
Temple Courts Section 8 Series 1985 (FHA Insured) 12.00 2022 1,320,000 1,401,734
______________
Total 57,845,137
_____________________________________________________________________________________________________________________________
Florida (4.9%)
Broward County Airport System Revenue Bonds Series 1989B 7.625 2013 15,000,000 15,556,500
Broward County Resource Recovery Revenue Bonds L.P. South Project 7.95 2008 42,040,000 44,613,269
Charlotte County Development Authority 1st Mortgage
Refunding Revenue Bonds Royal Palm Retirement Centre Series 1991 9.50 2014 4,310,000 4,261,900
Crossings at Fleming Island Community Development District Utility
Revenue Bonds Series 1994 7.375 2019 14,000,000 12,185,600
Department of Transportation Turnpike Revenue Bonds Series 1991A
(AMBAC Insured) 6.25 2020 20,000,000 18,502,800
Gateway Centre Development District Pinellas County Special Assessment
Revenue Bonds Series 1988 9.125 2009 2,980,000 3,086,058
Hillsborough County Utility Refunding Revenue Bonds Series 1991A
(MBIA Insured) 6.50 2016 24,760,000 23,866,412
Hillsborough County Utility Refunding Revenue Bonds Series 1991A 7.00 2001-14 24,000,000 23,769,637
Jacksonville Electric Authority St. John's River Power Park System
Revenue Bonds Series 1989 6.00 2015 10,300,000 9,209,230
Jacksonville Health Facilities Authority Hospital Refunding Revenue Bonds
Riverside Hospital Series 1989 7.625 2013 1,600,000 1,584,768
Lakeland Electric & Water Refunding Revenue Bonds Series 1986 7.00 2009 5,000,000 5,033,350
Lakewood Ranch Community Development District #1 Special Assessment Bonds
Series 1994 8.25 2014 10,005,000 9,814,605
Lee County Industrial Development Authority Industrial Development
Revenue Bonds Gulf Utility Series 1988A 9.625 2018 5,545,000 6,044,216
Lee County Industrial Development Authority Industrial Development
Revenue Bonds Gulf Utilities Series 1988B 9.50 2020 4,000,000 4,343,720
Municipal Power Agency Refunding Revenue Bonds St. Lucie Series 19867.375 2016 6,000,000 6,353,820
Orange County Health Facilities Authority 1st Mortgage Revenue Bonds
RHA/Princeton Hospital Series 1991 9.00 2021 10,000,000 9,752,600
Palm Beach County Health Facilities Authority Hospital Revenue Bonds
Good Samaritan Health Series 1993 6.30 2022 4,250,000 3,583,685
Palm Beach County Solid Waste Industrial Development Revenue Bonds
Okeelanta Power Limited Partnership Series 1993A 6.70 2015 10,000,000 8,819,500
Palm Beach County Solid Waste Industrial Development Revenue Bonds
Okeelanta Power Limited Partnership Series 1993A 6.85 2021 11,700,000 10,265,814
Pinellas County Capital Improvement Revenue Bonds Series 1991 5.40 1997 5,570,000 5,605,815
Polk County Industrial Development Authority 1st Mortgage
Refunding Revenue Bonds Spring Haven II 8.75 2014 6,665,000 6,646,205
Port Everglades Port Authority Revenue Bonds Junior Lien 5.00 2016 18,635,000 14,534,927
Riverwood Community Development District Charlotte County
Special Assessment Revenue Bonds Series 1992A 8.50 2012 5,800,000 5,696,180
Riverwood Community Development District Charlotte County
Special Assessment Revenue Bonds Series 1992B 8.50 2012 1,440,000 1,414,224
State Board of Education Refunding Bonds Series 1989A 6.00 2025 16,750,000 14,764,288
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Sumter County Village Community Development District #1
Capital Improvement Revenue Bonds Series 1992 8.40 2012 6,095,000 5,931,715
Sunrise Utility System Refunding & Improvement Revenue Bonds 10.75 2018 5,000,000 6,198,600
______________
Total 281,439,438
_____________________________________________________________________________________________________________________________
Georgia (3.4%)
Atlanta Special Purpose Facility Revenue Bonds Delta Air Lines
Series 1989B 6.25 2019 8,685,000 6,888,855
Atlanta Special Purpose Facility Revenue Bonds Delta Air Lines
Series 1989B 7.90 2018 13,500,000 12,955,140
Burke County Development Authority Pollution Control Revenue Bonds
Georgia Power 1st Series 1985 10.125 2015 8,175,000 8,570,098
Burke County Development Authority Pollution Control Revenue Bonds
Georgia Power 3rd Series 1985 10.50 2015 20,575,000 22,058,457
Effingham County Pollution Control Revenue Bonds Fort Howard
Series 1988 7.90 2005 19,850,000 19,661,822
Fulco Hospital Authority Revenue Anticipation Certificate
Georgia Baptist Health Care Systems Series 1992A 6.375 2022 20,300,000 16,356,928
Monroe County Development Authority Pollution Control Revenue Bonds
Georgia Power-Scherer 1st Series 1985 10.50 2015 14,725,000 15,554,312
Monroe County Pollution Control Revenue Bonds Gulf Power 1st Series 198410.502014 10,000,000 10,201,800
Municipal Electric Authority Power Refunding Bonds Series 1989R 6.00 2014 9,130,000 8,123,144
Municipal Electric Authority Power Revenue Bonds 6.00 2020 3,350,000 2,862,039
Municipal Electric Authority Power Revenue Bonds 7.00 2019 1,340,000 1,370,887
Municipal Electric Authority Power Revenue Bonds 9.875 2017 20,000,000 20,492,800
Municipal Electric Authority Power Revenue Bonds Series 5 (FGIC Insured)6.002025 34,490,000 30,220,483
Municipal Electric Authority Power Revenue Bonds Series J 10.75 2020 7,000,000 7,257,110
Municipal Electric Authority Power Revenue Bonds Series L 5.00 2020 1,150,000 845,480
Municipal Electric Authority Power Revenue Bonds Series 1986A 7.875 2018 2,625,000 2,759,662
Rockdale County Development Authority Solid Waste Disposal Revenue Bonds
Visy Paper Series 1993 7.50 2026 10,000,000 9,153,100
______________
Total 195,332,117
_____________________________________________________________________________________________________________________________
Hawaii (0.3%)
City & County of Honolulu Refunding & Improvement
General Obligation Bonds Series 1993B Inverse Floater 6.32 2006 10,000,000 (d) 7,512,500
City & County of Honolulu Refunding & Improvement
General Obligation Bonds Series 1993B Inverse Floater 6.62 2008 10,000,000 (d) 7,275,000
______________
Total 14,787,500
_____________________________________________________________________________________________________________________________
Idaho (--%)
The Regents of the University Student Fee Refunding Revenue Bonds
Series 1986 (FGIC Insured) 7.00 2010 1,050,000 1,063,828
_____________________________________________________________________________________________________________________________
Illinois (8.6%)
Bradley Kankakee County Tax Increment Refunding Revenue Bonds
Series 1993 8.40 2012 5,800,000 5,643,110
Broadview Cook County Senior Lien Tax Increment Revenue Bonds
Series 1993 8.25 2013 12,000,000 11,505,240
Chicago General Obligation Refunding Bonds Series 1985 9.875 2013 18,510,000 19,449,197
Chicago General Obligation Bonds Series 1994A (AMBAC Insured) 5.875 2022 17,850,000 15,177,676
Chicago O'Hare International Airport General Airport Revenue Bonds
Series 1984AB 10.625 2015 5,500,000 5,696,515
Chicago O'Hare International Airport General Airport Revenue Bonds
Series 1990A 6.00 2018 29,000,000 24,848,360
Chicago O'Hare International Airport General Airport Revenue Bonds
Series 1990A 7.50 2016 21,000,000 22,273,230
Chicago O'Hare International Airport General Airport
Refunding Revenue Bonds Series 1993A 5.00 2016 14,450,000 10,925,356
Chicago O'Hare International Airport Special Revenue Facility Bonds
Delta Airlines Series 1992 6.45 2018 10,000,000 8,333,700
Chicago O'Hare International Airport Special Revenue Facility Bonds
United Airlines Series C 8.20 2018 24,065,000 24,398,060
Chicago O'Hare International Airport Terminal Special Revenue Bonds7.50 2017 32,250,000 32,847,915
Chicago O'Hare International Airport Terminal Special Revenue Bonds
(FGIC Insured) 7.875 2025 17,750,000 17,007,517
Chicago Public Building Commission Revenue Bonds
Chicago Board of Education Series 1993A (MBIA Insured) 5.75 2018 13,000,000 10,912,850
Chicago Ridge Special Service Area #1 Unlimited Ad Valorem Tax Bonds
Series 1990 9.00 2008 2,700,000 2,745,981
Chicago Wastewater Transmission Revenue Bonds Series 1994 (MBIA Insured)6.3752024 22,500,000 20,400,525
Civic Center Bonds Dedicated Tax Revenue Bonds Series 1985 9.50 2015 10,000,000 10,774,200
Cook County Bedford Park Senior Lien Tax Increment Revenue Bonds
Mark IV Series 1992 9.75 2012 1,740,000 1,854,040
Development Finance Authority Belmont House Limited II
Subordinate Revenue Bonds Series 1989B 11.00 2004 7,000,000 (e) 350,000
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Development Finance Authority Pollution Control Refunding Revenue Bonds
Central Illinois Public Service Series 1993B-2 5.90 2028 2,500,000 2,022,100
Development Finance Authority Pollution Control Refunding Revenue Bonds
Commonwealth Edison Series 1994 5.70 2009 2,000,000 1,723,800
Development Finance Authority Pollution Control Refunding Revenue Bonds
Commonwealth Edison Series 1994 5.85 2014 4,500,000 3,708,180
Development Finance Authority Pollution Control Refunding Revenue Bonds
Illinois Power Series 1991A 7.375 2021 19,250,000 18,628,610
Development Finance Authority Pollution Control Revenue Bonds
Commonwealth Edison Series 1985 10.625 2015 5,280,000 5,475,096
Development Finance Authority Pollution Control Revenue Bonds
Illinois Power Series 1986A 7.625 2016 25,000,000 25,194,000
Development Finance Authority Pollution Control Revenue Bonds
Illinois Power Series 1986B 7.625 2016 2,000,000 2,015,520
Development Finance Authority Pollution Control Revenue Bonds
Illinois Power Series 1986C 7.625 2016 15,560,000 15,680,746
Development Finance Authority Solid Waste Disposal Facility Revenue Bonds
Ford Heights Waste Tire to Energy Series 1994 7.875 2011 10,000,000 9,578,700
Education Facilities Authority Refunding Revenue Bonds DePaul University
Series 1985A 9.625 2010 3,000,000 3,204,930
Educational Facilities Authority Refunding Revenue Bonds
Art Institute of Chicago Series 1993 5.75 2018 1,750,000 1,453,410
Educational Facilities Authority Refunding Revenue Bonds
Art Institute of Chicago Series 1993 5.80 2027 3,350,000 2,732,863
Educational Facilities Authority Refunding Revenue Bonds
Loyola University of Chicago Series 1993 Inverse Floater (FGIC Insured)7.822012 11,000,000 (d) 8,030,000
Granite City Madison County Hospital Refunding Revenue Bonds
St. Elizabeth Medical Center Series 1989A 8.125 2008 3,500,000 3,450,755
Hanover Park Cook & DuPage Counties 1st Mortgage Revenue Bonds
Windsor Park Manor Series 1989 9.50 2014 7,000,000 7,567,000
Health Facilities Authority Refunding Revenue Bonds
Edwards Hospital Series 1993A 6.00 2019 6,350,000 5,268,341
Health Facilities Authority Refunding Revenue Bonds
Masonic Medical Center Series 1993 5.50 2019 2,000,000 1,526,560
Health Facilities Authority Refunding Revenue Bonds
Peoria Methodist Medical Center Series 1985A 8.00 2014 4,000,000 4,067,000
Health Facilities Authority Refunding Revenue Bonds
University of Chicago Series 1993 Inverse Floater
(MBIA Insured) 7.73 2014 10,000,000 (d) 7,062,500
Health Facilities Authority Revenue Bonds Masonic Medical Center
Series 1985 10.25 2015 4,100,000 4,345,877
Health Facility Authority Revenue Bonds Delnore Community Hospital
Series 1989 8.00 2019 7,000,000 7,746,340
Health Facility Authority Revenue Bonds Sarah Bush Lincoln Health Center
Series 1992 7.25 2012-22 4,000,000 3,708,680
Health Facility Authority Revenue Bonds South Suburban Hospital
Series 1992 7.00 2009-18 9,000,000 8,686,620
Hodgkins General Obligation Tax Increment Bonds Series 1991 9.50 2009 13,000,000 13,726,960
Jefferson County Housing Development Rome Meadows Elderly Housing
Section 8 8.90 2006 2,000,000 2,046,000
Lansing Cook County Tax Increment Revenue Bonds Series 1987 10.00 2007 10,000,000 10,645,200
Lansing Tax Increment Refunding Revenue Bonds Landings Redevelopment Area
Limited Sales Tax Pledge Series 1992 7.00 2008 10,000,000 9,765,100
Marion General Obligation Hospital Alternate Revenue Source Bonds
Series 1991 7.50 2016 3,800,000 3,680,946
Metropolitan Fair & Exposition Authority Dedicated State Tax
Revenue Bonds 6.00 2014 5,585,000 4,973,945
Northwest Suburban Water Supply Joint Action Water Agency (MBIA Insured)5.752012 2,000,000 1,748,600
Northwest Water Commission Cook & Lake County Water Revenue Bonds
(MBIA Insured) 6.50 2012 5,025,000 5,254,291
Pekin Pollution Control Revenue Bonds Commonwealth Edison Series 1979B6.75 2004 2,250,000 2,226,060
Regional Transportation Authority General Obligation Bonds
Counties of Cook, Dupage, Kane, Lake, McHenery and Will
Series 1993A (FGIC Insured) 5.80 2013 10,000,000 8,784,300
Richland County Hospital Revenue Bonds Richland Memorial Hospital
Series B 10.70 2009 2,000,000 2,151,900
Streamwood Collateralized Industrial Development Revenue Bonds
Woodland Heights 10.75 2014 5,705,000 5,903,819
Tinley Park Cook & Will Counties Limited Sales Tax Revenue Bonds
Series 1988 10.25 1999 895,000 (e) 402,750
Tinley Park Cook & Will Counties Unlimited Ad Valorem Tax Bonds
of Special Service 10.65 2007 1,440,000 864,000
Robbins Cook County Resource Recovery Revenue Bonds
Robbins Resource Recovery Partners Series 1994A 9.25 2014 18,000,000 18,281,340
Waukegan Pollution Control Revenue Bonds Commonwealth Edison Series B6.875 2009 5,000,000 4,694,000
______________
Total 493,170,311
_____________________________________________________________________________________________________________________________
Indiana (2.8%)
Brazil 1st Mortgage Revenue Bonds Hoosier Care II Series 1990 10.375 2020 4,280,000 4,590,771
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Carmel Retirement Rental Housing Refunding Revenue Bonds
Beverly Enterprises Series 1992 8.75 2008 7,000,000 7,410,830
Evansville Hospital Authority Hospital Refunding Revenue Bonds
Daughters of Charity Health System St. Mary's Medical Center 10.125 2015 3,000,000 3,185,970
Hanover 1st Mortgage Revenue Bonds Hoosier Care II Series 1990 10.375 2020 6,995,000 7,502,907
Health Facility Authority Hospital Revenue Bonds
Community Hospital of Anderson Series 1993 6.00 2023 10,000,000 8,162,800
Health Facility Authority Hospital Revenue Bonds Union Hospital
(MBIA Insured) Series 1993 5.125 2018 10,000,000 7,616,900
Indianapolis Resource Recovery Revenue Bonds
Ogden Martin System of Indianapolis Series 1985AB 7.80 2004 9,400,000 9,993,740
Indianapolis Resource Recovery Revenue Bonds
Ogden Martin System of Indianapolis Series 1985B 7.90 2008 2,050,000 2,153,218
Kokomo Hospital Authority Hospital Refunding Revenue Bonds
St. Joseph's Hospital Series 1988A 8.75 2013 5,000,000 5,605,100
La Porte County Hospital Authority Hospital Refunding Revenue Bonds
La Porte Hospital Series 1993 6.00 2023 2,990,000 2,307,293
La Porte County Hospital Authority Hospital Refunding Revenue Bonds
La Porte Hospital Series 1993 6.25 2012 5,070,000 4,434,881
Lawrenceburg Pollution Control Refunding Revenue Bonds
Indiana-Michigan Electric Series E 5.90 2019 8,100,000 6,456,510
Marion County Hospital Authority Hospital Facility Revenue Bonds
Methodist Hospital Series 1989 6.50 2008-13 19,670,000 19,207,441
Muncie Economic Development 1st Mortgage Revenue Bonds
Delaware Advancement Series 1986 8.25 2016 3,000,000 3,079,620
Municipal Power Agency Power Supply System Refunding Revenue Bonds 5.75 2018 6,470,000 5,333,350
Princeton Pollution Control Revenue Bonds State Public Service Series 1987C
(MBIA Insured) 7.60 2012 16,000,000 16,577,280
Rockport Pollution Control Refunding Revenue Bonds
Indiana-Michigan Electric Series B 7.60 2016 5,500,000 5,518,975
St. Joseph County Hospital Facility Revenue Bonds
Memorial Hospital of South Bend 9.40 2010 2,000,000 2,367,340
Sullivan Pollution Control Refunding Revenue Bonds
Indiana-Michigan Elecric Series C 5.95 2009 18,500,000 16,130,150
Vincennes Community School Building 1st Mortgage Refunding Bonds
Series 1986 6.00 2016 10,000,000 8,766,200
Vincennes Economic Development Revenue Bonds Southwest Indiana
Regional Youth Village Facility Series 1993 8.50 2024 16,575,000 15,388,064
______________
Total 161,789,340
_____________________________________________________________________________________________________________________________
Iowa (0.8%)
Davenport Health Facility 1st Mortgage Revenue Bonds
Ridgecrest Retirement Village Series 1985 8.20 2006 3,000,000 3,124,350
Davenport Health Facility 1st Mortgage Revenue Bonds
Ridgecrest Retirement Village Series 1985 12.75 2005 1,000,000 1,056,450
Iowa City Refunding Revenue Bonds Mercy Hospital Series 1986 6.00 2012 6,300,000 5,450,760
Keokuk Hospital Facilities Refunding Revenue Bonds
Keokuk Area Hospital Series 1991 7.625 2021 5,350,000 5,095,340
Muscatine Electric Refunding Revenue Bonds Series 1986 5.00 2007-08 7,720,000 6,244,998
Muscatine Electric Refunding Revenue Bonds Series 1986 6.00 2005-06 23,280,000 21,984,503
Sioux City Hospital Facility Revenue Bonds
St. Lukes Regional Medical Center 10.875 2013 3,740,000 4,269,995
______________
Total 47,226,396
_____________________________________________________________________________________________________________________________
Kentucky (1.4%)
Development Finance Authority Hospital Facility Revenue Bonds
St. Luke Hospital Series 1989B 6.00 2019 22,695,000 18,793,956
Development Finance Authority Medical Center
Refunding Revenue Improvement Bonds Ashland Hospital Series 1987 9.75 2011 4,000,000 4,530,040
Jefferson County Multi-family Housing Revenue Bonds Brownsboro Gardens
Series 1986A (FHA Insured) 8.00 2026 5,550,000 5,399,928
Louisville Airport Lease Revenue Bonds Series 1989A 7.875 2019 4,000,000 4,214,760
Louisville & Jefferson County Riverport Authority Mortgage Revenue Bonds
Series 1986 7.875 2016 7,185,000 7,477,358
Louisville Parking Authority of River City PARC 1st Mortgage
Refunding Revenue & Improvement Bonds Series 1985 9.25 2015 5,000,000 5,270,050
McCracken County Revenue Bonds Lourdes Hospital 6.00 2012 8,300,000 7,200,499
Muhlenberg County Hospital Refunding Revenue Bonds
Muhlenberg Community Hospital Series 1988 9.50 2010 4,350,000 4,629,662
Perry County Solid Waste Disposal Revenue Bonds
TJ International Series 1994 7.00 2024 2,000,000 1,772,640
Turnpike Authority Economic Road Development Refunding Revenue Bonds
Series 1993 Inverse Floater (AMBAC Insured) 7.285 2012 15,000,000 (d) 10,893,750
Turnpike Authority Toll Road Refunding Revenue Bonds Series 1981A 13.375 2010 7,870,000 8,432,154
______________
Total 78,614,797
_____________________________________________________________________________________________________________________________
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Louisiana (3.0%)
Calcasieu Parish Industrial Development Polution Control
Refunding Revenue Bonds Gulf State Utilities Series 1992 6.75 2012 7,000,000 6,539,190
Energy & Power Authority Refunding Revenue Bonds Rodemacher Unit #2
Series 1991 (FGIC Insured) 6.00 2013 28,000,000 25,389,560
Hodge Village Combined Utility System Revenue Bonds Stone Container
Series 1990 9.00 2010 23,000,000 23,042,320
New Orleans Audobon Park Commission Aquarium Revenue Bonds Series 1992A7.001997 1,400,000 1,453,046
New Orleans Audobon Park Commission Aquarium Revenue Bonds Series 1992A8.002012 7,100,000 7,149,629
New Orleans Housing Development Elderly Assisted Tivoli Place Section 87.8752010 1,500,000 1,526,970
Public Facilities Authority Revenue Bonds Alton Ochsner Medical Foundation
Series 1985A 6.00 2005 4,165,000 4,300,571
St. Charles Parish Pollution Control Revenue Bonds Louisiana Power & Light
Series 1984 8.25 2014 28,600,000 29,999,970
St. Charles Parish Pollution Control Revenue Bonds Louisiana Power & Light
Series 1991 7.50 2021 20,700,000 19,963,494
St. Charles Parish Pollution Control Revenue Bonds Louisiana Power & Light
2nd Series 1984 8.00 2014 29,155,000 30,079,505
St. James Parish Pollution Control Revenue Bonds B.F. Goodrich
Series 1981 14.50 2011 500,000 588,225
Southern Louisiana Port Commission Dock & Wharf Facilities B.F. Goodrich14.502011 3,335,000 3,962,614
Southern Louisiana Port Commission Terminal Refunding Revenue Bonds
Gatx Terminal Series 1993 7.00 2023 13,180,000 12,149,587
West Feliciana Parish Demand Pollution Control Revenue Bonds
Gulf State Utilities Series 1985B 9.00 2015 6,000,000 6,576,900
______________
Total 172,721,581
_____________________________________________________________________________________________________________________________
Maine (0.4%)
Bucksport Solid Waste Disposal Revenue Bonds
Champion International Series 1985 6.25 2010 14,185,000 12,532,164
Health & Higher Educational Facilities Authority Revenue Bonds
St. Mary's Hospital Series 1989 8.625 2022 3,500,000 3,943,695
Skowhegan Pollution Control Refunding Revenue Bonds
Scott Paper Series 1993 5.90 2013 10,000,000 8,360,400
______________
Total 24,836,259
_____________________________________________________________________________________________________________________________
Maryland (0.6%)
Frederick County Economic Refunding Revenue Bonds Alumax Series 19927.25 2017 9,880,000 9,448,244
Harford County Industrial Development Revenue Bonds Dorsey 8.00 2005 600,000 600,510
Prince George's County Hospital Revenue Bonds Dimensions Health
Series 1992 7.00 2022 7,000,000 7,519,330
Prince George's County Hospital Revenue Bonds Dimensions Health
Series 1992 7.25 2017 11,400,000 12,388,380
State Transportation Authority Facility Revenue Bonds
Series 1992 Capital Appreciation Zero Coupon (FGIC Insured) 6.33 2010-11 9,700,000 (f) 3,333,104
State Transportation Authority Facility Revenue Bonds
Series 1992 Zero Coupon (FGIC Insured) 6.35 2012 5,000,000 (f) 1,537,300
______________
Total 34,826,868
______________________________________________________________________________________________________________________________
Massachusetts (2.2%)
Bay Transportation Authority Refunding Revenue Bonds
Series 1994A (MBIA Insured) 6.00 2012 8,000,000 7,316,800
Greater Lawrence Sanitary District North Andover
General Obligation Bonds 8.50 2005 4,495,000 4,639,379
Health & Educational Facilities Authority Revenue Bonds
Berkshire Health Systems Series C 5.90 2011 2,000,000 1,607,000
Health & Educational Facilities Authority Revenue Bonds
Berkshire Health Systems Series C 6.00 2020 4,000,000 3,078,200
Health & Educational Facilities Authority Revenue Bonds
Beverly Hospital Inverse Floater (MBIA Insured) 7.37 2020 8,000,000 (d) 5,210,000
Health & Educational Facilities Authority Revenue Bonds
Charlton Memorial Hospital Series B 7.25 2013 6,455,000 6,325,513
Industrial Finance Agency 1st Mortgage Revenue Bonds
Berkshire Retirement Community Lennox Series 1988 9.00 2000 885,000 926,436
Industrial Finance Agency 1st Mortgage Revenue Bonds
Berkshire Retirement Community Lennox Series 1988 9.875 2018 2,800,000 3,098,004
Industrial Finance Agency 1st Mortgage Revenue Bonds
Berkshire Retirement Community Lennox Series 1989 9.875 2018 550,000 608,536
Industrial Finance Agency Pollution Control
Refunding Revenue Bonds Eastern Edison Series 1993 5.875 2008 500,000 434,280
Industrial Finance Agency Resource Recovery Revenue Bonds
SEMASS Series 1991A 9.00 2015 18,885,000 19,910,455
Industrial Finance Agency Resource Recovery Revenue Bonds
SEMASS Series 1991B 9.25 2015 25,000,000 26,511,500
Municipal Wholesale Electric Power Supply System Revenue Bonds
Series 1992B 6.75 2017 10,130,000 10,728,987
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Municipal Wholesale Electric Power Supply System Revenue Bonds
Series 1993A Inverse Floater (AMBAC Insured) 6.92 2018 6,530,000 (d) 3,762,913
State General Obligation Consolidated Loan Bonds Series 1989
(AMBAC Insured) 6.90 1997 2,500,000 2,595,550
Water Resources Authority General Refunding Revenue Bonds Series 1992B5.50 2015 22,175,000 18,379,084
Water Resources Authority General Revenue Bonds Series 1992A 6.50 2019 3,500,000 3,268,370
Water Resources Authority General Revenue Bonds Series 1993B
(MBIA Insured) 5.00 2022 10,000,000 7,454,200
______________
Total 125,855,207
_____________________________________________________________________________________________________________________________
Michigan (3.1%)
Crawford County Economic Development Corporation Environmental
Improvement Revenue Bonds Weyerhaeuser Series 1991A 7.125 2007 10,800,000 10,829,808
Detroit Unlimited Tax General Obligation Bonds Series 1993 6.35 2014 4,000,000 3,519,080
Dexter Community School District School Building & Site
1993 Unlimited Tax General Obligation Refunding Bonds 5.00 2017 4,255,000 3,186,527
Van Buren County Downtown Development Authority
Tax Increment Revenue Bonds Series 1994 8.40 2016 4,000,000 3,944,160
Flint Economic Development Limited Obligation Economic Development
Revenue Bonds Hillhaven Series 1982 12.50 2010 2,500,000 2,563,100
Midland County Economic Development Corporation Pollution Control Limited
Obligation Refunding Revenue Bonds Midland Cogeneration Series 1990B9.50 2009 30,500,000 31,933,195
Midland County Economic Development Corporation Pollution Control Limited
Obligation Refunding Revenue Bonds Midland Cogeneration Series 1990C8.50 2009 18,900,000 19,020,771
Monroe County Pollution Control Revenue Bonds Detroit Edison 7.75 2019 40,250,000 (g) 41,554,100
Monroe County Pollution Control Revenue Bonds Detroit Edison Series 1985A10.50201610,000,000 10,704,200
Regents of the University of Michigan Hospital Refunding Revenue Bonds
Series 1986A 7.75 2012 5,000,000 5,342,600
State Hospital Finance Authority Hospital Refunding Revenue Bonds
Daughters of Charity Health System Providence Hospital 10.00 2015 4,900,000 5,196,989
State Hospital Finance Authority Hospital Refunding Revenue Bonds
Detroit Medical Center Series 1993A 6.50 2018 10,000,000 8,887,800
State Hospital Finance Authority Hospital Revenue Bonds
McLaren Obligated Group Series 1991A 7.50 2021 7,500,000 8,259,075
State Job Development Authority Pollution Control Revenue Bonds Chrysler5.701999 4,350,000 4,237,161
Strategic Fund Limited Obligation Refunding Revenue Bonds Ford Motor
Series 1991A 7.10 2006 16,400,000 16,791,304
______________
Total 175,969,870
_____________________________________________________________________________________________________________________________
Minnesota (3.2%)
Appleton Correctional Facility Revenue Bonds Series 1990A 9.875 2020 15,000,000 (e) 9,750,000
Apple Valley 1st Mortgage Nursing Home Revenue Bonds
Apple Valley Health Care (FHA Insured) 10.50 2012 475,000 491,578
Becker Solid Waste Disposal Facility Revenue Bonds
Liberty Paper Series 1994B 9.00 2015 18,000,000 16,766,100
Bloomington Community Development Refunding Revenue Note
24th Avenue Motel 8.50 2005 1,588,754 1,628,473
Bloomington Health Care Facility Revenue Bonds
Friendship Village of Bloomington Series 1992 8.50 2002 5,270,000 5,478,112
Brainerd Economic Development Authority Health Care Facility Revenue Bonds
Benedictine Health System St. Joseph Medical Center Series 1990 8.375 2020 4,670,000 5,263,604
Duluth Economic Development Authority Health Care Facility Revenue Bonds
Benedictine Health System St. Mary's Medical Center Series 1990 8.375 2020 8,300,000 9,355,013
Duluth Housing & Redevelopment Authority Lakeshore Lutheran Home
1st Mortgage Revenue Bonds 8.00 2000 200,000 194,652
Duluth Housing & Redevelopment Authority Lakeshore Lutheran Home
1st Mortgage Revenue Bonds 8.25 2009 750,000 721,717
International Falls Solid Waste Disposal Revenue Bonds Boise Cascade
Series 1990 7.75 2015 10,000,000 9,918,600
Maplewood Elder Care Facility Revenue Bonds Care Institute Series 19947.75 2024 8,000,000 7,152,800
Mille Lacs Capital Improvement Authority Infrastructure Revenue Bonds
Series 1992A 9.25 2012 4,825,000 5,236,717
Minneapolis Water & Sewer Revenue Bonds Series 1992 5.00 1995 7,800,000 7,800,702
Osseo Independent School District #279 General Obligation
School Building Bonds Series 1994A Inverse Floater 6.595 2012 2,435,000 (d) 1,725,806
Regents of the University of Minnesota General Obligation Bonds
Series 1993A Inverse Floater 5.768 2003 12,000,000 (d) 9,390,000
St. Louis Park Health Care Facilities Revenue Bonds
Healthsystem Minnesota Obligated Group Series 1993 Inverse Floater
(AMBAC Insured) 4.995 2005 9,200,000 (d) 6,244,500
St. Louis Park Health Care Facilities Revenue Bonds
Healthsystem Minnesota Obligated Group Series 1993 Inverse Floater
(AMBAC Insured) 5.995 2013 18,000,000 (d) 10,462,500
St. Louis Park Health Care Park Nicollet Medical Center Facility
Revenue Bonds Series 1990A 9.25 2020 6,000,000 6,975,240
St. Paul Housing & Redevelopment Authority Health Care Facility
Revenue Bonds Lyngblomsten Care Center Series 1993A 7.125 2017 2,890,000 2,614,785
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St. Paul Housing & Redevelopment Authority Health Care Facility
Revenue Bonds Lyngblomsten Care Center Series 1993A 9.60 2006 2,125,000 2,124,639
St. Paul Housing & Redevelopment Authority Health Care Facility
Revenue Bonds Lyngblomsten Multi-family Rental Housing Series 1993B7.00 2024 2,870,000 2,482,005
Southern Minnesota Municipal Power Agency Power Supply System
Refunding Revenue Bonds Series 1986B 7.00 2016 2,000,000 2,084,100
Southern Minnesota Municipal Power Agency Power Supply System
Refunding Revenue Bonds Series 1992 5.75 2018 32,210,000 27,338,560
Southern Minnesota Municipal Power Agency Power Supply System
Revenue Bonds Series 1985A 7.00 2018 8,265,000 8,455,591
Southern Minnesota Municipal Power Agency Power Supply System
Revenue Bonds Series 1985C 7.00 2016 3,885,000 3,974,588
Southern Minnesota Municipal Power Agency Power Supply System
Revenue Bonds Series 1994A Zero Coupon (MBIA Insured) 6.87 2021 13,500,000 (f) 2,143,665
Southern Minnesota Municipal Power Agency Power Supply System
Revenue Bonds Series 1994A Zero Coupon (MBIA Insured) 6.73 2022 17,500,000 (f) 2,576,000
Southern Minnesota Municipal Power Agency Power Supply System
Revenue Bonds Series 1994A Zero Coupon (MBIA Insured) 6.74 2023 27,500,000 (f) 3,751,275
Southern Minnesota Municipal Power Agency Power Supply System
Revenue Bonds Series 1994A Zero Coupon (MBIA Insured) 6.75 2024-27 87,410,000 (f) 10,004,189
______________
Total 182,105,511
_____________________________________________________________________________________________________________________________
Mississippi (1.3%)
Claiborne County Pollution Control Revenue Bonds Middle South Energy9.50 2013-16 21,750,000 23,265,187
Claiborne County Pollution Control Revenue Bonds Middle South Energy
Series C 9.875 2014 15,375,000 17,245,215
Claiborne County Pollution Control Revenue Bonds Middle South Energy
Series D 12.50 2015 16,000,000 16,968,000
Harrison County Waste Water Management District Refunding Bonds
Series 1986 5.00 2015 4,250,000 3,353,845
Jackson Industrial Development Revenue Bonds Dorsey 8.00 2005 499,000 503,047
Lowndes County Solid Waste Disposal Pollution Control Revenue Bonds
Weyerhaeuser Series 1989 7.875 2005 12,250,000 12,685,978
Lowndes County Solid Waste Disposal Pollution Control
Refunding Revenue Bonds Weyerhaeuser Series 1989 Inverser Floater8.31 2022 4,000,000 (d) 3,606,440
______________
Total 77,627,712
_____________________________________________________________________________________________________________________________
Missouri (0.8%)
Nevada Combined Waterworks & Sewage System Refunding Revenue Bonds
Series 1985 10.00 2004 5,000,000 5,176,900
Regional Convention & Sports Complex Authority Bonds
St. Louis Sponsor Series 1991B 7.00 2021 5,810,000 6,154,475
Regional Convention & Sports Complex Authority Bonds
St. Louis Sponsor Series 1991C 7.90 2021 2,700,000 2,748,708
State Environment & Improvement Energy Resources Authority
Pollution Control Revenue Bonds Chrysler 5.70 1999 9,250,000 8,931,245
Sikeston Electric System Refunding Revenue Bonds Series 1992
(MBIA Insured) 5.60 2000 4,040,000 3,994,913
Sikeston Electric System Refunding Revenue Bonds Series 1992
(MBIA Insured) 5.80 2002 4,165,000 4,112,771
St. Louis Industrial Development Authority Refunding Revenue Bonds
Kiel Center Multipurposes Arena Series 1992 7.875 2024 15,400,000 14,631,386
______________
Total 45,750,398
_____________________________________________________________________________________________________________________________
Nebraska (--%)
Omaha Public Power District Electric System Revenue Bonds Series 1986A6.00 2015 1,370,000 1,260,345
______________________________________________________________________________________________________________________________
___Nevada (0.5%)
Clark County Collateralized Pollution Control Revenue Bonds
State Power 7.80 2009 11,850,000 11,953,806
Clark County Industrial Development Revenue Bonds State Power Series 19907.802020 5,000,000 4,994,450
Humboldt County Collateralized Pollution Control & Water Facilities
Washoe County Hospital Revenue Bonds Washoe Medical Center Series 1989A7.602019 2,750,000 2,997,638
Las Vegas Redevelopment Agency Tax Increment Subordinate Lien
Revenue Bonds Series 1994A 6.00 2010 2,000,000 1,801,780
Las Vegas Redevelopment Agency Tax Increment Subordinate Lien
Revenue Bonds Series 1994A 6.10 2014 2,000,000 1,761,520
Washoe County Hospital Revenue Bonds Washoe Medical Center Series 1993A6.002015 7,250,000 6,034,755
______________
Total 29,543,949
_____________________________________________________________________________________________________________________________
New Hampshire (2.5%)
Business Financial Authority Pollution Control Refunding Revenue Bonds
United Illuminating Series 1993A 5.875 2033 13,200,000 10,044,276
Industrial Development Authority Pollution Control Revenue Bonds
State Public Service Series 1991A 7.65 2021 10,000,000 9,810,200
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Industrial Development Authority Pollution Control Revenue Bonds
State Public Service Series 1991B 7.50 2021 35,735,000 34,461,404
Industrial Development Authority Pollution Control Revenue Bonds
State Public Service Series 1991C 7.65 2021 25,000,000 24,525,500
Industrial Development Authority Pollution Control Revenue Bonds
United Illuminating Series 1987A 9.375 2012 15,000,000 16,365,000
Industrial Development Authority Pollution Control Revenue Bonds
United Illuminating Series 1989A 8.00 2014 8,000,000 8,041,920
State Higher Education & Health Facility Authority Hospital Revenue Bonds
Hitchcock Clinic Series 1994 (MBIA Insured) 6.00 2024 13,000,000 11,197,940
State Higher Education & Health Facility Authority Hospital Revenue Bonds
Mary Hitchcock Memorial Hospital Series 1993 Inverse Floater
(FGIC Insured) 5.17 2013 17,000,000 (d) 13,679,560
State Turnpike System Refunding Revenue Bonds Series 1992 5.75 2020 20,615,000 17,173,120
______________
Total 145,298,920
_____________________________________________________________________________________________________________________________
New Jersey (0.3%)
Economic Development Authority 1st Mortgage Gross Revenue Bonds
Mega Care Union Hospital 8.625 2007 2,500,000 2,746,900
Health Care Facility Finance Authority Revenue Bonds
St. Peter Medical Center Series 1994F (MBIA Insured) 5.00 2016 10,000,000 7,807,600
Health Care Facility Finance Authority Revenue Bonds
Zurbrugg Memorial Hospital Series C 8.50 2012 3,500,000 3,674,475
Middlesex County Industrial Financing Authority Pollution Control
Revenue Bonds Amerada Hess Series 1984 11.625 2014 1,500,000 1,545,315
______________
Total 15,774,290
_____________________________________________________________________________________________________________________________
New Mexico (1.5%)
Albuquerque Airport Revenue Bonds Series 1987B 8.75 2019 15,000,000 16,240,200
Albuquerque Health Care System Revenue Bonds Lovelace Medical Fund10.25 2011 55,000 55,843
Cibola County Correctional Facility Certificate of Participation
Series 1993 8.50 2015 17,355,000 17,187,351
Farmington Pollution Control Refunding Revenue Bonds State Public Service
San Juan Series 1994A 6.40 2023 11,000,000 9,199,960
Farmington Pollution Control Revenue Bonds State Public Service 6.50 2009 4,935,000 4,447,471
Farmington Pollution Control Revenue Bonds State Public Service San Juan
Series 1978A 6.00 2008 9,000,000 7,701,660
Farmington Power Refunding Revenue Bonds Generating Division 9.875 2013 5,000,000 6,351,850
Las Vegas Hospital Facility Refunding Revenue Bonds
Northeastern Regional Hospital Series 1987 9.625 2013 5,925,000 6,301,475
Lordsberg Pollution Control Refunding Revenue Bonds Phelps Dodge 6.50 2013 20,000,000 18,777,600
______________
Total 86,263,410
_____________________________________________________________________________________________________________________________
New York (7.2%)
Battery Park City Authority Refunding Revenue Bonds
Series 1993A 5.50 2010 9,940,000 8,420,273
Dormitory Authority New York State University Education Facility
Pre-Refunded Revenue Bonds Series 1990A 7.70 2012 10,000,000 11,038,900
Dormitory Authority New York State University Education Facility
Revenue Bonds Series 1993A 5.50 2013 24,530,000 20,069,220
Dormitory Authority New York City University System Consolidated
2nd General Resource Revenue Bonds Series 1990C 5.00 2017 20,820,000 15,319,772
Dormitory Authority New York City University System Consolidated
2nd General Resource Revenue Bonds Series 1990C 6.00 2016 39,465,000 33,701,137
Dormitory Authority New York City University System Consolidated
2nd General Resource Revenue Bonds Series 1990D 7.00 2009 5,000,000 4,932,250
Dormitory Authority New York City University System Consolidated
2nd General Resource Revenue Bonds Series 1994A 5.75 2018 5,500,000 4,515,115
Dormitory Authority New York Court Facility Lease Revenue Bonds
Series 1993A 5.375 2016 11,000,000 8,602,770
Metropolitan Transportation Authority Commuter Facility Revenue Bonds
Series H 6.00 2014 6,150,000 5,317,413
Metropolitan Transportation Authority Transit Facility Revenue Bonds
Series G 6.00 2014 4,970,000 4,297,161
Metropolitan Transportation Transit Facilities Service Contract Series 36.002019 6,395,000 5,387,276
New York City General Obligation Bonds Series 1992B 7.40 2000 30,000,000 31,513,800
New York City General Obligation Bonds Series 1994B 7.00 2016 16,500,000 15,927,615
New York City Industrial Development Agency Special Facility Revenue Bonds
American Airlines Series 1990 8.00 2020 16,130,000 16,289,687
New York City Municipal Water Financial Authority Water & Sewer System
Revenue Bonds Series 1994B Inverse Floater (MBIA Insured) 6.79 2009 15,500,000 (d) 10,462,500
New York City Municipal Water Financial Authority Water & Sewer System
Revenue Bonds Series A 6.25 2021 55,500,000 48,646,305
New York City Municipal Water Financial Authority Water & Sewer System
Revenue Bonds Series B 5.00 2017 6,255,000 4,774,191
Port Authority Special Project Bonds La Guardia Airport Passenger Terminal
Continental & Eastern Airlines 9.00 2006 2,645,000 2,818,433
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Port Authority Special Project Bonds La Guardia Airport Passenger Terminal
Continental & Eastern Airlines Series 2 9.00 2010 8,800,000 9,377,016
Port Authority Special Project Bonds La Guardia Airport Passenger Terminal
Continental & Eastern Airlines Series 2 9.125 2015 17,500,000 18,876,725
State Energy Research & Development Authority Electric Facility
Revenue Bonds Consolidated Edison 7.125 2022 10,750,000 10,403,743
State Energy Research & Development Authority Electric Facility
Revenue Bonds Consolidated Edison 7.375 2024 23,000,000 22,901,560
State Energy Research & Development Authority Electric Facility
Revenue Bonds Consolidated Edison 7.50 2021 9,000,000 9,014,580
State Energy Research & Development Authority Electric Facility
Revenue Bonds Consolidated Edison Series 1990A 7.50 2025 30,975,000 31,082,793
State Energy Research & Development Authority Electric Facility
Revenue Bonds Long Island Lighting Series 1992B 7.15 2022 12,550,000 11,296,631
State Facilities Finance Agency Insured Hospital Mortgage Revenue Bonds
Series 1985B (FHA Insured) 9.75 2025 9,500,000 9,765,810
State Housing Finance Agency State University Construction
Refunding Bonds Series 1986A 6.50 2013 3,500,000 3,453,555
State Local Government Assistance Corporation Series 1991A 6.50 2020 11,000,000 10,313,270
State Medical Facilities Finance Agency Mental Health Services
Improvement Refunding Revenue Bonds Series 1993D 5.25 2023 15,000,000 10,824,000
State Medical Facilities Finance Agency Mental Health Services
Improvement Refunding Revenue Bonds Series 1993F 5.25 2019 5,790,000 4,267,809
State Urban Development Correctional Facility Revenue Bonds Series A7.00 2016 1,800,000 1,875,312
State Urban Development Correctional Facility Revenue Bonds Series B7.00 2016 10,750,000 11,199,780
______________
Total 416,686,402
_____________________________________________________________________________________________________________________________
North Carolina (5.0%)
Eastern Municipal Power Agency Power Supply System
Refunding Revenue Bonds Series 1985D 8.50 2011 20,795,000 20,880,051
Eastern Municipal Power Agency Power Supply System
Refunding Revenue Bonds Series 1985D 10.25 2009 29,460,000 30,504,357
Eastern Municipal Power Agency Power Supply System
Refunding Revenue Bonds Series 1993B 6.25 2012 24,655,000 21,884,764
Eastern Municipal Power Agency Power Supply System Revenue Bonds
Series 1985A 7.50 2019 2,650,000 2,658,639
Eastern Municipal Power Agency Power Supply System Revenue Bonds
Series 1985D 7.50 2012 1,000,000 1,002,016
Eastern Municipal Power Agency Power System Refunding Revenue Bonds
Series 1986A 4.00 2018 8,675,000 5,911,232
Eastern Municipal Power Agency Power System Refunding Revenue Bonds
Series 1986A 5.00 2017 6,500,000 5,187,316
Eastern Municipal Power Agency Power System Refunding Revenue Bonds
Series 1988A 6.00 2026 3,125,000 2,718,042
Eastern Municipal Power Agency Power System Refunding Revenue Bonds
Series 1989A 5.50 2011 37,800,000 31,184,244
Eastern Municipal Power Agency Power System Refunding Revenue Bonds
Series 1989A 6.50 2024 16,750,000 14,993,930
Eastern Municipal Power Agency Power System Refunding Revenue Bonds
Series 1989A 7.50 2010 29,160,000 30,781,420
Eastern Municipal Power Agency Power System Refunding Revenue Bonds
Series 1991A 5.75 2019 55,000,000 44,495,550
Eastern Municipal Power Agency Power System Refunding Revenue Bonds
Series 1994B 7.25 2007 5,000,000 5,096,250
Municipal Power Agency #1 Catawba Electric Revenue Bonds Series 19859.00 2013 21,500,000 22,025,245
Municipal Power Agency #1 Catawba Electric Revenue Bonds Series 1985A7.00 2020 9,000,000 8,891,345
Municipal Power Agency #1 Catawba Electric Revenue Bonds Series 1985B8.50 2017 13,000,000 13,740,610
Municipal Power Agency #1 Catawba Electric Revenue Bonds Series 19887.00 2016 5,140,000 4,953,469
Municipal Power Agency #1 Catawba Electric Revenue Bonds Series 1993
Inverse Floater (MBIA Insured) 6.97 2012 7,400,000 (d) 5,022,750
Municipal Power Agency #1 Catawba Electric Revenue Bonds Series 1993
Inverse Floater (MBIA Insured) 7.17 2020 15,000,000 (d) 9,525,000
Offiss Incorporation Recreational Facilities Gross Revenue Bonds
Smoky Mountain Golf Course Series 1994 7.50 2019 5,695,000 5,086,148
______________
Total 286,542,378
_____________________________________________________________________________________________________________________________
North Dakota (0.4%)
Fargo Hospital Refunding Revenue & Improvement Bonds Dakota Hospital
Series 1992 6.875 2012 3,000,000 2,758,410
Fargo Hospital Refunding Revenue & Improvement Bonds Dakota Hospital
Series 1992 7.00 2022 4,250,000 3,831,970
General Obligation Bonds Real Estate Series 1986A 6.00 2013 10,000,000 9,257,400
Hettinger Hospital Refunding Revenue Bonds Community Memorial Hospital
Series 1985 10.00 2005 3,415,000 3,612,933
State Board of Higher Education University of North Dakota Housing &
Auxiliary Facilities Refunding Revenue Bonds Series 1985A 9.25 2014 5,060,000 5,302,020
______________
Total 24,762,733
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_____________________________________________________________________________________________________________________________
Ohio (2.5%)
Air Quality Development Authority Pollution Control Revenue Bonds
Cincinnati Gas & Electric 10.125 2015 10,000,000 10,762,800
Air Quality Development Authority Pollution Control Revenue Bonds
Dayton Power & Light 9.50 2015 7,050,000 7,468,347
Air Quality Development Authority Pollution Control Revenue Bonds
Ohio Edison Series 1989A 7.625 2023 6,750,000 6,488,303
Bellefontaine Hospital Facilities Refunding Revenue Bonds
Mary Rutan Health Association Series 1993 6.00 2013 5,330,000 4,517,548
Butler County Hospital Facilities Refunding Revenue & Improvement Bonds
Fort Hamilton-Hughes Memorial Center Series 1991 7.50 2010 8,650,000 8,281,164
Cleveland Parking Facilities Improvement Revenue Bonds Series 1992 8.10 2022 15,000,000 14,753,100
Coshocton County Solid Waste Disposal Refunding Revenue Bonds
Stone Container Series 1992 7.875 2013 17,500,000 16,812,950
Erie County Hospital Improvement & Refunding Revenue Bonds
Firelands Community Hospital Series 1992 6.75 2015 6,540,000 5,983,969
Franklin County Refunding Revenue Bonds Online Computer Library Center
Series 1985 9.75 2009 2,500,000 2,595,375
Marion County Health Care Facilities Refunding & Improvement
Revenue Bonds United Church Homes Series 1993 6.30 2015 1,800,000 1,469,448
Marion County Health Care Facilities Refunding & Improvement
Revenue Bonds United Church Homes Series 1993 6.375 2010 2,000,000 1,750,520
Montgomery County Health Facilities Refunding Revenue Bonds
Friendship Village of Dayton Series 1990A 9.25 2016 9,000,000 8,964,720
Montgomery County Health Facilities Refunding Revenue Bonds
Friendship Village of Dayton Series 1985 11.75 2015 3,500,000 3,817,450
Montgomery County Industrial Development Revenue Bonds SPM Systems
Series 1991 10.00 2005 7,290,000 3,645,000
Sandusky County Hospital Refunding Revenue Bonds
Memorial Hospital Association Series 1985 11.25 2009 4,000,000 4,080,000
Water Development Authority Collateralized Pollution Control Revenue Bonds
Cleveland Electric Series 1989 8.00 2023 10,000,000 10,202,000
Water Development Authority Collateralized Pollution Control Revenue Bonds
Toledo Edison Series 1989 8.00 2023 8,500,000 8,140,280
Water Development Authority Pollution Control Revenue Bonds
Duquesne Light Series 1985A 11.125 2015 2,970,000 3,094,562
Water Development Authority Pollution Control Revenue Bonds Ohio Edison8.102023 10,000,000 10,073,500
Water Development Authority Pollution Control Revenue Bonds
Pennsylvania Power Series 1984 12.00 2014 3,400,000 3,502,748
Water Development Authority Pollution Control Refunding Revenue Bonds
Toledo Edison Series 1994A 8.00 2023 10,000,000 9,576,800
___________
Total 145,980,584
_____________________________________________________________________________________________________________________________
Oklahoma (1.5%)
Grand River Dam Authority Refunding Revenue Bonds Series 1985 9.375 2005 3,500,000 3,662,960
Grand River Dam Authority Refunding Revenue Bonds Series 1987 5.00 2012 10,105,000 8,083,596
Hinton Economic Development Authority Certificate of Participation
Series 1994 8.75 2015 12,800,000 12,797,952
Hinton Economic Development Authority Certificate of Participation
Dominion Leasing Series 1990A 9.75 2015 19,090,000 20,625,409
Jackson County Memorial Hospital Authority Hospital
Refunding Revenue Bonds Jackson County Memorial Hosital Series 19947.30 2015 6,580,000 (h) 6,104,398
Midwest City Memorial Hospital Authority Hospital Revenue Bonds
Series 1992 7.375 2022 7,815,000 7,423,625
Municipal Power Authority Power Supply System Revenue Bonds
Series 1985C 9.625 2023 6,740,000 7,211,396
Oklahoma City Central Oklahoma Transportation & Parking Authority
Parking System Refunding Revenue Bonds Series 1986 (AMBAC Insured)6.90 2008 8,180,000 8,243,558
Oklahoma County Industrial Authority Hospital Revenue Bonds
Southwest Medical Center Series 1992A 7.20 2022 14,735,000 13,547,948
______________
Total 87,700,842
_____________________________________________________________________________________________________________________________
Oregon (0.4%)
State Veterans Welfare Department Pre-Refunded Bonds Series LXVII 12.40 2000 2,000,000 2,278,080
Western Generation Agency Revenue Bonds Wauna Cogeneration
Series 1994A 7.125 2021 17,000,000 15,277,050
Western Generation Agency Revenue Bonds Wauna Cogeneration
Series 1994B 7.40 2016 9,000,000 8,345,610
______________
Total 25,900,740
_____________________________________________________________________________________________________________________________
Pennsylvania (5.1%)
Alleghany County Industrial Development Authority
Environment Improvement Revenue Bonds USX Corporation Series 1994A6.70 2020 6,000,000 5,311,740
Beaver County Industrial Development Authority Collateralized Pollution
Control Revenue Bonds Cleveland Electric Illuminating Series 198510.50 2015 6,000,000 6,394,020
<PAGE>
PAGE 31
Beaver County Industrial Development Authority Pollution Control
Revenue Bonds Cleveland Electric Illuminating Series 1984 11.125 2014 25,800,000 26,715,384
Beaver County Industrial Development Authority Pollution Control
Revenue Bonds Duquesne Light Series 1984B 11.625 2014 2,000,000 2,060,420
Beaver County Industrial Development Authority Pollution Control
Revenue Bonds Toledo Edison Series 1984A 13.25 2014 6,000,000 6,135,840
Beaver County Industrial Development Authority Pollution Control
Revenue Bonds Toledo Edison Series 1985B 12.25 2015 5,450,000 5,770,242
Beaver County Industrial Development Authority Pollution Control
Revenue Bonds Toledo Edison-Beaver Valley Series 1985C 10.75 2015 4,500,000 4,715,910
Beaver County Industrial Development Authority Pollution Control
Revenue Bonds Ohio Edison 7.75 2024 34,650,000 34,364,830
Beaver County Industrial Development Authority Pollution Control
Revenue Bonds Ohio Edison Series A 10.50 2015 10,000,000 10,702,000
Bulter County Industrial Development Authority Health Care
Refunding Revenue Bonds Pittsburgh Lifetime Care Community Sherwood Oaks
Series 1993 5.75 2011 2,000,000 1,685,100
Bulter County Industrial Development Authority Health Care
Refunding Revenue Bonds Pittsburgh Lifetime Care Community Sherwood Oaks
Series 1993 5.75 2016 3,000,000 2,403,180
Convention Center Authority Refunding Revenue Bonds Philadelphia
Series 1994A 6.75 2019 5,300,000 4,756,644
Delaware County Authority 1st Mortgage Revenue Bonds
Whitehorse Village Continuing Care Series 1989 9.70 2009-19 11,000,000 11,618,520
Delaware County Industrial Development Authority Pollution Control
Refunding Revenue Bonds Philadelphia Electric Series A 7.375 2021 900,000 886,005
Economic Development Financing Authority Resource Recovery Revenue Bonds
Northampton Generating SNR Series 1994A 6.50 2013 9,000,000 7,758,270
Economic Development Financing Authority Resource Recovery Revenue Bonds
Northampton Generating SUB Series 1994C 6.95 2021 5,000,000 4,274,300
Fayette County Hospital Authority Hospital Refunding Revenue Bonds
Uniontown Hospital Series 1987 7.625 2015 9,000,000 8,865,990
Montgomery County Higher Education and Health Authority
Retirement Community Revenue Bonds G.D.L. Farms Series A 9.50 2020 3,000,000 3,518,760
Northhampton County Pollution Control Revenue Bonds Metropolitan Edison10.501995 2,000,000 2,092,600
Philadelphia Airport Revenue Bonds Philadelphia Airport System Series 19858.87520051,680,000 1,761,766
Philadelphia Airport Revenue Bonds Philadelphia Airport System Series 19859.002015 5,750,000 6,034,567
Philadelphia Authority Industrial Development Commercial Development
Revenue Bonds Grace Retail 11.50 2008 2,290,000 2,358,700
Philadelphia Gas Works Revenue Bonds Series 13 7.70 2021 4,150,000 4,604,757
Philadelphia Hospital & Higher Education Facility Authority Hospital
Revenue Bonds Albert Einstein Medical Center 7.625 2011 15,545,000 15,542,357
Philadelphia Municipal Authority Lease Refunding Revenue Bonds
Series 1993D 6.25 2013 2,500,000 2,220,800
Philadelphia Municipal Authority Lease Refunding Revenue Bonds
Series 1993D 6.30 2017 1,550,000 1,356,266
Philadelphia Water & Sewer Revenue Bonds 12th Series 6.00 2016 10,000,000 10,148,500
Philadelphia Water & Sewer Revenue Bonds 12th Series 7.25 2014 12,000,000 12,513,120
Philadelphia Water & Sewer Revenue Bonds 16th Series 7.00 2018 14,000,000 13,482,280
Philadelphia Water & Sewer Revenue Bonds 16th Series 7.50 2010 13,200,000 13,415,952
Philadelphia Water & Wastewater Revenue Bonds Series 1993 (CGIC Insured)5.502015 11,000,000 9,060,590
Pittsburgh Public Parking Authority Parking System Revenue Bonds
Series 1985 9.50 2007 4,200,000 4,477,956
State Department of General Services Certificate of Participation
Series 1994A (AMBAC Insured) 5.00 2015 25,000,000 19,140,250
State Economic Development Finance Authority Resource Recovery
Revenue Bonds Colver Series 1994D 7.15 2018 20,000,000 18,416,600
Wilkins Industrial Development Authority Revenue Bonds
Retirement Community Longwood at Oakmont Series 1991A 10.00 2021 8,495,000 9,512,786
______________
Total 294,077,002
_____________________________________________________________________________________________________________________________
Puerto Rico (0.7%)
Electric Power Agency Revenue Bonds Series N 6.00 2010 40,000,000 36,343,200
Electric Power Agency Revenue Bonds Series O 6.00 2010 5,305,000 4,820,017
______________
Total 41,163,217
_____________________________________________________________________________________________________________________________
Rhode Island (0.1%)
Public Building Authority Revenue Bonds Series 1994A (AMBAC Insured)5.25 2007 3,485,000 3,026,653
_____________________________________________________________________________________________________________________________
South Carolina (2.1%)
Cherokee County Spring City Knitting Cluett Peabody 7.40 2009 5,200,000 5,592,704
Greenville County Industrial Development Revenue Bonds
Merscot-Greenville Waste Water Treatment Series 1986A 8.00 2008 8,530,000 8,897,899
Piedmont Municipal Power Agency Electric Refunding Revenue Bonds
Series 1985 7.00 2025 17,430,000 17,831,936
Piedmont Municipal Power Agency Electric Refunding Revenue Bonds
Series 1986B 5.75 2024 7,550,000 6,069,370
Piedmont Municipal Power Agency Electric Revenue Bonds Series 1984 7.00 2013 8,385,000 8,408,813
<PAGE>
PAGE 32
Piedmont Municipal Power Agency Electric Revenue Bonds Series 1985 7.50 2016 5,830,000 5,849,006
Public Service Authority Electric System Expansion Revenue Bonds
Santee Cooper Series 1985A 9.50 2022 23,920,000 25,317,167
Public Service Authority Electric System Expansion Revenue Bonds
Santee Cooper Series 1986D 6.375 2022 2,250,000 2,004,120
Public Service Authority Electric System Expansion Revenue Bonds
Santee Cooper Series 1991D 6.625 2031 14,975,000 15,747,560
Public Service Authority Electric System Expansion Revenue Bonds
Santee Cooper Series A 9.20 2021 3,000,000 3,170,370
Public Service Authority Electric System Revenue Bonds
Santee Cooper Series 1991B 6.00 2031 8,755,000 7,308,236
Public Service Authority Electric System Revenue Bonds
Santee Cooper Series 1993A Inverse Floater (MBIA Insured) 6.59 2013 17,700,000 (d) 11,881,125
______________
Total 118,078,306
_____________________________________________________________________________________________________________________________
South Dakota (0.3%)
Heartland Consumers Power District Electric System
Refunding Revenue Bonds Series 1986 6.00 2010 10,205,000 9,737,203
State Lease Revenue Trust Certificates Series 1993
(CGIC Insured) 6.70 2017 7,260,000 6,925,677
______________
Total 16,662,880
_____________________________________________________________________________________________________________________________
Tennessee (0.5%)
Chattanooga Municipal Improvement & Sewer Facility Unlimited Tax Bonds6.50 2007 2,000,000 2,011,520
Nashville & Davidson County Health & Education Facility 1st Mortgage
Revenue Bonds Blakeford at Green Hills CCRC 9.25 2024 12,230,000 11,706,311
Jackson Industrial Development Board Solid Waste Disposal Revenue Bonds
Owens-Corning Fiberglas Series 1993 6.25 2004 5,350,000 4,997,810
Knox County Health Education & Housing Facility Hospital Revenue Bonds
Baptist Health System East Tennessee Series 1989 8.60 2016 10,000,000 10,213,600
______________
Total 28,929,241
_____________________________________________________________________________________________________________________________
Texas (10.0%)
Alliance Airport Authority Special Facility Revenue Bonds
American Airlines Series 1990 7.50 2029 37,400,000 34,200,430
Arlington Limited Tax General Obligation Bonds 6.50 2004 1,500,000 1,530,975
Austin Combined Utility Systems Refunding Revenue Bonds Series 19858.00 2014 6,500,000 6,704,620
Austin Combined Utility Systems Refunding Revenue Bonds Series 198510.75 2010-15 12,000,000 14,719,560
Austin Combined Utility Systems Refunding Revenue Bonds Series 19865.00 2013 20,000,000 15,503,600
Austin General Obligation Public Improvement Bonds Series 1986 6.75 2006 2,000,000 2,059,500
Austin General Obligation Public Improvement Bonds Series 1986 7.00 2007 5,450,000 5,633,829
Austin Utility Subordinate Lien Refunding Revenue Bonds Series 19857.00 2015 9,000,000 9,199,080
Board of Regents of the University System General Refunding Revenue Bonds
Series 1986 6.50 2007 17,500,000 17,908,191
Brazos River Authority Collateralized Pollution Control Revenue Bonds
Texas Utility Electric Series 1986 8.25 2016 7,765,000 7,968,521
Brazos River Authority Collateralized Pollution Control Revenue Bonds
Texas Utility Electric Series 1989A 8.25 2019 14,000,000 14,791,840
Brazos River Authority Collateralized Pollution Control Revenue Bonds
Texas Utility Electric Series 1990A 8.125 2020 13,205,000 13,720,523
Brazos River Authority Collateralized Pollution Control Revenue Bonds
Texas Utility Electric Series 1991A 7.875 2021 24,450,000 25,062,472
Brazos River Authority Collateralized Refunding Revenue Bonds
Houston Lighting & Power Series 1989A 7.625 2019 26,300,000 27,082,951
Brazos River Authority Pollution Control Revenue Bonds
Houston Lighting & Power Series 1985A 9.875 2015 11,500,000 12,109,040
Brazos River Authority Pollution Control Revenue Bonds Texas Utilities9.25 2018 13,000,000 14,253,850
Brownsville Utility System Priority Revenue Bonds Series 1990
(AMBAC Isured) 6.50 2017 10,015,000 9,469,383
Brownsville Utility System Revenue Bonds Series 1984 11.625 2014 2,860,000 2,954,866
Clay Road Municipal Utility District Unlimited Tax
Refunding Revenue Bonds Series 1991 7.625 2011 2,000,000 2,012,080
Colony Municipal Utility District #1 Denton County Series 1980 9.25 2007 1,000,000 1,222,060
Dallas & Fort Worth International Airport Regional Airport
Joint Revenue Bonds Series 1985 9.125 2015 14,500,000 15,442,935
Dallas & Fort Worth International Airport Special Facility Revenue Bonds
American Airlines Series 1990 7.50 2025 26,200,000 24,010,990
Dallas & Fort Worth International Airport Special Facility Revenue Bonds
Delta Air Lines Series 1991 7.125 2026 13,500,000 11,743,380
Denison Hospital Authority Hospital Revenue Bonds
Texoma Medical Center Series 1994 7.10 2024 3,950,000 3,580,991
El Paso Water & Sewer Revenue Bonds 7.00 2003-05 7,100,000 7,286,091
Garland Utility System Revenue Bonds Series 1986 6.80 2003 3,335,000 3,414,807
Harris County Health Facilities Development Hospital
Refunding Revenue Bonds Memorial Hospital Series 1985 6.00 2004 6,460,000 6,046,754
Harris County Health Facilities Hospital Revenue Bonds Memorial Hospital
Series 1992 7.125 2015 16,000,000 15,671,200
<PAGE>
PAGE 33
Harris County Industrial Development Marine Terminal Refunding Revenue Bonds
GATX Terminal Series 1992 6.95 2022 15,000,000 13,997,250
Lower Colorado River Authority Priority Revenue Bonds 7.00 2013 17,000,000 17,392,020
Lower Colorado River Authority Priority Revenue Bonds 9.00 2009 10,000,000 10,620,800
Lower Colorado River Authority Priority Revenue Bonds Series 1985 8.00 2014 2,500,000 2,611,650
Mansfield Tarrant Johnson & Ellis Counties Waterworks & Sewer System
Revenue Bonds Series 1985 10.25 2003 1,000,000 1,035,890
Mansfield Tarrant Johnson & Ellis Counties Waterworks & Sewer System
Revenue Bonds Series 1985 10.375 2007 1,815,000 1,881,610
Matagorda County Navigation District #1 Collateral Pollution Control
Revenue Bonds Central Power & Light Series 1986A (AMBAC Insured) 7.50 2020 6,500,000 6,563,765
Matagorda County Navigation District #1 Collateral Pollution Control
Revenue Bonds Houston Power & Light Series 1986A 7.875 2016 8,000,000 8,234,000
Matagorda County Navigation District #1 Collateral Pollution Control
Revenue Bonds Houston Power & Light Series 1989A 7.875 2019 10,060,000 10,338,461
Matagorda County Navigation District #1 Pollution Control Revenue Bonds
Central Power & Light Series 1986 7.875 2016 18,000,000 18,403,200
Matagorda County Navigation District #1 Pollution Control Revenue Bonds
Houston Lighting & Power Series 1985A 10.00 2015 5,000,000 5,276,850
Midland County Hospital District Revenue Bonds Series 1992 7.50 2016 3,025,000 2,980,563
Mills Road Municipal Utility District Harris County Unlimited Tax
Refunding Bonds Series 1993 6.50 2014 2,690,000 2,432,540
Municipal Power Agency Refunding Revenue Bonds (MBIA Insured) 5.25 2009 8,000,000 6,776,080
Municipal Power Agency Revenue Bonds Series 1985 7.00 2014 10,000,000 10,201,400
Municipal Power Agency Revenue Bonds Series 1985 9.50 2013 19,500,000 20,567,235
Municipal Power Agency Revenue Bonds Series 1986 6.50 2014 4,000,000 4,095,040
Municipal Power Agency Revenue Bonds 5.50 2013 7,410,000 6,183,719
Municipal Power Agency Revenue Bonds (BIG Insured) 6.25 2010 13,940,000 14,551,408
North Austin Municipal Utility District #1 Austin Contract Revenue Bonds
Series 1985 9.90 2006-07 2,800,000 3,083,752
North Austin Municipal Utility District #1 Austin Contract Revenue Bonds
Series 1985 10.00 2008-09 2,625,000 2,895,323
North Central Texas Health Facility Development Hospital Revenue Bonds
University Medical Center 8.20 2019 4,245,000 4,466,419
North Central Texas Health Facility Development Hospital Revenue Bonds
University Medical Center Series 1987 7.75 2017 7,500,000 7,229,625
Plano Collin & Denton County General Obligation Bonds Limited Tax
Series 1986 6.00 2006 1,600,000 1,556,496
Sabine River Authority Collateralized Pollution Control Revenue Bonds
Texas Utilities Electric Series 1990A 8.125 2020 30,500,000 31,622,095
San Antonio Electric & Gas System Refunding Revenue Bonds Series 1989B5.00 2016 11,000,000 8,409,170
San Antonio Electric & Gas System Revenue Bonds Series 1987 5.00 2014 8,680,000 6,766,754
West Side Calhoun County Navigation District Solid Waste Disposal
Revenue Bonds Union Carbide Chemical & Plastics Series 1991 8.20 2021 17,550,000 18,218,480
Wichita County Wichita Falls Hospital Board Revenue Bonds
Wichita Falls Hospital 10.75 2014 4,750,000 4,899,815
_____________
Total 578,595,929
_____________________________________________________________________________________________________________________________
Utah (1.9%)
Association Municipal Power System Hunter Series A (AMBAC Insured) 5.50 2012 4,000,000 3,383,880
Carbon County Solid Waste Disposal Refunding Revenue Bonds
Sunnyside Cogeneration Associates Series 1991 9.25 2018 25,350,000 25,913,531
Housing Finance Agency Single Family Mortgage Senior Bonds Series 1991C
(FGIC Insured) 7.30 2011 1,530,000 1,509,605
Housing Finance Agency Single Family Mortgage Senior Bonds Series 1991C
(FGIC Insured) 7.35 2016 1,215,000 1,198,087
Hurricane Health Facilities Development Revenue Bonds
Mission Health Services Series 1990 10.50 2020 7,835,000 8,637,461
Intermountain Power Agency Power Supply Refunding Revenue Bonds
Series F (AMBAC Insured) 5.00 2013 5,000,000 3,968,800
Intermountain Power Agency Power Supply Refunding Revenue Bonds
Series 1985A 10.375 2016 7,000,000 (g) 7,393,330
Intermountain Power Agency Power Supply Refunding Revenue Bonds
Series 1985B 7.00 2019-20 12,400,000 12,593,812
Intermountain Power Agency Power Supply Refunding Revenue Bonds
Series 1985B (AMBAC Insured) 9.50 2015 3,600,000 3,775,212
Intermountain Power Agency Power Supply Refunding Revenue Bonds
Series 1993B Inverse Floater 7.06 2011 7,600,000 (d) 5,225,000
Intermountain Power Agency Power Supply Refunding Revenue Bonds
Series G 8.00 2020 4,740,000 4,843,190
Intermountain Power Agency Power Supply Refunding Revenue Bonds
Series J (MBIA Insured) 6.50 2014 6,620,000 6,704,537
Intermountain Power Agency Power Supply Revenue Bonds Series 1987A
(MBIA Insured) 5.00 2012 8,000,000 6,374,720
Intermountain Power Agency Power Supply Revenue Bonds Series 1989A 6.00 2023 3,500,000 3,019,905
Intermountain Power Agency Power Supply Revenue Bonds Series 1989B 6.00 2023 10,165,000 8,770,667
Salt Lake City & County General Obligation Public Building Bonds 6.875 2010-11 5,700,000 5,911,812
<PAGE>
PAGE 34
West Valley City Salt Lake County K mart Industrial Development
Revenue Bonds 10.50 2005 1,450,000 1,565,449
______________
Total 110,788,998
_____________________________________________________________________________________________________________________________
Virginia (0.4%)
Hopewell City Industrial Development Authority Pollution Control
Refunding Revenue Bonds Stone Container Series 1992 8.25 2010 3,170,000 3,094,237
Housing Development Authority Commonmwealth Mortgage Bonds Series 1992A7.152033 15,000,000 14,569,800
Southeastern Public Service Authority Senior Revenue Bonds
Regional Solid Waste System Series A 10.50 2015 5,300,000 5,587,896
_____________
Total 23,251,933
_____________________________________________________________________________________________________________________________
Washington (3.0%)
Health Care Facilities Authority Revenue Bonds
Seattle Highline Community Hospital Series 1993 (Connie Lee Insured)5.50 2014 7,500,000 6,133,575
Longview Industrial Development Corporation Solid Waste Revenue Bonds
Weyerhauser Series 1991 7.45 2013 20,000,000 20,215,600
Public Power Supply System Nuclear Project #1 Refunding Revenue Bonds
Series A 6.50 2015 21,000,000 19,306,140
Public Power Supply System Nuclear Project #1 Refunding Revenue Bonds
Bonneville Power Administration Series 1993A Inverse Floater
(FSA Insured) 7.47 2011 25,000,000 (d) 18,500,000
Public Power Supply System Nuclear Project #1 Revenue Bonds Series 19896.002017 28,070,000 24,224,410
Public Power Supply System Nuclear Project #1 Revenue Bonds Series 1990A6.002017 38,875,000 33,549,125
Public Power Supply System Nuclear Project #2 Revenue Bonds Series 1994A5.3752011 10,000,000 8,173,300
Public Power Supply System Nuclear Project #3 Revenue Bonds Series 1989B5.502017-1827,550,000 22,219,155
Seattle Municipal Light & Power Refunding Revenue Bonds Series 19865.875 2010 6,000,000 6,088,380
Snohomish County Public Utility District #1 Generation System
Revenue Bonds Series 1986A 5.00 2020 17,750,000 13,495,147
______________
Total 171,904,832
_____________________________________________________________________________________________________________________________
West Virginia (1.8%)
Board of Regents State System Tuition Fee Revenue Bonds University 7.75 2011 8,000,000 8,448,080
Clarksburg Waterworks Improvement & Refunding Revenue Bonds
Series 1985 10.875 2020 4,500,000 4,642,875
Kanawha County Pollution Control Revenue Bonds Union Carbide Series 19847.352004 3,000,000 3,097,920
Marion County Solid Waste Disposal Facility Revenue Bonds
American Power Paper Recycling Series 1993 7.75 2011 20,000,000 18,782,800
Marion County Solid Waste Disposal Facility Revenue Bonds
American Power Paper Recycling Series 1994 8.25 2011 10,000,000 9,612,800
Marion County Solid Waste Disposal Facility Revenue Bonds
American Power Paper Recycling Series 1995 9.00 2011 5,000,000 (h) 4,868,900
Mason County Pollution Control Refunding Revenue Bonds
Appalachian Power Series 1992J 6.60 2022 25,000,000 22,678,500
Pea Ridge Public Service District Sewer Refunding Revenue Bonds
Series 1990 9.25 2020 2,655,000 2,652,026
Putnam County Pollution Control Revenue Bonds Appalachian Power Series C6.602019 10,600,000 9,656,070
School Building Authority Capital Improvement Revenue Bonds Series 1991A6.002021 20,785,000 18,088,978
South Charleston Pollution Control Refunding Revenue Bonds Union Carbide
Series 1985 7.625 2005 3,000,000 3,028,920
______________
Total 105,557,869
_____________________________________________________________________________________________________________________________
Wisconsin (0.7%)
Health & Education Facilities Authority Revenue Bonds St. Clare Hospital7.002022 10,000,000 9,048,800
Health Facilities Authority Refunding Revenue Bonds Villa Clement
Series 1986 8.75 2012 4,500,000 4,600,305
Madison Industrial Development Refunding Revenue Bonds
Madison Gas & Electric Series 1992B 6.70 2027 19,300,000 18,343,492
Superior Water Supply Facility Revenue Bonds
Superior Water Light & Power Series 1986 7.875 2021 6,500,000 6,633,575
______________
Total 38,626,172
_____________________________________________________________________________________________________________________________
Wyoming (0.2%)
Green River & Rock Springs Sweetwater County Joint Powers
Water Board Revenue Bonds Series 1988A 8.50 2007 2,500,000 2,659,075
Natrona County Hospital Revenue Bonds Wyoming Medical Center 8.125 2010 6,500,000 6,643,065
State Farm Loan Board Capital Facilities Revenue Bonds Series 1994 6.10 2024 5,000,000 4,336,750
______________
Total 13,638,890
_____________________________________________________________________________________________________________________________
Total municipal bonds
(Cost: $5,678,230,344) $5,602,084,409
_____________________________________________________________________________________________________________________________
<PAGE>
PAGE 35
<CAPTION>
Short-term securities (0.9%)
_____________________________________________________________________________________________________________________________
Issuer (j) Annualized Amount Value(a)
yield on date payable at
of purchase maturity
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C>
Municipal Notes
California School Cash Resource Program Authority Pool Bonds
Series A
07-05-95 4.50% $ 7,000,000 $ 7,013,160
Los Angeles County T.R.A.N.
06-30-95 4.50 5,500,000 5,511,660
Los Angeles Unified School District California T.R.A.N.
07-10-95 4.50 5,000,000 4,996,050
New York City Municipal Water Finance Authority V.R.D.B.
Series 1994C (FGIC Insured)
06-15-23 3.40 5,500,000 (i) 5,500,000
Regents of the University of Michigan Hospital Refunding Revenue Bonds
V.R.D.B. Series 1992A
12-01-19 3.50 700,000 (i) 700,000
Regents of the University of Minnesota Commercial Paper Certificates
Series 1991A
01-03-95 3.40 2,000,000 2,000,000
Sacremento County California T.R.A.N.
09-29-95 4.25 10,000,000 9,957,400
Santa Clara County California T.R.A.N.
07-07-95 4.25 15,000,000 14,962,200
_____________________________________________________________________________________________________________________________
Total short-term securities
(Cost: $50,887,022) $ 50,640,470
_____________________________________________________________________________________________________________________________
Total investments in securities
(Cost: $5,729,117,366)(k) $5,652,724,879
_____________________________________________________________________________________________________________________________
Notes to investments in securities
_____________________________________________________________________________________________________________________________
(a) Securities are valued by procedures described in Note 1 to the financial statements.
(b) Investments in bonds, by rating category as a percentage of total bonds, are as follows:
<CAPTION>
(Unaudited)
___________________________________________
Rating 11-30-94 11-30-93
_______________________________________________________________________
<S> <C> <C>
AAA 28% 22%
AA 7 13
A 23 27
BBB and below 41 26
Non-rated 1 12
_______________________________________________________________________
Total 100% 100%
_______________________________________________________________________
(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
CGIC -- Capital Guaranty Insurance Company
FGIC -- Financial Guarantee Insurance Corporation
FHA -- Federal Housing Authority
FSA -- Financial Security Assurance
MBIA -- Municipal Bond Investors Assurance
(d) Inverse floaters represent securities, which pay interest at a rate that
increases (decreases) in the same magnitude as, or in a multiple of, a
decline (increase) in market short-term rates. Interest rate disclosed
is the rate in effect on Nov. 30, 1994. Inverse floaters in the aggregate
represent 4.3% of the fund's net assets as of Nov. 30, 1994.
(e) Presently non-income producing. For long-term debt securities items
identified are in default as to payment of interest and/or principal.
(f) For zero coupon bonds, the interest rate disclosed represents the
annualized effective yield on the date of acquisition.
(g) Partially pledged as initial deposit on the following open interest rate
futures contracts (see Note 4 to the financial statements):
<PAGE>
PAGE 36
<CAPTION>
Type of security Notioanl amount
Purchase contracts
<S> <C>
________________________________________________________________
U.S. Treasury Bonds March 1995 $13,500,000
________________________________________________________________
Sales contracts
________________________________________________________________
Municipal Bonds March 1995 $13,500,000
________________________________________________________________
(h) At Nov. 30, 1994, the cost of securities purchased on a when-issued basis
was $11,950,440.
(i) Interest rate varies to reflect current market conditions; rate shown is
the effective rate on Nov. 30, 1994.
(j) The following abbreviations are used in portfolio descriptions:
T.R.A.N. -- Tax & Revenue Anticipation Note
V.R.D.B. -- Variable Rate Demand Bond
(k) At Nov. 30, 1994, the cost of securities for federal income tax purposes was
$5,725,506,601 and the aggregate gross unrealized appreciation and depreciation
based on that cost was:
<CAPTION>
<S> <C>
Unrealized appreciation $ 199,835,742
Unrealized depreciation (272,617,464)
___________________________________________________________________________
Net unrealized depreciation $ (72,781,722)
___________________________________________________________________________
</TABLE>
<PAGE>
PAGE 37
IDS mutual funds
Cash equivalent investments
These money market funds have three main goals: conservation of
capital, constant liquidity and the highest possible current income
consistent with these objectives. Very limited risk.
IDS Cash Management Fund
Invests in such money market securities as high quality commercial
paper, bankers' acceptances, certificates of deposits (CDs) and
other bank securities.
(icon of) piggy bank
IDS Tax-Free Money Fund
Invests primarily in short-term bonds and notes issued by state and
local governments to seek high current income exempt from federal
income taxes.
(icon of) shield with piggy bank enclosed
Income investments
The funds in this group invest their assets primarily in corporate
bonds or government securities to seek interest income. Secondary
objective is capital growth. Risk varies by bond quality.
IDS Global Bond Fund
Invests primarily in debt securities of U.S. and foreign issuers to
seek high total return through income and growth of capital.
(icon of) globe
IDS Extra Income Fund
Invests mainly in long-term, high-yielding corporate fixed-income
securities in the lower rated, higher risk bond categories to seek
high current income. Secondary objective is capital growth.
(icon of) cornucopia
IDS Bond Fund
Invests mainly in corporate bonds, at least 50% in the higher
rated, lower risk bond categories, or the equivalent, and in
government bonds.
(icon of) greek column
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IDS Strategy, Income Fund
Invests primarily in corporate and government bonds to seek high
current income while conserving capital. Also may seek capital
appreciation when consistent with its primary goals.
(icon of) chess piece
IDS Selective Fund
Invests in high-quality corporate bonds and other highly rated debt
instruments including government securities and short-term
investments. Seeks current income and preservation of capital.
(icon of) skyline
IDS Federal Income Fund
Invests primarily in securities issued or guaranteed as to the
timely payment of principal and interest by the U.S. government,
its agencies and instrumentalities. Seeks a high level of current
income and safety of principal consistent with its type of
investments.
(icon of) federal building
IDS Strategy, Short-Term Income Fund
Invests primarily in short-term and intermediate-term bonds and
notes to seek a high level of current income.
(icon of) chess piece
Tax-exempt income investments
These funds provide tax-free income by investing in municipal
bonds. The income is generally free from federal income tax. Risk
varies by bond quality.
IDS High Yield Tax-Exempt Fund
Invests primarily in medium- and lower-quality municipal bonds and
notes. Lower-quality securities generally involve greater risk of
principal and income.
(icon of) shield with basket of apples enclosed
IDS State Tax-Exempt Funds
(CA, MA, MI, MN, NY, OH)
Invests primarily in high- and medium-grade municipal securities to
provide income to residents of each respective state that is exempt
from federal, state and local income taxes. (New York is the only
state that is exempt at the local level.)
(icon of) shield with U.S. enclosed
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IDS Tax-Exempt Bond Fund
Invests mainly in bonds and notes of state or local government
units, with at least 75% in the four highest rated, lowest risk
bond categories.
(icon of) shield with Greek column
IDS Insured Tax-Exempt Fund
Invests primarily in municipal securities that are insured as to
the timely payment of principal and interest. The insurance
feature minimizes credit risk of the fund but does not guarantee
the market value of the fund's shares.
(icon of) shield with eagle head
Growth and income investments
These funds focus on securities of medium to large, well-
established companies that offer long-term growth of capital and
reasonable income from dividends and interest. Moderate risk.
IDS International Fund
Invests primarily in common stocks of foreign companies that offer
potential for superior growth. The fund may invest up to 20% of
its assets in the U.S. market.
(icon of) three flags
IDS Strategy, Worldwide Growth Fund
Invests primarily in common stocks of companies throughout the
world that offer potential for superior growth. Holdings may range
from small- to large-capitalization stocks, including those of
companies involved in areas of rapid economic growth.
(icon of) chess piece
IDS Managed Retirement Fund
Invests in a combination of common stocks, fixed-income investments
and money market securities to seek a maximum total return through
a combination of growth of capital and current income.
(icon of) bird in a nest
IDS Equity Select Fund
Invests primarily in a combination of moderate growth stocks,
higher-yielding equities and bonds. Seeks growth of capital and
income.
(icon of) three apple trees
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IDS Blue Chip Advantage Fund
Invests in selected stocks from a major market index. Securities
purchased are those recommended by our research analysts as the
best from each industry represented on the index. Offers potential
for long-term growth as well as dividend income.
(icon of) ribbon
IDS Stock Fund
Invests in common stock of companies representing many sectors of
the economy. Seeks current income and growth of capital.
(icon of) building with columns
IDS Strategy, Equity Fund
Invests primarily in undervalued common stocks that offer potential
for growth of capital and income.
(icon of) chess piece
IDS Utilities Income Fund
Invests primarily in the stocks of public utility companies to seek
high current income and growth of income and capital with reduced
volatility.
(icon of) electrical cord
IDS Diversified Equity Income Fund
Invests primarily in high-yielding common stocks to seek high
current income and, secondarily, to benefit from the growth
potential offered by stock investments.
(icon of) four puzzle pieces
IDS Mutual
Invests in a balance between common stocks and senior securities
(preferred stocks and bonds). Seeks a balance of growth of capital
and current income.
(icon of) scale of justice
Growth investments
Funds in this group seek capital growth, primarily from common
stocks. They are high risk mutual funds with a potential for high
reward.
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IDS Discovery Fund
Invests in small- and medium-size, growth-oriented companies
emphasizing technological innovation and productivity enhancement.
Buys and holds larger growth-oriented stocks.
(icon of) ship
IDS Strategy, Aggressive Equity Fund
Invests primarily in common stocks of companies that are selected
for their potential for above-average growth. Above-average means
that their growth potential is better, in the opinion of the
portfolio's investment manager, than the Standard & Poor's
Corporation (S&P) 500 Stock Index.
(icon of) chess piece
IDS Growth Fund
Invests primarily in companies that have above-average potential
for long-term growth as a result of new management, marketing
opportunities or technological superiority.
(icon of) flower
IDS Global Growth Fund
Invests in stocks of companies throughout the world that are
positioned to meet market needs in a changing world economy. These
companies offer above-average potential for long-term growth.
(icon of) world
IDS New Dimensions Fund
Invests primarily in companies with significant growth potential
due to superiority in technology, marketing or management. The
fund frequently changes its industry mix.
(icon of) dimension
IDS Progressive Fund
Invests primarily in undervalued common stocks. The fund holds
stocks for the long term with the goal of capital growth.
(icon of) shooting star
Specialty growth investment
This fund aggressively seeks capital growth as a hedge against
inflation.
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IDS Precious Metals Fund
Invests primarily in the securities of foreign or domestic
companies that explore for, mine and process or distribute gold and
other precious metals. This is the most aggressive and most
speculative IDS mutual fund.
(icon of) cart of precious gems
For more complete information about any of these funds, including
charges and expenses, you can obtain a prospectus by contacting
your financial advisor or writing to American Express Shareholder
Service, P.O. Box 534, Minneapolis, MN 55440-0534. Read it
carefully before you invest or send money.
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PAGE 43
Federal income tax information
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, 1994
Exempt-interest dividends -- taxable status explained below.
Payable date Per share
Dec. 28, 1993 $0.02780
Jan. 26, 1994 0.02280
Feb. 24, 1994 0.02520
March 25, 1994 0.02330
April 25, 1994 0.02530
May 25, 1994 0.02370
June 27, 1994 0.02660
July 26, 1994 0.02300
Aug. 26, 1994 0.02440
Sept. 26, 1994 0.02526
Oct. 26, 1994 0.02371
Nov. 28, 1994 0.02621
Total $0.29728
Capital gain distribution -- taxable as long-term capital gain.
Payable date Per share
Dec. 28, 1993 $0.02156
Total distributions $0.31884
Federal taxation
Exempt-interest dividends are exempt from federal income taxes and
should not be included in shareholders' gross income.
Other taxation
Exempt-interest dividends may be subject to state and local taxes.
Each shareholder should consult a tax 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, 1994 are listed
below.
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PAGE 44
Alabama 1.337%
Alaska 0.647
Arizona 0.529
Arkansas 0.356
California 5.997
Colorado 3.630
Connecticut 0.216
Florida 4.640
Georgia 3.822
Hawaii 0.334
Idaho 0.019
Illinois 9.127
Indiana 2.705
Iowa 0.812
Kentucky 1.637
Louisiana 3.015
Maine 0.369
Maryland 0.528
Massachusetts 2.607
Michigan 3.301
Minnesota 2.521
Mississippi 1.435
Missouri 0.742
Montana 0.022
Nebraska 0.045
Nevada 0.477
New Hampshire 2.350
New Jersey 0.195
New Mexico 1.409
New York 7.290
North Carolina 5.020
North Dakota 0.434
Ohio 2.593
Oklahoma 1.419
Oregon 0.184
Pennsylvania 4.923
Puerto Rico 0.629
Rhode Island 0.005
South Carolina 2.103
South Dakota 0.252
Tennessee 0.335
Texas 10.568
Utah 2.156
Vermont 0.000
Virginia 0.418
Washington 3.681
Washington, DC 0.488
West Virginia 1.584
Wisconsin 0.899
Wyoming 0.195
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PAGE 45
Quick telephone reference
American Express 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
American Express Shareholder Service
Fund performance, objectives and account inquiries
612-671-3733
TTY Service
For the hearing impaired
800-846-4852
American Express 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
AMERICAN EXPRESS FINANCIAL ADVISORS
IDS High Yield Tax-Exempt Fund
IDS Tower 10
Minneapolis, MN 55440-0010
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PAGE 46
STATEMENT OF DIFFERENCES
Difference Description
1) The layout is different 1) Some of the layout in the
throughout the annual report. annual report to
shareholders is in two
columns.
2) Headings. 2) The headings in the
annual report and
prospectus are placed
in blue strip at the top
of the page.
3) There are pictures, icons 3) Each picture, icon and
and graphs throughout the graph is described in
annual report and prospectus. parentheses.
4) Footnotes for charts and 4) The footnotes for each
graphs are described at chart or graph are typed
the left margin. below the description of
the chart or graph.
