IDS Cash
Management
Fund
1999 semiannual report
(icon of) clock
The goal of IDS Cash Management
Fund, a part of IDS Money Market
Series, Inc., is to provide maximum
current income consistent with
liquidity and stability of principal.
American Express Financial Advisors
Distributed by American Express Financial Advisors Inc.
<PAGE>
A Cache for Cash
Keeping a portion of your investment portfolio in a cash reserve is a
cornerstone of a sound financial strategy. And a money market mutual fund that
stresses stability of your investment principal and easy access when you need it
is an excellent way to meet that need. That's what Cash Management Fund is all
about.
Contents
From the Chairman 3
From the Portfolio Manager 3
Fund Facts 5
Financial Statements 6
Notes to Financial Statements 9
Investments in Securities 15
<PAGE>
From the Chairman
It is an honor for me to join the IDSMutual Fund Group as chairman of the board
and chief executive officer for each of the funds. I have served for the past
eight years as governor of Minnesota and also for the past 20 years as a
constitutional officer responsible for the pension investments made on behalf of
governmental employees.
My responsibility in the coming years is to serve your interests.
By law, half the members of a mutual fund board must be independent of their
investment manager and distributor. I am one of those persons. I am not an
employee of American Express Financial Corporation, nor do I own stock in
American Express Company. Both are fine companies, but the law clearly states
that to fully represent your interests I must be independent.
Having said that, I have a great deal of respect for the capabilities of
American Express Financial Corporation and for the services it provides
investors. Your financial advisor assists you in financial planning, conducts
regular investment reviews, and responds to your questions and needs. This is a
very personal service that makes AEFCa partner in your financial future.
I know that AEFC has an investment focus on the long-term performance of our
economy. AEFC wants you to participate in that growth. Our board is here to
serve you and to represent your interests in a professional manner.
Arne H. Carlson
(picture of) Arne H. Carlson
Arne H. Carlson
Chairman of the board
<PAGE>
From the Portfolio Manager
IDS Cash Management Fund's yield declined somewhat during the first half of the
fiscal year -- August 1998 through January 1999 -- reflecting a drop in
short-term interest rates. For the seven-day period ended January 31, 1999, the
Fund's compound annualized yield was 4.74%, and the simple annualized yield was
4.63%. In keeping with its objective, the Fund maintained a $1 per share price
throughout the six months. (An investment in the Fund is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. Although the Fund seeks to preserve the value of your investment at
$1.00 per share, it is possible to lose money by investing in the Fund.)
Despite ongoing solid economic growth, inflation remained remarkably low over
the period. In recent years, these factors led the Federal Reserve Board -- or,
simply, the Fed -- to leave short-term interest rates virtually unchanged. But
this past fall, with financial chaos in Asia, Russia and parts of Latin America
threatening to severely restrict worldwide lending, the Fed reduced rates three
times in less than two months.
(By way of background, the Fed adjusts short-term interest rates based on the
condition of the economy and the inflation outlook. When the economy appears
weak and inflation is low, the Fed usually lowers rates to stimulate economic
growth. When the economy is strong, the Fed usually raises rates to reign in
economic growth and thereby keep inflation in check.)
Issuers follow suit
In response to the Fed's rate cuts, issuers of commercial paper -- the core of
the Fund's investment portfolio -- also lowered the interest on their
securities. Therefore, the yield on the Fund declined as well. To combat that, I
added more longer-term securities, a strategy that increases the portfolio's
average maturity and, in turn, the yield. I brought the maturity back down in
December to give the Fund more flexibility in buying securities.
Looking to the second half of the fiscal year, with the economy continuing to
show robust growth, I think it's unlikely that the Fed will follow up with
additional interest-rate reductions. Of course, renewed financial turmoil
overseas could change that scenario, as it did last year. But at this point
(mid-February) I plan to structure the portfolio based on a largely stable
interest-rate environment.
Terry Fettig
(picture of) Terry Fettig
Terry Fettig
Portfolio Manager
<PAGE>
Fund Facts
Class A -- 6-month performance
(All figures per share)
Net asset value (NAV)
Jan. 31, 1999 $1.00
July 31, 1998 $1.00
Increase $ --
Distributions -- Aug. 1, 1998 - Jan. 31, 1999
From income $0.02
From capital gains $ --
Total distributions $0.02
Total return* +2.43%**
Simple annualized yield +4.63%***
Class B -- 6-month performance
(All figures per share)
Net asset value (NAV)
Jan. 31, 1999 $1.00
July 31, 1998 $1.00
Increase $ --
Distributions -- Aug. 1, 1998 - Jan. 31, 1999
From income $0.02
From capital gains $ --
Total distributions $0.02
Total return* +2.06%**
Simple annualized yield +3.88%***
Class Y -- 6-month performance
(All figures per share)
Net asset value (NAV)
Jan. 31, 1999 $1.00
July 31, 1998 $1.00
Increase $ --
Distributions -- Aug. 1, 1998 - Jan. 31, 1999
From income $0.02
From capital gains $ --
Total distributions $0.02
Total return* +2.43%**
Simple annualized yield +4.63%***
* The prospectus discusses the effect of sales charges, if any, on the various
classes.
** The total return is a hypothetical investment in the Fund with all
distributions reinvested.
*** The yield quotation more closely reflects the current earnings of the money
market fund than the total return quotation.
<PAGE>
<TABLE>
<CAPTION>
Financial Statements
Statement of assets and liabilities
IDS Cash Management Fund
Jan. 31, 1999 (Unaudited)
Assets
Investments in securities, at value (Note 1)
<S> <C>
(identified cost $4,705,442,519) $4,705,442,519
Cash in bank on demand deposit 36,360,561
Accrued interest receivable 4,963,171
---------
Total assets 4,746,766,251
-------------
Liabilities
Dividends payable to shareholders 4,128,468
Accrued investment management services fee 34,702
Accrued distribution fee 3,244
Accrued transfer agency fee 22,899
Accrued administrative services fee 3,077
Other accrued expenses 417,696
-------
Total liabilities 4,610,086
---------
Net assets applicable to outstanding capital stock $4,742,156,165
==============
Represented by
Capital stock-- $.01 par value (Note 1) $ 47,422,577
Additional paid-in capital 4,694,765,252
Undistributed net investment income 1,393
Accumulated net realized gain (loss) (33,057)
-------
Total -- representing net assets applicable to outstanding capital stock $4,742,156,165
==============
Net assets applicable to outstanding shares: Class A $4,466,119,648
Class B $ 157,500,160
Class Y $ 118,536,357
Net asset value per share of outstanding capital stock: Class A shares 4,466,133,321 $ 1.00
Class B shares 157,551,713 $ 1.00
Class Y shares 118,572,637 $ 1.00
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Statement of operations
IDS Cash Management Fund
Six months ended Jan. 31, 1999 (Unaudited)
Investment income
Income:
<S> <C>
Interest $118,517,511
------------
Expenses (Note 2):
Investment management services fee 5,857,118
Distribution fee-- Class B 513,465
Transfer agency fee 3,975,943
Incremental transfer agency fee-- Class B 4,995
Administrative services fees and expenses 547,378
Compensation of board members 12,126
Custodian fees 199,700
Postage 524,000
Registration fees 569,666
Reports to shareholders 212,638
Audit fees 17,000
Other 16,478
------
Total expenses 12,450,507
Earnings credits on cash balances (Note 2) (719,160)
--------
Total net expenses 11,731,347
----------
Investment income (loss) -- net 106,786,164
-----------
Realized and unrealized gain (loss) -- net
Net realized gain (loss) on security transactions (Note 3) 3,475
-----
Net increase (decrease) in net assets resulting from operations $106,789,639
============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Statements of changes in net assets
IDS Cash Management Fund
Jan. 31, 1999 July 31, 1998
Six months ended Year ended
(Unaudited)
Operations and distributions
<S> <C> <C>
Investment income (loss)-- net $ 106,786,164 $ 185,863,332
Net realized gain (loss) on security transactions 3,475 (14,033)
----- -------
Net increase (decrease) in net assets resulting from operations 106,789,639 185,849,299
----------- -----------
Distributions to shareholders from:
Net investment income
Class A (101,732,914) (176,898,260)
Class B (2,852,381) (5,060,497)
Class Y (2,199,935) (3,905,091)
---------- ----------
Total distributions (106,785,230) (185,863,848)
------------ ------------
Capital share transactions at constant $1 net asset value
Proceeds from sales
Class A shares 7,487,498,161 14,512,175,142
Class B shares 181,200,419 160,192,750
Class Y shares 83,312,004 153,296,666
Reinvestment of distributions at net asset value
Class A shares 97,294,411 173,914,283
Class B shares 2,695,607 5,007,204
Class Y shares 2,080,174 3,791,823
Payments for redemptions
Class A shares (7,044,437,451) (13,854,237,469)
Class B shares (Note 2) (123,999,195) (214,354,911)
Class Y shares (39,237,140) (146,664,783)
Increase (decrease) in net assets from capital share transactions 646,406,990 793,120,705
Total increase (decrease) in net assets 646,411,399 793,106,156
Net assets at beginning of period 4,095,744,766 3,302,638,610
Net assets at end of period $4,742,156,165 $ 4,095,744,766
Undistributed net investment income $ 1,393 $ 459
See accompanying notes to financial statements.
</TABLE>
<PAGE>
Notes to Financial Statements
IDS Cash Management Fund
(Unaudited as to Jan. 31, 1999)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Fund is a series of IDS Money Market Series, Inc. and is registered under
the Investment Company Act of 1940 (as amended) as a diversified, open-end
management investment company. The Fund invests in money market securities. IDS
Money Market Series, Inc. has 10 billion authorized shares of capital stock that
can be allocated among the separate series as designated by the board.
The Fund offers Class A, Class B and Class Y shares.
o Class A shares have no sales charge.
o Class B shares may be subject to a contingent deferred sales charge and
automatically convert to Class A shares during the ninth calendar year of
ownership.
o Class Y shares have no sales charge and are offered only to qualifying
institutional investors.
All classes of shares have identical voting, dividend and liquidation rights.
The distribution fee and transfer agency fee (class specific expenses) differs
among classes. Income, expenses (other than class specific expenses) and
realized and unrealized gains or losses on investments are allocated to each
class of shares based upon its relative net assets.
<PAGE>
The Fund's significant accounting policies are summarized below:
Use of estimates
Preparing financial statements that conform to generally accepted accounting
principles requires management to make estimates (e.g., on assets and
liabilities) that could differ from actual results.
Valuation of securities
Pursuant to Rule 2a-7 of the 1940 Act, all securities are valued daily at
amortized cost, which approximates market value, in order to maintain a constant
net asset value of $1 per share.
Federal taxes
The Fund's policy is to comply with all sections of the Internal Revenue Code
that apply to regulated investment companies and to distribute all of its
taxable income to shareholders. No provision for income or excise taxes is thus
required.
Net investment income (loss) and net realized gains (losses) may differ for
financial statement and tax purposes. The character of distributions made during
the year from net investment income or net realized gains may differ from their
ultimate characterization for federal income tax purposes. Also, due to the
timing of dividend distributions, the fiscal year in which amounts are
distributed may differ from the year that the income or realized gains (losses)
were recorded by the Fund.
Dividends to shareholders
Dividends from net investment income, declared daily and payable monthly, are
reinvested in additional shares of the Fund at net asset value or payable in
cash.
Other
Security transactions are accounted for on the date securities are purchased or
sold. Interest income, including amortization of premium and discount, is
accrued daily.
<PAGE>
2. EXPENSES AND SALES CHARGES
The Fund entered into agreements with American Express Financial Corporation
(AEFC) for managing its portfolio and providing administrative services. Under
an Investment Management Services Agreement, AEFC determines which securities
will be purchased, held or sold. The management fee is a percentage of the
Fund's average daily net assets in reducing percentages from 0.31% to 0.24%
annually.
Under an Administrative Services Agreement, the Fund pays AEFC a fee for
administration and accounting services at a percentage of the Fund's average
daily net assets in reducing percentages from 0.03% to 0.02% annually.
Additional administrative service expenses paid by the Fund are office expenses,
consultants' fees and compensation of officers and employees. Under this
agreement, the Fund also pays taxes, audit and certain legal fees, registration
fees for shares, compensation of board members, corporate filing fees and any
other expenses properly payable by the Fund and approved by the board.
Under a separate Transfer Agency Agreement, American Express Client Service
Corporation (AECSC) maintains shareholder accounts and records. The Fund pays
AECSC an annual fee per shareholder account for this service as follows:
o Class A $20
o Class B $21
o Class Y $20
The Fund entered into agreements with American Express Financial Advisors Inc.
for distribution and shareholder services. Under a Plan and Agreement of
Distribution, the Fund pays a distribution fee at an annual rate of 0.75% of the
Fund's average daily net assets attributable to Class B shares for distribution
services.
Sales charges received by American Express Financial Advisors Inc. for
distributing Class B shares were $533,922 for the six months ended Jan. 31,
1999.
During the six months ended Jan. 31, 1999, the Fund's custodian and transfer
agency fees were reduced by $719,160 as a result of earnings credits from
overnight cash balances.
<PAGE>
3. SECURITIES TRANSACTIONS
Cost of purchases and proceeds from sales of securities aggregated
$12,553,994,781 and $11,823,425,770, respectively, for the six months ended Jan.
31, 1999. Realized gains and losses are determined on an identified cost basis.
4. BANK BORROWINGS The Fund entered into a revolving credit agreement with U.S.
Bank, N.A., whereby the Fund is permitted to have bank borrowings for temporary
or emergency purposes to fund shareholder redemptions. The Fund must have asset
coverage for borrowings not to exceed the aggregate of 333% of advances equal to
or less than five business days plus 367% of advances over five business days.
The agreement, which enables the Fund to participate with other IDS Funds,
permits borrowings up to $200 million, collectively. Interest is charged to each
Fund based on its borrowings at a rate equal to the Federal Funds Rate plus
0.30% or the Eurodollar Rate (Reserve Adjusted) plus 0.20%. Borrowings are
payable up to 90 days after such loan is executed. The Fund also pays a
commitment fee equal to its pro rata share of the amount of the credit facility
at a rate of 0.05% per annum. The Fund had no borrowings outstanding during the
six months ended Jan. 31, 1999.
<PAGE>
<TABLE>
<CAPTION>
5. FINANCIAL HIGHLIGHTS
The tables below show certain important financial information for evaluating the
Fund's results.
IDS Cash Management Fund
Fiscal period ended July 31,
Per share income and capital changesa
Class A
1999b 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00
Income from investment operations:
Net investment income (loss) .02 .05 .05 .05 .05
Less distributions:
Distributions from net investment income (.02) (.05) (.05) (.05) (.05)
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00
Ratios/supplemental data
Class A
1999b 1998 1997 1996 1995
Net assets, end of period (in millions) $4,466 $3,926 $3,094 $2,335 $1,707
Ratio of expenses to average daily net assets(d) .55%c .56% .58% .63% .73%
Ratio of net investment income (loss)
to average daily net assets 4.91%c 5.15% 4.96% 4.97% 4.99%
Total return 2.43% 5.34% 5.06% 5.12% 5.02%
a For a share outstanding throughout the period. Rounded to the nearest cent.
b Six months ended Jan. 31, 1999 (Unaudited).
c Adjusted to an annual basis.
d Effective fiscal year 1996, expense ratio is based on total expenses of the
Fund before reduction of earnings credits on
cash balances.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Fiscal period ended July 31,
Per share income and capital changesa
Class B Class Y
1999b 1998 1997 1996 1995c 1999b 1998 1997 1996 1995c
Net asset value,
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
Income from investment operations:
Net investment income (loss) .02 .04 .04 .04 .02 .02 .05 .05 .05 .02
Less distributions:
Distributions from net
investment income (.02) (.04) (.04) (.04) (.02) (.02) (.05) (.05) (.05) (.02)
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
Ratios/supplemental data
Class B Class Y
1999b 1998 1997 1996 1995c 1999b 1998 1997 1996 1995c
Net assets, end of period
(in millions) $158 $98 $147 $273 $98 $119 $72 $62 $57 $86
Ratio of expenses to
average daily net assets(e) 1.30%d 1.32% 1.34% 1.38% 1.41%d .55%d .56% .58% .62% .65%d
Ratio of net investment income
(loss) to average daily net assets 4.15%d 4.38% 4.14% 4.15% 4.73%d 4.92%d 5.16% 4.96% 4.97% 5.53%d
Total return 2.06% 4.53% 4.27% 4.33% 2.05% 2.43% 5.33% 5.06% 5.11% 2.31%
a For a share outstanding throughout the period. Rounded to the nearest cent.
b Six months ended Jan. 31, 1999 (Unaudited).
c Inception date was March 20, 1995.
d Adjusted to an annual basis.
e Effective fiscal year 1996, expense ratio is based on total expenses of the
Fund before reduction of earnings credits on
cash balances.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Investments in Securities
IDS Cash Management Fund
Jan. 31, 1999 (Unaudited)
(Percentages represent value of investments compared to net assets)
Issuer Annualized Amount Value(a)
yield on date payable at
of purchase maturity
Certificates of deposit (8.0%)
Canadian Imperial Bank Yankee
<S> <C> <C> <C>
03-04-99 5.19% $30,000,000 $30,000,000
04-01-99 5.75 10,000,000 9,999,177
Credit Agricole Yankee
05-19-99 5.75 10,000,000 9,997,639
Harris Trust
02-22-99 5.15 25,000,000 25,000,000
Montreal Bank Yankee
05-10-99 5.75 10,000,000 9,998,689
Swiss Bank Yankee
04-29-99 5.82 10,000,000 9,998,950
U.S. Bank Minneapolis
04-23-99 5.80 10,000,000 10,000,000
06-29-99 4.86 25,000,000 25,000,000
07-19-99 4.95 25,000,000 25,000,000
07-23-99 4.95 15,000,000 15,000,000
07-30-99 4.98 20,000,000 20,000,000
08-09-99 4.89 30,000,000 30,000,000
08-19-99 4.86 25,000,000 25,000,000
UBS Finance Yankee
01-13-00 5.07 10,000,000 10,009,574
Westdeutsche Landesbank Yankee
02-12-99 5.31 30,000,000 30,000,000
04-08-99 4.93 30,000,000 30,000,000
05-24-99 4.86 20,000,000 20,000,000
05-28-99 4.93 20,000,000 20,000,000
07-07-99 4.90 25,000,000 25,000,000
Total certificates of deposit
(Cost: $380,004,029) $380,004,029
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Commercial paper (86.3%)
Issuer Annualized Amount Value(a)
yield on date payable at
of purchase maturity
Automotive & related (5.4%)
BMW US Capital
<S> <C> <C> <C>
04-08-99 4.88% $8,546,000 $8,468,032
Daimler-Benz
03-05-99 5.25 46,000,000 45,775,826
03-11-99 5.09 23,000,000 22,872,222
03-18-99 5.25 30,000,000 29,797,900
03-26-99 5.09 15,000,000 14,885,187
04-21-99 5.10 18,700,000 18,488,783
04-23-99 5.08 23,000,000 22,734,861
GMAC
02-02-99 5.11 20,000,000 19,991,600
03-02-99 4.86 7,600,000 7,568,325
Toyota Motor Credit
02-03-99 5.20 35,000,000 34,980,090
02-04-99 5.18 30,000,000 29,978,750
Total 255,541,576
Banks and savings & loans (12.1%)
ABN Amro Canada
07-12-99 4.84 20,000,000 19,561,711
ABN Amro North American Finance
03-30-99 4.92 30,000,000 29,760,558
ANZ (Delaware)
04-06-99 4.93 29,000,000 28,741,078
04-12-99 4.91 30,000,000 29,708,400
04-13-99 4.93 28,700,000 28,416,579
Bank of America
02-26-99 5.67 10,000,000 9,999,716
BBV Finance (Delaware)
04-14-99 4.87 25,000,000 24,752,306
04-14-99 4.90 23,400,000 23,166,715
First Union Natl Bank
11-18-99 5.44 20,000,000(c) 20,000,000
Fleet Funding
02-11-99 4.97 8,800,000(b) 8,785,480
02-24-99 4.93 13,900,000(b) 13,852,701
Morgan Guaranty
11-29-99 4.99 30,000,000(c) 30,000,000
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Commercial paper (continued)
Issuer Annualized Amount Value(a)
yield on date payable at
of purchase maturity
NBD Bank Canada
<S> <C> <C> <C>
02-26-99 5.17% $20,000,000 $19,923,350
03-02-99 5.19 11,300,000 11,250,131
04-05-99 4.95 25,000,000 24,779,271
Societe Generale North America
04-21-99 4.85 30,000,000 29,676,000
04-26-99 4.85 20,265,000 20,032,628
04-28-99 4.85 30,000,000 29,648,000
05-03-99 4.86 30,000,000 29,628,000
Wachovia Bank
03-03-99 5.18 21,600,000 21,600,000
Westpac Capital
02-05-99 5.19 25,000,000 24,978,708
04-08-99 4.87 11,500,000 11,395,299
04-08-99 4.88 35,400,000 35,077,033
06-10-99 4.92 26,500,000 26,035,205
07-09-99 4.94 25,000,000 24,464,444
Total 575,233,313
Broker dealers (15.8%)
Bear Stearns
02-01-99 5.23 23,700,000 23,693,219
04-15-99 4.87 18,800,000 18,611,217
04-23-99 4.85 30,000,000 29,668,000
05-26-99 4.86 22,400,000 22,054,268
06-09-99 4.85 25,000,000 24,569,375
06-18-99 4.85 25,000,000 24,540,528
07-16-99 4.86 25,000,000 24,447,972
Goldman Sachs Group
02-23-99 5.28 31,300,000 31,191,909
02-24-99 5.20 15,000,000 14,946,875
03-18-99 5.23 22,000,000 21,852,942
03-19-99 5.22 9,000,000 8,938,800
03-25-99 4.95 25,000,000 24,816,250
04-14-99 5.14 22,000,000 21,772,532
01-07-00 5.20 25,000,000(c) 25,000,000
Merrill Lynch
02-09-99 5.09 12,000,000 11,983,267
02-11-99 5.10 27,500,000 27,453,983
03-26-99 4.92 7,000,000 6,947,918
10-21-99 4.94 10,000,000(c) 10,000,000
01-28-00 4.93 20,000,000(c) 20,000,000
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Commercial paper (continued)
Issuer Annualized Amount Value(a)
yield on date payable at
of purchase maturity
Morgan Stanley, Dean Witter, Discover & Co
<S> <C> <C> <C>
02-01-99 5.12% $17,300,000 $17,295,146
02-08-99 5.17 8,000,000 7,989,800
02-09-99 5.17 25,700,000 25,663,592
02-24-99 5.38 10,000,000 9,963,194
02-25-99 5.10 29,000,000 28,895,068
03-26-99 5.02 24,200,000 24,018,096
03-31-99 5.18 22,000,000 21,813,733
Salomon Smith Barney
02-08-99 5.10 16,000,000 15,979,880
02-10-99 5.25 28,300,000 28,255,294
02-16-99 5.22 13,000,000 12,968,508
02-17-99 5.08 16,000,000 15,960,000
02-18-99 5.10 19,000,000 18,949,660
02-22-99 5.08 25,800,000 25,717,583
03-10-99 5.29 32,000,000 31,819,732
05-06-99 4.86 22,500,000 22,212,000
05-14-99 4.86 25,000,000 24,654,056
UBS Finance (Delaware)
04-09-99 4.90 23,400,000 23,182,477
Total 747,826,874
Building materials & construction (0.3%)
Compagnie De Saint-Gobain
02-25-99 5.25 15,000,000(b) 14,943,125
Chemicals (0.4%)
Rohm & Haas
07-29-99 4.86 20,000,000(b) 19,525,000
Commercial finance (23.2%)
Associates Corp North America
02-12-99 5.09 20,000,000 19,963,817
Avco Financial Services
02-02-99 5.25 5,500,000 5,497,621
02-16-99 5.03 3,400,000 3,391,972
02-16-99 5.29 10,600,000 10,573,721
02-16-99 5.33 26,000,000 25,935,419
03-01-99 5.02 25,000,000 24,897,083
03-23-99 5.19 17,160,000 17,032,968
03-26-99 5.13 24,900,000 24,707,509
04-09-99 4.92 11,800,000 11,690,083
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Commercial paper (continued)
Issuer Annualized Amount Value(a)
yield on date payable at
of purchase maturity
CAFCO
<S> <C> <C> <C>
02-02-99 5.10% $19,000,000(b) $18,992,036
02-02-99 5.42 19,000,000(b) 18,991,529
02-03-99 5.15 23,000,000(b) 22,987,018
02-04-99 5.17 25,100,000(b) 25,082,221
02-18-99 5.43 30,300,000(b) 30,214,445
02-19-99 5.42 13,000,000(b) 12,961,361
02-22-99 4.95 8,800,000(b) 8,772,339
03-02-99 5.17 13,000,000(b) 12,942,908
05-10-99 4.85 22,400,000(b) 22,101,955
Ciesco LP
03-17-99 4.86 6,000,000(b) 5,962,970
03-19-99 4.89 27,800,000(b) 27,620,227
04-12-99 4.85 8,100,000 8,022,240
04-12-99 4.92 25,500,000 25,252,140
04-13-99 4.92 25,000,000 24,753,625
Delaware Funding
02-05-99 5.31 14,200,000(b) 14,187,528
02-18-99 5.26 10,000,000(b) 9,972,556
02-26-99 5.26 20,000,000(b) 19,922,000
03-03-99 5.15 25,000,000(b) 24,886,667
03-11-99 5.21 8,000,000(b) 7,954,222
04-22-99 4.85 25,000,000(b) 24,726,667
04-26-99 4.85 17,215,000(b) 17,017,601
04-27-99 4.85 24,500,000(b) 24,215,800
Falcon Asset
02-26-99 4.92 30,000,000(b) 29,889,750
03-09-99 4.87 10,700,000(b) 10,645,335
04-15-99 4.88 31,100,000(b) 30,787,055
04-16-99 4.87 30,200,000(b) 29,892,698
04-19-99 4.87 20,000,000(b) 19,788,455
New Center Asset Trust
02-10-99 5.12 32,100,000 32,050,271
02-10-99 5.19 15,000,000 14,976,396
02-16-99 5.30 16,900,000 16,858,262
02-19-99 5.13 22,300,000 22,237,188
06-04-99 4.93 35,000,000 34,411,804
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Commercial paper (continued)
Issuer Annualized Amount Value(a)
yield on date payable at
of purchase maturity
Preferred Receivables
<S> <C> <C> <C>
02-08-99 5.30% $19,500,000(b) $19,474,406
02-11-99 5.29 25,000,000(b) 24,956,250
02-11-99 5.45 19,200,000(b) 19,165,440
02-18-99 5.25 25,000,000(b) 24,931,389
02-22-99 5.27 28,700,000(b) 28,604,286
02-23-99 5.26 15,000,000(b) 14,948,000
02-25-99 5.26 19,700,000(b) 19,626,015
03-05-99 5.21 30,000,000(b) 29,854,083
04-20-99 4.86 20,000,000(b) 19,786,222
04-26-99 4.86 12,600,000(b) 12,455,219
Variable Funding Capital
02-17-99 4.92 5,300,000(b) 5,287,015
03-01-99 4.87 11,400,000(b) 11,353,925
03-15-99 4.90 25,000,000(b) 24,851,500
04-20-99 4.88 30,000,000(b) 29,678,000
04-26-99 4.87 25,000,000(b) 24,712,736
Total 1,102,451,948
Energy (1.3%)
Chevron Transport
02-08-99 5.15 15,000,000(b) 14,980,874
02-12-99 5.24 10,000,000(b) 9,981,078
03-01-99 5.12 8,700,000(b) 8,662,844
03-02-99 5.12 15,000,000 14,933,802
06-08-99 4.78 5,000,000(b) 4,914,358
06-11-99 4.85 10,000,000(b) 9,822,167
Total 63,295,123
Financial services (19.9%)
Corporate Receivables
02-01-99 5.42 20,000,000(b) 19,994,028
02-02-99 5.42 24,000,000(b) 23,989,250
02-03-99 5.47 25,000,000(b) 24,984,944
02-08-99 5.33 28,000,000(b) 27,963,040
02-09-99 5.35 25,000,000(b) 24,963,264
02-17-99 5.43 13,900,000(b) 13,862,644
02-19-99 5.28 11,000,000(b) 10,968,039
04-07-99 4.93 23,300,000(b) 23,088,384
04-16-99 4.87 29,000,000(b) 28,704,909
04-27-99 4.88 15,000,000(b) 14,824,913
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Commercial paper (continued)
Issuer Annualized Amount Value(a)
yield on date payable at
of purchase maturity
CXC
<S> <C> <C> <C>
02-04-99 5.34% $30,000,000(b) $29,977,915
02-05-99 5.26 28,700,000(b) 28,675,031
02-19-99 5.28 13,500,000(b) 13,460,775
02-26-99 5.26 25,000,000(b) 24,902,875
03-04-99 4.91 7,000,000(b) 6,968,687
03-19-99 4.91 8,900,000(b) 8,842,209
04-12-99 4.94 24,200,000(b) 23,963,808
04-14-99 4.89 15,000,000(b) 14,851,075
04-16-99 4.87 20,000,000(b) 19,796,489
05-13-99 4.86 20,000,000(b) 19,725,333
Household Finance
02-01-99 5.18 32,100,000 32,090,851
Intl Lease Finance
02-19-99 5.19 24,215,000 24,146,391
05-11-99 4.91 23,500,000 23,181,555
Natl Rural Utilities
03-09-99 5.18 22,600,000 22,477,621
04-09-99 4.91 18,000,000 17,832,675
Sheffield Receivables
02-05-99 5.21 30,000,000(b) 29,974,349
02-05-99 5.39 19,000,000(b) 18,983,058
02-16-99 5.19 15,000,000(b) 14,963,804
03-03-99 5.47 28,000,000(b) 27,866,098
03-04-99 4.88 11,000,000(b) 10,950,995
03-16-99 4.89 10,100,000(b) 10,038,643
03-16-99 4.94 18,800,000(b) 18,684,850
03-17-99 4.94 9,000,000(b) 8,943,650
03-23-99 4.86 10,000,000(b) 9,930,233
04-20-99 4.89 13,000,000(b) 12,860,178
Windmill Funding
02-01-99 5.25 11,393,000(b) 11,389,709
02-04-99 5.35 25,000,000(b) 24,981,597
02-05-99 5.27 11,000,000(b) 10,990,467
02-08-99 5.34 4,700,000(b) 4,693,773
02-17-99 5.52 15,000,000(b) 14,959,125
03-17-99 4.89 10,100,000(b) 10,037,408
04-01-99 5.06 7,900,000(b) 7,833,069
04-06-99 4.87 20,000,000(b) 19,822,900
04-20-99 4.89 25,000,000(b) 24,731,667
04-28-99 4.88 30,000,000(b) 29,645,800
05-07-99 4.89 29,000,000(b) 28,622,980
09-27-99 4.90 37,000,000(b) 35,830,800
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Commercial paper (continued)
Issuer Annualized Amount Value(a)
yield on date payable at
of purchase maturity
Xerox Credit
<S> <C> <C> <C>
04-09-99 4.91% $30,900,000 $30,612,758
Total 941,584,616
Food (0.4%)
Cargill Global
03-05-99 4.92 7,000,000(b) 6,967,672
Heinz (HJ)
02-26-99 5.24 10,000,000 9,961,000
Total 16,928,672
Health care (0.3%)
Glaxo Wellcome
04-07-99 4.88 15,586,000(b) 15,445,895
Household products (0.6%)
Procter & Gamble
02-03-99 5.28 30,000,000 29,982,500
Industrial equipment & services (0.2%)
ABB Treasury Center USA
02-18-99 5.14 7,800,000(b) 7,779,087
Insurance (2.0%)
American General
05-05-99 4.90 24,000,000 23,694,100
American General Finance
02-17-99 5.29 20,000,000 19,947,800
04-26-99 5.14 20,000,000 19,758,244
05-07-99 4.89 30,000,000 29,610,383
Total 93,010,527
Metals (0.4%)
Alcoa Aluminum Co of America
03-22-99 4.90 20,000,000 19,862,300
Multi-industry conglomerates (2.1%)
General Electric Capital
02-11-99 5.29 25,000,000 24,956,417
02-16-99 5.28 25,000,000 24,938,375
04-30-99 5.14 27,000,000 26,658,450
06-03-99 4.94 25,000,000 24,582,361
Total 101,135,603
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Commercial paper (continued)
Issuer Annualized Amount Value(a)
yield on date payable at
of purchase maturity
Utilities -- electric (0.5%)
Duke Energy
<S> <C> <C> <C>
02-09-99 5.25% $24,800,000 $24,764,040
Utilities -- telephone (1.3%)
GTE Funding
02-01-99 5.26 8,000,000 7,997,680
02-02-99 5.23 5,000,000 4,997,833
02-04-99 5.28 27,300,000 27,280,094
02-08-99 5.21 20,700,000 20,673,245
Total 60,948,852
Total commercial paper
(Cost: $4,090,259,051) $4,090,259,051
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Letters of credit (5.0%)
Issuer Annualized Amount Value(a)
yield on date payable at
of purchase maturity
ABN Amro-
Louis Dreyfus
<S> <C> <C> <C>
02-02-99 4.88% $15,000,000 $14,993,900
Bank of America-
AES Hawaii
02-25-99 5.30 20,000,000 19,924,022
03-12-99 5.18 25,000,000 24,854,080
Bank of New York-
River Fuel Trust
03-24-99 4.93 14,329,000(b) 14,226,054
03-25-99 4.91 8,101,000(b) 8,041,822
05-04-99 4.88 9,617,000(b) 9,495,965
Canadian Imperial Bank-
Commed Fuel
02-10-99 5.45 13,633,000 13,610,297
02-12-99 5.30 9,252,000 9,234,293
04-07-99 4.86 20,662,000 20,476,650
04-22-99 4.82 8,202,000 8,111,951
Dresdner US Finance-
ContiFinancial
03-04-99 4.87 17,500,000 17,422,198
First Chicago-
Commed Fuel
02-12-99 5.35 12,470,000 12,446,134
02-17-99 5.25 5,942,000 5,926,551
03-17-99 4.91 19,481,000 19,359,774
04-06-99 4.85 25,387,000 25,163,128
04-15-99 4.86 12,013,000 11,892,620
Total letters of credit
(Cost: $235,179,439) $235,179,439
Total investments in securities
(Cost: $4,705,442,519)(d) $4,705,442,519
</TABLE>
<PAGE>
Notes to investments in securities
(a) Securities are valued by procedures described in Note 1 to the financial
statements.
(b) Commercial paper sold within terms of a private placement memorandum, exempt
from registration under Section 4(2) of the Securities Act of 1933, as amended,
and may be sold only to dealers in that program or other "accredited investors."
This security has been determined to be liquid under guidelines established by
the board.
(c) Interest rate varies either based on a predetermined schedule or to reflect
current market conditions; rate shown is the effective rate on Jan. 31, 1999.
(d) Also represents the cost of securities for federal income tax purposes at
Jan. 31, 1999.
<PAGE>
Quick telephone reference
American Express Financial Advisors Telephone
Transaction Service
Sales and exchanges, dividend payments or reinvestments and automatic payment
arrangements
National/Minnesota: 800-437-3133
Mpls./St. Paul area: 612-671-3800
American Express Client Service Corporation
Fund performance, objectives and account inquiries: 800-862-7919
TTY Service
For the hearing impaired: 800-846-4852
American Express Financial Advisors
Automated account information (TouchTone(R) telephones only), including current
Fund prices and performance, account values and recent account
transactions: 800-862-7919
Ticker Symbol
Class A: IDSXX Class B: N/A Class Y: IDYXX
<PAGE>
S-6322 M (3/99) BULK RATE
U.S. POSTAGE
PAID
PERMIT NO. 85
SPENCER, IA
IDS Cash Management Fund
IDS Tower 10
Minneapolis, MN 55440-0010
