PAGE
1993 SEMIANNUAL REPORT
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
Picture of: Construction worker.
Tax-exempt funds designed to meet special investment needs
IDS
An American Express company
AMERICAN
EXPRESS
Distributed by IDS Financial Services Inc.
<PAGE>
PAGE
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
Message from the President
Picture of: William R. Pearce
Dear Shareholder,
The past six months proved to be another good period for municipal bonds
and, thus, for investors in IDS state tax-exempt mutual funds. Paul Hylle,
the Funds' portfolio manager during the period, reviews the past six months
and discusses prospects for the future in his comments on the next page.
The six IDS state tax-exempt funds are most appropriate for long-term
investors who reside in those states and who desire monthly dividend
income that is generally exempt from federal, state and, if applicable,
local taxes. Investors should know that some investments the Funds make
are subject to the alternative minimum tax. The Funds invest primarily in
medium- and top-quality long-term municipal bonds. Therefore, changes in
the net asset value of a Fund's shares are due for the most part to
changes in interest rates on municipal bonds.
For your convenience, IDS provides several alternatives for your dividend
distributions. Most shareholders reinvest their dividends in additional
shares of the Fund. But you also may direct them to any other publicly
offered IDS fund available in your state in which you have an investment,
except IDS Planned Investment Account. If you need to receive cash
dividends consider having them sent directly to your bank. It keeps the
check from being lost and it gets to the bank quicker. Your IDS personal
financial planner can tell you more about these dividend services.
Your IDS planner also can help you make sure your investment and
protection strategies continue to meet the objectives in your financial
plan. As your objectives and time horizons change, talk to your planner
about the broad range of IDS products and services designed to help you
meet a variety of investment and protection needs.
Sincerely,
William R. Pearce
President
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
Feb. 9, 1994
On the cover: Municipalities issue bonds to generate funding for road
construction and other projects. IDS state tax-exempt funds invest in
a wide range of municipal bonds.
<PAGE>
PAGE
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
From your Portfolio Manager: A Perspective
Picture of: Paul Hylle
Portfolio manager Paul Hylle also manages IDS Insured Tax-Exempt Fund.
Prior to joining IDS in June 1993, he spent seven years as portfolio
manager of a tax-exempt mutual fund and a money market fund.
A decline in interest rates and portfolio structures that emphasized
longer-term bonds led to strong performances by the IDS state tax-exempt
funds during the recently completed six-month period. All of the funds
experienced a gain in net asset value in addition to providing a
substantial tax-free dividend.
California Fund's annualized standard yield for the 31-day period ended
Dec. 31, 1993, was 4.07 percent, based on the maximum public offering
price on that day. This is equal to a 5.65-percent taxable yield for an
individual in the 28-percent federal tax bracket. At net asset value,
the yield was 4.29 percent, compared with a taxable equivalent yield of
5.96 percent in the same tax bracket. Dividends for the six months
totaled 15 cents per share. The net asset value per share on Dec. 31,
1993, was $5.54 compared with $5.41 at the beginning of the fiscal year.
Massachusetts Fund's annualized standard yield for the 31-day period ended
Dec. 31, 1993, was 4.26 percent, based on the maximum public offering price
on that day. This is equal to a 5.92-percent taxable yield for an
individual in the 28-percent federal tax bracket. At net asset value, the
yield was 4.48 percent, compared with a taxable equivalent yield of 6.22
percent in the same tax bracket. Dividends for the six months totaled 15
cents per share. The net asset value per share on Dec. 31, 1993, was
$5.63, compared with $5.49 at the beginning of the fiscal year.
Michigan Fund's annualized standard yield for the 31-day period ended
Dec. 31, 1993, was 4.00 percent, based on the maximum public offering
price on that day. This is equal to a 5.56-percent taxable yield for an
individual in the 28-percent federal tax bracket. At net asset value,
the yield was 4.21 percent, compared with a taxable equivalent yield of
5.85 percent in the same tax bracket. Dividends for the six months
totaled 16 cents per share. The net asset value per share on Dec. 31,
1993, was $5.75, compared with $5.60 at the beginning of the fiscal year.
Minnesota Fund's annualized standard yield for the 31-day period ended
Dec. 31, 1993, was 4.31 percent, based on the maximum public offering
price on that day. This is equal to a 5.99-percent taxable yield for an
individual in the 28-percent federal tax bracket. At net asset value,
the yield was 4.54 percent, compared with a taxable equivalent yield of
6.31 percent in the same tax bracket. Dividends for the six months
totaled 16 cents per share. The net asset value per share on Dec. 31,
1993, was $5.54, compared with $5.44 at the beginning of the fiscal year.
<PAGE>
PAGE
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
A Perspective (continued)
New York Fund's annualized standard yield for the 31-day period ended
Dec. 31, 1993, was 3.90 percent, based on the maximum public offering
price on that day. This is equal to a 5.42-percent taxable yield for an
individual in the 28-percent federal tax bracket. At net asset value,
the yield was 4.11 percent, compared with a taxable equivalent yield of
5.71 percent in the same tax bracket. Dividends for the six months
totaled 15 cents per share. The net asset value per share on Dec. 31,
1993, was $5.52, compared with $5.41 at the beginning of the fiscal year.
Ohio Fund's annualized standard yield for the 31-day period ended
Dec. 31, 1993, was 4.25 percent, based on the maximum public offering
price on that day. This is equal to a 5.90-percent taxable yield for an
individual in the 28-percent federal tax bracket. At net asset value,
the yield was 4.48 percent, compared with a taxable equivalent yield of
6.22 percent in the same tax bracket. Dividends for the six months
totaled 15 cents per share. The net asset value per share on Dec. 31,
1993, was $5.65, compared with $5.58 at the beginning of the fiscal year.
(If you purchased shares in any of these funds during this period, your
return also would have been affected by the sales charge, as described
in the prospectus.)
Interest rates continued moving down during the first half of the period,
but began rising in the middle of October. However, for the period as a
whole, the Funds benefited from an overall downward trend. (Falling
interest rates tend to boost bonds' market values and, ultimately, the
funds' share values.) In addition, we held bonds with longer-than-average
maturities. (The longer the maturity, the bigger the benefit from an
interest rate drop). We also kept the funds almost fully invested,
meaning we kept our cash reserves low.
It has been well-publicized that states have had budgetary difficulties
for some time, including the states in which these funds invest. Although
some states have made substantial progress (Massachusetts, for example,
recently had its credit rating upgraded), others still have major
challenges ahead in maintaining financial soundness.
To keep credit risk to a minimum, we continued to stress essential-
services revenue bonds. These bonds have a reliable income stream
because they are backed by the revenue generated from facilities such
as water and sewer systems, toll roads, and other revenue-generating
public facilities. Because of the public's ongoing need for these
services, the revenue these bonds generate tends to be consistent
regardless of economic conditions.
Conversely, we held very few general-obligation bonds, which are dependent
upon a city or state's overall financial condition for repayment and
tend to be subject to greater market volatility. This strategy proved
to be worthwhile throughout the period.
<PAGE>
PAGE
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
A Perspective (continued)
As we enter into the second half of the fund's fiscal year, we look for
interest rates to remain fairly stable, for economic growth to be moderate
and for inflation to remain under control. This is a good environment
for municipal bonds.
Municipals were in high demand during 1993, and supply was abundant.
Demand should continue to be strong, primarily because of higher
tax rates imposed by last year's budget bill, but the supply of new
municipal bonds is expected to decrease. This is a positive supply-demand
situation that should be favorable for bond values. Lastly, we expect
interest rates to be more stable in the months ahead. If that proves to
be true, it's likely that more of the Funds' return will come
from income rather than capital gains.
<PAGE>
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IDS California Tax-Exempt Fund
<TABLE>
<CAPTION>
Ten Largest Holdings Dec. 31, 1993
______________________________________________________________________________________________________________
Percent of
Fund's
Value Net Assets
_____________________________________________________________________________________
<S> <C> <C>
Southern California Public Power Authority Transmission
Refunding Revenue Bonds Series 1986B
7.00% 2022 $12,149,733 4.33%
Santa Clara County Transit District Sales Tax
Revenue Bonds Series 1991A
6.25% 2021 10,587,882 3.77
Rancho Cucamonga Redevelopment Agency
1990 Tax Allocation Bonds
7.125% 2019 8,002,400 2.85
State Educational Facilities Authority Revenue Bonds
Stanford University Series J
6.00% 2016 7,857,509 2.80
Long Beach Harbor Revenue Bonds Series 1989A
7.25% 2019 7,767,620 2.76
Sacramento Municipal Utility District Series R
6.00% 2015-2017 7,601,535 2.71
Los Angeles Department of Water & Power Electric Plant
Revenue Bonds Series 1990
7.125% 2030 7,574,125 2.70
Northern California Public Power Authority
Refunding Revenue Bonds Geothermal #3 Series 1987A
7.00% 2007 7,384,855 2.63
Riverside Electric Revenue Bonds Series 1991
6.00% 2015 6,766,321 2.40
Los Angeles Single Family Home Mortgage
Revenue Bonds Series 1991A
6.875% 2025 6,011,676 2.14
_____________________________________________________________________________________
Total $81,703,656 29.09%
_____________________________________________________________________________________
</TABLE>
<PAGE>
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IDS Massachusetts Tax-Exempt Fund
<TABLE>
<CAPTION>
Ten Largest Holdings Dec. 31, 1993
______________________________________________________________________________________________________________
Percent of
Fund's
Value Net Assets
_____________________________________________________________________________________
<S> <C> <C>
Boston City Hospital Refunding Revenue Bonds Series B
5.75% 2023 $ 3,020,010 4.05%
Health & Educational Facilities Authority Revenue Bonds
Suffolk University Series B
6.35% 2022 2,705,952 3.63
Health & Educational Facilities Authority Revenue Bonds
Boston College Series J
6.625% 2021 2,206,180 2.96
Municipal Wholesale Electric Power Supply System
Revenue Bonds Series 1992B
6.75% 2017 2,186,000 2.93
Health & Educational Facilities Authority Revenue Bonds
Charlton Memorial Hospital Series 1991B
7.25% 2013 1,966,353 2.63
Industrial Finance Agency Resource Recovery Revenue Bonds
SEMASS Series 1991A
9.00% 2015 1,711,005 2.29
Massachusetts Bay Transportation Authority
General Transportation System Refunding Bonds
Series 1992B
6.20% 2016 1,681,005 2.25
Boston General Obligation Refunding Bonds Series 1993A
5.65% 2009 1,560,075 2.09
Municipal Wholesale Electric Power Supply System
Revenue Bonds Series A
6.00% 2018 1,533,015 2.05
Health & Educational Facilities Authority Revenue Bonds
Lahey Clinic Medical Center Series B
5.625% 2015 1,529,910 2.05
_____________________________________________________________________________________
Total $20,099,505 26.93%
_____________________________________________________________________________________
</TABLE>
<PAGE>
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IDS Michigan Tax-Exempt Fund
<TABLE>
<CAPTION>
Ten Largest Holdings Dec. 31, 1993
______________________________________________________________________________________________________________
Percent of
Fund's
Value Net Assets
_____________________________________________________________________________________
<S> <C> <C>
State University Board of Trustees General Revenue Bonds
Series 1992A
6.25% 2015 $ 3,194,760 4.05%
State Strategic Fund Limited Tax Obligation
Refunding Revenue Bonds Detroit Edison Series 1992BB
6.50% 2016 2,726,575 3.45
State Building Authority Refunding Revenue Bonds
Series 1991I
6.25% 2020 2,380,994 3.02
State Hospital Finance Authority Hospital Revenue Bonds
McLaren Obligated Group Series 1991A
7.50% 2021 2,127,055 2.69
Southfield Public School Building & Site
Unlimited Tax General Obligation Refunding Bonds
5.875% 2022 2,059,333 2.61
Monroe County Pollution Control Revenue Bonds
Detroit Edison Fermi 2 Plants Series CC
7.50% 2019 2,040,115 2.58
State Strategic Fund Limited Tax Obligation
Refunding Revenue Bonds Ford Motor Series 1991A
7.10% 2006 1,926,920 2.44
Battle Creek Water Supply System Revenue Bonds
Series 1990B
6.375% 2008-2010 1,834,438 2.32
Buena Vista School District Saginaw County
School Building & Site Unlimited Tax
General Obligation Bonds Series 1991
7.20% 2016 1,774,170 2.25
Northville Public Schools Unlimited Tax
General Obligation Bonds Series 1991B
7.00% 2008 1,707,000 2.16
_____________________________________________________________________________________
Total $21,771,360 27.57%
_____________________________________________________________________________________
/TABLE
<PAGE>
PAGE
IDS Minnesota Tax-Exempt Fund
<TABLE>
<CAPTION>
Ten Largest Holdings Dec. 31, 1993
______________________________________________________________________________________________________________
Percent of
Fund's
Value Net Assets
_____________________________________________________________________________________
<S> <C> <C>
Minneapolis General Obligation Sales Tax
Refunding Bonds Series 1992
6.25% 2012 $ 14,287,130 3.26%
Bass Brook Pollution Control Revenue Bonds
Minnesota Power & Light Series 1992
6.00% 2022 12,189,636 2.78
St. Paul & Minneapolis Housing & Redevelopment
Authority Health Care Facility Revenue Bonds
Group Health Plan Series 1992
6.75% 2013 11,559,555 2.63
State General Obligation Various Purpose Bonds
Series 1991
6.70% 2011 10,421,759 2.37
Southern Minnesota Municipal Power Agency
Power Supply System Refunding Revenue Bonds
Series 1986A
6.75% 2013 10,352,906 2.36
State Public Facilities Authority Water Pollution
Control Revenue Bonds Series 1992A
6.50% 2014 10,045,319 2.29
State General Obligation Various Purpose Bonds
Series 1990
7.00% 2009 9,112,201 2.08
Anoka County General Obligation Capital Improvement
Revenue Bonds Series 1989B
7.00% 2007-2010 8,902,490 2.03
Southern Minnesota Municipal Power Agency
Power Supply System Revenue Bonds Series 1986C
7.125% 2015 8,725,920 1.99
St. Paul Sewer Refunding Revenue Bonds Series 1993
5.60% 2008 8,282,659 1.89
_____________________________________________________________________________________
Total $103,879,575 23.68%
_____________________________________________________________________________________
/TABLE
<PAGE>
PAGE
IDS New York Tax-Exempt Fund
<TABLE>
<CAPTION>
Ten Largest Holdings Dec. 31, 1993
______________________________________________________________________________________________________________
Percent of
Fund's
Value Net Assets
_____________________________________________________________________________________
<S> <C> <C>
State Energy Research & Development Authority
Electric Facility Revenue Bonds Consolidated Edison
Series 1990A
7.50% 2025 $ 5,733,850 4.51%
State Urban Development Correction Facility Revenue Bonds
Series 1
7.50% 2020 5,351,445 4.21
State Local Government Assistance Bonds Series 1991A
7.00% 2016 4,726,840 3.72
United Nations Development Senior Lien
Refunding Revenue Bonds Series 1992A
6.00% 2026 4,678,200 3.68
State Mortgage Agency Homeowner Mortgage Revenue Bonds
Series TT
7.50% 2015 4,480,440 3.52
New York City Water Finance Authority Water & Sewer System
Revenue Bonds Series 1993A
5.75% 2018 4,139,680 3.25
State Dormitory Authority City University System
Revenue Bonds
8.125% 2017 3,956,648 3.11
Battery Park City Authority Senior
Refunding Revenue Bonds Series 1993A
5.25% 2017 3,925,040 3.09
Triborough Bridge & Tunnel Authority General Purpose
Revenue Bonds Series S
7.00% 2021 3,519,810 2.77
State Environmental Facility State Water & Pollution Control
Revolving Fund Revenue Bonds New York City
Municipal Water Finance Authority Series 1990A
7.50% 2012 3,516,600 2.76
_____________________________________________________________________________________
Total $44,028,553 34.62%
_____________________________________________________________________________________
/TABLE
<PAGE>
PAGE
IDS Ohio Tax-Exempt Fund
<TABLE>
<CAPTION>
Ten Largest Holdings Dec. 31, 1993
______________________________________________________________________________________________________________
Percent of
Fund's
Value Net Assets
_____________________________________________________________________________________
<S> <C> <C>
Rocky River City School District Unlimited Tax
General Obligation Improvement Bonds Series 1991A
6.90% 2011 $ 2,547,561 3.41%
Erie County Hospital Refunding Revenue & Improvement
Bonds Firelands Community Hospital Series 1992
6.75% 2015 2,196,900 2.94
Butler County Hospital Facility
Refunding Revenue & Improvement Bonds
7.50% 2010 1,946,122 2.60
Cleveland Waterworks Improvement 1st Mortgage
Pre-Refunded Revenue Bonds Series F 1992A
6.50% 2021 1,839,073 2.46
Franklin County Convention Facilities Authority
Tax & Lease Revenue Anticipation Pre-Refunded Bonds
7.00% 2019 1,774,275 2.37
State Water Development Authority Refunding Revenue Bonds
Pure Water Improvement Series
6.00% 2008 1,650,045 2.21
State Housing Finance Agency Mortgage Revenue Bonds
Aristocrat South Board & Care Series 1991A
7.30% 2031 1,613,280 2.16
Cuyahoga County Hospital Refunding Revenue Bonds
Cleveland Clinic Foundation Series 1992
5.50% 2011 1,536,900 2.06
Akron Bath & Copley Joint Township Hospital
Refunding Revenue Bonds Childrens Hospital Medical Center
Series 1993
5.25% 2020 1,493,475 2.00
Clermont County Hospital Facility
Refunding Revenue Bonds Mercy Health Systems
Series B
5.875% 2015 1,315,175 1.76
_____________________________________________________________________________________
Total $17,912,806 23.97%
_____________________________________________________________________________________
/TABLE
<PAGE>
PAGE
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
<TABLE>
____________________________________________________________________________________________________________________
<CAPTION>
Statements of Assets and Liabilities Dec. 31, 1993
__________________________________________
California Massachusetts Michigan
Tax-Exempt Tax-Exempt Tax-Exempt
Assets Fund Fund Fund
____________________________________________________________________________________________________________________
(Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C>
Investments in securities, at value (Note 1)
(identified cost $246,921,005, $66,379,091 and $69,755,877) $276,121,241 $73,224,091 $78,367,815
Cash in bank on demand deposit 1,040,588 882,545 419,694
Accrued interest receivable 5,440,506 1,586,790 1,267,620
____________________________________________________________________________________________________________________
Total assets 282,602,335 75,693,426 80,055,129
____________________________________________________________________________________________________________________
Liabilities
____________________________________________________________________________________________________________________
Dividends payable to shareholders 123,583 31,388 33,428
Payable for investment securities purchased 1,431,378 965,563 994,871
Accrued investment management and services fee 124,199 32,850 35,030
Accrued distribution fee 3,546 1,610 1,380
Accrued transfer agency fee 8,384 3,846 3,361
Other accrued expenses 41,159 13,798 22,727
____________________________________________________________________________________________________________________
Total liabilities 1,732,249 1,049,055 1,090,797
____________________________________________________________________________________________________________________
Net assets applicable to outstanding shares $280,870,086 $74,644,371 $78,964,332
____________________________________________________________________________________________________________________
Represented by
____________________________________________________________________________________________________________________
Shares of beneficial interest -- $.01 par value, unlimited
number of shares authorized; outstanding 50,677,961, 13,256,599
and 13,743,441 shares $ 506,780 $ 132,566 $ 137,434
Additional paid-in capital 251,762,123 67,912,775 70,278,148
Accumulated net realized loss on investments (Notes 1 and 5) (599,053) (245,970) (63,188)
Unrealized appreciation of investments 29,200,236 6,845,000 8,611,938
____________________________________________________________________________________________________________________
Total -- representing net assets applicable to outstanding shares $280,870,086 $74,644,371 $78,964,332
____________________________________________________________________________________________________________________
Net asset value per share $ 5.54 $ 5.63 $ 5.75
____________________________________________________________________________________________________________________
See accompanying notes to financial statements.
/TABLE
<PAGE>
PAGE
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
<TABLE>
____________________________________________________________________________________________________________________
<CAPTION>
Statements of Assets and Liabilities (continued) Dec. 31, 1993
__________________________________________
Minnesota New York Ohio
Tax-Exempt Tax-Exempt Tax-Exempt
Assets Fund Fund Fund
____________________________________________________________________________________________________________________
(Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C>
Investments in securities, at value (Note 1)
(identified cost $396,907,993, $112,476,049 and $64,802,091) $433,322,887 $126,277,404 $71,561,649
Cash in bank on demand deposit -- 1,831,660 2,230,063
Accrued interest receivable 9,497,577 2,500,107 1,030,186
Receivable for investment securities sold 329,958 -- --
____________________________________________________________________________________________________________________
Total assets 443,150,422 130,609,171 74,821,898
____________________________________________________________________________________________________________________
Liabilities
____________________________________________________________________________________________________________________
Disbursements in excess of cash on demand deposit 222,129 -- --
Dividends payable to shareholders 197,424 53,990 31,631
Payable for investment securities purchased 3,836,200 3,281,050 --
Accrued investment management and services fee 194,339 56,538 33,050
Accrued distribution fee 8,363 2,495 1,341
Accrued transfer agency fee 20,460 6,079 3,356
Other accrued expenses 6,216 18,884 18,416
____________________________________________________________________________________________________________________
Total liabilities 4,485,131 3,419,036 87,794
____________________________________________________________________________________________________________________
Net assets applicable to outstanding shares $438,665,291 $127,190,135 $74,734,104
____________________________________________________________________________________________________________________
Represented by
____________________________________________________________________________________________________________________
Shares of beneficial interest -- $.01 par value, unlimited
number of shares authorized; outstanding 79,206,827, 23,062,405
and 13,234,333 shares $ 792,068 $ 230,624 $ 132,343
Additional paid-in capital 402,688,123 113,731,800 67,949,928
Undistributed net investment income -- 929 --
Accumulated net realized loss on investments (Notes 1 and 5) (1,229,794) (574,573) (107,725)
Unrealized appreciation of investments 36,414,894 13,801,355 6,759,558
____________________________________________________________________________________________________________________
Total -- representing net assets applicable to outstanding shares $438,665,291 $127,190,135 $74,734,104
____________________________________________________________________________________________________________________
Net asset value per share $ 5.54 $ 5.52 $ 5.65
____________________________________________________________________________________________________________________
See accompanying notes to financial statements.
/TABLE
<PAGE>
PAGE
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
<TABLE>
____________________________________________________________________________________________________________________
<CAPTION>
Statements of Operations Six months ended Dec. 31, 1993
__________________________________________
California Massachusetts Michigan
Tax-Exempt Tax-Exempt Tax-Exempt
Investment income Fund Fund Fund
____________________________________________________________________________________________________________________
(Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C>
Income:
Interest $ 8,337,125 $2,073,252 $2,270,324
____________________________________________________________________________________________________________________
Expenses (Note 2):
Investment management and services fee 720,760 185,487 202,457
Distribution fee 20,758 9,034 7,881
Transfer agency fee 52,147 22,789 19,792
Compensation of trustees 7,906 1,778 2,346
Compensation of officers 1,711 347 570
Custodian fees 775 -- --
Postage 9,908 3,113 3,511
Registration fees 10,745 7,212 5,983
Reports to shareholders 4,462 612 639
Audit fees 7,125 6,250 6,250
Administrative 2,441 1,415 2,630
Other 3,881 2,744 3,201
____________________________________________________________________________________________________________________
Total expenses 842,619 240,781 255,260
____________________________________________________________________________________________________________________
Investment income -- net 7,494,506 1,832,471 2,015,064
____________________________________________________________________________________________________________________
Realized and unrealized gain on investments -- net
____________________________________________________________________________________________________________________
Net realized gain on security transactions (Note 3) 277,722 28,158 153,027
Net change in unrealized appreciation or depreciation of investments 6,139,768 1,764,322 1,802,768
____________________________________________________________________________________________________________________
Net gain on investments 6,417,490 1,792,480 1,955,795
____________________________________________________________________________________________________________________
Net increase in net assets resulting from operations $13,911,996 $3,624,951 $3,970,859
____________________________________________________________________________________________________________________
See accompanying notes to financial statements.
/TABLE
<PAGE>
PAGE
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
<TABLE>
____________________________________________________________________________________________________________________
<CAPTION>
Statements of Operations (continued) Six months ended Dec. 31, 1993
___________________________________________
Minnesota New York Ohio
Tax-Exempt Tax-Exempt Tax-Exempt
Investment income Fund Fund Fund
____________________________________________________________________________________________________________________
(Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C>
Income:
Interest $13,232,234 $3,762,512 $2,130,589
____________________________________________________________________________________________________________________
Expenses (Note 2):
Investment management and services fee 1,124,541 327,335 189,792
Distribution fee 48,626 14,500 7,573
Transfer agency fee 122,878 36,648 19,278
Compensation of trustees 2,209 1,951 2,031
Compensation of officers 2,712 684 382
Postage 18,665 5,405 3,254
Registration fees 44,367 5,902 8,823
Reports to shareholders 5,609 1,408 264
Audit fees 7,500 6,875 6,250
Administrative 2,312 1,438 764
Other 6,260 1,980 971
____________________________________________________________________________________________________________________
Total expenses 1,385,679 404,126 239,382
____________________________________________________________________________________________________________________
Investment income -- net 11,846,555 3,358,386 1,891,207
____________________________________________________________________________________________________________________
Realized and unrealized gain on investments -- net
____________________________________________________________________________________________________________________
Net realized gain on security transactions (Note 3) 597,993 120,437 18,623
Net change in unrealized appreciation or depreciation of investments 6,600,279 2,222,886 788,917
____________________________________________________________________________________________________________________
Net gain on investments 7,198,272 2,343,323 807,540
____________________________________________________________________________________________________________________
Net increase in net assets resulting from operations $19,044,827 $5,701,709 $2,698,747
____________________________________________________________________________________________________________________
See accompanying notes to financial statements.
/TABLE
<PAGE>
PAGE
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
<TABLE>
_________________________________________________________________________________________________________________________
<CAPTION>
Statements of Changes in Net Assets
California Tax-Exempt Fund Massachusetts Tax-Exempt Fund
_____________________________ _______________________________
Six months Six months
ended Year ended ended Year ended
Operations and distributions Dec. 31, 1993 June 30, 1993 Dec. 31, 1993 June 30, 1993
__________________________________________________________________________________________________________________________
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Investment income -- net $ 7,494,506 $ 13,860,607 $ 1,832,471 $ 2,982,897
Net realized gain (loss) on investments 277,722 170,092 28,158 (479)
Net change in unrealized appreciation or
depreciation of investments 6,139,768 10,595,516 1,764,322 2,842,517
__________________________________________________________________________________________________________________________
Net increase in net assets resulting
from operations 13,911,996 24,626,215 3,624,951 5,824,935
__________________________________________________________________________________________________________________________
Distributions to shareholders from:
Net investment income (7,493,255) (13,861,943) (1,832,480) (2,982,956)
__________________________________________________________________________________________________________________________
Share transactions (Note 4)
__________________________________________________________________________________________________________________________
Proceeds from sales (Note 2) 21,834,238 43,318,047 13,480,048 22,543,737
Reinvestment of distributions 5,227,608 9,387,295 1,474,577 2,340,831
Payments for redemptions (13,797,551) (24,496,269) (6,254,981) (7,383,168)
__________________________________________________________________________________________________________________________
Increase in net assets from share transactions 13,264,295 28,209,073 8,699,644 17,501,400
__________________________________________________________________________________________________________________________
Total increase in net assets 19,683,036 38,973,345 10,492,115 20,343,379
__________________________________________________________________________________________________________________________
Net assets at beginning of period 261,187,050 222,213,705 64,152,256 43,808,877
__________________________________________________________________________________________________________________________
Net assets at end of period $280,870,086 $261,187,050 $74,644,371 $64,152,256
__________________________________________________________________________________________________________________________
See accompanying notes to financial statements.
/TABLE
<PAGE>
PAGE
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
<TABLE>
_________________________________________________________________________________________________________________________
<CAPTION>
Statements of Changes in Net Assets (continued)
Michigan Tax-Exempt Fund Minnesota Tax-Exempt Fund
_________________________________ _________________________________
Six months Six months
ended Year ended ended Year ended
Operations and distributions Dec. 31, 1993 June 30, 1993 Dec. 31, 1993 June 30, 1993
__________________________________________________________________________________________________________________________
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Investment income -- net $ 2,015,064 $ 3,490,946 $ 11,846,555 $ 20,972,865
Net realized gain on investments 153,027 25,065 597,993 114,873
Net change in unrealized appreciation or
depreciation of investments 1,802,768 3,377,911 6,600,279 14,751,768
__________________________________________________________________________________________________________________________
Net increase in net assets resulting from operations 3,970,859 6,893,922 19,044,827 35,839,506
__________________________________________________________________________________________________________________________
Distributions to shareholders from:
Net investment income (2,015,096) (3,491,044) (11,845,304) (20,974,210)
Net realized gain on investments (68,841) -- -- --
__________________________________________________________________________________________________________________________
Total distributions (2,083,937) (3,491,044) (11,845,304) (20,974,210)
__________________________________________________________________________________________________________________________
Share transactions (Note 4)
__________________________________________________________________________________________________________________________
Proceeds from sales (Note 2) 8,204,490 17,163,359 45,755,127 96,570,778
Reinvestment of distributions 1,547,438 2,459,045 9,581,230 16,613,955
Payments for redemptions (4,448,740) (5,905,586) (25,554,977) (39,837,405)
__________________________________________________________________________________________________________________________
Increase in net assets from share transactions 5,303,188 13,716,818 29,781,380 73,347,328
__________________________________________________________________________________________________________________________
Total increase in net assets 7,190,110 17,119,696 36,980,903 88,212,624
__________________________________________________________________________________________________________________________
Net assets at beginning of period 71,774,222 54,654,526 401,684,388 313,471,764
__________________________________________________________________________________________________________________________
Net assets at end of period $78,964,332 $71,774,222 $438,665,291 $401,684,388
__________________________________________________________________________________________________________________________
See accompanying notes to financial statements.
/TABLE
<PAGE>
PAGE
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
<TABLE>
_________________________________________________________________________________________________________________________
<CAPTION>
Statements of Changes in Net Assets (continued)
New York Tax-Exempt Fund Ohio Tax-Exempt Fund
_________________________________ _________________________________
Six months Six months
ended Year ended ended Year ended
Operations and distributions Dec. 31, 1993 June 30, 1993 Dec. 31, 1993 June 30, 1993
__________________________________________________________________________________________________________________________
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Investment income -- net $ 3,358,386 $ 6,091,422 $ 1,891,207 $ 3,083,675
Net realized gain (loss) on investments 120,437 (4,095) 18,623 38,778
Net change in unrealized appreciation or
depreciation of investments 2,222,886 5,557,017 788,917 3,216,945
__________________________________________________________________________________________________________________________
Net increase in net assets resulting from operations 5,701,709 11,644,344 2,698,747 6,339,398
__________________________________________________________________________________________________________________________
Distributions to shareholders from:
Net investment income (3,356,454) (6,092,439) (1,891,244) (3,083,897)
Net realized gain on investments -- -- (786) (78,831)
__________________________________________________________________________________________________________________________
Total distributions (3,356,454) (6,092,439) (1,892,030) (3,162,728)
__________________________________________________________________________________________________________________________
Share transactions (Note 4)
__________________________________________________________________________________________________________________________
Proceeds from sales (Note 2) 12,005,346 22,014,933 11,398,418 18,759,240
Reinvestment of distributions 2,629,866 4,602,258 1,509,115 2,456,447
Payments for redemptions (6,958,736) (10,260,106) (3,837,502) (6,171,189)
__________________________________________________________________________________________________________________________
Increase in net assets from share transactions 7,676,476 16,357,085 9,070,031 15,044,498
__________________________________________________________________________________________________________________________
Total increase in net assets 10,021,731 21,908,990 9,876,748 18,221,168
__________________________________________________________________________________________________________________________
Net assets at beginning of period 117,168,404 95,259,414 64,857,356 46,636,188
__________________________________________________________________________________________________________________________
Net assets at end of period $127,190,135 $117,168,404 $74,734,104 $64,857,356
__________________________________________________________________________________________________________________________
See accompanying notes to financial statements.
/TABLE
<PAGE>
PAGE
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
Notes to Financial Statements (Unaudited as to Dec. 31, 1993)
____________________________________________________________________________
1. Summary of Significant Accounting Policies
IDS California Tax-Exempt Trust and IDS Special
Tax-Exempt Series Trust were organized as
Massachusetts business trusts. IDS California
Tax-Exempt Trust includes only IDS California
Tax-Exempt Fund. IDS Special Tax-Exempt Series Trust
is a "series fund" that is presently comprised of six
individual funds, including IDS Massachusetts
Tax-Exempt Fund, IDS Michigan Tax-Exempt Fund, IDS
Minnesota Tax-Exempt Fund, IDS New York Tax-Exempt
Fund and IDS Ohio Tax-Exempt Fund (the Funds). The
Funds are non-diversified, open-end management
investment companies as defined in the Investment
Company Act of 1940 (as amended). The Funds
concentrate their investments in a single state and
therefore may have more credit risk related to the
economic conditions of the respective state than
funds that have a broader geographical
diversification.
Significant accounting policies followed by the Funds
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 Trustees. 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.
<PAGE>
PAGE
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
Notes to Financial Statements (continued)
____________________________________________________________________________
1. Summary of Significant Accounting Policies (continued)
Futures Transactions
In order to gain exposure to or protect itself from
changes in the market, each Fund may buy and sell
interest rate futures contracts. Risks of entering
into futures contracts include the possibility that
there may be an illiquid market and that a change in
the value of the contract may not correlate with
changes in the value of the underlying securities.
Upon entering into a futures contract, each 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 each 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. Each Fund
recognizes a realized gain or loss when the contract
is closed or expires.
Federal Taxes
Since each Fund's policy is to comply with all
sections of the Internal Revenue Code applicable to
regulated investment companies and to distribute all
of its taxable income to share-holders, no provision
for income or excise taxes is required.
<PAGE>
PAGE
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
Notes to Financial Statements (continued)
____________________________________________________________________________
1. Summary of Significant Accounting Policies (continued)
Net investment income (loss) and net realized gains
(losses) may differ for financial statement and tax
purposes primarily because of the deferral of losses
on certain futures contracts, the recognition of
certain foreign currency gains (losses) as ordinary
income (loss) for tax purposes, and losses deferred
due to "wash sale" transactions. The character of
distributions made during the year from net
investment income or net realized gains may differ
from their ultimate characterization for federal
income tax purposes. Also, due to the timing of
dividend distributions, the fiscal year in which
amounts are distributed may differ from the year that
the income or realized gains (losses) were recorded
by the Fund.
Dividends to Shareholders
Dividends from net investment income, declared daily
and payable monthly, are reinvested in additional
shares of each 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
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
Notes to Financial Statements (continued)
____________________________________________________________________________
1. Summary of Significant Accounting Policies (continued)
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, each
Fund pays IDS Financial Corporation (IDS) a fee for
managing its investments, recordkeeping and other
specified services. The fee is a percentage of each
Fund's average daily net assets consisting of a group
asset charge in reducing percentages from 0.46
percent to 0.32 percent 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 0.13 percent of average daily net assets
for each Fund.
Each Fund also pays IDS a distribution fee at an
annual rate of $6 per shareholder account and a
transfer agency fee at an annual rate of $15.50 per
shareholder account. The transfer agency fee is
reduced by earnings on monies pending shareholder
redemptions.
IDS will assume and pay any expenses (except taxes
and brokerage commissions) that exceed the most
restrictive applicable state expense limitation.
Sales charges by IDS Financial Services Inc. for
distributing the Funds' shares were $755,281
for IDS California, $541,361 for IDS Massachusetts,
$320,614 for IDS Michigan, $1,461,954 for IDS
Minnesota, $443,524 for IDS New York and
$367,667 for IDS Ohio Tax-Exempt Funds for the
six months ended Dec. 31, 1993.
<PAGE>
PAGE
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
Notes to Financial Statements (continued)
____________________________________________________________________________
2. Expenses and Sales Charges (continued)
Each Fund also has a retirement plan for its
independent trustees. Upon retirement trustees
receive monthly payments equal to one-half of the
retainer fee for as many months as they served as
trustees up to 120 months. There are no death
benefits. The plan is not funded but each Fund
recognizes the cost of payments during the time the
trustees serve on the Board. The retirement plan
expense amounted to $1,134 for IDS California, $1,961
for IDS Minnesota and $900 each for IDS
Massachusetts, IDS Michigan, IDS New York and IDS
Ohio Tax-Exempt Funds for the six months ended Dec.
31, 1993.
____________________________________________________________________________
3. Securities Transactions
Cost of purchases and proceeds from sales of
securities (other than short-term obligations)
aggregated $51,288,854 and $34,291,183 for IDS
California, $12,589,977 and $2,647,950 for IDS
Massachusetts, $11,855,879 and $5,105,020 for IDS
Michigan, $64,849,208 and $29,075,574 for IDS
Minnesota, $19,722,077 and $8,754,854 for IDS New
York and $9,627,914 and $1,653,250 for IDS Ohio
Tax-Exempt Funds for the six months ended Dec. 31,
1993. Realized gains and losses are determined on an
identified cost basis.
<PAGE>
PAGE
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
<TABLE>
<CAPTION>
Notes to Financial Statements (continued)
____________________________________________________________________________
4. Share Transactions
Transactions in shares of each Fund for the periods
indicated are as follows:
Number of Shares:
_________________________________________________________________________________________________________________________
California Tax-Exempt Massachusetts Tax-Exempt Michigan Tax-Exempt
Fund Fund Fund
____________________________ ______________________________ _____________________________
Six months Six months Six months
ended Year ended ended Year ended ended Year ended
Dec. 31, 1993 June 30, 1993 Dec. 31, 1993 June 30, 1993 Dec. 31, 1993 June 30, 1993
_________________________________________________________________________________________________________________________
(Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Sold 3,978,736 8,197,569 2,420,939 4,217,029 1,442,580 3,154,702
Issued for reinvested
distributions 953,027 1,777,866 264,712 438,573 271,871 451,734
Redeemed (2,518,676) (4,641,462) (1,123,620) (1,380,830) (780,697) (1,088,585)
_________________________________________________________________________________________________________________________
Net increase 2,413,087 5,333,973 1,562,031 3,274,772 933,754 2,517,851
_________________________________________________________________________________________________________________________
Number of Shares:
_________________________________________________________________________________________________________________________
<CAPTION>
Minnesota Tax-Exempt New York Tax-Exempt Ohio Tax-Exempt
Fund Fund Fund
______________________________ ___________________________ _____________________________
Six months Six months Six months
ended Year ended ended Year ended ended Year ended
Dec. 31, 1993 June 30, 1993 Dec. 31, 1993 June 30, 1993 Dec. 31, 1993 June 30, 1993
_________________________________________________________________________________________________________________________
(Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Sold 8,312,753 18,162,534 2,193,989 4,171,087 2,028,000 3,465,518
Issued for reinvested
distributions 1,740,698 3,126,057 480,731 872,831 267,999 454,076
Redeemed (4,642,452) (7,491,955) (1,270,030) (1,944,622) (681,890) (1,139,720)
_________________________________________________________________________________________________________________________
Net increase 5,410,999 13,796,636 1,404,690 3,099,296 1,614,109 2,779,874
_________________________________________________________________________________________________________________________
/TABLE
<PAGE>
PAGE
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
Notes to Financial Statements (continued)
_____________________________________________________________________________
5. Capital Loss Carryover
For federal income tax purposes capital loss
carryovers were approximately $74,000 for IDS
California, $141,000 for IDS Massachusetts, $551,000
for IDS Minnesota and $219,000 for IDS New York
Tax-Exempt Funds at Dec. 31, 1993, that will expire
in 1996 through 2000 if not offset be subsequent
capital gains. It is unlikely the Board of Trustees
will authorize a distribution of any net realized
capital gains for a Fund until the respective
capital loss carryover has been offset or expires.<PAGE>
PAGE
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
Notes to Financial Statements (continued)
_____________________________________________________________________________
6. Financial Highlights
The tables below show certain important financial
information for evaluating each Fund's results.
<TABLE>
<CAPTION>
Six months Fiscal year ended June 30, Six months
ended __________________________________ ended
California Tax-Exempt Fund Dec. 31, 1993 1993 1992 1991 1990 June 30, 1989*
__________________________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C>
Per Share Income and Capital Changes** (Unaudited)
(for a share outstanding throughout the period)
Net asset value, beginning of period $5.41 $5.18 $4.94 $4.89 $4.97 $4.82
__________________________________________________________________________________________________________________
Income from investment operations:
Net investment income .15 .30 .31 .32 .32 .16
Net gains (losses) on securities
(both realized and unrealized) .13 .23 .24 .05 (.08) .15
__________________________________________________________________________________________________________________
Total from investment operations .28 .53 .55 .37 .24 .31
__________________________________________________________________________________________________________________
Less distributions:
Dividends from net investment
income (.15) (.30) (.31) (.32) (.32) (.16)
__________________________________________________________________________________________________________________
Net asset value, end of period $5.54 $5.41 $5.18 $4.94 $4.89 $4.97
__________________________________________________________________________________________________________________
Ratios/Supplemental Data
Net assets, end of period (in millions) $281 $261 $222 $185 $142 $95
Ratio of expenses to average daily net assets .62%*** 63% .64% .60% .62% .64%***
Ratio of net income to average daily net assets 5.51%*** 5.78% 6.16% 6.51% 6.53% 6.67%***
Portfolio turnover rate (excluding
short-term securities) 13% 5% 7% 23% 20% 6%
____________________________________________________________________________________________________________________
Total Return+ 5.3%++ 10.8% 11.4% 7.7% 5.0% 6.5%++
____________________________________________________________________________________________________________________
*The Fund's fiscal year-end was changed from Dec. 31, to June 30, effective 1989.
**Rounded to the nearest cent.
***Adjusted to an annual basis.
+Total return does not reflect payment of a sales charge.
++For the fiscal periods ended June 30, 1989, and Dec. 31, 1993, the annualized total return is 13.6 percent and
10.8 percent, respectively.
/TABLE
<PAGE>
PAGE
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
<TABLE>
_____________________________________________________________________________________________________________
6. Financial Highlights (continued)
<CAPTION>
Six months Fiscal year ended June 30,
ended ____________________________________________ _____
Massachusetts Tax-Exempt Fund Dec. 31, 1993 1993 1992 1991 1990 1989
_____________________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C>
Per Share Income and Capital Changes* (Unaudited)
(for a share outstanding throughout the period)
Net asset value, beginning of period $5.49 $5.20 $4.96 $4.88 $5.01 $4.91
_____________________________________________________________________________________________________________
Income from investment operations:
Net investment income .15 .30 .31 .32 .32 .32
Net gains (losses) on securities
(both realized and unrealized) .14 .29 .24 .08 (.12) .12
_____________________________________________________________________________________________________________
Total from investment operations .29 .59 .55 .40 .20 .44
_____________________________________________________________________________________________________________
Less distributions:
Dividends from net investment income (.15) (.30) (.31) (.32) (.32) (.32)
Distributions from realized gains -- -- -- -- (.01) (.02)
_____________________________________________________________________________________________________________
Total distributions (.15) (.30) (.31) (.32) (.33) (.34)
_____________________________________________________________________________________________________________
Net asset value, end of period $5.63 $5.49 $5.20 $4.96 $4.88 $5.01
_____________________________________________________________________________________________________________
Ratios/Supplemental Data
Net assets, end of period (in millions) $75 $64 $44 $27 $19 $13
Ratio of expenses to average daily net assets .69%** .72% .72% .69% .70% .84%
Ratio of net income to average daily net assets 5.23%** 5.57% 6.05% 6.53% 6.59% 6.55%
Portfolio turnover rate (excluding short-term
securities) 4% 0% 2% 16% 36% 25%
_____________________________________________________________________________________________________________
Total Return*** 5.4%+ 11.5% 11.4% 8.5% 4.2% 9.2%
_____________________________________________________________________________________________________________
*Rounded to the nearest cent.
**Adjusted to an annual basis.
***Total return does not reflect payment of a sales charge.
+Annualized total return is 11.0 percent.
/TABLE
<PAGE>
PAGE
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
<TABLE>
______________________________________________________________________________________________________________
6. Financial Highlights (continued)
<CAPTION>
Six months Fiscal year ended June 30,
ended ________________________________ ____________ _____ _____
Michigan Tax-Exempt Fund Dec. 31, 1993 1993 1992 1991 1990 1989
____________________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C>
Per Share Income and Capital Changes* (Unaudited)
(for a share outstanding throughout the period)
Net asset value, beginning of period $5.60 $5.31 $5.04 $4.96 $5.08 $4.85
____________________________________________________________________________________________________________
Income from investment operations:
Net investment income .15 .31 .32 .32 .32 .32
Net gains (losses) on securities
(both realized and unrealized) .16 .29 .27 .08 (.12) .23
____________________________________________________________________________________________________________
Total from investment operations .31 .60 .59 .40 .20 .55
____________________________________________________________________________________________________________
Less distributions:
Dividends from net investment income (.15) (.31) (.32) (.32) (.32) (.32)
Distributions from realized gains (.01) -- -- -- -- --
____________________________________________________________________________________________________________
Total distributions (.16) (.31) (.32) (.32) (.32) (.32)
____________________________________________________________________________________________________________
Net asset value, end of period $5.75 $5.60 $5.31 $5.04 $4.96 $5.08
____________________________________________________________________________________________________________
Ratios/Supplemental Data
Net assets, end of period (in millions) $79 $72 $55 $41 $29 $16
Ratio of expenses to average daily net assets .67%** .68% .67% .67% .71% .81%
Ratio of net income to average daily net assets 5.27%** 5.64% 6.18% 6.45% 6.47% 6.50%
Portfolio turnover rate (excluding short-term
securities) 7% 2% 0% 3% 5% 10%
___________________________________________________________________________________________________________
Total Return*** 5.4%+ 11.6% 12.0% 8.3% 4.1% 11.7%
___________________________________________________________________________________________________________
*Rounded to the nearest cent.
**Adjusted to an annual basis.
***Total return does not reflect payment of a sales charge.
+Annualized total return is 11.1 percent.
/TABLE
<PAGE>
PAGE
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
<TABLE>
______________________________________________________________________________________________________________
6. Financial Highlights (continued)
<CAPTION>
Six months Fiscal year ended June 30, Six months
ended __________________________________ ended
Minnesota Tax-Exempt Fund Dec. 31, 1993 1993 1992 1991 1990 June 30, 1989*
__________________________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C>
Per Share Income and Capital Changes** (Unaudited)
(for a share outstanding throughout the period)
Net asset value, beginning of period $5.44 $5.22 $5.01 $4.95 $5.05 $4.86
__________________________________________________________________________________________________________________
Income from investment operations:
Net investment income .16 .31 .33 .33 .32 .16
Net gains (losses) on securities
(both realized and unrealized) .10 .22 .21 .06 (.10) .19
__________________________________________________________________________________________________________________
Total from investment operations .26 .53 .54 .39 .22 .35
__________________________________________________________________________________________________________________
Less distributions:
Dividends from net investment income (.16) (.31) (.33) (.33) (.32) (.16)
__________________________________________________________________________________________________________________
Net asset value, end of period $5.54 $5.44 $5.22 $5.01 $4.95 $5.05
__________________________________________________________________________________________________________________
Ratios/Supplemental Data
Net assets, end of period (in millions) $439 $402 $313 $233 $181 $121
Ratio of expenses to average daily net assets .65%*** .67% .66% 63% .64% .65%***
Ratio of net income to average daily net assets 5.58%*** 5.91% 6.43% 6.67% 6.62% 6.84%***
Portfolio turnover rate (excluding
short-term securities) 7% 2% 7% 10% 8% 0%
____________________________________________________________________________________________________________________
Total Return+ 4.7%++ 10.5% 11.0% 8.2% 4.8% 7.4%++
____________________________________________________________________________________________________________________
*The Fund's fiscal year-end was changed from Dec. 31, to June 30, effective 1989.
**Rounded to the nearest cent.
***Adjusted to an annual basis.
+Total return does not reflect payment of a sales charge.
++For the fiscal periods ended June 30, 1989, and Dec. 31, 1993, the annualized total return is 15.5 percent and
9.5 percent, respectively.
/TABLE
<PAGE>
PAGE
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
<TABLE>
____________________________________________________________________________________________________________________
6. Financial Highlights (continued)
<CAPTION>
Six months Fiscal year ended June 30, Six months
ended __________________________________ ended
New York Tax-Exempt Fund Dec. 31, 1993 1993 1992 1991 1990 June 30, 1989*
____________________________________________________________________________________________________________________
Per Share Income and Capital Changes** (Unaudited)
(for a share outstanding throughout the period) <C> <C> <C> <C> <C> <C<
Net asset value, beginning of period $5.41 $5.13 $4.86 $4.80 $4.87 $4.73
____________________________________________________________________________________________________________________
Income from investment operations:
Net investment income .15 .30 .31 .31 .31 .16
Net gains (losses) on securities
(both realized and unrealized) .11 .28 .27 .06 (.07) .14
____________________________________________________________________________________________________________________
Total from investment operations .26 .58 .58 .37 .24 .30
____________________________________________________________________________________________________________________
Less distributions:
Dividends from net investment income (.15) (.30) (.31) (.31) (.31) (.16)
____________________________________________________________________________________________________________________
Net asset value, end of period $5.52 $5.41 $5.13 $4.86 $4.80 $4.87
____________________________________________________________________________________________________________________
Ratios/Supplemental Data
Net assets, end of period (in millions) $127 $117 $95 $79 $68 $49
Ratio of expenses to average daily net assets .65%*** .67% .67% .65% .65% .66%***
Ratio of net income to average daily net assets 5.44%*** 5.79% 6.26% 6.53% 6.57% 6.78%***
Portfolio turnover rate (excluding
short-term securities) 7% 0% 8% 17% 8% 1%
____________________________________________________________________________________________________________________
Total Return+ 4.8%++ 11.6% 12.3% 8.2% 5.0% 6.5%++
____________________________________________________________________________________________________________________
*The Fund's fiscal year-end was changed from Dec. 31, to June 30, effective 1989.
**Rounded to the nearest cent.
***Adjusted to an annual basis.
+Total return does not reflect payment of a sales charge.
++For the fiscal periods ended June 30, 1989, and Dec. 31, 1993 the annualized total return is 13.6 percent and
9.8 percent, respectively.
/TABLE
<PAGE>
PAGE
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
<TABLE>
______________________________________________________________________________________________________________
6. Financial Highlights (continued)
<CAPTION>
Six months Fiscal year ended June 30,
ended __________________________________________________
Ohio Tax-Exempt Fund Dec. 31, 1993 1993 1992 1991 1990 1989
______________________________________________________________________________________________________________
Per Share Income and Capital Changes* (Unaudited)
(for a share outstanding throughout the period) <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $5.58 $5.28 $5.01 $4.94 $5.04 $4.87
_____________________________________________________________________________________________________________
Income from investment operations:
Net investment income .15 .30 .31 .32 .31 .31
Net gains (losses) on securities
(both realized and unrealized) .07 .31 .27 .07 (.09) .18
_____________________________________________________________________________________________________________
Total from investment operations .22 .61 .58 .39 .22 .49
_____________________________________________________________________________________________________________
Less distributions:
Dividends from net investment income (.15) (.30) (.31) (.32) (.31) (.31)
Distributions from realized gains -- (.01) -- -- (.01) (.01)
_____________________________________________________________________________________________________________
Total distributions (.15) (.31) (.31) (.32) (.32) (.32)
_____________________________________________________________________________________________________________
Net asset value, end of period $5.65 $5.58 $5.28 $5.01 $4.94 $5.04
_____________________________________________________________________________________________________________
Ratios/Supplemental Data
Net assets, end of period (in millions) $75 $65 $47 $33 $25 $16
Ratio of expenses to average daily net assets .67%** .67% .70% .68% .70% .82%
Ratio of net income to average daily net assets 5.28%** 5.65% 6.14% 6.41% 6.43% 6.40%
Portfolio turnover rate (excluding short-term
securities) 2% 0% 5% 2% 6% 10%
_____________________________________________________________________________________________________________
Total Return*** 3.9%+ 12.1% 11.9% 8.1% 4.6% 10.5%
_____________________________________________________________________________________________________________
*Rounded to the nearest cent.
**Adjusted to an annual basis.
***Total return does not reflect payment of a sales charge.
+Annualized total return is 8.0 percent.
</TABLE>
<PAGE>
PAGE
IDS California Tax-Exempt Fund
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities, Dec. 31, 1993 (Unaudited)
______________________________________________________________________________________________________________________________
<CAPTION>
Municipal Bonds (97.9%)
(Percentages represent value of investments compared to net assets)
____________________________________________________________________________________________________________________________
Coupon Principal
Name of Issuer and Title of Issue (b)(c) Rate Maturity Amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Aliso Viejo Orange County District Community Facilities District #88-1
Special Tax Bonds Series 1992A 7.35 % 2018 $ 3,000,000 $ 3,266,250
Brea Redevelopment Agency Tax Allocation Refunding Bonds (MBIA Insured) 5.75 2023 1,000,000 1,030,650
Burbank Redevelopment Agency Tax Allocation Bonds Golden State Series 1992A 6.00 2013 1,500,000 1,548,270
Chapman College Educational Facilities Authority Revenue Bonds
Series 1989B 7.50 2018 500,000 567,105
Chico Walker Senior Housing Insured Revenue Bonds The Lodge Series 1993A 5.70 2023 1,500,000 1,455,915
Clearlake Redevelopment Agency Highlands Park Community Development
Tax Allocation Bonds Series 1993 6.40 2023 1,420,000 1,421,903
Eastern Municipal Water District Riverside County Water & Sewer
Revenue Certificates of Participation Series 1991 6.00 2023 1,000,000 1,028,410
Eastern Municipal Water District Riverside County Water & Sewer
Revenue Certificates of Participation Series 1991 (FGIC Insured) 6.50 2020 3,000,000 3,469,200
Eden Township Hospital District Insured Health Facility Refunding Revenue
Certificate of Participation Series 1993 5.75 2012 3,000,000 3,020,070
El Camino Hospital District Hospital Revenue Certificate of Participation
Series A 8.50 2017 1,500,000 1,774,215
Fontana Redevelopment Agency Refunding Certificate of Participation
Police Facility Series 1993 5.625 2016 2,750,000 2,734,187
Foothill-De Anza Community College Santa Clara County Refunding
Certificate of Participation Series 1993 (CL Insured) 5.25 2021 1,675,000 1,613,393
Gilroy Las Animas Technology Park Refunding Bonds District #2 Series 1988-1 8.40 2006-07 500,000 515,000
Indian Wells Improvement Bonds Assessment District #13 7.50 2008 430,000 442,900
Long Beach Harbor Revenue Bonds Series 1989A 7.25 2019 7,000,000 7,767,620
Los Angeles Convention & Exhibition Center Certificate of Participation
Series 1989A 7.00 2020 5,000,000 5,795,500
Los Angeles Convention & Exhibition Center Certificate of Participation
Series 1989A 7.30 2009 1,000,000 1,171,650
Los Angeles Convention & Exhibition Center Certificate of Participation
Series 1989A 7.375 2018 2,900,000 3,408,602
Los Angeles County Metropolitian Transportation Authority Sales Tax
Refunding Revenue Bonds Series A (FGIC Insured) 5.00 2021 5,000,000 4,749,400
Los Angeles County Transportation Commission Sales Tax Refunding Revenue Bonds
Series A 7.00 2019 4,150,000 4,685,143
Los Angeles County Transportation Commission Sales Tax Refunding Revenue Bonds
Series A 8.00 2016 2,000,000 2,319,280
Los Angeles County Transportation Commission Sales Tax Refunding Revenue Bonds
Series 1988A 7.875 2008 500,000 589,840
Los Angeles County Transportation Commission Sales Tax Refunding Revenue Bonds
Series 1989A 7.40 2015 2,000,000 2,302,640
See accompanying notes to investments in securities.</TABLE>
<PAGE>
PAGE
IDS California Tax-Exempt Fund
<TABLE>
______________________________________________________________________________________________________________________________
<CAPTION>
Investments in Securities (continued)
______________________________________________________________________________________________________________________________
Municipal Bonds (continued)
_______________________________________________________________________________________________________________________________
Coupon Principal
Name of Issuer and Title of Issue (b)(c) Rate Maturity Amount Value(a)
_______________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Los Angeles County Transportation Commission Sales Tax Revenue Bonds
Series A 7.60 % 2012 $ 640,000 $ 715,040
Los Angeles Department of Water & Power Electric Plant Revenue Bonds
Series 1990 7.125 2030 6,500,000 7,574,125
Los Angeles Multi-family Housing Revenue Bonds (FHA Insured) 7.85 2029 1,405,000 1,502,268
Los Angeles Multi-family Housing Revenue Bonds Park Parthenia Series 1986A
(GNMA Insured) 7.40 2022 1,000,000 1,048,320
Los Angeles Single Family Home Mortgage Revenue Bonds Series 1991A
(GNMA & FNMA Insured) 6.875 2025 5,700,000 6,011,676
Los Angeles State Building Authority Lease Revenue Bonds
State Department of General Services Lease Series 1988A 7.25 2006 3,000,000 3,430,140
Los Angeles State Building Authority Lease Revenue Bonds
State Department of General Services Lease Series 1988A 7.50 2011 1,500,000 1,734,765
Los Angeles State Harbor Revenue Bonds 7.60 2018 1,000,000 1,170,240
Los Angeles USD Refunding Certficate of Participation (FSA Insured)] 5.50 2010 1,000,000 1,001,060
Los Angeles Wastewater System Revenue Bonds Series 1987 8.125 2017 1,000,000 1,176,380
Marin County Municipal Water District Revenue Bonds Series 1993 5.65 2023 3,500,000 3,526,495
Metropolitan Water District Southern California Waterworks Revenue Bonds
Issue 1991 6.00 2021 3,035,000 3,136,612
Modesto Certificate of Participation Refunding Bonds Community Center 8.10 2015 1,000,000 1,175,490
Modesto High School District General Obligation Refunding Bonds
Series 1993 (FGIC Insured) 5.70 2008 2,000,000 2,112,860
Modesto Irrigation Certificate of Participation 7.25 2015 2,000,000 2,202,260
Mount Diablo Hospital District Hospital Revenue Bonds Series 1990A
(AMBAC Insured) 7.00 2017 3,000,000 3,548,550
Northern California Public Power Authority Power Revenue Bonds
Hydroelectric Series 1986B-3 8.00 2024 2,000,000 2,336,000
Northern California Public Power Authority Power Revenue Bonds
Hydroelectric #1 Series 1986B-1 8.00 2024 2,100,000 2,452,800
Northern California Public Power Authority Refunding Revenue Bonds
Geothermal #3 Series 1985A 7.00 2010 830,000 867,873
Northern California Public Power Authority Refunding Revenue Bonds
Geothermal #3 Series 1987A 7.00 2007 6,825,000 7,384,855
Northern California Transmission Agency California-Oregon Transmission
Revenue Bonds Series 1990A (MBIA Insured) 7.00 2024 2,000,000 2,332,420
Pittsburg Redevelopment Agency Los Medanos Development Tax Allocation
Refunding Bonds Series 1993A (AMBAC Insured) 5.00 2017 1,500,000 1,430,025
See accompanying notes to investments in securities.</TABLE>
<PAGE>
PAGE
IDS California Tax-Exempt Fund
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal Bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of Issuer and Title of Issue (b)(c) Rate Maturity Amount Value(a)
_______________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Pleasanton Joint Powers Financing Authority Reassessment Revenue Bonds
Series 1993A 6.15 % 2012 $2,000,000 $ 2,034,760
Port of Oakland Revenue Bonds Series 1989A (BIG Insured) 7.60 2016 500,000 560,615
Rancho Cucamonga Redevelopment Agency 1990 Tax Allocation Bonds
(MBIA Insured) 7.125 2019 7,000,000 8,002,400
Rancho Mirage Joint Powers Finance Authority Certificate of Participation
Eisenhower Memorial Hospital 7.00 % 2022 $4,250,000 $ 4,616,307
Riverside County Transportation Commission Sales Tax Revenue Bonds
Series 1993A (AMBAC Insured) 5.75 2009 1,750,000 1,883,945
Riverside Electric Revenue Bonds Series 1991 6.00 2015 6,530,000 6,766,321
Sacramento Municipal Utility District Series R 6.00 2015-17 7,500,000 7,601,535
Sacramento Municipal Utility District Series R 7.125 2013 3,000,000 3,355,680
Sacramento Municipal Utility District Series V 7.50 2018 2,775,000 3,194,302
Sacramento Municipal Utility District Series W 7.50 2018 1,980,000 2,279,178
Sacramento Municipal Utility District Series Y (MBIA Insured) 6.75 2019 3,400,000 3,989,220
Sacramento Redevelopment Agency Tax Allocation Bonds Series 1990A
(MBIA Insured) 6.50 2013 3,500,000 3,835,230
San Diego County Capital Asset Lease Certificate of Participation
Series 1993 Inverse Floater (AMBAC Insured) 7.82 2007 3,200,000 (d) 3,544,000
San Diego Industrial Development Revenue Bonds San Diego Gas & Electric
Series A 7.625 2021 1,000,000 1,108,860
San Diego Regional Transportation Commission Sales Tax Revenue Bonds
Limited Tax Series 1989A 6.25 2008 5,030,000 5,548,995
San Joaquin County Certificate of Participation Human Services Facility
Series 1989 (BIG Insured) 6.70 2009 3,500,000 4,000,605
San Joaquin County Certificate of Participation
Jail & Sheriffs Operation Center (MBIA Insured) 6.75 2015 2,000,000 2,311,520
San Jose Redevelopment Agency Merged Area Tax Allocation Bonds
Series 1993 Inverse Floater (MBIA Insured) 7.448 2014 3,000,000 (d) 2,970,000
San Mateo County Transit District Limited Tax Bonds Series 1990A
(MBIA Insured) 6.50 2020 2,500,000 2,776,850
Santa Clara County Certificates of Participation Housing Authority Office 7.875 2017 630,000 687,072
Santa Clara County Transit District Sales Tax Revenue Bonds Series 1991A 6.25 2021 9,980,000 10,587,882
Santa Clara Millcreek Improvement Assessment Bonds District #185 7.50 2002-03 440,000 453,200
Santa Cruz Certificate of Participation 8.375 2007 1,220,000 1,287,320
Santa Rosa Sonoma County Wastewater Service Facility District
Refunding Improvement Bonds Series 1989 7.80 2015 1,000,000 1,153,210
Sonoma County Community Redevelopment Agency Tax Allocation Bonds
Windsor Redevelopment Series C 7.90 2014 415,000 436,879
Southern California Home Financing Authority Single Family Mortgage
Revenue Bonds 1990B (GNMA Insured) 7.75 2024 830,000 888,673
See accompanying notes to investments in securities.</TABLE>
<PAGE>
PAGE
IDS California Tax-Exempt Fund
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
______________________________________________________________________________________________________________________________
Municipal Bonds (continued)
______________________________________________________________________________________________________________________________
<CAPTION>
Coupon Principal
Name of Issuer and Title of Issue (b)(c) Rate Maturity Amount Value(a)
_______________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Southern California Public Power Authority Refunding Revenue Bonds Palo Verde
Series B 7.125% 2015 $ 5,000,000 $ 5,529,650
Southern California Public Power Authority Transmission Refunding Revenue Bonds
Series 1986A 7.875 2018 1,500,000 1,699,470
Southern California Public Power Authority Transmission Refunding Revenue Bonds
Series 1986B 7.00 2022 11,000,000 12,149,733
Southern California Public Power Authority Transportation Bonds Series B 7.375 2021 400,000 444,024
State Department of Water Resources Water System Revenue Bonds Central Valley
Series D 7.70 2024 2,400,000 2,783,568
State Department of Water Resources Water System Revenue Bonds Central Valley
Series L 5.875 2025 1,500,000 1,539,420
State Educational Facilities Authority Revenue Bonds Stanford University
Series J 6.00 2016 7,275,000 7,857,509
State Educational Facilities Authority Revenue Bonds
State Institute of Technology 6.00 2021 2,500,000 2,617,850
State Health Facilities Finance Authority Revenue Bonds Kaiser Permanente
Series 1989A 7.00 2018 2,000,000 2,235,100
State Health Facility Finance Authority Revenue Bonds St. Joseph Health System
Series 1989A 6.90 2014 3,500,000 4,037,915
State Housing Finance Agency Home Mortgage Revenue Bonds Series 1986B 6.90 2016 1,990,000 2,063,909
State Housing Finance Agency Home Single Family Mortgage Revenue Bonds
Series 1991A 7.375 2017 2,425,000 2,632,192
State Pollution Control Finance Authority Pollution Control Revenue Bonds
Southern California Edison Series 1988A 6.90 2006 2,000,000 2,205,100
State Public Works Board University of California Lease Revenue Bonds
Series 1990A 7.00 2015 2,250,000 2,647,327
State Public Works Board Various Community Colleges Lease Revenue Bonds
Series 1992A (AMBAC Insured) 6.00 2017 1,465,000 1,562,847
State University Parking System Revenue Bonds 7.70 2009 225,000 254,732
State University Revenue Bonds San Jose State University Student Union
Series B 7.60 2007 150,000 168,424
Statewide Community Development Authority Health Facilities Revenue Bonds
Unihealth America Series 1993A Inverse Floater (AMBAC Insured) 8.331 2011 5,000,000 (d) 5,337,500
Statewide Community Development Authority Lease Revenue Bonds
Oakland Convention Center (AMBAC Insured) 6.00 2010 3,000,000 3,228,750
Stockton Single Family Mortgage Revenue Bonds Series 1990A (GMNA Insured) 7.50 2023 145,000 148,286
Turlock Irrigation District Refunding Bonds Series 1986A 7.75 2018 1,000,000 1,102,980
Union City Community Redevelopment Tax Allocation Bonds
Series 1993 (AMBAC Insured) 5.75 2022 2,700,000 2,783,511
See accompany notes to investments in securities./TABLE
<PAGE>
PAGE
IDS California Tax-Exempt Fund
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
______________________________________________________________________________________________________________________________
Municipal Bonds (continued)
______________________________________________________________________________________________________________________________
<CAPTION>
Coupon Principal
Name of Issuer and Title of Issue (b)(c) Rate Maturity Amount Value(a)
_______________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
University of Southern California Educational Facilities Authority
Revenue Bonds Series 1989B 6.75 2015 5,000,000 $ 5,555,100
Vacaville Limited Obligation Improvement Bonds
Water Rights Assessment District 8.00 2007 925,000 952,750
Walnut Valley Unified School District Unlimited Tax General Obligation Bonds
(MBIA Insured) 6.00 2014-15 2,870,000 3,156,508
______________________________________________________________________________________________________________________________
Total municipal bonds
(Cost: $245,915,193) $275,116,111
_____________________________________________________________________________________________________________________________
<CAPTION>
Short-term Security (0.4%)
_____________________________________________________________________________________________________________________________
Annualized Amount
Yield on Date Payable at
Issuer (e) of Purchase Maturity Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C>
Municipal Note
Sacramento T.R.A.N.
07-29-94] 3.00% $1,000,000 $ 1,005,130
_____________________________________________________________________________________________________________________________
Total short-term security
(Cost: $1,005,812) $ 1,005,130
______________________________________________________________________________________________________________________________
Total investments in securities
(Cost: $246,921,005)(f) $276,121,241
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.</TABLE>
<PAGE>
PAGE
IDS California Tax-Exempt Fund
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
______________________________________________________________________________________________________________________________
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 12-31-93 6-30-93
_____________________________________________________________________________
<S> <C> <C>
AAA] 46% 38%
AA] 24 35
A] 22 19
BBB and below] 6 3
Non-rated] 2 5
_____________________________________________________________________________
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
CL -- Connie Lee Insurance Company
FGIC -- Financial Guarantee Insurance Corporation
FHA -- Federal Housing Authority
FNMA -- Federal National Mortgage Association
FSA -- Financial Security Assurance
GNMA -- Government National Mortgage Association
MBIA -- Municipal Bond Investors Assurance
(d) Inverse Floaters represents securities which pay interest at a rate that increases (decreases) based on
(decreases) increases of market short-term rates. Interest rate disclosed is the rate in effect on
Dec. 31, 1993.
(e) The following abbreviations are used in portfolio descriptions:
T.R.A.N. -- Tax & Revenue Anticipation Note
(f) At Dec. 31, 1993, the cost of securities for federal income tax purposes was approximately $246,846,000
and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
<CAPTION>
<S> <C>
Unrealized appreciation] $29,292,000
Unrealized depreciation] (17,000)
______________________________________________________________________________
Net unrealized appreciation] $29,275,000
______________________________________________________________________________
</TABLE>
<PAGE>
PAGE
IDS Massachusetts Tax-Exempt Fund
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities, Dec. 31, 1993 (Unaudited)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal Bonds (97.4%)
(Percentages represent value of investments compared to net assets)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of Issuer and Title of Issue (b)(c) Rate Maturity Amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Ashburnham-Westminister Regional School District Unlimited Tax
General Obligation School Bonds (MBIA Insured) 6.00 % 2013 $1,000,000 $ 1,057,740
Boston City Hospital Refunding Revenue Bonds Series B (FHA Insured) 5.75 2023 3,000,000 3,020,010
Boston City Hospital Revenue Bonds Series A (FHA Insured) 7.625 2021 1,000,000 1,208,740
Boston General Obligation Bonds Series 1991A (MBIA Insured) 6.75 2011 500,000 562,040
Boston General Obligation Refunding Bonds Series 1993A (AMBAC Insured) 5.65 2009 1,500,000 1,560,075
Boston Water & Sewer Commission General Revenue Bonds Senior Series 1991A
(FGIC Insured) 7.00 2018 1,000,000 1,194,420
Boston Water & Sewer Commission General Subordinate Revenue Bonds Series A
(BIG Insured) 6.00 2008 500,000 519,020
Boston Water & Sewer Commission Senior Revenue Bonds Series A 7.875 2013 365,000 410,181
Boston Water & Sewer Commission Senior Revenue Pre-Refunded Bonds Series A 7.875 2013 210,000 238,979
Commonwealth General Obligation Consolidated Loan Bonds Series 1990A
(FGIC Insured) 7.25 2009 500,000 589,896
Greater Lawrence Sanitary District North Andover General Obligation Bonds 8.50 2005 680,000 723,221
Health & Educational Facilities Authority Bonds Bentley College Series G 8.125 2017 400,000 436,132
Health & Educational Facilities Authority Refunding Revenue Bonds
Beth Israel Hospital Series 1989E 7.00 2009-14 550,000 614,656
Health & Educational Facilities Authority Revenue Bonds
Baystate Medical Center Series D-1 (FGIC Insured) 6.00 2015 1,000,000 1,065,910
Health & Educational Facilities Authority Revenue Bonds Berkshire
Health Systems Series A (MBIA Insured) 7.50 2008 500,000 574,735
Health & Educational Facilities Authority Revenue Bonds
Beverly Hospital Series D (MBIA Insured) 7.30 2019 400,000 466,708
Health & Educational Facilities Authority Revenue Bonds Boston College
Series J (FGIC Insured) 6.625 2021 2,000,000 2,206,180
Health & Educational Facilities Authority Revenue Bonds Boston College
Series K 5.25 2023 1,000,000 967,940
Health & Educational Facilities Authority Revenue Bonds
Brigham & Women's Hospital Series C 6.75 2021 500,000 543,225
See accompanying notes to investments in securities.</TABLE>
<PAGE>
PAGE
IDS Massachusetts Tax-Exempt Fund
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
Municipal Bonds (continued)
_____________________________________________________________________________________________________________________________
<CAPTION>
Coupon Principal
Name of Issuer and Title of Issue (b)(c) Rate Maturity Amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Health & Educational Facilities Authority Revenue Bonds
Brigham & Women's Hospital Series 1991D 6.75 % 2024 $1,000,000 $ 1,105,570
Health & Educational Facilities Authority Revenue Bonds
Charlton Memorial Hospital Series 1991B 7.25 2013 1,750,000 1,966,353
Health & Educational Facilities Authority Revenue Bonds
Children's Hospital Series D 7.75 2018 500,000 584,035
Health & Educational Facilities Authority Revenue Bonds
Lahey Clinic Medical Center Series A (MBIA Insured) 7.625 2018 500,000 583,010
Health & Educational Facilities Authority Revenue Bonds
Lahey Clinic Medical Center Series B (MBIA Insured) 5.625 2015 1,500,000 1,529,910
Health & Educational Facilities Authority Revenue Bonds
Lahey Clinic Medical Center Series B (MBIA Insured) 5.375 2023 1,000,000 987,590
Health & Educational Facilities Authority Revenue Bonds
Melrose-Wakefield Hospital Series 1992B 6.375 2016 1,000,000 1,060,070
Health & Educational Facilities Authority Revenue Bonds
McLean Hospital Series 1992C (FGIC Insured) 6.625 2015 1,250,000 1,396,375
Health & Educational Facilities Authority Revenue Bonds
Morton Hospital & Medical Center Series B (CL Insured) 5.25 2014 1,000,000 970,670
Health & Educational Facilities Authority Revenue Bonds
Mount Auburn Hospital Series A (MBIA Insured) 7.875 2018 205,000 237,041
Health & Educational Facilities Authority Revenue Bonds
New England Deaconess Hospital Series 1992D 6.625 2012 1,000,000 1,092,050
Health & Educational Facilities Authority Revenue Bonds
Newton Wellesley Hospital Series 1991D (MBIA Insured) 7.00 2015 1,000,000 1,141,600
Health & Educational Facilities Authority Revenue Bonds
Northeastern University Series 1989C (AMBAC Insured) 7.10 2006 1,000,000 1,156,190
Health & Educational Facilities Authority Revenue Bonds
Northeastern University Series E (MBIA Insured) 6.55 2022 1,000,000 1,110,290
Health & Educational Facilities Authority Revenue Bonds
South Shore Hospital Series 1992D (MBIA Insured) 6.50 2022 1,000,000 1,102,720
See accompanying notes to investments in securities./TABLE
<PAGE>
PAGE
IDS Massachusetts Tax-Exempt Fund
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
Municipal Bonds (continued)
_____________________________________________________________________________________________________________________________
<CAPTION>
Coupon Principal
Name of Issuer and Title of Issue (b)(c) Rate Maturity Amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Health & Educational Facilities Authority Revenue Bonds
Stonehill College Series 1990D (AMBAC Insured) 7.70 % 2020 $1,000,000 $ 1,213,190
Health & Educational Facilities Authority Revenue Bonds
Suffolk University Series B (CL Insured) 6.35 2022 2,495,000 2,705,952
Health & Educational Facilities Authority Revenue Bonds
Wentworth Institute of Technology Series A (AMBAC Insured) 7.40 2010 750,000 890,850
Health & Educational Facilities Authority Revenue Bonds
Wentworth Institute of Technology Series B (CL Insured) 5.50 2023 1,500,000 1,499,850
Holyoke Unlimited Tax General Obligation Municipal Purpose Loans
Series 1993B (FSA Insured) 6.125 2013 1,100,000 1,191,630
Industrial Finance Agency 1st Mortgage Revenue Bonds
Berkshire Retirement Community at Lennox 9.875 2018 200,000 225,044
Industrial Finance Agency Pollution Control Refunding Revenue Bonds
Eastern Edison Series 1993 5.875 2008 1,500,000 1,529,595
Industrial Finance Agency Resource Recovery Revenue Bonds
Ogden Haverhill Series 1986A (AMBAC Insured) 7.375 2011 175,000 195,727
Industrial Finance Agency Resource Recovery Revenue Bonds
SEMASS Series 1991A 9.00 2015 1,500,000 1,711,005
Industrial Finance Agency Revenue Bonds Brandeis University (MBIA Insured) 6.80 2019 700,000 777,350
Industrial Finance Agency Revenue Bonds Museum of Science Series 1989
(FSA Insured) 7.30 2009 1,000,000 1,138,650
Lawrence Limited Tax General Obligation State Qualified Bonds Series 1993 5.375 2005 500,000 508,715
Leominster General Obligation Bonds (MBIA Insured) 7.50 2009 1,000,000 1,174,980
Mansfield General Obligation Bonds (AMBAC Insured) 6.70 2011 1,000,000 1,126,880
Massachusetts Bay Transportation Authority General Transportation System
Refunding Bonds Series 1992B 6.20 2016 1,500,000 1,681,005
Municipal Wholesale Electric Power Supply System Revenue Bonds Series A 6.00 2018 1,500,000 1,533,015
Municipal Wholesale Electric Power Supply System Revenue Bonds Series 1992B 6.75 2017 2,000,000 2,186,000
Municipal Wholesale Electric Power Supply System Revenue Bonds Series 77A 6.375 2015 200,000 204,734
Nantucket General Obligation Bonds 6.80 2011 1,000,000 1,120,160
North Andover General Obligation Bonds (MBIA Insured) 7.35 2008 310,000 365,896
Port Authority Pre-Refunded Revenue Bonds Series 1988A 7.75 2018 485,000 526,691
Port Authority Revenue Bonds Series 1988A 7.75 2018 515,000 553,882
See accompanying notes to investments in securities.</TABLE>
<PAGE>
PAGE
IDS Massachusetts Tax-Exempt Fund
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
Municipal Bonds (continued)
_____________________________________________________________________________________________________________________________
<CAPTION>
Coupon Principal
Name of Issuer and Title of Issue (b)(c) Rate Maturity Amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Port Authority Revenue Bonds Series 1990A (FGIC Insured) 7.50 % 2020 $1,000,000 $ 1,168,090
Quincy Revenue Bonds Quincy City Hospital (FHA Insured) 7.875 2016 1,000,000 1,124,470
Quincy Refunding Revenue Bonds Quincy Hospital Issue Series 1993
(FSA Insured) 5.25 2016 1,000,000 974,490
Southeastern University Building Authority Refunding Revenue Bonds
Series 1986A 7.80 2016 100,000 110,436
Southeastern University Building Revenue Bonds 7.80 2011 325,000 358,917
Southern Berkshire Regional School District Unlimited Tax
General Obligation Bonds (AMBAC Insured) 7.55 2010 1,000,000 1,196,310
Springfield Limited Tax General Obligation Municipal Purpose Loan Bonds
Series 1993B (MBIA Insured) 6.00 2013 750,000 800,535
State College Building Authority Refunding Revenue Bonds Series 1986A 7.125 2006 150,000 162,366
State College Building Authority Refunding Revenue Bonds Series 1986A 7.25 2016 250,000 272,523
State General Obligation Consolidated Loan Bonds Series 1991A
(FGIC Insured) 6.00 2011 1,095,000 1,143,476
State Housing Finance Agency Housing Revenue Rental Bonds Series 1
(AMBAC Insured) 7.20 2026 850,000 894,973
State Housing Finance Agency Single Family Housing Revenue Bonds Series 13 7.95 2023 500,000 544,960
State Housing Finance Authority Residential Development Bonds Series 1992A
(FNMA Insured) 6.875 2011 1,000,000 1,085,570
State Housing Finance Authority Single Family Mortgage Housing
Revenue Bonds Series 4 7.375 2014 500,000 529,240
State Housing Finance Authority Single Family Mortgage Housing
Revenue Bonds Series 7 8.10 2020 295,000 312,160
University of Lowell Building Authority Facilities Revenue Bonds
4th Series A 7.40 2007 125,000 139,025
University of Lowell Building Authority Facilities Revenue Bonds
4th Series A 7.60 2012 50,000 55,995
University of Massachusetts Building Authority Revenue Bonds Series A
(FSA Insured) 7.50 2014 500,000 569,240
See accompanying notes to investments in securities./TABLE
<PAGE>
PAGE
IDS Massachusetts Tax-Exempt Fund
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
Municipal Bonds (continued)
_____________________________________________________________________________________________________________________________
<CAPTION>
Coupon Principal
Name of Issuer and Title of Issue (b)(c) Rate Maturity Amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
University of Massachusetts Building Authority Revenue Bonds Series A
Escrowed to Maturity 7.50 % 2011 $ 120,000 $ 144,940
Water Resource Authority General Revenue Bonds Series 1990A 7.625 2014 500,000 598,495
Water Resource Authority General Revenue Bonds Series 1991A 6.50 2019 1,000,000 1,148,140
Water Resource Authority General Revenue Bonds Series 1993C 5.25 2020 1,400,000 1,345,358
_____________________________________________________________________________________________________________________________
Total municipal bonds
(Cost: $65,879,006) $72,723,792
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.</TABLE>
<PAGE>
PAGE
IDS Massachusetts Tax-Exempt Fund
<TABLE>
_______________________________________________________________________________________________________________________________
Investments in Securities (continued)
_______________________________________________________________________________________________________________________________
Short-term Security (0.7%)
_______________________________________________________________________________________________________________________________
<CAPTION>
Annualized Amount
Yield on Date Payable at
Issuer (d) of Purchase Maturity Value(a)
_______________________________________________________________________________________________________________________________
<S> <C> <C> <C>
Municipal Note
Lowell Massachusetts B.A.N.
01-14-94 3.50% $500,000 $ 500,299
_______________________________________________________________________________________________________________________________
Total short-term security
(Cost: $500,085) $ 500,299
_______________________________________________________________________________________________________________________________
Total investments in securities
(Cost: $66,379,091)(e) $73,224,091
_______________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.</TABLE>
<PAGE>
PAGE
IDS Massachusetts Tax-Exempt Fund
<TABLE>
______________________________________________________________________________________________________________________________
Investments in Securities (continued)
______________________________________________________________________________________________________________________________
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 12-31-93 06-30-93
_______________________________________________________________________________________________________
<S> <C> <C>
AAA 60% 54%
AA 10 15
A 19 20
BBB and below 10 8
Non-rated 1 3
_______________________________________________________________________________________________________
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
CL -- Connie Lee Insurance Company
FGIC -- Financial Guarantee Insurance Corporation
FHA -- Federal Housing Authority
FNMA -- Federal National Mortgage Association
FSA -- Financial Security Assurance
MBIA -- Municipal Bond Investors Assurance
(d) The following abbreviation is used in the portfolio description:
B.A.N. -- Bond Anticipation Note
(e) At Dec. 31, 1993, the cost of securities for federal income tax purposes was approximately $66,366,000 and
the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
<CAPTION>
<S> <C>
Urealized appreciation $6,867,000
Unrealized depreciation (9,000)
_______________________________________________________________________________________________________
Net unrealized appreciation $6,858,000
_______________________________________________________________________________________________________
</TABLE>
<PAGE>
PAGE
IDS Michigan Tax-Exempt Fund
<TABLE>
<CAPTION>
_____________________________________________________________________________________________________________________________
Investments in Securities, Dec. 31, 1993 (Unaudited)
_____________________________________________________________________________________________________________________________
Municipal Bonds (98.6%)
(Percentages represent value of investments compared to net assets)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of Issuer and Title of Issue (b)(c) Rate Maturity Amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Alpena County Limited Tax Hospital Improvement Bonds Series B
(AMBAC Insured) 8.75 % 2002 $ 150,000 $ 164,478
Auburn Hills Limited Tax General Obligation Street Improvement Bonds 6.00 2004 200,000 213,178
Avondale Qualified School District Refunding General Obligation Bonds 7.70 2011 150,000 155,730
Battle Creek Water Supply System Revenue Bonds Series 1990B 6.375 2008-10 1,640,000 1,834,438
Board of Control Ferris State University General Revenue Bonds Series 1993
(AMBAC Insured) 6.25 2019 1,000,000 1,094,750
Buena Vista School District Saginaw County School Building & Site
Unlimited Tax General Obligation Bonds Series 1991 7.20 2016 1,500,000 1,774,170
Central Michigan University Board of Trustees General Revenue Bonds
Series 1987 (MBIA Insured) 7.90 2015 250,000 289,925
Chassell Township Schools County of Houghton Refunding Unlimited Tax
General Obligation Bonds Qualified School Bond Loan Fund 5.25 2020 1,045,000 1,000,389
Chelsea General Obligation Bonds (BIG Insured) 8.20 2006 145,000 170,867
Comstock Park Public School Kent County Unlimited Tax
General Obligation Bonds Series 1989 6.00 2016 400,000 441,276
Comstock Park Public School Kent County Unlimited Tax
General Obligation Bonds Series 1989 6.875 2010 260,000 297,474
Dearborn County School District Unlimited Tax General Obligation
Refunding Revenue Bonds (MBIA Insured) 5.00 2010 1,000,000 993,300
Detroit General Obligation Bonds Distributable State Aid Series 1989
(AMBAC Insured) 7.20 2009 1,000,000 1,156,910
Detroit Sewer Disposal Revenue Bonds 8.00 2008 500,000 576,975
Detroit Unlimited Tax General Obligation Bonds Series A 7.25 2009 1,000,000 1,084,700
Detroit Unlimited Tax General Obligation Bonds Series A 8.625 2007 100,000 114,389
Detroit Unlimited Tax General Obligation Bonds Series 1988A 7.875 2008 700,000 776,790
Detroit Water Supply System Revenue Bonds Series 1988 (MBIA Insured) 7.875 2008 400,000 470,312
Detroit Water Supply System Revenue Refunding Bonds
Series 1993 (FGIC Insured) 5.00 2023 1,000,000 954,060
Dexter Community Schools Building Site & Refunding Unlimited Tax
General Obligation Bonds 5.00 2017 1,500,000 1,413,240
East Lansing School District School Building & Site Unlimited Tax
General Obligation Bonds Series 1991 6.625 2014 1,000,000 1,102,180
Eastern Michigan University Refunding Revenue Bonds Residence Hall 7.80 2006 205,000 229,936
Farmington Hills Hospital Finance Authority Revenue Bonds
Botsford General Hospital Series 1992A (MBIA Insured) 6.50 2022 1,500,000 1,646,385
Forest Hills School District Unlimited Tax General Obligation Bonds 7.375 2015 1,000,000 1,178,280
Frenchtown Resort Drainage District Monroe County Drain Bonds Series 1987 7.50 2011-12 615,000 721,524
Garden City School District Authority Revenue Bonds 7.80 2010 305,000 346,800
Grand Haven Electrical Refunding Revenue Bonds 6.75 2016 1,000,000 1,061,880
See accompanying notes to investments in securities./TABLE
<PAGE>
PAGE
IDS Michigan Tax-Exempt Fund
<TABLE>
<CAPTION>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
Municipal Bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of Issuer and Title of Issue (b)(c) Rate Maturity Amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Grand Rapids Water Supply System Improvement Revenue Bonds Series 1988 7.875% 2018 $ 700,000 $ 811,860
Grand Rapids Water Supply System Improvement Revenue Bonds Series 1990
(FGIC Insured) 7.25 2020 1,250,000 1,471,300
Grand Rapids Water Supply System Revenue Refunding Bonds Series 1991
(FGIC Insured) 5.75 2018 500,000 509,505
Holland School District Unlimited Tax General Obligation Bonds
Counties of Ottawa & Allegan 1989 School Building & Site Boards 7.375 2019 1,000,000 1,143,120
Huron Valley School District Oakland & Livingston Counties 1993
Unlimited Tax General Obligation Refunding Bonds (FGIC Insured) 6.125 2020 1,000,000 1,076,600
Inkster School District Unlimited Tax General Obligation Bonds
(AMBAC Insured) 7.00 2018 450,000 523,764
Isoco County Water Supply System Limited Tax General Obligation Bonds
(AMBAC Insured) 5.50 2008-10 575,000 590,910
Jackson County Unlimited Tax General Obligation Refunding Bonds
Series 1987 6.75 2011 150,000 164,645
Kalamazoo Hospital Financial Authorization Bronson Methodist Hospital 9.375 2016 150,000 164,580
Kent County Hospital Refunding Revenue Bonds Butterworth Hospital
Series 1989A 7.00 2019 500,000 571,575
Kent County Hospital Refunding Revenue Bonds Butterworth Hospital
Series 1989A 7.25 2013 500,000 577,200
Kent County Refuse Disposal System Limited Tax
General Obligation Refunding Bonds Series 1987 8.40 2010 150,000 173,302
Laingsburg Community Schools Unlimited Tax General Obligation Bonds 6.375 2021 1,500,000 1,597,020
Marquette Hospital Finance Authority Refunding Revenue Bonds
Marquette General Hospital Series 1989C 7.50 2007-19 825,000 925,750
Monroe County Pollution Control Revenue Bonds Detroit Edison Fermi Plants
Series 1990I (FGIC Insured) 7.65 2020 1,000,000 1,177,830
Monroe County Pollution Control Revenue Bonds Detroit Edison Fermi 2 Plants
Series CC (AMBAC Insured) 7.50 2019 1,750,000 2,040,115
Muskegon Hospital Finance Authority Refunding Revenue Bonds Hackley Hospital
Series 1988A 8.00 2008 400,000 451,288
North Branch Area Schools County of Lapeer Refunding Unlimited Tax
General Obligation Bonds (AMBAC Insured) 5.25 2013 1,500,000 1,503,690
Northville Public Schools Unlimited Tax General Obligation Bonds
Series 1991B 7.00 2008 1,500,000 1,707,000
Oak Park School District Unlimited Tax General Obligation Bonds 7.15 2009 705,000 783,326
Plymouth-Canton Community School District Series 1992C 6.50 2016 1,000,000 1,098,520
River Rouge School District #19 Unlimited Tax General Obligation Bonds
(FSA Insured) 5.50 2009 1,185,000 1,228,181
Rochester Hill Unlimited Tax General Obligation Bonds Series 1990A 6.00 2009-10 735,000 772,689
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE
IDS Michigan Tax-Exempt Fund
<TABLE>
<CAPTION>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
Municipal Bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of Issuer and Title of Issue (b)(c) Rate Maturity Amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Rockford Public Schools Kent County Unlimited Tax
General Obligation Bonds 7.375% 2019 $ 1,000,000 $ 1,178,280
Rockford Public Schools Unlimited Tax General Obligation Bonds
Qualified School Bond Loan Fund 5.875 2019 1,500,000 1,553,310
Southfield Public Schools Building & Site Unlimited Tax
General Obligation Bonds 5.875 2022 1,975,000 2,059,333
South Lake District Unlimited Tax General Obligation Bonds 6.80 2010 355,000 394,259
State Building Authority Refunding Revenue Bonds Series 1991I 6.25 2020 2,200,000 2,380,994
State Comprehensive Transportation Refunding Bonds Series 1986II 7.75 2011 135,000 149,313
State Hospital Finance Authority Hospital Refunding Revenue Bonds
Detroit Medical Center Series 1988A 8.125 2012 400,000 456,812
State Hospital Finance Authority Hospital Refunding Revenue Bonds
Detroit Medical Center Series 1988B 8.00 2008 500,000 570,475
State Hospital Finance Authority Hospital Refunding Revenue Bonds
Sisters of Mercy Health Group Series 1993P (MBIA Insured) 5.25 2021 1,200,000 1,169,184
State Hospital Finance Authority Hospital Revenue Bonds
McLaren Obligated Group Series 1991A 7.50 2021 1,750,000 2,127,055
State Hospital Finance Authority Revenue Bonds Henry Ford Hospital Series A 7.50 2013 400,000 449,448
State Hospital Finance Authority Revenue Bonds Henry Ford Hospital
Series 1990A 7.00 2010 1,000,000 1,111,940
State Hospital Finance Authority Revenue Bonds Henry Ford Hospital
Series 1992A 5.75 2017 1,500,000 1,533,465
State Hospital Finance Authority Revenue Bonds Oakwood Hospital Group
Series 1990A (FGIC Insured) 7.10 2018 1,000,000 1,176,850
State Job Development Authority Pollution Control Revenue Bonds
Chrysler Project 5.70 1999 1,000,000 1,028,330
State Public Power Agency Belle River Pre-Refunded Bonds Series 1983 6.625 2019 675,000 716,911
State Public Power Agency Belle River Refunding Revenue Bonds Series 1986 7.00 2018 1,510,000 1,629,275
State Strategic Fund Limited Tax Obligation Refunding Revenue Bonds
Detroit Edison Series 1990BB (MBIA Insured) 7.00 2008 1,000,000 1,183,090
State Strategic Fund Limited Tax Obligation Refunding Revenue Bonds
Detroit Edison Series 1992BB (FGIC Insured) 6.50 2016 2,500,000 2,726,575
State Strategic Fund Limited Tax Obligation Refunding Revenue Bonds
Ford Motor Series 1991A 7.10 2006 1,650,000 1,926,920
State Strategic Fund Limited Tax Obligation Refunding Revenue Bonds
Oxford Institute 7.875 2005 150,000 196,770
State University Board of Trustees General Revenue Bonds Series 1992A 6.25 2015 3,000,000 3,194,760
State University Hospital Refunding Revenue Bonds Series 1986A 7.75 2012 150,000 170,370
State University Revenue Parking System Bonds Ann Arbor Campus Series A 7.40 2015 150,000 166,230
Taylor Tax Increment Finance Authority Bonds Series 1989A (MBIA Insured) 6.00 2007-09 1,205,000 1,278,637
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE
IDS Michigan Tax-Exempt Fund
<TABLE>
<CAPTION>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
Municipal Bonds (continued)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of Issuer and Title of Issue (b)(c) Rate Maturity Amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Waterford School District Unlimited Tax General Obligation Bonds
Series Q 6.25 % 2013 $ 340,000 $ 361,566
Wayne County Airport Revenue Bonds Detroit Metropolitan Airport Series 1986
(FGIC Insured) 8.00 2014 250,000 278,730
Wayne County Airport Revenue Bonds Detroit Metropolitan Airport Series 1990A
(AMBAC Insured) 7.00 2020 1,080,000 1,215,454
Wayne County Airport Revenue Bonds Detroit Metropolitan Airport Series 1993C
(MBIA Insured) 5.25 2021 1,500,000 1,471,890
Wyandotte Electric Refunding Revenue Bonds Series 1987 (AMBAC Insured) 7.875 2017 300,000 347,646
Wyoming Public Schools Kent County School Building & Site
General Obligation Unlimited Tax Refunding Bonds Series 1993 5.875 2013 1,250,000 1,335,837
_____________________________________________________________________________________________________________________________
Total municipal bonds
(Cost: $69,255,877) $77,867,815
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE
IDS Michigan Tax-Exempt Fund
<TABLE>
<CAPTION>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
Short-term Security (0.6%)
_____________________________________________________________________________________________________________________________
Annualized Amount
Yield on Payable
Date of at
Issuer (d) Purchase Maturity Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C>
Municipal Note
State Strategic Fund Pollution Control Refunding Bonds T.E.C.P.
Dow Chemical Series 1987
01-11-94 2.45% $500,000 $ 500,000
_____________________________________________________________________________________________________________________________
Total short-term security
(Cost: $500,000) $ 500,000
_____________________________________________________________________________________________________________________________
Total investments in securities
(Cost: $69,755,877)(e) $78,367,815
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE
IDS Michigan Tax-Exempt Fund
<TABLE>
<CAPTION>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
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:
(Unaudited)
____________________________________
Rating 12-31-93 06-30-93
______________________________________________________________________________________________________
<S> <C> <C>
AAA 43% 36%
AA 41 40
A 12 19
BBB and below 3 3
Non-rated 1 2
______________________________________________________________________________________________________
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
FGIC -- Financial Guarantee Insurance Corporation
FSA -- Financial Security Assurance
MBIA -- Municipal Bond Investors Assurance
(d) The following abbreviation is used in portfolio descriptions:
T.E.C.P. -- Tax-Exempt Commercial Paper
(e) At Dec. 31, 1993, the cost of securities for federal income tax purposes was approximately $69,735,000
and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
<CAPTION>
<S> <C>
Unrealized appreciation $8,633,000
Unrealized depreciation 0
______________________________________________________________________________________________________
Net unrealized appreciation $8,633,000
______________________________________________________________________________________________________
</TABLE>
<PAGE>
PAGE
IDS Minnesota Tax-Exempt Fund
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities, Dec. 31, 1993 (Unaudited)
_____________________________________________________________________________________________________________________________
Municipal Bonds (97.3%)
(Percentages represent value of investments compared to net assets)
_____________________________________________________________________________________________________________________________
<CAPTION>
Coupon Principal
Name of Issuer and Title of Issue (b)(c) Rate Maturity Amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Anoka County General Obligation Capital Improvement Revenue Bonds
Series 1989B 7.00 % 2007-10 $ 7,950,000 $ 8,902,490
Anoka County Resource Recovery Revenue Bonds Northern States Power
Series 1985 7.15 2008 3,750,000 4,239,075
Apple Valley Certificate of Participation Lease Bonds
Central Garage Facility Financial Agreement 7.25 2001 155,000 171,156
Apple Valley Certificate of Participation Lease Bonds
Central Garage Facility Financial Agreement 7.30 2002 175,000 193,482
Apple Valley Certificate of Participation Lease Bonds
Central Garage Facility Financial Agreement 7.40 2003 190,000 210,533
Apple Valley Certificate of Participation Lease Bonds
Central Garage Facility Financial Agreement 7.50 2004 450,000 499,869
Appleton Correctional Facility Revenue Bonds Series 1990A 9.875 2020 4,000,000 (d) 3,280,000
Bass Brook Pollution Control Revenue Bonds Minnesota Power & Light
Series 1992 6.00 2022 11,800,000 12,189,636
Becker Pollution Control Revenue Bonds Northern States Power
Series 1987A 6.80 2007 4,025,000 4,486,869
Becker Pollution Control Revenue Bonds Northern States Power
Sherburne County Generating Station Units 1 & 2 Series 1987A 7.25 2005 2,000,000 2,117,020
Bemidji Hospital Facilities 1st Mortgage Revenue Bonds
North Country Health Services Series 1991 7.00 2021 1,755,000 1,960,739
Bloomington Community Development Refunding Revenue Bonds
Note 24th Avenue Motel 8.50 1998 1,873,189 1,873,189
Brainerd Hospital Refunding Revenue Bonds Evangelical Lutheran
Good Samaritan Society Series 1992A (CG Insured) 6.65 2017 1,695,000 1,884,891
Brainerd Hospital Revenue Bonds Evangelical Lutheran
Good Samaritan Society Series 1992B (CG Insured) 6.65 2017 2,865,000 3,185,966
Burnsville Multi-family Housing Refunding Revenue Bonds
FHA-Summit Park Apartments Series 1993 6.00 2033 4,000,000 4,083,280
Chaska Advance Refunded Certificate of Participation
Lease Purchase Agreement Bonds Series 1986C 7.25 2001 800,000 857,936
Columbia Heights Multi-family Housing Revenue Bonds
Crestview Lutheran Home Royce Place Series 1991 10.00 2032 560,000 621,600
Columbia Heights Multi-family Housing Revenue Bonds
Crestview Lutheran Home Royce Place Series 1991 (FHA Insured) 7.75 2032 2,760,000 3,065,228
Duluth Economic Development Authority Health Care Facility Revenue Bonds
Benedictine Health System St. Mary's Medical Center Series 1990 8.375 2020 2,000,000 2,455,520
Duluth Hospital Facilities St. Lukes Hospital Revenue Bonds Series 1988 9.00 2018 2,500,000 3,034,675
Duluth Housing and Redevelopment Authority 1st Mortgage Revenue Bonds
Lakeshore Lutheran Home 8.25 2009 125,000 124,782
Duluth Recreation Revenue Certificate of Participation 9.00 2003-07 1,430,000 1,592,969
See accompanying notes to investments in securities./TABLE
<PAGE>
PAGE
IDS Minnesota Tax-Exempt Fund
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
Municipal Bonds (continued)
_____________________________________________________________________________________________________________________________
<CAPTION>
Coupon Principal
Name of Issuer and Title of Issue (b)(c) Rate Maturity Amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Eden Prairie Housing Development Refunding Revenue Bonds Eden Commons
Series 1990 (FHA Insured) 8.25 % 2025 $ 6,420,000 $ 6,654,844
Edina Hospital System Revenue Bonds Fairview Hospital & Health Care Services
Series 1989A 7.125 2019 2,500,000 2,736,375
Edina Multi-family Housing Revenue Bonds Walker Assisted Living
Series 1991 9.00 2031 6,700,000 7,432,578
Faribault Single Family Mortgage Refunding Revenue Bonds Series 1991A 7.50 2011 4,250,000 4,527,695
Hennepin County Lease Revenue Certificate of Participation Series 1991 6.80 2017 7,250,000 8,055,185
Hennepin County Solid Waste Resource Recovery General Obligation
Revenue Bonds Series 1987A 8.20 2009 1,760,000 1,984,189
Hermantown Independent School District #700 General Obligation
School Building Bonds Series 1986A (MBIA Insured) 8.10 2006 290,000 325,586
Hubbard County Solid Waste Disposal Revenue Bonds Potlatch Series 1989 7.375 2013 5,610,000 6,227,998
International Falls Solid Waste Disposal Revenue Bonds Boise Cascade
Series 1990 7.75 2015 4,000,000 4,415,120
Maplewood Multi-family Housing Revenue Bonds Maplewood (FHA Insured) 7.75 2021 2,145,000 2,154,309
Minneapolis & St. Paul Housing Board Multi-family Mortgage Revenue Bonds
GNMA Collateral Mortgage Revenue Loan Riverside Plaza Series 1988 8.25 2030 3,945,000 4,286,203
Minneapolis Community Development Agency & St. Paul Housing
& Redevelopment Authority Home Ownership Mortgage Revenue Bonds
Family Housing Mortgage Phase II 7.875 2017 1,515,000 1,629,579
Minneapolis Convention Center Sales Tax Revenue Bonds Series 1986
(AMBAC Insured) 6.75 2012 2,200,000 2,359,676
Minneapolis Convention Center Sales Tax Revenue Bonds Series 1986
(AMBAC Insured) 7.625 2004 1,750,000 1,942,360
Minneapolis Convention Center Sales Tax Revenue Bonds Series 1986
(AMBAC Insured) 7.75 1996 700,000 778,827
Minneapolis General Obligation Sales Tax Refunding Bonds Series 1992 6.25 2012 13,000,000 14,287,130
Minneapolis Health Care Facilities Revenue Bonds Fairview Hospital &
Healthcare Services Series 1993A (MBIA Insured) 5.25 2019 3,750,000 3,707,850
Minneapolis Hospital Facility Revenue Bonds Lifespan Incorporated
Series 1987A 8.125 2017 3,630,000 4,181,724
Minneapolis Hospital Facility Revenue Bonds Lifespan Incorporated
Series 1989A 7.00 2014 5,000,000 5,810,400
Minneapolis Nursing Home Revenue Bonds Walker Cityview & Southview Projects
Series 1992 8.50 2022 5,610,000 5,961,523
Minneapolis St. Paul Housing & Redevelopment Authority Health Care System
Revenue Bonds Healthspan Series 1993A (AMBAC Insured) 5.00 2007-13 7,190,000 7,127,800
Minneapolis Water & Sewer Revenue Bonds Series 1992 5.00 1995 5,000,000 5,144,250
Minnetonka Multi-family Housing Refunding Revenue Bonds Cedar Hill West
(FHA Insured) 7.75 2026 5,645,000 5,808,761
Minnetonka Multi-family Housing Revenue Bonds The Cedar Hills Series 1985 7.50 2017 500,000 537,665
Montevideo Independent School District #129 General Obligation
Unlimited Tax Bonds School Credit Enhancement Program 4.90 2014 1,875,000 1,782,881
See accompanying notes to investments in securities./TABLE
<PAGE>
PAGE
IDS Minnesota Tax-Exempt Fund
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
Municipal Bonds (continued)
_____________________________________________________________________________________________________________________________
<CAPTION>
Coupon Principal
Name of Issuer and Title of Issue (b)(c) Rate Maturity Amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Northern Municipal Power Agency Electric Refunding Revenue Bonds
Series A (AMBAC Insured) 6.00 % 2019 $ 3,250,000 $ 3,395,080
Northern Municipal Power Agency Electric System Refunding Revenue Bonds
Series 1989A 7.25 2016 5,475,000 6,130,522
Northern Municipal Power Agency Electric System Refunding Revenue Bonds
Series 1989A (AMBAC Insured) 7.40 2018 1,000,000 1,159,420
Northern Municipal Power Agency Electric System Refunding Revenue Bonds
Series 1989B (AMBAC Insured) 7.40 2018 1,800,000 2,066,976
Northfield College Facility Revenue Bonds St. Olaf College Series 1992 6.40 2021 1,100,000 1,223,068
Norwood-Young America Independent School District #108 General Obligation
School Building Bonds Unlimited Tax School Credit
Enhancement Program Series 1994A 5.00 2014 1,345,000 (f) 1,300,252
Osseo Area Schools Independent School District #279
General Obligation School Building Bonds Series 1993A Inverse Floater 7.55 2012 5,000,000 (e) 4,993,750
Owatanna Public Utilities Revenue Bonds Series 1991 6.75 2016 1,000,000 1,136,390
Plymouth Multifamily Housing Revenue Bonds Harbor Lane Apartments Project
Series 1993 (Asset Guaranty Insured) 5.90 2013 2,325,000 2,300,750
Princeton Hospital System Revenue Bonds Fairview Hospital & Healthcare
Series C (MBIA Insured) 6.25 2021 2,405,000 2,612,816
Red Wing Industrial Development Refunding Revenue Bonds K mart Series 1993 5.50 2008 400,000 400,716
Richfield Independent School District #280 Unlimited Tax General Obligation
School Building Bonds 1993C Inverse Floater (FGIC Insured) 7.35 2010 3,300,000 (e) 3,370,125
Richfield Independent School District #280 Unlimited Tax General Obligation
School Building Bonds 1993C Inverse Floater (FGIC Insured) 7.45 2012 2,510,000 (e) 2,544,512
Robbinsdale Hospital Refunding Revenue Bonds North Memorial Medical Center
Series 1989 (AMBAC Insured) 7.375 2019 2,200,000 2,559,744
Rochester Health Care Facility Revenue Bonds Mayo Foundation/Mayo Medical
Center Series 1992I 5.75 2021 3,000,000 3,105,210
Rochester Multi-family Housing Development Revenue Bonds Civic Square
Series 1991 (FHA Insured) 7.45 2031 4,475,000 4,643,394
Roseville Health Care Facility Refunding Revenue Bonds
Presbyterian Homes of Minnesota Series 1987 7.50 2007 2,250,000 2,408,422
Rush City Independent School District #139 Unlimited Tax School Building
Refunding Bonds School Credit Enhancement Program 5.25 2018 2,595,000 2,559,942
St. Cloud Hospital Facilities Revenue Bonds St. Cloud Hospital Series 1990B
(AMBAC Insured) 7.00 2020 5,000,000 5,848,850
St. Cloud Hospital Refunding Revenue Bonds Series 1993C (AMBAC Insured) 5.25 2013 1,000,000 1,001,640
St. Cloud Hydro Electric Generation Facility Gross Revenue Bonds Series 19867.375 2018 1,100,000 1,209,153
St. Louis Park Health Care Facilities Revenue Bonds
Healthsystem Minnesota Obligated Group Series 1993A (AMBAC Insured) 5.20 2016 3,000,000 2,972,460
St. Louis Park Health Care Facilities Revenue Bonds
Healthsystem Minnesota Obligated Group Series 1993B Inverse Floater
(AMBAC Insured) 7.483 2013 7,000,000 (e) 6,615,000
See accompanying notes to investments in securities./TABLE
<PAGE>
PAGE
IDS Minnesota Tax-Exempt Fund
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
Municipal Bonds (continued)
_____________________________________________________________________________________________________________________________
<CAPTION>
Coupon Principal
Name of Issuer and Title of Issue (b)(c) Rate Maturity Amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
St. Louis Park Health Care Facilities Revenue Bonds
Park Nicollet Medical Center Series 1990A 9.25 % 2020 $ 4,000,000 $ 5,084,680
St. Louis Park Health Care Facilities Revenue Bonds
Park Nicollet Medical Center Series 1991A 8.625 2021 2,000,000 2,519,740
St. Louis Park Multi-family Rental Housing Revenue Bonds
Mortgage Loan-Community Housing & Services Series 1985 (FHA Insured) 7.375 2028 2,250,000 2,415,555
St. Paul & Minneapolis Housing & Redevelopment Authority Health Care
Facility Revenue Bonds Group Health Plan Series 1992 6.75 2013 10,500,000 11,559,555
St. Paul Housing & Development Bonds Highland Retirement (FHA Insured) 7.50 2026 5,210,000 4,793,200
St. Paul Housing & Redevelopment Authority Commercial Development
Revenue Refunding Bonds Beverly Enterprises Series 1992 7.75 2002 2,900,000 3,064,691
St. Paul Housing & Redevelopment Authority Health Care Facility Revenue Bonds
Lyngblomsten Care Center Series 1993A 7.125 2017 1,960,000 1,976,954
St. Paul Housing & Redevelopment Authority Health Care Facility Revenue Bonds
Lyngblomsten Care Center Series 1993A 9.60 2006 1,110,000 1,176,600
St. Paul Housing & Redevelopment Authority Health Care Facility Revenue Bonds
Multifamily Rental Housing Revenue Bonds Lynblomsten Project 1993B 7.00 2024 1,930,000 1,937,836
St. Paul Housing & Redevelopment Authority Sales Tax Revenue Bonds
Civic Center Project Series 1993 5.55 2023 4,000,000 3,947,960
St. Paul Sewer Refunding Revenue Bonds Series 1993 (AMBAC Insured) 5.60 2008 7,700,000 8,282,659
Southern Minnesota Municipal Power Agency Bond Series 1988A 8.125 2018 1,315,000 1,536,656
Southern Minnesota Municipal Power Agency Bond Series 1988B 8.125 2018 1,000,000 1,168,560
Southern Minnesota Municipal Power Agency Power Supply System
Refunding Revenue Bonds Series 1986A 6.75 2013 9,560,000 10,352,906
Southern Minnesota Municipal Power Agency Power Supply System
Refunding Revenue Bonds Series 1986B 7.00 2016 2,500,000 2,720,850
Southern Minnesota Municipal Power Agency Power Supply System Revenue Bonds
Series 1984B 7.00 2018 3,475,000 3,862,254
Southern Minnesota Municipal Power Agency Power Supply System Revenue Bonds
Series 1986C 7.125 2015 8,000,000 8,725,920
Spring Park Health Care Facility Revenue Bonds Twin Birch Health Care Center
Series 1991 8.25 2011 1,780,000 1,995,024
State General Obligation Various Purpose Bonds Series 1990 7.00 2009 7,850,000 9,112,201
State General Obligation Various Purpose Bonds Series 1991 6.70 2011 9,065,000 10,421,759
State Higher Education Facility Authority Mortgage Revenue Bonds
St. Mary's College Series 2M 8.375 2017 1,000,000 1,142,120
State Higher Education Facility Authority Revenue Bonds
College of St. Thomas Section 2I 7.375 2010 1,000,000 1,040,300
See accompanying notes to investments in securities./TABLE
<PAGE>
PAGE
IDS Minnesota Tax-Exempt Fund
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
Municipal Bonds (continued)
_____________________________________________________________________________________________________________________________
<CAPTION>
Coupon Principal
Name of Issuer and Title of Issue (b)(c) Rate Maturity Amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
State Housing Facility Authority Housing Development Bonds Series A 7.125% 2020 $ 1,185,000 $ 1,208,830
State Housing Facility Authority Housing Development Bonds Series 1976A 7.25 2018 225,000 230,092
State Housing Facility Authority Housing Development Bonds Series 1978B 7.10 2021 480,000 488,453
State Housing Facility Authority Housing Development Bonds Series 1979A 7.00 2022 700,000 715,827
State Housing Facility Authority Housing Finance Agency Housing Development
Single Family Mortgage Bonds Series B 7.25 2016 525,000 556,868
State Housing Finance Agency Single Family Mortgage Bonds Series 1989A 8.00 2029 2,820,000 3,044,105
State Housing Finance Agency Single Family Mortgage Bonds Series 1990A 7.95 2022 4,840,000 5,254,982
State Housing Finance Agency Single Family Mortgage Bonds Series 1991A 7.45 2022 3,610,000 3,962,011
State Housing Finance Agency Single Family Mortgage Bonds Series 1992A 6.95 2016 3,440,000 3,773,336
State Public Facilities Authority Water Pollution Control Revenue Bonds
Series 1989A 7.00 2009 6,250,000 7,006,500
State Public Facilities Authority Water Pollution Control Revenue Bonds
Series 1992A 6.50 2014 9,050,000 10,045,319
State University Board of Regents General Obligation Bonds
Series 1993A Inverse Floater 6.73 2003 5,000,000 (e) 5,281,250
State University Board of Regents General Obligation Refunding Bonds
Series 1986A 7.75 2010 1,675,000 1,851,495
State University Board of Regents General Obligation Refunding Bonds
Series 1989A 6.00 2011 4,625,000 5,135,276
State University Board State University System Revenue Refunding Bonds
Series 1989A (MBIA Insured) 7.40 2019 4,000,000 4,645,920
Washington County General Obligation Capital Improvement Bonds
Series 1989A 7.00 2009-10 4,425,000 4,944,451
Washington County Housing & Redevelopment Authority Multi-family Housing
Revenue Bonds Orleans Homes Series 1987-2 9.00 2017 2,000,000 2,137,680
Western Minnesota Municipal Power Agency Revenue Bonds (AMBAC Insured) 6.75 2016 5,935,000 6,651,829
Western Minnesota Municipal Power Agency Supply Refunding Revenue Bonds
Series 1987A 5.50 2015 5,000,000 5,050,800
Western Minnesota Municipal Power Agency Supply Refunding Revenue Bonds
Series 1987A 6.875 2007 2,500,000 2,728,575
Western Minnesota Municipal Power Agency Supply Refunding Revenue Bonds
Series 1987A 7.00 2013 7,300,000 7,992,770
Western Minnesota Municipal Power Agency Supply Refunding Revenue Bonds
Series A (Secondary MBIA Insured) 5.50 2015 6,250,000 6,308,250
White Bear Lake Industrial Development Revenue Bonds Taylor Series 1988A 8.75 2008 2,250,000 2,520,203
_____________________________________________________________________________________________________________________________
Total municipal bonds
(Cost: $390,407,879) $426,822,407
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.</TABLE>
<PAGE>
PAGE
IDS Minnesota Tax-Exempt Fund
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
Short-term Securities (1.5%)
_____________________________________________________________________________________________________________________________
<CAPTION>
Annualized Amount
Yield on Date Payable at
Issuer (g) on Purchase Maturity Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C>
Municipal Notes
Duluth Independent School District #709
T.A.C. Series A
03-30-94 3.10% $2,000,000 $ 2,000,480
Regents of the University of Minnesota T.E.C.P. Series A
01-11-94 1.75 4,500,000 4,500,000
_____________________________________________________________________________________________________________________________
Total short-term securities
(Cost: $6,500,114) $ 6,500,480
_____________________________________________________________________________________________________________________________
Total investments in securities
(Cost: $396,907,993)(h) $433,322,887
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities./TABLE
<PAGE>
PAGE
IDS Minnesota Tax-Exempt Fund
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
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 12-31-93 06-30-93
_______________________________________________________________________________________________________
<S> <C> <C>
AAA 33% 22%
AA 31 28
A 24 31
BBB and below 11 3
Non-rated 1 16
_______________________________________________________________________________________________________
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
CG -- Capital Guarantee
FHA -- Federal Housing Authority
MBIA -- Municipal Bond Investors Assurance
(d) Presently non-income producing. Item identified is in default as to payment of interest and/or principal.
(e) Inverse floaters represent securities which pay interest at a rate that increases (decreases) based on
(decreases) increases of market short-term rates. Interest rate disclosed is the rate in effect on
Dec. 31, 1993.
(f) At Dec. 31, 1993, the cost of securities purchased on a when-issued basis was $1,289,156
(g) The following abbreviation is used in portfolio descriptions:
T.A.C. -- Tax Anticipation Certificate
T.E.C.P. -- Tax-Exempt Commercial Paper
(h) At Dec. 31, 1993, the cost of securities for federal income tax purposes was approximately
$396,802,000 and the approximate aggregate gross unrealized appreciation and depreciation
based on that cost was:
<CAPTION>
<S> <C>
Unrealized appreciation $38,039,000
Unrealized depreciation (1,518,000)
______________________________________________________________________________________________________
Net unrealized appreciation $36,521,000
______________________________________________________________________________________________________
</TABLE>
<PAGE>
PAGE
IDS New York Tax-Exempt Fund
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities, Dec. 31, 1993 (Unaudited)
_____________________________________________________________________________________________________________________________
<CAPTION>
Municipal Bonds (98.5%)
(Percentages represent value of investments compared to net assets)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of Issuer and Title of Issue (b)(c) Rate Maturity Amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Battery Park City Authority Senior Refunding Revenue Bonds Series 1993A 5.25 % 2017 $4,000,000 $ 3,925,040
Buffalo Municipal Water Finance Authority Water System Revenue Bonds
(FSA Insured) 5.75 2019 700,000 733,628
Erie County Water Authority Fourth Resolution Water Refunding Revenue Bonds
Series 1992 (AMBAC Insured) 7.30 2017 1,215,000 (d) 218,676
Erie County Water Authority Water Works System Revenue Bonds Series 1990A
(AMBAC Insured) 6.00 2008 1,765,000 1,933,699
Fallsburg Sullivan County Unlimited Tax General Obligation Improvement Bonds
Series 1991 7.05 2011-14 1,300,000 1,542,320
Great Neck North Water Authority Water System Revenue Bonds Series 1989A 6.00 2020 1,415,000 1,449,285
Metropolitan Transportation Authority Commuter Facilities
1987 Service Contract Refunding Bonds Series 5 6.50 2016 1,775,000 1,952,606
Metropolitan Transportation Authority Service Transit Facilities
Revenue Bonds Series G 8.50 2011 1,000,000 1,139,320
Metropolitan Transportation Authority Transit Facilities Bonds Series 5 6.00 2018 1,500,000 1,528,980
Metropolitan Transportation Authority Transit Facilities
Revenue Bonds Series F 8.375 2016 725,000 824,340
Monroe County Utility General Obligation Bonds Water Improvement System 7.10 2008-14 2,190,000 2,533,699
Municipal Assistance New York City Series 57 7.25 2008 500,000 547,350
Municipal Assistance New York City Series 59 7.75 2006 660,000 745,787
Municipal Assistance New York City Series 62 6.75 2006 2,200,000 2,415,072
New York & New Jersey Port Authority Consolidated Revenue Bonds Series 61 8.125 2023 750,000 810,900
New York & New Jersey Port Authority Consolidated Revenue Bonds Series 62 8.00 2023 1,000,000 1,092,280
New York & New Jersey Port Authority Consolidated Revenue Bonds Series 84 6.00 2028 2,500,000 2,602,325
New York City General Obligation Bonds Series C 5.50 2010 1,500,000 1,451,160
New York City General Obligation Unlimited Tax Bonds Series E
(CG Insured) 6.00 2016 1,500,000 1,596,630
New York City Municipal Water Finance Authority Water & Sewer System Revenue
Bonds Series B Inverse Floater (MBIA Insured) 7.55 2009 2,000,000 (e) 2,032,500
New York City Water Finance Authority Water & Sewer System Revenue Bonds
Series A (FGIC Insured) 6.75 2014 1,750,000 1,933,907
New York City Water Finance Authority Water & Sewer System Revenue Bonds
Series B 7.70 2001 365,000 407,742
New York City Water Finance Authority Water & Sewer System Revenue Bonds
Series 1988A 7.00 2018 2,500,000 2,793,925
New York City Water Finance Authority Water & Sewer System Revenue Bonds
Series 1993A (AMBAC Insured) 5.75 2018 4,000,000 4,139,680
State Certificate of Participation City University John J. College 7.25 2007 360,000 392,483
State Dormitory Authority City University System Revenue Bonds 8.125 2017 3,400,000 3,956,648
State Dormitory Authority City University System Revenue Bonds
Series 1986A 7.625 2013 1,000,000 1,117,030
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE
IDS New York Tax-Exempt Fund
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
Municipal Bonds (continued)
_____________________________________________________________________________________________________________________________
<CAPTION>
Coupon Principal
Name of Issuer and Title of Issue (b)(c) Rate Maturity Amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
State Dormitory Authority City University System Revenue Bonds
Series 1993A 5.75 % 2013 $3,000,000 $ 3,078,150
State Dormitory Authority State University Education Facility
Refunding Revenue Bonds Series 1990B 7.50 2011 1,900,000 2,333,675
State Dormitory Authority State University Education Facility
Revenue Bonds Series 1990A 7.70 2012 1,750,000 2,117,150
State Dormitory Authority Upstate Community Colleges Series A
(CL Insured) 5.625 2012 1,500,000 1,547,400
State Energy Research & Development Authority Electric Facility
Revenue Bonds Consolidated Edison Series 1986A 7.50 2021 1,750,000 1,954,872
State Energy Research & Development Authority Electric Facility
Revenue Bonds Consolidated Edison Series 1989A 7.75 2024 1,000,000 1,126,390
State Energy Research & Development Authority Electric Facility
Revenue Bonds Consolidated Edison Series 1990A 7.50 2025 5,000,000 5,733,850
State Energy Research & Development Authority Gas Facility Revenue Bonds
Brooklyn Union Gas Series I 7.125 2020 2,000,000 2,200,140
State Energy Research & Development Authority Gas Facility Revenue Bonds
Brooklyn Union Gas Series II 7.00 2020 1,500,000 1,645,005
State Environmental Facility State Water & Pollution Control
Revolving Fund Revenue Bonds New York City Municipal Water
Finance Authority Series 1990A 7.50 2012 3,000,000 3,516,600
State Housing Finance Authority State University Construction Program
Refunding Bonds Series 1986A 8.00 2016 400,000 448,444
State Housing Finance Authority State University Construction Program
Refunding Bonds Series A 8.30 2018 500,000 591,300
State Local Government Assistance Bonds Series 1991A 7.00 2016 4,000,000 4,726,840
State Local Government Assistance Bonds Series 1992A 6.875 2019 2,000,000 2,277,380
State Medical Care Facility Finance Agency Hospital & Nursing Home
Mortgage Revenue Bonds Montefiore Hospital Series 1989A (FHA Insured) 7.25 2024 1,400,000 1,571,878
State Medical Care Facility Finance Agency Mental Health Services Facility
Improvement Refunding Revenue Bonds Series 1993F 5.375 2014 1,000,000 (f) 967,120
State Medical Care Facility Finance Agency Refunding Bonds
Presbyterian Hospital Series 1985B 8.00 2025 1,320,000 1,490,927
State Medical Care Facility Finance Agency Revenue Bonds
Buffalo General Hospital Series 1988C (FHA Insured) 7.60 2008 1,500,000 1,697,565
State Medical Care Facility Finance Agency Revenue Bonds
Buffalo General Hospital Series 1988C (FHA Insured) 7.70 2022 1,950,000 2,215,707
State Medical Care Facility Finance Agency Revenue Bonds
North Shore University Glen Cove Series A (MBIA Insured) 5.125 2012 1,000,000 1,007,420
State Medical Care Facility Finance Agency Secured Hospital Revenue Bonds
Series 1987A 7.10 2027 550,000 592,713
State Mortgage Agency Homeowner Mortgage Revenue Bonds Series TT 7.50 2015 4,000,000 4,480,440
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE
IDS New York Tax-Exempt Fund
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
Municipal Bonds (continued)
_____________________________________________________________________________________________________________________________
<CAPTION>
Coupon Principal
Name of Issuer and Title of Issue (b)(c) Rate Maturity Amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
State Mortgage Agency Homeowner Mortgage Revenue Bonds Series 27 6.90 % 2015 $3,000,000 $ 3,192,240
State Mortgage Agency Revenue Bonds Series 9 7.30 2017 1,110,000 1,163,358
State Power Authority General Purpose Revenue Bonds Series T 7.375 2018 2,000,000 2,194,560
State Thruway Authority Local Highway & Bridge Service Contract Bonds
Series 1991 6.00 2011 2,500,000 2,571,775
State Urban Development Correction Facility Bonds Series B 8.00 2015 1,000,000 1,105,670
State Urban Development Correction Facility Refunding Revenue Bonds
Series 1986 8.00 2015 750,000 831,997
State Urban Development Correction Facility Revenue Bonds Series 1
(FSA Insured) 7.50 2020 4,500,000 5,351,445
State Urban Development Correctional Capital Facilities Refunding Revenue
Bonds Series 1993A 5.25 2021 2,500,000 (f) 2,329,650
Suffolk County General Obligation Public Improvement Refunding Bonds
Series G (MBIA Insured) 5.40 2014 1,000,000 1,018,820
Triborough Bridge & Tunnel Authority General Purpose Revenue Bonds
Series S 7.00 2021 3,000,000 3,519,810
Triborough Bridge & Tunnel Authority Special Obligation Refunding Bonds
Series 1991B (FGIC Insured) 6.875 2015 2,000,000 2,251,140
United Nations Development Refunding Revenue Bonds Phase II & III 7.875 2026 1,460,000 1,642,646
United Nations Development Senior Lien Refunding Revenue Bonds
1986 Phase II & III 7.875 2006 250,000 281,275
United Nations Development Senior Lien Refunding Revenue Bonds
Series 1992A 6.00 2026 4,500,000 4,678,200
_____________________________________________________________________________________________________________________________
Total municipal bonds
(Cost: $111,468,822) $125,270,564
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE
IDS New York Tax-Exempt Fund
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
<CAPTION>
Short-term Security (0.8%)
_____________________________________________________________________________________________________________________________
Annualized Amount
Yield on Date Payable at
Issuer (g) of Purchase Maturity Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C>
Municipal Note
New York City R.A.N.
06-30-94 3.50% $1,000,000 $ 1,006,840
_____________________________________________________________________________________________________________________________
Total short-term security
(Cost: $1,007,227) $ 1,006,840
_____________________________________________________________________________________________________________________________
Total investments in securities
(Cost: $112,476,049)(h) $126,277,404
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE
IDS New York Tax-Exempt Fund
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
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 12-31-93 06-30-93
_______________________________________________________________________________________________________
<S> <C> <C>
AAA 28% 26%
AA 37 43
A 19 15
BBB and below 16 16
Non-rated - -
_______________________________________________________________________________________________________
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
CG - Capital Guarantee
CL - Connie Lee Insurance Company
FGIC - Financial Guarantee Insurance Corporation
FHA - Federal Housing Authority
FSA - Financial Security Assurance
MBIA - Municipal Bond Investors Assurance
(d) For zero coupon bonds, the interest rate disclosed represents effective yields on the date of acquisition.
(e) Inverse floaters represent securities which pay interest at a rate that increases (decreases) based on (decreases)
increases of market short-term rates. Interest rate disclosed is the rate in effect on Dec. 31, 1993.
(f) At Dec. 31, 1993, the cost of securities purchased on a when-issued basis was $3,281,050.
(g) The following abbreviation is used in the portfolio descriptions:
R.A.N. - Revenue Anticipation Note
(h) At Dec. 31, 1993, the cost of securities for federal income tax purposes was approximately $112,453,000 and the
approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
<CAPTION>
<S> <C>
Unrealized appreciation $13,840,000
Unrealized depreciation (16,000)
______________________________________________________________________________________________________
Net unrealized appreciation $13,824,000
______________________________________________________________________________________________________
</TABLE>
<PAGE>
PAGE
IDS Ohio Tax-Exempt Fund
<TABLE>
_______________________________________________________________________________________________________________________________
<CAPTION>
Investments in Securities, Dec. 31, 1993 (Unaudited)
_______________________________________________________________________________________________________________________________
Municipal Bonds (95.8%)
(Percentages represent value of investments compared to net assets)
_____________________________________________________________________________________________________________________________
Coupon Principal
Name of Issuer and Title of Issue (b)(c) Rate Maturity Amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Akron Bath & Copley Joint Township Hospital Refunding Revenue Bonds
Childrens Hospital Medical Center Series 1993 (AMBAC Insured) 5.25 % 2020 $1,500,000 $ 1,493,475
Barberton Limited Tax Various Purpose General Obligation Bonds
Series 1989-1 7.35 2009 700,000 757,757
Bedford School District Unlimited Tax General Obligation
Various Purpose Improvement Bonds Series 1993 6.25 2013 700,000 747,362
Bedford Sewer System Mortgage Revenue Bonds Series 1986 (AMBAC Insured) 7.80 2010 300,000 337,353
Bellefontaine Hospital Facility Refunding Revenue Bond
Mary Rutan Health Association of Logan County Series 1993 6.00 2013 1,000,000 989,620
Butler County Hospital Facility Refunding Revenue & Improvement Bonds 7.50 2010 1,750,000 1,946,122
Cincinnati Student Loan Funding Corporation Junior Sub Bonds Series 1993B 6.20 2012 1,000,000 1,047,740
Cincinnati Student Loan Funding Corporation Senior Sub Bonds Series 1993A 6.15 2010 500,000 528,505
Clermont County Hospital Facility Revenue Bonds Mercy Health System
Province of Cincinnati Series 1989A (AMBAC Insured) 7.50 2019 750,000 877,290
Clermont County Hospital Facility Refunding Revenue Bonds
Mercy Health Systems Series B (AMBAC Insured) 5.875 2015 1,250,000 1,315,175
Cleveland Airport Systems Revenue Bonds Series 1990A (AMBAC Insured) 7.40 2020 500,000 573,130
Cleveland General Obligation Bonds 7.375 2003 125,000 142,700
Cleveland Public Power System 1st Mortgage Revenue Bonds 8.375 2017 100,000 116,934
Cleveland Waterworks Improvement 1st Mortgage Refunding Revenue Bonds
Series F 1992B (AMBAC Insured) 6.25 2016 1,000,000 1,087,440
Cleveland Waterworks Improvement 1st Mortgage
Pre-Refunded Revenue Bonds Series F 1992A (AMBAC Insured) 6.50 2021 1,590,000 1,839,073
Cleveland Waterworks Improvement 1st Mortgage Revenue Bonds Series 1987E 6.00 2017 200,000 203,946
Cleveland Waterworks Improvement 1st Mortgage Revenue Bonds Series 1987E 7.875 2016 650,000 738,231
Columbus Sewer Revenue Bonds Series A 8.00 2008 100,000 112,250
Columbus Water System Refunding Revenue Bonds Series 1991 6.375 2010 1,000,000 1,098,280
Coshocton County Solid Waste Disposal Refunding Revenue Bonds Stone Container
Series 1992 7.875 2013 1,000,000 996,430
Cuyahoga County Hospital Revenue Bonds Cleveland Fairview
General & Lutheran Medical Center Series 1993 6.25 2010 500,000 530,845
Cuyahoga County Hospital Improvement Revenue Bonds
Cleveland Clinic Foundation 7.00 2013 500,000 542,070
Cuyahoga County Hospital Improvement Revenue Bonds
Cleveland Clinic Foundation Series 1987A 7.875 2010 275,000 320,265
Cuyahoga County Hospital Improvement Revenue Bonds Mount Sinai Medical Center
Series 1991 (AMBAC Insured) 6.625 2021 600,000 668,784
Cuyahoga County Hospital Improvement Revenue Bonds
University Hospitals Health System Series 1992 (AMBAC Insured) 6.50 2011 500,000 551,275
See accompanying notes to investments in securities.
/TABLE
<PAGE>
PAGE
IDS Ohio Tax-Exempt Fund
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
Municipal Bonds (continued)
_____________________________________________________________________________________________________________________________
<CAPTION>
Coupon Principal
Name of Issuer and Title of Issue (b)(c) Rate Maturity Amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <S> <C> <C> <C>
Cuyahoga County Hospital Refunding Revenue Bonds
Cleveland Clinic Foundation Series 1992 5.50 % 2011 $1,500,000 $ 1,536,900
Cuyahoga County Hospital Refunding Revenue Bonds Mount Sinai Medical Center
Series 1987A 8.125 2014 400,000 456,780
Cuyahoga County Hospital Revenue Bonds Meridia Health Series 1991 7.00 2023 1,000,000 1,113,450
Cuyahoga County Limited Tax General Obligation Bonds 5.60 2013 500,000 536,910
Cuyahoga Hospital Revenue Bonds Metrohealth System Series 1989
(MBIA Insured) 6.00 2019 1,000,000 1,038,220
Dover Limited Tax General Obligation Municipal Sewer System
Improvement Bonds 7.10 2009 1,000,000 1,129,530
Dublin Local School District Unlimited Tax School Building
Construction & Improvement Bonds (FGIC Insured) 7.50 2003 100,000 115,147
Elyria Limited Tax General Obligation
Recreation Facility Improvement Bonds 7.10 2009 715,000 811,575
Erie County Hospital Refunding Revenue & Improvement Bonds
Firelands Community Hospital Series 1992 6.75 2015 2,000,000 2,196,900
Fairfield Union Local School District School Facilities Unlimited Tax
General Obligation Improvement Bonds (AMBAC Insured) 5.90 2018 625,000 671,125
Findlay Limited Tax General Obligation Sewage System Pre-Refunded Bonds
Series 1989 7.20 2011 500,000 583,505
Franklin County Convention Facilities Authority Tax & Lease
Revenue Anticipation Bond (MBIA Insured) 5.80 2013 1,000,000 1,053,710
Franklin County Convention Facilities Authority Tax & Lease
Revenue Anticipation Pre-Refunded Bonds (MBIA Insured) 7.00 2019 1,500,000 1,774,275
Franklin County Limited Tax General Obligation Refunding Bonds Series 1993 5.50 2013 1,000,000 1,029,030
Highland Heights Limited Tax General Obligation Street Improvement Bonds 7.75 2008 400,000 464,132
Jackson Ohio Water System Mortgage Revenue Bonds Series 1993
(AMBAC Insured) 5.60 2018 500,000 504,850
Lake County Water System Limited Tax Improvement General Obligaton Bonds
Series 1987-2 8.125 2010 700,000 821,254
Lakota Local School District Butler County Unlimited Tax
School Improvement Bonds 7.00 2012 500,000 553,065
Lakota Local School District Butler County Unlimited Tax
School Improvement Bonds 7.90 2011 200,000 234,686
Lima Limited Tax General Obligation Sanitary Sewer System Improvement Bonds 8.25 2012 200,000 235,544
Lucas County Hospital Pre Refunded Revenue Bonds St. Vincent's Medical Center
Series 1987A 7.00 2014 500,000 552,580
Lucas County Hospital Refunding Revenue Bonds St. Vincent's Medical Center
Series 1993C (MBIA Insured) 5.25 2022 1,000,000 992,610
Lucas County Hospital Refunding Revenue Bonds Toledo Hospital
(MBIA Insured) 7.00 2014 100,000 110,005
See accompanying notes to investments in securities./TABLE
<PAGE>
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IDS Ohio Tax-Exempt Fund
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
Municipal Bonds (continued)
_____________________________________________________________________________________________________________________________
<CAPTION>
Coupon Principal
Name of Issuer and Title of Issue (b)(c) Rate Maturity Amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Marietta Sewer System Improvement Bonds (BIG Insured) 7.50 % 2007 $ 200,000 $ 226,962
Marion County Health Care Facilities Refunding Revenue & Improvement
Bonds United Church Homes Series 1993 6.375 2010 1,000,000 1,010,260
Marysville Sewer System 1st Mortgage Revenue Bonds Series 1988
(BIG Insured) 7.85 2008 400,000 459,228
Marysville Water System Mortgage Revenue Bonds Series 1991 (MBIA Insured) 7.05 2021 1,000,000 1,159,920
Mason Waterworks System Refunding Revenue Bonds Series 1993
(AMBAC Insured) 6.00 2017 600,000 646,308
Massillon School District School Unlimited Tax Improvement
General Obligation Bonds Series 1989-1 (AMBAC Insured) 7.10 2011 300,000 346,548
Medina County Hospital Revenue Bonds Medina County Community Hospital
Series 1987 (AMBAC Insured) 6.875 2016 100,000 109,802
Miami County Hospital Facility Refunding Revenue Bonds
Upper Valley Medical Center Series 1987A 8.375 2013 75,000 85,114
Miami State University General Receipts Bonds Series 1993 (FGIC Insured) 5.60 2013 500,000 519,820
Montgomery County Health Facilities Revenue Bonds Friendship Village Dayton
Series 1990A 9.25 2016 1,000,000 1,122,440
Montgomery County Industrial Development Revenue Bonds SPM Systems
Series 1991 10.00 2005 720,000 (d) 360,000
Montgomery County Sewer System Refunding Revenue Bonds
Greater Moraine - Beavercreek District Series 1993 5.60 2011 1,000,000 1,038,150
Newark Water System Improvement Bonds Limited Tax General Obligation Bonds
(AMBAC Insured) 6.00 2018 500,000 541,180
North Ridgeville Limited Tax General Obligation Various Purpose
Improvement Bonds Series 1993 (AMBAC Insured) 5.125 2013 1,000,000 995,630
Olentangy Local School District Unlimited Tax General Obligation School
Improvement Bonds Series 1992 (MBIA Insured) 6.35 2017 1,000,000 1,096,000
Parma Hospital Improvement Revenue Bonds The Parma Community General Hospital
Series 1989B (MBIA Insured) 7.125 2013 500,000 565,035
Pickerington Local School District Unlimited Tax General Obligation Bonds
(AMBAC Insured) 7.00 2013 1,000,000 1,182,850
Pleasant Local School District Unlimited Tax General Obligation
Improvement Bonds Series 1993 (AMBAC Insured) 5.10 2018 780,000 771,280
Rocky River City School District Unlimited Tax
General Obligation Improvement Bonds Series 1991A 6.90 2011 2,220,000 2,547,561
Rural Loraine County Water Authority Water Resource Improvement Revenue Bonds
Series 1991 (AMBAC Insured) 7.00 2011 1,000,000 1,171,900
Southwest Local School District Hamilton & Butler Counties Unlimited Tax
School Improvement Bonds (AMBAC Insured) 7.65 2010 500,000 593,895
Stark County Hospital Pre Refunded Revenue Bonds Timkin
Mercy Medical Center 7.50 2007 125,000 140,928
See accompanying notes to investments in securities./TABLE
<PAGE>
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IDS Ohio Tax-Exempt Fund
<TABLE>
_____________________________________________________________________________________________________________________________
Investments in Securities (continued)
_____________________________________________________________________________________________________________________________
Municipal Bonds (continued)
_____________________________________________________________________________________________________________________________
<CAPTION>
Coupon Principal
Name of Issuer and Title of Issue (b)(c) Rate Maturity Amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
State Air Quality Development Authority Revenue Bonds
Cleveland Electric Illuminating Series A 7.00 % 2009 $ 350,000 $ 354,497
State Building Authority Local Jail Grant Bonds Series 1989A
(MBIA Insured) 7.35 2009 500,000 582,860
State Building Authority State Correctional Facility Refunding Revenue Bonds
Series 1993A 5.90 2007 1,000,000 1,077,250
State Building Authority State Correctional Facility Refunding Revenue Bonds
Series 1993A 6.00 2008 500,000 553,895
State Building Authority State Correctional Facility Revenue Bonds Series B 7.125 2009 75,000 82,538
State Building Authority State Facility Bonds Columbus State Office Building
Series 1985C 7.35 2005 1,000,000 1,160,540
State Building Authority State Facility Bonds
Department of Administrative Services Data Center Series 1988A 7.80 2007 300,000 346,869
State Higher Educational Facility Revenue Bonds Oberlin College Series 1989 7.375 2014 500,000 588,740
State Housing Finance Agency Mortgage Revenue Bonds
Aristocrat South Board & Care Series 1991A (FHA Insured) 7.30 2031 1,500,000 1,613,280
State Housing Finance Agency Single Family Mortgage Revenue Bonds
Series 1990A (GNMA Insured) 7.80 2030 855,000 927,589
State Housing Finance Agency Single Family Mortgage Revenue Bonds
Series 1990C (GNMA Insured) 7.85 2021 990,000 1,047,123
State Water Development Authority Pollution Control Revenue Bonds
Phillip Morris 7.25 2008 150,000 169,158
State Water Development Authority Refunding Revenue Bonds
Pure Water Improvement Series (AMBAC Insured) 6.00 2008 1,500,000 1,650,045
State Water Development Authority Water Development Bonds Pure Water
Series 1987I 7.75 2006-14 200,000 228,664
State Water Development Authority Water Development Bonds Pure Water
Series 1988I 7.00 2014 500,000 561,015
Summit County Industrial Development Revenue Bonds Century Products 7.75 2005 100,000 112,134
Summit County Limited Tax General Obligation Bonds Human Services Facility
(AMBAC Insured) 8.00 2007 100,000 116,871
Sycamore Board of Education Community School District
Hamilton County School Improvement Bonds 6.50 2009 500,000 545,185
University of Cincinnati General Receipt Pre-Refunded Bonds Series H 7.50 2008 250,000 289,620
University of Cincinnati General Receipt Bonds Series I-1 7.10 2010 750,000 846,435
University of Cincinnati General Receipt Bonds Series 1991G 7.00 2011 1,000,000 1,139,140
University of Toledo General Receipt Bonds Series B (FGIC Insured) 5.90 2020 1,000,000 1,058,540
University of Toledo General Receipt Bonds Series 1990 (MBIA Insured) 7.125 2020 500,000 588,220
See accompanying notes to investments in securities./TABLE
<PAGE>
PAGE
IDS Ohio Tax-Exempt Fund
<TABLE>
_______________________________________________________________________________________________________________________________
Investments in Securities (continued)
_______________________________________________________________________________________________________________________________
Municipal Bonds (continued)
_____________________________________________________________________________________________________________________________
<CAPTION>
Coupon Principal
Name of Issuer and Title of Issue (b)(c) Rate Maturity Amount Value(a)
_____________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Warren County Various Purpose Limited Tax General Obligation Bonds
Series 1992 6.10 % 2012 $ 500,000 $ 564,110
Whitewall City School District Franklin County Unlimited Tax
General Obligation School Building Construction & Improvement
Pre-Refunded Bonds 7.25 2013 500,000 588,685
_____________________________________________________________________________________________________________________________
Total municipal bonds
(Cost: $64,802,091) $71,561,649
_____________________________________________________________________________________________________________________________
Total investments in securities
(Cost: $64,802,091)(e) $71,561,649
_____________________________________________________________________________________________________________________________
See accompanying notes to investments in securities.
</TABLE>
<PAGE>
<PAGE>
IDS Ohio Tax-Exempt Fund
<TABLE>
_____________________________________________________________________________________________________________________________
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 12-31-93 06-30-93
___________________________________________________________________________________________________________
<S> <C> <C>
AAA 55% 43%
AA 14 22
A 19 23
BBB and below 11 6
Non-rated 1 6
__________________________________________________________________________________________________________
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
FGIC -- Financial Guarantee Insurance Corporation
FHA -- Federal Housing Authority
GNMA -- Government National Mortgage Association
MBIA -- Municipal Bond Investors Assurance
(d) Presently non-income producing. Item identified is in default as to payment
of interest and/or principal.
(e) At Dec. 31, 1993, the cost of securities for federal income tax purposes was approximately $64,774,000 and
the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
<CAPTION>
<S> <C>
Unrealized appreciation $7,152,000
Unrealized depreciation (364,000)
______________________________________________________________________________________________________
Net unrealized appreciation $6,788,000
________________________________________________________________________________________________________
</TABLE>
<PAGE>
PAGE
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
Directors and Officers
___________________________________________________________________________
Directors of the Fund
William H. Dudley
executive vice president, IDS Financial Corporation
Robert F. Froehlke
previously president and chief executive officer of all funds in the IDS
MUTUAL FUND GROUP
David R. Hubers
president and chief executive officer, IDS Financial Corporation
Anne P. Jones
partner, Washington, D.C. law firm of Sutherland, Asbill & Brennan
Donald M. Kendall
former chairman and chief executive officer, PepsiCo, Inc.
Melvin R. Laird
senior counsellor for national and international affairs, The Reader's
Digest Association, Inc.
Lewis W. Lehr
former chairman of the board and chief executive officer, Minnesota Mining
and Manufacturing Company
William R. Pearce
president and chief executive officer of all funds in the IDS MUTUAL FUND
GROUP
Aulana L. Peters
partner, law firm of Gibson, Dunn & Crutcher
Edson W. Spencer
president, Spencer Associates Inc.
John R. Thomas
senior vice president, IDS Financial Corporation
Wheelock Whitney
chairman, Whitney Management Company
<PAGE>
PAGE
Directors and Officers (continued)
___________________________________________________________________________
Officers of the Fund
William R. Pearce
president and chief executive officer
Leslie L. Ogg
vice president, general counsel and treasurer
<PAGE>
PAGE
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<PAGE>
PAGE
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
IDS MUTUAL FUND GROUP
_____________________________________________________________________________
Specialty growth funds
Funds in this group aggressively seek capital growth, primarily from
international specialty common stocks. They are high risk mutual funds
with a potential for high reward.
IDS Precious Metals Fund, Inc.
Invests primarily in the securities of foreign or domestic companies that
explore for, mine and process or distribute gold and other precious metals.
This is the most aggressive and most speculative IDS mutual fund.
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.
IDS International Fund, Inc.
Invests primarily in common stocks of foreign companies that offer
potential for superior growth. The Fund may invest up to 20 percent of its
assets in the U.S. market.
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.
_____________________________________________________________________________
Growth funds
Funds in this group seek capital growth, primarily from common stocks.
They are high risk mutual funds with a potential for high reward.
IDS Discovery Fund, Inc.
Invests in small- and medium-size, growth-oriented companies
emphasizing technological innovation and productivity enhancement.
Buys and holds larger growth-oriented stocks.
IDS Growth Fund, Inc.
Invests primarily in companies that have above-average potential for
long-term growth as a result of new management, marketing opportunities
or technological superiority.
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.
<PAGE>
PAGE
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
Growth funds (continued)
IDS New Dimensions Fund, Inc.
Invests primarily in companies with significant growth potential due to
superiority in technology, marketing or management. The Fund frequently
changes its industry mix.
IDS Progressive Fund, Inc.
Invests primarily in undervalued common stocks. The Fund holds stocks for
the long-term with the goal of capital growth.
___________________________________________________________________________
Growth and income funds
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 Managed Retirement Fund, Inc.
Invests in a combination of common stocks, fixed income investments and
money market securities to seek a maximum total return through a
combination of growth of capital and current income.
IDS Equity Plus Fund, Inc.
Invests primarily in a combination of moderate growth stocks, higher-
yielding equities and bonds. Seeks growth of capital and income.
IDS Blue Chip Advantage Fund
Invests in selected stocks from a major market index. Securities
purchased are those recommended by IDS research analysts as the best from
each industry represented on the index. Offers potential for long-term
growth as well as dividend income.
IDS Stock Fund, Inc.
Invests in companies representing many sectors of the economy. Seeks
Seeks current income and growth of capital.
IDS Strategy, Equity Fund
Invests primarily in undervalued common stocks that offer
potential for growth of capital and income.
IDS Utilities Income Fund, Inc.
Invests primarily in the stocks of public utility companies to seek
high current income and growth of income and capital with reduced
volatility.
IDS Diversified Equity Income Fund
Invests priarily in high-yielding common stocks to seek high current
income and, secondarily to benefit from the growth potential offered by
stock investments.
<PAGE>
PAGE
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
Growth and income funds (continued)
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.
_____________________________________________________________________________
Tax-exempt income funds
These funds provide tax-free income by investing in municipal bonds. The
income is generally free from federal income tax. Risk varies by bond
quality.
IDS High Yield Tax-Exempt Fund, Inc.
Invests primarily in medium- and lower-quality municipal bonds and notes.
Lower quality securities generally involve greater risk of principal and
income.
IDS State Tax-Exempt Funds
(California, Massachusetts, Michigan, Minnesota, New York, Ohio)
Invests primarily in high- and medium-grade municipal securities to provide
income to residents of each respective state that is exempt from federal,
state and local income taxes. (New York is the only state that is exempt
at the local level.)
IDS Tax-Exempt Bond Fund, Inc.
Invests mainly in bonds and notes of state or local government units, with
at least 75 percent in the four highest-rated, lowest-risk bond categories.
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.
_____________________________________________________________________________
Income funds
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.
IDS Extra Income Fund, Inc.
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.
<PAGE>
PAGE
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
Income funds (continued)
IDS Bond Fund, Inc.
Invests mainly in corporate bonds, at least 50 percent in the higher-rated,
lower-risk bond categories, or the equivalent, and in government bonds.
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.
IDS Selective Fund, Inc.
Invests in high-quality corporate bonds and other highly rated debt
instruments, including government securities and short-term investments.
Seeks current income and preservation of capital.
IDS Federal Income Fund, Inc.
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.
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.
_____________________________________________________________________________
Money market funds
These money market funds have three main goals: conservation of capital,
constant liquidity and the highest possible current income consistent with
these objectives. Very limited risk.
IDS Cash Management Fund
Invests in such money market securities as high-quality commercial paper,
bankers' acceptances, certificates of deposit (CDs) and other bank
securities.
IDS Planned Investment Account
Invests in money market securities to seek maximum current income
consistent with liquidity and stability of principal, while serving as a
base for systematic exchanges into IDS fixed income and equity funds.
IDS Tax-Free Money Fund, Inc.
Invests primarily in short-term bonds and notes issued by state and local
governments to seek high current income exempt from federal income taxes.
<PAGE>
PAGE
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
__________________________________________________________________________
For more complete information about any of these funds, including charges
and expenses, you can obtain a prospectus by contacting your IDS personal
financial planner or writing to IDS Shareholder Service, P.O. Box 534,
Minneapolis, MN 55440-0534. Read it carefully before you invest or send
money. This semiannual report is approved for use only if preceded or
accompanied by a prospectus for the Fund.
<PAGE>
PAGE
1993 SEMIANNUAL REPORT
IDS California Tax-Exempt Fund
IDS Massachusetts Tax-Exempt Fund
IDS Michigan Tax-Exempt Fund
IDS Minnesota Tax-Exempt Fund
IDS New York Tax-Exempt Fund
IDS Ohio Tax-Exempt Fund
IDS MUTUAL FUND GROUP
IDS Tower 10
Minneapolis, Minnesota 55440-0010
