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Riversource Special Tax-Exempt Series Trust – ‘N-30D’ for 12/31/96

As of:  Monday, 2/24/97   ·   For:  12/31/96   ·   Accession #:  820027-97-234   ·   File #:  811-04647

Previous ‘N-30D’:  ‘N-30D’ on 2/19/97 for 12/31/96   ·   Next:  ‘N-30D’ on 9/5/97 for 6/30/97   ·   Latest:  ‘N-30D’ on 3/3/03 for 12/31/02

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 2/24/97  Riversource Special Tax-Exemp..Tr N-30D      12/31/96    1:183K                                   Ameriprise Financial Inc

Annual or Semi-Annual Report Mailed to Shareholders   —   Rule 30d-1
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-30D       Annual or Semi-Annual Report Mailed to                56    402K 
                          Shareholders                                           

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IDS State Tax-Exempt Funds Tax-exempt funds from the following states: California Massachusetts Michigan Minnesota New York Ohio Twice the tax relief Many people who want to reduce their tax burden favor municipal bonds because the interest they pay is generally free from federal tax. If you want to reduce state tax, too, you can invest in municipal bonds in the state you reside. Investments in municipal bonds are one of the best tax-advantaged investments still available to individuals. What's more, the money you invest is typically used by municipalities to fund projects such as schools and highways. So, with this investment, the benefits reach well beyond your pocketbook. Contents From the president 3 From the portfolio manager 3 Ten largest holdings 6 Financial statements 12 Notes to financial statements 19 Investments in securities 38 Board members and officers 67 IDS mutual funds 68 To our shareholders William R. Pearce President of the Funds (picture of) William Pearce From the president If you're an experienced investor, you know that the past two years have been unusually strong ones in many financial markets. Perhaps just as important, you also know that history shows that bull markets don't last forever. Though they're often unpredictable, declines - whether they're brief or long-lasting, moderate or substantial - are always a possibility. That fact reinforces the need for investors to periodically review their long-term goals and examine whether their investment program remains on track to achieving them. Your quarterly investment statements are one part of that monitoring process. The other is a meeting with your American Express financial advisor. That becomes even more important if there's a major change in your financial situation or in the financial markets. William R. Pearce Paul B. Hylle Portfolio manager (picture of) Paul Hylle From the portfolio manager Volatility continued to pervade the bond market during the past six months, reflecting investors' shifting outlooks regarding inflation. Fortunately, however, the upturns overpowered the downturns, resulting in a productive period for the IDS State Tax-Exempt Funds. When the period began last summer, the bond market was still licking the wounds it received during the first three months of 1996, when a rise in long-term interest rates, largely induced by what later proved to be an unfounded fear of higher inflation, drove bond prices sharply lower. A fall rally By fall, though, the investment environment had improved, thanks to reports of moderate economic growth and stable inflation. On that news, long-term interest rates started coming back down, driving bond prices higher in the process. The rally lasted through November, before renewed inflation fears sent the market into a mild retreat during the final weeks of 1996. The Funds' municipal bond holdings, like all fixed-income investments, benefited substantially from the rally. Keeping a negligible amount of cash reserves in the portfolio also worked to the Funds' advantage during that time. Still, negative net cash flow into the municipal bond market, a condition that has persisted for the past three years, limited the capital appreciation the Funds enjoyed. The supply situation, on the other hand, remained mostly favorable as the number of bonds "called away" by issuers (taken out of the market because issuers paid off the principal ahead of the bonds' maturity dates) exceeded the number of new bonds coming to market. In fact, there are fewer municipal bonds outstanding today than three years ago. The flip side of the call situation, which has been in effect for the past few years, is that it continued to erode the Funds' dividend slightly. This results from the fact that newly issued bonds don't pay as much interest as the older bonds being called away. Measured against comparable municipal bond funds, however, the dividends provided by these Funds have held up better than most. This has been achieved by means of a "barbell" approach to credit quality, which is an emphasis on high-grade bonds complemented by middle-grade issues. State updates In California, the passage of proposition 218, which limits communities' financial flexibility regarding raising taxes, led to slight quality downgrades of some municipal bonds. Bond performance was tempered a bit in Michigan, which experienced an above-average supply of bonds, and New York, where the potential for an over-supply generated by the sale of Long Island Lighting hung over the market. On a general note, the passage of federal welfare reform in 1996 may ultimately complicate states' financial situations, but the effect, if any, on the overall municipal bond market won't be known for some time. Looking toward the second half of the fiscal year, while some fluctuation in bond prices is inevitable, I think conditions may allow for less-dramatic swings in the months ahead. As always, the main bond-market catalyst will be the outlook for inflation, which, given the probability of ongoing moderate economic growth, should increase only modestly in 1997. If that forecast proves to be reasonably accurate, long-term interest rates would seem unlikely to experience a substantial, sustained rise. In any event, I will update you on the Funds' progress after the fiscal year ends in June. Paul B. Hylle
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California Class A 6-month performance (All figures per share) Net asset value (NAV) ----------------------------- Dec. 31, 1996 $5.25 ----------------------------- June 30, 1996 $5.15 ----------------------------- Increase $0.10 ----------------------------- Distributions July 1, 1996 - Dec. 31, 1996 ----------------------------- From income $0.14 ----------------------------- From capital gains $0.01 ----------------------------- Total distributions $0.15 ----------------------------- Total return* +4.9%** ----------------------------- Class B 6-month performance (All figures per share) Net asset value (NAV) ---------------------------- Dec. 31, 1996 $5.25 ---------------------------- June 30, 1996 $5.15 ---------------------------- Increase $0.10 ---------------------------- Distributions July 1, 1996 - Dec. 31, 1996 ---------------------------- From income $0.12 ---------------------------- From capital gains $0.01 ---------------------------- Total distributions $0.13 ---------------------------- Total return* +4.5%** ---------------------------- *The prospectus discusses the effect of sales charges, if any, on the various classes. **The total return is a hypothetical investment in the Fund with all distributions reinvested.
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Massachusetts Class A 6-month performance (All figures per share) Net asset value (NAV) ---------------------------- Dec. 31, 1996 $5.41 ---------------------------- June 30, 1996 $5.30 ---------------------------- Increase $0.11 ---------------------------- Distributions July 1, 1996 - Dec. 31, 1996 ---------------------------- From income $0.14 ---------------------------- From capital gains $ -- ---------------------------- Total distributions $0.14 ---------------------------- Total return* +4.8%** ------------------------------ Class B 6-month performance (All figures per share) Net asset value (NAV) ---------------------------- Dec. 31, 1996 $5.41 ---------------------------- June 30, 1996 $5.30 ---------------------------- Increase $0.11 ---------------------------- Distributions July 1, 1996 - Dec. 31, 1996 ---------------------------- From income $0.12 ---------------------------- From capital gains $ -- ---------------------------- Total distributions $0.12 ---------------------------- Total return* +4.4%** ---------------------------- *The prospectus discusses the effect of sales charge, if any, on the various classes. **The total return is a hypothetical investment in the Fund with all distributions reinvested.
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Michigan Class A 6-month performance (All figures per share) Net asset value (NAV) ---------------------------- Dec. 31, 1996 $5.46 ---------------------------- June 30, 1996 $5.36 ---------------------------- Increase $0.10 ---------------------------- Distributions July 1, 1996 - Dec. 31, 1996 ---------------------------- From income $0.14 ---------------------------- From capital gains $ -- ---------------------------- Total distributions $0.14 ---------------------------- Total return* +4.5%** ---------------------------- Class B 6-month performance (All figures per share) Net asset value (NAV) ---------------------------- Dec. 31, 1996 $5.46 ---------------------------- June 30, 1996 $5.36 ---------------------------- Increase $0.10 ---------------------------- Distributions July 1, 1996 - Dec. 31, 1996 ---------------------------- From income $0.12 ---------------------------- From capital gains $ -- ---------------------------- Total distributions $0.12 ---------------------------- Total return* +4.1%** ---------------------------- *The prospectus discusses the effect of sales charges, if any, on the the various classes. **The total return is a hypothetical investment in the Fund with all distributions reinvested.
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Minnesota Class A 6-month performance (All figures per share) Net asset value (NAV) ---------------------------- Dec. 31, 1996 $5.29 ---------------------------- June 30, 1996 $5.20 ---------------------------- Increase $0.09 ---------------------------- Distributions July 1, 1996 - Dec. 31, 1996 ---------------------------- From income $0.15 ---------------------------- From capital gains $ -- ---------------------------- Total distributions $0.15 ---------------------------- Total return* +4.8%** ---------------------------- Class B 6-month performance (All figures per share) Net asset value (NAV) ---------------------------- Dec. 31, 1996 $5.29 ---------------------------- June 30, 1996 $5.20 ---------------------------- Increase $0.09 ---------------------------- Distributions July 1, 1996 - Dec. 31, 1996 ---------------------------- From income $0.13 ---------------------------- From capital gains $ -- ---------------------------- Total distributions $0.13 ---------------------------- Total return* +4.4%** ---------------------------- *The prospectus discusses the effect of sales charges, if any, on the various classes. **The total return is a hypothetical investment in the Fund with all distributions reinvested.
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New York Class A 6-month performance (All figures per share) Net asset value (NAV) ---------------------------- Dec. 31, 1996 $5.15 ---------------------------- June 30, 1996 $5.06 ---------------------------- Increase $0.09 ---------------------------- Distributions July 1, 1996 - Dec. 31, 1996 ---------------------------- From income $0.14 ---------------------------- From capital gains $ -- ---------------------------- Total distributions $0.14 ---------------------------- Total return* +4.5%** ---------------------------- Class B 6-month performance (All figures per share) Net asset value (NAV) ---------------------------- Dec. 31, 1996 $5.15 ---------------------------- June 30, 1996 $5.06 ---------------------------- Increase $0.09 ---------------------------- Distributions July 1, 1996- Dec. 31, 1996 ---------------------------- From income $0.12 ---------------------------- From capital gains $ -- ---------------------------- Total distributions $0.12 ----------------------------- Total return* +4.1%** ------------------------------- *The prospectus discusses the effect of sales charges, if any, on the various classes. **The total return is a hypothetical investment in the Fund with all distributions reinvested.
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Ohio Class A 6-month performance (All figures per share) Net asset value (NAV) ---------------------------- Dec. 31, 1996 $5.39 ---------------------------- June 30, 1996 $5.28 ---------------------------- Increase $0.11 ---------------------------- Distributions July 1, 1996 - Dec. 31, 1996 ---------------------------- From income $0.14 ---------------------------- From capital gains $ -- ---------------------------- Total distributions $0.14 ---------------------------- Total return* +4.7%** ---------------------------- Class B 6-month performance (All figures per share) Net asset value (NAV) ---------------------------- Dec. 31, 1996 $5.39 ---------------------------- June 30, 1996 $5.28 ---------------------------- Increase $0.11 ---------------------------- Distributions July 1, 1996 - Dec. 31, 1996 ---------------------------- From income $0.12 ---------------------------- From capital gains $ -- ---------------------------- Total distributions $0.12 ---------------------------- Total return* +4.4%** ---------------------------- *The prospectus discusses the effect of sales charges, if any, on the various classes. **The total return is a hypothetical investment in the Fund with all distributions reinvested.
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The Fund's ten largest holdings IDS California Tax-Exempt Fund (pie chart) The ten holdings listed here make up 26.80% of the Fund's net assets -------------------------------------------------------------------------------- Percent Value (of Fund's net assets) (as of Dec. 31, 1996) -------------------------------------------------------------------------------- Anaheim Public Finance Authority Revenue Bonds 2nd Series Electric Utilities San Juan 5.75% 2022 4.59% $11,156,721 Sacramento Municipal Utility District Series R 6.00% 2015-2017 3.09 7,501,020 Long Beach Harbor Revenue Bonds Series 1989A A.M.T. 7.25% 2019 3.04 7,390,390 Los Angeles Department of Water & Power Electric Plant Revenue Bonds Series 1990 7.125% 2030 2.95 7,156,955 Statewide Community Development Authority Revenue Certificate of Participation St. Joseph Health System Group 6.50% 2015 2.43 5,902,765 Los Angeles Convention & Exhibition Center Pre-Refunded Certificate of Participation Series 1989A 7.00% 2020 2.24 5,435,900 University of Southern California Educational Facilities Authority Pre-Refunded Revenue Bonds Series 1989B 6.75% 2015 2.22 5,397,650 Statewide Community Development Authority Health Facilities Revenue Bonds Unihealth America Series 1993A Inverse Floater 7.519% 2011 2.18 5,300,000 San Diego Regional Transportation Commission Sales Tax Pre-Refunded Revenue Bonds Limited Tax Series 1989A 6.25% 2008 2.17 5,274,156 Rancho Mirage Joint Powers Finance Authority Certificate of Participation Eisenhower Memorial Hospital 7.00% 2022 1.89 4,601,135 Note: Certain of the Fund's investment income may be subject to the Alternative Minimum Tax (A.M.T.).
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The Fund's ten largest holdings IDS Massachusetts Tax-Exempt Fund The ten holdings listed here make up 26.98% of the Fund's net assets -------------------------------------------------------------------------------- Percent Value (of Fund's net assets) (as of Dec. 31, 1996) -------------------------------------------------------------------------------- Boston City Hospital Refunding Revenue Bonds Series B 5.75% 2023 3.84% $2,901,450 Health & Educational Facilities Authority Revenue Bonds Suffolk University Series B 6.35% 2022 3.48 2,627,035 Health & Educational Facilities Authority Revenue Bonds Cape Cod Health System Series A 5.25% 2021 3.09 2,329,250 Health & Educational Facilities Authority Revenue Bonds Boston College Series J 6.625% 2021 2.88 2,174,220 Industrial Finance Agency Pollution Control Refunding Revenue Bonds Eastern Edison Series 1993 5.875% 2008 2.60 1,961,580 Health & Educational Facilities Authority Revenue Bonds Charlton Memorial Series 1991B 7.25% 2013 2.51 1,892,223 Industrial Finance Agency Resource Recovery Revenue Bonds SEMASS Series 1991A 9.00% 2015 2.21 1,671,120 Bay Transportation Authority General Transportation System Refunding Bonds Series 1992B 6.20% 2016 2.16 1,627,020 Municipal Wholesale Electric Power Supply System Refunding Revenue Bonds Series B 4.75% 2011 2.13 1,605,258 Municipal Wholesale Electric Power Supply System Pre-Refunded Revenue Bonds Series 1992B 6.75% 2017 2.08 1,566,822 Note: Certain of the Fund's investment income may be subject to the Alternative Minimum Tax (A.M.T.).
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The Fund's ten largest holdings IDS Michigan Tax-Exempt Fund (pie chart) The ten holdings listed here make up 24.20% of the Fund's net assets -------------------------------------------------------------------------------- Percent Value (of Fund's net assets) (as of Dec. 31, 1996) -------------------------------------------------------------------------------- Romulus Township School District Unlimited Tax General Obligation Refunding Bonds 5.75% 2022 3.07% $2,512,925 State Building Authority Refunding Revenue Bonds Series 1991I 6.25% 2020 2.78 2,277,990 State Hospital Finance Authority Hospital Pre-Refunded Revenue Bonds McLaren Obligated Group Series 1991A 7.50% 2021 2.44 2,000,233 Detroit Sewer Disposal Revenue Bonds 5.70% 2023 2.40 1,967,780 Monroe County Pollution Control Revenue Bonds Detroit Edison Fermi 2 Plants Series CC A.M.T. 7.50% 2019 2.36 1,932,420 Grand Ledge Public Schools Unlimited Tax General Obligation Refunding Bonds Counties of Eaton, Clinton & Ionia Series 1995 5.375% 2024 2.35 1,926,400 State Strategic Fund Limited Tax Obligation Refunding Revenue Bonds Ford Motor Series 1991A 7.10% 2006 2.31 1,890,669 Willow Run Community Schools Unlimited General Obligation Refunding Bonds Series 1996 5.00% 2016 2.29 1,872,680 Battle Creek Water Supply System Pre-Refunded Revenue Bonds Series 1990B 6.375% 2008-2010 2.12 1,733,234 Mason Public Schools Unlimited Tax General Obligation Bonds County of Ingham School Building & Site Bonds Series 1995 5.40% 2021 2.08 1,704,314 Note: Certain of the Fund's investment income may be subject to the Alternative Minimum Tax (A.M.T).
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The Fund's ten largest holdings IDS Minnesota Tax-Exempt Fund (pie chart) The ten holdings listed here make up 21.42% of the Fund's net assets -------------------------------------------------------------------------------- Percent Value (of Fund's net assets) (as of Dec. 31, 1996) -------------------------------------------------------------------------------- Minneapolis & St. Paul Housing & Redevelopment Authority Health Care System Revenue Bonds Healthspan Series 1993 4.75% 2018 2.93% $11,861,370 St. Paul & Minneapolis Housing & Redevelopment Authority Health Care Facility Revenue Bonds Group Health Plan Series 1992 6.75% 2013 2.81 11,395,755 State General Obligation Various Purpose Pre-Refunded Bonds Series 1991 6.70% 2011 2.16 8,742,640 State General Obligation Various Purpose Pre-Refunded Bonds Series 1990 7.00% 2009 2.11 8,543,862 Anoka County General Obligation Capital Improvement Revenue Bonds Series 1989B 7.00% 2007-2010 2.05 8,329,374 State University Board of Regents General Obligation Bonds Series 1996A 5.50% 2021 1.94 7,862,640 Hennepin County Lease Revenue Certificate of Participation Series 1991 6.80% 2017 1.94 7,856,390 Western Minnesota Municipal Power Agency Supply Refunding Revenue Bonds Series 1987A 7.00% 2013 1.84 7,446,000 St. Paul Housing & Redevelopment Authority Sales Tax Revenue Bonds Civic Center 5.55% 2023 1.83 7,400,475 Edina Multi-family Housing Revenue Bonds Walker Assisted Living Series 1991 9.00% 2031 1.81 7,352,044 Note: Certain of the Fund's investment income may be subject to the Alternative Minimum Tax (A.M.T.).
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The Fund's ten largest holdings IDS New York Tax-Exempt Fund (pie chart) The ten holdings listed here make up 34.31% of the Fund's net assets -------------------------------------------------------------------------------- Percent Value (of Fund's net assets) (as of Dec. 31, 1996) -------------------------------------------------------------------------------- State Energy Research & Development Authority Electric Facility Revenue Bonds Consolidated Edison Series 1990A A.M.T. 7.50% 2025 4.51% $5,343,050 State Urban Development Correction Facility Pre-Refunded Revenue Bonds Series 1 7.50% 2020 4.21 4,991,265 United Nations Development Senior Lien Refunding Revenue Bonds Series 1992A 6.00% 2026 3.83 4,535,730 State Local Government Assistance Pre-Refunded Bonds Series 1991A 7.00% 2016 3.77 4,470,240 State Mortgage Agency Homeowner Mortgage Revenue Bonds Series TT 7.50% 2015 3.60 4,266,760 Battery Park City Authority Senior Refunding Revenue Bonds Series 1993A 5.25% 2017 3.13 3,712,800 State Dormitory Authority City University System Pre-Refunded Revenue Bonds 8.125% 2017 2.99 3,545,112 Triborough Bridge & Tunnel Authority General Purpose Pre-Refunded Revenue Bonds Series S 7.00% 2021 2.80 3,324,540 State Environmental Facility State Water & Pollution Control Revolving Fund Revenue Bonds New York City Municipal Water Finance Authority Series 1990A 7.50% 2012 2.79 3,305,430 State Mortgage Agency Homeowner Mortgage Revenue Bonds Series 27 6.90% 2015 2.68 3,181,770 Note: Certain of the Fund's investment income may be subject to the Alternative Minimum Tax (A.M.T.).
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The Fund's ten largest holdings IDS Ohio Tax-Exempt Fund (pie chart)The ten holdings listed here make up 26.39% of the Funds's net assets -------------------------------------------------------------------------------- Percent Value (of Fund's net assets) (as of Dec. 31, 1996) -------------------------------------------------------------------------------- Lakota Local School District Unlimited Tax Improvement General Obligation Bonds 6.25% 2014 2.99% $2,134,980 State Air Quality Development Authority Refunding Revenue Bonds Series 1994 A.M.T. 6.375% 2029 2.98 2,130,500 Erie County Hospital Improvement Refunding Revenue Bonds Firelands Community Hospital Series 1992 6.75% 2015 2.96 2,113,920 Lorain County Hospital Facilities Refunding Revenue Bonds EMH Regional Medical Center Series 1995 5.375% 2021 2.71 1,939,860 State Municipal Electric Generation Agency Joint Venture #5 Revenue Bonds 5.375% 2024 2.68 1,918,640 State Valley School District School Improvement Unlimited Tax General Obligation Bonds Counties of Adams & Highland Series 1995 5.25% 2021 2.67 1,914,220 Butler County Hospital Facility Improvement Refunding Revenue Bonds 7.50% 2010 2.62 1,874,442 Franklin County Convention Facilities Authority Tax & Lease Revenue Anticipation Pre-Refunded Bonds 7.00% 2019 2.34 1,671,615 North Olmstead County Limited General Obligation Bonds Series 1996 5.00% 2016-2021 2.24 1,598,792 State Housing Finance Agency Mortgage Revenue Bonds Aristrocrat South Board & Care Series 1991A 7.30% 2031 2.20 1,569,915 Note: Certain of the Fund's investment income may be subject to the Alternative Minimum Tax (A.M.T.).
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Financial statements [Enlarge/Download Table] Statements of assets and liabilities IDS California Tax-Exempt Trust IDS Special Tax-Exempt Series Trust Dec. 31, 1996 (Unaudited) ---------------------------------------------------------------------------------------------------------- Assets ---------------------------------------------------------------------------------------------------------- California Massachusetts Michigan Tax-Exempt Tax-Exempt Tax-Exempt Fund Fund Fund ---------------------------------------------------------------------------------------------------------- Investments in securities, at value (Note 1) (identified cost $219,816,196, $69,382,326 and $74,581,261) $239,704,961 $73,969,570 $80,651,428 Cash in bank on demand deposit -- 15,919 24,186 Accrued interest receivable 4,517,101 1,578,749 1,332,185 ---------------------------------------------------------------------------------------------------------- Total assets 244,222,062 75,564,238 82,007,799 ---------------------------------------------------------------------------------------------------------- Liabilities ---------------------------------------------------------------------------------------------------------- Disbursements in excess of cash on demand deposit 918,530 -- -- Dividends payable to shareholders 172,337 53,404 57,965 Payable for investment securities purchased 36,000 10,125 12,438 Accrued investment management services fee 3,137 970 1,053 Accrued distribution fee 166 140 63 Accrued service fee 1,168 361 392 Accrued transfer agency fee 210 100 95 Accrued administrative services fee 267 83 89 Other accrued expenses 102,666 42,804 40,968 ---------------------------------------------------------------------------------------------------------- Total liabilities 1,234,481 107,987 113,063 ---------------------------------------------------------------------------------------------------------- Net assets applicable to outstanding shares $242,987,581 $75,456,251 $81,894,736 ---------------------------------------------------------------------------------------------------------- Represented by ---------------------------------------------------------------------------------------------------------- Shares of beneficial interest -- $.01 par value, unlimited number of shares authorized $462,907 $139,506 $ 150,038 Additional paid-in-capital 230,024,406 72,014,595 77,161,549 Excess of distributions over net investment income (123,793) -- (8,339) Accumulated net realized loss (Notes 1 and 6) (7,298,860) (1,294,656) (1,489,147) Unrealized appreciation (Note 5) 19,922,921 4,596,806 6,080,635 ---------------------------------------------------------------------------------------------------------- Total -- representing net assets applicable to outstanding shares $242,987,581 $75,456,251 $81,894,736 ---------------------------------------------------------------------------------------------------------- Net assets applicable to outstanding shares: Class A $234,902,194 $68,628,996 $78,817,975 Class B $8,085,387 $6,827,255 $ 3,076,761 Outstanding shares of beneficial interest: Class A shares 44,750,011 12,688,245 14,440,084 Class B shares 1,540,659 1,262,330 563,686 Net asset value per share: Class A $ 5.25 $ 5.41 $ 5.46 Class B $ 5.25 $ 5.41 $ 5.46 See accompanying notes to financial statements.
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Statements of assets and liabilities IDS California Tax-Exempt Trust IDS Special Tax-Exempt Series Trust Dec. 31, 1996 (Unaudited) ---------------------------------------------------------------------------------------------------------- Assets ---------------------------------------------------------------------------------------------------------- Minnesota New York Ohio Tax-Exempt Tax-Exempt Tax-Exempt Fund Fund Fund ---------------------------------------------------------------------------------------------------------- Investments in securities, at value (N,ote 1) (identified cost $381,356,749, $108,357,131 and $65,791,862) $405,409,640 $116,433,107 $70,584,764 Accrued interest receivable 8,400,999 2,399,515 1,027,431 Receivable for investment securities sold 270,000 -- -- ---------------------------------------------------------------------------------------------------------- Total assets 414,080,639 118,832,622 71,612,195 ---------------------------------------------------------------------------------------------------------- Liabilities ---------------------------------------------------------------------------------------------------------- Disbursements in excess of cash on demand deposit 509,675 76,059 40,844 Dividends payable to shareholders 315,565 87,972 51,985 Payable for investment securities purchased 7,913,237 70,875 10,125 Accrued investment management services fee 5,112 1,526 921 Accrued distribution fee 401 126 59 Accrued service fee 1,943 568 343 Accrued transfer agency fee 499 154 90 Accrued administrative services fee 423 130 78 Other accrued expenses 86,084 30,390 16,656 ---------------------------------------------------------------------------------------------------------- Total liabilities 8,832,939 267,800 121,101 ---------------------------------------------------------------------------------------------------------- Net assets applicable to outstanding shares $405,247,700 $118,564,822 $71,491,094 ---------------------------------------------------------------------------------------------------------- Represented by ---------------------------------------------------------------------------------------------------------- Shares of beneficial interest -- $.01 par value, unlimited number of shares authorized $ 766,006 $ 230,406 $ 132,724 Additional paid-in-capital 390,678,374 113,863,975 68,396,159 Excess of distributions over net investment income (5,705) (1,147) (7,624) Accumulated net realized loss (Notes 1 and 6) (10,298,053) (3,682,420) (1,832,629) Unrealized appreciation (Note 5) 24,107,078 8,154,008 4,802,464 ---------------------------------------------------------------------------------------------------------- Total -- representing net assets applicable to outstanding shares $405,247,700 $118,564,822 $71,491,094 ---------------------------------------------------------------------------------------------------------- Net assets applicable to outstanding shares: Class A $385,690,744 $112,418,285 $68,636,389 Class B $ 19,556,956 $ 6,146,537 $ 2,854,705 Outstanding shares of beneficial interest: Class A shares 72,903,687 21,846,198 12,742,435 Class B shares 3,696,873 1,194,397 529,971 Net asset value per share: Class A $ 5.29 $ 5.15 $ 5.39 Class B $ 5.29 $ 5.15 $ 5.39 See accompanying notes to financial statements.
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Financial statements Statements of operations IDS California Tax-Exempt Trust IDS Special Tax-Exempt Series Trust Six months ended Dec. 31, 1996 (Unaudited) ---------------------------------------------------------------------------------------------------------- Investment income ---------------------------------------------------------------------------------------------------------- California Massachusetts Michigan Tax-Exempt Tax-Exempt Tax-Exempt Fund Fund Fund ---------------------------------------------------------------------------------------------------------- Income: Interest $7,565,108 $2,305,701 $2,564,345 ---------------------------------------------------------------------------------------------------------- Expenses (Note 2) Investment management services fee 576,991 176,929 194,011 Distribution fee -- Class B 27,921 22,609 10,784 Transfer agency fee 46,921 22,765 20,793 Incremental transfer agency fee -- Class B 156 131 67 Service fee Class A 205,540 60,023 68,607 Class B 6,301 5,276 2,440 Administrative services fee 49,106 14,077 16,512 Compensation of board members 11,419 2,072 1,848 Compensation of officers -- -- 305 Custodian fees 17,879 2,778 828 Postage 57,735 8,982 3,176 Registration fees 7,544 27,415 24,567 Reports to shareholders 31,341 7,426 5,752 Audit fees 8,500 7,750 7,750 Administrative -- 5 426 Other -- 3,476 5,757 ---------------------------------------------------------------------------------------------------------- Total expenses 1,047,354 361,714 363,623 Earnings credits on cash balances (Note 2) (21,895) (5,037) (1,875) ---------------------------------------------------------------------------------------------------------- Total net expenses 1,025,459 356,677 361,748 ---------------------------------------------------------------------------------------------------------- Investment income -- net 6,539,649 1,949,024 2,202,597 ---------------------------------------------------------------------------------------------------------- Realized and unrealized gain (loss) -- net ---------------------------------------------------------------------------------------------------------- Net realized gain (loss) on security transactions (Note 3) 436,799 (41,280) (149,505) Net realized gain on financial futures contracts 786,525 213,672 242,354 ---------------------------------------------------------------------------------------------------------- Net realized gain on investments 1,223,324 172,392 92,849 Net change in unrealized appreciation or depreciation 3,959,476 1,338,480 1,352,535 ---------------------------------------------------------------------------------------------------------- Net gain on investments 5,182,800 1,510,872 1,445,384 ---------------------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $11,722,449 $3,459,896 $3,647,981 ---------------------------------------------------------------------------------------------------------- See accompanying notes to financial statements.
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Statements of operations IDS California Tax-Exempt Trust IDS Special Tax-Exempt Series Trust Six months ended Dec. 31, 1996 (Unaudited) ---------------------------------------------------------------------------------------------------------- Investment income ---------------------------------------------------------------------------------------------------------- Minnesota New York Ohio Tax-Exempt Tax-Exempt Tax-Exempt Fund Fund Fund ---------------------------------------------------------------------------------------------------------- Income: Interest $13,548,158 $3,836,950 $2,295,454 ---------------------------------------------------------------------------------------------------------- Expenses (Note 2): Investment management services fee 949,008 285,162 172,973 Distribution fee -- Class B 67,255 20,753 9,075 Transfer agency fee 112,339 33,775 19,828 Incremental transfer agency fee -- Class B 403 134 67 Service fee Class A 342,114 100,334 61,350 Class B 15,682 4,840 2,117 Administrative services fee 78,495 24,269 14,721 Compensation of board members 2,125 3,287 2,211 Compensation of officers 1,395 663 315 Custodian fees 45,213 8,498 5,095 Postage 18,057 4,720 2,392 Registration fees 7,375 13,518 12,967 Reports to shareholders 20,591 4,679 4,683 Audit fees 9,000 8,500 7,750 Administrative 1,091 583 1,513 Other 1,071 4,608 7,585 ---------------------------------------------------------------------------------------------------------- Total expenses 1,671,214 518,323 324,642 Earnings credits on cash balances (Note 2) (67,538) (11,763) (7,240) ---------------------------------------------------------------------------------------------------------- Total net expenses 1,603,676 506,560 317,402 ---------------------------------------------------------------------------------------------------------- Investment income -- net 11,944,482 3,330,390 1,978,052 ---------------------------------------------------------------------------------------------------------- Realized and unrealized gain (loss) -- net ---------------------------------------------------------------------------------------------------------- Net realized gain (loss) on security transactions (Note 3) (369,698) 56,227 98,782 Net realized gain on financial futures contracts 1,282,238 598,533 227,125 ---------------------------------------------------------------------------------------------------------- Net realized gain on investments 912,540 654,760 325,907 Net change in unrealized appreciation or depreciation 6,466,361 1,289,554 1,076,588 ---------------------------------------------------------------------------------------------------------- Net gain on investments 7,378,901 1,944,314 1,402,495 ---------------------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $19,323,383 $5,274,704 $3,380,547 ---------------------------------------------------------------------------------------------------------- See accompanying notes to financial statements.
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[Enlarge/Download Table] Financial statements Statements of changes in net assets IDS California Tax-Exempt Trust IDS Special Tax-Exempt Series Trust ------------------------------------------------------------------------------------------------------------ Operations and distributions Dec. 31, 1996 June 30, 1996 Dec. 31, 1996 June 30, 1996 ------------------------------------------------------------------------------------------------------------ California Massachusetts Tax-Exempt Fund Tax-Exempt Fund Six months ended Year ended Six months ended Year ended (Unaudited) (Unaudited) ------------------------------------------------------------------------------------------------------------ Investment income -- net $6,539,649 $13,093,048 $1,949,024 $3,831,143 Net realized gain on investments 1,223,324 553,259 172,392 95,554 Net change in unrealized appreciation or depreciation 3,959,476 323,151 1,338,480 202,491 ------------------------------------------------------------------------------------------------------------ Net increase in net assets resulting from operations 11,722,449 13,969,458 3,459,896 4,129,188 ------------------------------------------------------------------------------------------------------------ Distributions to shareholders from: Net investment income Class A (6,488,949) (12,910,408) (1,819,252) (3,652,208) Class B (175,747) (184,985) (136,088) (172,619) Net realized gain on securities Class A (396,342) (1,353,180) -- -- Class B (13,517) (20,647) -- -- ------------------------------------------------------------------------------------------------------------ Total distributions (7,074,555) (14,469,220) (1,955,340) (3,824,827) ------------------------------------------------------------------------------------------------------------ Share transactions (Note 4) ------------------------------------------------------------------------------------------------------------ Proceeds from sales Class A shares (Note 2) 9,113,768 23,553,539 3,724,627 11,006,959 Class B shares 2,025,504 5,187,208 1,553,832 4,389,565 Reinvestment of distributions at net asset value Class A shares 4,731,300 10,071,476 1,382,047 2,835,422 Class B shares 155,076 184,290 116,639 149,356 Payments for redemptions Class A shares (17,567,135) (38,384,549) (5,630,496) (14,679,805) Class B shares (Note 2) (633,516) (960,392) (522,979) (790,581) ------------------------------------------------------------------------------------------------------------ Increase (decrease) in net assets from share transactions (2,175,003) (348,428) 623,670 2,910,916 ------------------------------------------------------------------------------------------------------------ Total increase (decrease) in net assets 2,472,891 (848,190) 2,128,226 3,215,277 Net assets at beginning of period 240,514,690 241,362,880 73,328,025 70,112,748 ------------------------------------------------------------------------------------------------------------ Net assets at end of period (including undistributed (excess of distributions over) net investment income of $(123,793) and $1,254 for IDS California, and $0 and $6,316 for IDS Massachuesetts) $242,987,581 $240,514,690 $75,456,251 $73,328,025 ------------------------------------------------------------------------------------------------------------ See accompanying notes to financial statements.
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Statements of changes in net assets IDS California Tax-Exempt Trust IDS Special Tax-Exempt Series Trust ------------------------------------------------------------------------------------------------------------ Operations and distributions Dec. 31, 1996 June 30, 1996 Dec. 31, 1996 June 30, 1996 ------------------------------------------------------------------------------------------------------------ Michigan Minnesota Tax-Exempt Fund Tax-Exempt Fund Six months ended Year ended Six months ended Year ended (Unaudited) (Unaudited) ------------------------------------------------------------------------------------------------------------- Investment income -- net $ 2,202,597 $ 4,347,534 $11,944,482 $23,264,721 Net realized gain on investments 92,849 316,845 912,540 512,083 Net change in unrealized appreciation or depreciation 1,352,535 274,473 6,466,361 20,022 ------------------------------------------------------------------------------------------------------------ Net increase in net assets resulting from operations 3,647,981 4,938,852 19,323,383 23,796,826 ------------------------------------------------------------------------------------------------------------ Distributions to shareholders from: Net investment income Class A (2,140,334) (4,267,967) (11,505,726) (22,792,680) Class B (67,486) (83,171) (456,412) (470,510) Net realized gain on securities Class A (22,580) (1,011,054) -- (300,981) Class B (286) (21,404) -- (6,713) ------------------------------------------------------------------------------------------------------------- Total distributions (2,230,686) (5,383,596) (11,962,138) (23,570,884) ------------------------------------------------------------------------------------------------------------- Share transactions (Note 4) ------------------------------------------------------------------------------------------------------------- Proceeds from sales Class A shares (Note 2) 2,707,689 7,791,545 17,769,266 43,579,588 Class B shares 612,282 1,729,504 3,820,123 12,784,665 Reinvestment of distributions at net asset value Class A shares 1,550,441 3,972,959 8,889,287 18,480,882 Class B shares 50,401 85,004 358,912 401,374 Payments for redemptions Class A shares (5,886,022) (9,793,095) (40,984,317) (72,296,842) Class B shares (Note 2) (230,248) (166,982) (1,022,779) (1,011,844) ------------------------------------------------------------------------------------------------------------- Increase (decrease) in net assets from share transactions (1,195,457) 3,618,935 (11,169,508) 1,937,823 ------------------------------------------------------------------------------------------------------------- Total increase (decrease) in net assets 221,838 3,174,191 (3,808,263) 2,163,765 Net assets at beginning of period 81,672,898 78,498,707 409,055,963 406,892,198 ------------------------------------------------------------------------------------------------------------- Net assets at end of period (including undistributed (excess of distributions over) net investment income of $(8,339) and $(3,116) for IDS Michigan, and $(5,705) and $11,951 for IDS Minnesota) $81,894,736 $81,672,898 $405,247,700 $409,055,963 ------------------------------------------------------------------------------------------------------------- See accompanying notes to financial statements.
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Financial statements Statements of changes in net assets IDS California Tax-Exempt Trust IDS Special Tax-Exempt Series Trust ------------------------------------------------------------------------------------------------------------ Operations and distributions Dec. 31, 1996 June 30, 1996 Dec. 31, 1996 June 30, 1996 ------------------------------------------------------------------------------------------------------------ New York Ohio Tax-Exempt Fund Tax-Exempt Fund Six months ended Year ended Six months ended Year ended (Unaudited) (Unaudited) ------------------------------------------------------------------------------------------------------------ Investment income -- net $3,330,390 $6,762,893 $1,978,052 $4,040,372 Net realized gain (loss) on investments 654,760 (312,952) 325,907 (450,527) Net change in unrealized appreciation or depreciation 1,289,554 (271,393) 1,076,588 579,615 ------------------------------------------------------------------------------------------------------------ Net increase in net assets resulting from operations 5,274,704 6,178,548 3,380,547 4,169,460 ------------------------------------------------------------------------------------------------------------ Distributions to shareholders from: Net investment income Class A (3,199,193) (6,587,853) (1,929,625) (3,934,670) Class B (132,333) (175,051) (56,746) (69,847) Net realized gain on securities Class A -- -- (3,182) (133,992) Class B -- -- (133) (3,014) ------------------------------------------------------------------------------------------------------------- Total distributions (3,331,526) (6,762,904) (1,989,686) (4,141,523) ------------------------------------------------------------------------------------------------------------- Share transactions (Note 4) ------------------------------------------------------------------------------------------------------------- Proceeds from sales Class A shares (Note 2) 5,029,276 9,808,292 2,718,147 6,884,856 Class B shares 1,197,827 3,827,013 969,076 1,761,407 Reinvestment of distributions at net asset value Class A shares 2,404,775 5,179,063 1,463,403 3,192,485 Class B shares 111,961 158,781 45,252 64,381 Payments for redemptions Class A shares (12,150,324) (18,878,694) (8,519,690) (11,876,308) Class B shares (Note 2) (203,351) (862,141) (394,235) (316,974) ------------------------------------------------------------------------------------------------------------- Increase (decrease) in net assets from share transactions (3,609,836) (767,686) (3,718,047) (290,153) ------------------------------------------------------------------------------------------------------------- Total decrease in net assets (1,666,658) (1,352,042) (2,327,186) (262,216) Net assets at beginning of period 120,231,480 121,583,522 73,818,280 74,080,496 ------------------------------------------------------------------------------------------------------------- Net assets at end of period (including undistributed (excess of distributions over) net investment income of $(1,147)and $(11) for IDS New York, and $(7,624) and $695 for IDS Ohio) $118,564,822 $120,231,480 $71,491,094 $73,818,280 ------------------------------------------------------------------------------------------------------------- See accompanying notes to financial statements.
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Notes to financial statements IDS California Tax-Exempt Trust IDS Special Tax-Exempt Series Trust (Unaudited as to Dec. 31, 1996) -------------------------------------------------------------------------------- 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 currently composed of individual state tax-exempt funds and one insured national tax-exempt fund, including 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 and IDS Insured 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). Each Fund's goal is to provide a high level of income generally exempt from federal income tax as well as from the respective state and local income tax. A portion of each Fund's assets may be invested in bonds whose interest is subject to the alternative minimum tax computation. The Funds, excluding IDS Insured Tax-Exempt Fund, 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. Each Fund offers Class A, Class B and Class Y shares. Class A shares are sold with a front-end sales charge. Class B shares may be subject to a contingent deferred sales charge. Class B shares automatically convert to Class A after eight years. All classes of shares have identical voting, dividend, liquidation and other rights, and the same terms and conditions, except that the level of distribution fee, transfer agency fee and service fee (class specific expenses) differs among classes. Income, expenses (other than class-specific expenses) and realized and unrealized gains or losses on investments are allocated to each class of shares based upon its relative net assets. The significant accounting policies followed by the Funds are summarized as follows: Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decrease in net assets from operations during the period. Actual results could differ from those estimates. 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. Determination of fair value involves, among other things, reference to market indexes, matrixes and data from independent brokers. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates; those maturing in 60 days or less are valued at amortized cost. Option transactions In order to produce incremental earnings, protect gains and facilitate buying and selling of securities for investment purposes, the Funds may buy or sell put and call options and write covered call options on portfolio securities and may write cash-secured put options. The risk in writing a call option is that the Funds give up the opportunity for profit if the market price of the security increases. The risk in writing a put option is that the Funds may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Funds pay a premium whether or not the option is exercised. The Funds also have the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist. The Funds also may write over-the-counter options where the completion of the obligation is dependent upon the credit standing of the other party. Option contracts are valued daily at the closing prices on their primary exchanges and unrealized appreciation or depreciation is recorded. Each Fund will realize a gain or loss upon expiration or closing of the option transaction. When options on debt securities or futures are exercised, the Fund will realize a gain or loss. When other options are exercised, the proceeds on sales for a written call option, the purchase cost for a written put option or the cost of a security for a purchased put or call option is adjusted by the amount of the premium received or paid. Futures transactions In order to gain exposure to or protect itself from changes in the market, the Funds may buy or sell interest rate futures contracts. Risks of entering into futures contracts and related options include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities. Upon entering into a futures contract, the Funds may be required to deposit either cash or securities in an amount (initial margin) equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Funds each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. The Funds recognize a realized gain or loss when the contract is closed or expires. Federal income taxes Since each Fund intends to comply with all sections of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to shareholders, no provision for income or excise taxes is required. Each Fund is treated as a separate entity for federal income tax purposes. 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 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. The effect on dividend distributions of certain book-to-tax differences is presented as "excess distributions" in the statement of changes in net assets. 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 Funds. Dividends to shareholders Dividends from net investment income, declared daily and paid 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 at the end of the calendar year. Other Security transactions are accounted for on the date securities are purchased or sold. Interest income, including amortization of premium and discount on a level yield basis, is accrued daily. -------------------------------------------------------------------------------- 2. Expenses and sales charges Effective March 20, 1995, each Fund entered into an agreement with AEFC for managing its portfolio, providing administrative services and serving as transfer agent. Under its Investment Management Services Agreement, AEFC determines which securities will be purchased, held or sold. The management fee is a percentage of each Fund's average daily net assets in reducing percentages from 0.47% to 0.38% annually. Under an Administrative Services Agreement, each Fund pays AEFC for administration and accounting services at a percentage of each Fund's average daily net assets in reducing percentages from 0.04% to 0.02% annually. Under a separate Transfer Agency Agreement, AEFC maintains shareholder accounts and records. Each Fund pays AEFC an annual fee per shareholder account for this service as follows: o Class A $15.50 o Class B $16.50 Each Fund entered into agreements with American Express Financial Advisors Inc. for distribution and shareholder servicing-related services. Under a Plan and Agreement of Distribution, each Fund pays a distribution fee at an annual rate of 0.75% of the Fund's average daily net assets attributable to Class B shares for distribution-related services. Under a Shareholder Service Agreement, each Fund pays a fee for service provided to shareholders by financial advisors and other servicing agents. The fee is calculated at a rate of 0.175% of each Fund's average daily net assets attributable to Class A and Class B shares. Sales charges received by American Express Financial Advisors Inc. for distributing the Funds' shares for the period ended Dec. 31, 1996, are as follows: Fund Class A Class B --------------------------------------------------------------- IDS California $195,690 $5,131 IDS Massachusetts 123,567 5,087 IDS Michigan 69,384 2,760 IDS Minnesota 391,935 14,229 IDS New York 138,040 1,535 IDS Ohio 57,478 2,675 During the period ended Dec. 31, 1996, the Funds' custodian and transfer agency fees were reduced as a result of earnings credits from overnight cash balances as follows: Fund Reduction ----------------------------------------- IDS California $21,895 IDS Massachusetts 5,037 IDS Michigan 1,875 IDS Minnesota 67,538 IDS New York 11,763 IDS Ohio 7,240 -------------------------------------------------------------------------------- 3. Securities transactions For the period ended Dec. 31, 1996, cost of purchases and proceeds from sales (other than short-term obligations) aggregated for each Fund are as follows: Fund Purchases Proceeds ----------------------------------------------------------------------- IDS California $18,092,522 $18,025,929 IDS Massachusetts 2,436,948 1,991,920 IDS Michigan 11,302,011 11,172,825 IDS Minnesota 28,723,798 30,136,693 IDS New York 2,752,218 5,459,325 IDS Ohio 5,507,081 9,355,000 Net realized gains and losses on investment sales are determined on an identified cost basis. -------------------------------------------------------------------------------- 4. Capital share transactions Transactions in shares of each Fund for the periods indicated are as follows: California Tax-Exempt Fund Six months ended Dec. 31, 1996 Class A Class B -------------------------------------------------------------------- Sold 1,743,707 390,126 Issued for reinvested distributions 907,128 29,733 Redeemed (3,371,303) (122,129) -------------------------------------------------------------------- Net increase (decrease) (720,468) 297,730 -------------------------------------------------------------------- Year ended June 30, 1996 Class A Class B -------------------------------------------------------------------- Sold 4,511,208 995,477 Issued for reinvested distributions 1,925,937 35,294 Redeemed (7,378,222) (184,480) -------------------------------------------------------------------- Net increase (decrease) (941,077) 846,291 -------------------------------------------------------------------- Massachusetts Tax-Exempt Fund Six months ended Dec. 31, 1996 Class A Class B -------------------------------------------------------------------- Sold 695,017 289,211 Issued for reinvested distributions 257,660 21,743 Redeemed (1,050,329) (98,002) -------------------------------------------------------------------- Net increase (decrease) (97,652) 212,952 -------------------------------------------------------------------- Year ended June 30, 1996 Class A Class B -------------------------------------------------------------------- Sold 2,049,431 819,429 Issued for reinvested distributions 529,225 27,882 Redeemed (2,742,630) (147,842) -------------------------------------------------------------------- Net increase (decrease) (163,974) 699,469 --------------------------------------------------------------------
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Michigan Tax-Exempt Fund Six months ended Dec. 31, 1996 Class A Class B -------------------------------------------------------------------- Sold 499,257 112,785 Issues for reinvested distributions 286,006 9,293 Redeemed (1,088,331) (42,580) -------------------------------------------------------------------- Net increase (decrease) (303,068) 79,498 -------------------------------------------------------------------- Year ended June 30, 1996 Class A Class B -------------------------------------------------------------------- Sold 1,429,150 315,865 Issued for reinvested distributions 725,994 15,490 Redeemed (1,794,375) (30,500) -------------------------------------------------------------------- Net increase 360,769 300,855 -------------------------------------------------------------------- Minnesota Tax-Exempt Fund Six months ended Dec. 31, 1996 Class A Class B -------------------------------------------------------------------- Sold 3,383,674 726,544 Issued for reinvested distributions 1,691,866 68,284 Redeemed (7,809,635) (194,833) -------------------------------------------------------------------- Net increase (decrease) (2,734,095) 599,995 -------------------------------------------------------------------- Year ended June 30, 1996 Class A Class B -------------------------------------------------------------------- Sold 8,270,935 2,429,988 Issued for reinvested distributions 3,510,209 76,278 Redeemed (13,742,113) (192,219) -------------------------------------------------------------------- Net increase (decrease) (1,960,969) 2,314,047 --------------------------------------------------------------------
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New York Tax-Exempt Fund Six months ended Dec. 31, 1996 Class A Class B -------------------------------------------------------------------- Sold 983,579 233,517 Issued for reinvested distributions 470,446 21,893 Redeemed (2,376,817) (39,793) -------------------------------------------------------------------- Net increase (decrease) (922,792) 215,617 -------------------------------------------------------------------- Year ended June 30, 1996 Class A Class B -------------------------------------------------------------------- Sold 1,906,925 744,701 Issued for reinvested distibutions 1,006,844 30,877 Redeemed (3,672,303) (166,438) -------------------------------------------------------------------- Net increase (decrease) (758,534) 609,140 -------------------------------------------------------------------- Ohio Tax-Exempt Fund Six months ended Dec. 31, 1996 Class A Class B -------------------------------------------------------------------- Sold 508,212 180,956 Issued for reinvested distributions 273,865 8,467 Redeemed (1,598,476) (73,830) -------------------------------------------------------------------- Net increase (decrease) (816,399) 115,593 -------------------------------------------------------------------- Year ended June 30, 1996 Class A Class B -------------------------------------------------------------------- Sold 1,279,987 327,095 Issued for reinvested distributions 596,171 12,022 Redeemed (2,225,461) (59,086) -------------------------------------------------------------------- Net increase (decrease) (349,303) 280,031 --------------------------------------------------------------------
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-------------------------------------------------------------------------------- 5. Interest rate futures contracts Investments in securities at Dec. 31, 1996, included securities that were pledged as collateral to cover initial margin deposits (see summary of significant accounting policies) as follows: Open purchase Fund Value contracts ----------------------------------------------------------------------- IDS California $3,293,850 32 IDS Massachusetts 1,753,293 9 IDS Michigan 562,715 10 IDS Minnesota 6,544,610 51 IDS New York 2,242,288 63 IDS Ohio 2,130,369 9 The market value of the open contracts at Dec. 31, 1996, was as follows: Net Market unrealized Fund value gain ----------------------------------------------------------------------- IDS California $3,714,000 34,156 IDS Massachusetts 1,044,562 9,562 IDS Michigan 1,160,625 10,468 IDS Minnesota 5,919,188 54,187 IDS New York 7,311,938 78,032 IDS Ohio 1,044,563 9,562 The Funds maintain, in a segregated account with its custodian, advanced refunded bonds with at least a market value equal to the value of these open long futures contracts. Advanced refunded bonds are highly liquid, usually covered by government securities, which will be refunded at the bond's first call date. -------------------------------------------------------------------------------- 6. Capital loss carryover For federal income tax purposes, capital loss carryovers were as follows at June 30, 1996: Fund Carryover ------------------------------------------ IDS California $ 182,601 IDS Massachusetts 426,167 IDS Michigan 216,362 IDS Minnesota 2,911,065 IDS New York 2,695,894 IDS Ohio 843,358 These capital loss carryovers will expire in 1999 through 2005 if not offset by subsequent capital gains. It is unlikely the board will authorize a distribution of any net realized capital gains for a Fund until the respective capital loss carryover has been offset or expires.
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[Enlarge/Download Table] IDS California Tax-Exempt Trust IDS California Tax-Exempt Fund -------------------------------------------------------------------------------- 7. Financial Highlights The table below shows certain important financial information for evaluating the Fund's results. Fiscal period ended June 30, Per share income and capital changes*** Class A 1996+ 1996 1995 1994 1993 1992 1991 1990 1989* 1988** 1987** Net asset value, $5.15 $5.16 $5.13 $5.41 $5.18 $4.94 $4.89 $4.97 $4.82 $4.66 $5.07 beginning of period Income from investment operations: Net investment .14 .28 .30 .31 .30 .31 .32 .32 .16 .32 .32 income Net gains (losses) .11 .02 .03 (.28) .23 .24 .05 (.08) .15 .16 (.41) (both realized and unrealized) Total from .25 .30 .33 .03 .53 .55 .37 .24 .31 .48 (.09) investment operations Less distributions: Dividends from net (.14) (.28) (.30) (.31) (.30) (.31) (.32) (.32) (.16) (.32) (.32) investment income Distributions from (.01) (.03) -- -- -- -- -- -- -- -- -- realized gains Total distributions (.15) (.31) (.30) (.31) (.30) (.31) (.32) (.32) (.16) (.32) (.32) Net asset value, $5.25 $5.15 $5.16 $5.13 $5.41 $5.18 $4.94 $4.89 $4.97 $4.82 $4.66 end of period Ratios/supplemental data: Class A 1996+ 1996 1995 1994 1993 1992 1991 1990 1989* 1988** 1987** Net assets, end of $235 $234 $239 $255 $261 $222 $185 $142 $95 $63 $40 period (in millions) Ratio of expenses to .83%++ .80% .65% .61% .63% .64% .60% .62% .64%++ .72% .78% average daily net assets## Ratio of net income 5.33%++ 5.40% 5.89% 5.67% 5.78% 6.16% 6.51% 6.53% 6.67%++ 6.61% 6.74% to average daily net assets Portfolio turnover 8% 15% 48% 27% 5% 7% 23% 20% 6% 13% 16% rate(excluding short-term securities) Total return# 4.9% 6.0% 6.5% 0.4% 10.8% 11.4% 7.7% 5.0% 6.5%+++ 10.5% (1.6%) * Six months ended June 30, 1989. The Fund's fiscal year end was changed from Dec. 31 to June 30, effective 1989. ** Fiscal years ended Dec. 31, 1987 and Dec. 31, 1988. *** For a share outstanding throughout the period. Rounded to the nearest cent. + Six months ended Dec. 31, 1996 (Unaudited). ++ Adjusted to an annual basis. +++ For the fiscal period ended June 30, 1989, the annualized total return was 13.6%. # Total return does not reflect payment of a sales charge. ## Effective fiscal year 1996, expense ratio is based on total expenses of the Fund before reduction of earnings credits on cash balances.
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The table below shows certain important financial information for evaluating the Fund's results. Fiscal period ended June 30, Per share income and capital changes* Class B 1996*** 1996 1995** Net asset value, $5.15 $5.16 $5.21 beginning of period Income from investment operations: Net investment income .12 .24 .09 Net gains (losses) .11 .02 (.05) (both realized and unrealized) Total from investment .23 .26 .04 operations Less distributions: Dividends from net (.12) (.24) (.09) investment income Distributions from (.01) (.03) -- realized gains Total distributions (.13) (.27) (.09) Net asset value, $5.25 $5.15 $5.16 end of period Ratios/supplemental data: Class B 1996*** 1996 1995** Net assets, end of $8 $6 $2 period (in millions) Ratio of expenses to 1.56%+ 1.57% 1.51%+ average daily net assets# Ratio of net income to 4.59%+ 4.64% 4.87%+ average daily net assets Portfolio turnover 8% 15% 48% rate (excluding short-term securities) Total return++ 4.5% 5.2% 0.8% * For a share outstanding throughout the period. Rounded to the nearest cent. ** Inception date was March 20, 1995. *** Six months ended Dec. 31, 1996 (Unaudited). + Adjusted to an annual basis. ++ Total return does not reflect payment of a sales charge. # Effective fiscal year 1996, expense ratio is based on total expenses of the Fund before reduction of earnings credits on cash balances.
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[Enlarge/Download Table] IDS Special Tax-Exempt Series Trust IDS Massachusetts Tax-Exempt Fund Financial highlights The table below shows certain important financial information for evaluating the Fund's results. Fiscal period ended June 30, Per share income and capital changes* Class A 1996** 1996 1995 1994 1993 1992 1991 1990 1989 1988 Net asset value, $5.30 $5.27 $5.24 $5.49 $5.20 $4.96 $4.88 $5.01 $4.91 $5.00 beginning of period Income from investment operations: Net investment income .14 .28 .30 .30 .30 .31 .32 .32 .32 .31 Net gains (losses) .11 .03 .03 (.25) .29 .24 .08 (.12) .12 (.06) (both realized and unrealized) Total from investment .25 .31 .33 .05 .59 .55 .40 .20 .44 .25 operations Less distributions: Dividends from net (.14) (.28) (.30) (.30) (.30) (.31) (.32) (.32) (.32) (.31) investment income Distributions from -- -- -- -- -- -- -- (.01) (.02) (.03) realized gains Total distributions (.14) (.28) (.30) (.30) (.30) (.31) (.32) (.33) (.34) (.34) Net asset value, $5.41 $5.30 $5.27 $5.24 $5.49 $5.20 $4.96 $4.88 $5.01 $4.91 end of period Ratios/supplemental data: Class A 1996** 1996 1995 1994 1993 1992 1991 1990 1989 1988 Net assets, end of $69 $68 $68 $72 $64 $44 $27 $19 $13 $4 period (in millions) Ratio of expenses to .90%# .86% .72% .69% .72% .72% .69% .70% .84% .93%*** average daily net assets++ Ratio of net income to 5.22%# 5.26% 5.74% 5.40% 5.57% 6.05% 6.53% 6.59% 6.55% 6.40%*** average daily net assets Portfolio turnover rate 3% 6% 16% 6% 0% 2% 16% 36% 25% 34% (excluding short-term securities) Total return+ 4.8% 6.0% 6.5% 0.9% 11.5% 11.4% 8.5% 4.2% 9.2% 5.3% * For a share outstanding throughout the period. Rounded to the nearest cent. ** Six months ended Dec. 31, 1996 (Unaudited). *** During the period from July 2, 1987 to March 31, 1988,American Express Financial Corporation voluntarily reimbursed the Fund for expenses in excess of 0.75% of its average daily net assets, on an annual basis. Had American Express Financial Corporation not done so, the ratio of net investment income would have been 1.30% and 6.03%, respectively. # Adjusted to an annual basis. + Total return does not reflect payment of a sales charge. ++ Effective fiscal year 1996, expense ratio is based on total expenses of the Fund before reduction of earnings credits on cash balances.
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The table below shows certain important financial information for evaluating the Fund's results. Fiscal period ended June 30, Per share income and capital changes* Class B 1996*** 1996 1995** Net asset value, $5.30 $5.27 $5.31 beginning of period Income from investment operations: Net investment income .12 .24 .09 Net gains (losses) .11 .03 (.04) (both realized and unrealized) Total from investment .23 .27 .05 operations Less distributions: Dividends from net (.12) (.24) (.09) investment income Net asset value, $5.41 $5.30 $5.27 end of period Ratios/supplemental data: Class B 1996*** 1996 1995** Net assets, end $7 $6 $2 of period (in millions) Ratio of expenses to 1.65%+ 1.63% 1.59%+ average daily net assets+++ Ratio of net income to 4.48%+ 4.51% 4.83%+ average daily net assets Portfolio turnover rate 3% 6% 16% (excluding short-term securities) Total return++ 4.4% 5.2% 0.9% * For a share outstanding throughout the period. Rounded to the nearest cent. ** Inception date was March 20, 1995. *** Six months ended Dec. 31, 1996 (Unaudited). + Adjusted to an annual basis. ++ Total return does not reflect payment of a sales charge. +++ Effective fiscal year 1996, expense ratio is based on total expenses of the Fund before reduction of earnings credit on cash balances.
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[Enlarge/Download Table] IDS Special Tax-Exempt Series Trust IDS Michigan Tax-Exempt Fund Financial highlights The table below shows certain important financial information for evaluating the Fund's results. Fiscal period ended June 30, Per share income and capital changes* Class A 1996** 1996 1995 1994 1993 1992 1991 1990 1989 1988 Net asset value, $5.36 $5.39 $5.35 $5.60 $5.31 $5.04 $4.96 $5.08 $4.85 $5.00 beginning of period Income from investment operations: Net investment income .14 .30 .30 .31 .31 .32 .32 .32 .32 .31 Net gains (losses) .10 .04 .05 (.25) .29 .27 .08 (.12) .23 (.11) (both realized and unrealized) Total from investment .24 .34 .35 .06 .60 .59 .40 .20 .55 .20 operations Less distributions: Dividends from net (.14) (.30) (.31) (.31) (.31) (.32) (.32) (.32) (.32) (.31) investment income Distributions from -- (.07) -- -- -- -- -- -- -- (.04) realized gains Total distributions (.14) (.37) (.31) (.31) (.31) (.32) (.32) (.32) (.32) (.35) Net asset value, $5.46 $5.36 $5.39 $5.35 $5.60 $5.31 $5.04 $4.96 $5.08 $4.85 end of period Ratios/supplemental data: Class A 1996** 1996 1995 1994 1993 1992 1991 1990 1989 1988 Net assets, end of $79 $79 $78 $77 $72 $55 $41 $29 $16 $8 period (in millions) Ratio of expenses to .85%# .82% .70% .65% .68% .67% .67% .71% .81% .87%*** average daily net assets+ Ratio of net income to 5.35# 5.37% 5.71% 5.43% 5.64% 6.18% 6.45% 6.47% 6.50% 6.56%*** average daily net assets Portfolio turnover 14% 29% 48% 16% 2% 0% 3% 5% 10% 14% rate (excluding short-term securities) Total return++ 4.5% 6.3% 6.6% 1.0% 11.6% 12.0% 8.3% 4.1% 11.7% 4.4% * For a share outstanding throughout the period. Rounded to the nearest cent. ** Six months ended Dec. 31, 1996 (Unaudited). *** During the period from July 2, 1987 to March 31, 1988, American Express Financial Corporation voluntarily reimbursed the Fund for expenses in excess of 0.75% of its average daily net assets, on an annual basis. Had American Express Finanacial Corporation not done so, the ratio of expenses and ratio of net investment income would have been 1.09% and 6.34%, respectively. # Adjusted to an annual basis. + Effective fiscal year 1996, expense ratio is based on total expenses of the Fund before reduction of earnings credits on cash balances. ++ Total return does not reflect payment of a sales charge.
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The table below shows certain important financial information for evaluating the Fund's results. Fiscal period ended June 30, Per share income and capital changes* Class B 1996*** 1996 1995** Net asset value, $5.36 $5.39 $5.43 beginning of period Income from investment operations: Net investment income .12 .25 .09 Net gains (losses) .10 .04 (.04) (both realized and unrealized) Total from investment .22 .29 .05 operations Less distributions: Dividends from net (.12) (.25) (.09) investment income Distributions from -- (.07) -- realized gains Total distributions (.12) (.32) (.09) Net asset value, $5.46 $5.36 $5.39 end of period Ratios/supplemental data: Class B 1996*** 1996 1995** Net assets, end of $3 $3 $1 period (in millions) Ratio of expenses to 1.59%+ 1.59% 1.62%+ average daily net assets++ Ratio of net income to 4.63%+ 4.63% 4.89%+ average daily net assets Portfolio turnover 14% 29% 48% rate (excluding short-term securities) Total return+++ 4.1% 5.6% 0.9% * For a share outstanding throughout the period. Rounded to the nearest cent. ** Inception date was March 20, 1995. *** Six months ended Dec. 31, 1996 (Unaudited). + Adjusted to an annual basis. ++ Effective fiscal year 1996, expense ratio is based on total expenses the Fund before reduction of earnings credits on cash balances. +++ Total return does not reflect payment of a sales charge.
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[Enlarge/Download Table] IDS Special Tax-Exempt Series Trust IDS Minnesota Tax-Exempt Fund Financial highlights The table below shows certain important financial information for evaluating the Fund's results. Fiscal period ended June 30, Per share income and capital changes*** Class A 1996+ 1996 1995 1994 1993 1992 1991 1990 1989* 1988** 1987** Net asset value, $5.20 $5.19 $5.16 $5.44 $5.22 $5.01 $4.95 $5.05 $4.86 $4.76 $5.18 beginning of period Income from investment operations: Net investment income .15 .30 .31 .31 .31 .33 .33 .32 .16 .33 .33 Net gains (losses) .09 .01 .03 (.28) .22 .21 .06 (.10) .19 .10 (.42) (both realized and unrealized) Total from investment .24 .31 .34 .03 .53 .54 .39 .22 .35 .43 (.09) operations Less distributions: Dividends from net (.15) (.30) (.31) (.31) (.31) (.33) (.33) (.32) (.16) (.33) (.33) investment income Net asset value, $5.29 $5.20 $5.19 $5.16 $5.44 $5.22 $5.01 $4.95 $5.05 $4.86 $4.76 end of period Ratios/supplemental data: Class A 1996+ 1996 1995 1994 1993 1992 1991 1990 1989* 1988** 1987** Net assets, end of $386 $393 $403 $408 $402 $313 $233 $181 $121 $82 $50 period (in millions) Ratio of expenses to .78%+++ 80% .67% .66% .67% .66% .63% .64% .65%++ .65% .78% average daily net assets## Ratio of net income to 5.81%++ 5.66% 6.01% 5.73% 5.91% 6.43% 6.67% 6.62% 6.84%+++ 6.73% 6.83% average daily net assets Portfolio turnover 7% 13% 28% 13% 2% 7% 10% 8% 0% 14% 40% rate (excluding short-term securities) Total return+++ 4.8% 5.9% 6.8% 0.4% 10.5% 11.0% 8.2% 4.8% 7.4%# 9.3% (1.4%) * Six months ended June 30, 1989. The Fund's fiscal year end was changed from Dec. 31 to June 30, effective 1989. ** Fiscal years ended Dec. 31, 1987 and Dec. 31, 1988. *** For a share outstanding throughout the period. Rounded to the nearest cent. + Six months ended Dec. 31, 1996 (Unaudited). ++ Adjusted to an annual basis. +++ Total return does not reflect payment of a sales charge. # For the fiscal period ended June 30, 1989, the annualized total return was 15.5%. ## Effective fiscal year 1996, expense ratio is based on total expenses of the Fund before reduction of earnings credit on cash balances.
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The table below shows certain important financial information for evaluating the Fund's results. Fiscal period ended June 30, Per share income and capital changes* Class B 1996*** 1996 1995** Net asset value, $5.20 $5.19 $5.24 beginning of period Income from investment operations: Net investment income .13 .26 .09 Net gains (losses) .09 .01 (05) (both realized and unrealized) Total from investment .22 .27 .04 operations Less distributions: Dividends from net (.13) (.26) (.09) investment income Net asset value, $5.29 $5.20 $5.19 end of period Ratios/supplemental data: Class B 1996*** 1996 1995** Net assets, end of $20 $16 $4 period (in millions) Ratio of expenses to 1.53%+ 1.57% 1.27%+ average daily net assets # Ratio of net income to 5.06%+ 4.94% 5.40%+ average daily net assets Portfolio turnover 7% 13% 28% rate (excluding short-term securities) Total return++ 4.4% 5.2% 0.8% * For a share outstanding throughout the period. Rounded to the nearest cent. ** Inception date was March 20, 1995. *** Six months ended Dec. 31, 1996 (Unaudited). + Adjusted to an annual basis. ++ Total return does not reflect payment of a sales charge. # Effective fiscal year 1996, expense ratio is based on total expenses of the Fund before redution of earnings credit on cash balances.
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[Enlarge/Download Table] IDS Special Tax-Exempt Series Trust IDS New York Tax-Exempt Fund Financial highlights The table below shows certain important financial information for evaluating the Fund's results. Fiscal period ended June 30, Per share income and capital changes*** Class A 1996+ 1996 1995 1994 1993 1992 1991 1990 1989* 1988** 1987** Net asset value, $5.06 $5.09 $5.12 $5.41 $5.13 $4.86 $4.80 $4.87 $4.73 $4.58 $5.07 beginning of period Income from investment operations: Net investment income .14 .29 .30 .30 .30 .31 .31 .31 .16 .31 .31 Net gains (losses) .09 (.03) (.03) (.29) .28 .27 .06 (.07) .14 .15 (.49) (both realized and unrealized) Total from investment .23 .26 .27 .01 .58 .58 .37 .24 .30 .46 (.18) operations Less distributions: Dividends from net (.14) (.29) (.30) (.30) (.30) (.31) (.31) (.31) (.16) (.31) (.31) investment income Net asset value, $5.15 $5.06 $5.09 $5.12 $5.41 $5.13 $4.86 $4.80 $4.87 $4.73 $4.58 end of period Ratios/supplemental data: Class A 1996+ 1996 1995 1994 1993 1992 1991 1990 1989* 1988** 1987** Net assets, end of $112 $115 $120 $120 $117 $95 $79 $68 $49 $34 $21 period (in millions) Ratio of expenses to .82%++ .82% .70% .65% .67% .67% .65% .65% .66%++ .71% .88% average daily net assets## Ratio of net income to 5.51%++ 5.51% 6.00% 5.61% 5.79% 6.26% 6.53% 6.57% 6.78%++ 6.61% 6.79% average daily net assets Portfolio turnover 2% 9% 20% 10% 0% 8% 17% 8% 1% 6% 20% rate (excluding short-term securities) Total return+++ 4.5% 5.2% 5.5% 0.1% 11.6% 12.3% 8.2% 5.0% 6.5%# 10.3% (3.4%) * Six months ended June 30, 1989. The Fund's fiscal year was changed from Dec. 31 to June 30, effective 1989. ** Fiscal years ended Dec. 31, 1987 and Dec. 31, 1988. *** For a share outstanding throughout the period. Rounded to the nearest cent. + Six months ended Dec. 31, 1996 (Unaudited). ++ Adjusted to an annual basis. +++ Total return does not reflect payment of a sales charge. # For the fiscal period ended June 30, 1989, the annualized total return was 13.6%. ## Effective fiscal year 1996, expense ratio is based on total expense of the Fund before reduction of earnings credits on cash balances.
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IDS Special Tax-Exempt Series Trust IDS New York Tax-Exempt Fund Financial highlights The table below shows certain important financial information for evaluating the Fund's results. Fiscal period ended June 30, Per share income and capital changes* Class B 1996*** 1996 1995** Net asset value, $5.06 $5.09 $5.17 beginning of period Income from investment operations: Net investment income .12 .25 .09 Net gains (losses) .09 (.03) (.08) (both realized and unrealized) Total from investment .21 .22 .01 operations Less distributions: Dividends from net (.12) (.25) (.09) investment income Net asset value, $5.15 $5.06 $5.09 end of period Ratios/supplemental data: Class B 1996*** 1996 1995** Net assets, end of $6 $5 $2 period (in millions) Ratio of expenses to 1.57%++ 1.59% 1.59%++ average daily net assets+++ Ratio of net income to 4.76%++ 4.79% 5.42%++ average daily net assets Portfolio turnover rate 2% 9% 20% (excluding short-term securities) Total return+ 4.1% 4.4% 0.2% * For a share outstanding throughout the period. Rounded to the nearest cent. ** Inception date was March 20, 1995. *** Six months ended Dec. 31, 1996 (Unaudited). + Total return does not reflect payment of a sales charge. ++ Adjusted to an annual basis. +++ Effective fiscal year 1996, expense ratio is based on total expense of the Fund before reduction of earnings credits on cash balances.
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[Enlarge/Download Table] IDS Special Tax-Exempt Series Trust IDS Ohio Tax-Exempt Fund Financial highlights The table below shows certain important financial information for evaluating the Fund's results. Fiscal period ended June 30, Per share income and capital changes* Class A 1996** 1996 1995 1994 1993 1992 1991 1990 1989 1988 Net asset value, $5.28 $5.28 $5.26 $5.58 $5.28 $5.01 $4.94 $5.04 $4.87 $5.00 beginning of period Income from investment operations: Net investment income .14 .29 .29 .30 .30 .31 .32 .31 .31 .32 Net gains (losses) .11 .01 .03 (.32) .31 .27 .07 (.09) .18 (.10) (both realized and unrealized) Total from investment .25 .30 .32 (.02) .61 .58 .39 .22 .49 .22 operations Less distributions: Dividends from net (.14) (.29) (.30) (.30) (.30) (.31) (.32) (.31) (.31) (.32) investment income Distributions from -- (.01) -- -- (.01) -- -- (.01) (.01) (.03) realized gains Total distributions (.14) (.30) (.30) (.30) (.31) (.31) (.32) (.32) (.32) (.35) Net asset value, $5.39 $5.28 $5.28 $5.26 $5.58 $5.28 $5.01 $4.94 $5.04 $4.87 end of period Ratios/supplemental data: Class A 1996** 1996 1995 1994 1993 1992 1991 1990 1989 1988 Net assets, end of $69 $72 $73 $72 $65 $47 $33 $25 $16 $8 period (in millions) Ratio of expenses to .85%# .85% .71% .66% .67% .70% .68% .70% .82% .86%+ average daily net assets## Ratio of net income to 5.38%# 5.35% 5.65% 5.44% 5.65% 6.14% 6.41% 6.43% 6.40% 6.64%+ average daily net assets Portfolio turnover 8% 24% 45% 11% 0% 5% 2% 6% 10% 0% rate(excluding short-term securities) Total return++ 4.7% 5.7% 6.2% (0.5%) 12.1% 11.9% 8.1% 4.6% 10.5% 4.7% * For a share outstanding throughout the period. Rounded to the nearest cent. ** Six months ended Dec. 31, 1996 (Unaudited). + During the period from July 2, 1987 to March 31, 1988, American Express Financial Corporation voluntarily reimbursed the Fund for expenses in excess of 0.75% of its average daily net assets, on an annual basis. Had American Express Financial Corporation not done so, the ratio of net investment income would have been 1.09% and 6.41%, respectively. ++ Total return does not reflect payment of a sales charge. # Adjusted to an annual basis. ## Effective fiscal year 1996, expense ratio is based on total expense of the Fund before reduction of earnings credits on cash balances.
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The table below shows certain important financial information for evaluating the Fund's results. Fiscal period ended June 30, Per share income and capital changes* Class B 1996*** 1996 1995** Net asset value, $5.28 $5.28 $5.34 beginning of period Income from investment operations: Net investment income .12 .24 .09 Net gains (losses) .11 .01 (.06) (both realized and unrealized) Total from investment .23 .25 .03 operations Less distributions: Dividends from net (.12) (.24) (.09) investment income Distributions from -- (.01) -- realized gains Total distributions (.12) (.25) (.09) Net asset value, $5.39 $5.28 $5.28 end of period Ratios/supplemental data: Class B 1996*** 1996 1995** Net assets, end of $3 $2 $1 period (in millions) Ratio of expenses to 1.61%+ 1.59% 1.66%+ average daily net assets# Ratio of net income to 4.64%+ 4.63% 4.58%+ average daily net assets Portfolio turnover 8% 24% 45% rate (excluding short-term securities) Total return++ 4.4% 5.0% 0.6% * For a share outstanding throughout the period. Rounded to the nearest cent. ** Inception date was March 20, 1995. *** Six months ended Dec. 31, 1996 (Unaudited). + Adjusted to an annual basis. ++ Total return does not reflect payment of a sales charge. # Effective fiscal year 1996, expense ratio is based on total expenses of the Fund before reduction of earnings credits on cash balances.
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[Enlarge/Download Table] Investments in securities IDS California Tax-Exempt Fund (Percentages represent value of Dec. 31, 1996 (Unaudited) investments compared to net assets) ----------------------------------------------------------------------------------------------------------------------------------- Municipal bonds (98.7%) ----------------------------------------------------------------------------------------------------------------------------------- Name of issuer and Coupon Maturity Principal Value(a) title of issue (b,c,d) rate year amount ----------------------------------------------------------------------------------------------------------------------------------- Aliso Viejo Orange County District Community Facilities District #88-1 Special Tax Bonds Series 1992A 7.35 % 2018 $ 3,000,000 $ 3,492,810 ABAG Finance Authority for Nonprofit Corporations Certificate of Participation International School Project Series 1996 7.375 2026 2,200,000 2,092,970 Anaheim Public Finance Authority Revenue Bonds 2nd Series Electric Utilities San Juan (FGIC Insured) 5.75 2022 11,100,000 11,156,721 Brea Redevelopment Agency Tax Allocation Refunding Bonds Redevelopment Project AB (MBIA Insured) 5.50 2017 1,800,000 1,771,596 Burbank Redevelopment Agency Tax Allocation Bonds Golden State Series 1993A 6.00 2023 2,000,000 2,016,360 Cathedral Public Finance Authority Revenue Tax Allocation Bonds Series A (MBIA Insured) 5.50 2017 2,230,000 2,197,487 Chapman College Educational Facilities Authority Revenue Bonds Series 1989B 7.50 2018 500,000 563,900 Chico Walker Senior Housing Insured Revenue Bonds The Lodge Series 1993A 5.70 2023 1,500,000 1,473,570 Clearlake Redevelopment Agency Highlands Park Community Development Tax Allocation Bonds Series 1993 6.40 2023 1,420,000 1,433,064 Eastern Municipal Water District Riverside County Water & Sewer Revenue Certificates of Participation Series 1991 6.00 2023 1,000,000 1,012,860 Eastern Municipal Water District Riverside County Water & Sewer Pre-Refunded Revenue Certificates of Participation Series 1991(FGIC Insured) 6.50 2020 3,000,000 3,319,590 El Camino Hospital District Hospital Pre-Refunded Revenue Certificate of Participation Series A 8.50 2017 1,500,000 1,579,125 Encinitas Unified School District Unlimited General Obligation Bonds Series 1996 Zero Coupon (MBIA Insured) 5.85 2015-16 3,500,000(h) 1,205,430 Fontana Redevelopment Agency Refunding Certificate of Participation Police Facility Series 1993 5.625 1997 4,500,000 4,378,455 Fontana Unified School District Unlimited Tax General Obligation Bonds CVT Series C Zero Coupon (FGIC Insured) 8.03 1997 3,470,000(e) 3,523,056 Foothill-De Anza Community College Santa Clara County Refunding Certificate of Participation Series 1993 (Connie Lee Insured) 5.25 2021 1,675,000 1,569,375 Foothill/Eastern Transportation Corridor Agency Toll Road Senior Lien Revenue Bonds Series 1995A 6.00 2034 1,775,000 1,776,313 Garden Grove Agency Community Development Tax Allocation Refunding Bonds Garden Grove Community 5.875 2023 3,000,000 2,922,750 Garden Grove Certificate of Participation Bahia Village/Emerald Isle (FSA Insured) 5.70 2023 2,660,000 2,652,632 Hayward Civic Center Project Certificate of Participation Series 1996 (MBIA Insured) 5.50 2017 1,000,000 990,230 Huntington Beach Certificate of Participation Revenue Bonds Civic Center Refinancing (AMBAC Insured) 5.50 2016 1,715,000 1,684,662 Indian Wells Improvement Bonds Assessment District #13 7.50 2008 370,000(g) 381,377 Irwindale Redevelopment Agency Sub Lien Tax Allocation Bonds Series 1996 7.00 2019 1,700,000 1,783,589 Janesville Union School District Lassen County General Obligation Bonds Series 1996 Election Bank Qualified 6.45 2021 875,000 874,939 Long Beach Harbor Revenue Bonds Series 1989A A.M.T. 7.25 2019 7,000,000(g) 7,390,390 Los Angeles Convention & Exhibition Center Pre-Refunded Certificate of Participation Series 1989A 7.00 2020 5,000,000 5,435,900 Los Angeles Convention & Exhibition Center Pre-Refunded Certificate of Participation Series 1989A 7.30 2009 1,000,000 1,094,570 Los Angeles Convention & Exhibition Center Pre-Refunded Certificate of Participation Series 1989A 7.375 2018 2,900,000 3,179,618 Los Angeles County Certificate of Participation Disney Parking 5.50 2021 1,625,000 1,532,895 Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue Bonds 2nd Series 1995A (AMBAC Insured) 5.50 2017 1,650,000 1,632,015 Los Angeles County Public Works Financing Authority Lease Refunding Revenue Bonds Series 1996B (MBIA Insured) 5.25 2014 1,000,000 964,240 Los Angeles County Transportation Commission Sales Tax Refunding Revenue Bonds Series A 7.00 2019 4,150,000 4,458,843 Los Angeles County Transportation Commission Sales Tax Pre-Refunded Revenue Bonds Series A 8.00 2016 2,000,000 2,084,980 Los Angeles County Transportation Commission Sales Tax Pre-Refunded Revenue Bonds Series 1988A 7.875 2008 500,000 538,850 Los Angeles County Transportation Commission Sales Tax Refunding Revenue Bonds Series 1989A 7.40 2015 2,000,000 2,173,480 Los Angeles Department of Water & Power Electric Plant Revenue Bonds Series 1990 7.125 2030 6,500,000 7,156,955 Los Angeles Department of Water & Power Waterworks Refunding Revenue Bonds Second Issue (Secondary FGIC Insured) 4.50 2018 3,000,000 2,554,950 Los Angeles International Airport Revenue Bonds Series D (FGIC Insured) A.M.T. 5.50 2015 1,000,000 989,670 Los Angeles Multi-family Housing Revenue Bonds Park Parthenia Series 1986A (GNMA Insured) A.M.T. 7.40 2022 1,000,000 1,030,630 Los Angeles Single Family Home Mortgage Revenue Bonds Series 1991A (GNMA & FNMA Insured) A.M.T. 6.875 2025 810,000 838,480 Los Angeles State Building Authority Lease Pre-Refunded Revenue Bonds State Department of General Services Lease Series 1988A 7.25 2006 1,500,000 1,591,320 Los Angeles State Building Authority Lease Pre-Refunded Revenue Bonds State Department of General Services Lease Series 1988A 7.50 2011 1,500,000 1,595,565 Los Angeles State Harbor Revenue Bonds Series 1996B A.M.T. 5.375 2023 1,300,000 1,230,242 Los Angeles State Harbor Revenue Bonds Escrowed to Maturity 7.60 2018 1,000,000 1,233,870 Los Angeles Unified School District Certificate of Participation Series 1996A (FSA Insured) 5.50 2016 1,375,000 1,356,946 Los Angeles Wastewater System Pre-Refunded Revenue Bonds Series 1987 8.125 2017 1,000,000 1,057,960 Los Angeles Wastewater System Refunding Revenue Bonds Series D (FGIC Insured) 4.70 2017 1,000,000 881,110 Modesto Certificate of Participation Pre-Refunded Bonds Community Center 8.10 2015 1,000,000 1,057,750 Mount Diablo Hospital District Hospital Pre-Refunded Revenue Bonds Series 1990A (AMBAC Insured) 7.00 2017 3,000,000 3,343,230 North City West Community School Facility Authority Special Tax Refunding Revenue Bonds Series 1995B (CGIC Insured) 5.75 2015 1,000,000 1,008,370 Northern California Public Power Authority Power Pre-Refunded Revenue Bonds Hydroelectric Series 1986B-3 8.00 2024 2,000,000 2,123,160 Northern California Public Power Authority Power Pre-Refunded Revenue Bonds Hydroelectric #1 Series 1986B-1 8.00 2024 2,100,000 2,229,318 Northern California Transmission Agency California-Oregon Transmission Pre-Refunded Revenue Bonds Series 1990A (MBIA Insured) 7.00 2024 2,000,000 2,201,100 Northern California Transmission Select Auction Variable Rate Security & Residual Interest Revenue Bonds Inverse Floater (MBIA Insured) 5.50 2024 4,500,000(f) 4,321,575 Novato Community Facility District #1 Vintage Oaks Public Improvement Special Tax Refunding Bonds 7.25 2021 2,000,000 2,092,540 Pleasanton Joint Powers Financing Authority Reassessment Revenue Bonds Series 1993A 6.15 2012 1,895,000 1,952,513 Port of Oakland Revenue Bonds Series 1989A (BIG Insured) A.M.T. 7.60 2016 500,000 515,655 Rancho Cucamonga Redevelopment Agency 1990 Tax Allocation Pre-Refunded Bonds (MBIA Insured) 7.125 2019 3,540,000 3,879,309 Rancho Mirage Joint Powers Finance Authority Certificate of Participation Eisenhower Memorial Hospital 7.00 2022 4,250,000 4,601,135 Redding Redevelopment Agency Tax Allocation Refunding Bonds Canby Hilltop Cypress Series D (CGIC Insured) 5.00 2023 4,700,000 4,245,463 Richmond Elementary School District Lassen County General Obligation Bonds Series 1996 Election Bank Qualified 6.50 2021 649,000 648,955 Richmond Joint Powers Financing Authority Leases and Gas Tax Refunding Revenue Bonds Series 1995A 5.25 2013 3,540,000 3,332,131 Sacramento Cogeneration Authority Cogeneration Revenue Bonds Procter & Gamble Series 1995 6.375 2010 1,000,000 1,044,750 Sacramento Municipal Utility District Series R 6.00 2015-17 7,500,000 7,501,020 Sacramento Municipal Utility District Pre-Refunded Series V 7.50 2018 2,775,000 2,937,587 Sacramento Municipal Utility District Pre-Refunded Series W 7.50 2018 1,980,000 2,096,008 Sacramento Municipal Utility District Pre-Refunded Series Y (MBIA Insured) 6.75 2019 3,400,000 3,805,858 Sacramento Power Authority Cogeneration Revenue Bonds Series 1995 6.00 2022 1,000,000 1,002,470 San Diego County Capital Asset Lease Certificate of Participation Series 1993 Inverse Floater (AMBAC Insured) 7.27 2007 3,200,000(f) 3,448,000 San Diego Regional Transportation Commission Sales Tax Pre-Refunded Revenue Bonds Limited Tax Series 1989A 6.25 2008 5,030,000 5,274,156 San Joaquin County Pre-Refunded Certificate of Participation Human Services Facility Series 1989 (BIG Insured) 6.70 2009 3,500,000 3,776,605 San Joaquin County Certificate of Participation Jail & Sheriffs Operation Center (MBIA Insured) 6.75 2015 2,000,000 2,181,420 San Jose Redevelopment Agency Merged Area RedevelopmentTax Allocation Bonds Series 1993 (MBIA Insured) 4.75 2024 3,055,000 2,649,938 San Jose Redevelopment Agency Merged Area Tax Allocation Bonds Series 1993 Inverse Floater (MBIA Insured) 6.627 2014 3,000,000(f) 2,838,750 San Mateo County Transit District Limited Tax Pre-Refunded Bonds Series 1990A (MBIA Insured) 6.50 2020 1,500,000 1,590,825 Santa Clara County Mountain View- Los Altos Union High School District Unlimited Tax General Obligation Bonds Series A 5.75 2015 1,200,000 1,209,396 Santa Cruz Certificate of Participation 8.375 2007 1,220,000 1,270,398 Southern California Home Financing Authority Single Family Mortgage Revenue Bonds 1990B (GNMA Insured) A.M.T. 7.75 2024 575,000 608,488 Southern California Public Power Authority Transmission Special Bonds 6.00 2012 2,700,000 2,765,367 South Tahoe Joint Powers Financing Authority Refunding Revenue Bonds Series 1995B 6.25 2020 2,700,000 2,722,815 State Department Water Resources Water System Pre-Refunded Revenue Bonds Central Valley Series D 7.70 2024 2,400,000 2,527,080 State Department Water Resource Water System Revenue Bonds Central Valley Project Series L 5.50 2023 3,000,000 2,929,860 State Education Facility Authority Revenue Bonds Pomona College 6.00 2017 3,000,000 3,064,170 State Health Facility Finance Authority Pre-Refunded Revenue Bonds St. Joseph Health System Series 1989A 6.90 2014 3,500,000 3,792,985 State Housing Finance Agency Home Mortgage Revenue Bonds Series 1986B 6.90 2016 1,990,000 2,032,526 State Pollution Control Finance Authority Pollution Control Revenue Bonds Southern California Edison Series 1988A A.M.T. 6.90 2006 2,000,000 2,133,580 State Public Works Board Lease Revenue Bonds California Community Colleges Series 1994B 7.00 2019 2,000,000 2,336,340 State Public Works Board Lease Revenue Bonds Department of Corrections Substance Abuse Treatment Facility & State Prison at Corcoran Series 1996A (AMBAC Insured) 5.25 2021 1,870,000 1,786,542 State Public Works Board University of California Lease Pre-Refunded Revenue Bonds Series 1990A 7.00 2015 2,250,000 2,503,755 State Unlimited Tax General Obligation Bonds (Secondary FGIC Insured) 4.75 2023 1,325,000(g) 1,151,769 Statewide Community Development Authority Certificate of Participation Sutter Health Group (MBIA Insured) 5.50 2022 1,000,000 974,470 Statewide Community Development Authority Health Facilities Revenue Bonds Unihealth America Series 1993A Inverse Floater (AMBAC Insured) 7.519 2011 5,000,000(f) 5,300,000 Statewide Community Development Authority Revenue Certificate of Participation St. Joseph Health System Group 6.50 2015 5,500,000 5,902,765 Stockton Single Family Mortgage Revenue Bonds Series 1990A (GNMA Insured) A.M.T. 7.50 2023 110,000 115,710 University of Southern California Educational Facilities Authority Pre-Refunded Revenue Bonds Series 1989B 6.75 2015 5,000,000 5,397,650 Upland Certificate of Participation Water System Refunding Bonds (FGIC Insured) 6.60 2016 1,000,000 1,091,210 Vacaville Limited Obligation Improvement Bonds Water Rights Assessment District 8.00 2007 750,000 773,963 Watsonville Solid Waste Resource Recovery Revenue Bonds Series 1996 (MBIA Insured) 5.50 2016 1,775,000 1,758,191 ----------------------------------------------------------------------------------------------------------------------------------- Total municipal bonds (Cost: $ 219,816,196) $ 239,704,961 ----------------------------------------------------------------------------------------------------------------------------------- Total investments in securities (Cost: $219,816,196)(i) $ 239,704,961 -----------------------------------------------------------------------------------------------------------------------------------
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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, area as follows: (Unaudited) Rating 12-31-96 6-30-96 -------------------------------------------------------------------------------- AAA 60% 59% AA 19 19 A 11 13 BBB 7 7 BB and below 3 2 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 BIG -- Bond Investors Guarantee CGIC -- Capital Guaranty Insurance Company FGIC -- Financial Guarantee Insurance Corporation FNMA -- Federal National Mortgage Association FSA -- Financial Security Assurance GNMA -- Government National Mortgage Association MBIA -- Municipal Bond Investors Assurance (d) The following abbreviation is used in portfolio descriptions: A.M.T. -- Alternative Minimum Tax -- As of Dec. 31, 1996, the value of securities subject to alternative minimum tax represented 6.1% of net assets. (e) For those zero coupon bonds that become coupon paying at a future date, the interest rate disclosed represents the annualized effective yield from the date of acquisition to interest reset date disclosed. (f) Inverse floaters represent securities that pay interest at a rate that increases (decreases) in the same magnitude as, or in a multiple of, a decline (increase) in market short-term rates. Interest rate disclosed is the rate in effect on Dec. 31, 1996. Inverse floaters in the aggregate represent 6.5% of the Fund's net assets as of Dec. 31, 1996. (g) Partially pledged as initial deposit on the following open interest rate futures contracts (see Note 5 to the financial statements): Type of security Notional amount Purchase contracts ------------------------------------------------------------ Municipal Bonds Index March 1997 $3,200,000 ------------------------------------------------------------ (h) For zero coupon bonds, the interest rate disclosed represents the annualized effective yield on the date of acquisition. (i) At Dec.31, 1996, the cost of securities for federal income tax purposes was approximately $219,583,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $20,312,000 Unrealized depreciation (190,000) ---------------------------------------------------------------------- Net unrealized appreciation $ 20,122,000 ----------------------------------------------------------------------
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[Enlarge/Download Table] Investments in securities IDS Massachusetts Tax-Exempt Fund (Percentages represent value of Dec. 31, 1996 (Unaudited) investments compared to net assets) ------------------------------------------------------------------------------------------------------------------------------------ Municipal bonds (97.6%) ------------------------------------------------------------------------------------------------------------------------------------ Name of issuer and title of issue (b,c,d) Coupon Maturity Principal Value(a) rate year amount Bay Transit Authority Series A (Secondary CGIC Insured) 5.50 % 2021 $ 500,000 $ 484,375 Bay Transportation Authority General Transportation System Refunding Bonds Series 1992B 6.20 2016 1,500,000 1,627,020 Boston City Hospital Refunding Revenue Bonds Series B (FHA Insured) 5.75 2023 3,000,000 (f) 2,901,450 Boston City Hospital Pre-Refunded Revenue Bonds Series A (FHA Insured) 7.625 2021 1,000,000 1,126,780 Boston General Obligation Bonds Series 1991A (MBIA Insured) 6.75 2011 500,000 555,505 Boston General Obligation Refunding Bonds Series 1993A (AMBAC Insured) 5.65 2009 1,500,000 (f) 1,543,020 Boston Industrial Development Financing Authority Revenue Bonds Massachusetts College of Pharmacy Series 1993A (Connie Lee Insured) 5.25 2026 1,000,000 923,710 Boston Water & Sewer Commission General Pre-Refunded Revenue Bonds Senior Series 1991A (FGIC Insured) 7.00 2018 1,000,000 1,127,750 Boston Water & Sewer Commission General Subordinate Revenue Bonds Series A (MBIA Insured) 6.00 2008 500,000 508,880 Commonwealth General Obligation Consolidated Loan Pre-Refunded Bonds Series 1990A (FGIC Insured) 7.25 2009 500,000 552,610 Fall River General Obligation Refunding Bonds Series 1996 (MBIA Insured) 5.25 2010 1,000,000 981,090 Greater Lawrence Sanitary District North Andover General Obligation Bonds 8.50 2005 510,000 533,664 Health & Educational Facilities Authority Refunding Revenue Bonds Beth Israel Hospital Series 1989E 7.00 2009-14 550,000 585,445 Health & Educational Facilities Authority Revenue Bonds Berkshire Health Systems Series A (MBIA Insured) 7.50 2008 500,000 539,110 Health & Educational Facilities Authority Revenue Bonds Berkshire Health Systems Series C 5.90 2011 1,000,000 956,280 Health & Educational Facilities Authority Pre-Refunded Revenue Bonds Beverly Hospital Series D (MBIA Insured) 7.30 2019 400,000 436,648 Health & Educational Facilities Authority Revenue Bonds Boston College Series J (FGIC Insured) 6.625 2021 2,000,000 2,174,220 Health & Educational Facilities Authority Revenue Bonds Boston College Series K 5.25 2023 1,000,000 936,300 Health & Educational Facilities Authority Revenue Bonds Brigham & Women's Hospital Series C 6.75 2021 500,000 526,075 Health & Educational Facilities Authority Revenue Bonds Brigham & Women's Hospital Series 1991D 6.75 2024 1,000,000 1,071,110 Health & Educational Facilities Authority Revenue Bonds Cape Cod Health System Series A (Connie Lee Insured) 5.25 2021 2,500,000 2,329,250 See accompanying notes to investments in securities. Health & Educational Facilities Authority Revenue Bonds Charlton Memorial Hospital Series 1991B 7.25 2013 1,750,000 1,892,223 Health & Educational Facilities Authority Revenue Bonds Cooley Dickinson Hospital Issue (AMBAC Insured) 5.50 2025 1,250,000 1,209,550 Health & Educational Facilities Authority Revenue Bonds Holyoke Hospital Series B 6.50 2015 1,000,000 986,570 Health & Educational Facilities Authority Pre-Refunded Revenue Bonds Lahey Clinic Medical Center Series A (MBIA Insured) 7.625 2018 500,000 536,320 Health & Educational Facilities Authority Revenue Bonds Lahey Clinic Medical Center Series B (MBIA Insured) 5.625 2015 1,000,000 985,880 Health & Educational Facilities Authority Revenue Bonds Melrose-Wakefield Hospital Series 1992B 6.375 2016 1,000,000 1,027,850 Health & Educational Facilities Authority Revenue Bonds Morton Hospital & Medical Center Series B (Connie Lee Insured) 5.25 2014 1,000,000 958,050 Health & Educational Facilities Authority Pre-Refunded Revenue Bonds Mount Auburn Hospital Series A (MBIA Insured) 7.875 2018 205,000 220,615 Health & Educational Facilities Authority Revenue Bonds New England Deaconess Hospital Series 1992D 6.625 2012 1,000,000 1,051,770 Health & Educational Facilities Authority Revenue Bonds Newton Wellesley Hospital Series 1991D (MBIA Insured) 7.00 2015 1,000,000 1,105,970 Health & Educational Facilities Authority Pre-Refunded Revenue Bonds Northeastern University Series 1989C (AMBAC Insured) 7.10 2006 1,000,000 1,082,520 Health & Educational Facilities Authority Pre-Refunded Revenue Bonds Northeastern University Series E (MBIA Insured) 6.55 2022 1,000,000 1,096,330 Health & Educational Facilities Authority Revenue Bonds North Adams Regional Hospital Series 1 6.625 2018 1,000,000 1,002,390 Health & Educational Facilities Authority Revenue Bonds South Shore Hospital Series 1992D (MBIA Insured) 6.50 2022 1,000,000 1,075,580 Health & Educational Facilities Authority Pre-Refunded Revenue Bonds Stonehill College Series 1990D (AMBAC Insured) 7.70 2020 1,000,000 1,127,320 Health & Educational Facilities Authority Revenue Bonds Suffolk University Series B (Connie Lee Insured) 6.35 2022 2,495,000 2,627,035 Health & Educational Facilities Authority Pre-Refunded Revenue Bonds Wentworth Institute of Technology Series A (AMBAC Insured) 7.40 2010 750,000 833,663 Health & Educational Facilities Authority Revenue Bonds Valley Regional Health System Series C (Connie Lee Insured) 5.75 2018 1,000,000 998,780 Health & Educational Facilities Authority Revenue Bonds Wentworth Institute of Technology Series B (Connie Lee Insured) 5.50 2023 1,500,000 1,411,380 Industrial Finance Agency Assumption College Revenue Bonds Series 1996 (Connie Lee Insured) 6.00 2026 1,000,000 1,024,210 Industrial Finance Agency Pollution Control Refunding Revenue Bonds Eastern Edison Series 1993 5.875 2008 2,000,000 1,961,580 Industrial Finance Agency Resource Recovery Revenue Bonds Ogden Haverhill Series 1986A (AMBAC Insured) A.M.T. 7.375 2011 175,000 179,011 Industrial Finance Agency Resource Recovery Revenue Bonds SEMASS Series 1991A 9.00 2015 1,500,000 1,671,120 Industrial Finance Agency Revenue Bonds Museum of Science Series 1989 (FSA Insured) 7.30 2009 1,000,000 1,100,830 Leominster General Obligation Bonds (MBIA Insured) 7.50 2009 1,000,000 1,113,260 Mansfield General Obligation Bonds (AMBAC Insured) 6.70 2011 1,000,000 1,094,690 Municipal Wholesale Electric Power Supply System Pre-Refunded Revenue Bonds Series 1992B 6.75 2017 1,395,000 1,566,822 Municipal Wholesale Electric Power Supply System Refunding Revenue Bonds Series B (MBIA Insured) 4.75 2011 1,750,000 1,605,258 Municipal Wholesale Electric Power Supply System Revenue Bonds Special Pars & Inflows (AMBAC Insured) 5.45 2018 1,600,000 1,527,920 Nantucket General Obligation Bonds 6.80 2011 1,000,000 1,094,160 New Bedford General Obligation Bonds Series 1995 (AMBAC Insured) 5.50 2015 700,000 690,263 North Andover General Obligation Bonds (MBIA Insured) 7.35 2008 310,000 346,003 Port Authority Revenue Bonds Series 1990A (FGIC Insured) A.M.T. 7.50 2020 1,000,000 1,100,260 Southeastern University Building Refunding Revenue Bonds Series A (AMBAC Insured) 5.75 2016 1,250,000 1,264,450 Southern Berkshire Regional School District Unlimited Tax General Obligation Pre-Refunded Bonds (AMBAC Insured) 7.55 2010 1,000,000 1,117,000 State Education Loan Authority Educational Loan Revenue Bonds Issue E Series B (AMBAC Insured) A.M.T. 6.00 2012 1,000,000 1,025,460 State General Obligation Consolidated Loan Bonds Series 1991A (FGIC Insured) 6.00 2011 1,095,000 1,164,138 State Housing Finance Agency Single Family Housing Revenue Bonds Series 13 A.M.T. 7.95 2023 475,000 508,022 State Housing Finance Authority Residential Development Bonds Series 1992A (FNMA Insured) 6.875 2011 1,000,000 1,065,550 State Housing Finance Authority Single Family Mortgage Housing Revenue Bonds Series 4 7.375 2014 430,000 (f) 441,038 State Housing Finance Authority Single Family Mortgage Housing Revenue Bonds Series 7 A.M.T. 8.10 2020 245,000 255,109 State Water Resource Authority Revenue Bonds Series A (Secondary MBIA Insured) 5.50 2022 1,100,000 1,060,532 University of Lowell Building Authority Facilities Revenue Bonds 4th Series A 7.40 2007 125,000 131,317 University of Lowell Building Authority Facilities Revenue Bonds 4th Series A 7.60 2012 50,000 52,608 University of Massachusetts Building Authority Revenue Bonds Series A (FSA Insured) 7.50 2014 500,000 533,480 University of Massachusetts Building Authority Revenue Bonds Series A Escrowed to Maturity 7.50 2011 120,000 135,936 Water Resource Authority General Pre-Refunded Revenue Bonds Series 1990A 7.625 2014 500,000 559,155 Water Resource Authority General Pre-Refunded Revenue Bonds Series 1991A 6.50 2019 1,000,000 1,108,040 Water Resource Authority General Revenue Bonds Series 1993B (MBIA Insured) 5.00 2022 1,365,000 1,238,000 Water Resource Authority General Revenue Bonds Series 1993C 5.25 2020 1,400,000 1,309,560 Worcester General Obligation Refunding Bonds Series 1995G (MBIA Insured) 5.30 2015 1,000,000 974,700 ------------------------------------------------------------------------------------------------------------------------------------ Total municipal bonds (Cost: $69,082,326) $73,669,570 ------------------------------------------------------------------------------------------------------------------------------------
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Short-term security (0.4%) -------------------------------------------------------------------------------- Issuer (d,e) Effective Amount Value(a) yield payable at maturity -------------------------------------------------------------------------------- Municipal note State General Obligation Series B V.R. 12-01-97 4.80% $300,000 $300,000 -------------------------------------------------------------------------------- Total short-term security (Cost: $300,000) $300,000 -------------------------------------------------------------------------------- Total investments in securities (Cost: $69,382,326)(g) $73,969,570 -------------------------------------------------------------------------------- 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: Rating 12-31-96 06-30-96 -------------------------------------------------------------------------------- AAA 66% 66% AA 9 9 A 15 16 BBB 8 7 BB and below 2 2 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 CGIC -- Capital Guaranty 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 abbreviations are used in portfolio descriptions: AMT -- Alternative Minimum Tax -- As of Dec. 31, 1996, the value of securities subject to alternative tax represented 4.1% of net assets. V.R. -- Variable Rate (e) The Fund is entitled to receive principal amount from issuer or corporate guarantor, if indicated in parenthesis, after a day or a week's notice. The maturity date disclosed represents the final maturity. Interest rate varies to reflect current market conditions; rate shown is the effective rate on Dec. 31, 1996. (f) Partially or fully pledged as initial deposit on the following open interest rate futures contracts (see Note 5 to the financial statements): Type of security Notional amount Purchase contracts -------------------------------------------------------------------------------- Municipal Bonds Index March 1997 $900,000 -------------------------------------------------------------------------------- (g) At Dec. 31, 1996, the cost of securities for federal income tax purposes was approximately $69,334,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $4,841,000 Unrealized depreciation (205,000) -------------------------------------------------------------------------------- Net unrealized appreciation $4,636,000 --------------------------------------------------------------------------------
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[Enlarge/Download Table] Investments in securities IDS Michigan Tax-Exempt Fund (Percentages represent value of Dec. 31, 1996 (Unaudited) investments compared to net assets) ------------------------------------------------------------------------------------------------------------------------------------ Municipal bonds (98.2%) ------------------------------------------------------------------------------------------------------------------------------------ Name of issuer and Coupon Maturity Principal Value(a) title of issue (b,c,d) rate year amount ------------------------------------------------------------------------------------------------------------------------------------ Albion Public School District Unlimited Tax General Obligation Bonds 5.125% 2021 $1,000,000 $ 923,380 Auburn Hills Limited Tax General Obligation Street Improvement Bonds 6.00 2004 200,000 (f) 207,040 Battle Creek Calhoun County Downtown Development Authority Bonds Series 1994 7.65 2022 1,250,000 1,418,112 Battle Creek Water Supply System Pre-Refunded Revenue Bonds Series 1990B 6.375 2008-10 1,640,000 1,733,234 Buena Vista School District Saginaw County School Building & Site Unlimited Tax General Obligation Pre-Refunded Bonds Series 1991 7.20 2016 1,500,000 (f) 1,688,145 Chelsea General Pre-Refunded Obligation Bonds (MBIA Insured) 8.20 2006 145,000 154,212 Comstock Park Public School Kent County Unlimited Tax General Obligation Pre-Refunded Bonds Series 1989 6.00 2016 400,000 422,896 Comstock Park Public School Kent County Unlimited Tax General Obligation Pre-Refunded Bonds Series 1989 6.875 2010 260,000 279,885 Detroit General Obligation Pre-Refunded Bonds Distributable State Aid Series 1989 (AMBAC Insured) 7.20 2009 1,000,000 1,085,730 Detroit Sewer Disposal Pre-Refunded Revenue Bonds 8.00 2008 500,000 520,705 Detroit Sewer Disposal Revenue Bonds (FGIC Insured) 5.70 2023 2,000,000 (f) 1,967,780 Detroit Unlimited Tax General Obligation Bonds Pre-Refunded Series A 7.25 2009 1,000,000 1,082,730 Detroit Unlimited Tax General Obligation Bonds Pre-Refunded Series A 8.625 2007 100,000 103,200 Detroit Unlimited Tax General Obligation Bonds Pre-Refunded Series 1988A 7.875 2008 700,000 746,592 Detroit Unlimited Tax General Obligation Bonds Series A (FGIC Insured) 5.50 2016 1,000,000 979,000 Detroit Unlimited Tax General Obligation Bonds Series 1995A 6.80 2015 1,000,000 1,135,010 Detroit Downtown Development Authority Development Area Project #1 Tax Increment Series 1996D (Junior Lien) 6.50 2025 1,000,000 1,022,760 Detroit Water Supply System Revenue Second Lien Bonds Series 1995A (MBIA Insured) 5.50 2025 1,500,000 1,472,475 Detroit Water Supply System Pre-Refunded Revenue Bonds Series 1988 (MBIA Insured) 7.875 2008 400,000 430,592 East Lansing School District School Building & Site Unlimited Tax General Obligation Pre-Refunded Bonds Series 1991 6.625 2014 1,000,000 1,100,270 Farmington Hills Hospital Finance Authority Revenue Bonds Botsford General Hospital Series 1992A (MBIA Insured) 6.50 2022 1,500,000 1,608,255 Ferris State University Board of Trustees General Revenue & Refunding Bonds Series 1995 (MBIA Insured) 5.25 2020 1,000,000 949,210 Forest Hills School District Unlimited Tax General Obligation Pre-Refunded Bonds 7.375 2015 1,000,000 1,101,500 Frenchtown Resort Drainage District Monroe County Drain Pre-Refunded Revenue Bonds Series 1987 7.50 2011-12 615,000 669,624 See accompanying notes to investments in securities.
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Garden City School District Authority Pre-Refunded Revenue Bonds 7.80 2010 305,000 329,537 Genesee County General Obligation Bonds Sewer Disposal System Series A (AMBAC Insured) 5.40 2015 1,400,000 1,372,826 Grand Ledge Public Schools Unlimited Tax General Obligation Refunding Bonds Counties of Eaton, Clinton & Ionia Series 1995 (MBIA Insured) 5.375 2024 2,000,000 1,926,400 Grand Rapids Community College Limited Tax General Obligation Bonds Series 1996 (MBIA Insured) 5.375 2019 1,000,000 971,440 Grand Rapids Tax Increment Revenue Bonds Series 1994 (MBIA Insured) 6.875 2024 380,000 425,927 Grand Rapids Water Supply System Improvement Pre-Refunded Revenue Bonds Series 1988 7.875 2018 700,000 742,028 Grand Rapids Water Supply System Improvement Pre-Refunded Revenue Bonds Series 1990 (FGIC Insured) 7.25 2020 1,250,000 1,375,875 Inkster School District Unlimited Tax General Obligation Pre-Refunded Bonds (AMBAC Insured) 7.00 2018 450,000 493,034 Isoco County Water Supply System Limited Tax General Obligation Bonds (AMBAC Insured) 5.50 2008-10 575,000 588,831 Kent County Hospital Pre-Refunded Revenue Bonds Butterworth Hospital Series 1989A 7.25 2013 500,000 539,975 Kent County Refuse Disposal System Limited Tax General Obligation Refunding Bonds Series 1987 8.40 2010 150,000 158,292 Lake Orion School District General Obligation Bonds (AMBAC Insured) 5.50 2020 1,000,000 983,150 Lincoln Park School Distict Wayne County School Building & Site Unlimited Tax General Obligation Bonds (FGIC Insured) 5.90 2026 1,000,000 1,025,680 Marquette Hospital Finance Authority Pre-Refunded Revenue Bonds Marquette General Hospital Series 1989C 7.50 2007-19 825,000 898,565 Mason Public Schools Unlimited Tax General Obligation Bonds County of Ingham School Building & Site Bonds Series 1995 (FGIC Insured) 5.40 2021 1,760,000 1,704,314 Monroe County Pollution Control Revenue Bonds Detroit Edison Fermi Plants Series 1990I (FGIC Insured) A.M.T. 7.65 2020 1,000,000 1,108,630 Monroe County Pollution Control Revenue Bonds Detroit Edison Fermi 2 Plants Series CC (AMBAC Insured) A.M.T. 7.50 2019 1,750,000 1,932,420 Muskegon Hospital Finance Authority Refunding Revenue Bonds Hackley Hospital Series 1988A 8.00 2008 400,000 420,188 Northville Public Schools Unlimited Tax General Obligation Bonds Series 1991B 7.00 2008 1,500,000 1,666,365 Ovid-Elsie School District Unlimited Tax General Obligation Bonds (Secondary MBIA Insured) 5.60 2021 1,000,000 986,840 Redford General Obligation Bonds (MBIA Insured) 5.25 2016 1,450,000 1,400,483 Richmond Limited Obligation Refunding Revenue Bonds K mart Series A 6.625 2007 530,000 528,659 Rochester Hill Unlimited Tax General Obligation Bonds Series 1990A 6.00 2009-10 735,000 757,667 Rockford Public Schools Kent County Unlimited Tax General Obligation Pre-Refunded Revenue Bonds 7.375 2019 1,000,000 1,101,500 Romulus Township School District Unlimited Tax General Obligation Refunding Bonds (FGIC Insured) 5.75 2022 2,500,000 2,512,925 St. Louis Public Schools Unlimited Tax General Obligation Refunding Revenue Bonds Counties of Gratiot, Midland & Isabella Series 1995 (FGIC Insured) 5.25 2024 755,000 717,167 Schoolcraft Community School District County of Kalamazoo School Building and Site Unlimited General Obligation Bonds Series 1996 (FGIC Insured) 5.375 2026 1,000,000 964,900 South Lake District Unlimited Tax General Obligation Pre-Refunded Bonds 6.80 2010 355,000 392,516 South Redford School District Unlimited General Obligation Bonds Series 1996 (FGIC Insured) 5.50 2022 1,000,000 982,480 State Building Authority Refunding Revenue Bonds Series 1991I 6.25 2020 2,200,000 2,277,990 State Hospital Finance Authority Revenue Bonds
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St. Johns Hospital & Medical Center (AMBAC Insured) 5.25 2026 1,400,000 1,331,610 State Hospital Finance Authority Revenue Bonds Central Michigan Community Hospital 6.25 2027 1,000,000 984,040 State Hospital Finance Authority Hospital Pre-Refunded Revenue Bonds Detroit Medical Center Series 1988A 8.125 2012 310,000 335,417 State Hospital Finance Authority Hospital Pre-Refunded Revenue Bonds McLaren Obligated Group Series 1991A 7.50 2021 1,750,000 2,000,233 State Hospital Finance Authority Hospital Refunding Revenue Bonds Detroit Medical Center Series A 6.25 2013 1,200,000 1,234,500 State Hospital Finance Authority Hospital Refunding Revenue Bonds Detroit Medical Center Series 1988A 8.125 2012 90,000 96,261 State Hospital Finance Authority Hospital Refunding Revenue Bonds Detroit Medical Center Pre-Refunded Series 1988B 8.00 2008 500,000 540,040 State Hospital Finance Authority Hospital Refunding Revenue Bonds Sinai Hospital of Greater Detroit Series 1995 6.70 2026 1,000,000 1,011,010 State Hospital Finance Authority Pre-Refunded Revenue Bonds Oakwood Hospital Group Series 1990A (FGIC Insured) 7.10 2018 1,000,000 1,105,600 State Hospital Finance Authority Pre-Refunded Revenue Bonds Henry Ford Hospital Series 1990A 7.00 2010 1,000,000 1,102,380 State Hospital Finance Authority Revenue Bonds Presbyterian Villages of Michigan Obligated Group Series 1995 6.50 2025 1,000,000 1,006,400 State Public Power Agency Belle River Refunding Revenue Bonds Series A 5.25 2018 1,000,000 937,170 State Strategic Fund Limited Tax Obligation Refunding Revenue Bonds Detroit Edison Series 1990BB (MBIA Insured) 7.00 2008 1,000,000 1,162,260 State Strategic Fund Limited Tax Obligation Refunding Revenue Bonds Detroit Edison Series 1992BB (FGIC Insured) 6.50 2016 1,500,000 1,613,865 State Strategic Fund Limited Tax Obligation Refunding Revenue Bonds Escrowed to Maturity Oxford Institute 7.875 2005 150,000 170,553 State Strategic Fund Limited Tax Obligation Refunding Revenue Bonds Ford Motor Series 1991A 7.10 2006 1,650,000 (f) 1,890,669 State Strategic Fund Limited Tax Obligation Revenue Bonds Great Lakes Pulp & Fibre A.M.T. 10.25 2016 1,000,000 567,490 State Trunk Line Bonds Series A (FGIC Insured) 5.75 2020 1,065,000 1,071,294 State University Revenue Bonds Series A 5.50 2022 560,000 537,690 Taylor Tax Increment Finance Authority Bonds Series 1989A (MBIA Insured) 6.00 2007-09 1,205,000 1,232,267 Troy City Downtown Development Authority County of Oakland Development Bonds Series 1995A (Asset Guaranty) 6.375 2018 1,500,000 1,583,340 Van Buren Township Tax Increment Revenue Bonds Series 1994 8.40 2016 1,000,000 1,126,920 Waterford School District Unlimited Tax General Obligation Bonds Series Q 6.25 2013 340,000 352,777 Wayne County Airport Revenue Bonds Detroit Metropolitan Airport Series 1990A (AMBAC Insured) A.M.T. 7.00 2020 1,080,000 1,180,580 Willow Run Community Schools Unlimited General Obligation Refunding Bonds Series 1996 (AMBAC Insured) 5.00 2016 2,000,000 1,872,680 Wyandotte Electric Pre-Refunded Revenue Bonds Series 1987 (AMBAC Insured) 7.875 2017 300,000 315,441 ------------------------------------------------------------------------------------------------------------------------------------ Total municipal bonds (Cost: $74,381,261) $80,451,428 ------------------------------------------------------------------------------------------------------------------------------------
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Short-term security (0.2%) -------------------------------------------------------------------------------- Issuer (d,e) Effective Amount Value(a) yield payable at maturity -------------------------------------------------------------------------------- Municipal note State Strategic Fund Consumer Power Company Series 1988A V.R. 04-15-18 4.95% $200,000 $ 200,000 -------------------------------------------------------------------------------- Total short-term security (Cost: $200,000) $ 200,000 -------------------------------------------------------------------------------- Total investments in securities (Cost: $74,581,261)(g) $80,651,428 --------------------------------------------------------------------------------
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-------------------------------------------------------------------------------- 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 12-31-96 06-30-96 ---------------------------------------------------------------------------- AAA 73% 71% AA 11 12 A 5 6 BBB 10 9 BB and below 1 2 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 FGIC -- Financial Guarantee Insurance Corporation MBIA -- Municipal Bond Investors Assurance (d) The following abbreviations are used in portfolio descriptions: A.M.T. -- Alternative Minimum Tax - As of Dec. 31, 1996, the value of securities subject to alternative minimum tax represented 5.8% of net assets. V.R. -- Variable Rate (e) The Fund is entitled to receive principal amount from issuer or corporate guarantor, if indicated in parenthesis, after a day or a week's notice. The marturity date disclosed reporsents the final maturity. Interest rate varies to reflect current market conditions; rate shown is the effective rate on Dec. 31, 1996. (f) Partially or fully pledged as initial deposit on the following open interest rate futures contracts (see Note 5 to the financial statements): Type of security Notional amount Purchase contracts -------------------------------------------------------------------------- Municipal Bonds Index March 1997 $1,000,000 -------------------------------------------------------------------------- (g) At Dec. 31, 1996, the cost of securities for federal income tax purposes was approximately $74,538,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $6,548,000 Unrealized depreciation (435,000) -------------------------------------------------------------------------- Net unrealized appreciation $6,113,000 --------------------------------------------------------------------------
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[Enlarge/Download Table] Investments in securities (Percentages represent value of IDS Minnesota Tax-Exempt Fund investments compared to net assets) Dec. 31, 1996 (Unaudited) ------------------------------------------------------------------------------------------------------------------------------------ Municipal bonds (100.0%) ------------------------------------------------------------------------------------------------------------------------------------ Name of issuer and Coupon Maturity Principal Value(a) title of issue (b,c,d) rate year amount ------------------------------------------------------------------------------------------------------------------------------------ Anoka County General Obligation Capital Improvement Revenue Bonds Series 1989B 7.00 % 2007-10 $7,950,000 $8,329,374 Anoka County Resource Recovery Revenue Bonds Northern States Power Series 1985 7.15 2008 3,750,000 4,013,063 Becker Pollution Control Revenue Bonds Northern States Power Sherburne County Generating Station Units 1 & 2 Series 1987A 7.25 2005 2,000,000 2,004,500 Becker Solid Waste Disposal Facility Revenue Bonds Liberty Paper Series 1994B A.M.T. 9.00 2015 3,825,000 4,029,791 Bemidji Hospital Facilities 1st Mortgage Revenue Bonds North Country Health Services Series 1991 7.00 2021 1,755,000 1,967,776 Bloomington Community Development Refunding Revenue Bonds Note 24th Avenue Motel 8.50 2005 1,776,938 1,794,708 Brooklyn Center Tax Credit Investor Refunding Revenue Bonds Four Courts Apartment Project Series 1995B A.M.T. 7.58 2009 2,450,000 2,471,977 Burnsville Multi-family Housing Refunding Revenue Bonds FHA-Summit Park Apartments Series 1993 6.00 2033 4,000,000 4,015,840 Columbia Heights Multi-family Housing Revenue Bonds Crestview Lutheran Home Royce Place Series 1991 10.00 2032 560,000 597,402 Columbia Heights Multi-family Housing Revenue Bonds Crestview Lutheran Home Royce Place Series 1991 (FHA Insured) 7.75 2032 2,730,000 2,859,893 Duluth Economic Development Authority Health Care Facility Pre-Refunded Revenue Bonds Benedictine Health System St. Mary's Medical Center Series 1990 8.375 2020 2,000,000 2,266,840 Duluth Hospital Facilities St. Lukes Hospital Pre-Refunded Revenue Bonds Series 1988 9.00 2018 2,500,000 2,712,575 Duluth Housing and Redevelopment Authority 1st Mortgage Revenue Bonds Lakeshore Lutheran Home 8.25 2009 125,000 125,219 Eden Prairie Housing Development Refunding Revenue Bonds Eden Commons Series 1990 (FHA Insured) 8.25 2025 6,230,000 6,377,215 Edina Hospital System Revenue Bonds Fairview Hospital & Health Care Services Series 1989A 7.125 2019 2,500,000 2,667,000 Edina Multi-family Housing Revenue Bonds Walker Assisted Living Series 1991 9.00 2031 6,700,000 7,352,044 Faribault Rice & Goodhue County Independent School District #656 General Obligation School Building Bonds Series 1995 (CGIC Insured) 5.75 2015 6,900,000 7,016,127 Faribault Single Family Mortgage Refunding Revenue Bonds Series 1991A 7.50 2011 1,985,000 2,080,359 See accompanying notes to investments in securities. Farmington Independent School District #192 Unlimited General Obligation Bonds Series 1994 (AMBAC Insured) 5.125 2015 1,000,000 956,230 Farmington Independent School District #192 Series A (FSA Insured) 5.30 2020 2,500,000 2,405,850 Fergus Falls Health Care Facilities Revenue Bonds LRHC Long-Term Care Facility Series 1995 6.50 2025 1,500,000 1,528,650 Hennepin County Lease Revenue Certificate of Participation Series 1991 6.80 2017 7,250,000 7,856,390 Hopkins Revenue Bonds Blake School 6.70 2024 3,120,000 3,439,457 Hubbard County Solid Waste Disposal Revenue Bonds Potlatch Series 1989 A.M.T. 7.375 2013 5,610,000 5,996,529 International Falls Solid Waste Disposal Revenue Bonds Boise Cascade Series 1990 A.M.T. 7.75 2015 4,000,000 4,194,760 Little Canada Multi-family Housing Revenue Bonds Provinces of Little Canada Series 1996 A.M.T. 7.00 2027 3,885,000 3,846,189 Mahtomedi Multi-family Housing Briarcliff Revenue Bonds A.M.T. 7.35 2036 2,290,000 2,330,487 Maplewood Care Institute Series 1994 7.75 2024 3,830,000 3,924,907 Maplewood Multi-family Housing Revenue Bonds Maplewood (FHA Insured) A.M.T. 7.75 2021 2,060,000 2,075,944 Maplewood Multi-family Housing Carefree Cottages of Maplewood III Refunding Revenue Bonds Series 1995 A.M.T. 7.20 2032 2,900,000 2,888,864 Minneapolis & St. Paul Housing Board Multi-family Mortgage Revenue Bonds GNMA Collateral Mortgage Revenue Loan Riverside Plaza Series 1988 A.M.T. 8.25 2030 3,945,000 4,137,161 Minneapolis Community Development Agency Limited Tax Supported Development Revenue Common Bond Fund Series 1996-01 6.00 2011 980,000 976,198 Minneapolis General Obligation Refunding Bonds Sports Arena Series 1996 5.125 2020 4,000,000 3,822,520 Minneapolis General Obligation Bonds Sports Arena Series 1996 5.20 2024 2,940,000 2,823,047 Minneapolis Hospital Facility Pre-Refunded Revenue Bonds Lifespan Incorporated Series 1987A 8.125 2017 3,630,000 3,742,530 Minneapolis Hospital Facility Pre-Refunded Revenue Bonds Lifespan Incorporated Series 1989A 7.00 2014 5,000,000 5,464,550 Minneapolis & St. Paul Housing & Redevelopment Authority Health Care System Revenue Bonds Healthspan Series 1993 (AMBAC Insured) 4.75 2018 13,500,000 11,861,370 Minneapolis & St. Paul Housing & Redevelopment Authority Health Care System Revenue Bonds Series 1995A (CGIC Insured) 5.50 2025 2,500,000 2,443,450 Minneapolis Nursing Home Revenue Bonds Walker Cityview & Southview Series 1992 8.50 2022 5,460,000 5,880,966 Minnetonka Multi-family Housing Refunding Revenue Bonds Cedar Hill West (FHA Insured) 7.75 2026 5,510,000 5,696,183 Minnetonka Multi-family Housing Revenue Bonds The Cedar Hills Series 1985 Inverse Floater 7.50 2017 500,000 (f) 518,005 New Brighton Tax Credit Investor Revenue Bonds Polynesian Village Apartments Series 1995B A.M.T. 7.75 2009 2,355,000 2,399,133 North Branch School District Unlimited Tax General Obligation Bonds Series 1995A (FGIC Insured) 5.625 2017 500,000 499,080 Northern Municipal Power Agency Electric System Refunding Revenue Bonds Series 1989A 7.25 2016 5,475,000 5,815,600 Northern Municipal Power Agency Electric System Pre-Refunded Revenue Bonds Series 1989A (AMBAC Insured) 7.40 2018 1,000,000 1,082,780 Northern Municipal Power Agency Electric System Pre-Refunded Revenue Bonds Series 1989B (AMBAC Insured) 7.40 2018 1,800,000 1,929,564 North St. Paul General Obligation School Bonds 5.125 2025 3,500,000 3,327,590 Owatanna Public Utilities Pre-Refunded Revenue Bonds Series 1991 6.75 2016 1,000,000 1,085,720 Plymouth Multi-family Housing Revenue Bonds Harbor Lane Apartments Series 1993 (Asset Guaranty Insured) A.M.T. 5.90 2013 2,325,000 2,335,742 Richfield Independent School District #280 Unlimited Tax General Obligation School Building Bonds Series 1993C Inverse Floater (FGIC Insured) 6.58 2010 3,300,000 (f) 3,312,375 Richfield Independent School District #280 Unlimited Tax General Obligation School Building Bonds Series 1993C Trust Inverse Floater (FGIC Insured) 6.675 2012 2,510,000 (f) 2,525,688 Richfield Multi-family Housing Refunding Revenue Bonds Village Shores Apartments Project Series 1996 7.625 2031 3,000,000 3,037,680 Robbinsdale Hospital Pre-Refunded Revenue Bonds North Memorial Medical Center Series 1989 (AMBAC Insured) 7.375 2019 2,200,000 2,379,300 Robbinsdale Multi-family Housing Revenue Bonds Series 1996A A.M.T. 7.35 2031 3,260,000 3,239,429 Rochester Health Care Facility Revenue Bonds Mayo Foundation Series A 4.95 2019 5,000,000 4,465,750 Rochester Multi-family Housing Development Revenue Bonds Civic Square Series 1991 (FHA Insured) A.M.T. 7.45 2031 4,400,000 4,656,564 Roseville Health Care Facility Refunding Revenue Bonds Presbyterian Homes of Minnesota Series 1987 7.50 2007 2,250,000 2,304,562 Rush City Independent School District #139 Unlimited Tax School Building Refunding Bonds School Credit Enhancement Program 5.25 2018 2,595,000 2,543,022 St. Cloud Hospital Facility Refunding Revenue Bonds Series 1996B (AMBAC Insured) 5.00 2020 3,000,000 2,792,280 St. Cloud Hospital Facility Refunding Revenue Bonds Series B (AMBAC Insured) 5.00 2012 2,900,000 2,770,457 St. Cloud Hospital Facility Revenue Bonds St. Cloud Hospital Series 1990B (AMBAC Insured) 7.00 2020 5,000,000 (h) 5,590,300 St. Cloud Hospital Facility Refunding Revenue Bonds Series C (AMBAC Insured) 5.30 2020 1,515,000 1,432,766 St. Louis Park Health Care Facilities Revenue Bonds Healthsystem Minnesota Obligated Group Series 1993 (AMBAC Insured) 5.20 2023 5,000,000 4,666,750 St. Louis Park Health Care Facilities Revenue Bonds Healthsystem Minnesota Obligated Group Series 1993B Inverse Floater (AMBAC Insured) 6.175 2013 7,000,000 (f) 6,247,500 St. Louis Park Health Care Facilities Pre-Refunded Revenue Bonds Park Nicollet Medical Center Series 1990A 9.25 2020 4,000,000 4,614,440 St. Louis Park Health Care Facilities Pre-Refunded Revenue Bonds Park Nicollet Medical Center Series 1991A 8.625 2021 2,000,000 2,298,700 St. Louis Park Multi-family Housing Revenue Refunding Bonds Park Blvd Towers Series 1996A 7.00 2031 3,985,000 4,027,679 St. Louis Park Multi-family Rental Housing Revenue Bonds Mortgage Loan Community Housing & Services Series 1985 (FHA Insured) 7.375 2028 2,250,000 2,329,672 St. Paul & Minneapolis Housing & Redevelopment Authority Health Care Facility Revenue Bonds Group Health Plan Series 1992 6.75 2013 10,500,000 (h) 11,395,755 St. Paul Housing & Development Bonds Highland Retirement (FHA Insured) 7.50 2026 5,210,000 (e) 4,871,350 St. Paul Housing & Redevelopment Authority Hospital Facility Revenue Bonds St. Paul Ramsey Medical Center (AMBAC Insured) 5.55 2023 4,000,000 3,902,360 St. Paul Housing & Redevelopment Authority Commercial Development Refunding Revenue Bonds Beverly Enterprises Series 1992 7.75 2002 2,355,000 2,412,745 St. Paul Housing & Redevelopment Authority Health Care Facility Revenue Bonds Lyngblomsten Care Center Series 1993A 7.125 2017 1,880,000 1,931,869 St. Paul Housing & Redevelopment Authority Health Care Facility Revenue Bonds Lyngblomsten Care Center Series 1993A 9.60 2006 950,000 967,936 St. Paul Housing & Redevelopment Authority Health Care Facility Multi-family Rental Housing Revenue Bonds Lynblomsten 1993B 7.00 2024 1,890,000 1,866,942 St. Paul Housing & Redevelopment Authority Sales Tax Revenue Bonds Civic Center (Secondary MBIA Insured) 5.55 2023 7,500,000 7,400,475 St. Paul Housing & Redevelopment Authority Single Family Mortgage Refunding Revenue Bonds Middle Income Phase II FNMA Mortgage Backed 6.80 2028 3,460,000 3,689,467 St. Paul Port Authority Unlimited Tax General Obligation Bonds 5.125 2024 2,770,000 2,590,892 Shoreview Senior Housing Revenue Bonds Series 1996 7.25 2026 2,700,000 2,667,519 Southern Minnesota Municipal Power Agency Power Supply System Revenue Bonds Zero Coupon Series 1994A (MBIA Insured) 6.67 2019 19,500,000 (g) 5,626,725 Southern Minnesota Municipal Power Agency Power Supply System Revenue Bonds Zero Coupon Series 1994A (MBIA Insured) 6.88 2022 12,000,000 (g) 2,915,760 Southern Minnesota Municipal Power Agency Pre-Refunded Bonds Series 1988A 8.125 2018 1,315,000 1,397,056 Southern Minnesota Municipal Power Agency Pre-Refunded Bonds Series 1988B 8.125 2018 1,000,000 1,062,400 Southern Minnesota Municipal Power Agency Pre-Refunded Revenue Bonds Escrowed to Maturity Series A (Secondary MBIA Insured) 5.75 2018 1,970,000 1,967,143 Southern Minnesota Municipal Power Agency Revenue Bonds (Secondary MBIA Insured) 4.75 2016 6,415,000 5,740,783 Southern Minnesota Municipal Power Agency Un-Refunded Balance Power Revenue Bonds Series A 5.75 2018 1,895,000 1,861,023 Spring Park Health Care Facility Revenue Bonds Twin Birch Health Care Center Series 1991 8.25 2011 1,780,000 1,904,547 State General Obligation Various Purpose Pre-Refunded Bonds Series 1990 7.00 2009 7,850,000 8,543,862 State General Obligation Various Purpose Pre-Refunded Bonds Series 1991 6.70 2011 8,000,000 8,742,640 State Higher Education Facilities Authority Augsburg College Mortgage Revenue Bonds Series 4-F1 6.25 2023 1,750,000 1,786,873 State Higher Education Facility Authority Mortgage Pre-Refunded Revenue Bonds St. Mary's College Series 2-M 8.375 2017 1,000,000 1,090,430 State Housing Facility Authority Housing Finance Agency Housing Development Single Family Mortgage Bonds Series B 7.25 2016 325,000 332,319 State Housing Finance Agency Single Family Mortgage Bonds Series 1989A A.M.T. 8.00 2029 1,210,000 1,257,444 State Housing Finance Agency Single Family Mortgage Bonds Series 1990A A.M.T. 7.95 2022 3,210,000 3,391,526 State Housing Finance Agency Single Family Mortgage Bonds Series 1991A A.M.T. 7.45 2022 3,575,000 3,748,745 State Housing Finance Agency Single Family Mortgage Bonds Series 1992A 6.95 2016 2,930,000 3,088,923 State Housing Finance Agency Single Family Mortgage Revenue Bonds Series L A.M.T. 6.70 2020 1,060,000 1,096,877 State Public Facilities Authority Water Pollution Control Revenue Bonds Series 1989A 7.00 2009 6,250,000 6,739,625 State University Board of Regents General Obligation Inverse Floater Bonds Series 1993A Bonds 5.82 2003 5,000,000 (f) 4,981,250 State University Board of Regents General Obligation Pre-Refunded Bonds Series 1989A 6.00 2011 4,625,000 4,924,237 State University Board of Regents General Obligation Bonds Series 1996A 5.50 2021 8,000,000 7,862,640 State University Board State University System Pre-Refunded Revenue Bonds Series 1989A (MBIA Insured) 7.40 2019 2,250,000 2,421,968 Vadnais Heights Multi-family Housing Cottages of Vadnais Heights Refunding Revenue Bonds Series 1995 A.M.T. 7.00 2031 3,200,000 3,179,072 Washington County General Obligation Capital Improvement Bonds Series 1989A 7.00 2009-10 4,425,000 4,663,153 Washington County Housing & Redevelopment Authority Multi-family Housing Revenue Bonds Orleans Homes Series 1987-2 A.M.T. 9.00 2017 2,000,000 2,039,560 Washington County Housing & Redevelopment Authority Woodbury Multi-family Housing Refunding Revenue Bonds Series 1996 6.95 2023 2,000,000 1,999,840 Western Minnesota Municipal Power Agency Revenue Bonds Escrowed to Maturity (AMBAC Insured) 6.75 2016 5,935,000 6,465,767 Western Minnesota Municipal Power Agency Supply Refunding Revenue Bonds Series 1987A 5.50 2015 6,250,000 6,200,687 Western Minnesota Municipal Power Agency Supply Refunding Revenue Bonds Series 1987A 6.875 2007 2,500,000 2,550,000 Western Minnesota Municipal Power Agency Supply Refunding Revenue Bonds Series 1987A 7.00 2013 7,300,000 7,446,000 Western Minnesota Municipal Power Agency Supply Refunding Revenue Bonds Series A (Secondary MBIA Insured) 5.50 2015 5,000,000 4,893,850 White Bear Lake Independent School District #624 Unlimited Tax General Obligation School Building Bonds Series 1996A 5.75 2017 2,140,000 2,165,530 White Bear Lake Industrial Development Revenue Bonds Taylor Series 1988A A.M.T. 8.75 2008 2,250,000 2,422,012 ------------------------------------------------------------------------------------------------------------------------------------ Total investment in securities (Cost: $381,356,749) (i) $405,409,640 ------------------------------------------------------------------------------------------------------------------------------------
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-------------------------------------------------------------------------------- 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 12-31-96 06-30-96 ---------------------------------------------------------------------------- AAA 45% 48% AA 19 18 A 15 15 BBB 8 7 BB and below 12 10 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 CGIC -- Capital Guaranty Insurance Company FGIC -- Financial Guarantee Insurance Corporation FHA -- Federal Housing Authority FSA -- Financial Security Assurance MBIA -- Municipal Bond Investors Assurance (d) The following abbreviation is used in portfolio descriptions: A.M.T. -- Alternative Minimum Tax -- As of Dec. 31, 1996, the value of securities subject to alternative minimum tax represented 15.2% of net assets (e) Presently non-income producing. Item identified is in default as to payment of interest and/or principal. (f) Inverse floaters represent securities that pay interest at a rate that increases (decreases) in the same magnitude as, or in a multiple of, a decline (increase) in market short-term rates. Interest rate disclosed is the rate in effect on Dec. 31, 1996. Inverse floaters in the aggregate represent 4.3% of the Fund's net assets as of Dec. 31, 1996. (g) For zero coupon bonds, the interest rate disclosed represents the annualized effective yield on the date of acquisition. (h) Partially pledged as initial deposit on the following open interest rate futures contracts (see Note 5 to the financial statements): Type of security Notional amount Purchase contracts ---------------------------------------------------------------------------- Municipal Bonds Index March 1997 $5,100,000 ---------------------------------------------------------------------------- (i) At Dec. 31, 1996, the cost of securities for federal income tax purposes was approximately $380,447,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $25,535,000 Unrealized depreciation (572,000) ---------------------------------------------------------------------------- Net unrealized appreciation $24,963,000 ----------------------------------------------------------------------------
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[Enlarge/Download Table] Investments in securities IDS New York Tax-Exempt Fund (Percentages represent value of Dec. 31, 1996 (Unaudited) investments compared to net assets) ------------------------------------------------------------------------------------------------------------------------------------ Municipal bonds (97.6%) ------------------------------------------------------------------------------------------------------------------------------------ Name of issuer Coupon Maturity Principal Value(a) and title of issue (b,c,d) rate year amount ------------------------------------------------------------------------------------------------------------------------------------ Battery Park City Authority Senior Refunding Revenue Bonds Series 1993A 5.25 % 2017 $4,000,000 $3,712,800 Broome County Certificates of Partication Public Safety Facility Series 1994 (MBIA Insured) 5.25 2022 2,650,000 2,494,524 Buffalo Municipal Water Agency Authority Water System Revenue Bonds Series 1995 (FGIC Insured) 5.00 2025 1,000,000 912,410 Erie County Unlimited Tax General Obligation Bonds Series B (FGIC Insured) 5.50 2025 700,000 687,148 Erie County Water Authority Fourth Resolution Water Refunding Revenue Bonds Zero Coupon Series 1992 (AMBAC Insured) 7.30 2017 1,215,000 (e) 271,929 Erie County Water Authority Water Works System Revenue Bonds Escrowed to Maturity Series 1990A (AMBAC Insured) 6.00 2008 1,765,000 1,878,507 Fallsburg Sullivan County Unlimited Tax General Obligation Improvement Pre-Refunded Bonds Series 1991 7.05 2011-14 1,300,000 1,455,324 Great Neck North Water Authority Water System Pre-Refunded Revenue Bonds Series 1989A 6.00 2020 1,415,000 1,482,439 Metropolitan Transportation Authority Commuter Facilities 1987 Service Contract Refunding Bonds Series 5 6.50 2016 1,775,000 1,844,402 Monroe County Utility General Obligation Pre-Refunded Bonds Water Improvement System 7.10 2008-09 1,000,000 1,076,220 Municipal Assistance New York City Series 59 7.75 2006 660,000 685,172 Municipal Assistance New York City Series 62 6.75 2006 2,200,000 2,270,466 Municipal Assistance Troy New York General Revenue Bonds Series 1996A (MBIA Insured) 5.00 2022 1,250,000 1,155,962 New York & New Jersey Port Authority Special Obligation Revenue Bonds KIAC Partners Project Series 4 A.M.T. 6.75 2019 1,500,000 1,534,245 New York City General Obligation Bonds Series 1995B 7.00 2016 1,500,000 1,614,390 New York City General Obligation Bonds Series J 5.875 2019 1,000,000 969,260 New York City Municipal Water Finance Authority Water & Sewer System Revenue Bonds Series B Inverse Floater (MBIA Insured) 6.57 2009 2,000,000 (f) 1,922,500 New York City Municipal Water Finance Authority Water & Sewer System Revenue Bonds Series B (MBIA Insured) 5.75 2026 500,000 503,105 New York City Unlimited Tax General Obligation Bonds Series 1996G 5.75 2017 1,500,000 1,437,915 New York City Water Finance Authority Water & Sewer System Pre-Refunded Revenue Bonds Series A (FGIC Insured) 6.75 2014 1,185,000 1,273,567 New York City Water Finance Authority Water & Sewer System Revenue Bonds Series A (FGIC Insured) 6.75 2014 565,000 607,228 New York City Water Finance Authority Water & Sewer System Revenue Pre-Refunded Bonds Series 1988A 7.00 2018 1,000,000 1,030,550 State Dormitory Authority City University System Consolidated 3rd Resolution Revenue Bonds Series 1994-2 (MBIA Insured) 6.25 2019 1,500,000 1,580,610 State Dormitory Authority City University System Pre-Refunded Revenue Bonds 8.125 2017 3,400,000 (h) 3,545,112 State Dormitory Authority City University System Revenue Bonds Series 1993A 5.75 2013 3,000,000 2,993,670 State Dormitory Authority Revenue Bonds The Devereux Foundation Series 1995 (MBIA Insured) 5.00 2015 1,000,000 939,100 State Dormitory Authority Revenue Bonds NYACK Hospital Series 1996 6.25 2013 1,000,000 1,018,060 State Dormitory Authority State University Education Facility Cooper Union Insured College Revenue Bonds Series 1996 (AMBAC Insured) 5.375 2020 860,000 832,704 State Dormitory Authority State University Education Facility Pre-Refunded Revenue Bonds Series 1990A 7.70 2012 1,750,000 1,967,472 State Dormitory Authority State University Education Facility Refunding Revenue Bonds Series 1990B 7.50 2011 1,900,000 2,228,187 State Dormitory Authority State University Education Facility Revenue Bonds (Secondary AMBAC Insured) 5.25 2015 1,000,000 980,310 State Dormitory Authority State University Education Facility Revenue Bonds (Secondary AMBAC Insured) 5.50 2019 2,000,000 2,012,700 State Energy Research & Development Authority Electric Facility Revenue Bonds Consolidated Edison Series 1986A A.M.T. 7.50 2021 1,750,000 1,788,693 State Energy Research & Development Authority Electric Facility Revenue Bonds Consolidated Edison Series 1989A A.M.T. 7.75 2024 1,000,000 1,043,780 State Energy Research & Development Authority Electric Facility Revenue Bonds Consolidated Edison Series 1990A A.M.T. 7.50 2025 5,000,000 (h) 5,343,050 State Energy Research & Development Authority Gas Facility Revenue Bonds Brooklyn Union Gas Series I 7.125 2020 2,000,000 2,043,080 State Energy Research & Development Authority Gas Facility Revenue Bonds Brooklyn Union Gas Series II 7.00 2020 1,500,000 1,532,220 State Energy Research & Development Authority Pollution Control Refunding Revenue Bonds Rochester Gas & Electric (MBIA Insured) A.M.T. 6.50 2032 2,500,000 2,668,950 State Energy Research & Development Authority Solid Waste Development Revenue Bonds State Gas & Electric Company Series A (MBIA Insured) A.M.T. 5.70 2028 3,000,000 2,918,220 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 3,305,430 State Local Government Assistance Bonds Series C 5.50 2022 1,500,000 1,438,665 State Local Government Assistance Pre-Refunded Bonds Series 1991A 7.00 2016 4,000,000 4,470,240 State Medical Care Facility Finance Agency Hospital & Nursing Home Mortgage Revenue Bonds Montefiore Hospital Series 1989A (FHA Insured) 7.25 2024 1,400,000 1,514,030 State Medical Care Facility Finance Agency Mental Health Services Facility Improving Refunding Revenue Bonds Series 1993F (Secondary FSA Insured) 5.375 2014 1,000,000 970,010 State Medical Care Facility Finance Agency Mental Health Services Facility Improving Refunding Revenue Bonds Series 1994A (Secondary FSA Insured) 5.25 2023 1,500,000 1,408,005 State Medical Care Facility Finance Agency Pre-Refunded Bonds Presbyterian Hospital Series 1985B 8.00 2025 1,320,000 1,382,172 State Medical Care Facility Finance Agency Revenue Bonds Buffalo General Hospital Series 1988C (FHA Insured) 7.60 2008 1,500,000 1,615,245 State Medical Care Facility Finance Agency Revenue Bonds Buffalo General Hospital Series 1988C (FHA Insured) 7.70 2022 1,950,000 2,102,861 State Medical Care Facility Finance Agency Secured Hospital Revenue Bonds Series 1987A 7.10 2027 550,000 561,858 State Mortgage Agency Homeowner Mortgage Revenue Bonds Series TT 7.50 2015 4,000,000 4,266,760 State Mortgage Agency Homeowner Mortgage Revenue Bonds Series 27 6.90 2015 3,000,000 3,181,770 State Mortgage Agency Revenue Bonds Series 9 A.M.T. 7.30 2017 970,000 990,719 State Thruway Authority Local Highway & Bridge Service Contract Bonds Series 1991 6.00 2011 2,500,000 2,507,025 State Urban Development Correction Facility Pre-Refunded Revenue Bonds Series 1 (FSA Insured) 7.50 2020 4,500,000 4,991,265 State Urban Development Correctional Capital Facilities Refunding Revenue Bonds Series 1993A 5.25 2021 2,500,000 2,242,675 State Urban Development Correctional Capital Facilities Revenue Bonds Series 5 (MBIA Insured) 5.50 2025 750,000 736,343 State Urban Development Revenue Bonds Higher Education Applied Technology Grants Series 1995 (MBIA Insured) 5.75 2015 1,000,000 1,011,480 Triborough Bridge & Tunnel Authority General Purpose Pre-Refunded Revenue Bonds Series S 7.00 2021 3,000,000 3,324,540 Triborough Bridge & Tunnel Authority Special Obligation Refunding Bonds Series 1991B (FGIC Insured) 6.875 2015 2,000,000 2,187,860 United Nations Development Senior Lien Refunding Revenue Bonds Series 1992A 6.00 2026 4,500,000 4,535,730 Utica Industrial Development Agency Civic Facility Revenue Bonds Series 1996A (MBIA Insured) 5.50 2016 750,000 732,443 ------------------------------------------------------------------------------------------------------------------------------------ Total municipal bonds (Cost: $107,657,131) $115,733,107 ____________________________________________________________________________________________________________________________________ Short-term securities (0.6%) -------------------------------------------------------------------------------- Issuer (d,g) Effective Amount Value (a) yield payable at maturity -------------------------------------------------------------------------------- Municipal notes New York City Municipal Water Authority Water & Sewer System Revenue Bonds 06-15-22 5.00% 200,000 $ 200,000 New York City Municipal Water Authority Water & Sewer System Revenue Bonds Series A 06-15-25 4.70 500,000 500,000 -------------------------------------------------------------------------------- Total short-term securities (Cost: $700,000) $ 700,000 -------------------------------------------------------------------------------- Total investments in securities (Cost: $108,357,131)(i) $116,433,107 --------------------------------------------------------------------------------
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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 12-31-96 06-30-96 ---------------------------------------------------------------------------- AAA 51% 52% AA 17 18 A 16 15 BBB 15 14 BB and below 1 1 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 FGIC -- Financial Guarantee Insurance Corporation FHA -- Federal Housing Authority FSA -- Financial Security Assurance MBIA -- Municipal Bond Investors Assurance (d) The following abbreviation are used in portfolio descriptions: A.M.T. -- Alternative Minimum Tax -- As of Dec. 31, 1996, the value of securities subject to alternative minimum tax represented 13.7% of net assets. V.R. -- Variable Rate (e) For zero coupon bonds, the interest rate disclosed represents the annualized yield on the date of acquisition. (f) Inverse floaters represent securities that pay interest at a rate that increases (decreases) in the same magnitude as, or in a multiple of, a decline (increase) in market short-term rates. Interest rate disclosed is the rate in effect on Dec. 31, 1996. Inverse floaters in the aggregate represent 1.6% of the Fund's net assets as of Dec. 31, 1996. (g) The Fund is entitled to receive principal amount from issuer or corporate guarantor, if indicated in parenthesis, after a day or a week's notice. The maturity date disclosed represents the final maturity. Interest rate varies to reflect current market conditions; rate shown is the effective rate on Dec. 31, 1996. (h) Partially pledged as initial deposit on the following open interest rate futures contracts (see Note 5 to the financial statements): Type of security Notional amount -------------------------------------------------------------------------- Purchase contracts Municipal Bonds Index March 1997 $6,300,000 -------------------------------------------------------------------------- (i) At Dec. 31, 1996, the cost of securities for federal income tax purposes was approximately $108,291,000 and the approximate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $8,425,000 Unrealized depreciation (283,000) ___________________________________________________________________________ Net unrealized appreciation $8,142,000 ---------------------------------------------------------------------------
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[Enlarge/Download Table] Investments in securities IDS Ohio Tax-Exempt Fund Dec. 31, 1996 (Unaudited) (Percentages represent value of investments compared to net assets) ------------------------------------------------------------------------------------------------------------------------------------ Municipal bonds (98.3%) ------------------------------------------------------------------------------------------------------------------------------------ Name of issuer and Coupon Maturity Principal Value(a) title of issue (b,c,d) rate year amount ------------------------------------------------------------------------------------------------------------------------------------ Barberton Limited Tax Various Purpose General Obligation Bonds Series 1989-1 7.35% 2009 $ 700,000 $ 762,195 Bellefontaine Hospital Facility Refunding Revenue Bonds Mary Rutan Health Association of Logan County Series 1993 6.00 2013 1,000,000 970,710 Buckeye Valley Local School District School Improvement Unlimited Tax General Obligation Bonds Series 1995A (MBIA Insured) 5.25 2020 1,000,000 957,940 Butler County Hospital Facility Improvement Refunding Revenue Bonds 7.50 2010 1,750,000 1,874,442 Carroll Water & Sewer District Water System Improvement Unlimited Tax General Obligation Bonds 6.25 2010 955,000 913,935 Clermont County Hospital Facility Revenue Bonds Mercy Health System Province of Cincinnati Series 1989A (AMBAC Insured) 7.50 2019 750,000 830,396 Cleveland Airport Systems Revenue Bonds Series 1990A (MBIA Insured) A.M.T. 7.40 2020 500,000 545,920 Cleveland General Obligation Pre-Refunded Bonds 7.375 2003 125,000 130,785 Cleveland Public Power System 1st Mortgage Pre-Refunded Revenue Bonds 8.375 2017 100,000 104,735 Cleveland Waterworks Improvement 1st Mortgage Refunding Revenue Bonds Series F 1992B (AMBAC Insured) 6.25 2016 1,000,000 (f) 1,058,550 Cleveland Waterworks Improvement 1st Mortgage Revenue Bonds Series 1987E 6.00 2017 200,000 199,978 Cleveland Waterworks Improvement 1st Mortgage Pre-Refunded Revenue Bonds Series 1987E 7.875 2016 650,000 663,000 Coshocton County Solid Waste Disposal Refunding Revenue Bonds Stone Container Series 1992 7.875 2013 1,000,000 1,071,900 Cuyahoga County Health Care Facilities Refunding Revenue Bonds Judson Retirement Community Series 1996A 7.25 2018 1,000,000 1,005,880 Cuyahoga County Hospital Improvement Revenue Bonds Cleveland Clinic Foundation 7.00 2013 500,000 508,330 Cuyahoga County Hospital Improvement Pre-Refunded Revenue Bonds Cleveland Clinic Foundation Series 1987A 7.875 2010 275,000 290,845 Cuyahoga County Hospital Improvement Revenue Bonds Mount Sinai Medical Center Series 1991 (AMBAC Insured) 6.625 2021 600,000 666,660 Cuyahoga County Hospital Improvement Revenue Bonds University Hospitals Health System Series 1992 (AMBAC Insured) 6.50 2011 500,000 540,360 Cuyahoga County Hospital Refunding Revenue Bonds Cleveland Clinic Foundation Series 1992 5.50 2011 1,500,000 1,514,205 Cuyahoga County Hospital Refunding Revenue Bonds Mount Sinai Medical Center Series 1987A 8.125 2014 400,000 423,196 Cuyahoga County Hospital Revenue Bonds Meridia Health Series 1991 7.00 2023 1,000,000 1,079,800 See accompanying notes to investments in securities.
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Cuyahoga County Limited Tax General Obligation Bonds 5.60 2013 500,000 513,375 Cuyahoga Hospital Revenue Bonds Metrohealth System Series 1989 (MBIA Insured) 6.00 2019 1,000,000 1,012,380 Delaware County Sewer Improvement Limited Tax General Obligation Bonds 5.25 2015 1,000,000 970,780 Dover Limited Tax Improvement General Obligation Bonds Municipal Sewer System 7.10 2009 1,000,000 1,082,690 Elyria Limited Tax Improvement General Obligation Recreation Facility Bonds 7.10 2009 715,000 774,123 Erie County Hospital Improvement Refunding Revenue Bonds Firelands Community Hospital Series 1992 6.75 2015 2,000,000 (f) 2,113,920 Franklin County Convention Facilities Authority Tax & Lease Revenue Anticipation Pre-Refunded Bonds (MBIA Insured) 7.00 2019 1,500,000 1,671,615 Highland Heights Limited Tax Improvement General Obligation Street Bonds 7.75 2008 400,000 431,016 Hilliard County School District Unlimited Tax General Obligation Bonds Series A (FGIC Insured) 5.00 2020 1,000,000 931,360 Kettering School District Improvement General Obligation Bonds (FGIC Insured) 5.25 2022 1,000,000 956,330 Lake County Water System Limited Tax Improvement General Obligation Pre-Refunded Bonds Series 1987-2 8.125 2010 700,000 741,650 Lakota Local School District Butler County School Unlimited Tax Improvement Bonds 7.00 2012 500,000 539,170 Lakota Local School District Butler County School Unlimited Tax Improvement Pre-Refunded Bonds 7.90 2011 200,000 214,550 Lakota Local School District Unlimited Tax Improvement General Obligation Bonds (AMBAC Insured) 6.25 2014 2,000,000 2,134,980 Lima Limited Tax Improvement General Obligation Sanitary Sewer System Pre-Refunded Bonds 8.25 2012 200,000 212,176 Lorain County Hospital Facilities Refunding Revenue Bonds Elyria United Methodist Series C 6.875 2022 1,000,000 1,005,100 Lorain County Hospital Facilities Refunding Revenue Bonds EMH Regional Medical Center Series 1995 (AMBAC Insured) 5.375 2021 2,000,000 1,939,860 Lucas County Hospital Refunding Revenue Bonds St. Vincent's Medical Center Series B (MBIA Insured) 5.25 2020 1,000,000 941,910 Marietta Sewer System Improvement Bonds (BIG Insured) 7.50 2007 200,000 209,570 Marion County Health Care Facilities Improvement Refunding Revenue Bonds United Church Homes Series 1993 6.375 2010 1,000,000 1,016,280 Marysville Sewer System 1st Mortgage Revenue Bonds Series 1988 (BIG Insured) A.M.T. 7.85 2008 400,000 425,884 Marysville Water System Mortgage Revenue Bonds Series 1991 (MBIA Insured) 7.05 2021 1,000,000 1,124,040 Medina County Hospital Revenue Bonds Medina County Community Hospital Series 1987 (AMBAC Insured) 6.875 2016 100,000 104,292 Miami County Hospital Facility Refunding Revenue Bonds Upper Valley Medical Center Series 1987A 8.375 2013 75,000 (f) 77,452 Montgomery County Health Facilities Revenue Bonds Friendship Village Dayton Series 1990A 9.25 2016 1,000,000 1,051,100 Montgomery County Hospital Facility Refunding Revenue & Improvement Bonds Ketter Medical Center Series 1996 (MBIA Insured) 5.50 2026 1,000,000 974,370 Montgomery County Water Revenue Bonds Greater Moraine - Beavercreek District (FGIC Insured) 6.25 2017 1,000,000 1,064,390 North Olmsted County Limited General Obligation Bonds Series 1996 (AMBAC Insured) 5.00 2016-21 1,700,000 1,598,792 Parma Hospital Improvement Revenue Bonds
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Parma Community General Hospital Series 1989B (MBIA Insured) 7.125 2013 500,000 533,975 Pickerington Local School District Unlimited Tax General Obligation Pre-Refunded Bonds (AMBAC Insured) 7.00 2013 1,000,000 1,114,410 Rural Loraine County Water Authority Water Resource Improvement Pre-Refunded Revenue Bonds Series 1991 (AMBAC Insured) 7.00 2011 1,000,000 1,116,580 Southwest Licking Local School District School Facilities Unlimited Tax General Obligation Bonds (FGIC Insured) 5.75 2022 500,000 505,180 Southwest Local School District Hamilton & Butler Counties School Unlimited Tax Improvement Bonds (AMBAC Insured) 7.65 2010 500,000 560,300 State Air Quality Development Authority Refunding Revenue Bonds JMG Funding Limited Partnership (AMBAC Insured) A.M.T. 6.375 2029 500,000 532,625 State Air Quality Development Authority Refunding Revenue Bonds Series 1994 (AMBAC Insured) A.M.T. 6.375 2029 2,000,000 2,130,500 State Air Quality Development Authority Revenue Bonds Cleveland Electric Illuminating Series A 7.00 2009 340,000 340,085 State Air Quality Development Authority Revenue Bonds Columbus & Southern Series A (FGIC Insured) 6.375 2020 1,000,000 1,071,250 State Building Authority Local Jail Grant Bonds Series 1989A (MBIA Insured) 7.35 2009 500,000 555,185 State Building Authority State Correctional Facility Revenue Bonds Series B 7.125 2009 75,000 76,601 State Building Authority State Facility Pre-Refunded Bonds Columbus State Office Building Series 1985C 7.35 2005 1,000,000 1,109,620 State Higher Educational Facility Pre-Refunded Revenue Bonds Oberlin College Series 1989 7.375 2014 500,000 549,425 State Housing Finance Agency Mortgage Revenue Bonds Aristocrat South Board & Care Series 1991A (FHA Insured) A.M.T. 7.30 2031 1,500,000 1,569,915 State Housing Finance Agency Single Family Mortgage Revenue Bonds Series 1990A (GNMA Insured) A.M.T. 7.80 2030 495,000 520,299 State Housing Finance Agency Single Family Mortgage Revenue Bonds Series 1990C (GNMA Insured) A.M.T. 7.85 2021 800,000 847,552 State Municipal Electric Generation Agency Joint Venture #5 Revenue Bonds (AMBAC Insured) 5.375 2024 2,000,000 1,918,640 State Turnpike Revenue Bonds Series A 5.75 2024 1,000,000 997,200 State Turnpike Revenue Bonds Series A (MBIA Insured) 5.50 2026 1,000,000 982,830 State Valley School District School Improvement Unlimited Tax General Obligation Bonds Counties of Adams & Highland Series 1995 (MBIA Insured) 5.25 2021 2,000,000 1,914,220 State Water & Air Quality Development Authority Cleveland Electric Illumination Pollution Control Refunding Revenue Bonds Series 1995 7.70 2025 1,000,000 1,082,920 State Water Development Authority Bonds Toledo Edison Series 1994 A.M.T. 8.00 2023 1,000,000 1,090,770 State Water Development Authority Pollution Control Revenue Bonds Phillip Morris 7.25 2008 150,000 157,390 State Water Development Authority Water Development Pre-Refunded Bonds Pure Water Series 1987I 7.75 2006-14 200,000 207,414 State Water Development Authority Water Development Pre-Refunded Bonds Pure Water Series 1988I 7.00 2014 500,000 521,935 State Water Development Authority Water Development Refunding Revenue Bonds Pure Water (AMBAC Insured) 5.50 2018 750,000 734,078 State Water Development Solid Waste Disposal
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Northstar BHP Steel LLC-Cargill Series 1995 Revenue Bonds A.M.T. 6.30 2020 500,000 (f) 523,480 Summit County Industrial Development Revenue Bonds Century Products 7.75 2005 100,000 103,702 Summit County Limited Tax General Obligation Pre-Refunded Bonds Human Services Facility (AMBAC Insured) 8.00 2007 95,000 100,576 Sycamore Board of Education Community School District Hamilton County School Improvement Bonds 6.50 2009 500,000 519,135 University of Cincinnati Certificates of Participation Student Recreation Center Series 1996 (MBIA Insured) 5.125 2024 1,000,000 943,130 University General Receipts Refunding Revenue Bonds Student Recreation Center (FGIC Insured) 5.00 2013 1,000,000 949,570 University of Cincinnati General Receipt Pre-Refunded Bonds Series I-1 7.10 2010 750,000 814,650 University of Toledo General Receipt Pre-Refunded Bonds Series 1990 (MBIA Insured) 7.125 2020 500,000 553,570 Warren County Various Purpose Limited Tax General Obligation Bonds Series 1992 6.10 2012 500,000 538,700 Whitehall City School District Franklin County Unlimited Tax Improvement General Obligation Pre-Refunded School Building Construction 7.25 2013 500,000 550,435 ------------------------------------------------------------------------------------------------------------------------------------ Total municipal bonds (Cost: $65,491,862) $70,284,764 ------------------------------------------------------------------------------------------------------------------------------------
Short-term security (0.4%) -------------------------------------------------------------------------------- Issuer (d,e) Effective Amount Value(a) yield payable at maturity -------------------------------------------------------------------------------- Municipal note State Air Quality Development Authority Revenue Bonds Cincinnati Gas & Electric Series A.V.R. 12-01-15 4.70% $300,000 $ 300,000 -------------------------------------------------------------------------------- Total short-term security (Cost: $300,000) $ 300,000 -------------------------------------------------------------------------------- Total investments in securities (Cost: $65,791,862)(g) $70,584,764 --------------------------------------------------------------------------------
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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: Rating 12-31-96 06-30-96 -------------------------------------------------------------------------------- AAA 65% 68% AA 9 10 A 9 9 BBB 9 7 BB and below 8 6 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 BIG -- Bond Investors Guarantee FGIC -- Financial Guarantee Insurance Corporation FHA -- Federal Housing Authority GNMA -- Government National Mortgage Association MBIA -- Municipal Bond Investors Assurance (d) The following abbreviation is used in portfolio descriptions: A.M.T. -- Alternative Minimum Tax -- As of Dec. 31, 1996, the value of securities subject to alternative minimum tax represented 11.4% of net assets. V.R. -- Variable Rate (e) The Fund is entitled to receive principal amount from issuer or corporate guarantor, if indicated in parenthesis after a day or a week's notice. The maturity date disclosed represents the final maturity. Interest rate varies to reflect current market conditions; rate shown is the effective rate on Dec. 31, 1996. (f) Partially or fully pledged as initial deposit on the following open interest rate futures contracts (see Note 5 to the financial statements): Type of security Notional amount --------------------------------------------------------------------------- Purchase contracts Municipal Bonds Index March 1997 $900,000 --------------------------------------------------------------------------- (g) At Dec. 31, 1996, the cost of securities for federal income tax purposes was approximately $65,729,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $4,897,000 Unrealized depreciation (41,000) ---------------------------------------------------------------------------- Net unrealized appreciation $ 4,856,000 ----------------------------------------------------------------------------
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Board members and officers Board members and officers of the Fund ----------------------------------------------------------------- President and interested board member William R. Pearce President and director, Board Services Corporation (provides administrative services to boards including the boards of the IDS and IDS Life funds and Master Trust Portfolios). ----------------------------------------------------------------- Independent board members H. Brewster Atwater Jr. Former chairman and chief executive officer, General Mills, Inc. Lynne V. Cheney Distinguished fellow, American Enterprise Institute for Public Policy Research. Robert F. Froehlke Former president of all funds in the IDS MUTUAL FUND GROUP. Heinz F. Hutter Former president and chief operating officer, Cargill, Inc. Anne P. Jones Attorney and telecommunications consultant. Melvin R. Laird Senior counsellor for national and international affairs, The Readers's Digest Association, Inc. Alan K Simpson Former United States senator for Wyoming Edson W. Spencer Former chairman and chief executive officer, Honeywell, Inc. Wheelock Whitney Chairman, Whitney Management Company. C. Angus Wurtele Chairman of the board, The Valspar Corporation. ----------------------------------------------------------------- Interested board members who are officers and/or employees of AEFC William H. Dudley Executive vice president, AEFC. David R. Hubers President and chief executive officer, AEFC. John R. Thomas Senior vice president, AEFC. ----------------------------------------------------------------- Officers who also are officers and/or employees of AEFC Peter J. Anderson Senior vice president, AEFC. Vice president - Investments for the Fund. Melinda S. Urion Senior vice president and chief financial officer, AEFC. Treasurer for the Fund. ------------------------------------------------------------------- Other officer Leslie L. Ogg Vice president, treasurer and corporate secretary of Board Services Corporation. Vice president, general counsel and secretary for the Fund. Refer to the SAI for the board members' and officers' biographies. IDS mutual funds Global/International funds Funds in this group seek capital growth and/or income by investing primarily in foreign securities. Foreign investments may be subject to currency fluctuations and political and economic risks of the countries in which the investments are made. They are high risk mutual funds with a potential for high reward. IDS Emerging Markets Fund Invests in a Portfolio comprised primarily of stocks of companies in developing countries throughout the world that are believed to offer growth potential. Seeks to provide long-term growth of capital. (icon of) world globe IDS Global Growth Fund Invests in a Portfolio comprised primarily of stocks of companies throughout the world that are positioned to meet market needs in a changing world economy. These companies offer above-average potential for long-term growth. (icon of) world IDS International Fund Invests primarily in common stocks of foreign companies that offer potential for superior growth. The Fund may invest up to 20% of its assets in the U.S. market. (icon of) three flags IDS Global Balanced Fund Invests in stocks-and bonds in, for the most part, major markets throughout the world, including the U.S. Seeks to provide a balance of growth of capital and current income. (icon of) scale of globes IDS Global Bond Fund Invests in a Portfolio comprised primarily of debt securities of U.S. and foreign issuers to seek high total return through income and growth of capital. (icon of) globe 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 Precious Metals Fund Invests primarily in the securities of foreign or domestic companies that explore for, mine and process or distribute gold and other precious metals. A highly aggressive and speculative fund that seeks long-term growth of capital. (icon of) cart of precious gems IDS Discovery Fund Invests in small- and medium-size, growth-oriented companies emphasizing technological innovation and productivity enhancement. Buys and holds larger growth-oriented stocks. (icon of) ship IDS Small Company Index Fund Invests in all or a representative group of the equity securities comprising the S&P SmallCap 600 Index, as it strives to provide long-term capital appreciation. (icon of) building IDS Strategy Aggressive Fund Invests primarily in common stocks of companies that are selected for their potential for above-average growth. Above-average means that their growth potential is better, in the opinion of the portfolio's investment manager, than the Standard & Poor's Corporation (S&P) 500 Stock Index. (icon of) chess piece IDS Research Opportunities Fund Invests in a Portfolio comprised primarily of equity securities of companies included in the S&P 500 Index that are believed to have strong growth potential. The Portfolio is managed using a research methodology by the Research Department of AEFC. Goal is long-term appreciation. (icon of) magnifying glass IDS Growth Fund Invests in a Portfolio comprised primarily of companies that have above-average potential for long-term growth as a result of new management, marketing opportunities or technological superiority. (icon of) flower IDS New Dimensions Fund Invests in a Portfolio comprised primarily of companies with significant growth potential due to superiority in technology, marketing or management. The Fund frequently changes its industry mix. (icon of) dimension IDS Progressive Fund Invests primarily in undervalued common stocks. The Fund holds stocks for the long term with the goal of capital growth. (icon of) shooting star 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. IDS Equity Select Fund Invests primarily in a combination of moderate growth stocks, higher-yielding equities and bonds. Seeks growth of capital and income. (icon of) three pine trees IDS Blue Chip Advantage Fund Invests in selected stocks from a major market index. Securities purchased are those recommended by our research analysts as the best from each industry represented on the index. Offers potential for long-term growth as well as dividend income. (icon of) ribbon IDS Managed Allocation Fund Invests in a Portfolio comprised primarily of U.S. equity securities, U.S. and foreign debt securities, foreign equity securities and money market instruments. The Fund provides diversification among these major investment categories and has a target mix that represents the way the Fund's investments will be allocated over the long term. Seeks maximum total return. (icon of) spinning toy IDS Stock Fund Invests in a Portfolio comprised primarily of common stocks of companies representing many sectors of the economy. Seeks current income and growth of capital. (icon of) building with columns IDS Equity Value Fund Invests primarily in undervalued common stocks that offer potential for growth of capital and income. (icon of) three growing flowers IDS Utilities Income Fund Invests primarily in the stocks of public utility companies to seek high current income and growth of income and capital with reduced volatility. (icon of) light bulb IDS Diversified Equity Income Fund Invests in a Portfolio comprised primarily in high-yielding common stocks to seek high current income and, secondarily, to benefit from the growth potential offered by stock investments. (icon of) two puzzle pieces IDS Mutual Invests in a Portfolio which seeks to balance between common stocks and senior securities (preferred stocks and bonds). Seeks a balance of growth of capital and current income. (icon of) scale of justice 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 Extra Income Fund Invests in a Portfolio comprised mainly in long-term, high-yielding corporate fixed-income securities in the lower rated, higher risk bond categories to seek high current income. Secondary objective is capital growth. (icon of) two coins IDS Bond Fund Invests mainly in corporate bonds, at least 50% in the higher rated, lower risk bond categories, or the equivalent, and in government bonds. (icon of) Greek column IDS Selective Fund Invests in a Portfolio comprised primarily of high-quality corporate bonds and other highly rated debt instruments including government securities and short-term investments. Seeks current income and preservation of capital. (icon of) skyline IDS Federal Income Fund Invests in a Portfolio comprised primarily of securities issued or guaranteed as to the timely payment of principal and interest by the U.S. government, its agencies and instrumentalities. Seeks a high level of current income and safety of principal consistent with its type of investments. (icon of) shield with eagle head Tax-exempt income funds These funds provide tax-free income by investing in municipal bonds. The income is generally free from federal income tax, but a portion of the income may be subject to state and local taxes. Risk varies by bond quality. IDS Tax-Exempt Bond Fund Invests mainly in bonds and notes of state or local government units, with at least 75% in the four highest rated, lowest risk bond categories. (icon of) shield with Greek column IDS Insured Tax-Exempt Fund Invests primarily in municipal securities that are insured as to the timely payment of principal and interest. The insurance feature minimizes credit risk of the Fund but does not guarantee the market value of the Fund's shares. (icon of) shield with star IDS State Tax-Exempt Funds (CA, MA, MI, MN, NY, OH) Invests primarily in high- and medium-grade municipal securities to provide income to residents of each respective state that is exempt from federal, state and local income taxes. (New York is the only state that is exempt at the local level.) (icon of) shield with U.S. enclosed IDS High Yield Tax-Exempt Fund Invests in a Portfolio comprised primarily of medium- and lower-quality municipal bonds and notes. Lower-quality securities generally involve greater risk of principal and income. (icon of) shield with basket of apples enclosed IDS Intermediate Tax-Exempt Fund Invests in mainly investment-grade bonds and other debt securities with intermediate-term maturities issued by state and local government units. Goal is to seek a high level of current income exempt from federal taxes. (icon of) shield with tree enclosed 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. An investment in these funds is neither insured nor guaranteed by the U.S. government, and there can be no assurance that these funds will be able to maintain a stable net asset value of $1.00 per share. 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. (icon of) piggy bank IDS Tax-Free Money Fund Invests primarily in short-term bonds and notes issued by state and local governments to seek high current income exempt from federal income taxes. (icon of) shield with piggy bank enclosed PAGE Quick telephone reference American Express Telephone Transaction Service Redemptions and exchanges, dividend payments or reinvestments and automatic payment arrangements
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National/Minnesota: 800-437-3133 Mpls./St. Paul area: 671-3800 American Express Shareholder Service Fund performance, objectives and account inquiries 612-671-3733 TTY Service For the hearing impaired 800-846-4852 American Express Infoline Automated account information (TouchTone(R) phones only), including current fund prices and performance, account values and recent account transactions National/Minnesota: 800-272-4445 Mpls./St. Paul area: 671-1630 AMERICAN EXPRESS FINANCIAL ADVISORS IDS State Tax-Exempt Funds IDS Tower 10 Minneapolis, MN 55440-0010

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Filed on:2/24/97
For Period End:12/31/96254N-30D,  NSAR-A
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