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SIGNATURE LESLIE L. OGG
TITLE VICE PRESIDENT
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<NAME> AXP PROGRESSIVE FUND CLASS A
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#113168 v01
SHAREHOLDER RESPONSE SUMMARY REPORT Page 1
IDS FUNDS
IDS PROGRESSIVE FUND, INC.
June 30, 1999
% of Outstanding % of Shares
No. of Shares Shares Voted
--------------- ---------------- ----------------
<S> <C> <C> <C>
1. Election of Board members.
H. Brewster Atwater, Jr.
Affirmative 40,028,007.947 54.123% 97.795%
Withhold 902,528.583 1.220% 2.205%
TOTAL 40,930,536.530 55.343% 100.000%
Arne H. Carlson
Affirmative 39,956,196.648 54.026% 97.620%
Withhold 974,339.882 1.317% 2.380%
TOTAL 40,930,536.530 55.343% 100.000%
Lynne V. Cheney
Affirmative 40,029,893.160 54.125% 97.800%
Withhold 900,643.370 1.218% 2.200%
TOTAL 40,930,536.530 55.343% 100.000%
William H. Dudley
Affirmative 40,023,083.438 54.116% 97.783%
Withhold 907,453.092 1.227% 2.217%
TOTAL 40,930,536.530 55.343% 100.000%
David R. Hubers
Affirmative 40,051,723.175 54.155% 97.853%
Withhold 878,813.355 1.188% 2.147%
TOTAL 40,930,536.530 55.343% 100.000%
Heinz F. Hutter
Affirmative 40,007,842.343 54.095% 97.746%
Withhold 922,694.187 1.248% 2.254%
TOTAL 40,930,536.530 55.343% 100.000%
Anne P. Jones
Affirmative 40,034,563.882 54.131% 97.811%
Withhold 895,972.648 1.212% 2.189%
TOTAL 40,930,536.530 55.343% 100.000%
SHAREHOLDER RESPONSE SUMMARY REPORT Page 2
IDS FUNDS
IDS PROGRESSIVE FUND, INC.
June 30, 1999
% of Outstanding % of Shares
No. of Shares Shares Voted
--------------- ---------------- ----------------
William R. Pearce
Affirmative 39,979,826.074 54.057% 97.677%
Withhold 950,710.456 1.286% 2.323%
TOTAL 40,930,536.530 55.343% 100.000%
Alan K. Simpson
Affirmative 39,975,437.848 54.052% 97.667%
Withhold 955,098.682 1.291% 2.333%
TOTAL 40,930,536.530 55.343% 100.000%
John R. Thomas
Affirmative 40,054,549.088 54.158% 97.860%
Withhold 875,987.442 1.185% 2.140%
TOTAL 40,930,536.530 55.343% 100.000%
C. Angus Wurtele
Affirmative 40,030,727.373 54.126% 97.802%
Withhold 899,809.157 1.217% 2.198%
TOTAL 40,930,536.530 55.343% 100.000%
2. Ratify the selection of independent auditors
Affirmative 39,756,348.959 53.755% 97.131%
Against 522,413.505 .707% 1.277%
Abstain 651,774.066 .881% 1.592%
TOTAL 40,930,536.530 55.343% 100.000%
3. Change the Fund name from "IDS" to "AXP"
Affirmative 36,962,479.625 49.978% 90.305%
Against 3,237,715.026 4.377% 7.911%
Abstain 730,341.879 .988% 1.784%
TOTAL 40,930,536.530 55.343% 100.000%
SHAREHOLDER RESPONSE SUMMARY REPORT Page 3
IDS FUNDS
IDS PROGRESSIVE FUND, INC.
June 30, 1999
% of Outstanding % of Shares
No. of Shares Shares Voted
--------------- ---------------- ----------------
** FUND TOTALS: SHARES
RECORD TOTAL 73,958,011.522
VOTED SHARES 40,930,536.530
PERCENT VOTED 55.343%
C48
SHAREHOLDER RESPONSE SUMMARY REPORT Page 1
IDS FUNDS
IDS PROGRESSIVE FUND, INC. CLASS B
June 30, 1999
% of Outstanding % of Shares
No. of Shares Shares Voted
--------------- ---------------- ----------------
4. Approve a new shareholder service and distribution plan
Affirmative 5,671,036.188 45.379% 89.435%
Against 476,053.022 3.809% 7.508%
Abstain 193,846.069 1.552% 3.057%
TOTAL 6,340,935.279 50.740% 100.000%
Not Voting 972.000
SHAREHOLDER RESPONSE SUMMARY REPORT Page 2
IDS FUNDS
IDS PROGRESSIVE FUND, INC. CLASS B
June 30, 1999
% of Outstanding % of Shares
No. of Shares Shares Voted
--------------- ---------------- ----------------
** FUND TOTALS: SHARES
RECORD TOTAL 12,497,030.137
VOTED SHARES 6,341,907.279
PERCENT VOTED 50.747%
C48
SHAREHOLDER RESPONSE SUMMARY REPORT Page 1
IDS FUNDS
IDS PROGRESSIVE FUND, INC. CLASSES A & B
June 30, 1999
% of Outstanding % of Shares
No. of Shares Shares Voted
--------------- ---------------- ----------------
4. Approve a new shareholder service and distribution plan
Affirmative 33,768,362.726 46.476% 87.821%
Against 3,418,340.320 4.704% 8.890%
Abstain 1,264,561.698 1.741% 3.289%
TOTAL 38,451,264.744 52.921% 100.000%
Not Voting 1,179,235.000
SHAREHOLDER RESPONSE SUMMARY REPORT Page 2
IDS FUNDS
IDS PROGRESSIVE FUND, INC. CLASSES A & B
June 30, 1999
% of Outstanding % of Shares
No. of Shares Shares Voted
--------------- ---------------- ----------------
** FUND TOTALS: SHARES
RECORD TOTAL 72,657,974.736
VOTED SHARES 39,630,499.744
PERCENT VOTED 54.544%
C48
</TABLE>
Independent Auditors' Report on Internal Accounting Control
The Board of Directors and Shareholders
AXP Progressive Fund Inc.:
In planning and performing our audits of the financial statements of AXP
Progressive Fund for the year ended September 30, 1999, we considered its
internal control, including control activities for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on the internal control.
The management of AXP Progressive Fund, Inc. is responsible for establishing
and maintaining internal control. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits and
related costs of control. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control would not necessarily disclose all
matters in the internal control that might be material weaknesses under
standards established by the American Institute of Certified Public Accountants
A material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that errors or irregularities in amounts that would be material
in relation to the financial statements being audited may occur and not be
detected within a timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters involving the internal
control and its operation, including controls for safeguarding securities,
that we consider to be a material weakness as defined above.
This report is intended solely for the information and use of management, the
Board of Directors of AXP Progressive Inc., and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone other than
these specified parties.
KPMG LLP
Minneapolis, Minnesota
November 5, 1999
