<PAGE> PAGE 1
000 B000000 08/31/99
000 C000000 0000764546
000 D000000 N
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000 J000000 A
001 A000000 AXP VP MANAGED SERIES, INC.
001 B000000 811-4252
001 C000000 6126713800
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002 D010000 55440
002 D020000 0010
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008 D03AA01 55440
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008 D03AA02 55440
008 D04AA02 0010
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<PAGE> PAGE 2
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014 B00AA02 8-42582
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014 B00AA03 8-31250
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014 B00AA04 8-16791
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014 B00AA05 8-14124
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014 B00AA06 8-12550
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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SIGNATURE LESLIE L OGG
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> AXP VP MANAGED FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 4061695440
<INVESTMENTS-AT-VALUE> 5177684945
<RECEIVABLES> 67234137
<ASSETS-OTHER> 221139946
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5466059028
<PAYABLE-FOR-SECURITIES> 6395363
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 413932829
<TOTAL-LIABILITIES> 420328192
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3722205849
<SHARES-COMMON-STOCK> 267822635
<SHARES-COMMON-PRIOR> 255784848
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 8256690
<ACCUMULATED-NET-GAINS> 215299519
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1116482158
<NET-ASSETS> 5045730836
<DIVIDEND-INCOME> 28909502
<INTEREST-INCOME> 134409775
<OTHER-INCOME> 0
<EXPENSES-NET> 31645161
<NET-INVESTMENT-INCOME> 131674116
<REALIZED-GAINS-CURRENT> 212352905
<APPREC-INCREASE-CURRENT> 655721269
<NET-CHANGE-FROM-OPS> 999748290
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 131267722
<DISTRIBUTIONS-OF-GAINS> 431748610
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6954626
<NUMBER-OF-SHARES-REDEEMED> 26684346
<SHARES-REINVESTED> 31767507
<NET-CHANGE-IN-ASSETS> 632777379
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<ACCUMULATED-GAINS-PRIOR> 430440937
<OVERDISTRIB-NII-PRIOR> 4408797
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<GROSS-EXPENSE> 31645161
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<PER-SHARE-NAV-BEGIN> 17.25
<PER-SHARE-NII> .50
<PER-SHARE-GAIN-APPREC> 3.29
<PER-SHARE-DIVIDEND> .49
<PER-SHARE-DISTRIBUTIONS> 1.71
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<EXPENSE-RATIO> .63
</TABLE>
Independent Auditors' Report
on Internal Accounting Control
The Board of Directors and Shareholders
AXP Variable Portfolio Managed Fund, Inc.:
In planning and performing our audit of the financial statements of
AXP Variable Portfolio Managed Fund, Inc. for the year ended August 31,
1998, 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 Variable Portfolio Managed 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 controls. 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 Variable Portfolio Managed Fund, 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
October 1, 1999
<TABLE>
<CAPTION>
SHAREHOLDER RESPONSE SUMMARY REPORT Page 1
IDS FUNDS
IDS LIFE MANAGED FUND
June 16, 1999
% of Outstanding % of Shares
No. of Shares Shares Voted
--------------- ---------------- ----------------
1. Election of Board members.
H. Brewster Atwater, Jr.
<S> <C> <C> <C>
Affirmative 268,267,732.765 98.373% 98.373%
Withhold 4,435,660.445 1.627% 1.627%
TOTAL 272,703,393.210 100.000% 100.000%
Arne H. Carlson
Affirmative 267,498,542.286 98.091% 98.091%
Withhold 5,204,850.924 1.909% 1.909%
TOTAL 272,703,393.210 100.000% 100.000%
Lynne V. Cheney
Affirmative 268,152,739.501 98.331% 98.331%
Withhold 4,550,653.709 1.669% 1.669%
TOTAL 272,703,393.210 100.000% 100.000%
William H. Dudley
Affirmative 268,363,843.364 98.409% 98.409%
Withhold 4,339,549.846 1.591% 1.591%
TOTAL 272,703,393.210 100.000% 100.000%
David R. Hubers
Affirmative 268,401,614.958 98.423% 98.423%
Withhold 4,301,778.252 1.577% 1.577%
TOTAL 272,703,393.210 100.000% 100.000%
Heinz F. Hutter
Affirmative 268,143,299.761 98.328% 98.328%
Withhold 4,560,093.449 1.672% 1.672%
TOTAL 272,703,393.210 100.000% 100.000%
Anne P. Jones
Affirmative 268,321,490.999 98.393% 98.393%
Withhold 4,381,902.211 1.607% 1.607%
TOTAL 272,703,393.210 100.000% 100.000%
SHAREHOLDER RESPONSE SUMMARY REPORT Page 2
IDS FUNDS
IDS LIFE MANAGED FUND
June 16, 1999
% of Outstanding % of Shares
No. of Shares Shares Voted
--------------- ---------------- ----------------
William R. Pearce
Affirmative 267,999,074.915 98.275% 98.275%
Withhold 4,704,318.295 1.725% 1.725%
TOTAL 272,703,393.210 100.000% 100.000%
Alan K. Simpson
Affirmative 268,019,466.321 98.282% 98.282%
Withhold 4,683,926.889 1.718% 1.718%
TOTAL 272,703,393.210 100.000% 100.000%
John R. Thomas
Affirmative 268,385,204.799 98.417% 98.417%
Withhold 4,318,188.411 1.583% 1.583%
TOTAL 272,703,393.210 100.000% 100.000%
C. Angus Wurtele
Affirmative 268,261,463.514 98.371% 98.371%
Withhold 4,441,929.696 1.629% 1.629%
TOTAL 272,703,393.210 100.000% 100.000%
2. Ratify the selection of independent auditors
Affirmative 267,044,497.803 97.925% 97.925%
Against 2,557,477.627 .938% .938%
Abstain 3,101,417.780 1.137% 1.137%
TOTAL 272,703,393.210 100.000% 100.000%
3. Change the Fund name from "IDS" to "AXP"
Affirmative 250,097,818.260 91.711% 91.711%
Against 18,232,126.356 6.685% 6.685%
Abstain 4,373,448.594 1.604% 1.604%
TOTAL 272,703,393.210 100.000% 100.000%
4. Approve a new shareholder service and distribution plan
Affirmative 241,185,190.257 88.442% 88.442%
Against 24,558,279.516 9.006% 9.006%
Abstain 6,959,923.437 2.552% 2.552%
TOTAL 272,703,393.210 100.000% 100.000%
SHAREHOLDER RESPONSE SUMMARY REPORT Page 3
IDS FUNDS
IDS LIFE MANAGED FUND
June 16, 1999
% of Outstanding % of Shares
No. of Shares Shares Voted
--------------- ---------------- ----------------
6. Changes to investment policies
6.1 Prohibited conflict of interest
Affirmative 252,715,971.964 92.671% 92.671%
Against 12,409,768.625 4.550% 4.550%
Abstain 7,577,652.621 2.779% 2.779%
TOTAL 272,703,393.210 100.000% 100.000%
6.2 Senior securities
Affirmative 252,926,740.520 92.748% 92.748%
Against 12,044,410.453 4.417% 4.417%
Abstain 7,732,242.237 2.835% 2.835%
TOTAL 272,703,393.210 100.000% 100.000%
SHAREHOLDER RESPONSE SUMMARY REPORT Page 4
IDS FUNDS
IDS LIFE MANAGED FUND
June 16, 1999
% of Outstanding % of Shares
No. of Shares Shares Voted
--------------- ---------------- ----------------
** FUND TOTALS: SHARES
RECORD TOTAL 272,703,393.210
VOTED SHARES 272,703,393.210
PERCENT VOTED 100.000%
</TABLE>
