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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 24
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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SIGNATURE LESLIE L. OGG
TITLE VICE PRESIDENT
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<NAME> AXP MINNESOTA TAX EXEMPT FUND CLASS B
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<TABLE> <S> <C>
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<NAME> AXP NEW YORK TAX EXEMPT FUND CLASS A
<S> <C>
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</TABLE>
<TABLE> <S> <C>
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<SERIES>
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<NAME> AXP NEW YORK TAX EXEMPT FUND CLASS B
<S> <C>
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</TABLE>
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 8
<NAME> AXP MASSACHUSETTS TAX EXEMPT FUND CLASS A
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> AXP MASSACHUSETTS TAX EXEMPT FUND CLASS B
<S> <C>
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<PERIOD-END> DEC-31-1999
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> IDS MICHIGAN TAX EXEMPT FUND CLASS A
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> IDS MICHIGAN TAX EXEMPT FUND CLASS B
<S> <C>
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<PERIOD-END> DEC-31-1999
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<NUMBER-OF-SHARES-REDEEMED> 139195
<SHARES-REINVESTED> 22505
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</TABLE>
<TABLE> <S> <C>
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<NUMBER> 12
<NAME> AXP OHIO TAX EXEMPT FUND CLASS A
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 13
<NAME> AXP OHIO TAX EXEMPT FUND CLASS B
<S> <C>
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</TABLE>
EXHIBIT 77D
AXP SPECIAL TAX-EXEMPT TRUST
Changes in investment policies for the Six-month Period Ended 12/31/99 for:
AXP SPECIAL TAX-EXEMPT TRUST
RESOLVED, That the 5% restriction on when-issued securities be eliminated.
[For all funds]
RESOLVED, That the Fund hereby adopts the following guidelines concerning the
lending of portfolio securities:
1. The Fund may lend its portfolio securities with a value of up to 30% of its
net assets, computed at market.
2. The Fund may not lend its portfolio securities to broker-dealers which are
affiliated persons of its investment manager or distributor except in accordance
with the terms of an order of the Securities and Exchange Commission which are
set forth in paragraph 10 below and may not lend securities unless the borrower
is a member of a national securities exchange or the NASD and meets the
following requirements as per latest public financial statements:
a. Minimum of $10 million total capital;
b.Net capital ratio of less than 10 to 1 of net capital or not less than
5% of aggregate debt items if calculated by the alternate method; and
c. Has been approved by the President of the Fund.
or the borrower is a primary Government Securities Dealer which is not
guaranteed by its parent firm and meets the following requirements as per latest
public financial statements:
a. Maintain capital in excess of $50 million;
b. Complies with the Federal Reserve Capital Adequacy Guidelines; and
c. Has been approved by the President of the Fund.
3.The total amount of loan transactions outstanding with any one
broker-dealer on the approved list will be in accordance with a schedule
to be approved by the President of the Fund.
4.Lending activities of the Fund will be conducted in a manner to insure
its subchapter M status.
5.Amendments to the Fund's existing custodian agreement pertaining to the
lending of portfolio securities and the custodian fees for such services
must be approved by the Board of Directors.
6.Loans will be structured in a manner which will enable the Fund to call
the loan in order to vote the proxy if the Fund has knowledge of a
material event to be voted on which would affect the Fund's investment in
the security loaned.
7.Loans will be made pursuant to agreements and procedures approved by the
Fund's General Counsel.
8.In addition to the above guidelines, all loans will be made in
accordance with guidelines established by the SEC and state regulatory
authorities.
9.The Fund shall make all loans at competitive market rates, shall not
make any loan at rates below the minimum rates set forth in the Schedule
of Rates and shall accept only cash, U.S. Government securities or
letters of credit approved by the Fund as collateral for the securities
loaned.
a.The schedule of rates is: ALL LOANS RATE Up to $25,000 250 basis points
$250,000 to $500,000 125 basis points $500,000 to $1 million 100 basis
points $1 million to $4 million 25 basis points $4 million and above 10
basis points
b.If cash is received as collateral, the Fund may remit to the borrowing
broker a portion of the interest earned or the cash, and the rate charged
on the loan shall be deemed to be the rate of return earned on the cash
collateral less the portion returned to the borrowing broker.
c.If U.S. Government securities or letters of credit are received as
collateral, the rate shall be the loan premium charged by the Fund. If
any letter of credit is accepted as collateral, it shall be issued by a
financial institution which presents minimal credit risks and is rated in
the top category by Moody's Investors Service, Standard & Poor's
Corporation or other major rating services and it shall be irrevocable
and contain an unqualified commitment of the issuer to pay.
d.In determining the rate to charge a borrowing broker, the investment
manager may consider among other things the size of the loan, the
projected duration of the loan, the demand for the securities, the type
of delivery and the cost to make the loan. All loans meeting the same
criteria will be loaned at the same rate regardless of the borrower and
the investment manager will inform the Fund of the rates actually
charged.
10. The Secretary shall establish a schedule for the Board to review these
requirements and conditions annually, shall maintain and preserve
permanently a copy of this resolution and shall cause a written record of
each loan to be maintained for a period of six years after the end of the
year in which the loan occurred that sets forth the number of shares
loaned or the face amount of the securities loaned, the fee received or
rate of interest remitted, the terms of the loan, and the information
upon which the finding was made that a loan was fair and reasonable and
in accordance with the above procedures.
RESOLVED FURTHER, That the proper officers of the Fund be authorized and
directed to take the necessary steps to carry into effect the foregoing
resolution.
[For all funds] RESOLVED, That the Fund may invest in repurchase agreements
provided AEFC evaluates the creditworthiness of each counterparty to a
repurchase agreement and takes steps that are reasonably designed to
ensure that the repurchase agreement is fully collateralized.
