<PAGE> PAGE 1
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000 C000000 0000854669
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001 A000000 IDS MARKET ADVANTAGE SERIES INC.
001 B000000 811-5897
001 C000000 6126712772
002 A000000 IDS TOWER 10
002 B000000 MINNEAPOLIS
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007 C020200 IDS BLUE CHIP ADVANTAGE FUND CLASS B
007 C030200 N
007 C010300 3
007 C020300 IDS BLUE CHIP ADVANTAGE FUND CLASS Y
007 C030300 N
007 C010400 4
007 C020400 IDS BLUE CHIP ADVANTAGE FUND
007 C030400 N
007 C010500 5
007 C020500 IDS SMALL COMPANY INDEX FUND
007 C030500 N
007 C010600 6
007 C020600 IDS SMALL COMPANY INDEX FUND CLASS A
007 C030600 N
007 C010700 7
007 C020700 IDS SMALL COMPANY INDEX FUND CLASS B
007 C030700 N
007 C010800 8
007 C020800 IDS SMALL COMPANY INDEX FUND CLASS Y
007 C030800 N
007 C010900 9
007 C011000 10
020 A000001 GOLDMAN SACHS & CO.
020 B000001 13-5108880
<PAGE> PAGE 2
020 C000001 282
020 A000002 MORGAN STANLEY & CO., INC.
020 B000002 13-2655998
020 C000002 167
020 A000003 LEHMAN BROTHERS INC.
020 B000003 13-2518466
020 C000003 165
020 A000004 SMITH BARNEY INC.
020 B000004 13-1912900
020 C000004 120
020 A000005 MERRILL LYNCH & CO., INC.
020 B000005 13-5674085
020 C000005 94
020 A000006 SALOMON BROTHERS INC.
020 B000006 13-3082694
020 C000006 78
020 A000007 PAINEWEBBER INC.
020 B000007 13-2638166
020 C000007 69
020 A000008 AMERICAN ENTERPRISE INV. SERV. INC.
020 B000008 41-1667086
020 C000008 44
020 A000009 CS FIRST BOSTON GROUP
020 B000009 13-5659485
020 C000009 42
020 A000010 CAPITAL INSTITUTIONAL SERVICE INC.
020 B000010 75-1565705
020 C000010 35
021 000000 1489
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<PAGE> PAGE 3
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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SIGNATURE LESLIE L. OGG
TITLE VICE PRESIDENT
KPMG Peat Marwick LLP
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Report on Internal Accounting Control
The Board of Directors and Shareholders
IDS Market Advantage Series, Inc.:
In planning and performing our audits of the financial statements of IDS
Blue Chip Advantage Fund and IDS Small Company Index Fund (funds
within IDS Market Advantage Series, Inc.), for the period ended January 31,
1997, we considered their internal control structure, including procedures 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 NSAR, not to provide assurance on the
internal control structure.
The management of IDS Market Advantage Series, Inc. is responsible for
establishing and maintaining a system of internal accounting control. In
fulfilling this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of internal control
structure policies and procedures. Two of the objectives of an internal
control structure are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss from
unauthorized use or disposition and that transactions are executed in
accordance with management's authorization and recorded properly to
permit the preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure 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 structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements
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 matter involving the internal
control structure, including procedures for safeguarding securities, that we
consider to be a material weakness as defined above as of January 31,
1997. This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
KPMG Peat Marwick LLP
Minneapolis, Minnesota
March 7, 1997
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</TABLE>
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<NAME> IDS BLUE CHIP ADVANTAGE FUND CLASS B
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<PER-SHARE-NAV-BEGIN> 7.59
<PER-SHARE-NII> .04
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<NAME> IDS BLUE CHIP ADVANTAGE FUND CLASS Y
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<NUMBER-OF-SHARES-SOLD> 6248025
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<NAME> IDS SMALL COMPANY INDEX FUND CLASS A
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