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<PAGE> PAGE 2
012 B00AA01 84-456
012 C01AA01 MINNEAPOLIS
012 C02AA01 MN
012 C03AA01 55440
012 C04AA01 0010
013 A00AA01 KPMG PEAT MARWICK LLP
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013 B03AA01 55402
013 B04AA01 3900
014 A00AA01 AMERICAN EXPRESS FINANCIAL CORPORATION
014 B00AA01 8-31250
014 A00AA02 AMERICAN EXPRESS FINANCIAL ADVISORS INC.
014 B00AA02 8-16791
014 A00AA03 IDS LIFE INSURANCE COMPANY
014 B00AA03 8-14124
014 A00AA04 IDS SECURITIES CORPORATION
014 B00AA04 8-12550
014 A00AA05 AMERICAN EXPRESS SERVICE CORPORATION
014 B00AA05 8-27456
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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SIGNATURE LESLIE L. OGG
TITLE VICE PRESIDENT
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<NAME> IDS BLUE CHIP ADVANTAGE FUND CLASS A
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<NAME> IDS BLUE CHIP ADVANTAGE FUND CLASS B
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<APPREC-INCREASE-CURRENT> (61299801)
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<SHARES-REINVESTED> 3414327
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<ACCUMULATED-NII-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 6.47
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> IDS SMALL COMPANY INDEX FUND CLASS B
<S> <C>
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<PERIOD-END> JAN-31-1999
<INVESTMENTS-AT-COST> 1021493238
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<ACCUMULATED-NET-GAINS> 5110140
<OVERDISTRIBUTION-GAINS> 0
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<DIVIDEND-INCOME> 6517882
<INTEREST-INCOME> 944708
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<NET-INVESTMENT-INCOME> (2499650)
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<APPREC-INCREASE-CURRENT> (61299801)
<NET-CHANGE-FROM-OPS> (25877100)
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 13932020
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 32482960
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<SHARES-REINVESTED> 2377447
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<ACCUMULATED-NII-PRIOR> 0
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<AVERAGE-NET-ASSETS> 307128451
<PER-SHARE-NAV-BEGIN> 6.40
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<PER-SHARE-NAV-END> 6.00
<EXPENSE-RATIO> 1.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
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<NAME> IDS SMALL COMPANY INDEX FUND CLASS Y
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 986231055
<SHARES-COMMON-STOCK> 301133
<SHARES-COMMON-PRIOR> 123294
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5110140
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 1843411
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<DISTRIBUTIONS-OF-GAINS> 63657
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<NUMBER-OF-SHARES-SOLD> 266752
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<SHARES-REINVESTED> 10733
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<EXPENSE-RATIO> .87
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</TABLE>
EXHIBIT 77D for IDS Market Advantage Series, Inc.
IDS Blue Chip Advantage Fund
At the Board of Directors meetings held on October 7-8, 1998, the
following investment policies were eliminated:
The Fund will not pledge or mortgage it assets beyond 15% of
total assets.
The Fund will not invest more than 5% of it's total assets in
securities of domestic or foreign companies, including any
predecessors, that have a record of less than three years
continuous operations.
The Fund will not invest more than 5% of its net assets in
warrants.
The Fund will not invest in exploration or development programs,
such as oil, gas or mineral leases.
The Fund will not purchase securities of an issuer if the board
members and officers of the Fund and of AEFC hold more than a
certain percentage of the issuer's outstanding securities. If
the holdings of all board members and officers of the Fund and
AEFC who own more than 0.5% if an issuer's securities are added
together, and if in total they own more than 5%, the Fund will
not purchase securities of that issuer.
EXHIBIT 77D for IDS Market Advantage Series, Inc.
IDS Small Company Index Fund
At the Board of Directors meetings held on October 7-8, 1998, the
following investment policies were eliminated:
The Fund will not pledge or mortgage it's assets beyond 15% of
total assets.
The Fund will not invest more than 5% of its total assets in
securities of domestic or foreign companies, including any
predecessors, that have a record of less than three years
continuous operations.
The Fund will not invest more than 5% of its net assets in
warrants.
The Fund will not invest in exploration or development programs,
such as oil, gas or mineral leases.
Independent Auditors' Report
on Internal Accounting Control
The Board of Directors and Shareholders
IDS Market Advantage Series, Inc.:
In planning and performing our audit 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 year
ended January 31, 1999, we considered their 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 IDS Market Advantage Series, 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 IDS Market
Advantage Series, 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 Peat Marwick LLP
Minneapolis, Minnesota
March 5, 1999
