SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549

FORM N-17f-2

Certificate of Accounting of Securities and Similar
Investments in the Custody of
Management Investment Companies

Pursuant to Rule 17f-2 [17 CFR 270.17f-2]

1.    Investment Company Act File Number:    Date examination completed:

               811-2111                            January 19, 2004

2. State identification Number:

AL       AK       AZ       AR       CA      CO
CT       DE       DC       FL       GA      HI
ID       IL       IN       IA       KS      KY
LA       ME       MD       MA       MI      MN
MS       MO       MT       NE       NV      NH
NJ       NM       NY       NC       ND      OH
OK       OR       PA       RI       SC      SD
TN       TX       UT       VT       VA      WA
WV       WI       WY       PUERTO RICO

Other  (specify):

3. Exact name of investment company as specified in registration statement:

     AXP Growth Series, Inc.

4. Address of principal executive office (number,street,city,state,zip code):

     200 AXP Financial Center, Minneapolis, MN 55474


          THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT


                          Independent Auditors' Report


To the Board of Directors of
AXP Growth Series, Inc.:

We have examined management's assertion, included in the accompanying Management
Statement Regarding Compliance with Certain Provisions of the Investment Company
Act of 1940, that AXP Large Cap Equity Fund, AXP Large Cap Value Fund, and AXP
Quantitative Large Cap Equity Fund of AXP Growth Series, Inc. (the Funds)
complied with the provisions of subsection (b) and (c) of Rule 17f-2 under the
Investment Company Act of 1940 as of October 31, 2003 and during the period from
July 31, 2003 (the date of our last examination) through October 31, 2003.
Management is responsible for the Fund's compliance with those provisions. Our
responsibility is to express an opinion on management's assertion about the
Funds' compliance based on our examination.

Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Funds' compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests
performed as of October 31, 2003 and during the period July 31, 2003 through
October 31, 2003, with respect to securities transactions:

o    Count and inspection of all securities located in the vault, if any, of
     American Express Trust Company, the Custodian, without prior notice to
     management;

o    Confirmation of all securities,  if any, held by institutions in book entry
     form  (Wells  Fargo Bank  Minnesota,  N.A.,  The Bank of New York,  and The
     Depository Trust Company);

o    Confirmation or examination of underlying documentation of all securities
     purchased but not received, hypothecated, pledged, placed in escrow, or out
     for transfer with brokers, pledges and/or transfer agents;

o    Reconciliation of all such securities to the books and records of the Funds
     and the Custodian; and

o    Test of selected security transactions since the date of our last report.



We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Funds' compliance with
the specified requirements.

In our opinion, management's assertion that the Funds were in compliance with
the above mentioned provisions of Rule 17f-2 of the Investment Company Act of
1940 as of October 31, 2003 and during the period July 31, 2003 through October
31, 2003 is fairly stated in all material respects.

This report is intended solely for the information and use of management of the
Funds and the Securities and Exchange Commission and should not be used for any
other purpose and is not intended to be and should not be used by anyone other
than these specified parties.






/s/ KPMG LLP
-------------
    KPMG LLP
    Minneapolis, MN
    January 19, 2004


             Management Statement Regarding Compliance With Certain
                Provisions of the Investment Company Act of 1940



     We, as members of management of AXP Large Cap Equity Fund, AXP Large Cap
     Value Fund, and AXP Quantitative Large Cap Equity Fund of AXP Growth
     Series, Inc. (the Funds) are responsible for complying with the
     requirements of subsections (b) and (c) of Rule 17f-2, Custody of
     Investments by Registered Management Investment Companies, of the
     Investment Company Act of 1940. We are also responsible for establishing
     and maintaining effective internal controls over compliance with those
     requirements. We have performed an evaluation of the Funds' compliance with
     the requirements of subsections (b) and (c) of Rule 17f-2 as of October 31,
     2003 and during the period July 31, 2003 through October 31, 2003.

     Based on this evaluation, we assert that the Funds were in compliance with
     the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment
     Company Act of 1940 as of October 31, 2003 and during the period July 31,
     2003 through October 31, 2003, with respect to securities reflected in the
     investment account of the Funds.



     AMERICAN EXPRESS FINANCIAL CORPORATION



     By: /s/ Jeffrey P. Fox
         --------------------------
             Jeffrey P. Fox, Vice President-Investment Accounting