Exhibit 77M for AXP(R) Growth Series, Inc.

Merger of AXP(R) Blue Chip Advantage Fund and AXP(R) Research Opportunities Fund
into AXP(R) Large Cap Equity Fund

On June 25, 2004, AXP Blue Chip Advantage Fund (a Selling Fund), a series of AXP
Market Advantage Series, Inc. (the Selling Corporation), and AXP Research
Opportunities Fund (a Selling Fund), a series of AXP Growth Series, Inc. (the
Buying Corporation), merged into AXP Large Cap Equity Fund (the Buying Fund), a
series of the Buying Corporation.

Board action: Board members of the Selling Corporation and the Buying
Corporation, at meetings held on January 7-8, 2004, approved an Agreement and
Plan of Reorganization (Agreement). Each Board determined that participation in
the reorganization was in the best interests of the respective Fund and that the
interests of existing shareholders of the respective Fund would not be diluted
as a result of the reorganization.

Shareholder approval: The shareholders of each Selling Fund approved an
Agreement between the respective Selling Fund and the Buying Fund at shareholder
meetings held on June 9, 2004.

Terms of the Reorganization: Under the Agreement, each Selling Fund transferred
all of its assets to the Buying Fund in exchange for Class A, B, C and Y shares
of the Buying Fund. Those shares were distributed proportionately to the
shareholders of the respective Selling Funds. The Buying Fund assumed the
liabilities of each Selling Fund. The shareholders did not pay any sales charge
in connection with the distribution of shares. American Express Financial
Corporation agreed to bear the costs of effecting the Reorganization.