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                            October 15, 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



             Report of Independent Registered Public Accounting Firm



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 Quantitative Large Cap Equity Fund of AXP Growth Series,
Inc. (the Fund) complied with the provisions of subsection (b) and (c) of Rule
17f-2 under the Investment Company Act of 1940 as of July 31, 2004 and during
the period from March 31, 2004 (the date of our last examination) through July
31, 2004. Management is responsible for the Fund's compliance with those
provisions. Our responsibility is to express an opinion on management's
assertion about the Fund's compliance based on our examination.

Our examination was made in accordance with standards established by the Public
Company Accounting Oversight Board (United States) and, accordingly, included
examining, on a test basis, evidence about the Fund's 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 July 31, 2004 and during the period March 31, 2004 through July
31, 2004, 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;

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 Fund
     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 Fund's compliance with
the specified requirements.

In our opinion, management's assertion that the Fund was in compliance with the
above mentioned provisions of Rule 17f-2 of the Investment Company Act of 1940
as of July 31, 2004 and during the period March 31, 2004 through July 31, 2004
is fairly stated in all material respects.

This report is intended solely for the information and use of management of the
Fund 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
    October 15, 2004



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



     We, as members of management of AXP Quantitative Large Cap Equity Fund of
     AXP Growth Series, Inc. (the Fund) 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 Fund's compliance with
     the requirements of subsections (b) and (c) of Rule 17f-2 as of July 31,
     2004 and during the period March 31, 2004 through July 31, 2004.

     Based on this evaluation, we assert that the Fund was in compliance with
     the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment
     Company Act of 1940 as of July 31, 2004 and during the period March 31,
     2004 through July 31, 2004, with respect to securities reflected in the
     investment account of the Fund.



     AMERICAN EXPRESS FINANCIAL CORPORATION



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