Independent Auditors' Report


To the Board of Directors of
AXP Growth Dimensions Fund, 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 Growth Dimensions Fund, 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 May 31, 2001 and during the period from March 31, 2001 (the
date of our last examination) through May 31, 2001. 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
American Institute of Certified Public Accountants 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 May 31, 2001 and the period from March 31, 2001 through May 31,
2001, 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 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 AXP Growth Dimensions Fund, Inc. was
in compliance with the above mentioned provisions of Rule 17f-2 of the
Investment Company Act of 1940 as of May 31, 2001 and for the period from March
31, 2001 through May 31, 2001 is fairly stated in all material respects.

This report is intended solely for the information and use of management of AXP
Growth Dimensions Fund, Inc. 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
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    KPMG LLP
    Minneapolis, MN
    August 24, 2001



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

     We, as members of management of AXP Growth Dimensions Fund, 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 May 31, 2001 and from March 31, 2001 through May 31, 2001.

     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 May 31, 2001 and from March 31, 2001 through May
     31, 2001, with respect to securities reflected in the investment account of
     the Fund.



     AMERICAN EXPRESS FINANCIAL CORPORATION

By: /s/John M. Knight
    -----------------
       John M. Knight, Vice President-Investment Accounting