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SIGNATURE   LESLIE L. OGG
TITLE       VICE PRESIDENT

         Independent Auditors'Report on Internal Accounting Control


The Board of Directors and Shareholders
  AXP Selective Fund, Inc.:


In planning and performing  our audit of the financial  statements of
AXP Selective  Fund,  Inc. for the year ended May 31,2001, we considered
its 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 AXP Selective Fund, 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  misstatements  caused by error or
fraud 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 material weaknesses as defined above.

This report is intended  solely for the  information  and use of management,
the Board of Directors of AXP Selective Fund, 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 LLP

Minneapolis, Minnesota
July 6, 2001