Independent Auditors' Report


To the Board of Directors of
AXP Global 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 Global Balanced Fund of AXP Global 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 May 31, 2001 and during the period October
31, 2000 (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 October 31, 2000 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 Global Series, 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 October 31, 2000
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
Global Series, 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
------------
    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 Global Balanced Fund of AXP Global
     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 May 31, 2001 and from October
     31, 2000 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 October 31, 2000 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