Independent auditors' consent

The board and shareholders AXP Investment Series, Inc:
     AXP Diversified Equity Income Fund
     AXP Mutual

The board of trustees and unitholders Growth and Income Trust:
     Equity Income Portfolio
     Balanced Portfolio

We consent to the use of our reports incorporated herein by reference and to the
references to our Firm under the headings  "Financial  highlights" in Part A and
"INDEPENDENT AUDITORS" in Part B of the Registration Statement.



                                                             KPMG LLP
Minneapolis, Minnesota
November 3, 2000



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