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<PAGE> PAGE 2
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SIGNATURE LESLIE L. OGG
TITLE GENERAL COUNSEL
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<NAME> IDS EQUITY SELECT FUND CLASS A
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<NAME> IDS EQUITY SELECT FUND CLASS Y
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</TABLE>
Independent Auditors' Report on Internal Accounting Control
The Board of Directors and Shareholders
IDS Equity Select Fund, Inc.:
In planning and performing our audit of the financial statements of
IDS Equity Select Fund, Inc. for the year ended November 30, 1998, 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 IDS Equity Select 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 errors or irregularities 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 a material weakness
as defined above.
This report is intended solely for the information and use
of management, the Board of Directors of IDS Equity Select Fund, Inc.,
and the Securities and Exchange Commission.
KPMG Peat Marwick LLP
Minneapolis, Minnesota
January 8, 1999
EXHIBIT 77D
for IDS Equity Select Fund, Inc.
At Board of Directors meetings held on October 7-8, 1998, the following
investment policies were eliminated:
o The Fund will not pledge or mortgage its assets beyond 15% of total assets.
o The Fund will not invest more than 5% of its total assets in securities of
companies, including any predecessors, that have a record of less than three
years continuous operations.
o The Fund will not invest more than 5% of its net assets in warrants.
o The Fund will not invest in exploration or development programs such as oil,
gas or mineral leases.
