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SIGNATURE LESLIE L. OGG
TITLE VICE PRESIDENT
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<NAME> AXP EQUITY VALUE FUND CLASS B
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<NAME> AXP EQUITY VALUE FUND CLASS Y
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<NAME> AXP STRATEGY AGGRESSIVE FUND CLASS A
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<NAME> AXP STRATEGY AGGRESSIVE FUND CLASS B
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<NAME> AXP STRATEGY AGGRESSIVE FUND CLASS Y
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<NAME> AXP SMALL CAP ADVANTAGE FUND CLASS A
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<NAME> AXP SMALL CAP ADVANTAGE FUND CLASS B
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<NAME> AXP SMALL CAP ADVANTAGE FUND CLASS Y
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Independent Auditors' Report
on Internal Accounting Control
The Board of Directors and Shareholders
AXP Strategy Series, Inc.:
In planning and performing our audit of the financial statements of AXP
Strategy Aggressive Fund and AXP Equity Value Fund (funds within AXP Strategy
Series, Inc.) for the year ended March 31, 2000, and AXP Small Cap Advantage
Fund (fund within AXP Strategy Series, Inc.) for the period from May 4, 1999
to March 31, 2000, we considered their 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 Strategy 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 AXP Strategy Series, 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
May 5, 2000
EXHIBIT 77D for AXP Strategy Series, Inc.
At the Board of Directors meetings held on September 8-9, 1999, the following
investment policy was eliminated:
Under normal market conditions, the Fund does not intend to commit more than 5%
of its total assets to when-issued securities or forward commitments.
