Independent Auditors' Report on Internal Accounting Control
The Board of Directors and Shareholders
AXP Global Series, Inc.:
In planning and performing our audits of the financial statements of
AXP Global Balanced Fund, AXP Global Bond Fund, AXP Global
Growth Fund, AXP Emerging Markets Fund and AXP Innovations Fund (funds within
AXP Global Series, Inc.) for the year ended October 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 Global Series, 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 a
material weakness as defined above.
This report is intended solely for the information and use of management, the
Board of Directors of AXP Global 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
December 1, 2000
