-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TUu4P7hy/AgG3BVELJpIAuY7MiX/tmpD7Cr/RGakYnMM00OKI+TjDDlSeoYedo9l zWbFMRAprRZGakfyfaaj9A== 0000820027-05-000549.txt : 20050627 0000820027-05-000549.hdr.sgml : 20050627 20050627144646 ACCESSION NUMBER: 0000820027-05-000549 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050430 FILED AS OF DATE: 20050627 DATE AS OF CHANGE: 20050627 EFFECTIVENESS DATE: 20050627 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AXP GROWTH SERIES INC/MN CENTRAL INDEX KEY: 0000049702 IRS NUMBER: 410962638 STATE OF INCORPORATION: MN FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-02111 FILM NUMBER: 05917215 BUSINESS ADDRESS: STREET 1: 50606 AXP FINANCIAL CENTER STREET 2: H27/52 CITY: MINNEAPOLIS STATE: MN ZIP: 55474 BUSINESS PHONE: 6126712772 MAIL ADDRESS: STREET 1: 50606 AXP FINANCIAL CENTER STREET 2: H27/52 CITY: MINNEAPOLIS STATE: MN ZIP: 55474 FORMER COMPANY: FORMER CONFORMED NAME: AXP GROWTH FUND INC DATE OF NAME CHANGE: 20000829 FORMER COMPANY: FORMER CONFORMED NAME: IDS GROWTH FUND INC DATE OF NAME CHANGE: 19920703 N-Q 1 growth-nq.txt AXP GROWTH SERIES, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-2111 ------------ AXP GROWTH SERIES, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) 50606 AXP Financial Center, Minneapolis, Minnesota 55474 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Leslie L. Ogg - 901 S. Marquette Avenue, Suite 2810, Minneapolis, MN 55402-3268 - -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (612) 330-9283 ----------------- Date of fiscal year end: 7/31 -------------- Date of reporting period: 4/30 -------------- AXP(R) GROWTH FUND A FEEDER FUND INVESTING IN GROWTH PORTFOLIO PORTFOLIO HOLDINGS AT APRIL 30, 2005 Investments in Securities Growth Portfolio April 30, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Common stocks (97.7%) Issuer Shares Value(a) Aerospace & defense (1.0%) Boeing 97,932 $5,828,913 Goodrich 72,802 2,933,921 Honeywell Intl 120,389 4,305,111 Lockheed Martin 273,766 16,686,037 Total 29,753,982 Banks and savings & loans (0.1%) ICICI Bank ADR 177,620(c) 3,211,370 Beverages & tobacco (2.6%) Altria Group 493,750 32,088,813 PepsiCo 767,759 42,718,110 Total 74,806,923 Broker dealers (0.3%) Franklin Resources 130,600 8,969,608 Cable (12.0%) Comcast Cl A 616,485(b) 19,795,333 NTL 3,645,838(b) 233,260,716 RCN 240,400(b) 4,295,948 Telewest Global 4,541,171(b,c) 84,193,310 Total 341,545,307 Cellular telecommunications (6.3%) Millicom Intl Cellular 531,535(b,c) 9,466,638 Nextel Communications Cl A 3,899,219(b) 109,139,141 Nextel Partners Cl A 799,885(b) 18,813,295 Telesystem Intl Wireless 2,844,649(b,c) 43,665,362 Total 181,084,436 Computer hardware (4.5%) Cisco Systems 2,436,169(b) 42,097,000 Dell 1,656,705(b) 57,703,035 EMC 1,289,123(b,d) 16,913,294 Sun Microsystems 3,376,900(b) 12,258,147 Total 128,971,476 Common stocks (continued) Issuer Shares Value(a) Computer software & services (3.6%) Comverse Technology 315,612(b) $7,192,797 Google Cl A 123,719(b) 27,218,180 McAfee 119,588(b) 2,500,585 Microsoft 1,051,600 26,605,480 Oracle 1,963,800(b) 22,701,528 Symantec 848,825(b) 15,940,934 Total 102,159,504 Electronics (3.5%) ASML Holding 435,100(b,c) 6,304,599 Flextronics Intl 253,356(b,c) 2,824,919 Freescale Semiconductor Cl A 1,108,112(b) 20,743,857 Freescale Semiconductor Cl B 302,062(b) 5,696,889 Intel 2,045,340 48,106,397 Texas Instruments 677,330 16,906,157 Total 100,582,818 Energy (2.0%) Amerada Hess 104,500 9,786,425 Anadarko Petroleum 208,300 15,214,232 Chevron 288,200 14,986,400 ConocoPhillips 166,300 17,436,555 Total 57,423,612 Energy equipment & services (1.0%) GlobalSantaFe 169,325 5,689,320 Halliburton 263,350 10,952,727 Schlumberger 75,432 5,160,303 Transocean 124,700(b) 5,782,339 Total 27,584,689 Financial services (2.6%) Capital One Financial 49,677 3,521,603 Countrywide Financial 503,200 18,210,808 Fannie Mae 348,300 18,790,785 Freddie Mac 158,772 9,767,653 Common stocks (continued) Issuer Shares Value(a) Financial services (cont.) Investors Financial Services 385,409 $16,167,908 Nomura Holdings 534,700(c) 6,803,156 Total 73,261,913 Food (2.0%) Kellogg 630,350 28,334,232 Sara Lee 1,067,769 22,839,579 Smithfield Foods 237,277(b) 7,180,002 Total 58,353,813 Furniture & appliances (0.1%) Tempur-Pedic Intl 149,900(b) 2,861,591 Health care products (15.7%) Abbott Laboratories 416,993 20,499,376 Allergan 57,300 4,033,347 Amgen 378,835(b) 22,051,985 Baxter Intl 682,770 25,330,767 Bristol-Myers Squibb 726,156 (d) 18,880,056 Genentech 594,194(b) 42,152,122 Gilead Sciences 244,671(b) 9,077,294 GlaxoSmithKline ADR 263,390(c) 13,314,365 Johnson & Johnson 1,280,857(d) 87,905,215 Medco Health Solutions 356,370(b) 18,164,179 Medtronic 269,900 14,223,730 Merck & Co 402,550 13,646,445 Novartis ADR 585,506(c) 28,531,707 OSI Pharmaceuticals 335,500(b) 15,880,893 Pfizer 3,039,799 82,591,339 Schering-Plough 726,500 15,162,055 Wyeth 296,331 13,317,115 Total 444,761,990 Health care services (4.3%) Aetna 129,761 9,520,565 AmerisourceBergen 252,399 15,467,011 Cardinal Health 326,821 18,161,443 Community Health Systems 111,600(b) 4,067,820 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 1 -- AXP GROWTH FUND -- PORTFOLIO HOLDINGS AT APRIL 30, 2005 Common stocks (continued) Issuer Shares Value(a) Health care services (cont.) HCA 778,880 $43,492,659 HealthSouth 1,785,500(b) 9,195,325 Magellan Health Services 412,550(b) 14,051,453 McKesson 160,865 5,952,005 WellPoint 19,247(b) 2,458,804 Total 122,367,085 Household products (4.0%) Colgate-Palmolive 192,335 9,576,360 Gillette 1,344,400 69,424,816 Procter & Gamble 653,513 35,387,729 Total 114,388,905 Insurance (2.4%) ACE 321,313(c) 13,803,606 American Intl Group 1,080,536 54,945,256 Total 68,748,862 Metals (0.1%) Kinross Gold 730,300(b,c) 3,907,105 Multi-industry (4.0%) Monsanto 324,300 19,010,466 Sony 279,100(c) 10,305,174 Tyco Intl 1,111,304(c) 34,794,928 Vivendi Universal ADR 1,649,697(c,d) 48,913,516 Total 113,024,084 Precious metals (1.9%) Barrick Gold 409,632(c) 9,142,986 Coeur d'Alene Mines 5,323,500(b,d) 16,449,615 Glamis Gold 286,200(b,c) 3,932,388 Harmony Gold Mining ADR 652,000(c) 4,088,040 Newmont Mining 452,547 17,183,210 Stillwater Mining 372,700(b) 2,720,710 Total 53,516,949 Common stocks (continued) Issuer Shares Value(a) Retail -- general (2.3%) Gap 62,488 $1,334,119 Saks 153,775 2,620,326 Sotheby's Holdings Cl A 80,650(b) 1,321,047 Target 336,260 15,602,464 Wal-Mart Stores 931,069 43,890,592 Total 64,768,548 Retail -- grocery (0.2%) Safeway 316,294(b) 6,733,899 Telecom equipment & services (10.5%) CIENA 3,259,540(b) 7,496,942 Hutchison Telecommunications Intl ADR 1,110,300(b,c) 15,932,805 Motorola 5,554,406 85,204,588 Nokia ADR 8,864,566(c) 141,655,765 Qwest Communications Intl 7,737,322(b,d) 26,461,641 Vodafone Group ADR 907,693(c) 23,727,095 Total 300,478,836 Utilities -- natural gas (--%) Kinder Morgan Management LLC --(b) 14 Utilities -- telephone (10.7%) ALLTEL 185,400 10,560,384 MCI 1,567,400 41,583,122 Sprint 11,411,681 254,024,019 Total 306,167,525 Total common stocks (Cost: $2,647,676,827) $2,789,434,844 Option purchased (0.2%) Issuer Contracts Exercise Expiration Value(a) price date Put S&P 500 Index 1,365 $1,135 Dec. 2005 $5,719,350 Total option purchased (Cost: $5,832,645) $5,719,350 Short-term securities (5.3%)(e) Issuer Effective Amount Value(a) yield payable at maturity U.S. government agencies (2.2%) Federal Home Loan Mtge Corp Disc Nt 06-13-05 2.79% $7,500,000 $7,473,902 Federal Natl Mtge Assn Disc Nts 05-04-05 2.55 3,800,000 3,798,655 06-06-05 2.74 15,000,000 14,956,708 06-22-05 2.75 36,900,000 36,748,433 Total 62,977,698 Commercial paper (3.1%) CHARTA LLC 05-13-05 2.87 5,800,000 5,793,526 05-26-05 2.97 5,000,000 4,988,900 Delaware Funding LLC 05-17-05 2.98 15,000,000 14,977,650 General Electric Capital 05-02-05 2.95 11,900,000 11,897,075 Jupiter Securitization 05-05-05 2.82 5,000,000 4,997,650 Nieuw Amsterdam 05-06-05 2.90 15,000,000 14,991,542 05-24-05 3.01 30,000,000 29,937,500 Total 87,583,843 Total short-term securities (Cost: $150,561,133) $150,561,541 Total investments in securities (Cost: $2,804,070,605)(f) $2,945,715,735 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 2 -- AXP GROWTH FUND -- PORTFOLIO HOLDINGS AT APRIL 30, 2005 Notes to investments in securities (a) Securities are valued by procedures described in Note 1 to the financial statements in the most recent Semiannual Report dated Jan. 31, 2005. (b) Non-income producing. (c) Foreign security values are stated in U.S. dollars. At April 30, 2005, the value of foreign securities represented 17.8% of net assets. (d) At April 30, 2005, security was partially or fully on loan. (e) Cash collateral received from security lending activity is invested in short-term securities and represents 2.9% of net assets. 2.4% of net assets is the Portfolio's cash equivalent position. (f) At April 30, 2005, the cost of securities for federal income tax purposes was approximately $2,804,071,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $ 251,834,000 Unrealized depreciation (110,189,000) ------------ Net unrealized appreciation $ 141,645,000 ------------- How to find information about the Fund's portfolio holdings (i) The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (Commission) for the first and third quarters of each fiscal year on Form N-Q; (ii) The Fund's Forms N-Q are available on the Commission's website at http://www.sec.gov; (iii) The Fund's Forms N-Q may be reviewed and copied at the Commission's Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iv) The Fund's complete schedule of portfolio holdings, as disclosed in its annual and semiannual shareholder reports and in its filings on Form N-Q, can be found at www.americanexpress.com/funds. - -------------------------------------------------------------------------------- 3 -- AXP GROWTH FUND -- PORTFOLIO HOLDINGS AT APRIL 30, 2005 S-6455-80 C (6/05) PORTFOLIO HOLDINGS FOR AXP(R) LARGE CAP EQUITY FUND AT APRIL 30, 2005 Investments in Securities AXP Large Cap Equity Fund April 30, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Common stocks (97.8%) Issuer Shares Value(a) Aerospace & defense (3.0%) Boeing 129,640 $7,716,173 Empresa Brasileira de Aeronautica ADR 132,741(c) 3,828,250 General Dynamics 13,200 1,386,660 Goodrich 128,889 5,194,227 Honeywell Intl 199,395 7,130,365 Lockheed Martin 146,031 8,900,589 Northrop Grumman 84,176 4,616,212 United Technologies 85,565 8,703,672 Total 47,476,148 Automotive & related (0.3%) Ford Motor 88,906 809,934 General Motors 80,834(d) 2,156,651 Genuine Parts 8,317 356,799 Johnson Controls 9,047 496,409 Lear 11,900 403,291 Total 4,223,084 Banks and savings & loans (4.7%) Bank of America 644,817 29,042,557 Bank of New York 111,875 3,125,788 BankAtlantic Bancorp Cl A 66,423 1,133,176 Commerce Bancorp 99,647(d) 2,789,120 Fifth Third Bancorp 4,920 214,020 ICICI Bank ADR 36,420(c) 658,474 PNC Financial Services Group 47,018 2,502,768 Regions Financial 24,841 831,925 Sovereign Bancorp 49,161 1,011,242 State Street 36,087 1,668,302 US Bancorp 167,170 4,664,043 Wachovia 230,320 11,787,778 Wells Fargo & Co 233,026 13,967,578 Total 73,396,771 Beverages & tobacco (2.6%) Altria Group 361,227 23,476,143 Coca-Cola Enterprises 77,937 1,582,121 Fortune Brands 6,809 575,905 Common stocks (continued) Issuer Shares Value(a) Beverages & tobacco (cont.) PepsiCo 270,510 $15,051,176 Total 40,685,345 Broker dealers (2.0%) Franklin Resources 131,128 9,005,871 Legg Mason 10,400 736,944 Merrill Lynch & Co 198,295 10,694,049 Morgan Stanley 194,835 10,252,218 Total 30,689,082 Building materials & construction (0.2%) American Standard Companies 41,593 1,859,623 Masco 63,149 1,988,562 Total 3,848,185 Cable (5.0%) Comcast Cl A 267,333(b) 8,584,063 Comcast Special Cl A 109,626(b) 3,478,433 EchoStar Communications Cl A 34,067 986,240 NTL 761,492(b) 48,720,257 RCN 44,110(b) 788,246 Telewest Global 843,490(b,c) 15,638,305 Total 78,195,544 Cellular telecommunications (2.1%) Millicom Intl Cellular 98,142(b,c) 1,747,909 Nextel Communications Cl A 714,623(b) 20,002,297 Nextel Partners Cl A 146,776(b) 3,452,172 Telesystem Intl Wireless 526,273(b,c) 8,078,291 Total 33,280,669 Chemicals (1.0%) Dow Chemical 203,581 9,350,475 Eastman Chemical 19,301 1,042,254 EI du Pont de Nemours & Co 44,016 2,073,594 Lyondell Chemical 122,922 3,084,113 RPM Intl 29,100 501,975 Total 16,052,411 Common stocks (continued) Issuer Shares Value(a) Computer hardware (3.4%) Cisco Systems 840,334(b) $14,520,972 Dell 508,374(b) 17,706,666 EMC 692,792(b) 9,089,431 Hewlett-Packard 355,479 7,276,655 Sun Microsystems 1,288,145(b) 4,675,966 Total 53,269,690 Computer software & services (3.8%) Accenture Cl A 91,711(b,c) 1,990,129 Adobe Systems 2,046 121,676 Affiliated Computer Services Cl A 87,223(b) 4,157,920 Cadence Design Systems 125,381(b) 1,755,334 Cognizant Technology Solutions Cl A 7,510(b) 315,495 Comverse Technology 57,626(b) 1,313,297 Electronic Arts 13,833(b) 738,544 First Data 7,510 285,605 Google Cl A 22,629(b) 4,978,380 Infosys Technologies ADR 12,756(c) 755,155 Intl Business Machines 120,511 9,204,630 Macromedia 13,651(b) 540,716 McAfee 19,652(b) 410,923 Microsoft 641,354 16,226,257 Oracle 663,129(b) 7,665,771 Paychex 56,320 1,723,392 Satyam Computer Services ADR 26,771(c) 574,238 Symantec 217,883(b) 4,091,843 TIBCO Software 118,745(b) 847,839 VERITAS Software 56,020(b) 1,153,452 Total 58,850,596 Electronics (3.0%) Analog Devices 29,024 990,009 ASML Holding 112,299(b,c) 1,627,213 Broadcom Cl A 128,854(b) 3,854,023 Credence Systems 59,600(b) 374,884 Cypress Semiconductor 107,716(b) 1,291,515 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 1 -- AXP LARGE CAP EQUITY FUND -- PORTFOLIO HOLDINGS AT APRIL 30, 2005 Common stocks (continued) Issuer Shares Value(a) Electronics (cont.) Flextronics Intl 90,600(b,c) $1,010,190 Freescale Semiconductor Cl A 279,124(b) 5,225,201 Freescale Semiconductor Cl B 152,483(b) 2,875,829 Intel 826,986 19,450,710 Linear Technology 50,084 1,790,002 Maxim Integrated Products 16,447 615,118 MEMC Electronic Materials 38,700(b) 453,951 Texas Instruments 221,405 5,526,269 Xilinx 66,951 1,803,660 Total 46,888,574 Energy (5.8%) Amerada Hess 19,017 1,780,942 Anadarko Petroleum 114,235 8,343,724 BP ADR 73,710(c) 4,488,939 Chevron 325,713 16,937,076 ConocoPhillips 186,761 19,581,891 Devon Energy 39,784 1,797,043 Exxon Mobil 568,506 32,421,898 Newfield Exploration 27,500(b) 1,953,325 Occidental Petroleum 17,000 1,173,000 Royal Dutch Petroleum 23,023(c) 1,341,090 Total 89,818,928 Energy equipment & services (0.9%) Cooper Cameron 19,692(b) 1,081,878 GlobalSantaFe 30,790 1,034,544 Halliburton 91,692 3,813,471 Schlumberger 50,860 3,479,333 Transocean 56,384(b) 2,614,526 Weatherford Intl 32,288(b) 1,683,819 Total 13,707,571 Finance companies (2.2%) Citigroup 740,723 34,784,352 Financial services (5.0%) Capital One Financial 96,315 6,827,770 Countrywide Financial 391,866 14,181,631 Fannie Mae 286,961 15,481,546 Freddie Mac 208,584 12,832,088 Investors Financial Services 202,993 8,515,556 JPMorgan Chase & Co 494,630 17,554,419 MBNA 96,887 1,913,518 Nomura Holdings 97,200(c) 1,236,706 Total 78,543,234 Food (1.9%) General Mills 52,731 2,604,911 HJ Heinz 59,051 2,176,029 Kellogg 299,467 13,461,042 Sara Lee 493,936 10,565,291 Smithfield Foods 47,238(b) 1,429,422 Total 30,236,695 Furniture & appliances (0.1%) Leggett & Platt 22,500 606,600 Tempur-Pedic Intl 55,170(b) 1,053,195 Total 1,659,795 Health care products (9.8%) Abbott Laboratories 149,678 7,358,170 Allergan 10,600 746,134 Common stocks (continued) Issuer Shares Value(a) Health care products (cont.) Amgen 130,030(b) $7,569,046 Baxter Intl 203,026 7,532,265 Biogen Idec 16,153(b) 585,385 Boston Scientific 40,276(b) 1,191,364 Bristol-Myers Squibb 285,671 7,427,446 Eli Lilly & Co 53,773 3,144,107 Genentech 108,805(b) 7,718,627 Gilead Sciences 44,658(b) 1,656,812 GlaxoSmithKline ADR 63,561(c) 3,213,009 Guidant 25,700 1,903,856 Johnson & Johnson 418,050 28,690,771 Medco Health Solutions 102,675(b) 5,233,345 Medtronic 109,405 5,765,644 Merck & Co 260,755 8,839,595 Novartis ADR 145,717(c) 7,100,789 OSI Pharmaceuticals 61,267(b) 2,900,073 Pfizer 1,137,083 30,894,544 Schering-Plough 276,421 5,768,906 Wyeth 150,261 6,752,729 Total 151,992,617 Health care services (2.3%) Aetna 23,784 1,745,032 AmerisourceBergen 46,781 2,866,740 Cardinal Health 100,059 5,560,279 Community Health Systems 20,277(b) 739,097 HCA 268,717 15,005,157 HealthSouth 330,298(b) 1,701,035 Hospira 42,999(b) 1,442,616 Magellan Health Services 75,426(b) 2,569,010 McKesson 29,337 1,085,469 UnitedHealth Group 31,599 2,986,421 WellPoint 3,527(b) 450,574 Total 36,151,430 Home building (--%) Centex 5,793 334,372 Pulte Homes 5,969 426,485 Total 760,857 Household products (3.5%) Avon Products 117,514 4,709,961 Colgate-Palmolive 151,408 7,538,604 Gillette 355,708 18,368,761 Procter & Gamble 425,212 23,025,231 Spectrum Brands 44,035(b) 1,604,635 Total 55,247,192 Industrial transportation (0.2%) Burlington Northern Santa Fe 17,900 863,675 Norfolk Southern 53,394 1,676,572 Total 2,540,247 Insurance (3.8%) ACE 256,634(c) 11,024,997 AFLAC 36,187 1,471,002 Allstate 48,620 2,730,499 American Intl Group 570,400 29,004,840 Assurant 22,400 741,216 Chubb 83,706 6,845,477 CIGNA 17,785 1,635,864 Endurance Specialty Holdings 37,990(c) 1,375,238 First American 28,711 1,027,854 Common stocks (continued) Issuer Shares Value(a) Insurance (cont.) Hartford Financial Services Group 18,974 $1,373,148 Montpelier Re Holdings 12,204(c) 405,051 United America Indemnity Cl A 119,667(b,c) 2,156,399 Total 59,791,585 Investment companies (4.1%) Consumer Discretionary Select Sector SPDR Fund 156,261(d) 4,851,904 Energy Select Sector SPDR Fund 298,980(d) 12,123,640 Health Care Select Sector SPDR Fund 289,706(d) 8,943,224 Industrial Select Sector SPDR Fund 306,028(d) 8,972,741 iShares Dow Jones US Healthcare Sector Index Fund 148,745(d) 8,997,585 Materials Select Sector SPDR Trust 349,227(d) 9,781,848 Utilities Select Sector SPDR Fund 364,231(d) 10,916,003 Total 64,586,945 Leisure time & entertainment (1.6%) Blockbuster Cl A 1 10 Blockbuster Cl B 1 9 Cendant 737,230 14,678,250 Harley-Davidson 13,900 653,578 Mattel 54,609 985,692 Viacom Cl B 242,155 8,383,406 Total 24,700,945 Lodging & gaming (0.1%) GTECH Holdings 34,438 842,698 Machinery (0.4%) Caterpillar 33,006 2,906,178 Illinois Tool Works 25,097 2,103,631 Ingersoll-Rand Cl A 12,635(c) 971,252 Total 5,981,061 Media (2.2%) Clear Channel Communications 26,578 848,901 eBay 61,281(b) 1,944,446 EW Scripps Cl A 29,600 1,507,528 Gannett 12,767 983,059 Liberty Media Cl A 503,307(b) 5,053,202 Liberty Media Intl Cl A 37,700(b) 1,563,419 McGraw-Hill Companies 9,100 792,428 News Corp Cl A 126,866 1,938,512 Omnicom Group 8,790 728,691 Reader's Digest Assn 35,472 603,024 Time Warner 378,287(b) 6,359,005 Tribune 76,120 2,938,232 Univision Communications Cl A 15,551(b) 408,836 Walt Disney 228,022 6,019,781 Yahoo! 68,460(b) 2,362,555 Total 34,051,619 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 2 -- AXP LARGE CAP EQUITY FUND -- PORTFOLIO HOLDINGS AT APRIL 30, 2005 Common stocks (continued) Issuer Shares Value(a) Metals (0.3%) Alcan 33,482(c) $1,085,486 Alcoa 83,520 2,423,750 Kinross Gold 133,593(b,c) 714,723 Novelis 6,513(c) 140,030 Total 4,363,989 Multi-industry (3.7%) 3M 36,995 2,829,008 Emerson Electric 20,300 1,272,201 General Electric 624,175 22,595,134 ITT Inds 9,200 832,232 Manpower 11,314 436,155 Monsanto 59,221 3,471,535 Sony 53,100(c) 1,960,605 Tyco Intl 447,771(c) 14,019,710 Vivendi Universal ADR 339,353(c) 10,061,816 Total 57,478,396 Paper & packaging (0.6%) Avery Dennison 21,200 1,109,820 Bowater 53,500 1,738,215 Intl Paper 78,418 2,688,953 Temple-Inland 60,168 2,030,670 Weyerhaeuser 25,479 1,748,114 Total 9,315,772 Precious metals (0.6%) Barrick Gold 74,876(c) 1,671,232 Coeur d'Alene Mines 954,998(b) 2,950,944 Glamis Gold 52,323(b,c) 718,918 Harmony Gold Mining ADR 119,675(c) 750,362 Newmont Mining 82,918 3,148,397 Stillwater Mining 69,250(b) 505,525 Total 9,745,378 Real estate investment trust (0.4%) Apartment Investment & Management Cl A 33,630 1,281,976 Equity Office Properties Trust 104,246 3,280,622 HomeBanc 280,433 2,450,984 Total 7,013,582 Restaurants (0.1%) Applebee's Intl 34,296 849,855 Domino's Pizza 36,534 663,457 Total 1,513,312 Retail -- drugstores (0.4%) CVS 115,454 5,955,117 Common stocks (continued) Issuer Shares Value(a) Retail -- general (3.1%) AutoZone 3,347(b) $277,801 Bed Bath & Beyond 15,100(b) 561,871 Dollar General 32,116 653,561 Federated Dept Stores 34,797 2,000,828 Gap 90,735 1,937,192 Home Depot 170,046 6,014,527 Lowe's Companies 36,253 1,889,144 PETCO Animal Supplies 39,529(b) 1,237,258 Saks 28,348 483,050 Sotheby's Holdings Cl A 14,992(b) 245,569 Staples 39,414 751,625 Target 206,411 9,577,470 Wal-Mart Stores 491,023 23,146,823 Total 48,776,719 Retail -- grocery (0.1%) Safeway 57,985(b) 1,234,501 Telecom equipment & services (4.8%) CIENA 620,831(b) 1,427,911 Corning 197,708(b) 2,718,485 Hutchison Telecommunications Intl ADR 203,315(b,c) 2,917,570 Motorola 1,390,235 21,326,205 Nokia ADR 2,129,139(c) 34,023,642 Qwest Communications Intl 1,475,179(b,d) 5,045,112 Vodafone Group ADR 305,263(c) 7,979,575 Total 75,438,500 Textiles & apparel (0.1%) Chico's FAS 15,560(b) 398,803 Coach 15,936(b) 427,085 Nike Cl B 13,646 1,048,149 Total 1,874,037 Utilities -- electric (1.8%) Dominion Resources 80,870 6,097,598 Duke Energy 45,098 1,316,411 Entergy 51,754 3,793,568 Exelon 138,222 6,841,989 FPL Group 39,800 1,624,636 PPL 33,400 1,812,284 Southern 140,978 4,645,225 TXU 10,572 906,972 Xcel Energy 52,301 898,531 Total 27,937,214 Common stocks (continued) Issuer Shares Value(a) Utilities -- natural gas (0.1%) ONEOK 68,017 $1,962,971 Utilities -- telephone (6.6%) ALLTEL 34,700 1,976,512 BellSouth 235,718 6,244,170 Citizens Communications 41,360 527,340 KT ADR 67,281(c) 1,358,403 MCI 298,364 7,915,597 SBC Communications 190,549 4,535,066 Sprint 3,301,065 73,481,707 Verizon Communications 134,588 4,818,250 Total 100,857,045 Total common stocks (Cost: $1,514,818,876) $1,525,720,403 Short-term securities (5.6%)(e) Issuer Effective Amount Value(a) yield payable at maturity U.S. government agencies (2.3%) Federal Home Loan Mtge Corp Disc Nt 06-13-05 2.79% $20,000,000 $19,930,406 Federal Natl Mtge Assn Disc Nts 05-02-05 2.63 10,000,000 9,997,811 05-04-05 2.55 5,600,000 5,598,018 Total 35,526,235 Commercial paper (3.3%) Barton Capital 05-10-05 2.88 10,000,000 9,991,200 Chariot Funding LLC 05-05-05 2.81 15,000,000 14,992,975 Kitty Hawk Funding 05-13-05 3.00 15,000,000 14,982,500 Sheffield Receivables 05-02-05 2.96 1,400,000 1,399,655 05-09-05 2.85 10,000,000 9,992,084 Total 51,358,414 Total short-term securities (Cost: $86,889,294) $86,884,649 Total investments in securities (Cost: $1,601,708,170)(f) $1,612,605,052 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 3 -- AXP LARGE CAP EQUITY FUND -- PORTFOLIO HOLDINGS AT APRIL 30, 2005 Notes to investments in securities (a) Securities are valued by procedures described in Note 1 to the financial statements in the most recent Semiannual Report dated Jan. 31, 2005. (b) Non-income producing. (c) Foreign security values are stated in U.S. dollars. At April 30, 2005, the value of foreign securities represented 9.4% of net assets. (d) At April 30, 2005, security was partially or fully on loan. (e) Cash collateral received from security lending activity is invested in short-term securities and represents 3.9% of net assets. 1.7% of net assets is the Fund's cash equivalent position. (f) At April 30, 2005, the cost of securities for federal income tax purposes was approximately $1,601,708,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $ 78,039,000 Unrealized depreciation (67,142,000) ----------- Net unrealized appreciation $ 10,897,000 ------------ How to find information about the Fund's portfolio holdings (i) The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (Commission) for the first and third quarters of each fiscal year on Form N-Q; (ii) The Fund's Forms N-Q are available on the Commission's website at http://www.sec.gov; (iii) The Fund's Forms N-Q may be reviewed and copied at the Commission's Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iv) The Fund's complete schedule of portfolio holdings, as disclosed in its annual and semiannual shareholder reports and in its filings on Form N-Q, can be found at www.americanexpress.com/funds. - -------------------------------------------------------------------------------- 4 -- AXP LARGE CAP EQUITY FUND -- PORTFOLIO HOLDINGS AT APRIL 30, 2005 S-6244-80 C (6/05) PORTFOLIO HOLDINGS FOR AXP(R) LARGE CAP VALUE FUND AT APRIL 30, 2005 Investments in Securities AXP Large Cap Value Fund April 30, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Common stocks (98.0%) Issuer Shares Value(a) Aerospace & defense (4.5%) Boeing 9,955 $592,522 Empresa Brasileira de Aeronautica ADR 28,232(c) 814,211 General Dynamics 3,627 381,016 Goodrich 8,600 346,580 Honeywell Intl 27,312 976,677 Lockheed Martin 15,197 926,257 Northrop Grumman 23,132 1,268,559 United Technologies 9,885 1,005,502 Total 6,311,324 Automotive & related (0.4%) General Motors 14,484 386,433 Lear 3,250 110,143 Total 496,576 Banks and savings & loans (8.7%) Bank of America 106,620 4,802,165 Bank of New York 30,701 857,786 Commerce Bancorp 7,298 204,271 PNC Financial Services Group 12,884 685,815 Regions Financial 6,627 221,938 Sovereign Bancorp 12,994 267,287 State Street 9,809 453,470 US Bancorp 45,850 1,279,215 Wachovia 30,216 1,546,455 Wells Fargo & Co 34,063 2,041,736 Total 12,360,138 Beverages & tobacco (3.1%) Altria Group 42,884 2,787,031 Coca-Cola Enterprises 12,050 244,615 PepsiCo 24,387 1,356,893 Total 4,388,539 Broker dealers (3.2%) Franklin Resources 9,683 665,028 Legg Mason 2,850 201,951 Merrill Lynch & Co 35,119 1,893,968 Common stocks (continued) Issuer Shares Value(a) Broker dealers (cont.) Morgan Stanley 33,061 $1,739,670 Total 4,500,617 Building materials & construction (0.7%) American Standard Companies 11,245 502,764 Masco 17,384 547,422 Total 1,050,186 Cable (2.5%) Comcast Cl A 21,655(b) 695,342 Comcast Special Cl A 30,100(b) 955,073 EchoStar Communications Cl A 9,235 267,353 NTL 24,137(b) 1,544,286 Total 3,462,054 Chemicals (2.3%) Dow Chemical 44,184 2,029,371 Eastman Chemical 5,237 282,798 Lyondell Chemical 33,752 846,838 RPM Intl 7,800 134,550 Total 3,293,557 Computer hardware (2.2%) Cisco Systems 23,055(b) 398,390 Dell 21,050(b) 733,172 EMC 23,200(b) 304,384 Hewlett-Packard 75,785 1,551,319 Sun Microsystems 35,151(b) 127,598 Total 3,114,863 Computer software & services (2.8%) Accenture Cl A 6,270(b,c) 136,059 Affiliated Computer Services Cl A 19,709(b) 939,528 Cadence Design Systems 33,900(b) 474,600 Intl Business Machines 14,555 1,111,711 Microsoft 37,028 936,808 Common stocks (continued) Issuer Shares Value(a) Computer software & services (cont.) TIBCO Software 18,900(b) $134,946 VERITAS Software 8,100(b) 166,779 Total 3,900,431 Electronics (1.3%) Broadcom Cl A 5,291(b) 158,254 Credence Systems 16,200(b) 101,898 Cypress Semiconductor 29,000(b) 347,710 Flextronics Intl 7,500(b,c) 83,625 Freescale Semiconductor Cl B 3,239(b) 61,088 Intel 26,950 633,864 MEMC Electronic Materials 10,500(b) 123,165 Texas Instruments 13,141 327,999 Total 1,837,603 Energy (10.5%) Anadarko Petroleum 20,919 1,527,924 BP ADR 20,264(c) 1,234,078 Chevron 49,064 2,551,328 ConocoPhillips 34,740 3,642,489 Devon Energy 10,844 489,823 Exxon Mobil 80,396 4,584,983 Newfield Exploration 7,482(b) 531,446 Royal Dutch Petroleum 6,242(c) 363,597 Total 14,925,668 Energy equipment & services (1.3%) Cooper Cameron 5,269(b) 289,479 Halliburton 12,030 500,327 Schlumberger 3,124 213,713 Transocean 9,007(b) 417,655 Weatherford Intl 8,843(b) 461,162 Total 1,882,336 Finance companies (4.0%) Citigroup 118,791 5,578,425 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 1 -- AXP LARGE CAP VALUE FUND -- PORTFOLIO HOLDINGS AT APRIL 30, 2005 Common stocks (continued) Issuer Shares Value(a) Financial services (7.5%) Capital One Financial 12,788 $906,541 Countrywide Financial 41,432 1,499,424 Fannie Mae 36,425 1,965,129 Freddie Mac 29,580 1,819,762 Investors Financial Services 17,175 720,491 JPMorgan Chase & Co 93,324 3,312,069 MBNA 17,135 338,416 Total 10,561,832 Food (2.0%) General Mills 14,449 713,781 HJ Heinz 16,330 601,761 Kellogg 13,600 611,320 Sara Lee 39,560 846,188 Total 2,773,050 Furniture & appliances (0.1%) Leggett & Platt 6,136 165,427 Health care products (4.5%) Baxter Intl 13,002 482,374 Bristol-Myers Squibb 16,506 429,156 GlaxoSmithKline ADR 4,224(c) 213,523 Guidant 2,670 197,794 Johnson & Johnson 11,375 780,666 Medco Health Solutions 10,310(b) 525,501 Merck & Co 22,174 751,699 Novartis ADR 10,491(c) 511,226 Pfizer 62,422 1,696,005 Schering-Plough 19,823 413,706 Wyeth 8,289 372,508 Total 6,374,158 Health care services (1.6%) Cardinal Health 5,300 294,521 HCA 29,037 1,621,426 Hospira 11,543(b) 387,268 Total 2,303,215 Household products (2.5%) Avon Products 8,737 350,179 Colgate-Palmolive 19,050 948,500 Gillette 13,900 717,796 Procter & Gamble 21,149 1,145,218 Spectrum Brands 11,900(b) 433,636 Total 3,595,329 Industrial transportation (0.2%) Burlington Northern Santa Fe 4,800 231,600 Insurance (5.9%) ACE 35,819(c) 1,538,784 AFLAC 3,615 146,950 Allstate 13,099 735,640 American Intl Group 53,370 2,713,865 Assurant 5,989 198,176 Chubb 16,617 1,358,938 CIGNA 4,797 441,228 Endurance Specialty Holdings 10,100(c) 365,620 First American 7,689 275,266 Common stocks (continued) Issuer Shares Value(a) Insurance (cont.) Hartford Financial Services Group 5,122 $370,679 Montpelier Re Holdings 3,431(c) 113,875 Total 8,259,021 Leisure time & entertainment (2.0%) Cendant 49,900 993,509 Mattel 14,798 267,104 Viacom Cl B 43,408 1,502,785 Total 2,763,398 Machinery (0.6%) Caterpillar 4,540 399,746 Illinois Tool Works 3,025 253,556 Ingersoll-Rand Cl A 3,424(c) 263,203 Total 916,505 Media (3.3%) EW Scripps Cl A 8,000 407,440 Liberty Media Cl A 138,148(b) 1,387,006 Liberty Media Intl Cl A 10,200(b) 422,994 Reader's Digest Assn 9,575 162,775 Time Warner 43,000(b) 722,830 Tribune 16,699 644,581 Walt Disney 35,682 942,005 Total 4,689,631 Metals (0.5%) Alcan 9,057(c) 293,628 Alcoa 11,704 339,650 Novelis 1,771(c) 38,077 Total 671,355 Multi-industry (2.1%) General Electric 30,073 1,088,643 ITT Inds 2,542 229,949 Manpower 2,950 113,723 Tyco Intl 38,016(c) 1,190,280 Vivendi Universal ADR 9,610(c) 284,937 Total 2,907,532 Paper & packaging (1.8%) Avery Dennison 5,821 304,729 Bowater 14,524 471,885 Intl Paper 21,464 736,000 Temple-Inland 16,318 550,733 Weyerhaeuser 7,011 481,025 Total 2,544,372 Real estate investment trust (0.9%) Apartment Investment & Management Cl A 9,196 350,552 Equity Office Properties Trust 28,533 897,933 HomeBanc 7,730 67,560 Total 1,316,045 Restaurants (0.1%) Domino's Pizza 9,560 173,610 Retail -- drugstores (0.4%) CVS 12,060 622,055 Common stocks (continued) Issuer Shares Value(a) Retail -- general (2.2%) Federated Dept Stores 4,683 $269,273 Gap 10,600 226,310 Home Depot 18,226 644,654 PETCO Animal Supplies 6,604(b) 206,705 Target 15,682 727,645 Wal-Mart Stores 20,534 967,972 Total 3,042,559 Telecom equipment & services (2.6%) Motorola 66,934 1,026,768 Nokia ADR 101,423(c) 1,620,739 Vodafone Group ADR 37,938(c) 991,699 Total 3,639,206 Utilities -- electric (4.2%) Dominion Resources 17,861 1,346,719 Entergy 14,159 1,037,855 Exelon 29,262 1,448,469 FPL Group 10,732 438,080 PPL 8,996 488,123 Southern 28,500 939,075 Xcel Energy 14,100 242,238 Total 5,940,559 Utilities -- natural gas (0.4%) ONEOK 18,649 538,210 Utilities -- telephone (5.1%) BellSouth 64,736 1,714,857 Citizens Communications 11,200 142,800 KT ADR 18,198(c) 367,418 SBC Communications 52,271 1,244,050 Sprint 105,367 2,345,468 Verizon Communications 36,826 1,318,371 Total 7,132,964 Total common stocks (Cost: $130,648,139) $138,263,950 Short-term securities (2.6%) Issuer Effective Amount Value(a) yield payable at maturity U.S. government agencies Federal Home Loan Mtge Corp Disc Nts 05-02-05 2.63% $700,000 $699,847 05-10-05 2.68 500,000 499,591 Federal Natl Mtge Assn Disc Nt 06-14-05 2.79 2,500,000 2,491,107 Total short-term securities (Cost: $3,690,592) $3,690,545 Total investments in securities (Cost: $134,338,731)(d) $141,954,495 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 2 -- AXP LARGE CAP VALUE FUND -- PORTFOLIO HOLDINGS AT APRIL 30, 2005 Notes to investments in securities (a) Securities are valued by procedures described in Note 1 to the financial statements in the most recent Semiannual Report dated Jan. 31, 2005. (b) Non-income producing. (c) Foreign security values are stated in U.S. dollars. At April 30, 2005, the value of foreign securities represented 7.4% of net assets. (d) At April 30, 2005, the cost of securities for federal income tax purposes was approximately $134,339,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $11,611,000 Unrealized depreciation (3,996,000) ---------- Net unrealized appreciation $ 7,615,000 ----------- How to find information about the Fund's portfolio holdings (i) The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (Commission) for the first and third quarters of each fiscal year on Form N-Q; (ii) The Fund's Forms N-Q are available on the Commission's website at http://www.sec.gov; (iii) The Fund's Forms N-Q may be reviewed and copied at the Commission's Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iv) The Fund's complete schedule of portfolio holdings, as disclosed in its annual and semiannual shareholder reports and in its filings on Form N-Q, can be found at www.americanexpress.com/funds. - -------------------------------------------------------------------------------- 3 -- AXP LARGE CAP VALUE FUND -- PORTFOLIO HOLDINGS AT APRIL 30, 2005 S-6246-80 C (6/05) PORTFOLIO HOLDINGS FOR AXP(R) QUANTITATIVE LARGE CAP EQUITY FUND AT APRIL 30, 2005 Investments in Securities AXP Quantitative Large Cap Equity Fund April 30, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Common stocks (99.2%) Issuer Shares Value(a) Aerospace & defense (3.2%) Boeing 14,305(c) $851,433 General Dynamics 3,116 327,336 Lockheed Martin 11,730(c) 714,944 Raytheon 4,842 182,108 Rockwell Automation 4,870 225,140 Rockwell Collins 1,517 69,600 United Technologies 5,624 572,073 Total 2,942,634 Automotive & related (1.7%) Cummins 1,027 69,836 Ford Motor 48,503 441,862 General Motors 15,900 424,212 Genuine Parts 4,854 208,237 Johnson Controls 2,710 148,698 PACCAR 4,329 293,939 Total 1,586,784 Banks and savings & loans (4.9%) Bank of America 42,827 1,928,928 Comerica 3,962 226,864 KeyCorp 5,983 198,396 Natl City 18,078 613,929 PNC Financial Services Group 7,908 420,943 Regions Financial 5,750 192,568 Wachovia 2,649 135,576 Washington Mutual 18,776 775,824 Total 4,493,028 Beverages & tobacco (7.2%) Altria Group 62,682 4,073,703 Coca-Cola 50,604 2,198,238 PepsiCo 1,067 59,368 Reynolds American 1,059 82,570 UST 4,035 184,803 Total 6,598,682 Broker dealers (1.2%) Bear Stearns Companies 2,977 281,803 Franklin Resources 4,596 315,653 Common stocks (continued) Issuer Shares Value(a) Broker dealers (cont.) Lehman Brothers Holdings 3,215 $294,880 Merrill Lynch & Co 3,855 207,900 Total 1,100,236 Building materials & construction (0.5%) Masco 11,800 371,582 Sherwin-Williams 1,430 63,735 Total 435,317 Cellular telecommunications (0.4%) Nextel Communications Cl A 13,436(b) 376,074 Chemicals (0.6%) Dow Chemical 11,766 540,412 Computer hardware (1.4%) Apple Computer 29,129(b) 1,050,392 Network Appliance 9,195(b) 244,863 Total 1,295,255 Computer software & services (5.1%) Adobe Systems 8,564 509,301 Autodesk 9,357 297,833 Automatic Data Processing 5,141 223,325 Convergys 4,276(b) 55,417 Electronic Data Systems 14,183 274,441 Microsoft 69,193 1,750,583 NCR 4,529(b) 149,457 Oracle 103,418(b) 1,195,512 Symantec 11,891(b) 223,313 Total 4,679,182 Electronics (0.1%) Advanced Micro Devices 7,232(b) 102,911 Energy (11.9%) Amerada Hess 2,404 225,135 Anadarko Petroleum 5,403 394,635 Apache 2,021 113,762 Burlington Resources 8,091 393,304 Chevron 38,517 2,002,883 Common stocks (continued) Issuer Shares Value(a) Energy (cont.) ConocoPhillips 8,307 $870,988 Devon Energy 17,228 778,189 EOG Resources 7,649 363,710 Exxon Mobil 89,194(c) 5,086,733 Marathon Oil 2,863 133,330 Occidental Petroleum 3,588 247,572 Valero Energy 5,367 367,801 Total 10,978,042 Energy equipment & services (1.2%) Baker Hughes 3,588 158,303 Halliburton 6,189 257,401 Noble 4,000 203,600 Transocean 11,365(b) 526,994 Total 1,146,298 Finance companies (2.4%) Citigroup 42,536 1,997,491 MGIC Investment 3,110 183,490 Total 2,180,981 Financial services (3.5%) Countrywide Financial 26,453 957,334 Fannie Mae 26,756 1,443,486 Freddie Mac 7,298 448,973 Providian Financial 7,465(b) 124,442 SLM 4,259 202,899 Total 3,177,134 Food (0.2%) Archer-Daniels-Midland 12,042 216,636 Furniture & appliances (0.3%) Black & Decker 2,610 218,274 Whirlpool 1,247 77,389 Total 295,663 Health care products (9.6%) Abbott Laboratories 6,212 305,382 Becton, Dickinson & Co 6,949 406,655 Biomet 2,427 93,901 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 1 -- AXP QUANTITATIVE LARGE CAP EQUITY FUND -- PORTFOLIO HOLDINGS AT APRIL 30, 2005 Common stocks (continued) Issuer Shares Value(a) Health care products (cont.) Bristol-Myers Squibb 45,497 $1,182,922 Gilead Sciences 8,252(b) 306,149 Johnson & Johnson 52,339 3,592,025 Medtronic 10,087 531,585 Merck & Co 50,975 1,728,053 Schering-Plough 6,130 127,933 Wyeth 8,133 365,497 Zimmer Holdings 2,417(b) 196,792 Total 8,836,894 Health care services (2.6%) Aetna 2,881 211,379 Cardinal Health 6,067 337,143 Humana 5,526(b) 191,476 Tenet Healthcare 11,188(b) 133,920 UnitedHealth Group 15,610 1,475,302 WellPoint 483(b) 61,703 Total 2,410,923 Home building (0.7%) Centex 4,151 239,595 KB HOME 3,760 214,320 Pulte Homes 3,146 224,782 Total 678,697 Household products (0.1%) Kimberly-Clark 2,122 132,519 Industrial transportation (3.3%) Burlington Northern Santa Fe 14,111 680,856 CSX 3,964 159,075 FedEx 8,070 685,547 Norfolk Southern 15,036 472,130 Ryder System 2,936 108,426 United Parcel Service Cl B 13,511 963,470 Total 3,069,504 Insurance (4.1%) Allstate 15,708 882,162 Ambac Financial Group 3,159 211,179 Aon 11,958 249,324 CIGNA 7,384 679,180 Jefferson-Pilot 2,029 101,876 Lincoln Natl 4,079 183,433 Loews 2,712 192,227 Marsh & McLennan Companies 6,217 174,263 MBIA 5,309 278,085 Principal Financial Group 4,217 164,800 Prudential Financial 4,085 233,458 Safeco 1,299 68,418 Torchmark 3,597 192,188 UnumProvident 9,896 165,461 Total 3,776,054 Investment companies (3.2%) iShares MSCI EAFE Index Fund 18,800 2,938,440 Leisure time & entertainment (0.6%) Harley-Davidson 7,703 362,195 Mattel 8,419 151,963 Total 514,158 Common stocks (continued) Issuer Shares Value(a) Lodging & gaming (0.9%) Harrah's Entertainment 2,090 $137,146 Marriott Intl Cl A 5,438 341,235 Starwood Hotels & Resorts Worldwide Unit 6,800 369,511 Total 847,892 Machinery (0.4%) Caterpillar 3,804 334,942 Media (1.6%) eBay 45,415(b) 1,441,018 Metals (0.5%) Freeport-McMoRan Copper & Gold Cl B 1,824 63,220 Nucor 4,197 214,466 Phelps Dodge 2,407 206,641 Total 484,327 Multi-industry (1.5%) 3M 8,407 642,883 Eastman Kodak 15,799 394,975 Textron 3,415 257,320 WW Grainger 2,096 115,888 Total 1,411,066 Paper & packaging (0.1%) Ball 3,016 119,132 Real estate investment trust (0.4%) Archstone-Smith Trust 3,635 130,751 Plum Creek Timber 3,134 108,248 ProLogis 3,989 157,925 Total 396,924 Restaurants (0.8%) Starbucks 14,335(b) 709,869 Retail -- general (6.2%) Best Buy 4,212 212,032 Circuit City Stores 4,198 66,328 Dollar General 7,198 146,479 Federated Dept Stores 1,952 112,240 Home Depot 44,135 1,561,055 Kohl's 2,584(b) 122,998 May Dept Stores 7,597 266,503 Nordstrom 2,516 127,888 Sears Holdings 4,466(b) 603,982 Staples 12,394 236,354 Toys "R" Us 4,712(b) 119,449 Wal-Mart Stores 44,670 2,105,745 Total 5,681,053 Retail -- grocery (0.9%) Albertson's 9,051 179,119 Kroger 18,677(b) 294,536 Safeway 14,936(b) 317,988 Total 791,643 Telecom equipment & services (2.1%) QUALCOMM 54,893 1,915,217 Common stocks (continued) Issuer Shares Value(a) Textiles & apparel (0.4%) Nike Cl B 4,448 $341,650 VF 1,162 65,758 Total 407,408 Utilities -- electric (4.2%) AES 25,070(b) 403,126 Allegheny Energy 3,400(b) 83,096 American Electric Power 5,523 194,520 CenterPoint Energy 9,851 116,636 DTE Energy 2,922 134,266 Duke Energy 13,428 391,963 Edison Intl 4,888 177,434 Exelon 16,168 800,316 PG&E 10,993 381,677 Public Service Enterprise Group 4,184 243,090 TXU 10,494 900,281 Total 3,826,405 Utilities -- natural gas (0.6%) El Paso 37,470 374,325 Kinder Morgan 1,512 115,608 Sempra Energy 2,652 107,088 Total 597,021 Utilities -- telephone (8.5%) AT&T 26,719 511,134 BellSouth 84,339 2,234,141 CenturyTel 3,807 116,837 SBC Communications 85,381 2,032,068 Sprint 45,198 1,006,107 Verizon Communications 54,089 1,936,386 Total 7,836,673 Total common stocks (Cost: $91,682,436) $91,303,048 Short-term securities (10.1%) Issuer Effective Amount Value(a) yield payable at maturity U.S. government agencies (9.1%) Federal Home Loan Bank Disc Nt 05-18-05 2.81% $2,600,000 $2,596,144 Federal Natl Mtge Assn Disc Nts 05-04-05 2.55 500,000 499,823 05-18-05 2.86 2,300,000 2,296,528 06-13-05 2.86 2,100,000 2,092,519 06-14-05 2.79 900,000 896,799 Total 8,381,813 Commercial paper (1.0%) Sheffield Receivables 05-02-05 2.96 900,000 899,778 Total short-term securities (Cost: $9,282,232) $9,281,591 Total investments in securities (Cost: $100,964,668)(d) $100,584,639 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 2 -- AXP QUANTITATIVE LARGE CAP EQUITY FUND -- PORTFOLIO HOLDINGS AT APRIL 30, 2005 Notes to investments in securities (a) Securities are valued by procedures described in Note 1 to the financial statements in the most recent Semiannual Report dated Jan. 31, 2005. (b) Non-income producing. (c) Partially pledged as initial margin deposit on the following open stock index futures contracts: Type of security Contracts Purchase contracts S&P 500 Index, June 2005 2 (d) At April 30, 2005, the cost of securities for federal income tax purposes was approximately $100,965,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $ 3,244,000 Unrealized depreciation (3,624,000) ---------- Net unrealized depreciation $ (380,000) ----------- How to find information about the Fund's portfolio holdings (i) The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (Commission) for the first and third quarters of each fiscal year on Form N-Q; (ii) The Fund's Forms N-Q are available on the Commission's website at http://www.sec.gov; (iii) The Fund's Forms N-Q may be reviewed and copied at the Commission's Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iv) The Fund's complete schedule of portfolio holdings, as disclosed in its annual and semiannual shareholder reports and in its filings on Form N-Q, can be found at www.americanexpress.com/funds. - -------------------------------------------------------------------------------- 3 -- AXP QUANTITATIVE LARGE CAP EQUITY FUND -- PORTFOLIO HOLDINGS AT APRIL 30, 2005 S-6263-80 C (6/05) Item 2. Control and Procedures. (a) Based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, the registrant's principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. (b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 3. Exhibits. Separate certification for the Registrant's principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) AXP GROWTH SERIES, INC. By /s/ Paula R. Meyer ------------------ Paula R. Meyer President and Principal Executive Officer Date June 27, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By /s/ Paula R. Meyer ------------------ Paula R. Meyer President and Principal Executive Officer Date June 27, 2005 By /s/ Jeffrey P. Fox ------------------ Jeffrey P. Fox Treasurer and Principal Financial Officer Date June 27, 2005 EX-99.CERT 2 ex99-cert.txt CERTIFICATION PURSUANT TO 270.30A-2 OF THE INVESTMENT COMPANY ACT OF 1940 Certification Pursuant to 270.30a-2 of the Investment Company Act of 1940 I, Paula Meyer, certify that: 1. I have reviewed this report on Form N-Q of AXP Growth Series, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedule of investments included in this report, fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principals; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of a date within 90 days prior to the filing date of this report based on such evaluation and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: June 22, 2005 /s/ Paula R. Meyer -------------------------------- Name: Paula R. Meyer Title: President and Chief Executive Officer Certification Pursuant to 270.30a-2 of the Investment Company Act of 1940 I, Jeffrey Fox, certify that: 1. I have reviewed this report on Form N-Q of AXP Growth Series, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedule of investments included in this report, fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principals; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of a date within 90 days prior to the filing date of this report based on such evaluation and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: June 22, 2005 /s/ Jeffrey P. Fox -------------------------------- Name: Jeffrey P. Fox Title: Treasurer and Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----