N-Q 1 dimensions-nq.txt AXP DIMENSIONS 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 811-1629 ------------ AXP DIMENSIONS 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: 10/31 -------------- AXP(R) NEW DIMENSIONS FUND(R) A FEEDER FUND INVESTING IN GROWTH TRENDS PORTFOLIO PORTFOLIO HOLDINGS AT OCT. 31, 2004 Investments in Securities Growth Trends Portfolio Oct. 31, 2004 (Unaudited) (Percentages represent value of investments compared to net assets) Common stocks (93.5%) Issuer Shares Value(a) Aerospace & defense (2.6%) Lockheed Martin 2,800,000 $154,252,000 Northrop Grumman 2,700,000 139,725,000 United Technologies 1,000,000 92,820,000 Total 386,797,000 Airlines (0.3%) AMR 3,200,000(b) 24,704,000 Northwest Airlines 1,500,000(b) 13,275,000 Total 37,979,000 Banks and savings & loans (1.4%) Bank of America 4,700,000 210,513,000 Beverages & tobacco (1.5%) PepsiCo 4,500,000 223,110,000 Cellular telecommunications (0.5%) Vodafone Group ADR 3,000,000(c) 77,370,000 Computer hardware (6.3%) Apple Computer 3,200,000(b) 168,096,000 Cisco Systems 13,200,000(b) 253,572,000 Dell 11,500,000(b) 403,190,000 EMC 8,000,000(b) 102,960,000 Total 927,818,000 Computer software & services (8.5%) Electronic Arts 2,000,000(b,d) 89,840,000 Intl Business Machines 1,000,000 89,750,000 Juniper Networks 7,000,000(b) 186,270,000 Microsoft 20,000,000 559,800,000 SAP ADR 1,115,200(c) 47,563,280 Symantec 4,800,000(b) 273,312,000 Total 1,246,535,280 Electronics (3.6%) Advanced Micro Devices 718,800(b) 12,090,216 Applied Materials 1,794,000(b) 28,883,400 Intel 10,537,100 234,555,846 Maxim Integrated Products 2,000,000 87,980,000 Samsung Electronics 420,000(c) 164,981,901 Total 528,491,363 Energy (8.8%) Apache 5,800,000 294,060,000 ChevronTexaco 4,000,000 212,240,000 ConocoPhillips 2,800,000 236,068,000 Exxon Mobil 11,200,000 551,264,000 Total 1,293,632,000 Energy equipment & services (3.1%) Halliburton 2,500,000 92,600,000 Schlumberger 3,500,000 220,290,000 Smith Intl 1,200,000(b) 69,696,000 Transocean 2,200,000(b) 77,550,000 Total 460,136,000 Environmental services (0.5%) Waste Management 2,800,000 79,744,000 Finance companies (3.2%) Citigroup 10,600,000 470,322,000 Financial services (3.0%) Fannie Mae 2,000,000 140,300,000 Goldman Sachs Group 1,000,000 98,380,000 MBNA 3,800,000 97,394,000 SLM 2,300,000 104,098,000 Total 440,172,000 Health care products (13.2%) Amgen 4,792,500(b) 272,214,000 Biogen Idec 1,400,000(b) 81,424,000 Boston Scientific 6,000,000(b) 211,800,000 Eli Lilly 2,000,000 109,820,000 Gilead Sciences 3,000,000(b) 103,890,000 Guidant 600,000 39,972,000 Johnson & Johnson 6,000,000 350,280,000 Medtronic 3,700,000 189,107,000 Novartis ADR 250,600(c) 12,031,306 Pfizer 17,000,000 492,150,000 Schering-Plough 249,400 4,516,634 Stryker 1,600,000 68,944,000 Total 1,936,148,940 Health care services (2.9%) UnitedHealth Group 5,800,000 419,920,000 Household products (2.1%) Procter & Gamble 6,000,000 307,080,000 Industrial transportation (1.3%) United Parcel Service Cl B 2,500,000 197,950,000 Insurance (3.1%) AFLAC 2,620,000 94,005,600 American Intl Group 6,000,000 364,260,000 Total 458,265,600 Investment companies (0.4%) iShares Russell 1000 Growth Index Fund 1,200,000 55,104,000 Leisure time & entertainment (1.0%) Carnival 2,800,000 141,568,000 Lodging & gaming (0.7%) Intl Game Technology 3,000,000 99,120,000 Machinery (2.5%) Deere & Co 2,500,000 149,450,000 Illinois Tool Works 2,400,000 221,472,000 Total 370,922,000 Media (3.5%) Cendant 167,100 3,440,589 eBay 3,400,000(b) 331,874,000 See accompanying notes to investments in securities. -------------------------------------------------------------------------------- 1 --- GROWTH TRENDS PORTFOLIO --- PORTFOLIO HOLDINGS AT OCT. 31, 2004 Common stocks (continued) Issuer Shares Value(a) Media (cont.) Univision Communications Cl A 1,000,000(b) $30,960,000 Yahoo! 4,000,000(b) 144,760,000 Total 511,034,589 Metals (0.7%) Alcoa 3,000,000 97,500,000 Multi-industry (5.3%) 3M 2,500,000 193,925,000 Danaher 750,000 41,347,500 General Electric 16,000,000 545,920,000 Total 781,192,500 Restaurants (1.8%) McDonald's 4,500,000 131,175,000 Starbucks 2,500,000(b) 132,200,000 Total 263,375,000 Retail -- general (6.4%) Best Buy 900,000 53,298,000 Home Depot 3,400,000 139,672,000 Staples 1,800,000(d) 53,532,000 Target 6,200,000 310,124,000 Wal-Mart Stores 7,000,000 377,440,000 Total 934,066,000 Telecom equipment & services (3.0%) Motorola 4,100,000 70,766,000 QUALCOMM 8,800,000 367,928,000 Total 438,694,000 Utilities -- electric (1.8%) Dominion Resources 4,000,000 257,280,000 Utilities -- telephone (0.5%) Verizon Communications 2,000,000 78,200,000 Total common stocks (Cost: $12,107,627,559) $13,730,040,272 Short-term securities (7.0%)(e) Issuer Effective Amount Value(a) yield payable at maturity U.S. government agencies (0.7%) Federal Home Loan Mtge Corp Disc Nt 01-04-05 1.86% $50,000,000 $49,827,550 Federal Natl Mtge Assn Disc Nt 11-04-04 1.72 50,000,000 49,985,668 Total 99,813,218 Commercial paper (6.3%) Barton Capital LLC 11-01-04 1.85 42,100,000 42,093,509 CXC LLC 11-01-04 1.86 42,600,000 42,593,397 Danske 11-22-04 1.83 50,000,000 49,938,997 Delaware Funding LLC 11-08-04 1.78 25,000,000 24,987,639 11-15-04 1.80 20,000,000 19,983,000 11-18-04 1.83 45,000,000 44,954,249 11-23-04 1.85 25,000,000 24,967,882 Dorada 01-28-05 2.06 39,000,000 38,798,175 Fairway Finance LLC 11-24-04 1.87 20,000,000 19,972,989 Harrier Finance Funding LLC 01-24-05 1.99 20,000,000 19,904,444 Household Finance 11-01-04 1.85 8,800,000 8,798,643 Jupiter Securitization 11-03-04 1.78 25,000,000 24,993,820 11-05-04 1.79 49,100,000 49,082,910 11-08-04 1.78 25,000,000 24,987,639 12-02-04 1.93 25,000,000 24,954,431 National Australia Funding 11-02-04 1.75 21,300,000 21,295,858 11-12-04 1.76 35,000,000 34,976,045 Nordea North America 11-17-04 1.78 33,400,000 33,368,711 Old Line Funding LLC 12-01-04 1.90 25,000,000 24,956,459 Park Avenue Receivables 11-08-04 1.78 40,072,000 40,052,186 11-16-04 1.80 30,000,000 29,973,000 11-30-04 1.90 50,000,000 49,915,556 Preferred Receivables Funding 11-09-04 1.78 35,000,000 34,980,964 Ranger Funding LLC 11-01-04 1.78 30,000,000 29,995,550 11-15-04 1.84 30,000,000 29,973,933 12-03-04 1.91 20,000,000 19,962,861 Scaldis Capital LLC 11-19-04 1.85 50,000,000 49,946,041 Sheffield Receivables 11-10-04 1.79 35,000,000 34,979,116 Windmill Funding 11-18-04 1.84 30,000,000 29,969,333 Total 925,357,337 Total short-term securities (Cost: $1,025,200,061) $1,025,170,555 Total investments in securities (Cost: $13,132,827,620)(f) $14,755,210,827 See accompanying notes to investments in securities. -------------------------------------------------------------------------------- 2 --- GROWTH TRENDS PORTFOLIO --- PORTFOLIO HOLDINGS AT OCT. 31, 2004 Notes to investments in securities (a) Securities are valued by procedures described in Note 1 to the financial statements in the most recent Annual Report dated July 31, 2004. (b) Non-income producing. (c) Foreign security values are stated in U.S. dollars. At Oct. 31, 2004, the value of foreign securities represented 2.1% of net assets. (d) At Oct. 31, 2004, security was partially or fully on loan. (e) Cash collateral received from security lending activity is invested in short-term securities and represents 0.1% of net assets. 6.9% of the net assets is the Portfolio's cash equivalent position. (f) At Oct. 31, 2004, the cost of securities for federal income tax purposes was approximately $13,132,828,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $2,194,676,000 Unrealized depreciation (572,293,000) ------------ Net unrealized appreciation $1,622,383,000 -------------- 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 --- GROWTH TRENDS PORTFOLIO --- PORTFOLIO HOLDINGS AT OCT. 31, 2004 S-6440-80 A (12/04) 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 DIMENSIONS SERIES, INC. By /s/ Paula R. Meyer ------------------ Paula R. Meyer President and Principal Executive Officer Date December 28, 2004 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 December 28, 2004 By /s/ Jeffrey P. Fox ------------------ Jeffrey P. Fox Treasurer and Principal Financial Officer Date December 28, 2004