-----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, JZ9E8+doD5V+X0mKZ1eUWQQ2mU/JJ4S2ALlSmkxt8Q1sc9AQQlTpjYHvrOU6waEM YS1A3uhZCWbOaRXxscXivg== 0000820027-04-000837.txt : 20040929 0000820027-04-000837.hdr.sgml : 20040929 20040929150305 ACCESSION NUMBER: 0000820027-04-000837 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040731 FILED AS OF DATE: 20040929 DATE AS OF CHANGE: 20040929 EFFECTIVENESS DATE: 20040929 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AXP GLOBAL SERIES INC CENTRAL INDEX KEY: 0000842918 IRS NUMBER: 411850486 STATE OF INCORPORATION: MN FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-05696 FILM NUMBER: 041052564 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: IDS GLOBAL SERIES INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: IDS GLOBAL BOND FUND INC DATE OF NAME CHANGE: 19901011 N-Q 1 global-nq.txt AXP GLOBAL 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 811-5696 --------------------------- AXP Global Series, Inc. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) 50606 AXP Financial Center, Minneapolis, MN 55474 - -------------------------------------------------------------------------------- (Address of principal executive offices) 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: 10/31/04 -------- Date of reporting period: 07/31/04 -------- Item 1. Schedule of Investments. AXP GLOBAL BOND FUND A FEEDER FUND INVESTING IN WORLD INCOME PORTFOLIO PORTFOLIO HOLDINGS AS OF JULY 31, 2004 Investments in Securities World Income Portfolio July 31, 2004 (Unaudited) (Percentages represent value of investments compared to net assets) Bonds (96.0%)(c) Issuer Coupon Principal Value(a) rate amount Australia (1.7%) Burns Philp Capital Property (U.S. Dollar) Sr Sub Nts 02-15-11 10.75% $270,000 $290,925 New South Wales Treasury (Australian Dollar) 03-01-08 8.00 8,000,000 6,012,575 Queensland Treasury (Australian Dollar) 06-14-05 6.50 3,000,000 2,123,444 Telstra (U.S. Dollar) 04-01-12 6.38 500,000 542,398 Total 8,969,342 Austria (2.1%) Republic of Austria (European Monetary Unit) 01-15-10 5.50 8,500,000 11,131,051 Brazil (0.2%) Federal Republic of Brazil (U.S. Dollar) 04-15-14 8.00 1,254,865 1,180,703 Canada (2.7%) Ainsworth Lumber (U.S. Dollar) Sr Nts 03-15-14 6.75 60,000(d) 57,600 Canada Housing Trust (Canadian Dollar) 06-15-06 5.53 3,220,000 2,521,918 Canadian Pacific Railway (Canadian Dollar) 06-15-10 4.90 380,000(d) 284,578 CanWest Media (U.S. Dollar) Series B 04-15-13 7.63 250,000 260,625 Cascades (U.S. Dollar) Sr Nts 02-15-13 7.25 125,000 127,500 Corus Entertainment (U.S. Dollar) Sr Sub Nts 03-01-12 8.75 165,000 176,550 Domtar (U.S. Dollar) 12-01-13 5.38 765,000 732,424 Jean Coutu Group PJC (U.S. Dollar) Sr Nts 08-01-12 7.63 75,000(d,h) 75,563 Norampac (U.S. Dollar) Sr Nts 06-01-13 6.75 260,000 261,300 Province of British Columbia (Canadian Dollar) 08-23-10 6.38 6,400,000 5,244,486 Province of Ontario (Canadian Dollar) 03-08-06 5.90 3,300,000 2,588,346 Province of Quebec (Japanese Yen) (MBIA Insured) 05-09-13 1.60 150,000,000(i) 1,334,607 Russel Metals (U.S. Dollar) Sr Nts 03-01-14 6.38 140,000 131,600 Shaw Communications (U.S. Dollar) Sr Nts 04-06-11 7.25 200,000 208,583 Sun Media (U.S. Dollar) 02-15-13 7.63 200,000 207,000 Videotron Ltee (U.S. Dollar) 01-15-14 6.88 125,000 121,250 Total 14,333,930 Croatia (0.2%) Croatia (European Monetary Unit) 03-14-11 6.75 660,000 886,524 Denmark (1.1%) Kingdom of Denmark (Danish Krone) 03-15-06 8.00 16,000,000 2,801,136 Realkredit Danmark (Danish Krone) 01-01-06 4.00 17,800,000 2,931,070 Total 5,732,206 Finland (2.2%) Republic of Finland (European Monetary Unit) 07-04-07 5.00 9,400,000 11,917,849 France (2.8%) Cie Financement Foncier (European Monetary Unit) 02-02-06 2.75 2,000,000 2,410,840 Dexia Municipal Agency (European Monetary Unit) 04-26-07 5.38 4,700,000 5,997,940 France Telecom (U.S. Dollar) 03-01-06 8.20 700,000(e) 748,808 Govt of France (European Monetary Unit) 04-25-12 5.00 4,400,000 5,639,341 Total 14,796,929 Germany (9.2%) Allgemeine Hypo Bank (European Monetary Unit) 09-02-09 5.00 1,860,000(d) 2,368,496 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 1 -- WORLD INCOME PORTFOLIO -- PORTFOLIO HOLDINGS AS OF JULY 31, 2004 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Germany (cont.) Bayerische Landesbank (Japanese Yen) Sr Nts 04-22-13 1.40% 150,000,000 $1,306,788 Bundesrepublik Deutschland (European Monetary Unit) 07-04-10 5.25 2,750,000 3,568,882 07-04-13 3.75 9,600,000 11,201,054 07-04-27 6.50 7,470,000 11,104,492 Bundesschatzanweisungen (European Monetary Unit) 12-16-05 2.75 6,300,000 7,607,658 Depfa Pfandbriefbank (European Monetary Unit) 01-15-10 5.50 2,200,000 2,872,842 Deutsche Bank (European Monetary Unit) 07-28-09 4.25 500,000 614,832 Eurohypo (European Monetary Unit) 07-05-10 5.75 2,200,000 2,906,688 Hypothekenbk In Essen (European Monetary Unit) 07-06-09 4.25 2,400,000 2,962,682 Westfaelische Hypobank (European Monetary Unit) 04-24-06 4.75 2,300,000 2,859,563 Total 49,373,977 Greece (4.3%) Hellenic Republic (European Monetary Unit) 06-21-06 2.75 7,600,000 9,137,080 05-18-11 5.35 6,300,000 8,182,120 10-22-22 5.90 4,200,000 5,672,410 Total 22,991,610 Hungary (0.5%) Govt of Hungary (Hungarian Forint) 04-12-05 7.75 565,000,000 2,672,757 Ireland (--%) JSG Funding (U.S. Dollar) Sr Nts 10-01-12 9.63 125,000 140,000 Italy (8.4%) Buoni Poliennali Del Tes (European Monetary Unit) 03-01-07 4.50 8,800,000 10,998,953 10-15-07 5.00 8,700,000 11,041,865 02-01-13 4.75 9,300,000 11,614,949 11-01-26 7.25 3,486,283 5,546,863 Republic of Italy (Japanese Yen) 03-27-08 3.80 500,000,000 5,016,056 Telecom Italia (European Monetary Unit) 02-01-07 5.63 500,000 633,353 Total 44,852,039 Japan (5.1%) Development Bank of Japan (Japanese Yen) 06-20-12 1.40 650,000,000 5,765,662 Govt of Japan (Japanese Yen) 03-20-09 0.70 390,000,000 3,487,197 12-21-09 1.70 970,000,000 9,058,318 03-22-10 1.70 320,000,000 2,981,812 06-20-12 1.40 700,000,000 6,223,363 Total 27,516,352 Luxembourg (0.6%) BCP Caylux (U.S. Dollar) Sr Sub Nts 06-15-14 9.63 65,000(d) 67,763 Michelin Finance Luxembourg (European Monetary Unit) 04-16-09 6.13 500,000 653,641 Telecom Italia Capital (U.S. Dollar) 11-15-13 5.25 2,330,000(d) 2,288,561 Total 3,009,965 Malaysia (0.3%) Petronas Capital (U.S. Dollar) 05-22-12 7.00 1,500,000(d) 1,659,415 Mexico (0.7%) United Mexican States (Japanese Yen) 06-06-06 6.75 62,000,000 618,628 (U.S. Dollar) 03-03-15 6.63 3,150,000 3,200,400 Total 3,819,028 Netherlands (3.4%) Bank of Nederlandse Gemeenten (British Pound) 08-06-07 7.38 1,100,000 2,104,996 Deutsche Telekom Intl Finance (European Monetary Unit) 05-29-07 7.50 500,000 666,392 (U.S. Dollar) 07-22-13 5.25 1,900,000 1,877,447 Govt of Netherlands (European Monetary Unit) 07-15-12 5.00 8,700,000 11,118,939 Intl Nederland Bank (European Monetary Unit) Sr Nts 01-29-09 4.25 600,000 739,688 RWE Finance (European Monetary Unit) 10-26-07 5.50 500,000 640,364 Vodafone Finance (European Monetary Unit) 05-27-09 4.75 740,000 922,788 Total 18,070,614 New Zealand (1.5%) Govt of New Zealand (New Zealand Dollar) 11-15-06 8.00 8,800,000 5,805,842 11-15-11 6.00 3,530,000(d) 2,200,639 Total 8,006,481 Norway (1.7%) A/S Eksportfinans (Japanese Yen) 06-21-10 1.80 340,000,000 3,163,037 Govt of Norway (Norwegian Krone) 05-16-11 6.00 36,800,000 5,821,051 Total 8,984,088 Poland (1.0%) Republic of Poland (Polish Zloty) 02-12-06 8.50 11,600,000 3,231,449 11-24-09 6.00 9,000,000 2,301,588 Total 5,533,037 Romania (0.1%) Govt of Romania (European Monetary Unit) 05-08-12 8.50 550,000 801,189 South Korea (0.1%) Korea Development Bank (Japanese Yen) 06-25-08 0.98 70,000,000 624,225 Spain (7.1%) Govt of Spain (European Monetary Unit) 10-31-07 4.25 8,950,000 11,139,996 07-30-09 5.15 9,500,000 12,258,810 01-31-10 4.00 9,400,000 11,477,654 La Caixa De Barcelona (European Monetary Unit) 03-04-10 3.50 2,500,000 2,958,435 Total 37,834,895 Supra-National (2.8%) European Investment Bank (British Pound) 12-07-11 5.50 3,000,000 5,473,833 Inter-American Development Bank (Japanese Yen) 07-08-09 1.90 1,035,000,000 9,776,279 Total 15,250,112 Sweden (0.5%) Govt of Sweden (Swedish Krona) 04-20-06 3.50 19,000,000 2,503,584 United Kingdom (3.4%) British Telecom (U.S. Dollar) 12-15-10 8.38 700,000 825,017 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 2 -- WORLD INCOME PORTFOLIO -- PORTFOLIO HOLDINGS AS OF JULY 31, 2004 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United Kingdom (cont.) Greater Beijing First Expressways (U.S. Dollar) Sr Nts 06-15-07 9.50% $8,750,000(b,j) $175,000 HSBC Holdings (U.S. Dollar) Sub Nts 12-12-12 5.25 1,090,000 1,097,395 United Kingdom Treasury (British Pound) 12-07-07 7.25 3,900,000 7,567,369 11-25-10 6.25 2,900,000 5,604,390 03-07-12 5.00 1,600,000 2,892,172 Total 18,161,343 United States (32.4%) Aesop Funding II LLC (U.S. Dollar) Series 2002-1A Cl A1 10-20-06 3.85 500,000(d,f) 507,107 Airgas (U.S. Dollar) 10-01-11 9.13 195,000 219,131 Allied Waste North America (U.S. Dollar) Series B 04-01-08 8.88 200,000 218,000 Apogent Technologies (U.S. Dollar) Sr Sub Nts 05-15-13 6.50 175,000 194,250 Arvinmeritor (U.S. Dollar) 02-15-09 6.80 75,000 75,375 ASIF Global Financing (U.S. Dollar) 01-17-13 4.90 3,800,000(d) 3,751,170 AT&T (U.S. Dollar) 03-15-09 6.00 10,000 9,520 AT&T Wireless Services (U.S. Dollar) Sr Nts 03-01-11 7.88 500,000 574,671 Ball (U.S. Dollar) 12-15-12 6.88 335,000 343,794 Bank of America (U.S. Dollar) Sr Nts 02-01-07 5.25 1,000,000 1,045,493 (U.S. Dollar) Sub Nts 08-15-13 4.75 800,000 773,262 Bear Stearns Commercial Mtge Securities (U.S. Dollar) Series 2003-T10 Cl A1 03-13-40 4.00 655,354(f) 643,898 Boyd Gaming (U.S. Dollar) Sr Sub Nts 12-15-12 7.75 35,000 36,050 04-15-14 6.75 75,000(d) 72,094 Caesars Entertainment (U.S. Dollar) Sr Sub Nts 05-15-11 8.13 235,000 259,380 Case New Holland (U.S. Dollar) Sr Nts 06-01-09 6.00 40,000(d) 38,800 CBD Media/Finance (U.S. Dollar) 06-01-11 8.63 60,000 64,050 Centerpoint Energy (U.S. Dollar) 02-15-11 7.75 130,000 148,186 Chesapeake Energy (U.S. Dollar) Sr Nts 06-15-14 7.50 75,000(d) 78,938 08-15-14 7.00 30,000(d,h) 30,300 01-15-16 6.88 20,000 19,700 Chiquita Brands Intl (U.S. Dollar) Sr Nts 03-15-09 10.56 225,000 243,844 Choctaw Resort Development Enterprises (U.S. Dollar) Sr Nts 04-01-09 9.25 150,000 161,250 Citigroup (European Monetary Unit) Sr Nts 05-21-10 3.88 2,600,000 3,100,815 Comcast (U.S. Dollar) 03-15-11 5.50 2,150,000 2,192,978 Comcast Cable Communication Holdings (U.S. Dollar) 03-15-13 8.38 106,000 125,667 Compass Minerals Group (U.S. Dollar) 08-15-11 10.00 200,000 221,999 Consumers Energy (U.S. Dollar) 1st Mtge Series C 04-15-08 4.25 550,000 549,207 Cott Beverages (U.S. Dollar) 12-15-11 8.00 300,000 319,500 CS First Boston Mtge Securities (U.S. Dollar) Series 2004-C1 Cl A2 01-15-37 3.52 500,000(f) 487,400 CSC Holdings (U.S. Dollar) Sr Nts 12-15-07 7.88 150,000 157,500 04-15-12 6.75 40,000(d) 38,400 D.R. Horton (U.S. Dollar) Sr Nts 05-01-13 6.88 150,000 156,750 DaimlerChrysler NA Holding (U.S. Dollar) 11-15-13 6.50 400,000 417,540 (European Monetary Unit) 01-16-07 5.63 670,000 847,770 Del Monte (U.S. Dollar) Series B 05-15-11 9.25 200,000 218,000 Dex Media West LLC/Finance (U.S. Dollar) Sr Nts Series B 08-15-10 8.50 55,000 60,500 DirectTV Holdings/Finance (U.S. Dollar) Sr Nts 03-15-13 8.38 150,000 168,000 Domino's Pizza LLC (U.S. Dollar) Sr Sub Nts 07-01-11 8.25 125,000 133,438 EDRS Technologies (U.S. Dollar) Sr Sub Nts 11-01-13 6.88 80,000 80,400 Echostar DBS (U.S. Dollar) Sr Nts 10-01-08 5.75 125,000 124,063 El Paso Natl Gas (U.S. Dollar) Sr Nts Series A 08-01-10 7.63 160,000 166,400 Emmis Operating (U.S. Dollar) 05-15-12 6.88 70,000(d) 68,600 Encore Acquisition (U.S. Dollar) Sr Sub Nts 04-15-14 6.25 140,000(d) 134,750 Federal Home Loan Mtge Corp (European Monetary Unit) 01-15-06 5.25 1,800,000 2,243,802 (U.S. Dollar) 07-01-17 6.00 531,551 555,740 09-01-17 6.50 610,321 645,945 05-01-18 5.50 1,196,309 1,230,012 10-01-18 5.00 1,010,558(f) 1,020,912 04-01-33 6.00 2,489,621 2,561,495 08-01-33 6.50 467,292(f) 488,640 11-01-33 5.00 1,536,135 1,501,574 Collateralized Mtge Obligation (U.S. Dollar) 11-15-28 4.50 1,063,777(f) 1,056,510 Federal Natl Mtge Assn (U.S. Dollar) 01-01-09 5.74 1,205,274 1,278,191 01-01-13 4.92 519,805 525,866 02-01-13 4.87 1,350,726 1,350,370 12-01-13 4.98 4,964,564 4,961,678 03-01-17 5.50 1,311,848 1,352,375 03-01-17 6.00 386,464 403,800 04-01-17 6.50 1,310,504 1,392,059 06-01-17 6.00 952,840(f) 995,584 08-01-18 4.50 2,268,283(f) 2,237,891 11-01-18 5.50 2,222,679 2,288,443 12-01-18 5.00 4,522,694 4,570,304 07-01-23 5.00 1,330,860(f) 1,322,721 12-01-31 6.50 515,492 540,372 05-01-32 7.00 1,649,671 1,745,864 05-01-32 7.50 932,451 997,393 06-01-32 7.00 809,384 858,773 07-01-32 6.50 591,223 617,751 08-01-32 6.50 2,613,117 2,731,748 09-01-32 6.50 560,989 589,287 11-01-32 7.50 1,303,014 1,393,763 03-01-33 5.50 2,670,946 2,685,623 03-01-33 6.00 3,196,341 3,282,768 04-01-33 6.00 3,401,299 3,501,251 05-01-33 6.00 809,951 833,042 06-01-33 5.50 4,535,286(f) 4,569,637 07-01-33 7.00 1,206,054 1,274,568 09-01-33 5.50 745,945(h) 749,609 09-01-33 5.50 2,103,270 2,113,602 11-01-33 6.50 3,518,297 3,680,275 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 3 -- WORLD INCOME PORTFOLIO -- PORTFOLIO HOLDINGS AS OF JULY 31, 2004 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (cont.) Finlay Fine Jewelry (U.S. Dollar) Sr Nts 06-01-12 8.38% $30,000(d) $31,500 Ford Motor (U.S. Dollar) 10-01-28 6.63 650,000 568,680 Foundation PA Coal (U.S. Dollar) Sr Nts 08-01-14 7.25 30,000(d) 30,075 Freescale Semiconductor (U.S. Dollar) Sr Nts 07-15-11 6.88 95,000(d) 95,713 GE Financial Assurance Holdings (Japanese Yen) 06-20-11 1.60 130,000,000 1,141,078 General Electric Capital (European Monetary Unit) 06-20-07 5.13 500,000 632,920 Georgia Gulf (U.S. Dollar) Sr Nts 12-15-13 7.13 55,000(d) 55,275 Georgia-Pacific (U.S. Dollar) 02-01-10 8.88 185,000 212,288 GMAC (U.S. Dollar) 03-02-11 7.25 1,900,000 1,995,988 Goldman Sachs Group (U.S. Dollar) 05-15-09 6.65 500,000 547,375 Govt Natl Mtge Assn (U.S. Dollar) 10-15-33 5.50 1,855,594(f) 1,870,749 Collateralized Mtge Obligation Interest Only (U.S. Dollar) 01-20-32 0.00 3,191,015(f,g) 469,749 Grant Prideco Escrow (U.S. Dollar) 12-15-09 9.00 250,000 275,000 Graphic Packaging Intl (U.S. Dollar) Sr Nts 08-15-11 8.50 35,000 37,975 GS Mtge Securities (U.S. Dollar) Series 2004-GG2 Cl A6 08-01-38 5.40 1,850,000(f,h) 1,859,172 Gulfterra Energy Partner (U.S. Dollar) Sr Nts 06-01-10 6.25 280,000 285,600 Hilton Hotels (U.S. Dollar) 12-01-12 7.63 200,000 220,750 Historic TW (U.S. Dollar) 05-15-29 6.63 1,910,000 1,884,589 Host Marriott (U.S. Dollar) Sr Nts 08-15-12 7.00 110,000(d,h) 108,625 IASIS Healthcare (U.S. Dollar) Sr Sub Nts 06-15-14 8.75 70,000(d) 72,450 Intl Paper (European Monetary Unit) 08-11-06 5.38 505,000 631,961 IPALCO Enterprises (U.S. Dollar) 11-14-08 8.38 250,000 280,000 J.P. Morgan Chase (U.S. Dollar) Sub Nts 03-15-14 4.88 480,000 459,230 Jefferson Smurfit (U.S. Dollar) 10-01-12 8.25 85,000 90,738 Jorgensen Earle M. (U.S. Dollar) 06-01-12 9.75 50,000 55,250 Joy Global (U.S. Dollar) Series B 03-15-12 8.75 60,000 67,500 Key Energy Services (U.S. Dollar) Series C 03-01-08 8.38 130,000 135,850 (U.S. Dollar) Sr Nts 05-01-13 6.38 70,000 66,150 Kraft Foods (U.S. Dollar) 10-01-08 4.00 1,100,000 1,091,189 L-3 Communications (U.S. Dollar) 06-15-12 7.63 250,000 267,500 Lamar Media (U.S. Dollar) 01-01-13 7.25 50,000 51,625 Lehman Brothers Holdings (U.S. Dollar) 08-07-08 3.50 500,000 488,455 MacDermid (U.S. Dollar) 07-15-11 9.13 35,000 39,113 Manitowoc (U.S. Dollar) 11-01-13 7.13 200,000 203,000 Meritage (U.S. Dollar) 06-01-11 9.75 145,000 160,225 Merrill Lynch Mtge Trust (U.S. Dollar) Series 2003-KEY1 Cl A4 11-12-35 5.24 750,000(f) 754,549 Metropolitan Edison (U.S. Dollar) 03-15-13 4.95 1,010,000 980,585 MGM Mirage (U.S. Dollar) 10-01-09 6.00 45,000 44,550 (U.S. Dollar) Sr Nts 02-27-14 5.88 50,000 46,000 Mohegan Tribal Gaming (U.S. Dollar) Sr Sub Nts 04-01-12 8.00 150,000 162,563 08-15-14 7.13 15,000(d,h) 15,188 Morgan Stanley, Dean Witter (European Monetary Unit) 03-16-06 5.25 2,400,000 2,995,430 NeighborCare (U.S. Dollar) Sr Sub Nts 11-15-13 6.88 25,000 25,875 Newfield Exploration (U.S. Dollar) Sr Sub Nts 08-15-12 8.38 340,000 367,200 Nextel Communications (U.S. Dollar) Sr Nts 10-31-13 6.88 150,000 153,000 Nissan Auto Receivables Owner Trust (U.S. Dollar) Series 2003-A Cl A4 07-15-08 2.61 500,000(f) 495,750 Norcraft Companies LP/Finance (U.S. Dollar) Sr Sub Nts 11-01-11 9.00 90,000(d) 94,500 Nortek (U.S. Dollar) Sr Sub Nts Series B 06-15-11 9.88 75,000 87,281 Northwest Pipeline (U.S. Dollar) 03-01-10 8.13 10,000 11,088 Offshore Logistics (U.S. Dollar) 06-15-13 6.13 140,000 135,800 Omnicare (U.S. Dollar) Sr Sub Nts 06-01-13 6.13 70,000 66,500 Overseas Private Investment (U.S. Dollar) U.S. Govt Guaranty Series 1996A 09-15-08 6.99 3,750,000 4,049,737 Owens-Brockway Glass (U.S. Dollar) 05-15-11 7.75 115,000 121,900 Pacific Energy (U.S. Dollar) Sr Nts 06-15-14 7.13 60,000(d) 61,800 Pacific Life (U.S. Dollar) 09-15-33 6.60 700,000(d) 733,908 Peabody Energy (U.S. Dollar) Series B 03-15-13 6.88 295,000 303,850 Pemex Project Funding Master Trust (U.S. Dollar) 12-15-14 7.38 450,000 472,500 Plains E & P (U.S. Dollar) Sr Nts 06-15-14 7.13 125,000(d) 128,438 Pride Intl (U.S. Dollar) Sr Nts 07-15-14 7.38 30,000(d) 30,938 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 4 -- WORLD INCOME PORTFOLIO -- PORTFOLIO HOLDINGS AS OF JULY 31, 2004 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (cont.) Prime Hospitality (U.S. Dollar) Sr Sub Nts Series B 05-01-12 8.38% $50,000 $52,625 Qwest (U.S. Dollar) 11-01-04 7.20 150,000 151,500 03-15-12 9.13 175,000(d) 192,063 Ryland Group (U.S. Dollar) Sr Nts 06-01-08 5.38 310,000 315,038 SBC Communications (U.S. Dollar) 08-15-12 5.88 300,000 311,583 Schuler Homes (U.S. Dollar) 07-15-09 9.38 85,000 93,500 Silgan Holdings (U.S. Dollar) Sr Sub Nts 11-15-13 6.75 125,000 122,500 Southern Star Central (U.S. Dollar) 08-01-10 8.50 100,000 108,500 Speedway Motorsports (U.S. Dollar) Sr Sub Nts 06-01-13 6.75 70,000(d) 70,525 Sprint Capital (U.S. Dollar) 11-15-28 6.88 1,500,000 1,492,773 SPX (U.S. Dollar) Sr Nts 06-15-11 6.25 65,000 63,375 Station Casinos (U.S. Dollar) Sr Nts 04-01-12 6.00 100,000 97,500 Susquehanna Media (U.S. Dollar) Sr Sub Nts 04-15-13 7.38 140,000 143,500 TD Funding (U.S. Dollar) 07-15-11 8.38 135,000 142,425 Toyota Motor Credit (Japanese Yen) 06-09-08 0.75 297,000,000 2,661,701 Transcontinental Gas Pipeline (U.S. Dollar) Series B 08-15-11 7.00 175,000 185,063 Triad Hospitals (U.S. Dollar) Sr Nts 05-15-12 7.00 140,000 143,150 TRW Automotive (U.S. Dollar) Sr Nts 02-15-13 9.38 70,000 79,800 U.S. Treasury (U.S. Dollar) 05-15-14 4.75 24,615,000(m) 25,142,869 08-15-23 6.25 7,585,000(k) 8,507,647 02-15-26 6.00 5,390,000(k) 5,884,576 United Auto Group (U.S. Dollar) 03-15-12 9.63 75,000 82,125 US Bank NA Minnesota (U.S. Dollar) 08-01-11 6.38 1,700,000 1,851,990 Valmont Inds (U.S. Dollar) 05-01-14 6.88 140,000(d) 139,300 Vanguard Health Systems (U.S. Dollar) 08-01-11 9.75 115,000 132,250 Verizon Pennsylvania (U.S. Dollar) Series A 11-15-11 5.65 3,660,000(k) 3,760,979 Wachovia (U.S. Dollar) 08-15-08 3.50 400,000 392,460 Wachovia Bank Commercial Mtge Trust (U.S. Dollar) Series 2003-C8 Cl A2 11-15-35 3.89 1,250,000(f) 1,233,465 Washington Mutual Bank FA (U.S. Dollar) Sub Nts 06-15-11 6.88 950,000 1,049,733 08-15-14 5.65 1,375,000(h) 1,373,004 Wells Fargo Bank NA (U.S. Dollar) Sub Nts 02-01-11 6.45 2,380,000 2,609,683 William Carter (U.S. Dollar) Series B 08-15-11 10.88 150,000 168,750 Williams Companies (U.S. Dollar) 03-15-12 8.13 170,000 185,724 Total 173,191,121 Total bonds (Cost: $494,096,717) $513,944,366 Short-term securities (7.9%)(l) Issuer Effective Amount Value(a) yield payable at maturity U.S. government agency (7.2%) Federal Home Loan Mtge Corp Disc Nts 08-03-04 1.08% $4,600,000 $4,599,447 08-10-04 1.10 400,000 399,865 08-17-04 1.28 5,000,000 4,996,800 08-26-04 1.32 10,000,000 9,990,100 09-07-04 1.30 3,500,000 3,495,077 09-21-04 1.36 15,000,000 14,970,025 Total 38,451,314 Commercial paper (0.7%) Credit Suisse First Boston New York 08-30-04 1.41 3,900,000 3,895,265 Total short-term securities (Cost: $42,347,915) $42,346,579 Total investments in securities (Cost: $536,444,632)(n) $556,290,945 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 5 -- WORLD INCOME PORTFOLIO -- PORTFOLIO HOLDINGS AS OF JULY 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 Semiannual Report dated April 30, 2004. (b) Non-income producing. For long-term debt securities, item identified is in default as to payment of interest and/or principal. (c) Foreign security values are stated in U.S. dollars. For debt securities, principal amounts are denominated in the currency indicated. (d) Represents a security sold under Rule 144A, which is exempt from registration under the Securities Act of 1933, as amended. This security has been determined to be liquid under guidelines established by the board. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2004, the value of these securities amounted to $15,583,072 or 2.9% of net assets. (e) Interest rate varies either based on a predetermined schedule or to reflect current market conditions; rate shown is the effective rate on July 31, 2004. (f) Mortgage-backed securities represent direct or indirect participations in, or are secured by and payable from, mortgage loans secured by real property, and include single- and multi-class pass-through securities and Collateralized Mortgage Obligations. These securities may be issued or guaranteed by U.S. government agencies or instrumentalities, or by private issuers, generally originators and investors in mortgage loans, including savings associations, mortgage bankers, commercial banks, investment bankers and special purpose entities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. Unless otherwise noted, the coupon rates presented are fixed rates. (g) Interest only represents securities that entitle holders to receive only interest payments on the underlying mortgages. The yield to maturity of an interest only is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents yield based upon the estimated timing and amount of future cash flows as of July 31, 2004. (h) At July 31, 2004 the cost of securities purchased, including interest purchased, on a when-issued and/or other forward-commitment basis was $4,176,943. (i) The following abbreviation is used in the portfolio security description to identify the insurer of the issue: MBIA -- MBIA Insurance Corporation (j) Identifies issues considered to be illiquid as to their marketability. Information concerning such security holdings at July 31, 2004, is as follows: Security Acquisition Cost dates Greater Beijing First Expressways (U.S. Dollar) 9.50% Sr Nts 2007 06-12-97 thru 09-16-98 $410,923 (k) Partially pledged as initial deposit on the following open interest rate futures contracts: Type of security Notional amount Sale contracts U.S. Treasury Notes, Sept. 2004, 10-year $17,400,000 (l) Cash collateral received from security lending activity is invested in short-term securities and represents 4.8% of this category. 3.1% of the short-term securities is the Fund's cash equivalent position. (m) Security is partially or fully on loan. (n) At July 31, 2004, the cost of securities for federal income tax purposes was approximately $536,445,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $22,840,000 Unrealized depreciation (2,994,000) ---------- Net unrealized appreciation $19,846,000 ----------- S-6309-80 A (9/04) AXP GLOBAL TECHNOLOGY FUND A FEEDER FUND INVESTING IN WORLD TECHNOLOGIES PORTFOLIO PORTFOLIO HOLDINGS AS OF JULY 31, 2004 Investments in Securities World Technologies Portfolio July 31, 2004 (Unaudited) (Percentages represent value of investments compared to net assets) Common stocks (99.7%) Issuer Shares Value(a) Cellular telecommunications (6.0%) Nextel Communications Cl A 193,000(b) $4,392,680 Vodafone Group ADR 217,500(c) 4,726,275 Western Wireless Cl A 108,500(b) 2,863,315 Total 11,982,270 Computer hardware (18.9%) Cisco Systems 611,500(b) 12,755,890 Dell 281,300(b) 9,977,711 EMC 943,500(b) 10,350,195 Gateway 1,066,000(b) 4,797,000 Total 37,880,796 Computer software & services (36.6%) Affiliated Computer Services Cl A 47,000(b) 2,439,300 Aspen Technology 406,000(b,d) 2,407,580 Blue Coat Systems 138,035(b) 2,555,028 Check Point Software Technologies 181,000(b,c) 3,600,090 Citrix Systems 324,000(b) 5,708,880 Cognizant Technology Solutions 150,000(b) 4,132,500 Foundry Networks 241,400(b) 2,476,764 i2 Technologies 2,820,000(b) 2,115,000 Informatica 697,000(b) 4,230,790 Juniper Networks 282,000(b) 6,474,720 Macromedia 303,500(b) 6,130,700 MAXIMUS 158,000(b) 5,051,260 MicroStrategy Cl A 104,000(b) 4,187,040 OPNET Technologies 100,000(b) 930,000 Paychex 105,000 3,224,550 PeopleSoft 198,000(b) 3,567,960 Quest Software 306,000(b) 3,690,360 Secure Computing 255,000(b) 1,763,325 SINA 125,000(b,c) 3,543,750 Take-Two Interactive Software 75,000(b) 2,349,000 TIBCO Software 381,000(b) 2,693,670 Total 73,272,267 Electronics (20.6%) Agere Systems Cl A 2,272,000(b) 2,817,280 Analog Devices 160,300 6,363,909 Broadcom Cl A 174,000(b) 6,152,640 FormFactor 106,000(b) 2,128,480 Intel 174,500 4,254,310 Marvell Technology Group 284,500(b,c) 6,606,090 Samsung Electronics 16,900(c) 6,028,486 SpatiaLight 268,925(b,d) 1,414,546 Taiwan Semiconductor Mfg ADR 769,491(c) 5,478,774 Total 41,244,515 Leisure time & entertainment (1.6%) Gemstar-TV Guide Intl 696,500(b) 3,231,760 Media (12.7%) eBay 50,000(b) 3,916,500 iVillage 450,000(b) 2,326,500 Sirius Satellite Radio 1,100,000(b) 2,783,000 XM Satellite Radio Holdings Cl A 155,000(b) 4,090,450 Yahoo! 398,000(b) 12,258,400 Total 25,374,850 Retail -- general (3.4%) Best Buy 65,000 3,130,400 Circuit City Stores 260,000 3,666,000 Total 6,796,400 Total common stocks (Cost: $218,064,584) $199,782,858 Other (--%)(b) Issuer Shares Value(a) UBI Soft Entertainment Warrants 5,712 $15,519 Total other (Cost: $19,674) $15,519 Option purchased (0.1%) Issuer Contracts Exercise Expiration Value(a) price date Call Phil Semiconductor 375 $440 Aug. 2004 $157,500 Total option purchased (Cost: $694,875) $157,500 Short-term securities (1.6%)(e) Issuer Effective Amount Value(a) yield payable at maturity U.S. government agency Federal Natl Mtge Assn Disc Nts 08-04-04 1.06% $1,400,000 $1,399,795 08-25-04 1.38 1,900,000 1,898,113 Total short-term securities (Cost: $3,298,014) $3,297,908 Total investments in securities (Cost: $222,077,147)(f) $203,253,785 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 1 -- WORLD TECHNOLOGIES PORTFOLIO -- PORTFOLIO HOLDINGS AS OF JULY 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 Semiannual Report dated April 30, 2004. (b) Non-income producing. (c) Foreign security values are stated in U.S. dollars. As of July 31, 2004, the value of foreign securities represented 15.0% of net assets. (d) Security is partially or fully on loan. (e) Cash collateral received from security lending activity is invested in short-term securities and represents 1.6% of this category. (f) At July 31, 2004, the cost of securities for federal income tax purposes was approximately $222,077,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $ 4,907,000 Unrealized depreciation (23,730,000) ----------- Net unrealized depreciation $(18,823,000) ------------ S-6395-80 A (9/04) AXP THREADNEEDLE EMERGING MARKETS FUND A FEEDER FUND INVESTING IN EMERGING MARKETS PORTFOLIO PORTFOLIO HOLDINGS AS OF JULY 31, 2004 Investments in Securities Emerging Markets Portfolio July 31, 2004 (Unaudited) (Percentages represent value of investments compared to net assets) Common stocks (92.4%)(c) Issuer Shares Value(a) Brazil (8.3%) Banks and savings & loans (0.5%) Unibanco - Uniao de Bancos Brasileiros ADR 64,222 $1,394,260 Energy (1.1%) Petroleo Brasileiro ADR 117,373 3,010,617 Metals (3.2%) Companhia Vale do Rio Doce ADR 191,506 8,445,414 Paper & packaging (1.2%) Aracruz Celulose ADR 95,957 3,320,112 Utilities -- electric (0.7%) Companhia Energetica de Minas Gerais 100,900,000 1,858,422 Utilities -- telephone (1.6%) Brasil Telecom Participacoes ADR 141,374 4,241,220 Chile (0.6%) Banks and savings & loans Banco Santander Chile ADR 59,341 1,578,471 China (2.3%) Metals (1.0%) Yanzhou Coal Mining Cl H 2,120,000 2,568,593 Multi-industry (0.6%) China Merchants Holdings Intl 1,070,000 1,502,192 Telecom equipment & services (0.7%) China Telecom Cl H 5,978,000 1,992,769 Czechoslovakia Federated Republic (1.3%) Banks and savings & loans Komercni Banka 34,584 3,531,496 Estonia (1.5%) Banks and savings & loans Hansabank 484,881 4,010,518 Hong Kong (2.4%) Real estate (1.0%) Sun Hung Kai Properties 326,000 2,758,603 Utilities -- telephone (1.4%) China Mobile 1,333,000 3,871,025 Hungary (2.1%) Health care products Gedeon Richter 56,160 5,554,435 India (4.7%) Banks and savings & loans (2.1%) Housing Development Finance 266,809 3,302,378 State Bank of India ADR 108,232 2,464,443 Total 5,766,821 Beverages & tobacco (1.4%) ITC 166,009(b) 3,696,791 Computer software & services (1.2%) Infosys Technologies 92,544 3,094,926 Israel (4.2%) Computer software & services (1.5%) Check Point Software Technologies 197,926(b) 3,936,748 Electronics (0.9%) Orbotech 138,300(b) 2,353,728 Health care products (1.8%) Teva Pharmaceutical Inds ADR 165,820 4,908,272 Malaysia (4.1%) Banks and savings & loans (0.8%) Malayan Banking 773,200 2,177,168 Cellular telecommunications (1.5%) Maxis Communications 1,727,000 3,999,368 Leisure time & entertainment (1.1%) Resorts World 1,228,100 2,924,817 Telecom equipment & services (0.7%) Telekom Malaysia Berhad 730,200 1,979,226 Mexico (10.6%) Beverages & tobacco (2.1%) Fomento Economico Mexicano ADR 62,649 2,752,797 Grupo Modelo Series C 1,122,400 2,778,461 Total 5,531,258 Cellular telecommunications (4.5%) America Movil ADR Series L 333,537 11,917,277 Media (1.6%) Grupo Televisa ADR 91,000 4,277,000 Real estate (1.0%) Consorcio ARA 974,500(b) 2,647,170 Retail -- general (1.4%) Wal-Mart de Mexico 1,217,521 3,703,133 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 1 -- EMERGING MARKETS PORTFOLIO -- PORTFOLIO HOLDINGS AS OF JULY 31, 2004 Common stocks (continued) Issuer Shares Value(a) Russia (7.6%) Energy (5.3%) Lukoil ADR 107,756 $11,745,405 Surgutneftegaz ADR 71,676 2,411,897 Total 14,157,302 Utilities -- natural gas (0.5%) Gazprom ADR 42,990(d) 1,268,205 Utilities -- telephone (1.8%) Mobile Telesystems ADR 42,122 4,930,380 South Africa (7.2%) Banks and savings & loans (2.9%) FirstRand 2,152,700 3,455,333 Standard Bank Group 660,361 4,529,095 Total 7,984,428 Insurance (1.1%) Sanlam 2,007,100 2,807,695 Precious metals (1.1%) Impala Platinum Holdings 37,997 3,012,424 Telecom equipment & services (2.1%) Telkom South Africa 427,805 5,488,625 South Korea (14.3%) Banks and savings & loans (1.9%) Kookmin Bank 188,990(b) 5,197,629 Beverages & tobacco (2.6%) KT&G 287,300 6,906,014 Electronics (7.0%) Samsung Electronics 51,570 18,395,799 Insurance (0.9%) Samsung Fire & Marine 42,590 2,382,708 Retail -- general (0.8%) Shinsegae 8,770 2,044,333 Telecom equipment & services (1.1%) SK Telecom 18,620 2,532,575 SK Telecom ADR 26,764 472,652 Total 3,005,227 Taiwan (12.6%) Banks and savings & loans (4.3%) Chinatrust Financial Holding 6,264,840 6,368,909 Taishin Financial Holdings 6,288,000 4,789,734 Total 11,158,643 Computer hardware (0.7%) Asustek Computer 908,000 1,995,137 Electronics (5.6%) Acer 1,834,173 2,342,892 Optimax Technology 927,302 1,956,047 Taiwan Semiconductor Mfg 6,598,774 8,293,658 Yageo 5,214,000(b) 2,146,213 Total 14,738,810 Insurance (1.0%) Cathay Financial Holding 1,623,000 2,662,760 Telecom equipment & services (1.0%) Taiwan Cellular 3,074,000 2,755,820 Thailand (4.9%) Banks and savings & loans (3.5%) Bangkok Bank 1,142,000(b) 2,629,423 Kasikornbank Public 4,505,600(b) 5,187,009 Kiatnakin Finance 1,908,700 1,491,895 Total 9,308,327 Home building (0.6%) Land & Houses Public 7,846,500 1,711,549 Utilities -- telephone (0.8%) Advanced Info Service 927,700 2,158,488 Turkey (2.7%) Banks and savings & loans (0.6%) Akbank T.A.S. 402,393,539 1,661,762 Beverages & tobacco (0.4%) Anadolu Efes Biracilik ve Malt Sanayil 82,129,403 1,132,433 Food (1.2%) Migros Turk T.A.S. 562,074,078 3,011,796 Furniture & appliances (0.5%) Arcelik 251,090,026 1,345,431 United Kingdom (1.1%) Metals BHP Billiton 324,012 2,970,758 Total common stocks (Cost: $233,120,697) $246,744,333 Preferred stocks (3.3%)(c) Issuer Shares Value(a) Brazil (1.6%) Banco Itau Holding Financeira 47,380,000 $4,394,397 South Korea (1.7%) Samsung Electronics 17,840 4,395,142 Total preferred stocks (Cost: $6,002,775) $8,789,539 Short-term securities (2.6%) Issuer Effective Amount Value(a) yield payable at maturity U.S. government agencies (2.1%) Federal Home Loan Mtge Corp Disc Nt 08-24-04 1.27% $5,000,000 $4,995,595 Federal Natl Mtge Assn Disc Nt 08-25-04 1.24 700,000 699,375 Total 5,694,970 Commercial paper (0.5%) Credit Suisse First Boston New York 08-30-04 1.41 1,200,000 1,198,543 Total short-term securities (Cost: $6,894,061) $6,893,513 Total investments in securities (Cost: $246,017,533)(e) $262,427,385 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 April 30, 2004. (b) Non-income producing. (c) Foreign security values are stated in U.S. dollars. (d) Represents a security sold under Rule 144A, which is exempt from registration under the Securities Act of 1933, as amended. This security has been determined to be liquid under guidelines established by the board. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2004, the value of these securities amounted to $1,268,205 or 0.5% of net assets. (e) At July 31, 2004, the cost of securities for federal income tax purposes was approximately $246,018,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $ 30,428,000 Unrealized depreciation (14,019,000) ----------- Net unrealized appreciation $ 16,409,000 ------------ S-6354-80 A (9/04) PORTFOLIO HOLDINGS FOR AXP(R) THREADNEEDLE GLOBAL BALANCED FUND AS OF JULY 31, 2004 Investments in Securities AXP Threadneedle Global Balanced Fund July 31, 2004 (Unaudited) (Percentages represent value of investments compared to net assets) Common stocks (65.0%)(c) Issuer Shares Value(a) Austria (0.5%) Utilities -- telephone Telekom Austria 33,728 $522,661 Bermuda (2.2%) Insurance (1.4%) PartnerRe 11,848 619,769 RenaissanceRe Holdings 12,604 668,012 Total 1,287,781 Multi-industry (0.8%) Accenture Cl A 31,365(b) 772,520 Brazil (1.9%) Metals (0.7%) Companhia Vale do Rio Doce ADR 16,268 717,419 Paper & packaging (0.6%) Aracruz Celulose ADR 16,255 562,423 Utilities -- telephone (0.6%) Brasil Telecom Participacoes ADR 18,720 561,600 Canada (1.0%) Banks and savings & loans (0.3%) TSX Group 8,638 310,240 Energy (0.7%) EnCana 13,919 616,645 France (2.9%) Automotive & related (0.6%) Renault 6,755 532,323 Energy (1.4%) Total 6,956 1,348,872 Multi-industry (0.9%) Sanofi-Synthelabo 13,522 895,714 Germany (1.7%) Banks and savings & loans (0.7%) Hypo Real Estate Holding 22,367(b) 693,214 Computer software & services (0.5%) T-Online Intl 41,029(b) 460,696 Utilities -- electric (0.5%) RWE 9,811 480,048 Hong Kong (2.3%) Multi-industry (1.1%) New World Development 1,225,600 989,958 Real estate (0.5%) Henderson Land Development 112,000 492,538 Retail -- general (0.7%) Esprit Holdings 154,500 687,362 India (0.5%) Banks and savings & loans State Bank of India ADR 22,000 500,940 Ireland (0.7%) Banks and savings & loans Anglo Irish Bank 39,838 630,275 Israel (0.7%) Computer software & services Check Point Software Technologies 35,109(b) 698,318 Italy (0.7%) Energy Eni 30,551 628,056 Japan (7.6%) Automotive & related (1.0%) Honda Motor 9,300 453,414 Toyota Motor 13,200 531,942 Total 985,356 Banks and savings & loans (0.9%) Mitsubishi Tokyo Financial Group 91 816,110 Financial services (0.4%) Nomura Holdings 26,000 357,363 Health care products (0.5%) Chugai Pharmaceutical 31,700 498,725 Machinery (1.3%) Amada 112,000 636,718 Komatsu 107,000 632,356 Total 1,269,074 Media (0.4%) Fuji Television Network 195 426,239 Multi-industry (1.3%) Canon 14,600 714,438 Ricoh 28,000 546,550 Total 1,260,988 Real estate (0.9%) Daito Trust Construction 13,400 500,224 Mitsui Fudosan 28,000 311,811 Total 812,035 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 1 -- AXP THREADNEEDLE GLOBAL BALANCED FUND -- PORTFOLIO HOLDINGS AS OF JULY 31, 2004 Common stocks (continued) Issuer Shares Value(a) Japan (cont.) Retail -- general (0.5%) Seven-Eleven Japan 14,000 $430,692 Textiles & apparel (0.4%) Onward Kashiyama 31,000 423,298 Mexico (1.1%) Cellular telecommunications America Movil ADR Series L 29,717 1,061,788 Netherlands (1.2%) Aerospace & defense (0.3%) European Aeronautic Defence & Space 12,000 330,365 Food (0.9%) Koninklijke Numico 25,200(b) 784,955 Singapore (0.5%) Real estate City Developments 126,000 447,355 South Korea (1.7%) Automotive & related (0.3%) Hyundai Motor 8,670 321,880 Electronics (1.4%) Samsung Electronics 2,850 1,016,639 Samsung SDI 2,600 243,541 Total 1,260,180 Switzerland (3.3%) Banks and savings & loans (0.8%) UBS Cl B 11,803 788,771 Health care products (2.3%) Actelion 5,685(b) 542,580 Nobel Biocare Holding 4,615 630,514 Roche Holding 5,292 522,631 Synthes ADR 5,180 509,548 Total 2,205,273 Insurance (0.2%) Swiss Life Holding 1,569(b) 182,819 Taiwan (0.7%) Electronics Optimax Technology 169,364 357,256 Taiwan Semiconductor Mfg 258,337 324,690 Total 681,946 United Kingdom (5.8%) Aerospace & defense (0.7%) Rolls-Royce Group 144,721 635,748 Banks and savings & loans (0.6%) Royal Bank of Scotland Group 20,341 572,622 Cellular telecommunications (1.2%) Vodafone Group 516,036 1,120,533 Computer software & services (0.2%) lastminute.com 85,723(b) 204,482 Energy (0.4%) BP 42,199 396,495 Health care products (0.6%) AstraZeneca 13,282 595,198 Industrial services (0.6%) BOC Group 30,879 530,226 Media (0.3%) Reuters Group 49,845 295,433 Retail -- grocery (0.6%) Tesco 129,188 598,682 Telecom equipment & services (0.6%) mm02 323,704(b) 527,542 United States (27.9%) Banks and savings & loans (1.1%) Bank of America 5,142 437,122 Investors Financial Services 5,700 260,376 Wells Fargo 5,921 339,925 Total 1,037,423 Beverages & tobacco (0.7%) PepsiCo 12,851 642,550 Broker dealers (1.4%) AmeriTrade Holding 16,100(b) 178,549 Bear Stearns Companies 6,255 521,792 Morgan Stanley 12,902 636,456 Total 1,336,797 Cable (0.4%) Cox Communications Cl A 13,618(b) 375,584 Cellular telecommunications (1.1%) American Tower Cl A 44,585(b) 644,699 Nextel Communications Cl A 15,800(b) 359,608 Total 1,004,307 Chemicals (0.4%) Ecolab 11,397 347,609 Computer hardware (0.9%) Dell 25,164(b) 892,567 Computer software & services (3.3%) Adobe Systems 14,200 598,956 First Data 6,864 306,203 Intl Business Machines 3,171 276,099 Iron Mountain 12,750(b) 411,443 Microsoft 47,165 1,342,315 State Street 6,371 272,743 Total 3,207,759 Electronics (0.3%) Intel 11,750 286,465 Energy (1.9%) EOG Resources 6,313 401,191 ExxonMobil 7,889 365,261 Massey Energy 11,598 320,685 Valero Energy 9,308 697,355 Total 1,784,492 Finance companies (1.5%) Citigroup 31,852 1,404,355 Financial services (0.9%) Goldman Sachs Group 5,495 484,603 Moody's 6,108 415,955 Total 900,558 Food (0.5%) Wrigley (Wm) Jr 8,255 498,602 Furniture & appliances (0.5%) Mohawk Inds 5,929(b) 436,019 Health care products (4.0%) Abbott Laboratories 7,249 285,248 Amgen 18,169(b) 1,033,453 Gilead Sciences 9,736(b) 629,335 Johnson & Johnson 17,095 944,841 Laboratory Corp of America Holdings 8,398(b) 328,866 Pfizer 9,549 305,186 St. Jude Medical 5,059(b) 344,670 Total 3,871,599 Health care services (0.2%) WellPoint Health Networks 1,632(b) 164,995 Household products (1.1%) Procter & Gamble 20,501 1,069,127 Industrial transportation (0.4%) Norfolk Southern 12,976 346,329 Insurance (0.6%) Prudential Financial 11,502 535,533 Leisure time & entertainment (0.7%) Carnival 13,344 621,964 Media (1.0%) Dex Media 15,700(b) 302,382 DIRECTV Group 21,423(b) 347,267 Lamar Advertising Cl A 7,200(b) 289,512 Total 939,161 Multi-industry (0.9%) General Electric 25,478 847,144 Retail -- drugstores (0.7%) Walgreen 19,575 712,530 Retail -- general (2.2%) Circuit City Stores 30,000 423,000 Home Depot 22,539 760,015 Staples 13,647 394,125 Wal-Mart Stores 10,455 554,220 Total 2,131,360 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 2 -- AXP THREADNEEDLE GLOBAL BALANCED FUND -- PORTFOLIO HOLDINGS AS OF JULY 31, 2004 Common stocks (continued) Issuer Shares Value(a) United States (cont.) Telecom equipment & services (0.7%) Crown Castle Intl 50,424(b) $711,987 Utilities -- electric (0.5%) Duke Energy 22,886 492,049 Total common stocks (Cost: $58,475,524) $61,810,641 Total preferred stock & other (1.0%)(c) Issuer Shares Value(a) Germany (0.9%) Porsche 1,359 $878,407 Singapore (0.1%) City Developments Warrants 12,600(b) 26,108 Total preferred stock & other (Cost: $654,061) $904,515 Bonds (30.4%)(c) Issuer Coupon Principal Value(a) rate amount Australia (0.2%) New South Wales Treasury (Australian Dollar) 03-01-08 8.00% 200,000 $150,314 Austria (3.4%) Oesterreich Kontrollbank (Japanese Yen) 03-22-10 1.80 347,000,000 3,247,509 Canada (1.7%) Govt of Canada (Canadian Dollar) 09-01-08 4.25 1,600,000 1,214,532 Province of British Columbia (Canadian Dollar) 12-01-06 5.25 500,000 390,963 Total 1,605,495 Denmark (1.2%) Kingdom of Denmark (Danish Krone) 11-15-04 4.00 615,000 99,938 08-15-05 5.00 6,000,000 994,940 Total 1,094,878 France (3.5%) French Treasury Note (European Monetary Unit) 07-12-08 3.00 300,000 356,648 Govt of France (European Monetary Unit) 04-25-10 5.50 1,800,000 2,362,972 04-25-13 4.00 500,000 595,331 Total 3,314,951 Germany (8.0%) Allgemeine Hypo Bank (European Monetary Unit) 09-02-09 5.00 850,000 1,082,377 Bundesrepublik Deutschland (European Monetary Unit) 01-05-06 6.00 150,000 189,159 01-04-08 5.25 1,285,000 1,648,303 07-04-08 4.75 725,000 917,231 07-04-10 5.25 250,000 324,444 06-20-16 6.00 434,598 601,351 07-04-27 6.50 1,475,000 2,192,654 Rheinische Hypbk (European Monetary Unit) 09-24-08 4.25 550,000 681,536 Total 7,637,055 Greece (1.3%) Hellenic Republic (European Monetary Unit) 04-20-09 3.50 800,000 959,140 05-20-13 4.60 200,000 246,213 Total 1,205,353 Italy (5.2%) Buoni Poliennali Del Tes (European Monetary Unit) 11-01-09 4.25 2,600,000 3,214,845 08-01-13 4.25 600,000 720,756 11-01-29 5.25 800,000 1,002,278 Total 4,937,879 Norway (0.3%) Govt of Norway (Norwegian Krone) 05-16-11 6.00 2,100,000 332,180 Supra-National (0.5%) Intl Bank Reconstruction & Development (Japanese Yen) 02-18-08 2.00 55,000,000 520,450 United Kingdom (1.6%) Greater Beijing First Expressways (U.S. Dollar) Sr Nts 06-15-07 9.50 170,000(b,d) 3,400 United Kingdom Treasury (British Pound) 12-07-05 8.50 630,000 1,200,895 03-07-08 5.00 190,000 344,968 Total 1,549,263 United States (3.5%) ConocoPhillips (U.S. Dollar) 03-15-28 7.13 200,000 210,805 Federal Natl Mtge Assn (U.S. Dollar) 05-15-11 6.00 1,370,000 1,483,611 U.S. Treasury (U.S. Dollar) 01-31-06 1.88 535,000 530,821 05-15-14 4.75 868,000 886,614 02-15-26 6.00 169,000 184,507 Total 3,296,358 Total bonds (Cost: $24,749,372) $28,891,685 Short-term securities (1.2%) Issuer Effective Amount Value(a) Yield payable at maturity Commercial paper Alpine Securitization 08-02-04 1.33% $600,000 $599,933 Credit Suisse First Boston New York 08-30-04 1.41 500,000 499,393 Total short-term securities (Cost: $1,099,368) $1,099,326 Total investments in securities (Cost: $84,978,325)(e) $92,706,167 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 3 -- AXP THREADNEEDLE GLOBAL BALANCED FUND -- PORTFOLIO HOLDINGS AS OF JULY 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 Semiannual Report dated April 30, 2004. (b) Non-income producing. (c) Foreign security values are stated in U.S. dollars. For debt securities, principal amounts are denominated in the currency indicated. (d) Identifies issues considered to be illiquid as to their marketability. Information concerning such security holdings at July 31, 2004, is as follows: Security Acquisition Cost date Greater Beijing First Expressways (U.S. Dollar) 9.50% Sr Nts 2007 06-12-97 $57,064 (e) At July 31, 2004, the cost of securities for federal income tax purposes was approximately $84,978,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $ 9,466,000 Unrealized depreciation (1,738,000) ---------- Net unrealized appreciation $ 7,728,000 ----------- S-6352-80 A (9/04) AXP THREADNEEDLE GLOBAL EQUITY FUND A FEEDER FUND INVESTING IN WORLD GROWTH PORTFOLIO PORTFOLIO HOLDINGS AS OF JULY 31, 2004 Investments in Securities World Growth Portfolio July 31, 2004 (Unaudited) (Percentages represent value of investments compared to net assets) Common stocks (98.1%)(c) Issuer Shares Value(a) Austria (0.9%) Utilities -- telephone Telekom Austria 255,176 $3,954,300 Barbados (0.2%) Insurance Everest Re Group 14,831 1,089,782 Bermuda (3.7%) Insurance (2.1%) PartnerRe 88,560 4,632,574 RenaissanceRe Holdings 95,564 5,064,891 Total 9,697,465 Multi-industry (1.6%) Accenture Cl A 292,801(b) 7,211,689 Brazil (4.0%) Metals (1.7%) Companhia Vale do Rio Doce ADR 180,542 7,961,902 Paper & packaging (1.2%) Aracruz Celulose ADR 161,264 5,579,734 Utilities -- telephone (1.1%) Brasil Telecom Participacoes ADR 170,736 5,122,080 Canada (1.3%) Energy EnCana 132,921 5,888,715 France (5.4%) Automotive & related (0.5%) Renault 31,000 2,442,932 Energy (2.5%) Total 58,476 11,339,370 Multi-industry (2.4%) Sanofi-Synthelabo 166,582 11,034,599 Germany (2.5%) Banks and savings & loans (1.5%) Hypo Real Estate Holding 218,598(b) 6,774,949 Computer software & services (0.4%) T-Online Intl 170,000(b) 1,908,854 Utilities -- electric (0.6%) RWE 58,431 2,859,003 Hong Kong (4.6%) Multi-industry (1.4%) New World Development 7,671,600 6,196,610 Real estate (2.2%) Henderson Land Development 1,187,000 5,220,024 Sun Hung Kai Properties 602,000 5,094,107 Total 10,314,131 Retail -- general (1.0%) Esprit Holdings 1,055,000 4,693,638 India (0.8%) Banks and savings & loans State Bank of India ADR 165,794 3,775,129 Ireland (0.8%) Banks and savings & loans Anglo Irish Bank 226,622 3,585,377 Israel (1.3%) Computer software & services Check Point Software Technologies 296,405(b) 5,895,495 Italy (1.7%) Energy Eni 383,344 7,880,644 Japan (12.8%) Automotive & related (1.7%) Toyota Motor 200,000 8,059,728 Banks and savings & loans (1.6%) Mitsubishi Tokyo Financial Group 806 7,228,407 Engineering & construction (0.9%) Daiwa House Inds 410,000 4,270,757 Financial services (1.0%) Nomura Holdings 346,000 4,755,671 Machinery (2.3%) Amada 882,000 5,014,159 Komatsu 876,000 5,177,044 Total 10,191,203 Multi-industry (2.0%) Canon 92,900 4,545,975 Ricoh 251,000 4,899,432 Total 9,445,407 Real estate (1.9%) Daito Trust Construction 101,800 3,800,216 Mitsui Fudosan 446,000 4,966,700 Total 8,766,916 Retail -- general (0.5%) Seven-Eleven Japan 71,000 2,184,222 Textiles & apparel (0.9%) Onward Kashiyama 308,000 4,205,667 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 1 -- WORLD GROWTH PORTFOLIO -- PORTFOLIO HOLDINGS AS OF JULY 31, 2004 Common stocks (continued) Issuer Shares Value(a) Malaysia (0.5%) Leisure time & entertainment Resorts World 878,900 $2,093,170 Mexico (2.3%) Cellular telecommunications America Movil ADR Series L 301,909 10,787,209 Netherlands (1.6%) Aerospace & defense (0.5%) European Aeronautic Defence & Space 92,000 2,532,796 Food (1.1%) Koninklijke Numico 152,662(b) 4,755,271 Singapore (0.9%) Real estate City Developments 1,155,000 4,100,751 South Korea (3.7%) Automotive & related (0.8%) Hyundai Motor 93,400 3,467,545 Electronics (2.9%) Samsung Electronics 38,730 13,815,577 Switzerland (5.6%) Banks and savings & loans (1.2%) UBS Cl B 80,000 5,346,241 Health care products (3.0%) Actelion 67,372(b) 6,430,031 Nobel Biocare Holding 36,764 5,022,796 Synthes ADR 27,900 2,744,477 Total 14,197,304 Insurance (1.4%) Swiss Life Holding 55,778(b) 6,499,232 Taiwan (0.5%) Electronics Optimax Technology 1,031,803 2,176,481 United Kingdom (6.0%) Aerospace & defense (0.4%) Rolls-Royce Group 392,614 1,724,722 Cellular telecommunications (2.9%) Vodafone Group 6,075,020 13,191,439 Computer software & services (0.5%) lastminute.com 1,035,260(b) 2,469,487 Health care products (1.5%) AstraZeneca 157,752 7,069,237 Retail -- grocery (0.7%) Tesco 650,000 3,012,224 United States (37.0%) Banks and savings & loans (1.3%) Investors Financial Services 42,548 1,943,593 Wachovia 33,317 1,476,276 Wells Fargo 47,276 2,714,115 Total 6,133,984 Beverages & tobacco (0.5%) PepsiCo 44,297 2,214,850 Broker dealers (2.4%) AmeriTrade Holding 196,250(b) 2,176,413 Bear Stearns Companies 58,232 4,857,713 Morgan Stanley 84,528 4,169,766 Total 11,203,892 Cable (0.5%) Cox Communications Cl A 75,933(b) 2,094,232 Cellular telecommunications (1.8%) American Tower Cl A 401,802(b) 5,810,057 Nextel Communications Cl A 100,500(b) 2,287,380 Total 8,097,437 Computer hardware (1.8%) Dell 235,553(b) 8,355,065 Computer software & services (4.3%) Adobe Systems 113,600 4,791,648 Microsoft 424,783 12,089,325 State Street 76,031 3,254,887 Total 20,135,860 Energy (1.9%) EOG Resources 40,000 2,542,000 Valero Energy 81,024 6,070,318 Total 8,612,318 Finance companies (3.2%) Citigroup 336,413 14,832,449 Financial services (1.2%) Goldman Sachs Group 62,472 5,509,406 Food (0.8%) Wrigley (Wm) Jr 61,007 3,684,823 Furniture & appliances (0.5%) Mohawk Inds 31,429(b) 2,311,289 Health care products (6.4%) Amgen 123,402(b) 7,019,106 Gilead Sciences 90,575(b) 5,854,768 Johnson & Johnson 177,115 9,789,146 Laboratory Corp of America Holdings 64,205(b) 2,514,268 Myogen 93,459(b) 695,335 St. Jude Medical 58,688(b) 3,998,413 Total 29,871,036 Household products (1.8%) Procter & Gamble 162,240 8,460,816 Common stocks (continued) Insurance (0.6%) Prudential Financial 57,142 2,660,532 Media (2.3%) Dex Media 117,878(b) 2,270,330 DIRECTV Group 290,939(b) 4,716,121 Lamar Advertising Cl A 89,200(b) 3,586,732 Total 10,573,183 Retail -- drugstores (0.9%) Walgreen 109,179 3,974,116 Retail -- general (1.9%) Home Depot 177,503 5,985,401 Staples 95,861 2,768,466 Total 8,753,867 Telecom equipment & services (1.2%) Crown Castle Intl 396,546(b) 5,599,230 Utilities -- electric (1.7%) Duke Energy 359,305 7,725,058 Total common stocks (Cost: $438,188,653) $452,356,505 Preferred stock & other (1.0%)(c) Issuer Shares Value(a) Germany Porsche 6,537 $4,225,276 Singapore City Developments Warrants 115,500(b) 239,323 Total preferred stock & other (Cost: $3,369,108) $4,464,599 Short-term security (0.9%) Issuer Effective Principal Value(a) yield amount Commercial paper Variable Funding Capital 08-02-04 1.34% $4,200,000 $4,199,531 Total short-term security (Cost: $4,199,687) $4,199,531 Total investments in securities (Cost: $445,757,448)(d) $461,020,635 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 2 -- WORLD GROWTH PORTFOLIO -- PORTFOLIO HOLDINGS AS OF JULY 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 Semiannual Report dated April 30, 2004. (b) Non-income producing. (c) Foreign security values are stated in U.S. dollars. (d) At July 31, 2004, the cost of securities for federal income tax purposes was approximately $445,757,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $ 33,482,000 Unrealized depreciation (18,219,000) ----------- Net unrealized appreciation $ 15,263,000 ------------ S-6334-80 A (9/04) 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 Global Series, Inc. By /s/ Paula R. Meyer ------------------ Paula R. Meyer President and Principal Executive Officer Date September 29, 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 September 29, 2004 By /s/ Jeffrey P. Fox ------------------ Jeffrey P. Fox Treasurer and Principal Financial Officer Date September 29, 2004 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 Global 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: September 24, 2004 /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 Global 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: September 24, 2004 /s/ Jeffrey P. Fox -------------------------------- Name: Jeffrey P. Fox Title: Treasurer and Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----