AMENDED AND RESTATED
                              FEE WAIVER AGREEMENT
                             Dated November 1, 2004


American Express Financial Corporation ("AEFC") and American Express Client
Service Corporation ("AECSC") agree to waive fees and reimburse certain expenses
and AXP Threadneedle Emerging Markets Fund (the "Fund"), a series of AXP Global
Series, Inc. and Emerging Markets Portfolio, a series of World Trust (the
"Trust"), agree to accept those waivers and reimbursements, as described below:

     1.   Applicable  Agreements.  To the extent that the Fund's total  expenses
          exceed the expense ratios set out in paragraph 2, AEFC and AECSC agree
          to waive  fees and  reimburse  certain  expenses  under the  following
          agreements:

          o    Investment  Management  Services  Agreement between the Trust and
               AEFC dated December 1, 2002.

          o    Administrative Services Agreement between the Fund and AEFC dated
               November 13, 1996.

          o    Transfer  Agency  Services  Agreement  between the Fund and AECSC
               dated May 1, 2003.

AEFC also agrees to pay certain non-advisory expenses of the Fund if necessary
to meet the expense ratio limits set out in paragraph 2. AEFC will determine the
allocation of fee waivers and expense reimbursements among the applicable
agreements.

     2.   Fee Caps.  AEFC and AECSC  agree to waive fees and  reimburse  certain
          expenses  to the extent  that  total  expenses  exceed  the  following
          expense ratios:

    ------------------- ---------- ---------- ---------- ---------- ----------
    Fund                Class A    Class B    Class C    Class I    Class Y
    ------------------- ---------- ---------- ---------- ---------- ----------
    AXP Threadneedle    1.99%      2.75%      2.75%      1.47%      1.82%
    Emerging Markets
    Fund
    ------------------- ---------- ---------- ---------- ---------- ----------


     3.   Termination.  This  agreement  will  terminate on Oct. 31, 2005 unless
          extended by written agreement of the Fund and AEFC.



     AXP Global Series, Inc.
         AXP Threadneedle Emerging Markets Fund
     World Trust
         Emerging Markets Portfolio




         By: /s/  Leslie L. Ogg
             --------------------
                  Leslie L. Ogg
                  Vice President


         AMERICAN EXPRESS FINANCIAL CORPORATION



         By: /s/  Paula R. Meyer
             --------------------
                  Paula R. Meyer
                  Senior Vice President and General Manager- Mutual Funds


         AMERICAN EXPRESS CLIENT SERVICE CORPORATION



         By: /s/  Bridget Sperl
             --------------------
                  Bridget Sperl
                  Senior Vice President