-----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, EDBu1v/xRjySIxSU8bVdkbiCYXwsuoD/mxWlj2n/xquR+ESBX1D0T0DJUfIWtBZz 5paiIAdIU9IPve0YsILxkg== 0000820027-05-000297.txt : 20050329 0000820027-05-000297.hdr.sgml : 20050329 20050329090615 ACCESSION NUMBER: 0000820027-05-000297 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050131 FILED AS OF DATE: 20050329 DATE AS OF CHANGE: 20050329 EFFECTIVENESS DATE: 20050329 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: 05708058 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 -------- Date of reporting period: 01/31 -------- AXP(R) GLOBAL BOND FUND A FEEDER FUND INVESTING IN WORLD INCOME PORTFOLIO PORTFOLIO HOLDINGS AT JAN. 31, 2005 Investments in Securities AXP World Income Portfolio Jan. 31, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Bonds (94.6%)(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% $100,000 $111,500 New South Wales Treasury (Australian Dollar) 03-01-08 8.00 8,000,000 6,629,983 Queensland Treasury (Australian Dollar) 06-14-05 6.50 3,000,000 2,333,571 Telstra (U.S. Dollar) 04-01-12 6.38 500,000 557,332 Total 9,632,386 Austria (2.1%) Republic of Austria (European Monetary Unit) 01-15-10 5.50 8,500,000 12,347,599 Bermuda (--%) Intelsat Bermuda (U.S. Dollar) Sr Nts 01-15-13 8.25 50,000(d) 51,750 Brazil (0.2%) Federal Republic of Brazil (U.S. Dollar) 04-15-14 8.00 1,192,122 1,217,038 Canada (2.3%) Ainsworth Lumber (U.S. Dollar) Sr Nts 10-01-12 7.25 50,000(d) 50,000 Canada Housing Trust #1 (Canadian Dollar) 06-15-06 5.53 3,220,000 2,688,479 Canadian Pacific Railway (Canadian Dollar) 06-15-10 4.90 380,000(d) 315,850 Cascades (U.S. Dollar) Sr Nts 02-15-13 7.25 55,000 57,475 Corus Entertainment (U.S. Dollar) Sr Sub Nts 03-01-12 8.75 40,000 43,450 Domtar (U.S. Dollar) 12-01-13 5.38 920,000 905,408 Norampac (U.S. Dollar) Sr Nts 06-01-13 6.75 100,000 104,750 Novelis (U.S. Dollar) Sr Nts 02-15-15 7.25 50,000(d,g) 50,000 Province of British Columbia (Canadian Dollar) 08-23-10 6.38 6,400,000 5,784,496 Province of Ontario (Canadian Dollar) 03-08-06 5.90 3,300,000 2,748,627 Russel Metals (U.S. Dollar) Sr Nts 03-01-14 6.38 70,000 70,000 Shaw Communications (U.S. Dollar) Sr Nts 04-06-11 7.25 185,000 202,112 Sun Media (U.S. Dollar) 02-15-13 7.63 200,000 213,000 Videotron Ltee (U.S. Dollar) 01-15-14 6.88 95,000 97,019 Total 13,330,666 Denmark (0.8%) Realkredit Danmark (Danish Krone) 01-01-08 4.00 25,200,000 4,567,897 Finland (2.2%) Republic of Finland (European Monetary Unit) 07-04-07 5.00 9,400,000 12,960,032 France (5.1%) Compagnie de Financement Foncier (European Monetary Unit) 02-02-06 2.75 2,000,000 2,618,311 France Telecom (U.S. Dollar) 03-01-06 7.95 700,000(e) 731,118 Govt of France (European Monetary Unit) 04-25-12 5.00 9,375,000 13,543,367 04-25-13 4.00 9,460,000 12,864,957 Total 29,757,753 Germany (10.6%) Allgemeine HypothekenBank Rheinboden (European Monetary Unit) 09-02-09 5.00 1,860,000(d) 2,627,006 Bayerische Landesbank (Japanese Yen) Sr Nts 04-22-13 1.40 301,000,000 2,965,981 Bundesrepublik Deutschland (European Monetary Unit) 07-04-10 5.25 2,750,000 3,976,222 07-04-13 3.75 13,240,000 17,684,535 07-04-27 6.50 7,470,000 13,335,971 Bundesschatzanweisungen (European Monetary Unit) 12-16-05 2.75 7,570,000 9,911,294 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 1 -- AXP GLOBAL BOND FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2005 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Germany (cont.) DePfa Deutsche Pfandbriefbank (European Monetary Unit) 01-15-10 5.50% 2,200,000 $3,186,104 Deutsche Bank (European Monetary Unit) 07-28-09 4.25 500,000 685,089 Rheinische Hypothekenbank (European Monetary Unit) 07-05-10 5.75 2,200,000 3,240,071 Westfaelische HypotheKenbank (European Monetary Unit) 04-24-06 4.75 2,300,000 3,083,123 Total 60,695,396 Greece (4.0%) Hellenic Republic (European Monetary Unit) 06-21-06 2.75 7,600,000 9,946,393 04-19-07 4.65 4,780,000 6,510,666 10-22-22 5.90 4,200,000 6,745,790 Total 23,202,849 Italy (5.4%) Buoni Poliennali Del Tesoro (European Monetary Unit) 03-01-07 4.50 8,800,000 11,931,668 10-15-07 5.00 8,700,000 12,044,140 11-01-26 7.25 3,486,283 6,639,795 Telecom Italia (European Monetary Unit) 02-01-07 5.63 500,000 687,603 Total 31,303,206 Japan (8.7%) Development Bank of Japan (Japanese Yen) 06-20-12 1.40 650,000,000 6,476,658 Govt of Japan (Japanese Yen) 12-21-09 1.70 2,895,000,000 29,545,845 03-22-10 1.70 320,000,000 3,268,984 06-20-12 1.40 700,000,000 6,981,607 12-20-12 1.00 396,000,000 3,816,476 Total 50,089,570 Luxembourg (0.7%) Michelin Finance Luxembourg (European Monetary Unit) 04-16-09 6.13 500,000 724,094 Telecom Italia Capital (U.S. Dollar) 09-30-34 6.00 3,145,000(d) 3,175,705 Total 3,899,799 Malaysia (0.3%) Petronas Capital (U.S. Dollar) 05-22-12 7.00 1,500,000(d) 1,716,622 Mexico (0.7%) Govt of Mexico (Mexican Peso) 12-24-09 9.00 16,000,000 1,417,139 Pemex Project Funding Master Trust (U.S. Dollar) 12-15-14 7.38 1,980,000 2,212,650 United Mexican States (Japanese Yen) 06-06-06 6.75 62,000,000 649,804 Total 4,279,593 Netherlands (3.0%) Bank Nederlandse Gemeenten (British Pound) 08-06-07 7.38 1,100,000 2,194,169 Deutsche Telekom Intl Finance (European Monetary Unit) 05-29-07 7.50 500,000 718,818 Govt of Netherlands (European Monetary Unit) 07-15-12 5.00 8,700,000 12,573,958 RWE Finance (European Monetary Unit) 10-26-07 5.50 500,000 697,603 Vodafone Finance (European Monetary Unit) 05-27-09 4.75 740,000 1,025,359 Total 17,209,907 New Zealand (1.5%) Govt of New Zealand (New Zealand Dollar) 11-15-06 8.00 8,800,000 6,419,725 11-15-11 6.00 3,530,000 2,490,893 Total 8,910,618 Norway (1.1%) Govt of Norway (Norwegian Krone) 05-16-11 6.00 36,800,000 6,625,879 Poland (1.1%) Republic of Poland (Polish Zloty) 02-12-06 8.50 11,600,000 3,796,558 11-24-09 6.00 9,000,000 2,864,979 Total 6,661,537 South Korea (0.1%) Korea Development Bank (Japanese Yen) 06-25-08 0.98 70,000,000 682,519 Spain (7.8%) Caja de Ahorros y Monte de Piedad de Madrid (European Monetary Unit) 03-25-11 3.50 2,500,000 3,304,227 Govt of Spain (European Monetary Unit) 10-31-07 4.25 8,950,000 12,181,026 07-30-09 5.15 12,000,000 17,120,606 01-31-10 4.00 9,400,000 12,827,560 Total 45,433,419 Supra-National (1.0%) European Investment Bank (British Pound) 12-07-11 5.50 3,000,000 5,858,052 INVISTA (U.S. Dollar) 05-01-12 9.25 50,000(d) 55,063 Total 5,913,115 Sweden (0.5%) Govt of Sweden (Swedish Krona) 04-20-06 3.50 19,000,000 2,761,506 United Kingdom (3.5%) BT Group (U.S. Dollar) 12-15-10 8.38 700,000 837,005 Greater Beijing First Expressways (U.S. Dollar) Sr Nts 06-15-07 9.50 8,750,000(b,h,l) -- United Kingdom Treasury (British Pound) 03-07-12 5.00 5,910,000 11,407,865 09-07-14 5.00 4,210,000 8,168,431 Total 20,413,301 United States (30.1%) Aesop Funding II LLC (U.S. Dollar) Series 2002-1A Cl A1 (AMBAC) 10-20-06 3.85 500,000(d,j) 502,135 Airgas (U.S. Dollar) 10-01-11 9.13 195,000 215,962 Allied Waste North America (U.S. Dollar) Series B 04-01-08 8.88 50,000 52,250 AmeriCredit Automobile Receivables Trust (U.S. Dollar) Series 2004-DF Cl A3 (FSA) 07-06-09 2.98 800,000(j) 788,250 ASIF Global Financing XIX (U.S. Dollar) 01-17-13 4.90 6,855,000(d) 7,023,770 AT&T Wireless Services (U.S. Dollar) Sr Nts 03-01-11 7.88 500,000 587,850 Ball (U.S. Dollar) 12-15-12 6.88 115,000 122,475 Banc of America Commercial Mtge (U.S. Dollar) Series 2004-5 Cl A4 11-10-41 4.94 750,000(f) 762,915 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 2 -- AXP GLOBAL BOND FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2005 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (cont.) Bank of America (U.S. Dollar) Sr Nts 02-01-07 5.25% $1,000,000 $1,030,503 (U.S. Dollar) Sub Nts 08-15-13 4.75 800,000 807,650 BCP Crystal US Holdings (U.S. Dollar) Sr Sub Nts 06-15-14 9.63 40,000(d) 44,400 Bear Stearns Commercial Mtge Securities (U.S. Dollar) Series 2003-T10 Cl A1 03-13-40 4.00 636,951(f) 628,861 (U.S. Dollar) Series 2004-PWR6 Cl A6 11-11-41 4.83 1,075,000(f) 1,082,643 (U.S. Dollar) Series 2004-T16 Cl A3 02-13-46 4.03 600,000(f) 597,472 Boise Cascade LLC (U.S. Dollar) Sr Sub Nts 10-15-14 7.13 80,000(d) 83,800 Boyd Gaming (U.S. Dollar) Sr Sub Nts 12-15-12 7.75 35,000 37,625 Caesars Entertainment (U.S. Dollar) Sr Sub Nts 05-15-11 8.13 160,000 183,200 California State Teachers' Retirement System Trust (U.S. Dollar) Series 2002-C6 Cl A3 11-20-14 4.46 962,652(d,f) 977,025 Cardinal Health (U.S. Dollar) 06-15-15 4.00 1,700,000 1,526,632 Chesapeake Energy (U.S. Dollar) Sr Nts 06-15-14 7.50 75,000 81,750 08-15-14 7.00 65,000 68,900 01-15-16 6.88 20,000 20,800 Church & Dwight (U.S. Dollar) Sr Sub Nts 12-15-12 6.00 30,000(d) 30,300 Citigroup (European Monetary Unit) Sr Nts 05-21-10 3.88 2,600,000 3,488,522 Comcast (U.S. Dollar) 03-15-11 5.50 2,150,000 2,265,175 Comcast Cable Communication Holdings (U.S. Dollar) 03-15-13 8.38 106,000 130,945 Commercial Mtge Pass-Through Ctfs (U.S. Dollar) Series 2004-LB3A Cl A3 07-10-37 5.09 1,100,000(f) 1,140,559 Community Health Systems (U.S. Dollar) Sr Sub Nts 12-15-12 6.50 40,000(d) 40,000 Compass Minerals Group (U.S. Dollar) 08-15-11 10.00 100,000 112,000 Cott Beverages (U.S. Dollar) 12-15-11 8.00 100,000 107,375 CS First Boston Mtge Securities (U.S. Dollar) Series 2004-C1 Cl A2 01-15-37 3.52 250,000(f) 245,666 CSC Holdings (U.S. Dollar) Sr Nts 12-15-07 7.88 150,000 161,625 Daimler Chrysler Auto Trust (U.S. Dollar) Series 2005-A Cl A3 12-08-08 3.49 2,800,000 2,794,751 DaimlerChrysler NA Holding (European Monetary Unit) 01-16-07 5.63 670,000 918,833 Del Monte (U.S. Dollar) Sr Sub Nts 02-15-15 6.75 30,000(d,g) 30,300 Dex Media West LLC/Finance (U.S. Dollar) Sr Nts Series B 08-15-10 8.50 55,000 59,813 DIRECTV Holdings LLC/Finance (U.S. Dollar) Sr Nts 03-15-13 8.38 115,000 129,375 DPL (U.S. Dollar) Sr Nts 09-01-11 6.88 150,000 162,674 DR Horton (U.S. Dollar) Sr Nts 05-01-13 6.88 150,000 165,451 Echostar DBS (U.S. Dollar) 10-01-14 6.63 65,000(d) 65,650 (U.S. Dollar) Sr Nts 10-01-08 5.75 60,000 60,450 El Paso Natural Gas (U.S. Dollar) Sr Nts Series A 08-01-10 7.63 160,000 175,600 Emmis Operating (U.S. Dollar) 05-15-12 6.88 70,000 71,750 Encore Acquisition (U.S. Dollar) Sr Sub Nts 04-15-14 6.25 155,000 154,613 Federal Home Loan Mtge Corp (European Monetary Unit) 01-15-06 5.25 1,800,000 2,409,837 (U.S. Dollar) 01-15-12 5.75 6,435,000 7,001,145 09-01-17 6.50 518,874(f) 548,085 10-01-18 5.00 951,561(f) 968,785 04-01-33 6.00 2,300,962(f) 2,390,126 08-01-33 6.50 343,905(f) 360,177 11-01-33 5.00 1,481,898(f) 1,485,506 Collateralized Mtge Obligation (U.S. Dollar) 11-15-28 4.50 1,025,393(f) 1,033,869 Federal Natl Mtge Assn (U.S. Dollar) 01-01-09 5.74 1,194,902(f) 1,258,175 01-01-13 4.92 516,348(f) 528,766 02-01-13 4.87 1,341,341(f) 1,374,255 09-01-13 5.28 877,868(f) 918,893 10-01-13 5.11 393,887(f) 408,803 03-01-17 5.50 1,167,888(f) 1,209,364 03-01-17 6.00 331,995(f) 347,655 04-01-17 6.50 1,249,436(f) 1,327,819 06-01-17 6.00 880,457(f) 921,988 07-01-17 6.00 462,988(f) 486,335 08-01-18 4.50 2,120,675(f) 2,122,249 11-01-18 5.50 2,072,976(f) 2,145,943 12-01-18 5.00 4,129,449(f) 4,205,220 07-01-23 5.00 1,246,225(f) 1,257,670 12-01-31 6.50 449,201(f) 473,443 05-01-32 7.00 1,445,774(f) 1,530,065 05-01-32 7.50 739,143(f) 791,358 06-01-32 7.00 689,867(f) 734,780 08-01-32 6.50 3,988,647(f) 4,190,073 09-01-32 6.50 470,111(f) 493,805 11-01-32 7.50 1,168,937(f) 1,251,514 01-01-33 5.80 782,312(f) 842,697 03-01-33 5.50 2,425,420(f) 2,475,859 03-01-33 6.00 2,902,649(f) 2,997,883 04-01-33 6.00 1,639,840(f) 1,697,357 05-01-33 6.00 704,990(f) 729,034 06-01-33 5.50 4,027,213(f) 4,115,997 09-01-33 5.50 699,033(f) 712,706 11-01-33 6.50 1,091,812(f) 1,145,132 Ford Credit Auto Owner Trust (U.S. Dollar) Series 2005-A Cl A3 11-15-08 3.48 2,800,000 2,794,400 Ford Motor (U.S. Dollar) 10-01-28 6.63 485,000 447,292 General Electric Capital (European Monetary Unit) 06-20-07 5.13 500,000 687,748 Genworth Financial (Japanese Yen) 06-20-11 1.60 130,000,000 1,265,793 Georgia Gulf (U.S. Dollar) Sr Nts 12-15-13 7.13 55,000 58,713 Georgia-Pacific (U.S. Dollar) Sr Nts 07-15-08 7.38 140,000 151,557 GMAC (U.S. Dollar) 03-02-11 7.25 1,300,000 1,331,382 09-15-11 6.88 1,680,000 1,687,001 GMAC Commercial Mtge Securities (U.S. Dollar) Series 2004-C3 Cl A5 12-10-41 4.86 1,100,000(f) 1,108,833 Goldman Sachs Group (U.S. Dollar) 05-15-09 6.65 500,000 549,201 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 3 -- AXP GLOBAL BOND FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2005 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (cont.) Govt Natl Mtge Assn (U.S. Dollar) 10-15-33 5.50% $1,665,125(f) $1,710,532 Collateralized Mtge Obligation Interest Only (U.S. Dollar) 01-20-32 0.00 2,328,315(f,i) 249,316 Grant Prideco Escrow (U.S. Dollar) 12-15-09 9.00 100,000 110,750 Graphic Packaging Intl (U.S. Dollar) Sr Nts 08-15-11 8.50 35,000 37,800 Greenwich Capital Commercial Funding (U.S. Dollar) Series 2004-GG1 Cl A4 06-10-36 4.76 1,100,000(f) 1,124,538 (U.S. Dollar) Series 2005-GG3 Cl A1 08-10-42 3.92 750,000(f,g) 751,862 (U.S. Dollar) Series 2005-GG3 Cl A4 08-10-42 4.80 1,300,000(f,g) 1,306,413 Hilton Hotels (U.S. Dollar) 12-01-12 7.63 200,000 233,009 Honda Auto Receivables Owner Trust (U.S. Dollar) Series 2005-1 Cl A3 10-21-08 3.53 700,000 700,546 Host Marriott LP (U.S. Dollar) Sr Nts 08-15-12 7.00 55,000(d) 57,475 ING Security Life Institutional Funding (U.S. Dollar) 01-15-10 4.25 1,440,000(d) 1,439,410 Intl Paper (European Monetary Unit) 08-11-06 5.38 505,000 682,902 IPALCO Enterprises (U.S. Dollar) 11-14-08 8.38 250,000 280,000 Jefferson Smurfit (U.S. Dollar) 10-01-12 8.25 45,000 47,700 Joy Global (U.S. Dollar) Series B 03-15-12 8.75 60,000 67,200 JPMorgan Chase Commercial Mtge Securities (U.S. Dollar) Series 2004-CBX Cl A5 01-12-37 4.65 900,000(f) 906,647 (U.S. Dollar) Series 2004-CBX Cl A6 01-12-37 4.90 1,100,000(f) 1,116,330 KB Home (U.S. Dollar) 01-15-15 5.88 85,000 86,089 Key Energy Services (U.S. Dollar) Series C 03-01-08 8.38 130,000 135,688 L-3 Communications (U.S. Dollar) 06-15-12 7.63 250,000 272,500 Lamar Media (U.S. Dollar) 01-01-13 7.25 50,000 53,750 LB-UBS Commercial Mtge Trust (U.S. Dollar) Series 2004-C6 Cl A2 08-15-29 4.19 1,250,000(f) 1,247,013 (U.S. Dollar) Series 2004-C7 Cl A2 10-15-29 3.99 1,000,000(f) 990,080 (U.S. Dollar) Series 2004-C8 Cl A2 12-15-29 4.20 1,300,000(f) 1,299,961 (U.S. Dollar) Series 2004-C8 Cl A6 12-15-29 4.80 1,500,000(f) 1,515,545 (U.S. Dollar) Series 2005-C1 Cl A4 02-15-30 4.74 1,100,000(f,g) 1,105,495 Long Beach Auto Receivables Trust (U.S. Dollar) Series 2004-C Cl A3 (FSA) 09-15-09 3.40 750,000(j) 747,278 Lubrizol (U.S. Dollar) Sr Nts 10-01-09 4.63 270,000 270,600 MacDermid (U.S. Dollar) 07-15-11 9.13 35,000 38,719 Meritage Homes (U.S. Dollar) 06-01-11 9.75 105,000 116,025 Metris Master Trust (U.S. Dollar) Series 2004-2 Cl M 10-20-10 2.89 450,000(e) 450,306 Metropolitan Edison (U.S. Dollar) 03-15-13 4.95 1,010,000 1,014,369 MGM Mirage (U.S. Dollar) 10-01-09 6.00 45,000 46,013 (U.S. Dollar) Sr Nts 02-27-14 5.88 50,000 49,250 Mohegan Tribal Gaming Authority (U.S. Dollar) Sr Sub Nts 04-01-12 8.00 75,000 80,719 Moog (U.S. Dollar) Sr Sub Nts 01-15-15 6.25 15,000 15,188 Morgan Stanley Capital I (U.S. Dollar) Series 2005-T17 Cl A5 12-13-41 4.78 900,000(f) 904,842 Morgan Stanley Group (European Monetary Unit) 03-16-06 5.25 2,400,000 3,223,459 NeighborCare (U.S. Dollar) Sr Sub Nts 11-15-13 6.88 25,000 26,344 Newfield Exploration (U.S. Dollar) Sr Sub Nts 08-15-12 8.38 340,000 378,250 Nextel Communications (U.S. Dollar) Sr Nts 10-31-13 6.88 185,000 201,188 Nissan Auto Receivables Owner Trust (U.S. Dollar) Series 2003-A Cl A4 07-15-08 2.61 500,000 494,132 (U.S. Dollar) Series 2005-A Cl A3 10-15-08 3.54 1,100,000 1,096,183 Norcraft Companies LP/Finance (U.S. Dollar) Sr Sub Nts 11-01-11 9.00 40,000 42,800 Northwest Pipeline (U.S. Dollar) 03-01-10 8.13 10,000 11,038 NorthWestern Energy (U.S. Dollar) 11-01-14 5.88 15,000(d) 15,437 Overseas Private Investment (U.S. Dollar) U.S. Govt Guaranty Series 1996A 09-15-08 6.99 3,333,333 3,535,800 Owens-Illinois Glass Container (U.S. Dollar) 05-15-11 7.75 100,000 107,500 Peabody Energy (U.S. Dollar) Series B 03-15-13 6.88 210,000 224,700 Plains Exploration & Production (U.S. Dollar) Sr Nts 06-15-14 7.13 60,000 65,850 Potomac Edison (U.S. Dollar) 1st Mtge 11-15-14 5.35 105,000(d) 106,050 Pricoa Global Funding I (U.S. Dollar) 01-15-10 4.20 5,560,000(d) 5,546,878 Pride Intl (U.S. Dollar) Sr Nts 07-15-14 7.38 30,000 33,000 Qwest (U.S. Dollar) 03-15-12 9.13 85,000(d) 96,688 Reliant Energy (U.S. Dollar) 12-15-14 6.75 35,000 34,125 Schuler Homes (U.S. Dollar) 07-15-09 9.38 85,000 91,163 Silgan Holdings (U.S. Dollar) Sr Sub Nts 11-15-13 6.75 100,000 103,000 Southern Star Central (U.S. Dollar) 08-01-10 8.50 50,000 55,125 Sprint Capital (U.S. Dollar) 11-15-28 6.88 1,500,000 1,677,450 Station Casinos (U.S. Dollar) Sr Nts 04-01-12 6.00 100,000 102,500 Susquehanna Media (U.S. Dollar) Sr Sub Nts 04-15-13 7.38 140,000 147,700 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 4 -- AXP GLOBAL BOND FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2005 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (cont.) Texas Genco LLC/Financing (U.S. Dollar) Sr Nts 12-15-14 6.88% $45,000(d) $46,575 Time Warner (U.S. Dollar) 05-15-29 6.63 490,000 538,920 Toyota Motor Credit (Japanese Yen) 06-09-08 0.75 297,000,000 2,907,545 Transcontinental Gas Pipe Line (U.S. Dollar) Series B 08-15-11 7.00 175,000 191,625 Triad Hospitals (U.S. Dollar) Sr Nts 05-15-12 7.00 140,000 146,475 U.S. Treasury (U.S. Dollar) 01-15-10 3.63 290,000 289,002 11-15-14 4.25 265,000 267,443 08-15-23 6.25 7,585,000(k) 9,096,963 02-15-26 6.00 3,700,000(k) 4,359,063 02-15-31 5.38 560,000 626,434 Verizon Pennsylvania (U.S. Dollar) Series A 11-15-11 5.65 7,400,000(k) 7,800,339 Wachovia (U.S. Dollar) 08-15-08 3.50 400,000 395,288 Wachovia Bank Commercial Mtge Trust (U.S. Dollar) Series 2003-C8 Cl A2 11-15-35 3.89 1,250,000(f) 1,242,759 (U.S. Dollar) Series 2005-C16 Cl A4 10-15-41 4.85 2,300,000(f) 2,299,729 Washington Mutual Bank FA (U.S. Dollar) Sub Nts 08-15-14 5.65 2,120,000 2,223,816 Wells Fargo Bank NA (U.S. Dollar) Sub Nts 02-01-11 6.45 2,855,000 3,169,918 William Carter (U.S. Dollar) Series B 08-15-11 10.88 65,000 72,638 World Omni Auto Receivables Trust (U.S. Dollar) Series 2005-A Cl A3 06-12-09 3.54 1,500,000(g) 1,499,709 Total 174,565,044 Total bonds (Cost: $496,832,516) $548,229,001 Short-term securities (3.7%) Issuer Efffective Amount Value(a) yield payable at maturity U.S. government agency (3.0%) Federal Natl Mtge Assn Disc Nts 02-03-05 2.27% $3,200,000 $3,199,395 02-11-05 2.30 3,200,000 3,197,751 02-16-05 2.32 7,400,000 7,392,370 03-09-05 2.27 3,700,000 3,691,395 Total 17,480,911 Commercial paper (0.7%) HSBC Finance 02-01-05 2.48 4,000,000 3,999,724 Total short-term securities (Cost: $21,481,815) $21,480,635 Total investments in securities (Cost: $518,314,331)(m) $569,709,636 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 5 -- AXP GLOBAL BOND FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2005 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 Oct. 31, 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 Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Jan. 31, 2005, the value of these securities amounted to $24,147,889 or 4.2% 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 Jan. 31, 2005. (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) At Jan. 31, 2005, the cost of securities purchased, including interest purchased, on a when-issued and/or other forward-commitment basis was $4,750,004. (h) Negligible market value. (i) 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 at Jan. 31, 2005. (j) The following abbreviations are used in the portfolio security descriptions to identify the insurer of the issue: AMBAC -- American Municipal Bond Association Corporation FSA -- Financial Security Assurance (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, March 2005, 10-year $14,800,000 (l) Identifies issues considered to be illiquid as to their marketability. Information concerning such security holdings at Jan. 31, 2005, is as follows: Security Acquisition Cost dates Greater Beijing First Expressways (U.S. Dollar) 9.50% Sr Nts 2007 6-12-97 thru 9-16-98 $118,924 (m) At Jan. 31, 2005, the cost of securities for federal income tax purposes was approximately $518,314,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $52,126,000 Unrealized depreciation (730,000) -------- Net unrealized appreciation $51,396,000 ----------- 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. - -------------------------------------------------------------------------------- 6 -- AXP GLOBAL BOND FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2005 S-6309-80 C (4/05) AXP(R) GLOBAL TECHNOLOGY FUND A FEEDER FUND INVESTING IN WORLD TECHNOLOGIES PORTFOLIO PORTFOLIO HOLDINGS AT JAN. 31, 2005 Investments in Securities World Technologies Portfolio Jan. 31, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Common stocks (95.6%) Issuer Shares Value(a) Cellular telecommunications (4.7%) China Unicom 2,134,000(c) $1,737,339 Nextel Communications Cl A 120,100(b) 3,445,669 Vodafone Group ADR 167,500(c) 4,351,650 Total 9,534,658 Computer hardware (16.0%) Cisco Systems 491,000(b) 8,857,640 Dell 292,800(b) 12,227,328 EMC 453,800(b) 5,944,780 Gateway 598,400(b) 2,830,432 Sun Microsystems 617,500(b) 2,692,300 Total 32,552,480 Computer software & services (30.2%) Affiliated Computer Services Cl A 42,800(b) 2,319,332 Blue Coat Systems 150,200(b) 3,867,650 Business Objects ADR 39,800(b,c,d) 970,722 Check Point Software Technologies 66,200(b,c) 1,607,336 Citrix Systems 262,600(b) 5,632,770 Cognizant Technology Solutions Cl A 59,900(b) 2,270,210 Electronic Arts 16,500(b) 1,061,610 Google Cl A 2,600(b) 508,638 i2 Technologies 2,820,000(b) 1,607,400 Informatica 301,000(b) 2,329,740 Juniper Networks 162,100(b) 4,073,573 Macromedia 227,800(b) 7,799,873 MatrixOne 285,100(b) 1,545,242 Microsoft 113,700 2,988,036 Ness Technologies 169,700(b,c) 2,250,222 OPNET Technologies 100,000(b) 816,000 Oracle 276,400(b) 3,806,028 Paychex 125,000 3,811,250 Red Hat 111,300(b) 1,207,605 Satyam Computer Services 46,200(c) 1,120,350 SeeBeyond Technology 263,300(b) 911,018 Symantec 175,400(b) 4,095,590 Telvent GIT 60,000(b,c) 624,600 TIBCO Software 174,600(b) 1,918,854 VERITAS Software 78,200(b) 2,011,304 Total 61,154,953 Electronics (28.5%) Amkor Technology 208,200(b) 922,326 Analog Devices 103,400 3,711,026 ASML Holding 116,500(b,c) 1,914,095 Broadcom Cl A 185,800(b) 5,914,014 Cascade Microtech 4,250(b) 45,050 Credence Systems 419,000(b) 3,352,000 Cypress Semiconductor 270,500(b) 3,083,700 Genesis Microchip 191,200(b) 2,428,240 Intel 286,000 6,420,699 Marvell Technology Group 70,700(b,c) 2,364,915 Maxim Integrated Products 91,200 3,557,712 Open Solutions 64,100(b) 1,398,662 Samsung Electronics 16,900(c) 8,155,297 Semtech 96,500(b) 1,773,670 Silicon Laboratories 68,600(b) 2,339,260 Spatialight 205,225(b,d) 964,558 Taiwan Semiconductor Mfg ADR 214,800(c) 1,879,500 Texas Instruments 237,000 5,500,770 Xilinx 73,700 2,151,303 Total 57,876,797 Leisure time & entertainment (1.8%) Gemstar-TV Guide Intl 672,000(b) 3,709,440 Media (5.9%) eBay 17,300(b) 1,409,950 iVillage 469,600(b) 2,822,296 XM Satellite Radio Holdings Cl A 59,100(b) 1,885,881 Yahoo! 164,000(b) 5,774,440 Total 11,892,567 Telecom equipment & services (6.5%) CIENA 87,300(b) 222,615 Corning 365,900(b) 4,002,946 Harmonic 6,800(b) 77,520 JDS Uniphase 588,000(b) 1,258,320 Motorola 160,500 2,526,270 Nokia ADR 341,300(c) 5,215,064 Total 13,302,735 Utilities -- telephone (2.0%) Global Crossing 87,100(b,c) 2,054,689 Sprint 88,500 2,108,955 Total 4,163,644 Total common stocks (Cost: $184,283,408) $194,187,274 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 1 -- AXP GLOBAL TECHNOLOGY FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2005 Other (--%) Issuer Shares Value(a) UBI Soft Entertainment Warrants 5,712(b) $32,009 Total other (Cost: $19,674) $32,009 Short-term securities (4.9%)(e) Issuer Effective Amount Value(a) yield payable at maturity U.S. government agencies (4.4%) Federal Home Loan Mtge Corp Disc Nt 03-16-05 2.29% $1,000,000 $997,214 Federal Natl Mtge Assn Disc Nts 03-09-05 2.27 4,300,000 4,289,999 03-17-05 2.33 2,100,000 2,093,910 04-13-05 2.47 1,500,000 1,492,634 Total 8,873,757 Commercial paper (0.5%) General Electric Capital 02-01-05 2.48% $1,100,000 $1,099,924 Total short-term securities (Cost: $9,973,294) $9,973,681 Total investments in securities (Cost: $194,276,376)(f) $204,192,964 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 Oct. 31, 2004. (b) Non-income producing. (c) Foreign security values are stated in U.S. dollars. At Jan. 31, 2005, the value of foreign securities represented 16.9% of net assets. (d) At Jan. 31, 2005, security was partially or fully on loan. (e) Cash collateral received from security lending activity is invested in short-term securities and represents 0.8% of net assets. 4.1% of net assets is the Portfolio's cash equivalent position. (f) At Jan. 31, 2005, the cost of securities for federal income tax purposes was approximately $194,276,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $ 19,937,000 Unrealized depreciation (10,020,000) ----------- Net unrealized appreciation $ 9,917,000 ------------ 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. - -------------------------------------------------------------------------------- 2 -- AXP GLOBAL TECHNOLOGY FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2005 S-6395-80 C (4/05) AXP(R) THREADNEEDLE EMERGING MARKETS FUND A FEEDER FUND INVESTING IN EMERGING MARKETS PORTFOLIO PORTFOLIO HOLDINGS AT JAN. 31, 2005 Investments in Securities AXP Emerging Markets Portfolio Jan. 31, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Common stocks (94.7%)(c) Issuer Shares Value(a) Argentina (0.5%) Home building IRSA Inversiones y Representaciones 143,040(b) $1,750,810 Brazil (9.8%) Banks and savings & loans (0.8%) Banco Bradesco 113,100 2,810,369 Energy (4.1%) Petroleo Brasileiro ADR 409,424 14,677,850 Metals (3.6%) Cia Vale do Rio Doce ADR 508,934 12,804,780 Paper & packaging (1.0%) Aracruz Celulose ADR 97,092 3,393,365 Textiles & apparel (0.3%) Grenedene 105,825(b) 1,188,999 Chile (1.0%) Metals Antofagasta 158,928 3,656,495 China (3.0%) Energy (1.0%) CNOOC 6,689,000 3,537,543 Metals (1.1%) Yanzhou Coal Mining Cl H 2,596,000 3,696,154 Telecom equipment & services (0.9%) China Telecom Cl H 8,904,000 3,324,838 Hong Kong (2.1%) Retail -- general Esprit Holdings 587,000 3,394,254 Giordano Intl 6,672,000 4,126,070 Total 7,520,324 Hungary (2.2%) Banks and savings & loans (1.1%) OTP Bank 119,124 3,857,511 Health care products (1.1%) Gedeon Richter 29,346 3,851,838 India (4.1%) Banks and savings & loans (1.5%) ICICI Bank ADR 138,239 2,719,161 State Bank of India ADR 71,812(d) 2,674,997 Total 5,394,158 Beverages & tobacco (1.0%) ITC 108,721 3,384,131 Computer software & services (1.6%) Infosys Technologies 123,772 5,845,110 Indonesia (1.3%) Beverages & tobacco HM Sampoerna 5,514,000 4,481,005 Israel (4.9%) Chemicals (1.2%) Makhteshin-Agan Inds 764,927 4,130,517 Computer software & services (1.6%) Check Point Software Technologies 237,937(b) 5,777,110 Electronics (0.3%) Lipman Electronic Engineering 33,500 982,220 Health care products (1.8%) Teva Pharmaceutical Inds ADR 230,320 6,617,094 Malaysia (2.7%) Banks and savings & loans (1.5%) Malayan Banking 1,608,900 5,210,137 Leisure time & entertainment (1.2%) Resorts World 1,582,800 4,208,348 Mexico (8.4%) Beverages & tobacco (1.8%) Grupo Modelo Series C 2,360,700 6,372,688 Cellular telecommunications (2.1%) America Movil ADR Series L 143,920 7,636,395 Media (1.1%) Grupo Televisa ADR 65,751 3,868,131 Multi-industry (0.8%) Grupo Financiero Banorte 421,680 2,711,850 Real estate (1.2%) Consorcio ARA 1,145,700(b) 4,174,930 Retail -- general (1.4%) Wal-Mart de Mexico Series C 1,468,521(b) 5,071,784 Netherlands Antilles (1.1%) Beverages & tobacco Efes Breweries Intl GDR 119,769(b,d) 3,847,579 Peru (0.7%) Precious metals Compania de Minas Buenaventura ADR 122,496 2,605,490 Philippine Islands (0.8%) Utilities -- telephone Philippine Long Distance Telephone 106,960(b) 2,767,556 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 1 -- AXP THREADNEEDLE EMERGING MARKETS FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2005 Common stocks (continued) Issuer Shares Value(a) Poland (0.7%) Media TVN 205,106(b) $2,619,103 Russia (6.4%) Energy (2.1%) LUKOIL ADR 58,843 7,296,532 Precious metals (1.0%) Mining and Metallurgical Company Norilsk Nickel ADR 64,231 3,693,283 Utilities -- telephone (3.3%) Mobile Telesystems ADR 324,583 11,678,497 South Africa (10.3%) Banks and savings & loans (4.7%) ABSA Group 550,968 7,044,092 FirstRand 1,603,059 3,662,218 Standard Bank Group 526,941 5,715,657 Total 16,421,967 Energy equipment & services (0.9%) Sasol 156,085 3,148,341 Multi-industry (1.0%) Barloworld 209,575 3,639,063 Precious metals (0.5%) AngloGold Ashanti 59,793 1,947,618 Retail -- general (1.9%) JD Group 380,848 4,127,181 Massmart Holdings 392,948 2,748,992 Total 6,876,173 Telecom equipment & services (1.3%) Telkom 251,546 4,569,927 South Korea (16.0%) Automotive & related (2.0%) Hyundai Motor GDR 244,883(d) 6,917,945 Banks and savings & loans (3.0%) Hana Bank 130,760 3,473,752 Kookmin Bank 162,060 6,993,545 Total 10,467,297 Electronics (6.0%) Samsung Electronics 44,024 21,244,306 Energy (0.4%) SK Corporation 25,940 1,383,764 Engineering & construction (0.7%) Hyundai Development 141,450 2,532,628 Metals (2.5%) POSCO 48,420 8,786,497 Retail -- general (1.4%) Shinsegae 18,076 5,077,007 Taiwan (12.5%) Banks and savings & loans (3.7%) Chinatrust Financial Holding 6,717,234 7,570,291 E.Sun Financial Holdings 3,006,000 2,408,624 Taishin Financial Holdings 3,543,360 3,204,501 Total 13,183,416 Computer hardware (1.9%) Asustek Computer 1,274,800 3,457,227 Hon Hai Precision Inds 773,000 3,407,287 Total 6,864,514 Electronics (4.7%) Acer 2,128,172 3,353,949 AU Optronics 1,865,000 2,857,151 Taiwan Semiconductor Mfg 5,963,774 9,946,116 Total 16,157,216 Insurance (1.3%) Cathay Financial Holding 2,368,000 4,665,577 Textiles & apparel (0.9%) Far Eastern Textile 4,416,000 3,199,111 Thailand (3.3%) Banks and savings & loans (2.6%) Bangkok Bank 1,814,400 5,456,284 Kasikornbank 2,356,000(b) 3,546,138 Total 9,002,422 Utilities -- telephone (0.7%) Advanced Info Service 938,700 2,579,162 Turkey (1.9%) Banks and savings & loans (--%) Akbank -- 3 Beverages & tobacco (0.8%) Anadolu Efes Biracilik ve Malt Sanayil 147,524 2,999,926 Furniture & appliances (1.1%) Arcelik 578,644(b) 3,754,892 United Kingdom (1.0%) Metals BHP Billiton 294,810 3,600,500 Total common stocks (Cost: $280,286,091) $335,463,796 Preferred stock & other (0.8%)(c) Issuer Shares Value(a) Brazil Banks and savings & loans Banco Bradesco Rights 3,386(b) $32,201 Banco Itau Holding Financeira 18,080 2,703,888 Total preferred stock & other (Cost: $1,573,217) $2,736,089 Short-term securities (2.1%) Issuer Effective Amount Value(a) yield payable at maturity U.S. government agency (1.5%) Federal Natl Mtge Assn Disc Nts 02-09-05 2.29% $3,500,000 $3,497,996 03-21-05 2.41 1,800,000 1,794,119 Total 5,292,115 Commercial paper (0.6%) Household Intl Finance 02-01-05 2.48 2,300,000 2,299,842 Total short-term securities (Cost: $7,592,411) $7,591,957 Total investments in securities (Cost: $289,451,719)(e) $345,791,842 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 2 -- AXP THREADNEEDLE EMERGING MARKETS FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2005 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 Oct. 31, 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 Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Jan. 31, 2005, the value of these securities amounted to $13,440,521 or 3.8% of net assets. (e) At Jan. 31, 2005, the cost of securities for federal income tax purposes was approximately $289,452,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $58,018,000 Unrealized depreciation (1,678,000) ---------- Net unrealized appreciation $56,340,000 ----------- 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 THREADNEEDLE EMERGING MARKETS FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2005 S-6354-80 C (4/05) PORTFOLIO HOLDINGS FOR AXP(R) THREADNEEDLE GLOBAL BALANCED FUND AT JAN. 31, 2005 Investments in Securities AXP Threadneedle Global Balanced Fund Jan. 31, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Common stocks (65.1%)(c) Issuer Shares Value(a) Bermuda (1.9%) Insurance (0.7%) PartnerRe 11,848 $750,808 Machinery (0.5%) Ingersoll-Rand Cl A 7,326 544,908 Multi-industry (0.7%) Accenture Cl A 31,365(b) 817,058 Brazil (0.9%) Metals (0.6%) Cia Vale do Rio Doce ADR 26,038 655,116 Paper & packaging (0.3%) Aracruz Celulose ADR 11,195 391,265 Canada (1.7%) Banks and savings & loans (0.4%) TSX Group 8,638 404,406 Energy (0.7%) EnCana 13,919 822,802 Metals (0.6%) Cameco 19,406 666,153 China (0.3%) Real estate Hang Lung Properties 232,000 348,103 France (3.6%) Aerospace & defense (0.5%) Thales 11,724 535,256 Automotive & related (0.5%) Renault 6,755 551,670 Energy (1.3%) Total 6,956 1,494,782 Machinery (0.3%) Schneider Electric 5,000 382,221 Multi-industry (1.0%) Sanofi-Aventis 15,000 1,116,808 Germany (2.3%) Banks and savings & loans (0.6%) Hypo Real Estate Holding 16,715(b) 660,477 Computer software & services (0.4%) SAP 2,644 409,525 Health care products (0.5%) Schering 8,439 569,521 Utilities -- electric (0.8%) RWE 16,472 950,725 Greece (0.3%) Building materials & construction Titan Cement 12,000 386,582 Hong Kong (2.6%) Multi-industry (1.0%) New World Development 1,090,600 1,064,472 Real estate (0.5%) Henderson Land Development 112,000 531,356 Retail -- general (1.1%) Esprit Holdings 154,500 893,377 Lifestyle Intl Holdings 238,000 366,217 Total 1,259,594 India (0.7%) Banks and savings & loans State Bank of India ADR 22,000 819,500 Indonesia (0.3%) Metals PT Bumi Resources 3,500,000(b) 351,377 Ireland (0.7%) Banks and savings & loans Anglo Irish Bank 33,839 823,963 Israel (1.0%) Computer software & services Check Point Software Technologies 48,006(b) 1,165,586 Italy (0.9%) Energy Eni 42,233 1,029,631 Japan (8.6%) Automotive & related (0.9%) Honda Motor 9,300 485,469 Toyota Motor 13,200 513,136 Total 998,605 Banks and savings & loans (1.9%) Bank of Kyoto 66,000 568,504 Chiba Bank 53,000 350,264 Mitsubishi Tokyo Financial Group 83 783,950 UFJ Holdings 47(b) 280,331 Total 1,983,049 Broker dealers (0.7%) Matsui Securities 21,400 762,419 Building materials & construction (0.2%) Nishimatsu Construction 64,000 234,063 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 1 -- AXP THREADNEEDLE GLOBAL BALANCED FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2005 Common stocks (continued) Issuer Shares Value(a) Japan (cont.) Electronics (0.6%) eAccess 347(b) $351,301 Keyence 1,500 343,670 Total 694,971 Engineering & construction (0.3%) Daiwa House Industry 32,000 369,329 Health care products (0.4%) Chugai Pharmaceutical 31,700 499,719 Machinery (1.6%) Amada 114,000 670,691 Komatsu 107,000 793,020 Nidec 3,000 336,607 Total 1,800,318 Multi-industry (0.7%) Canon 9,000 469,194 Ricoh 16,000 281,970 Total 751,164 Real estate (0.9%) Daito Trust Construction 13,400 619,138 Mitsui Fudosan 28,000 347,643 Total 966,781 Textiles & apparel (0.4%) Onward Kashiyama 31,000 476,544 Luxembourg (0.5%) Metals Arcelor 26,529 592,472 Mexico (0.6%) Cellular telecommunications America Movil ADR Series L 12,875 683,148 Netherlands (0.9%) Food Royal Numico 25,200(b) 965,662 Panama (0.8%) Leisure time & entertainment Carnival 15,253 878,573 Russia (0.6%) Utilities -- telephone Mobile Telesystems ADR 17,188 618,424 Singapore (0.5%) Real estate City Developments 126,000 526,865 South Korea (1.8%) Electronics (1.3%) Samsung Electronics 3,172 1,530,686 Engineering & construction (0.5%) Hyundai Development 29,550 529,085 Spain (0.3%) Computer software & services Indra Sistemas 21,480 367,757 Sweden (0.1%) Telecom equipment & services Telefonaktiebolaget LM Ericsson Cl B 49,557(b) 145,453 Switzerland (2.9%) Banks and savings & loans (1.0%) UBS 14,452 1,174,629 Food (0.3%) Nestle 1,371 359,996 Health care products (1.6%) Actelion 4,460(b) 423,119 Nobel Biocare Holding 4,234 743,182 Roche Holding 5,292 564,296 Total 1,730,597 Taiwan (0.4%) Electronics Taiwan Semiconductor Mfg 258,337 430,843 United Kingdom (4.7%) Aerospace & defense (0.4%) Rolls-Royce Group 97,152(b) 478,078 Cellular telecommunications (1.3%) Vodafone Group 516,036 1,331,651 Food (0.6%) Cadbury Schweppes 69,524 622,922 Industrial services (0.4%) BOC Group 24,282 448,819 Media (0.3%) Reuters Group 49,845 374,327 Metals (0.4%) BHP Billiton 38,875 481,960 Retail -- grocery (0.7%) Tesco 141,316 820,612 Telecom equipment & services (0.6%) mmO2 274,549(b) 650,347 United States (25.2%) Banks and savings & loans (0.7%) Bank of America 10,284 476,869 Investors Financial Services 7,000 352,870 Total 829,739 Beverages & tobacco (1.0%) Altria Group 7,088 452,427 PepsiCo 12,851 690,099 Total 1,142,526 Broker dealers (0.8%) Ameritrade Holding 16,100(b) 208,173 Bear Stearns Companies 6,255 632,130 Total 840,303 Cellular telecommunications (1.3%) American Tower Cl A 44,585(b) 807,880 SpectraSite 11,050(b) 647,530 Total 1,455,410 Computer hardware (1.3%) Dell 25,164(b) 1,050,848 EMC 26,707(b) 349,862 Total 1,400,710 Computer software & services (2.0%) Adobe Systems 11,027 627,436 Microsoft 60,765 1,596,904 Total 2,224,340 Electronics (0.4%) Intel 22,250 499,513 Energy (2.4%) EOG Resources 8,603 638,773 Exxon Mobil 7,889 407,072 Forest Oil 10,871(b) 366,244 Massey Energy 11,470 435,057 Valero Energy 13,039 678,420 Total 2,525,566 Finance companies (1.7%) Citigroup 38,896 1,907,849 Financial services (1.0%) Goldman Sachs Group 5,495 592,636 Moody's 6,108 511,728 Total 1,104,364 Food (0.3%) WM Wrigley Jr 4,117 289,796 Furniture & appliances (0.8%) Mohawk Inds 5,929(b) 524,775 Tempur-Pedic Intl 17,950(b) 383,951 Total 908,726 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 2 -- AXP THREADNEEDLE GLOBAL BALANCED FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2005 Common stocks (continued) Issuer Shares Value(a) United States (cont.) Health care products (3.1%) Abbott Laboratories 7,249 $326,350 Amgen 18,169(b) 1,130,839 Johnson & Johnson 9,990 646,353 Laboratory Corp of America Holdings 8,398(b) 401,844 Pfizer 9,549 230,704 St. Jude Medical 16,460(b) 646,549 Total 3,382,639 Health care services (1.0%) DaVita 13,085(b) 549,047 WellPoint 4,967(b) 603,490 Total 1,152,537 Household products (0.6%) Procter & Gamble 12,305 654,995 Industrial services (0.3%) Iron Mountain 12,750(b) 359,550 Industrial transportation (0.4%) Norfolk Southern 12,976 453,122 Insurance (0.9%) American Intl Group 15,766 1,045,128 Leisure time & entertainment (0.4%) Harley-Davidson 8,274 497,350 Media (0.8%) Dex Media 23,404 547,420 Lamar Advertising Cl A 7,200(b) 309,456 Total 856,876 Multi-industry (0.8%) General Electric 25,478 920,520 Retail -- drugstores (0.7%) Walgreen 19,575 834,091 Retail -- general (2.0%) Dillard's Cl A 18,980 498,035 Home Depot 30,652 1,264,702 Staples 13,647 446,803 Total 2,209,540 Utilities -- electric (0.5%) Duke Energy 22,886 613,116 Total common stocks (Cost: $60,795,071) $72,891,839 Preferred stock & other (0.6%)(c) Issuer Shares Value(a) Germany (0.6%) Porsche 983 $640,292 Singapore (--%) City Development Warrants 12,600 (b) 33,869 Total preferred stock & other (Cost: $473,100) $674,161 Bonds (29.1%)(c) Issuer Coupon Principal Value(a) rate amount Australia (0.1%) New South Wales Treasury (Australian Dollar) 03-01-08 8.00% 200,000 $165,750 Austria (1.5%) Oesterreichische Kontrollbank (Japanese Yen) 03-22-10 1.80 160,000,000 1,643,190 Belgium (1.6%) Govt of Belgium (European Monetary Unit) 12-24-12 8.00 1,000,000 1,720,500 Canada (1.6%) Govt of Canada (Canadian Dollar) 09-01-08 4.25 1,600,000 1,327,574 Province of British Columbia (Canadian Dollar) 12-01-06 5.25 500,000 419,114 Total 1,746,688 Denmark (1.0%) Realkredit Danmark Danish Krone) 01-01-08 4.00 1,720,000 311,777 Rheinische Hypothekenbank (European Monetary Unit) 09-24-08 4.25 550,000 751,818 Total 1,063,595 France (2.8%) French Treasury Note (European Monetary Unit) 07-12-08 3.00 300,000 394,665 Govt of France (European Monetary Unit) 04-25-13 4.00 500,000 679,966 10-25-14 4.00 1,500,000 2,029,350 Total 3,103,981 Germany (5.4%) Allgemeine Hypothekenbank Rheinboden (European Monetary Unit) 09-02-09 5.00 850,000(d) 1,200,514 Bundesrepublik Deutschland (European Monetary Unit) 01-05-06 6.00 1,450,000 1,954,075 07-04-08 4.75 725,000 1,006,847 07-04-09 4.50 85,000 118,050 07-04-10 5.25 250,000 361,475 06-20-16 6.00 434,598 691,202 07-04-27 6.50 400,000 714,108 Total 6,046,271 Greece (3.2%) Hellenic Republic (European Monetary Unit) 04-18-08 3.50% 650,000 866,235 04-20-09 3.50 800,000 1,066,845 05-20-13 4.60 400,000 560,693 10-22-22 5.90 700,000 1,124,298 Total 3,618,071 Italy (2.9%) Buoni Poliennali Del Tesoro (European Monetary Unit) 11-01-09 4.25 400,000 551,625 08-01-13 4.25 600,000 825,878 08-01-14 4.25 720,000 988,546 11-01-29 5.25 600,000 915,109 Total 3,281,158 Japan (1.8%) Govt of Japan (Japanese Yen) 12-21-09 1.70 137,000,000 1,398,197 06-20-13 0.50 74,000,000 679,441 Total 2,077,638 Netherlands (1.3%) Govt of Netherlands (European Monetary Unit) 07-15-12 5.00 1,000,000 1,445,283 Norway (0.3%) Govt of Norway (Norwegian Krone) 05-16-11 6.00 2,100,000 378,107 Supra-National (0.5%) Intl Bank Reconstruction & Development (Japanese Yen) 02-18-08 2.00 55,000,000 561,055 United Kingdom (1.6%) Greater Beijing First Expressways (U.S. Dollar) Sr Nts 06-15-07 9.50 170,000(b,e,f) -- United Kingdom Treasury (British Pound) 07-12-11 9.00 410,000 961,120 09-27-13 8.00 340,000 794,230 Total 1,755,350 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 3 -- AXP THREADNEEDLE GLOBAL BALANCED FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2005 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (3.6%) ConocoPhillips (U.S. Dollar) 03-15-28 7.13% $200,000 $220,096 Federal Natl Mtge Assn (U.S. Dollar) 05-15-11 6.00 1,970,000 2,162,784 U.S. Treasury (U.S. Dollar) 01-31-06 1.88 535,000 529,316 08-15-14 4.25 868,000 876,036 02-15-26 6.00 169,000 199,103 Total 3,987,335 Total bonds (Cost: $29,349,578) $32,593,972 Short-term security (3.5%) Issuer Effective Amount Value(a) yield payable at maturity Commercial paper Deutsche Bank Financial LLC 02-01-05 2.50% $3,900,000 $3,899,729 Total short-term security (Cost: $3,900,000) $3,899,729 Total investments in securities (Cost: $94,517,749(g) $110,059,701 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 Oct. 31, 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 Jan. 31, 2005, the value of these securities amounted to $1,200,514 or 1.1% of net assets. (e) Negligible market value. (f) Identifies issues considered to be illiquid as to their marketability. Information concerning such security holdings at Jan. 31, 2005, is as follows: Security Acquisition Cost dates Greater Beijing First Expressways (U.S. Dollar) 9.50% Sr Nts 2007 06-12-97 thru 09-30-04 $51,391 (g) At Jan. 31, 2005, the cost of securities for federal income tax purposes was approximately $94,518,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $16,218,000 Unrealized depreciation (676,000) -------- Net unrealized appreciation $15,542,000 ----------- 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 THREADNEEDLE GLOBAL BALANCED FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2005 S-6352-80 C (4/05) AXP(R) THREADNEEDLE GLOBAL EQUITY FUND A FEEDER FUND INVESTING IN WORLD GROWTH PORTFOLIO PORTFOLIO HOLDINGS AT JAN. 31, 2005 Investments in Securities AXP World Growth Portfolio Jan. 31, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Common stocks (98.4%)(c) Issuer Shares Value(a) Bermuda (2.6%) Insurance (0.5%) PartnerRe 39,402 $2,496,905 Machinery (0.6%) Ingersoll-Rand Cl A 38,000 2,826,440 Multi-industry (1.5%) Accenture Cl A 290,793(b) 7,575,158 Brazil (1.1%) Metals Cia Vale do Rio Doce ADR 215,926 5,432,698 Canada (1.9%) Energy EnCana 126,520 7,479,055 Suncor Energy 67,359 2,155,488 Total 9,634,543 France (5.2%) Aerospace & defense (0.5%) Thales 54,036 2,467,002 Automotive & related (0.5%) Renault 31,000 2,531,718 Energy (1.9%) Total 45,141 9,700,398 Machinery (0.8%) Schneider Electric 50,000 3,822,210 Multi-industry (1.5%) Sanofi-Aventis 100,000 7,445,388 Germany (3.3%) Banks and savings & loans (0.9%) Hypo Real Estate Holding 110,000(b) 4,346,542 Computer software & services (0.4%) SAP 13,803 2,137,923 Health care products (0.9%) Schering 65,000 4,386,642 Utilities -- electric (1.1%) RWE 100,000 5,771,767 Greece (0.5%) Building materials & construction Titan Cement 80,000 2,577,208 Hong Kong (5.5%) Multi-industry (1.6%) New World Development 8,157,600 7,962,162 Real estate (1.6%) Henderson Land Development 953,000 4,521,274 Sun Hung Kai Properties 375,000 3,473,017 Total 7,994,291 Retail -- general (2.3%) Esprit Holdings 1,000,000 5,782,376 Giordano Intl 4,238,000 2,620,845 Lifestyle Intl Holdings 2,247,500 3,458,291 Total 11,861,512 India (0.5%) Banks and savings & loans State Bank of India ADR 73,294(d) 2,730,202 Indonesia (0.8%) Metals PT Bumi Resources 39,964,500(b) 4,012,174 Ireland (0.9%) Banks and savings & loans Anglo Irish Bank 182,251 4,437,721 Israel (1.8%) Computer software & services Check Point Software Technologies 381,723(b) 9,268,234 Italy (1.9%) Energy Eni 383,344 9,345,843 Japan (15.8%) Automotive & related (1.0%) Toyota Motor 125,000 4,859,249 Banks and savings & loans (2.7%) Bank of Kyoto 511,000(e) 4,401,600 Chiba Bank 618,000 4,084,208 Mitsubishi Tokyo Financial Group 489 4,618,691 Total 13,104,499 Broker dealers (1.0%) Matsui Securities 146,000 5,201,551 Building materials & construction (0.3%) Nishimatsu Construction 433,000 1,583,586 Electronics (1.7%) eAccess 3,899 3,947,328 Keyence 20,900 4,788,467 Total 8,735,795 Engineering & construction (1.0%) Daiwa House Industry 454,000 5,239,852 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 1 -- AXP THREADNEEDLE GLOBAL EQUITY FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2005 Common stocks (continued) Issuer Shares Value(a) Japan (cont.) Financial services (0.8%) Aiful 30,500 $3,451,716 Kobayashi Yoko 22,100 $464,063 Total 3,915,779 Machinery (2.3%) Amada 882,000 5,189,033 Komatsu 876,000 6,492,386 Total 11,681,419 Multi-industry (0.8%) Canon 72,700 3,790,046 Real estate (2.9%) Daito Trust Construction 113,800 5,258,047 GOLDCREST 47,790 3,358,630 Mitsui Fudosan 446,000 5,537,460 Total 14,154,137 Retail -- general (0.4%) Seven-Eleven Japan 71,000 2,150,529 Textiles & apparel (0.9%) Onward Kashiyama 308,000 4,734,696 Luxembourg (1.0%) Metals Arcelor 224,631 5,016,682 Mexico (0.9%) Cellular telecommunications America Movil ADR Series L 82,248 4,364,079 Netherlands (1.0%) Food Royal Numico 130,000(b) 4,981,592 Russia (0.9%) Utilities -- telephone Mobile Telesystems ADR 123,880 4,457,202 South Korea (4.2%) Chemicals (0.4%) Hanwha Chemical 200,000 2,132,033 Electronics (3.0%) Samsung Electronics 31,740 15,316,516 Engineering & construction (0.8%) Hyundai Development 212,240 3,800,105 Sweden (0.7%) Telecom equipment & services Telefonaktiebolaget LM Ericsson Cl B 1,217,539(b) 3,573,549 Switzerland (3.9%) Banks and savings & loans (2.2%) UBS 135,866 11,042,906 Health care products (1.7%) Actelion 38,313(b) 3,634,740 Nobel Biocare Holding 28,031 4,920,200 Total 8,554,940 Taiwan (0.6%) Financial services Hung Poo Real Estate Development 3,778,000 2,916,557 United Kingdom (5.3%) Aerospace & defense (0.4%) Rolls-Royce Group 397,608(b) 1,956,598 Cellular telecommunications (2.4%) Vodafone Group 4,396,906 11,346,386 Food (0.7%) Cadbury Schweppes 419,631 3,759,816 Metals (0.8%) BHP Billiton 331,310 4,107,481 Retail -- grocery (1.0%) Tesco 895,120 5,197,901 United States (38.1%) Beverages & tobacco (0.5%) Altria Group 40,000 2,553,200 Broker dealers (2.5%) Ameritrade Holding 357,950(b) 4,628,293 Bear Stearns Companies 37,617 3,801,574 Lehman Brothers Holdings 43,587 3,974,699 Total 12,404,566 Cellular telecommunications (1.7%) American Tower Cl A 270,785(b) 4,906,625 SpectraSite 65,934(b) 3,863,732 Total 8,770,357 Computer hardware (2.0%) Dell 235,553(b) 9,836,693 Computer software & services (3.9%) Adobe Systems 66,727 3,796,766 Microsoft 602,769 15,840,770 Total 19,637,536 Energy (4.0%) Anadarko Petroleum 36,793 2,436,065 Burlington Resources 59,759 2,612,066 EOG Resources 55,164 4,095,927 Forest Oil 76,784(b) 2,586,853 Massey Energy 81,584 3,094,481 Valero Energy 101,578 5,285,104 Total 20,110,496 Energy equipment & services (0.5%) ENSCO Intl 79,154 2,709,441 Finance companies (3.5%) Citigroup 355,996 17,461,604 Financial services (1.3%) Goldman Sachs Group 62,472 6,737,605 Furniture & appliances (1.3%) Mohawk Inds 42,403(b) 3,753,090 Tempur-Pedic Intl 121,082(b) 2,589,944 Total 6,343,034 Health care products (5.0%) Amgen 138,902(b) 8,645,261 Johnson & Johnson 71,258 4,610,393 Laboratory Corp of America Holdings 64,205(b) 3,072,209 Myogen 161,959(b) 1,091,604 Pfizer 93,184 2,251,325 St. Jude Medical 130,414(b) 5,122,662 Total 24,793,454 Health care services (2.1%) DaVita 99,047(b) 4,156,012 WellPoint 52,054(b) 6,324,561 Total 10,480,573 Insurance (1.6%) American Intl Group 120,661 7,998,617 Leisure time & entertainment (1.0%) Harley-Davidson 85,000 5,109,350 Media (1.8%) Dex Media 205,824 4,814,224 DIRECTV Group 131,147(b) 1,973,762 Lamar Advertising Cl A 58,176(b) 2,500,404 Total 9,288,390 Retail -- drugstores (1.0%) Walgreen 118,127 5,033,391 Retail -- general (3.9%) Dillard's Cl A 150,629 3,952,505 Home Depot 234,837 9,689,374 Staples 91,571 2,998,035 TJX Companies 118,204 2,959,828 Total 19,599,742 Utilities -- electric (0.5%) Duke Energy 96,950 2,597,291 Total common stocks (Cost: $429,561,958) $493,905,502 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 2 -- AXP THREADNEEDLE GLOBAL EQUITY FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2005 Preferred stock (0.8%)(c) Issuer Shares Value(a) Germany Porsche 6,537 $4,257,975 Total preferred stock (Cost: $3,369,108) $4,257,975 Short-term security (0.9%)(f) Issuer Effective Amount Value(a) yield payable at maturity U.S. government agency Federal Home Loan Mtge Corp Disc Nt 03-16-05 2.29% $4,700,000 $4,686,904 Total short-term security (Cost: $4,686,583) $4,686,904 Total investments in securities (Cost: $437,617,649)(g) $502,850,381 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 Oct. 31, 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 Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Jan. 31, 2005, the value of these securities amounted to $2,730,202 or 0.5% of net assets. (e) At Jan. 31, 2005, security was partially or fully on loan. (f) Cash collateral received from security lending activity is invested in short-term securities and represents 0.5% of net assets. 0.4% of net assets is the Portfolio's cash equivalent position. (g) At Jan. 31, 2005, the cost of securities for federal income tax purposes was approximately $437,618,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $69,955,000 Unrealized depreciation (4,723,000) ---------- Net unrealized appreciation $65,232,000 ----------- 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 THREADNEEDLE GLOBAL EQUITY FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2005 S-6334-80 C (4/05) 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 Global Series, Inc. By /s/ Paula R. Meyer ------------------ Paula R. Meyer President and Principal Executive Officer Date March 29, 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 March 29, 2005 By /s/ Jeffrey P. Fox ------------------ Jeffrey P. Fox Treasurer and Principal Financial Officer Date March 29, 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 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: March 18, 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 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: March 18, 2005 /s/ Jeffrey P. Fox -------------------------------- Name: Jeffrey P. Fox Title: Treasurer and Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----