-----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, QcK6UMDOaElM7hLvV5TAoTtwzb0rzVJ++GoxEk8qSUHL+p1gnUsn3hbPQxFDmoHc EjBhgO0BeuMQfI5xQoSebg== 0000820027-05-000800.txt : 20050927 0000820027-05-000800.hdr.sgml : 20050927 20050927085607 ACCESSION NUMBER: 0000820027-05-000800 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050731 FILED AS OF DATE: 20050927 DATE AS OF CHANGE: 20050927 EFFECTIVENESS DATE: 20050927 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: 051104097 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 Ameriprise Financial Center, Minneapolis, Minnesota 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: 7/31 -------- AXP(R) GLOBAL BOND FUND A FEEDER FUND INVESTING IN WORLD INCOME PORTFOLIO PORTFOLIO HOLDINGS AT JULY 31, 2005 Investments in Securities World Income Portfolio July 31, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Bonds (95.3%)(c) Issuer Coupon Principal Value(a) rate amount Australia (1.8%) Burns Philp Capital Property Sr Sub Nts 02-15-11 10.75% $100,000 $111,000 Commonwealth Bank of Australia (European Monetary Unit) 11-12-09 3.38 570,000 707,773 New South Wales Treasury (Australian Dollar) 03-01-08 8.00 8,000,000 6,430,987 Telstra 04-01-12 6.38 500,000 541,916 Western Australian Treasury (Australian Dollar) 10-16-06 5.50 3,050,000 2,313,823 Total 10,105,499 Austria (1.1%) Republic of Austria (European Monetary Unit) 01-15-10 5.50 4,500,000 6,105,336 Belgium (1.9%) Kingdom of Belgium (European Monetary Unit) 03-28-10 3.00 8,690,000 10,698,150 Brazil (0.2%) Federal Republic of Brazil 01-15-18 8.00 1,129,000 1,151,580 Canada (2.1%) Canada Housing Trust #1 (Canadian Dollar) 06-15-06 5.53 3,220,000 2,688,183 Canadian Pacific Railway (Canadian Dollar) 06-15-10 4.90 380,000(d) 324,253 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Canada (cont.) Corus Entertainment Sr Sub Nts 03-01-12 8.75% $40,000 $43,250 Domtar 12-01-13 5.38 70,000 63,588 Norampac Sr Nts 06-01-13 6.75 30,000 30,600 Province of British Columbia (Canadian Dollar) 08-23-10 6.38 6,400,000 5,905,162 Province of Ontario (Canadian Dollar) 03-08-06 5.90 3,300,000 2,744,940 Sun Media 02-15-13 7.63 200,000 210,500 Utilicorp Canada Finance 06-15-11 7.75 140,000 147,000 Videotron Ltee 01-15-14 6.88 95,000 97,138 Total 12,254,614 Denmark (0.7%) Realkredit Danmark (Danish Krone) 01-01-08 4.00 23,900,000 4,026,746 Finland (2.1%) Republic of Finland (European Monetary Unit) 07-04-07 5.00 9,400,000 11,978,522 Bonds (continued) Issuer Coupon Principal Value(a) rate amount France (6.4%) Dexia Municipal Agency (European Monetary Unit) 09-03-07 4.25% 510,000 $641,695 France Telecom 03-01-06 7.20 550,000 559,771 Govt of France (European Monetary Unit) 04-25-12 5.00 9,375,000 12,804,177 04-25-13 4.00 9,460,000 12,201,948 10-25-16 5.00 7,580,000 10,601,890 Total 36,809,481 Germany (10.8%) Allgemeine Hypothekenbank Rheinboden (European Monetary Unit) 09-02-09 5.00 2,030,000(d) 2,679,428 Bayerische Landesbank (Japanese Yen) Sr Nts 04-22-13 1.40 301,000,000 2,753,712 Bundesrepublik Deutschland (European Monetary Unit) 07-04-13 3.75 13,240,000 16,805,103 07-04-27 6.50 7,380,000 12,698,082 07-04-28 4.75 1,970,000 2,759,554 07-04-34 4.75 4,640,000 6,619,194 Bundesschatzanweisungen (European Monetary Unit) 12-16-05 2.75 7,105,000 8,633,171 DEPFA Deutsche Pfandbriefbank (European Monetary Unit) 01-15-10 5.50 2,200,000 2,981,977 Deutsche Bank (European Monetary Unit) 07-28-09 4.25 500,000 642,837 Kabel Deutschland 07-01-14 10.63 40,000(d) 44,200 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 1 -- AXP GLOBAL BOND FUND -- PORTFOLIO HOLDINGS AT JULY 31, 2005 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Germany (cont.) Landesbank Berlin Girozentrale (European Monetary Unit) 04-30-07 5.00% 2,130,000 $2,698,012 Rheinische Hypothekenbank (European Monetary Unit) 07-05-10 5.75 2,200,000 3,034,433 Total 62,349,703 Greece (4.0%) Hellenic Republic (European Monetary Unit) 06-21-06 2.75 7,600,000 9,259,053 04-19-07 4.65 5,875,000 7,402,491 10-22-22 5.90 4,200,000 6,405,866 Total 23,067,410 Italy (4.7%) Buoni Poliennali Del Tesoro (European Monetary Unit) 03-01-07 4.50 7,480,000 9,388,743 10-15-07 5.00 8,700,000 11,152,107 11-01-26 7.25 3,486,283 6,270,194 Total 26,811,044 Japan (8.0%) Development Bank of Japan (Japanese Yen) 06-20-12 1.40 650,000,000 5,991,087 Govt of Japan (Japanese Yen) 12-21-09 1.70 2,606,000,000 24,460,142 03-22-10 1.70 320,000,000 3,006,728 06-20-12 1.40 700,000,000 6,461,415 12-20-12 1.00 396,000,000 3,542,236 12-20-14 1.30 247,000,000 2,208,087 12-20-34 2.40 61,000,000 544,689 Total 46,214,384 Luxembourg (0.5%) Telecom Italia Capital 09-30-34 6.00 2,690,000(d) 2,729,231 Malaysia (0.3%) Petronas Capital 05-22-12 7.00 1,500,000(d) 1,682,621 Mexico (0.7%) Govt of Mexico (Mexican Peso) 12-24-09 9.00 16,000,000 1,497,140 Pemex Project Funding Master Trust 12-15-15 5.75 1,360,000(d) 1,333,480 United Mexican States 09-27-34 6.75 727,000 766,258 (Japanese Yen) 06-06-06 6.75 62,000,000 581,488 Total 4,178,366 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Netherlands (3.0%) Bank Nederlandse Gemeenten (British Pound) 08-06-07 7.38% 1,100,000 $2,041,217 Govt of Netherlands (European Monetary Unit) 01-15-08 2.50 9,450,000 11,493,495 07-15-12 5.00 2,680,000 3,658,527 Total 17,193,239 New Zealand (1.1%) Govt of New Zealand (New Zealand Dollar) 11-15-06 8.00 8,800,000 6,134,562 Norway (1.1%) Govt of Norway (Norwegian Krone) 05-16-11 6.00 36,800,000 6,481,249 Poland (1.1%) Republic of Poland (Polish Zloty) 03-24-10 5.75 21,190,000 6,520,318 South Africa (0.3%) Republic of South Africa (South African Rand) 08-31-10 13.00 9,837,500 1,833,365 South Korea (0.1%) Korea Development Bank (Japanese Yen) 06-25-08 0.98 70,000,000 629,214 Spain (4.4%) Caja de Ahorros y Monte de Piedad de Madrid (European Monetary Unit) 03-25-11 3.50 2,800,000 3,498,379 Govt of Spain (European Monetary Unit) 07-30-09 5.15 11,800,000 15,693,017 07-30-10 3.25 4,940,000 6,151,060 Total 25,342,456 Supra-National (1.0%) European Investment Bank (British Pound) 12-07-11 5.50 3,000,000 5,553,088 Sweden (0.5%) Govt of Sweden (Swedish Krona) 04-20-06 3.50 18,175,000 2,372,219 08-15-07 8.00 4,800,000 691,463 Total 3,063,682 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United Kingdom (4.3%) BT Group 12-15-10 8.38% $550,000 $642,688 Greater Beijing First Expressways Sr Nts 06-15-07 9.50 8,750,000(b,g,i) -- HBOS Treasury Services (European Monetary Unit) 02-12-09 3.50 2,000,000 2,499,742 United Kingdom Treasury (British Pound) 03-07-12 5.00 6,270,000 11,486,298 09-07-14 5.00 5,505,000 10,177,745 Total 24,806,473 United States (33.2%) AAA Trust Series 2005-2 Cl A1 11-26-35 3.56 3,845,295(d,e) 3,840,759 Aesop Funding II LLC Series 2002-1A Cl A1 (AMBAC) 10-20-06 3.85 250,000(d,k) 250,077 Series 2004-2A Cl A1 (FGIC) 04-20-08 2.76 500,000(d,k) 488,016 Airgas 10-01-11 9.13 195,000 211,087 Allied Waste North America Secured 04-15-11 6.38 25,000 24,469 Series B 04-01-08 8.88 50,000 52,750 Sr Nts 03-15-15 7.25 30,000(d) 29,550 AmeriCredit Automobile Receivables Trust Series 2004-DF Cl A3 (FSA) 07-06-09 2.98 800,000(k) 786,625 Series 2005-BM Cl A3 (MBIA) 02-06-10 4.05 2,000,000(k) 1,984,687 ANR Pipeline 03-15-10 8.88 45,000 49,103 ARG Funding Series 2005-1A Cl A3 (MBIA) 04-20-10 4.29 1,250,000(d,k) 1,227,148 ASIF Global Financing XIX Secured 01-17-13 4.90 3,630,000(d) 3,628,584 Banc of America Commercial Mtge Series 2005-1 Cl A4 11-10-42 4.88 750,000(f) 760,251 Banc of America Large Loan Series 2005-BOCA Cl A2 12-15-16 3.74 1,500,000(d,e,f) 1,500,242 Bank of America-First Union NB Commercial Mtge Series 2001-3 Cl A1 04-11-37 4.89 852,389(f) 857,771 BCP Crystal US Holdings Sr Sub Nts 06-15-14 9.63 26,000 29,380 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 2 -- AXP GLOBAL BOND FUND -- PORTFOLIO HOLDINGS AT JULY 31, 2005 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (cont.) Bear Stearns Commercial Mtge Securities Series 2003-T10 Cl A1 03-13-40 4.00% $615,834(f) $597,390 Series 2004-PWR6 Cl A6 11-11-41 4.83 1,075,000(f) 1,065,594 Series 2004-T16 Cl A3 02-13-46 4.03 600,000(f) 585,190 Series 2005-PWR8 Cl A1 06-11-41 4.21 1,582,513(f) 1,569,457 Boise Cascade 10-15-14 7.13 50,000 49,125 Boyd Gaming Sr Sub Nts 12-15-12 7.75 35,000 37,450 04-15-14 6.75 90,000 93,038 Caesars Entertainment Sr Nts 04-15-13 7.00 575,000 628,656 California State Teachers' Retirement System Trust Series 2002-C6 Cl A3 11-20-14 4.46 1,902,165(d,f) 1,889,996 Capital Auto Receivables Asset Trust Series 2004-1 09-15-10 2.84 700,000 679,130 Series 2005-1 Cl A4 07-15-09 4.05 1,450,000 1,452,204 Capital One Auto Finance Trust Series 2005-BSS Cl A3 11-15-09 4.08 1,000,000 991,330 Cardinal Health 06-15-15 4.00 1,450,000 1,319,045 Carmax Auto Owner Trust Series 2005-1 Cl A4 03-15-10 4.35 500,000 498,030 Chesapeake Energy 01-15-15 7.75 115,000 124,200 Sr Nts 06-15-14 7.50 30,000 32,475 08-15-14 7.00 65,000 69,144 01-15-16 6.88 20,000 20,750 Citigroup (European Monetary Unit) Sr Nts 05-21-10 3.88 2,600,000 3,295,610 Citigroup Commercial Mtge Trust Series 2005-EMG Cl A1 09-20-51 4.15 2,582,389(d,f) 2,554,889 CMS Energy Sr Nts 01-15-09 7.50 140,000 147,350 Colorado Interstate Gas Sr Nts 03-15-15 5.95 35,000(d) 34,606 Comcast Cable Communications Holdings 03-15-13 8.38 106,000 127,423 Community Health Systems Sr Sub Nts 12-15-12 6.50 40,000 40,550 Compass Minerals Group 08-15-11 10.00 100,000 109,500 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (cont.) Cott Beverages 12-15-11 8.00% $150,000 $159,000 Countrywide Alternative Loan Trust Series 2005-6CB Cl 1A1 04-25-35 7.50 1,399,006(f) 1,454,320 CS First Boston Mtge Securities Series 2002-CKS4 Cl A1 11-15-36 4.49 1,156,725(f) 1,148,703 Series 2004-C1 Cl A2 01-15-37 3.52 250,000(f) 242,306 DaimlerChrysler NA Holding (European Monetary Unit) 01-16-07 5.63 670,000 847,009 DaVita Sr Nts 03-15-13 6.63 40,000(d) 41,300 Del Monte Sr Sub Nts 12-15-12 8.63 30,000 32,925 Dex Media West LLC/Finance Sr Nts Series B 08-15-10 8.50 205,000 223,450 DIRECTV Holdings LLC/Finance Sr Nts 06-15-15 6.38 170,000(d) 169,575 DR Horton Sr Nts 02-15-15 5.25 615,000 595,548 Echostar DBS 10-01-14 6.63 30,000 29,775 Sr Nts 10-01-08 5.75 60,000 59,550 El Paso Natural Gas Sr Nts Series A 08-01-10 7.63 185,000 194,751 Emmis Operating Sr Sub Nts 05-15-12 6.88 35,000 35,000 Encore Acquisition Sr Sub Nts 04-15-14 6.25 110,000 110,000 ERAC USA Finance 05-01-15 5.60 1,700,000(d) 1,719,096 Federal Home Loan Mtge Corp 07-12-10 4.13 6,816,000 6,727,760 (European Monetary Unit) 02-15-07 4.63 3,730,000 4,681,083 Federal Home Loan Mtge Corp #A11799 08-01-33 6.50 298,257(f) 308,523 Federal Home Loan Mtge Corp #A15881 11-01-33 5.00 1,430,757(f) 1,412,140 Federal Home Loan Mtge Corp #E91486 09-01-17 6.50 493,110(f) 511,445 Federal Home Loan Mtge Corp #E99684 10-01-18 5.00 871,510(f) 875,210 Federal Home Loan Mtge Corp #G01535 04-01-33 6.00 2,129,584(f) 2,195,020 Federal Natl Mtge Assn #360800 01-01-09 5.74 1,184,195(f) 1,221,993 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (cont.) Federal Natl Mtge Assn #386599 11-01-10 4.47% $363,464(f) $359,895 Federal Natl Mtge Assn #545874 08-01-32 6.50 370,879(f) 385,271 Federal Natl Mtge Assn #555316 02-01-13 4.87 1,331,027(f) 1,338,935 Federal Natl Mtge Assn #555734 07-01-23 5.00 1,172,240(f) 1,164,996 Federal Natl Mtge Assn #555740 08-01-18 4.50 1,946,218(f) 1,916,949 Federal Natl Mtge Assn #575487 04-01-17 6.50 1,050,484(f) 1,094,918 Federal Natl Mtge Assn #621581 12-01-31 6.50 402,795(f) 419,791 Federal Natl Mtge Assn #633966 03-01-17 6.00 285,516(f) 295,047 Federal Natl Mtge Assn #634749 03-01-17 5.50 1,077,804(f) 1,102,378 Federal Natl Mtge Assn #640996 05-01-32 7.50 718,422(f) 765,747 Federal Natl Mtge Assn #643381 06-01-17 6.00 736,314(f) 760,893 Federal Natl Mtge Assn #645053 05-01-32 7.00 1,315,839(f) 1,384,659 Federal Natl Mtge Assn #646147 06-01-32 7.00 590,069(f) 624,283 Federal Natl Mtge Assn #652284 08-01-32 6.50 573,132(f) 593,518 Federal Natl Mtge Assn #653145 07-01-17 6.00 401,998(f) 416,803 Federal Natl Mtge Assn #653730 09-01-32 6.50 353,025(f) 366,869 Federal Natl Mtge Assn #655589 08-01-32 6.50 2,182,228(f) 2,277,180 Federal Natl Mtge Assn #666424 08-01-32 6.50 395,287(f) 409,347 Federal Natl Mtge Assn #670461 11-01-32 7.50 864,178(f) 921,103 Federal Natl Mtge Assn #684595 03-01-33 6.00 2,443,296(f) 2,497,303 Federal Natl Mtge Assn #688034 03-01-33 5.50 726,845(f) 733,989 Federal Natl Mtge Assn #688691 03-01-33 5.50 1,434,033(f) 1,442,356 Federal Natl Mtge Assn #703818 05-01-33 6.00 670,497(f) 686,420 Federal Natl Mtge Assn #711503 06-01-33 5.50 1,569,132(f) 1,584,245 Federal Natl Mtge Assn #735029 09-01-13 5.28 871,352(f) 895,583 Federal Natl Mtge Assn #741850 09-01-33 5.50 2,619,249(f) 2,634,452 Federal Natl Mtge Assn #753507 12-01-18 5.00 3,844,672(f) 3,857,690 Federal Natl Mtge Assn #755498 11-01-18 5.50 1,868,272(f) 1,908,602 Federal Natl Mtge Assn #756788 11-01-33 6.50 717,229(f) 748,952 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 3 -- AXP GLOBAL BOND FUND -- PORTFOLIO HOLDINGS AT JULY 31, 2005 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (cont.) Fisher Scientific Intl Sr Sub Nts 07-01-15 6.13% $170,000(d) $170,850 Ford Motor 10-01-28 6.63 485,000 378,615 General Electric Capital (European Monetary Unit) 06-20-07 5.13 500,000 635,908 (New Zealand Dollar) 02-04-10 6.63 3,530,000 2,407,744 General Electric Capital Commercial Mtge Series 2001-3 Cl A1 06-10-38 5.56 852,448(f) 870,553 Genworth Financial (Japanese Yen) 06-20-11 1.60 130,000,000 1,171,335 Georgia Gulf Sr Nts 12-15-13 7.13 55,000 57,613 GMAC 03-02-11 7.25 625,000 611,388 GMAC Commercial Mtge Securities Series 2004-C3 Cl A4 12-10-41 4.55 1,050,000(f) 1,033,804 Series 2005-C1 Cl A1 05-10-43 4.21 841,721(f) 832,523 Govt Natl Mtge Assn Collateralized Mtge Obligation Interest Only Series 2002-80 Cl CI 01-20-32 0.00 1,730,348(f,h) 209,438 Govt Natl Mtge Assn #604708 10-15-33 5.50 1,477,443(f) 1,496,827 Grant Prideco 08-15-15 6.13 15,000(d) 15,300 Greenwich Capital Commercial Funding Series 2004-GG1 Cl A4 06-10-36 4.76 1,100,000(f) 1,100,589 Series 2005-GG3 Cl A1 08-10-42 3.92 696,421(f) 688,726 GS Mtge Securities Series 2005-GG4 Cl A1 07-10-39 4.37 1,343,345(f) 1,333,097 HCA Sr Nts 03-15-14 5.75 100,000 98,369 Hilton Hotels 12-01-12 7.63 200,000 228,748 Honda Auto Receivables Owner Trust Series 2005-1 Cl A3 10-21-08 3.53 700,000 691,985 ING Security Life Institutional Funding 01-15-10 4.25 1,440,000(d) 1,415,127 Intl Paper (European Monetary Unit) 08-11-06 5.38 505,000 630,148 INVISTA 05-01-12 9.25 50,000(d) 55,063 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (cont.) IPALCO Enterprises Secured 11-14-08 8.38% $250,000 $270,625 JPMorgan Chase Commercial Mtge Securities Series 2002-CIB5 Cl A1 10-12-37 4.37 795,289(f) 788,938 Series 2003-LN1 Cl A1 10-15-37 4.13 456,840(f) 446,088 Series 2003-ML1A Cl A1 03-12-39 3.97 414,459(f) 404,118 Series 2004-CBX Cl A5 01-12-37 4.65 900,000(f) 890,514 Series 2005-CB11 Cl A3 08-12-37 5.20 1,000,000(f) 1,020,780 KB Home 01-15-15 5.88 105,000 104,703 Key Energy Services Series C 03-01-08 8.38 130,000 134,550 L-3 Communications 06-15-12 7.63 250,000 267,500 Sr Sub Nts 10-15-15 6.38 100,000(d) 101,250 Lamar Media 01-01-13 7.25 100,000 106,250 LB-UBS Commercial Mtge Trust Series 2003-C8 Cl A3 11-15-27 4.83 1,000,000(f) 1,000,170 Series 2004-C2 Cl A3 03-15-29 3.97 750,000(f) 714,503 Series 2004-C4 Cl A3 06-15-29 5.16 700,000(e,f) 715,028 Series 2004-C6 Cl A2 08-15-29 4.19 1,100,000(f) 1,077,901 Series 2004-C6 Cl A4 08-15-29 4.58 275,000(f) 272,734 Series 2004-C7 Cl A2 10-15-29 3.99 1,000,000(f) 972,580 Series 2004-C8 Cl A2 12-15-29 4.20 1,300,000(f) 1,275,729 Series 2005-C3 Cl A1 07-15-30 4.39 888,315(f) 885,588 Long Beach Auto Receivables Trust Series 2004-C Cl A3 (FSA) 09-15-09 3.40 750,000(k) 741,428 MacDermid 07-15-11 9.13 35,000 37,800 Meritage Homes 03-15-15 6.25 35,000 33,775 Merrill Lynch Mtge Trust Series 2005-MCP1 Cl A1 06-12-43 4.22 1,137,630(f) 1,127,279 Metris Master Trust Series 2004-2 Cl M 10-20-10 3.82 450,000(e) 450,428 Metropolitan Life Global Funding I Sr Nts 05-05-10 4.50 780,000(d) 773,577 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (cont.) MGM MIRAGE 10-01-09 6.00% $45,000 $45,113 Sr Nts 02-27-14 5.88 50,000 48,625 Mohegan Tribal Gaming Authority Sr Nts 02-15-13 6.13 45,000 45,619 Sr Sub Nts 04-01-12 8.00 75,000 80,156 Moog Sr Sub Nts 01-15-15 6.25 15,000 15,150 Morgan Stanley Capital I Series 2004-HQ4 Cl A5 04-14-40 4.59 750,000(f) 739,470 Morgan Stanley Group (European Monetary Unit) 03-16-06 5.25 2,125,000 2,622,208 NeighborCare Sr Sub Nts 11-15-13 6.88 35,000 38,150 Newfield Exploration Sr Sub Nts 08-15-12 8.38 340,000 371,450 Nextel Communications Sr Nts 10-31-13 6.88 185,000 197,488 Nissan Auto Receivables Owner Trust Series 2003-A Cl A4 07-15-08 2.61 500,000 492,441 Series 2005-A Cl A3 10-15-08 3.54 1,100,000 1,087,295 Norcraft Companies/Finance Sr Sub Nts 11-01-11 9.00 40,000 41,800 NorthWestern Energy Secured 11-01-14 5.88 15,000(d) 15,450 Offshore Logistics 06-15-13 6.13 15,000 14,550 Overseas Private Investment U.S. Govt Guaranty Series 1996A 09-15-08 6.99 2,916,666 3,054,041 Owens-Illinois Glass Container 05-15-11 7.75 100,000 106,000 Peabody Energy Series B 03-15-13 6.88 175,000 185,500 Plains Exploration & Production Sr Nts 06-15-14 7.13 60,000 64,800 Popular ABS Mtge Pass-Through Trust Series 2005-A Cl AF2 06-25-35 4.49 615,000 608,231 Potomac Edison 1st Mtge 11-15-14 5.35 105,000(d) 107,022 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 4 -- AXP GLOBAL BOND FUND -- PORTFOLIO HOLDINGS AT JULY 31, 2005 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (cont.) Pricoa Global Funding I 01-15-10 4.20% $1,835,000(d) $1,800,080 06-25-12 4.63 3,550,000(d) 3,499,775 Pride Intl Sr Nts 07-15-14 7.38 30,000 32,925 Prudential Commercial Mtge Trust Series 2003-PWR1 Cl A1 02-11-36 3.67 871,825(f) 844,342 Qwest 03-15-12 8.88 200,000 219,000 Sr Nts 06-15-15 7.63 720,000(d) 743,400 Residential Capital 06-30-10 6.38 90,000(d) 91,492 Silgan Holdings Sr Sub Nts 11-15-13 6.75 100,000 102,500 Simon Property Group LP 06-15-15 5.10 1,810,000(d) 1,776,044 Southern Star Central Secured 08-01-10 8.50 50,000 54,250 Sprint Capital 11-15-28 6.88 1,500,000 1,695,237 Starwood Hotels & Resorts 11-15-15 7.38 70,000 77,700 Station Casinos Sr Nts 04-01-12 6.00 100,000 101,000 SunGard 01-15-14 4.88 70,000 61,250 Susquehanna Media Sr Sub Nts 04-15-13 7.38 140,000 144,900 Toyota Motor Credit (Japanese Yen) 06-09-08 0.75 297,000,000 2,672,920 Transcontinental Gas Pipe Line Series B 08-15-11 7.00 175,000 191,188 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (cont.) Triad Auto Receivables Owner Trust Series 2005-A Cl A3 (AMBAC) 03-12-10 4.05% $1,700,000(k) $1,689,579 Triad Hospitals Sr Nts 05-15-12 7.00 140,000 146,300 U.S. Treasury 02-15-08 3.38 3,640,000 3,580,992 06-15-10 3.63 385,000 376,518 07-15-10 3.88 950,000 939,387 02-15-15 4.00 880,000 859,822 05-15-15 4.13 1,350,000 1,332,914 08-15-23 6.25 6,735,000(j) 8,121,197 02-15-26 6.00 4,100,000(j) 4,882,202 U.S. Treasury Inflation-Indexed Bond 01-15-15 1.63 5,720,000(l) 5,694,201 United Auto Group 03-15-12 9.63 70,000 75,425 United Rentals North America 02-15-12 6.50 95,000 92,388 Verizon Pennsylvania Series A 11-15-11 5.65 7,400,000(j) 7,641,535 Wachovia Bank Commercial Mtge Trust Series 2003-C8 Cl A2 11-15-35 3.89 1,250,000(f) 1,220,737 Series 2005-C16 Cl A3 10-15-41 4.62 1,250,000(f) 1,236,494 Washington Mutual Bank FA Sub Nts 08-15-14 5.65 1,590,000(j) 1,647,288 WCI Communities 03-15-15 6.63 85,000 79,050 Wells Fargo Bank NA Sub Nts 02-01-11 6.45 2,530,000 2,746,189 World Omni Auto Receivables Trust Series 2005-A Cl A3 06-12-09 3.54 1,500,000 1,483,230 Total 190,997,883 Total Bonds (Cost: $530,062,259) $548,718,216 Short-Term Securities (2.4%) Issuer Effective Amount Value(a) yield payable at maturity U.S. Government Agency (1.7%) Federal Natl Mtge Assn Disc Nt 09-07-05 3.26% $10,000,000 $9,963,889 Commercial Paper (0.7%) CAFCO LLC 08-01-05 3.30 4,100,000(m) 4,098,873 Total Short-Term Securities (Cost: $14,064,040) $14,062,762 Total Investments in Securities (Cost: $544,126,299)(n) $562,780,978 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, 2005. (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 U.S. dollar currency unless otherwise noted. (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 July 31, 2005, the value of these securities amounted to $36,731,481 or 6.4% 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, 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. - -------------------------------------------------------------------------------- 5 -- AXP GLOBAL BOND FUND -- PORTFOLIO HOLDINGS AT JULY 31, 2005 Notes to Investments in Securities (continued) (g) Negligible market value. (h) 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 July 31, 2005. (i) Identifies issues considered to be illiquid as to their marketability (see Note 1 to the financial statements). These securities are valued at fair value according to methods selected in good faith by the Fund's Board of Directors. Information concerning such security holdings at July 31, 2005, is as follows: Security Acquisition Cost dates Greater Beijing First Expressways 9.50% Sr Nts 2007 06-12-97 thru 09-16-98 $118,924 (j) Partially pledged as initial deposit on the following open interest rate futures contracts: Type of security Notional amount Purchase contract Euro-bund, Sept. 2005, 10-year $ 4,800,000 Sale contracts U.S. Treasury Note, Sept. 2005, 5-year 5,800,000 U.S. Treasury Note, Sept. 2005, 10-year 23,300,000 (k) The following abbreviations are used in the portfolio security descriptions to identify the insurer of the issue: AMBAC -- Ambac Assurance Corporation FGIC -- Financial Guaranty Insurance Company FSA -- Financial Security Assurance MBIA -- MBIA Insurance Corporation (l) U.S. Treasury inflation-indexed bonds are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount. (m) Commercial paper sold within terms of a private placement memorandum, exempt from registration under Section 4(2) of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." 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 July 31, 2005, the value of these securities amounted to $4,098,873 or 0.7% of net assets. (n) At July 31, 2005, the cost of securities for federal income tax purposes was approximately $544,126,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $25,157,000 Unrealized depreciation (6,502,000) ---------- Net unrealized appreciation $18,655,000 ----------- 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.ameriprise.com. - -------------------------------------------------------------------------------- 6 -- AXP GLOBAL BOND FUND -- PORTFOLIO HOLDINGS AT JULY 31, 2005 S-6309-80 D (9/05) AXP(R) GLOBAL TECHNOLOGY FUND A FEEDER FUND INVESTING IN WORLD TECHNOLOGIES PORTFOLIO PORTFOLIO HOLDINGS AT JULY 31, 2005 Investments in Securities World Technologies Portfolio July 31, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Common Stocks (96.9%) Issuer Shares Value(a) Communications Equipment (6.7%) Cisco Systems 373,501(b) $7,152,543 Corning 193,450(b) 3,685,223 QUALCOMM 39,640 1,565,384 Total 12,403,150 Computers & Peripherals (11.7%) Brocade Communications Systems 339,699(b) 1,521,852 Dell 246,500(b) 9,975,855 EMC 381,122(b) 5,217,560 Hewlett-Packard 148,150 3,647,453 Seagate Technology 75,535(b,c) 1,463,113 Total 21,825,833 Diversified Telecommunication Services (7.0%) ALLTEL 30,210 2,008,965 Cogent Communication 203,500(b,d) 1,475,375 MCI 49,600 1,265,792 Qwest Communications Intl 150,800(b) 576,056 SBC Communications 95,870 2,344,022 Sprint 202,815 5,455,723 Total 13,125,933 Electronic Equipment & Instruments (1.8%) Flextronics Intl 172,670(b,c) 2,337,952 Spatialight 170,900(b,d) 1,040,781 Total 3,378,733 Internet & Catalog Retail (1.1%) eBay 49,500(b) 2,068,110 Internet Software & Services (8.2%) Google Cl A 14,852(b) 4,273,812 iVillage 241,230(b) 1,326,765 MatrixOne 230,308(b) 1,137,722 VeriSign 97,804(b) 2,573,223 Yahoo! 177,800(b) 5,927,851 Total 15,239,373 Common Stocks (continued) Issuer Shares Value(a) IT Services (7.2%) Affiliated Computer Services Cl A 42,800(b) $2,138,716 Cognizant Technology Solutions Cl A 51,670(b) 2,535,964 Ness Technologies 278,810(b,c) 2,788,100 Paychex 80,150 2,798,036 Satyam Computer Services ADR 84,200(c) 2,406,436 Telvent GIT 60,000(b,c) 649,740 Total 13,316,992 Media (0.7%) Comcast Cl A 41,900(b) 1,287,587 Semiconductors & Semiconductor Equipment (31.8%) Amkor Technology 208,200(b) 970,212 Analog Devices 89,900 3,524,080 ASML Holding 88,500(b,c) 1,557,600 ATI Technologies 147,150(b,c) 1,852,619 Broadcom Cl A 162,636(b) 6,955,942 Credence Systems 394,500(b) 4,296,105 Cypress Semiconductor 204,100(b) 2,930,876 Freescale Semiconductor Cl A 139,668(b) 3,564,327 Genesis Microchip 93,105(b) 2,312,728 Intel 235,450 6,390,113 Marvell Technology Group 70,700(b,c) 3,088,883 Maxim Integrated Products 91,200 3,818,544 MEMC Electronic Materials 197,555(b) 3,356,459 Samsung Electronics 14,150(c) 7,756,004 Taiwan Semiconductor Mfg ADR 225,539(c) 1,937,380 Texas Instruments 154,300 4,900,568 Total 59,212,440 Software (15.9%) Electronic Arts 22,033(b) 1,269,101 Hyperion Solutions 78,349(b) 3,687,104 i2 Technologies 63,220(b,d) 1,354,805 Macromedia 59,200(b) 2,376,880 Microsoft 256,330 6,564,610 Novell 228,270(b) 1,387,882 Open Solutions 64,100(b) 1,535,836 Common Stocks (continued) Issuer Shares Value(a) Software (cont.) OPNET Technologies 100,000(b) $785,000 Oracle 105,075(b) 1,426,919 Siebel Systems 201,650 1,693,860 Symantec 263,815(b) 5,796,015 TIBCO Software 233,495(b) 1,795,577 Total 29,673,589 Specialty Retail (1.2%) Circuit City Stores 117,550 2,145,288 Telecom Equipment & Services (1.8%) Nokia ADR 210,285(c) 3,354,046 Wireless Telecommunication Services (1.8%) Vodafone Group ADR 130,975(c) 3,383,084 Total Common Stocks (Cost: $158,358,074) $180,414,158 Other (--%) Issuer Shares Value(a) UBI Soft Entertainment Warrants 5,712(b,c,g) $87,597 Total Other (Cost: $19,674) $87,597 Short-Term Security (4.1%)(e) Issuer Effective Amount Value(a) yield payable at maturity Commercial Paper CHARTA LLC 08-01-05 3.30% $7,600,000(f) $7,597,910 Total Short-Term Security (Cost: $7,598,607) $7,597,910 Total Investments in Securities (Cost: $165,976,355)(h) $188,099,665 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 1 -- AXP GLOBAL TECHNOLOGY FUND -- PORTFOLIO HOLDINGS AT JULY 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 Semiannual Report dated April 30, 2005. (b) Non-income producing. (c) Foreign security values are stated in U.S. dollars. At July 31, 2005, the value of foreign securities represented 17.5% of net assets. (d) At July 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 1.0% of net assets. 3.1% of net assets is the Portfolio's cash equivalent position. (f) Commercial paper sold within terms of a private placement memorandum, exempt from registration under Section 4(2) of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." 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. At July 31, 2005, the value of these securities amounted to $7,597,910 or 4.1% of net assets. (g) Identifies issues considered to be illiquid as to their marketability. These securities are valued at fair value according to methods selected in good faith by the Fund's Board of Directors. Information concerning such security holdings at July 31, 2005, is as follows: Security Acquisition Cost dates UBI Soft Entertainment Warrants 12-02-03 $19,674 (h) At July 31, 2005, the cost of securities for federal income tax purposes was approximately $165,976,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $25,527,000 Unrealized depreciation (3,403,000) ---------- Net unrealized appreciation $22,124,000 ----------- The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of Morgan Stanley Capital International Inc and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. 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.ameriprise.com. - -------------------------------------------------------------------------------- 2 -- AXP GLOBAL TECHNOLOGY FUND -- PORTFOLIO HOLDINGS AT JULY 31, 2005 S-6395-80 D (9/05) AXP(R) THREADNEEDLE EMERGING MARKETS FUND A FEEDER FUND INVESTING IN EMERGING MARKETS PORTFOLIO PORTFOLIO HOLDINGS AT JULY 31, 2005 Investments in Securities Emerging Markets Portfolio July 31, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Common Stocks (94.3%)(c) Issuer Shares Value(a) Argentina (0.9%) Real Estate IRSA Inversiones y Representaciones GDR 293,854(b) $3,605,589 Brazil (7.4%) Chemicals (0.8%) Braskem ADR 168,318(b) 3,198,042 Metals & Mining (3.4%) Cia Vale do Rio Doce ADR 422,999(b) 11,780,523 Companhia Siderurgica Nacional ADR 103,711 1,937,321 Total 13,717,844 Oil & Gas (2.1%) Petroleo Brasileiro ADR 177,052 8,094,817 Specialty Retail (1.1%) Lojas Renner 220,662(b) 4,267,555 China (5.7%) Diversified Telecommunication Services (1.0%) China Telecom Cl H 10,434,000 4,012,478 Insurance (1.3%) China Life Insurance Cl H 6,704,000(b) 4,987,222 Oil & Gas (3.4%) CNOOC 12,285,000 8,537,542 PetroChina Cl H 5,344,000 4,770,768 Total 13,308,310 Common Stocks (continued) Issuer Shares Value(a) Czechoslovakia Federated Republic (1.5%) Pharmaceuticals Zentiva 157,349 $5,728,918 Egypt (1.4%) Commercial Banks (0.5%) Commercial Intl Bank 214,518 1,781,206 Wireless Telecommunication Services (0.9%) Orascom Telecom GDR 76,332(d) 3,711,262 Hong Kong (3.0%) Specialty Retail Esprit Holdings 587,000 4,362,978 Giordano Intl 7,400,000 5,521,464 Sa Sa Intl Holdings 3,814,000 1,948,618 Total 11,833,060 Hungary (2.9%) Commercial Banks (1.4%) OTP Bank 142,659 5,361,622 Pharmaceuticals (1.5%) Gedeon Richter 37,867 5,992,484 Common Stocks (continued) Issuer Shares Value(a) India (6.8%) Commercial Banks (1.9%) ICICI Bank ADR 158,546 $4,187,199 State Bank of India GDR 71,812(d) 3,360,802 Total 7,548,001 Construction Materials (0.5%) Grasim Inds GDR 72,780(d) 1,968,699 IT Services (1.6%) Infosys Technologies 124,020 6,469,334 Oil & Gas (1.1%) Oil & Natural Gas 208,293 4,496,206 Tobacco (1.1%) ITC 108,721 4,191,625 Wireless Telecommunication Services (0.6%) Bharti Tele-Ventures 340,144(b) 2,212,482 Indonesia (1.1%) Commercial Banks Bank Rakyat Indonesia 13,086,500 4,261,087 Israel (3.1%) Chemicals (1.0%) Makhteshin-Agan Inds 666,380 3,780,124 Electronic Equipment & Instruments (1.1%) Lipman Electronic Engineering 131,618 4,264,423 Pharmaceuticals (1.0%) Teva Pharmaceutical Inds ADR 127,163 3,992,918 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 1 -- AXP THREADNEEDLE EMERGING MARKETS FUND -- PORTFOLIO HOLDINGS AT JULY 31, 2005 Common Stocks (continued) Issuer Shares Value(a) Mexico (10.9%) Beverages (1.7%) Grupo Modelo Series C 2,062,500 $6,812,694 Commercial Banks (1.0%) Grupo Financiero Banorte Cl O 472,513 4,010,985 Food & Staples Retailing (1.7%) Wal-Mart de Mexico Series V 1,514,412 6,777,897 Household Durables (2.1%) Consorcio ARA 1,477,400 5,405,836 Urbi Desarrollos Urbanos 439,800(b) 2,743,924 Total 8,149,760 Media (1.5%) Grupo Televisa ADR 87,646 5,782,006 Wireless Telecommunication Services (2.9%) America Movil ADR Series L 520,722 11,591,272 Netherlands (1.1%) Beverages Efes Breweries Intl GDR 119,769(b,d) 4,251,800 Philippine Islands (0.8%) Diversified Telecommunication Services Philippine Long Distance Telephone 106,960 3,095,446 Poland (1.0%) Media TVN 255,948(b) 3,845,733 Russia (4.5%) Oil & Gas (3.3%) LUKOIL ADR 261,005 10,792,557 Novatek GDR 115,691(b,d) 2,394,804 Total 13,187,361 Wireless Telecommunication Services (1.2%) Mobile Telesystems ADR 128,512 4,557,036 South Africa (11.3%) Commercial Banks (2.1%) ABSA Group 202,769 2,820,643 Standard Bank Group 510,436 5,481,303 Total 8,301,946 Diversified Telecommunication Services (0.8%) Telkom 161,405 3,077,264 Food & Staples Retailing (1.0%) Massmart Holdings 509,817 3,812,136 Metals & Mining (4.2%) Anglo American 250,820 6,320,186 Gold Fields 402,227 4,380,205 Impala Platinum Holdings 63,183 5,845,304 Total 16,545,695 Common Stocks (continued) Issuer Shares Value(a) South Africa (cont.) Oil & Gas (1.7%) Sasol 226,089 $6,762,795 Wireless Telecommunication Services (1.6%) MTN Group 879,248 6,205,899 South Korea (15.0%) Automobiles (1.6%) Hyundai Motor 89,461 6,156,494 Commercial Banks (2.4%) Kookmin Bank 104,580 5,517,828 Shinhan Financial Group 130,060 3,923,661 Total 9,441,489 Construction & Engineering (1.3%) Hyundai Development 189,910 5,185,478 Electric Utilities (1.4%) Korea Electric Power 157,350 5,465,442 Food & Staples Retailing (1.6%) Shinsegae 18,076 6,370,344 Semiconductors & Semiconductor Equipment (6.7%) Samsung Electronics 48,150 26,392,342 Taiwan (11.9%) Commercial Banks (0.9%) Chinatrust Financial Holding 3,279,234 3,469,396 Computers & Peripherals (2.1%) Acer 2,302,172 4,379,366 Asustek Computer 1,402,280 3,892,342 Total 8,271,708 Electronic Equipment & Instruments (2.6%) AU Optronics 2,921,050 4,564,052 Hon Hai Precision Industry 1,030,000 5,783,123 Total 10,347,175 Industrial Conglomerates (0.9%) Far Eastern Textile 4,416,000 3,570,129 Insurance (1.7%) Cathay Financial Holding 3,414,000 6,820,535 Semiconductors & Semiconductor Equipment (3.6%) Taiwan Semiconductor Mfg 8,638,089 14,408,795 Thailand (2.7%) Commercial Banks (2.0%) Bangkok Bank 1,706,100 4,332,033 Kasikornbank 2,356,000 3,388,333 Total 7,720,366 Oil & Gas (0.7%) PTT Public 529,000 2,947,358 Common Stocks (continued) Issuer Shares Value(a) Turkey (1.5%) Beverages (--%) Anadolu Efes Biracilik ve Malt Sanayil 1 $12 Commercial Banks (0.8%) Akbank 542,947 2,966,431 Household Durables (0.7%) Arcelik 504,569 3,056,961 Total Common Stocks (Cost: $305,908,655) $372,143,488 Preferred Stocks (2.9%)(c) Issuer Shares Value(a) Brazil Banco Bradesco 193,986 $6,787,062 Banco Itau Holding Financeira 25,080 4,756,552 Total Preferred Stocks (Cost: $8,369,920) $11,543,614 Short-Term Securities (0.7%) Issuer Effective Amount Value(a) yield payable at maturity U.S. Government Agencies Federal Home Loan Bank Disc Nt 08-17-05 3.26% $1,400,000 $1,397,599 Federal Natl Mtge Assn Disc Nt 08-01-05 3.06 1,200,000 1,199,694 Total Short-Term Securities (Cost: $2,597,521) $2,597,293 Total Investments in Securities (Cost: $316,876,096)(e) $386,284,395 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 2 -- AXP THREADNEEDLE EMERGING MARKETS FUND -- PORTFOLIO HOLDINGS AT JULY 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 Semiannual Report dated April 30, 2005. (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 July 31, 2005, the value of these securities amounted to $15,687,367 or 4.0% of net assets. (e) At July 31, 2005, the cost of securities for federal income tax purposes was approximately $316,876,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $71,093,000 Unrealized depreciation (1,685,000) Net unrealized appreciation $69,408,000 The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of Morgan Stanley Capital International Inc. and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. 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.ameriprise.com. - -------------------------------------------------------------------------------- 3 -- AXP THREADNEEDLE EMERGING MARKETS FUND -- PORTFOLIO HOLDINGS AT JULY 31, 2005 S-6354-80 D (9/05) PORTFOLIO HOLDINGS FOR AXP(R) THREADNEEDLE GLOBAL BALANCED FUND AT JULY 31, 2005 Investments in Securities AXP Threadneedle Global Balanced Fund July 31, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Common Stocks (66.0%)(c) Issuer Shares Value(a) Brazil (0.8%) Energy (0.4%) Petroleo Brasileiro ADR 8,994 $472,815 Metals & Mining (0.4%) Cia Vale do Rio Doce ADR 17,004 473,561 Canada (1.6%) Diversified Financial Services (0.4%) TSX Group 16,976 519,863 Metals & Mining (0.4%) Cameco 9,300 436,847 Oil & Gas (0.8%) EnCana 23,938 987,132 Czechoslovakia Federated Republic (0.2%) Pharmaceuticals Zentiva GDR 6,965(b,d) 255,239 France (3.8%) Automobiles (0.5%) Renault 6,630 606,746 Commercial Banks (0.3%) BNP Paribas 5,513 397,632 Diversified Telecommunication Services (0.5%) France Telecom 19,252 593,860 Electrical Equipment (0.6%) Schneider Electric 8,422 660,448 Energy Equipment & Services (--%) Gaz de France 1,572(b) 51,607 Oil & Gas (0.8%) Total 3,703 925,901 Common Stocks (continued) Issuer Shares Value(a) France (cont.) Pharmaceuticals (1.1%) Sanofi-Aventis 14,721 $1,270,579 Germany (1.5%) Multi-Utilities & Unregulated Power (0.9%) RWE 16,166 1,078,085 Thrifts & Mortgage Finance (0.6%) Hypo Real Estate Holding 16,405 666,817 Greece (0.4%) Construction Materials TITAN Cement 15,000 507,152 Hong Kong (3.1%) Multiline Retail (0.3%) Lifestyle Intl Holdings 233,500 412,016 Real Estate (1.9%) Henderson Land Development 110,000 554,375 New World Development 848,600 1,129,868 Sun Hung Kai Properties 47,000 483,484 Total 2,167,727 Specialty Retail (0.9%) Esprit Holdings 151,500 1,126,050 India (0.8%) Commercial Banks State Bank of India GDR 21,600 1,010,880 Ireland (0.4%) Commercial Banks Anglo Irish Bank 32,418 433,942 Common Stocks (continued) Issuer Shares Value(a) Italy (0.6%) Oil & Gas Eni 23,639 $669,633 Japan (7.8%) Automobiles (0.4%) Honda Motor 9,100 468,590 Capital Markets (0.2%) Matsui Securities 31,700 285,042 Commercial Banks (1.5%) Bank of Yokohama 87,000 491,452 Chiba Bank 52,000 334,796 Mitsubishi Tokyo Financial Group 81 674,935 UFJ Holdings 46(b) 236,758 Total 1,737,941 Construction & Engineering (0.4%) Nishimatsu Construction 99,000 354,783 Okumura 32,000 176,808 Total 531,591 Consumer Finance (0.4%) Aiful 6,400 460,667 Electronic Equipment & Instruments (0.9%) Hoya 5,400 664,479 Keyence 1,500 359,254 Total 1,023,733 Household Durables (0.7%) Daito Trust Construction 13,200 486,366 Daiwa House Industry 31,000 346,822 Total 833,188 Insurance (0.3%) T&D Holdings 8,650 408,914 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 1 -- AXP THREADNEEDLE GLOBAL BALANCED FUND -- PORTFOLIO HOLDINGS AT JULY 31, 2005 Common Stocks (continued) Issuer Shares Value(a) Japan (cont.) Internet Software & Services (0.2%) eAccess 341 $235,276 Machinery (1.6%) Amada 112,000 797,903 Komatsu 105,000 985,891 Total 1,783,794 Office Electronics (0.5%) Canon 13,100 644,370 Oil & Gas (0.4%) Nippon Oil 77,000 525,817 Real Estate (0.3%) Mitsui Fudosan 27,000 306,418 Mexico (0.2%) Wireless Telecommunication Services America Movil ADR Series L 12,174 270,993 Netherlands (1.0%) Food Products (0.6%) Royal Numico 18,775(b) 791,542 Media (0.4%) VNU 16,236 465,007 Russia (0.6%) Wireless Telecommunication Services Mobile Telesystems ADR 20,765 736,327 Singapore (0.5%) Real Estate City Developments 124,000 643,486 South Africa (0.3%) Food & Staples Retailing Massmart Holdings 47,363 354,155 South Korea (2.6%) Chemicals (0.4%) Hanwha Chemical 36,110 434,120 Construction & Engineering (0.7%) Hyundai Development 29,000 791,843 Metals & Mining (0.5%) POSCO 3,059 608,557 Semiconductors & Semiconductor Equipment (1.0%) Samsung Electronics 2,419 1,325,920 Spain (0.3%) IT Services Indra Sistemas 21,081 418,183 Common Stocks (continued) Issuer Shares Value(a) Sweden (0.4%) Communications Equipment Telefonaktiebolaget LM Ericsson Cl B 125,557 $429,906 Switzerland (3.4%) Biotechnology (0.3%) Actelion 2,854(b) 306,134 Capital Markets (0.8%) UBS 12,198 999,495 Food Products (0.7%) Nestle 2,988 820,301 Health Care Equipment & Supplies (0.5%) Nobel Biocare Holding 2,618 551,841 Pharmaceuticals (1.1%) Roche Holding 10,392 1,409,390 Taiwan (0.4%) Semiconductors & Semiconductor Equipment Taiwan Semiconductor Mfg 266,252 444,123 United Kingdom (5.8%) Capital Markets (0.5%) 3i Group 49,531 617,853 Chemicals (0.4%) BOC Group 23,831 452,107 Commercial Banks (0.5%) Standard Chartered Bank 32,267 628,500 Electric Utilities (0.5%) British Energy Group 83,491(b) 630,554 Food & Staples Retailing (0.7%) Tesco 138,692 792,667 Food Products (0.7%) Cadbury Schweppes 86,599 831,164 Insurance (0.5%) Britannic Group 51,740 567,777 Media (0.3%) Reuters Group 48,919 332,194 Metals & Mining (0.5%) BHP Billiton 38,703 549,908 Oil & Gas (0.5%) BP 54,061 594,587 Wireless Telecommunication Services (0.7%) O2 137,788(b) 337,230 Vodafone Group 238,585 614,538 Total 951,768 Common Stocks (continued) Issuer Shares Value(a) United States (29.5%) Beverages (0.7%) PepsiCo 14,753 $804,481 Biotechnology (0.9%) Amgen 9,165(b) 730,909 ViroPharma 29,141(b) 337,744 Total 1,068,653 Capital Markets (1.1%) Bear Stearns Companies 4,575 467,153 Goldman Sachs Group 3,668 394,237 Lehman Brothers Holdings 4,051 425,882 Total 1,287,272 Commercial Banks (0.6%) Bank of America 16,019 698,428 Communications Equipment (0.4%) Cisco Systems 23,664(b) 453,165 Computers & Peripherals (0.8%) Dell 24,697(b) 999,488 Diversified Financial Services (1.3%) Citigroup 34,557 1,503,230 Intl Securities Exchange 1,069(b) 25,570 Total 1,528,800 Electric Utilities (0.5%) Edison Intl 13,725 561,078 Food & Staples Retailing (1.3%) CVS 21,666 672,296 Walgreen 17,483 836,736 Total 1,509,032 Food Products (0.2%) WM Wrigley Jr 4,041 287,477 Health Care Equipment & Supplies (1.0%) St. Jude Medical 16,154(b) 765,862 Zimmer Holdings 5,112(b) 421,024 Total 1,186,886 Health Care Providers & Services (1.4%) DaVita 12,842(b) 606,656 Laboratory Corp of America Holdings 8,242(b) 417,622 WellPoint 9,750(b) 689,715 Total 1,713,993 Hotels, Restaurants & Leisure (0.7%) Carnival Unit 14,970 784,428 Household Durables (0.8%) Mohawk Inds 4,927(b) 432,689 Tempur-Pedic Intl 27,360(b) 470,865 Total 903,554 Household Products (0.4%) Procter & Gamble 7,941 441,758 Industrial Conglomerates (1.0%) General Electric 33,285 1,148,333 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 2 -- AXP THREADNEEDLE GLOBAL BALANCED FUND -- PORTFOLIO HOLDINGS AT JULY 31, 2005 Common Stocks (continued) Issuer Shares Value(a) United States (cont.) Insurance (1.3%) American Intl Group 15,473 $931,474 Genworth Financial Cl A 21,694 680,324 Total 1,611,798 Internet Software & Services (0.7%) Google Cl A 2,908(b) 836,806 Media (0.9%) Dex Media 29,662 745,999 Lamar Advertising Cl A 7,066(b) 310,975 Total 1,056,974 Metals & Mining (0.3%) Massey Energy 9,331 403,566 Multiline Retail (0.4%) Dillard's Cl A 18,628 425,836 Oil & Gas (3.1%) Chevron 5,192 301,188 EOG Resources 13,492 824,360 Exxon Mobil 7,743 454,901 Forest Oil 14,925(b) 668,043 Ultra Petroleum 17,620(b) 668,150 Valero Energy 9,847 815,135 Total 3,731,777 Pharmaceuticals (2.0%) Abbott Laboratories 14,225 663,312 Johnson & Johnson 23,584 1,508,432 Pfizer 9,372 248,358 Total 2,420,102 Road & Rail (0.3%) Norfolk Southern 10,322 384,082 Semiconductors & Semiconductor Equipment (0.5%) Intel 21,837 592,656 Software (3.0%) Adobe Systems 21,644 641,528 Autodesk 15,447 528,133 Microsoft 68,715 1,759,791 Oracle 51,755(b) 702,833 Total 3,632,285 Specialty Retail (1.7%) Home Depot 35,228 1,532,770 Staples 20,090 457,449 Total 1,990,219 Tobacco (0.8%) Altria Group 14,992 1,003,864 Wireless Telecommunication Services (1.4%) American Tower Cl A 43,757(b) 1,005,536 SpectraSite 8,890(b) 726,313 Total 1,731,849 Total Common Stocks (Cost: $64,612,074) $78,918,915 Preferred Stock & Other (0.7%)(c) Issuer Shares Value(a) Germany Porsche 965 $765,107 Singapore City Development Warrants 12,600(b,e) 47,329 Total Preferred Stock & Other (Cost: $464,436) $812,436 Bonds (29.7%)(c) Issuer Coupon Principal Value(a) rate amount Australia (0.3%) New South Wales Treasury (Australian Dollar) 03-01-08 8.00% 500,000 $401,937 Austria (1.3%) Oesterreichische Kontrollbank (Japanese Yen) 03-22-10 1.80 160,000,000 1,512,611 Belgium (0.8%) Govt of Belgium (European Monetary Unit) 12-24-12 8.00 600,000 966,437 Canada (1.5%) Govt of Canada (Canadian Dollar) 09-01-08 4.25 1,600,000 1,347,273 Province of British Columbia (Canadian Dollar) 12-01-06 5.25 500,000 420,471 Total 1,767,744 Denmark (0.2%) Realkredit Danmark (Danish Krone) 01-01-08 4.00 1,720,000 289,791 France (1.8%) French Treasury Note (European Monetary Unit) 07-12-08 3.00 300,000 369,873 Govt of France (European Monetary Unit) 04-25-13 4.00 500,000 644,923 10-25-14 4.00 930,000 1,197,334 Total 2,212,130 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Germany (5.2%) Allgemeine Hypothekenbank Rheinboden (European Monetary Unit) 09-02-09 5.00% 850,000(d) $1,121,927 Bundesrepublik Deutschland (European Monetary Unit) 01-05-06 6.00 700,000 862,267 07-04-08 4.75 725,000 936,851 07-04-09 4.50 85,000 110,625 07-04-10 5.25 850,000 1,151,508 06-20-16 6.00 434,598 655,377 07-04-27 6.50 400,000 688,243 Rheinische Hypothekenbank (European Monetary Unit) 09-24-08 4.25 550,000 702,291 Total 6,229,089 Greece (4.1%) Hellenic Republic (European Monetary Unit) 06-21-06 2.75 2,000,000 2,436,593 04-18-08 3.50 100,000 124,570 04-20-09 3.50 800,000 999,703 05-20-13 4.60 400,000 531,287 10-22-22 5.90 500,000 762,603 Total 4,854,756 Italy (4.0%) Buoni Poliennali Del Tesoro (European Monetary Unit) 11-01-09 4.25 400,000 516,524 08-01-11 5.25 200,000 273,450 08-01-13 4.25 600,000 781,897 08-01-14 4.25 720,000 936,883 08-01-15 3.75 200,000 249,176 02-01-20 4.50 350,000 461,592 11-01-29 5.25 600,000 871,383 08-01-34 5.00 500,000 709,624 Total 4,800,529 Japan (2.5%) Govt of Japan (Japanese Yen) 03-20-09 0.60 45,000,000 403,967 06-22-09 1.40 20,000,000 185,027 12-21-09 1.70 137,000,000 1,285,894 06-20-13 0.50 134,000,000 1,145,445 Total 3,020,333 Netherlands (0.6%) Govt of Netherlands (European Monetary Unit) 07-15-12 5.00 500,000 682,561 Norway (0.3%) Govt of Norway (Norwegian Krone) 05-16-11 6.00 2,100,000 369,854 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 3 -- AXP THREADNEEDLE GLOBAL BALANCED FUND -- PORTFOLIO HOLDINGS AT JULY 31, 2005 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Poland (0.2%) Republic of Poland (Polish Zloty) 03-24-10 5.75% 655,000 $201,548 Supra-National (0.4%) Intl Bank Reconstruction & Development (Japanese Yen) 02-18-08 2.00 55,000,000 513,897 Sweden (0.3%) Govt of Sweden (Swedish Krona) 08-15-07 8.00 2,250,000 324,123 United Kingdom (1.4%) Greater Beijing First Expressways Sr Nts 06-15-07 9.50 170,000(b,e,f) -- United Kingdom Treasury (British Pound) 07-12-11 9.00 410,000 897,965 09-27-13 8.00 340,000 749,598 Total 1,647,563 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (4.7%) ConocoPhillips 03-15-28 7.13% $200,000 $213,711 Federal Natl Mtge Assn 07-15-08 3.88 700,000 691,695 05-15-10 4.13 415,000 410,286 U.S. Treasury 07-31-06 2.75 1,000,000 988,828 02-15-07 2.25 500,000 487,305 02-15-09 3.00 500,000 481,875 11-15-12 4.00 200,000 197,742 08-15-14 4.25 508,000 506,909 08-15-20 8.75 400,000 584,031 02-15-23 7.13 100,000 130,887 02-15-26 6.00 469,000 558,476 02-15-31 5.38 50,000 56,816 U.S. Treasury Inflation-Indexed Bond 01-15-15 1.63 366,548(g) 358,376 Total 5,666,937 Total Bonds (Cost: $33,988,817) $35,461,840 Short-Term Security (2.6%) Issuer Effective Amount Value(a) yield payable at maturity Commercial Paper CAFCO LLC 08-01-05 3.30% $3,100,000 $3,099,148 Total Short-Term Security (Cost: $3,099,432) $3,099,148 Total Investments in Securities (Cost: $102,164,759)(h) $118,292,339 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 4 -- AXP THREADNEEDLE GLOBAL BALANCED FUND -- PORTFOLIO HOLDINGS AT JULY 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 Semiannual Report dated April 30, 2005. (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 U.S. dollar currency unless otherwise noted. (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 July 31, 2005, the value of these securities amounted to $1,377,166 or 1.2% of net assets. (e) Identifies issues considered to be illiquid as to their marketability. These securities are valued at fair value according to methods selected in good faith by the Fund's Board of Directors. Information concerning such security holdings at July 31, 2005, is as follows: Security Acquisition Cost dates City Development Warrants 05-04-04 $ -- Greater Beijing First Expressways 9.50% Sr Nts 2007 06-12-97 51,391 (f) Negligible market value. (g) U.S. Treasury inflation-indexed bonds are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount. (h) At July 31, 2005, the cost of securities for federal income tax purposes was approximately $102,165,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $17,508,000 Unrealized depreciation (1,381,000) ---------- Net unrealized appreciation $16,127,000 ----------- The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of Morgan Stanley Capital International Inc. and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. 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.ameriprise.com. - -------------------------------------------------------------------------------- 5 -- AXP THREADNEEDLE GLOBAL BALANCED FUND -- PORTFOLIO HOLDINGS AT JULY 31, 2005 S-6352-80 D (9/05) AXP(R) THREADNEEDLE GLOBAL EQUITY FUND A FEEDER FUND INVESTING IN WORLD GROWTH PORTFOLIO PORTFOLIO HOLDINGS AT JULY 31, 2005 Investments in Securities World Growth Portfolio July 31, 2005 (Unaudited) (Percentages represent value of investments compared to net assets) Common Stocks (96.8%)(c) Issuer Shares Value(a) Brazil (1.8%) Energy (0.6%) Petroleo Brasileiro ADR 59,394 $3,122,343 Metals & Mining (1.2%) Cia Vale do Rio Doce ADR 226,892 6,318,943 Canada (3.7%) Airlines (0.7%) ACE Aviation Holdings Cl A 114,100(b) 3,557,526 Metals & Mining (0.5%) Cameco 60,800 2,855,946 Oil & Gas (2.5%) EnCana 168,840 6,962,460 Suncor Energy 126,013 6,162,036 Total 13,124,496 Czechoslovakia Federated Republic (0.3%) Pharmaceuticals Zentiva GDR 44,801(b,d) 1,641,773 Common Stocks (continued) Issuer Shares Value(a) France (6.0%) Automobiles (0.4%) Renault 22,556 $2,064,218 Commercial Banks (0.5%) BNP Paribas 35,490 2,559,762 Diversified Telecommunication Services (0.8%) France Telecom 130,000 4,010,068 Electrical Equipment (0.7%) Schneider Electric 49,686 3,896,347 Energy Equipment & Services (0.1%) Gaz de France 9,968(b) 327,240 Metals & Mining (0.5%) Arcelor 132,487 2,840,772 Oil & Gas (1.4%) Total 28,518 7,130,663 Pharmaceuticals (1.6%) Sanofi-Aventis 100,000 8,631,067 Germany (1.5%) Multi-Utilities & Unregulated Power (0.6%) RWE 49,900 3,327,752 Thrifts & Mortgage Finance (0.9%) Hypo Real Estate Holding 110,000 4,471,187 Greece (1.0%) Construction Materials TITAN Cement 153,130 5,177,344 Common Stocks (continued) Issuer Shares Value(a) Hong Kong (6.3%) Multiline Retail (0.8%) Lifestyle Intl Holdings 2,247,500 $3,965,763 Real Estate (3.3%) Henderson Land Development 1,146,000 5,775,580 New World Development 4,980,600 6,631,423 Sun Hung Kai Properties 510,000 5,246,312 Total 17,653,315 Specialty Retail (2.2%) Esprit Holdings 929,500 6,908,668 Giordano Intl 5,812,000 4,336,588 Total 11,245,256 India (0.8%) Commercial Banks State Bank of India GDR 87,394 4,090,039 Italy (1.0%) Oil & Gas Eni 193,225 5,473,572 Japan (16.1%) Automobiles (0.7%) Honda Motor 70,700 3,640,581 Capital Markets (0.5%) Kobayashi Yoko 22,100 357,339 Matsui Securities 229,800(e) 2,066,329 Total 2,423,668 Commercial Banks (2.5%) Bank of Yokohama 610,000 3,445,809 Chiba Bank 618,000 3,978,920 Mitsubishi Tokyo Financial Group 653 5,441,137 Total 12,865,866 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 1 -- AXP THREADNEEDLE GLOBAL EQUITY FUND -- PORTFOLIO HOLDINGS AT JULY 31, 2005 Common Stocks (continued) Issuer Shares Value(a) Japan (cont.) Construction & Engineering (0.7%) Nishimatsu Construction 690,000 $2,472,731 Okumura 209,000 1,154,776 Total 3,627,507 Consumer Finance (0.7%) Aiful 54,000 3,886,877 Electronic Equipment & Instruments (1.9%) Hoya 38,400 4,725,179 Keyence 20,900 5,005,611 Total 9,730,790 Household Durables (2.4%) Daito Trust Construction 137,300 5,058,937 Daiwa House Industry 319,000 3,568,912 GOLD CREST 66,230 3,970,669 Total 12,598,518 Insurance (0.5%) T&D Holdings 55,800 2,637,849 Internet Software & Services (0.6%) eAccess 4,857 3,351,134 Machinery (2.3%) Amada 882,000 6,283,488 Komatsu 629,000 5,905,957 Total 12,189,445 Metals & Mining (0.7%) Nisshin Steel 1,488,000 3,667,928 Office Electronics (0.9%) Canon 97,100 4,776,209 Oil & Gas (1.0%) Nippon Oil 749,000 5,114,764 Real Estate (0.7%) Mitsui Fudosan 328,000 3,722,406 Netherlands (0.8%) Food Products Royal Numico 100,070(b) 4,218,887 Russia (1.0%) Wireless Telecommunication Services Mobile Telesystems ADR 154,583 5,481,513 South Africa (0.7%) Food & Staples Retailing Massmart Holdings 485,061 3,627,024 Common Stocks (continued) Issuer Shares Value(a) South Korea (4.5%) Chemicals (0.5%) Hanwha Chemical 200,000 $2,404,433 Construction & Engineering (0.9%) Hyundai Development 180,880 4,938,914 Metals & Mining (1.1%) POSCO 28,616 5,692,858 Semiconductors & Semiconductor Equipment (2.0%) Samsung Electronics 18,695 10,247,245 Sweden (1.1%) Communications Equipment Telefonaktiebolaget LM Ericsson Cl B 1,650,539 5,651,428 Switzerland (5.4%) Capital Markets (2.0%) UBS 125,105 10,251,014 Food Products (0.5%) Nestle 9,228 2,533,380 Health Care Equipment & Supplies (0.8%) Nobel Biocare Holding 21,063 4,439,815 Pharmaceuticals (2.1%) Roche Holding 80,618 10,933,621 Taiwan (0.5%) Real Estate Hung Poo Real Estate Development 3,778,000 2,773,258 United Kingdom (5.4%) Capital Markets (0.4%) 3i Group 180,271 2,248,712 Commercial Banks (0.8%) Standard Chartered Bank 205,546 4,003,647 Electric Utilities (0.5%) British Energy Group 350,000(b) 2,643,325 Food & Staples Retailing (1.3%) Tesco 1,267,974 7,246,855 Food Products (1.1%) Cadbury Schweppes 584,861 5,613,409 Metals & Mining (0.5%) BHP Billiton 170,185 2,418,059 Wireless Telecommunication Services (0.8%) Vodafone Group 1,545,044 3,979,665 Common Stocks (continued) Issuer Shares Value(a) United States (38.9%) Beverages (0.5%) PepsiCo 46,676 $2,545,242 Biotechnology (1.4%) Amgen 67,935(b) 5,417,817 Myogen 161,959(b) 1,771,831 Total 7,189,648 Capital Markets (1.8%) Bear Stearns Companies 37,617 3,841,072 Goldman Sachs Group 23,250 2,498,910 Lehman Brothers Holdings 26,786 2,816,012 Total 9,155,994 Commercial Banks (0.9%) Bank of America 108,825 4,744,770 Computers & Peripherals (1.4%) Dell 187,080(b) 7,571,128 Diversified Financial Services (1.5%) Citigroup 174,564 7,593,534 Energy Equipment & Services (0.6%) ENSCO Intl 79,602 3,214,329 Food & Staples Retailing (1.7%) CVS 113,724 3,528,856 Walgreen 108,010 5,169,358 Total 8,698,214 Health Care Equipment & Supplies (2.3%) St. Jude Medical 115,059(b) 5,454,947 Thermo Electron 94,750(b) 2,829,235 Zimmer Holdings 44,678(b) 3,679,680 Total 11,963,862 Health Care Providers & Services (2.7%) DaVita 71,672(b) 3,385,785 Laboratory Corp of America Holdings 64,205(b) 3,253,267 WellPoint 104,108(b) 7,364,601 Total 14,003,653 Household Durables (0.7%) Tempur-Pedic Intl 212,570(b) 3,658,330 Insurance (1.9%) American Intl Group 97,213 5,852,223 Genworth Financial Cl A 130,693 4,098,532 Total 9,950,755 Internet Software & Services (1.0%) Google Cl A 17,857(b) 5,138,530 Media (1.1%) Dex Media 229,586 5,774,088 Metals & Mining (0.5%) Massey Energy 64,613 2,794,512 Multiline Retail (0.7%) Dillard's Cl A 150,629 3,443,379 See accompanying notes to investments in securities. - -------------------------------------------------------------------------------- 2 -- AXP THREADNEEDLE GLOBAL EQUITY FUND -- PORTFOLIO HOLDINGS AT JULY 31, 2005 Common Stocks (continued) Issuer Shares Value(a) United States (cont.) Oil & Gas (3.7%) Anadarko Petroleum 47,822 $4,225,074 EOG Resources 70,052 4,280,177 Forest Oil 105,453(b) 4,720,076 Ultra Petroleum 75,888(b) 2,877,673 Valero Energy 42,181 3,491,743 Total 19,594,743 Pharmaceuticals (2.8%) Abbott Laboratories 113,775 5,305,328 Johnson & Johnson 142,325 9,103,106 Total 14,408,434 Software (4.6%) Adobe Systems 112,320 3,329,165 Autodesk 93,844 3,208,526 Microsoft 495,744 12,696,004 Oracle 373,127(b) 5,067,065 Total 24,300,760 Specialty Retail (4.0%) Blockbuster Cl A 379,128 3,287,040 Home Depot 302,863 13,177,569 Staples 185,069 4,214,010 Total 20,678,619 Common Stocks (continued) Issuer Shares Value(a) United States (cont.) Tobacco (1.3%) Altria Group 103,881 $6,955,872 Wireless Telecommunication Services (1.8%) American Tower Cl A 180,653(b) 4,151,406 SpectraSite 65,934(b) 5,386,807 Total 9,538,213 Total Common Stocks (Cost: $440,910,193) $505,982,605 Preferred Stock (1.0%)(c) Issuer Shares Value(a) Germany Porsche 6,537 $5,182,904 Total Preferred Stock (Cost: $3,369,108) $5,182,904 Short-Term Securities (2.0%)(f) Issuer Effective Amount Value(a) yield payable at maturity U.S. Government Agency (0.3%) Federal Natl Mtge Assn Disc Nt 09-07-05 3.26% $1,600,000 $1,594,222 Commercial Paper (1.7%) HSBC Finance 08-01-05 3.31% 8,900,000 8,897,545 Total Short-Term Securities (Cost: $10,492,730) $10,491,767 Total Investments in Securities (Cost: $454,772,031)(g) $521,657,276 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, 2005. (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 July 31, 2005, the value of these securities amounted to $1,641,773 or 0.3% of net assets. (e) At July 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 0.2% of net assets. 1.8% of net assets is the Portfolio's cash equivalent position. (g) At July 31, 2005, the cost of securities for federal income tax purposes was approximately $454,772,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $73,976,000 Unrealized depreciation (7,091,000) ---------- Net unrealized appreciation $66,885,000 ----------- The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of Morgan Stanley Capital International Inc. and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. 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.ameriprise.com. - -------------------------------------------------------------------------------- 3 -- AXP THREADNEEDLE GLOBAL EQUITY FUND -- PORTFOLIO HOLDINGS AT JULY 31, 2005 S-6334-80 D (9/05) 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 September 27, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By /s/ Paula R. Meyer ------------------ Paula R. Meyer President and Principal Executive Officer Date September 27, 2005 By /s/ Jeffrey P. Fox ------------------ Jeffrey P. Fox Treasurer and Principal Financial Officer Date September 27, 2005 EX-99.CERT 2 ex99-cert.txt CERTIFICATION PURSUANT TO 270.30A-2 OF THE INVESTMENT COMPANY ACT OF 1940 Certification Pursuant to 270.30a-2 of the Investment Company Act of 1940 I, Paula Meyer, certify that: 1. I have reviewed this report on Form N-Q of AXP 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 22, 2005 /s/ Paula R. Meyer ------------------------- Name: Paula R. Meyer Title: President and Chief Executive Officer Certification Pursuant to 270.30a-2 of the Investment Company Act of 1940 I, Jeffrey Fox, certify that: 1. I have reviewed this report on Form N-Q of AXP 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 22, 2005 /s/ Jeffrey P. Fox -------------------------------- Name: Jeffrey P. Fox Title: Treasurer and Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----