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 -------- PORTFOLIO HOLDINGS FOR RIVERSOURCE EMERGING MARKETS FUND AT JAN. 31, 2006 Investments in SECURITIES RiverSource Emerging Markets Fund (formerly Emerging Markets Portfolio) Jan. 31, 2006 (Unaudited) (Percentages represent value of investments compared to net assets) Common Stocks (93.0%)(c) Issuer Shares Value(a) Argentina (0.8%) Real Estate IRSA Inversiones y Representaciones GDR 369,409(b) $4,063,499 Brazil (13.5%) Airlines (1.1%) GOL Linhas Aereas Inteligents ADR 186,012(d) 5,615,702 Beverages (0.8%) AmBev ADR 108,786 4,455,875 Commercial Banks (1.8%) UNIBANCO - Uniao de Bancos Brasileiros ADR 111,386 9,380,929 Metals & Mining (1.0%) Cia Vale do Rio Doce ADR 123,252 5,469,924 Oil & Gas (4.4%) Petroleo Brasileiro ADR 266,137 22,941,009 Paper & Forest Products (0.6%) Aracruz Celulose ADR 83,374 3,271,596 Real Estate (1.1%) Cyrela Brazil Realty 389,138 5,808,030 Specialty Retail (1.6%) Lojas Renner 196,262 8,344,020 Wireless Telecommunication Services (1.1%) Telesp Celular Participacoes ADR 789,461(d) 3,805,202 TIM Participacoes ADR 57,701 2,149,362 Total 5,954,564 Common Stocks (continued) Issuer Shares Value(a) Canada (0.7%) Metals & Mining Alamos Gold 440,900(b) $3,569,006 Chile (0.8%) Metals & Mining Antofagasta 111,602 4,043,802 China (3.0%) Oil & Gas CNOOC 9,558,000 8,070,242 PetroChina Cl H 7,962,000 7,749,030 Total 15,819,272 Colombia (0.6%) Commercial Banks Bancolombia ADR 94,358 3,073,240 Hong Kong (1.4%) Multiline Retail (0.4%) Lifestyle Intl Holdings 1,323,500 1,970,535 Specialty Retail (1.0%) Esprit Holdings 612,500 5,325,572 Hungary (2.3%) Commercial Banks (1.3%) OTP Bank 204,948 7,078,438 Oil & Gas (1.0%) MOL Magyar Olaj-es Gazipari 50,953 5,304,015 India (0.9%) Construction Materials (0.4%) Grasim Inds GDR 70,391 2,303,194 Tobacco (0.5%) ITC 744,832 2,614,616 Common Stocks (continued) Issuer Shares Value(a) Indonesia (0.5%) Machinery United Tractors 5,991,135 $2,448,300 Israel (1.3%) Electronic Equipment & Instruments (0.7%) Lipman Electronic Engineering 131,215(b) 3,513,938 Pharmaceuticals (0.6%) Teva Pharmaceutical Inds ADR 82,777 3,528,784 Mexico (7.6%) Construction Materials (1.1%) CEMEX ADR 85,682 5,653,298 Diversified Telecommunication Services (1.4%) AXTEL Series CPO 3,030,266(b) 7,421,474 Food & Staples Retailing (0.9%) Wal-Mart de Mexico Series V 789,512 4,601,485 Media (1.5%) Grupo Televisa ADR 81,164 6,781,251 Grupo Televisa Series CPO 281,500 1,176,366 Total 7,957,617 Wireless Telecommunication Services (2.7%) America Movil ADR Series L 427,567 14,421,835 Netherlands (0.8%) Beverages Efes Breweries Intl GDR 112,049(b) 4,224,247 See accompanying notes to investments in securities. -------------------------------------------------------------------------------- 1 -- RIVERSOURCE EMERGING MARKETS FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2006 Common Stocks (continued) Issuer Shares Value(a) Russia (6.9%) Commercial Banks (0.6%) Sberbank 2,239 $3,336,110 Diversified Telecommunication Services (0.4%) VolgaTelecom 552,804 2,189,104 Oil & Gas (4.8%) LUKOIL ADR 268,051 20,505,901 Surgutneftegas ADR 66,268 4,552,611 Total 25,058,512 Wireless Telecommunication Services (1.1%) Mobile Telesystems ADR 161,499 6,052,983 South Africa (15.2%) Commercial Banks (2.5%) ABSA Group 729,396 13,477,446 Food & Staples Retailing (0.8%) Massmart Holdings 420,201 4,106,951 Media (1.0%) Naspers Series N 243,376 5,224,386 Metals & Mining (7.2%) Anglo American 215,518 8,345,273 Anglo Platinum 60,551 5,039,251 Gold Fields 596,322 13,982,451 Impala Platinum Holdings 65,996 11,442,503 Total 38,809,478 Oil & Gas (1.6%) Sasol 212,304 8,729,144 Specialty Retail (1.6%) Foschini 649,724 6,222,588 Truworths Intl 477,419 2,014,210 Total 8,236,798 Wireless Telecommunication Services (0.5%) MTN Group 243,008 2,532,002 South Korea (20.7%) Automobiles (1.0%) Hyundai Motor 56,301 5,091,203 Commercial Banks (4.9%) Kookmin Bank 234,550 18,631,680 Shinhan Financial Group 186,180 7,925,634 Total 26,557,314 Construction & Engineering (0.7%) Hyundai Development 89,270 3,517,847 Distributors (0.6%) Lotte Shopping GDR 147,313(b,f) 3,044,960 Electrical Equipment (0.7%) Kumho Electric 53,489 3,849,566 Food & Staples Retailing (1.7%) Shinsegae 16,974 8,977,227 Common Stocks (continued) Issuer Shares Value(a) South Korea (cont.) Food Products (0.7%) Lotte Confectionery 3,026 $3,866,050 Insurance (1.0%) Samsung Fire & Marine Insurance 40,500 5,333,921 Machinery (0.7%) Samsung Heavy Inds 234,160 3,763,850 Media (0.2%) Cheil Communications 4,061 920,179 Oil & Gas (0.8%) SK 67,090 4,139,640 Personal Products (0.9%) Amorepacific 12,798 4,552,229 Semiconductors & Semiconductor Equipment (6.8%) Samsung Electronics 47,439 36,404,501 Taiwan (10.4%) Computers & Peripherals (1.8%) Acer 2,291,302 5,232,102 Asustek Computer 1,356,280 4,433,397 Total 9,665,499 Electronic Equipment & Instruments (1.5%) Hon Hai Precision Industry 1,191,644 8,014,122 Real Estate (0.7%) Hung Poo Real Estate Development 5,612,000 3,914,655 Semiconductors & Semiconductor Equipment (6.4%) MediaTek 202,000 2,018,799 Siliconware Precision Inds 2,557,000 3,595,269 Taiwan Semiconductor Mfg 13,153,089 26,125,971 Taiwan Semiconductor Mfg ADR 137,885 1,489,158 Total 33,229,197 Thailand (0.9%) Commercial Banks Kasikornbank 2,554,600 4,725,879 Common Stocks (continued) Issuer Shares Value(a) Turkey (4.7%) Beverages (0.6%) Anadolu Efes Biracilik ve Malt Sanayil 85,437 $2,925,703 Commercial Banks (3.3%) Akbank 1,371,046 11,932,067 Finansbank 461,044 2,616,793 Turkiye Vakiflar Bankasi Tao Cl D 471,900(b) 2,928,394 Total 17,477,254 Household Durables (0.8%) Arcelik 473,805 4,446,180 Total Common Stocks (Cost: $344,640,695) $492,347,706 Preferred Stocks (4.3%)(c) Issuer Shares Value(a) Brazil (2.7%) Banco Bradesco 213,272 $8,391,978 Banco Itau Holding Financeira 181,800 5,525,536 Total 13,917,514 Russia (1.6%) Transneft 3,492 8,590,320 Total Preferred Stocks (Cost: $15,716,229) $22,507,834 Short-Term Securities (2.8%)(e) Issuer Effective Amount Value(a) yield payable at maturity Commercial Paper Falcon Asset Securitization 02-14-06 4.43% $5,000,000(g) $4,991,406 Kitty Hawk Funding 02-02-06 4.32 5,000,000(g) 4,998,800 Thunder Bay Funding LLC 02-07-06 4.43 5,000,000(g) 4,995,693 Total 14,985,899 Total Short-Term Securities (Cost: $14,987,728) $14,985,899 Total Investments in Securities (Cost: $375,344,652)(h) $529,841,439 See accompanying notes to investments in securities. -------------------------------------------------------------------------------- 2 -- RIVERSOURCE EMERGING MARKETS FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2006 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, 2005. (b) Non-income producing. (c) Foreign security values are stated in U.S. dollars. (d) At Jan. 31, 2006, security was partially or fully on loan. (e) Cash collateral received from security lending activity is invested in short-term securities and represents 0.6% of net assets. 2.2% of net assets is the Fund's cash equivalent position. (f) Identifies issues considered to be illiquid as to their marketability. These securities may be valued at fair value according to methods selected in good faith by the Fund's Board of Directors. Information concerning such security holdings at Jan. 31, 2006, is as follows: Security Acquisition Cost dates Lotte Shopping GDR Common Stock 01-27-06 $3,044,960 (g) 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 Jan. 31, 2006, the value of these securities amounted to $14,985,899 or 2.8% of net assets. (h) At Jan. 31, 2006, the cost of securities for federal income tax purposes was approximately $375,345,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $156,144,000 Unrealized depreciation (1,648,000) Net unrealized appreciation $154,496,000 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.riversource.com/funds. -------------------------------------------------------------------------------- 3 -- RIVERSOURCE EMERGING MARKETS FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2006 PORTFOLIO HOLDINGS FOR RIVERSOURCE GLOBAL BALANCED FUND AT JAN. 31, 2006 Investments in SECURITIES RiverSource Global Balanced Fund Jan. 31, 2006 (Unaudited) (Percentages represent value of investments compared to net assets) Common Stocks (68.4%)(c) Issuer Shares Value(a) Australia (1.4%) Metals & Mining Newcrest Mining 53,494 $1,062,509 Zinifex 139,672 831,200 Total 1,893,709 Bermuda (0.4%) Insurance PartnerRe 9,517 587,960 Brazil (0.9%) Metals & Mining (0.6%) Cia Vale do Rio Doce ADR 19,300 856,534 Paper & Forest Products (0.3%) Aracruz Celulose ADR 11,230 440,665 Canada (1.3%) Airlines (0.3%) ACE Aviation Holdings Cl A 14,400(b) 450,079 Electrical Equipment (0.1%) Harbin Power Equipment Cl H 150,000 118,917 Metals & Mining (0.5%) Cameco 9,100 717,374 Road & Rail (0.4%) Canadian Pacific Railway 10,100 485,137 Czechoslovakia Federated Republic (0.3%) Pharmaceuticals Zentiva GDR 6,965(b,d) 349,270 Finland (0.2%) Communications Equipment Nokia 16,000 292,596 Common Stocks (continued) Issuer Shares Value(a) France (1.9%) Commercial Banks (0.4%) BNP Paribas 5,377 $479,565 Electrical Equipment (0.6%) Schneider Electric 9,218 963,268 Oil & Gas (0.3%) Total 1,359 375,180 Pharmaceuticals (0.6%) Sanofi-Aventis 9,137 837,673 Germany (2.6%) Chemicals (0.3%) Bayer 10,362 432,748 Electric Utilities (0.6%) E.ON 7,921 884,808 Health Care Providers & Services (0.8%) Fresenius Medical Care 8,596 916,339 Software (0.3%) SAP 2,334 477,873 Thrifts & Mortgage Finance (0.6%) Hypo Real Estate Holding 12,580 820,855 Greece (0.6%) Construction Materials TITAN Cement 19,722 867,504 Hong Kong (2.6%) Distributors (0.3%) Li & Fung 250,000 464,067 Multiline Retail (0.2%) Lifestyle Intl Holdings 228,000 339,465 Common Stocks (continued) Issuer Shares Value(a) Hong Kong (cont.) Real Estate (1.4%) Hang Lung Properties 286,000 $556,700 New World Development 621,600 909,463 Sun Hung Kai Properties 25,000 258,943 Total 1,725,106 Specialty Retail (0.7%) Esprit Holdings 111,500 969,471 India (0.6%) Commercial Banks (0.1%) State Bank of India GDR 2,213(d) 102,174 IT Services (0.5%) Infosys Technologies ADR 8,935 681,473 Italy (0.5%) Oil & Gas Eni 22,243 672,443 Japan (10.9%) Automobiles (0.7%) Honda Motor 16,100 914,118 Capital Markets (1.3%) Nomura Holdings 46,000 898,039 Tokai Tokyo Securities 130,000 919,864 Total 1,817,903 Commercial Banks (2.1%) Bank of Yokohama 85,000 688,406 Chiba Bank 51,000 461,304 Mitsubishi UFJ Financial Group 87 1,253,453 Mizuho Financial Group 61 499,233 Total 2,902,396 Consumer Finance (0.2%) Aiful 4,950 334,220 See accompanying notes to investments in securities. -------------------------------------------------------------------------------- 1 -- RIVERSOURCE GLOBAL BALANCED FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2006 Common Stocks (continued) Issuer Shares Value(a) Japan (cont.) Electronic Equipment & Instruments (0.6%) Hoya 21,200 $849,446 Household Durables (2.4%) Daito Trust Construction 12,900 604,859 Daiwa House Industry 35,000 587,809 GOLDCREST 7,770 682,276 Sekisui Chemical 82,000 636,846 Sharp 39,000 713,172 Total 3,224,962 Insurance (1.0%) Nisshin Fire & Marine Insurance 56,000 241,569 T&D Holdings 16,250 1,159,527 Total 1,401,096 Machinery (1.1%) AMADA 93,000 842,788 Komatsu 39,000 719,821 Total 1,562,609 Office Electronics (0.3%) Canon 6,200 374,220 Real Estate (0.7%) Mitsui Fudosan 44,000 926,513 Transportation Infrastructure (0.5%) Kamigumi 72,000 635,294 Mexico (0.6%) Wireless Telecommunication Services America Movil ADR Series L 23,843 804,224 Netherlands (1.1%) Diversified Financial Services (0.6%) ING Groep 22,037 786,445 Food Products (0.5%) Royal Numico 15,469(b) 702,985 Russia (0.6%) Wireless Telecommunication Services Mobile Telesystems ADR 20,254 759,120 Singapore (0.3%) Real Estate City Developments 86,000 453,469 South Africa (0.3%) Food & Staples Retailing Massmart Holdings 46,197 451,519 South Korea (3.9%) Chemicals (0.4%) Hanwha Chemical 35,220 578,904 Commercial Banks (1.6%) Kookmin Bank 11,120 883,327 Shinhan Financial Group 28,210 1,200,892 Total 2,084,219 Common Stocks (continued) Issuer Shares Value(a) South Korea (cont.) Metals & Mining (0.6%) POSCO 3,838 $877,610 Semiconductors & Semiconductor Equipment (1.3%) Samsung Electronics 2,359 1,810,287 Spain (0.3%) IT Services Indra Sistemas 20,562 397,509 Sweden (0.3%) Communications Equipment Telefonaktiebolaget LM Ericsson Cl B 122,557 442,263 Switzerland (4.6%) Capital Markets (2.1%) Credit Suisse Group 22,561 1,317,617 UBS 14,366 1,562,255 Total 2,879,872 Chemicals (0.4%) Syngenta 4,341(b) 551,880 Food Products (0.5%) Nestle 2,324 681,818 Health Care Equipment & Supplies (0.4%) Nobel Biocare Holding 2,554 579,455 Pharmaceuticals (1.2%) Novartis 8,622 473,529 Roche Holding 7,319 1,156,656 Total 1,630,185 Taiwan (0.9%) Semiconductors & Semiconductor Equipment Taiwan Semiconductor Mfg 297,253 590,433 Taiwan Semiconductor Mfg ADR 58,968 636,855 Total 1,227,288 United Kingdom (5.0%) Capital Markets (0.7%) 3i Group 59,047 963,150 Chemicals (0.4%) BOC Group 23,244 612,753 Commercial Banks (0.5%) Standard Chartered 25,858 641,647 Electric Utilities (0.9%) British Energy Group 109,062(b) 1,183,396 Food & Staples Retailing (0.4%) Tesco 107,556 608,399 Food Products (0.3%) Cadbury Schweppes 46,698 458,526 Hotels, Restaurants & Leisure (0.5%) InterContinental Hotels Group 42,843 659,971 Common Stocks (continued) Issuer Shares Value(a) United Kingdom (cont.) Metals & Mining (1.0%) BHP Billiton 70,708 $1,306,177 Oil & Gas (0.3%) BP 38,380 461,507 United States (26.3%) Aerospace & Defense (0.8%) United Technologies 19,895 1,161,271 Biotechnology (1.0%) Amgen 9,687(b) 706,085 ViroPharma 29,141(b) 676,363 Total 1,382,448 Capital Markets (1.5%) E*TRADE Financial 46,152(b) 1,097,956 Goldman Sachs Group 3,578 505,393 Lehman Brothers Holdings 3,627 509,412 Total 2,112,761 Communications Equipment (0.6%) Cisco Systems 41,203(b) 765,140 Computers & Peripherals (0.2%) Dell 8,361(b) 245,061 Consumer Finance (0.5%) American Express 12,440 652,478 Diversified Financial Services (0.9%) CIT Group 14,931 796,420 Citigroup 9,137 425,601 Total 1,222,021 Food & Staples Retailing (0.5%) Walgreen 14,857 643,011 Health Care Equipment & Supplies (1.1%) St Jude Medical 15,756(b) 774,093 Thermo Electron 20,072(b) 675,222 Total 1,449,315 Health Care Providers & Services (1.3%) CIGNA 4,957 602,771 Laboratory Corp of America Holdings 8,039(b) 471,487 WellPoint 9,510(b) 730,369 Total 1,804,627 Household Durables (0.5%) DR Horton 19,900 742,668 Insurance (1.0%) American Intl Group 8,578 561,516 Genworth Financial Cl A 25,244 826,993 Total 1,388,509 Internet Software & Services (0.5%) Google Cl A 1,537(b) 665,905 Machinery (0.9%) Caterpillar 18,406 1,249,767 See accompanying notes to investments in securities. -------------------------------------------------------------------------------- 2 -- RIVERSOURCE GLOBAL BALANCED FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2006 Common Stocks (continued) Issuer Shares Value(a) United States (cont.) Media (0.2%) RH Donnelley 5,028(b) $329,915 Multi-Utilities & Unregulated Power (0.7%) Mirant 33,405(b) 935,340 Oil & Gas (5.7%) EOG Resources 14,175 1,198,355 Forest Oil 18,475(b) 951,463 Kerr-McGee 11,238 1,240,563 Marathon Oil 10,882 836,499 Occidental Petroleum 9,772 954,822 Ultra Petroleum 18,244(b) 1,255,005 Valero Energy 23,592 1,472,848 Total 7,909,555 Pharmaceuticals (1.9%) Abbott Laboratories 13,875 598,706 Johnson & Johnson 23,003 1,323,593 Pfizer 25,464 653,916 Total 2,576,215 Real Estate (0.5%) CB Richard Ellis Group Cl A 10,624(b) 670,587 Road & Rail (0.4%) Norfolk Southern 10,068 501,789 Semiconductors & Semiconductor Equipment (0.8%) Freescale Semiconductor Cl A 25,684(b) 646,209 Intel 22,380 476,023 Total 1,122,232 Software (2.0%) Adobe Systems 19,862 788,919 Microsoft 67,023 1,886,697 Total 2,675,616 Specialty Retail (1.0%) Home Depot 21,219 860,431 Staples 19,595 464,597 Total 1,325,028 Tobacco (0.4%) Altria Group 7,171 518,750 Wireless Telecommunication Services (1.4%) American Tower Cl A 48,154(b) 1,489,885 Leap Wireless Intl 12,004(b) 444,148 Total 1,934,033 Total Common Stocks (Cost: $72,495,786) $93,723,650 Other (--%)(c) Issuer Shares Value(a) Singapore City Development Warrants 12,600(b,h) $47,012 Total Other (Cost: $--) $47,012 Bonds (29.3%)(c) Issuer Coupon Principal Value(a) rate amount Australia (0.5%) New South Wales Treasury (Australian Dollar) 03-01-08 8.00% 800,000 $635,537 Austria (1.0%) Oesterreichische Kontrollbank (Japanese Yen) 03-22-10 1.80 160,000,000 1,423,260 Belgium (0.5%) Govt of Belgium (European Monetary Unit) 12-24-12 8.00 450,000 701,500 Canada (1.4%) Govt of Canada (Canadian Dollar) 09-01-08 4.25 1,600,000 1,415,319 Province of British Columbia (Canadian Dollar) 12-01-06 5.25 500,000 443,784 Total 1,859,103 Denmark (0.2%) Realkredit Danmark (Danish Krone) 01-01-08 4.00 1,720,000 284,603 France (1.8%) French Treasury Note (European Monetary Unit) 07-12-08 3.00 300,000 364,292 Govt of France (European Monetary Unit) 04-25-13 4.00 500,000 631,900 10-25-14 4.00 1,170,000 1,479,896 Total 2,476,088 Germany (4.5%) Allgemeine Hypothekenbank Rheinboden (European Monetary Unit) 09-02-09 5.00 850,000(d) 1,086,409 Bundesrepublik Deutschland (European Monetary Unit) 07-04-08 4.75 725,000 916,135 07-04-09 4.50 85,000 107,828 07-04-10 5.25 850,000 1,118,783 06-20-16 6.00 434,598 642,125 07-04-27 6.50 400,000 682,079 Bundesschatzanweisungen (European Monetary Unit) 12-15-06 2.25 400,000 484,044 12-14-07 2.75 400,000 484,582 Rheinische Hypothekenbank (European Monetary Unit) 09-24-08 4.25 550,000 686,928 Total 6,208,913 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Greece (3.5%) Hellenic Republic (European Monetary Unit) 06-21-06 2.75% 2,000,000 $2,431,261 04-18-08 3.50 100,000 122,531 04-20-09 3.50 800,000 979,946 05-20-13 4.60 400,000 519,077 10-22-22 5.90 500,000 751,687 Total 4,804,502 Italy (4.4%) Buoni Poliennali Del Tesoro (European Monetary Unit) 11-01-09 4.25 400,000 504,091 08-01-11 5.25 200,000 266,275 08-01-13 4.25 600,000 765,080 08-01-14 4.25 720,000 917,810 08-01-15 3.75 1,100,000 1,345,660 02-01-20 4.50 350,000 454,499 11-01-29 5.25 600,000 865,681 08-01-34 5.00 500,000 703,462 02-01-37 4.00 150,000 179,987 Total 6,002,545 Japan (2.9%) Govt of Japan (Japanese Yen) 03-20-09 0.60 45,000,000 384,046 06-22-09 1.40 20,000,000 175,075 12-21-09 1.70 162,000,000 1,433,838 06-20-13 0.50 134,000,000 1,077,023 09-20-15 1.40 50,000,000 420,806 09-20-25 2.10 50,000,000 429,900 Total 3,920,688 Netherlands (0.5%) Govt of Netherlands (European Monetary Unit) 07-15-12 5.00 500,000 665,879 Norway (0.3%) Govt of Norway (Norwegian Krone) 05-16-11 6.00 2,100,000 352,566 Poland (0.2%) Republic of Poland (Polish Zloty) 03-24-10 5.75 800,000 263,109 Spain (0.3%) Govt of Spain (European Monetary Unit) 07-30-09 5.15 350,000 453,159 Supra-National (0.4%) Intl Bank Reconstruction & Development (Japanese Yen) 02-18-08 2.00 55,000,000 486,998 Sweden (0.2%) Govt of Sweden (Swedish Krona) 03-15-11 5.25 2,000,000 287,716 See accompanying notes to investments in securities. -------------------------------------------------------------------------------- 3 -- RIVERSOURCE GLOBAL BALANCED FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2006 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United Kingdom (1.5%) Greater Beijing First Expressways Sr Nts 06-15-07 9.50% $170,000(b,e,h) $-- United Kingdom Treasury (British Pound) 03-07-07 4.50 240,000 427,808 07-12-11 9.00 410,000 896,220 09-27-13 8.00 340,000 754,357 Total 2,078,385 United States (5.2%) ConocoPhillips 03-15-28 7.13 200,000 208,225 Federal Natl Mtge Assn 07-15-08 3.88 700,000 685,487 05-15-10 4.13 415,000 404,300 U.S. Treasury 07-31-06 2.75 1,500,000 1,486,757 09-30-06 2.50 200,000 197,281 02-15-07 2.25 500,000 488,223 02-15-09 3.00 500,000 478,905 11-15-12 4.00 200,000 193,867 05-15-15 4.13 470,000 455,221 08-15-20 8.75 800,000 1,135,875 08-15-23 6.25 100,000 117,719 02-15-26 6.00 524,000 608,147 05-15-30 6.25 300,000 365,848 U.S. Treasury Inflation-Indexed Bond 01-15-15 1.63 372,643(g) 361,370 Total 7,187,225 Total Bonds (Cost: $39,026,813) $40,091,776 Short-Term Securities (0.8%) Issuer Effective Amount Value(a) yield payable at maturity Commercial Paper Alpine Securitization 02-01-06 4.48% $1,100,000(f) $1,099,863 Total Short-Term Securities (Cost: $1,100,000) $1,099,863 Total Investments in Securities (Cost: $112,622,599)(i) $134,962,301 See accompanying notes to investments in securities. -------------------------------------------------------------------------------- 4 -- RIVERSOURCE GLOBAL BALANCED FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2006 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, 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 Jan. 31, 2006, the value of these securities amounted to $1,537,853 or 1.1% of net assets. (e) Negligible market value. (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 Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Jan. 31, 2006, the value of these securities amounted to $1,099,863 or 0.8% of net assets. (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) Identifies issues considered to be illiquid as to their marketability. These securities may be valued at fair value according to methods selected in good faith by the Fund's Board of Directors. Information concerning such security holdings at Jan. 31, 2006, is as follows: Security Acquisition Cost dates City Development Warrants 05-04-04 $-- Greater Bejing First Expressways 9.50% Sr Nts 2007 06-12-97 51,391 (i) At Jan. 31, 2006, the cost of securities for federal income tax purposes was approximately $112,623,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $23,871,000 Unrealized depreciation (1,532,000) Net unrealized appreciation $22,339,000 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.riversource.com/funds. -------------------------------------------------------------------------------- 5 -- RIVERSOURCE GLOBAL BALANCED FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2006 PORTFOLIO HOLDINGS FOR RIVERSOURCE GLOBAL BOND FUND AT JAN. 31, 2006 Investments in SECURITIES RiverSource Global Bond Fund (formerly World Income Portfolio) Jan. 31, 2006 (Unaudited) (Percentages represent value of investments compared to net assets) Bonds (97.3%)(c) Issuer Coupon Principal Value(a) rate amount Australia (1.9%) Commonwealth Bank of Australia (European Monetary Unit) Sr Unsub 11-12-09 3.38% 570,000 $695,319 New South Wales Treasury (Australian Dollar) 03-01-08 8.00 8,020,000 6,371,254 Telstra 04-01-12 6.38 500,000 524,444 Western Australian Treasury (Australian Dollar) 10-16-06 5.50 3,050,000 2,312,323 Total 9,903,340 Austria (1.1%) Republic of Austria (European Monetary Unit) 01-15-10 5.50 4,340,000 5,723,163 Belgium (3.0%) Kingdom of Belgium (European Monetary Unit) 03-28-10 3.00 8,515,000 10,271,062 09-28-10 5.75 4,265,000 5,741,693 Total 16,012,755 Brazil (0.2%) Federal Republic of Brazil 01-15-18 8.00 1,129,000 1,234,562 Canada (2.4%) Aquila Canada Finance 06-15-11 7.75 140,000 143,850 Canada Housing Trust #1 (Canadian Dollar) 06-15-06 5.53 3,030,000 2,677,892 Canadian Pacific Railway (Canadian Dollar) 06-15-10 4.90 380,000(d) 338,831 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Canada (cont.) Province of British Columbia (Canadian Dollar) 08-23-10 6.38% 6,665,000 $6,377,919 Province of Ontario (Canadian Dollar) 03-08-06 5.90 3,300,000 2,904,289 Sun Media 02-15-13 7.63 100,000 103,250 Videotron Ltee 01-15-14 6.88 45,000 45,675 12-15-15 6.38 80,000(d) 79,200 Total 12,670,906 Czechoslovakia Federated Republic (0.3%) Republic of Czechoslovakia (Czech Crown) 06-16-13 3.70 33,500,000 1,474,401 Denmark (0.7%) Realkredit Danmark (Danish Krone) 01-01-08 4.00 23,900,000 3,954,654 France (6.3%) Dexia Municipal Agency (European Monetary Unit) 09-03-07 4.25 510,000 631,774 France Telecom 03-01-06 7.20 550,000 551,049 Govt of France (European Monetary Unit) 04-25-12 5.00 8,680,000 11,541,755 04-25-13 4.00 8,825,000 11,153,039 10-25-16 5.00 7,025,000 9,653,479 Total 33,531,096 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Germany (9.5%) Allgemeine Hypothekenbank Rheinboden (European Monetary Unit) 09-02-09 5.00% 2,030,000(d) $2,594,602 Bayerische Landesbank (Japanese Yen) Sr Nts 04-22-13 1.40 301,000,000 2,583,420 Bundesrepublik Deutschland (European Monetary Unit) 01-04-10 5.38 530,000 695,680 07-04-13 3.75 11,390,000 14,149,651 07-04-27 6.50 7,070,000 12,055,738 07-04-28 4.75 1,970,000 2,758,090 07-04-34 4.75 4,640,000 6,612,126 DEPFA Deutsche Pfandbriefbank (European Monetary Unit) 01-15-10 5.50 2,200,000 2,891,965 Deutsche Bank (European Monetary Unit) Sr Unsub 07-28-09 4.25 500,000 627,660 Landesbank Berlin Girozentrale (European Monetary Unit) 04-30-07 5.00 2,130,000 2,651,406 Rheinische Hypothekenbank (European Monetary Unit) 07-05-10 5.75 2,200,000 2,935,284 Total 50,555,622 Greece (4.3%) Hellenic Republic (European Monetary Unit) 06-21-06 2.75 7,600,000 9,238,791 04-19-07 4.65 5,875,000 7,287,486 10-22-22 5.90 4,090,000 6,148,801 Total 22,675,078 See accompanying notes to investments in securities. -------------------------------------------------------------------------------- 1 ~- RIVERSOURCE GLOBAL BOND FUND ~- PORTFOLIO HOLDINGS AT JAN. 31, 2006 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Ireland (2.5%) Irish Govt (European Monetary Unit) 10-18-07 4.25% 10,720,000 $13,309,294 Italy (4.6%) Buoni Poliennali Del Tesoro (European Monetary Unit) 11-01-07 6.00 12,470,000 15,922,631 11-01-26 7.25 3,486,283 6,183,167 Telecom Italia Capital 10-01-15 5.25 1,645,000 1,577,602 11-15-33 6.38 715,000 706,566 Total 24,389,966 Japan (9.1%) Development Bank of Japan (Japanese Yen) 06-20-12 1.40 650,000,000 5,622,893 Govt of Japan (Japanese Yen) 12-21-09 1.70 2,146,000,000 18,993,910 03-22-10 1.70 320,000,000 2,832,183 09-20-10 0.80 208,000,000 1,771,566 06-20-12 1.40 700,000,000 6,053,353 12-20-12 1.00 1,276,000,000 10,705,325 12-20-14 1.30 247,000,000 2,072,477 12-20-34 2.40 61,000,000 522,483 Total 48,574,190 Luxembourg (0.2%) Tyco Intl Group 02-15-11 6.75 900,000 954,870 Malaysia (0.3%) Petronas Capital 05-22-12 7.00 1,500,000(d) 1,641,348 Mexico (0.4%) Govt of Mexico (Mexican Peso) 12-24-09 9.00 16,000,000 1,603,295 United Mexican States (Japanese Yen) 06-06-06 6.75 62,000,000 539,977 Total 2,143,272 Netherlands (3.1%) Bank Nederlandse Gemeenten (British Pound) Sr Unsub 08-06-07 7.38 1,160,000 2,143,620 Govt of Netherlands (European Monetary Unit) 01-15-08 2.50 9,085,000 10,958,271 07-15-12 5.00 2,555,000 3,402,640 Total 16,504,531 New Zealand (1.1%) Govt of New Zealand (New Zealand Dollar) 11-15-06 8.00 8,425,000 5,864,597 Bonds (continued) Issuer Coupon Principal Value(a) rate amount Norway (1.2%) Govt of Norway (Norwegian Krone) 05-16-11 6.00% 36,800,000 $6,178,292 Poland (1.3%) Republic of Poland (Polish Zloty) 03-24-10 5.75 21,190,000 6,969,106 South Africa (0.4%) Republic of South Africa (South African Rand) 08-31-10 13.00 10,357,500 2,086,893 South Korea (0.1%) Korea Development Bank (Japanese Yen) 06-25-08 0.98 70,000,000 597,600 Spain (3.2%) Caja de Ahorros y Monte de Piedad de Madrid (European Monetary Unit) 03-25-11 3.50 2,800,000 3,419,174 Govt of Spain (European Monetary Unit) 07-30-09 5.15 10,710,000 13,866,671 Total 17,285,845 Supra-National (1.0%) European Investment Bank (British Pound) 12-07-11 5.50 2,910,000 5,442,704 Sweden (0.5%) Govt of Sweden (Swedish Krona) 03-15-11 5.25 18,620,000 2,678,637 United Kingdom (4.7%) BT Group 12-15-10 8.38 550,000 623,323 Greater Beijing First Expressways Sr Nts 06-15-07 9.50 8,750,000(b,h,j) -- HBOS Treasury Services (European Monetary Unit) 02-12-09 3.50 2,000,000 2,449,249 United Kingdom Treasury (British Pound) 03-07-12 5.00 6,350,000 11,760,744 09-07-14 5.00 5,390,000 10,153,404 Total 24,986,720 United States (33.9%) Aesop Funding II LLC Series 2004-2A Cl A1 (FGIC) 04-20-08 2.76 500,000(d,l) 488,849 Airgas 10-01-11 9.13 195,000 207,432 Allied Waste North America Series B 04-01-08 8.88 50,000 52,688 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (cont.) AmeriCredit Automobile Receivables Trust Series 2005-DA Cl A3 12-06-10 4.87% $525,000 $523,934 AmerisourceBergen 09-15-15 5.88 285,000(d) 288,563 ANR Pipeline 03-15-10 8.88 45,000 48,139 ARG Funding Series 2005-1A Cl A3 (MBIA) 04-20-11 4.29 1,250,000(d,l) 1,209,588 Banc of America Commercial Mtge Series 2005-1 Cl A4 11-10-42 4.88 750,000(f) 743,836 Banc of America Commercial Mtge Series 2005-6 Cl A4 09-10-47 5.18 1,400,000(f) 1,396,898 Banc of America Large Loan Series 2005-BOCA Cl A1 12-15-16 4.69 674,195(d,e,f) 674,369 Banc of America Large Loan Series 2005-BOCA Cl A2 12-15-16 4.74 1,950,000(d,e,f) 1,951,008 Bear Stearns Commercial Mtge Securities Series 2003-T10 Cl A1 03-13-40 4.00 595,012(f) 575,323 Bear Stearns Commercial Mtge Securities Series 2004-T16 Cl A3 02-13-46 4.03 600,000(f) 578,521 Bear Stearns Commercial Mtge Securities Series 2005-PW10 Cl A4 12-11-40 5.41 900,000(f) 907,843 Bear Stearns Commercial Mtge Securities Series 2005-PWR8 Cl A1 06-11-41 4.21 1,483,270(f) 1,456,912 Bear Stearns Commercial Mtge Securities Series 2005-T20 Cl E 10-12-42 5.16 500,000(f) 490,040 Boyd Gaming Sr Sub Nts 02-01-16 7.13 120,000 119,100 Caesars Entertainment Sr Nts 04-15-13 7.00 575,000 611,255 California State Teachers' Retirement System Trust Series 2002-C6 Cl A3 11-20-14 4.46 1,881,821(d,f) 1,844,731 Capital Auto Receivables Asset Trust Series 2004-1 09-15-10 2.84 700,000 678,731 Capital One Auto Finance Trust Series 2005-BSS Cl A3 11-15-09 4.08 1,000,000 984,780 Cardinal Health 06-15-15 4.00 1,450,000 1,294,327 Carmax Auto Owner Trust Series 2005-1 Cl A4 03-15-10 4.35 500,000 493,087 CDC Commercial Mtge Trust Series 2002-FX1 Cl A2 11-15-30 5.68 1,100,000(f) 1,124,057 See accompanying notes to investments in securities. -------------------------------------------------------------------------------- 2 ~- RIVERSOURCE GLOBAL BOND FUND ~- PORTFOLIO HOLDINGS AT JAN. 31, 2006 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (cont.) Chesapeake Energy 01-15-15 7.75% $115,000 $122,188 08-15-17 6.50 175,000 174,125 Chesapeake Energy Sr Nts 06-15-14 7.50 30,000 31,913 Citigroup Commercial Mtge Trust Series 2005-EMG Cl A1 09-20-51 4.15 1,656,173(d,f) 1,625,530 Citigroup (European Monetary Unit) Sr Nts 05-21-10 3.88 2,600,000 3,218,974 Citigroup/Deutsche Bank Commercial Mtge Trust Series 2005-CD1 Cl A4 07-15-44 5.23 1,000,000(f) 1,002,443 CMS Energy Sr Nts 01-15-09 7.50 140,000 144,200 Colorado Interstate Gas Sr Nts 03-15-15 5.95 35,000 34,254 11-15-15 6.80 200,000(d) 209,250 Comcast Cable Communications Holdings 03-15-13 8.38 106,000 121,328 Copano Energy LLC Sr Nts 03-01-16 8.13 10,000(d,g) 10,000 Cott Beverages USA 12-15-11 8.00 200,000 204,500 Countrywide Alternative Loan Trust Collateralized Mtge Obligation Series 2005-64CB Cl 1A1 12-25-35 5.50 2,220,731(f) 2,215,204 Countrywide Alternative Loan Trust Collateralized Mtge Obligation Series 2005-6CB Cl 1A1 04-25-35 7.50 1,256,008(f) 1,300,036 Crown Americas LLC/Capital Sr Nts 11-15-15 7.75 150,000(d) 155,625 CS First Boston Mtge Securities Series 2002-CKS4 Cl A1 11-15-36 4.49 1,117,132(f) 1,096,142 CS First Boston Mtge Securities Series 2005-C5 Cl A2 08-15-38 5.10 525,000(f) 523,709 DaimlerChrysler NA Holding (European Monetary Unit) 01-16-07 5.63 670,000 833,305 Denbury Resources Sr Sub Nts 12-15-15 7.50 20,000 20,700 Dex Media West LLC/Finance Sr Nts Series B 08-15-10 8.50 85,000 89,781 DRS Technologies Sr Nts 02-01-16 6.63 385,000 387,888 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (cont.) DRS Technologies Sr Sub Nts 02-01-18 7.63% $70,000 $71,050 Echostar DBS 02-01-16 7.13 135,000(d,g) 133,313 Encore Acquisition Sr Sub Nts 04-15-14 6.25 140,000 136,500 ERAC USA Finance 05-01-15 5.60 1,635,000(d) 1,626,486 Federal Home Loan Mtge Corp 07-12-10 4.13 6,816,000 6,627,060 Federal Home Loan Mtge Corp #A11799 08-01-33 6.50 260,734(f) 267,151 Federal Home Loan Mtge Corp #A15881 11-01-33 5.00 1,417,367(f) 1,374,288 Federal Home Loan Mtge Corp #E91486 09-01-17 6.50 420,288(f) 431,262 Federal Home Loan Mtge Corp #E99684 10-01-18 5.00 795,907(f) 788,002 Federal Home Loan Mtge Corp #G01535 04-01-33 6.00 1,933,893(f) 1,966,512 Federal Home Loan Mtge Corp (European Monetary Unit) 02-15-07 4.63 3,730,000 4,612,510 Federal Natl Mtge Assn #254632 02-01-18 5.50 1,811,953(f) 1,824,504 Federal Natl Mtge Assn #254686 04-01-18 5.50 2,060,061(f) 2,073,707 Federal Natl Mtge Assn #254722 05-01-18 5.50 1,072,893(f) 1,080,000 Federal Natl Mtge Assn #360800 01-01-09 5.74 1,173,142(f) 1,188,306 Federal Natl Mtge Assn #545874 08-01-32 6.50 319,175(f) 328,769 Federal Natl Mtge Assn #555528 04-01-33 6.00 1,474,638(f) 1,491,649 Federal Natl Mtge Assn #555734 07-01-23 5.00 1,106,142(f) 1,080,269 Federal Natl Mtge Assn #555740 08-01-18 4.50 1,765,887(f) 1,718,636 Federal Natl Mtge Assn #575487 04-01-17 6.50 964,331(f) 994,880 Federal Natl Mtge Assn #621581 12-01-31 6.50 356,715(f) 369,264 Federal Natl Mtge Assn #633966 03-01-17 6.00 252,072(f) 257,674 Federal Natl Mtge Assn #634749 03-01-17 5.50 969,168(f) 977,018 Federal Natl Mtge Assn #640996 05-01-32 7.50 606,429(f) 634,934 Federal Natl Mtge Assn #643381 06-01-17 6.00 604,117(f) 617,544 Federal Natl Mtge Assn #645053 05-01-32 7.00 1,226,936(f) 1,275,211 Federal Natl Mtge Assn #646147 06-01-32 7.00 495,708(f) 518,387 Federal Natl Mtge Assn #652284 08-01-32 6.50 565,953(f) 581,310 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (cont.) Federal Natl Mtge Assn #653145 07-01-17 6.00% $346,257(f) $354,602 Federal Natl Mtge Assn #653730 09-01-32 6.50 296,796(f) 305,885 Federal Natl Mtge Assn #655589 08-01-32 6.50 1,901,720(f) 1,964,299 Federal Natl Mtge Assn #666424 08-01-32 6.50 288,636(f) 296,467 Federal Natl Mtge Assn #670461 11-01-32 7.50 491,107(f) 514,191 Federal Natl Mtge Assn #684595 03-01-33 6.00 2,200,084(f) 2,225,464 Federal Natl Mtge Assn #688034 03-01-33 5.50 649,800(f) 645,629 Federal Natl Mtge Assn #688691 03-01-33 5.50 1,251,959(f) 1,241,232 Federal Natl Mtge Assn #703818 05-01-33 6.00 526,077(f) 532,980 Federal Natl Mtge Assn #711503 06-01-33 5.50 1,441,256(f) 1,434,272 Federal Natl Mtge Assn #735029 09-01-13 5.28 864,655(f) 869,958 Federal Natl Mtge Assn #741850 09-01-33 5.50 2,382,430(f) 2,362,016 Federal Natl Mtge Assn #753507 12-01-18 5.00 3,339,904(f) 3,305,705 Federal Natl Mtge Assn #755498 11-01-18 5.50 1,590,899(f) 1,603,016 Federal Natl Mtge Assn #756788 11-01-33 6.50 524,483(f) 539,199 Federal Natl Mtge Assn #757299 09-01-19 4.50 3,016,352(f) 2,935,931 GE Capital Commercial Mtge Series 2005-C3 Cl A1 07-10-45 4.59 1,048,398(f) 1,036,185 General Electric Capital Assurance Series 2003-1 Cl A3 05-12-35 4.77 1,800,000(d,f) 1,765,127 General Electric Capital (European Monetary Unit) Sr Unsub 06-20-07 5.13 500,000 624,244 General Electric Capital (New Zealand Dollar) 02-04-10 6.63 3,530,000 2,409,564 Genworth Financial (Japanese Yen) 06-20-11 1.60 130,000,000 1,112,602 GMAC 09-15-11 6.88 65,000 62,058 GMAC Commercial Mtge Securities Series 2004-C3 Cl A4 12-10-41 4.55 1,050,000(f) 1,014,626 GMAC Commercial Mtge Securities Series 2005-C1 Cl A1 05-10-43 4.21 794,777(f) 780,500 Govt Natl Mtge Assn #604708 10-15-33 5.50 1,325,675(f) 1,333,331 See accompanying notes to investments in securities. -------------------------------------------------------------------------------- 3 -- RIVERSOURCE GLOBAL BOND FUND ~- PORTFOLIO HOLDINGS AT JAN. 31, 2006 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (cont.) Govt Natl Mtge Assn Collateralized Mtge Obligation Interest Only Series 2002-80 Cl CI 01-20-32 0.00% $1,291,409(f,i) $129,377 Greenwich Capital Commercial Funding Series 2004-GG1 Cl A4 06-10-36 4.76 1,100,000(f) 1,081,407 Greenwich Capital Commercial Funding Series 2004-GG1 Cl A5 06-10-36 4.88 500,000(f) 493,502 GS Mtge Securities II Series 2004-GG2 Cl A4 08-10-38 4.96 950,000(f) 939,540 GS Mtge Securities II Series 2005-GG4 Cl A1 07-10-39 4.37 1,307,978(f) 1,285,589 HCA Sr Nts 03-15-14 5.75 100,000 95,871 Hertz Sr Nts 01-01-14 8.88 135,000(d) 139,388 HSBC Bank USA Sub Nts 08-15-35 5.63 2,500,000 2,424,713 Intl Paper (European Monetary Unit) 08-11-06 5.38 505,000 621,039 IPALCO Enterprises Secured 11-14-08 8.38 250,000 263,125 ITT 11-15-15 7.38 130,000 141,050 JPMorgan Chase Commercial Mtge Securities Series 2002-CIB5 Cl A1 10-12-37 4.37 1,119,776(f) 1,098,529 JPMorgan Chase Commercial Mtge Securities Series 2003-LN1 Cl A1 10-15-37 4.13 444,089(f) 427,635 JPMorgan Chase Commercial Mtge Securities Series 2003-ML1A Cl A1 03-12-39 3.97 405,689(f) 391,783 Kraft Foods Sr Unsecured 11-01-11 5.63 3,255,000 3,302,881 L-3 Communications 06-15-12 7.63 165,000 173,250 Lamar Media 01-01-13 7.25 50,000 51,625 LB-UBS Commercial Mtge Trust Series 2004-C2 Cl A3 03-15-29 3.97 750,000(f) 706,523 LB-UBS Commercial Mtge Trust Series 2004-C4 Cl A3 06-15-29 4.98 700,000(f) 700,363 LB-UBS Commercial Mtge Trust Series 2004-C6 Cl A4 08-15-29 4.58 975,000(f) 948,629 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (cont.) LB-UBS Commercial Mtge Trust Series 2004-C7 Cl A2 10-15-29 3.99% $1,000,000(f) $964,490 LB-UBS Commercial Mtge Trust Series 2004-C8 Cl A2 12-15-29 4.20 1,300,000(f) 1,263,951 LB-UBS Commercial Mtge Trust Series 2005-C3 Cl A1 07-15-30 4.39 812,038(f) 802,106 LB-UBS Commercial Mtge Trust Series 2005-C5 Cl A2 09-15-30 4.89 1,075,000(f) 1,065,884 Long Beach Auto Receivables Trust Series 2004-C Cl A3 (FSA) 09-15-09 3.40 750,000(l) 742,245 MacDermid 07-15-11 9.13 35,000 37,056 Massey Energy Sr Nts 12-15-13 6.88 90,000(d) 90,788 Merrill Lynch Mtge Trust Series 2005-MCP1 Cl A1 06-12-43 4.22 1,053,638(f) 1,034,586 MGM MIRAGE 10-01-09 6.00 45,000 44,831 07-15-15 6.63 200,000 201,000 MGM MIRAGE Sr Nts 02-27-14 5.88 50,000 48,250 Mirant North America LLC Sr Nts 12-31-13 7.38 75,000(d) 76,313 Mohegan Tribal Gaming Authority Sr Nts 02-15-13 6.13 45,000 44,606 Mohegan Tribal Gaming Authority Sr Sub Nts 04-01-12 8.00 75,000 79,031 Morgan Stanley Capital I Series 2003-T11 Cl A2 06-13-41 4.34 775,000(f) 756,121 Morgan Stanley Capital I Series 2004-HQ4 Cl A5 04-14-40 4.59 750,000(f) 728,910 Morgan Stanley Capital I Series 2005-IQ10 Cl A4A 09-15-42 5.23 1,075,000(f) 1,070,358 Morgan Stanley Group (European Monetary Unit) Unsub 03-16-06 5.25 2,125,000 2,589,365 Morgan Stanley, Dean Witter Capital I Series 2002-TOP7 Cl A2 01-15-39 5.98 1,400,000(f) 1,455,536 Nevada Power 03-15-16 5.95 70,000(d) 70,350 Newfield Exploration Sr Sub Nts 08-15-12 8.38 340,000 364,649 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (cont.) News America 12-15-35 6.40% $2,265,000(d) $2,255,492 Nextel Communications Sr Nts Series F 03-15-14 5.95 185,000 186,313 NRG Energy Sr Nts 02-01-14 7.25 325,000(g) 329,468 02-01-16 7.38 215,000(g) 218,763 Omnicare Sr Sub Nts 12-15-13 6.75 305,000 305,000 12-15-15 6.88 125,000 125,156 Overseas Private Investment U.S. Govt Guaranty Series 1996A 09-15-08 6.99 2,500,000 2,595,025 Pacific Energy Partners LP/Finance Sr Nts 09-15-15 6.25 60,000(d) 59,850 Peabody Energy Series B 03-15-13 6.88 175,000 181,125 Plains Exploration & Production Sr Nts 06-15-14 7.13 60,000 63,000 Plastipak Holdings Sr Nts 12-15-15 8.50 20,000(d) 20,500 Popular ABS Mtge Pass-Through Trust Series 2005-A Cl AF2 06-25-35 4.49 615,000 603,223 Pride Intl Sr Nts 07-15-14 7.38 30,000 32,250 Prudential Commercial Mtge Trust Series 2003-PWR1 Cl A1 02-11-36 3.67 848,170(f) 812,801 Qwest 03-15-12 8.88 100,000 110,750 Qwest Sr Nts 06-15-15 7.63 145,000(d) 152,431 Renaissance Home Equity Loan Trust Series 2005-4 Cl A3 02-25-36 5.57 800,000 802,088 Residential Capital Sr Unsecured 06-30-10 6.38 2,275,000 2,332,032 Southern Star Central Secured 08-01-10 8.50 70,000 74,550 Sprint Capital 11-15-28 6.88 1,500,000 1,625,183 Station Casinos Sr Nts 04-01-12 6.00 100,000 100,000 Station Casinos Sr Sub Nts 03-01-16 6.88 355,000 360,769 See accompanying notes to investments in securities. -------------------------------------------------------------------------------- 4 -- RIVERSOURCE GLOBAL BOND FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2006 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (cont.) Susquehanna Media Sr Sub Nts 04-15-13 7.38% $140,000 $151,200 Toyota Motor Credit (Japanese Yen) Sr Unsub 06-09-08 0.75 297,000,000 2,551,772 Transcontinental Gas Pipe Line Series B 08-15-11 7.00 150,000 158,063 Triad Hospitals Sr Nts 05-15-12 7.00 205,000 210,381 U.S. Treasury 11-30-07 4.25 3,125,000 3,109,619 02-15-08 3.38 775,000 757,866 11-15-15 4.50 4,195,000 4,185,331 08-15-23 6.25 6,235,000(k) 7,339,766 02-15-26 6.00 4,165,000(k) 4,833,841 U.S. Treasury Inflation-Indexed Bond 01-15-15 1.63 5,532,716(m) 5,365,335 Bonds (continued) Issuer Coupon Principal Value(a) rate amount United States (cont.) Verizon Pennsylvania Series A 11-15-11 5.65% $7,750,000(k) $7,725,664 Wachovia Bank Commercial Mtge Trust Series 2003-C8 Cl A2 11-15-35 3.89 1,250,000(f,g) 1,210,891 Wachovia Capital Trust III Bank Guaranteed 03-15-36 5.80 1,000,000 1,002,026 Washington Mutual Collateralized Mtge Obligation Series 2005-AR17 Cl A1C1 12-25-45 4.72 1,096,943(f,o) 1,096,943 Total 180,571,097 Total Bonds (Cost: $507,231,044) $517,914,539 Short-Term Securities (1.6%) Issuer Effective Amount Value(a) yield payable at maturity Commercial Paper Alpine Securitization 02-01-06 4.48% $3,500,000(n) $3,499,564 Dexia Delaware LLC 02-06-06 4.31 5,000,000 4,996,409 Total Short-Term Securities (Cost: $8,497,007) $8,495,973 Total Investments in Securities (Cost: $515,728,051)(p) $526,410,512 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, 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 Jan. 31, 2006, the value of these securities amounted to $19,501,532 or 3.7% 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, 2006. (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, 2006, the cost of securities purchased, including interest purchased, on a when-issued and/or other forward-commitment basis was $1,679,694. (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, 2006. (j) Identifies issues considered to be illiquid as to their marketability. These securities may be valued at fair value according to methods selected in good faith by the Fund's Board of Directors. Information concerning such security holdings at Jan. 31, 2006, 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 -------------------------------------------------------------------------------- 5 -- RIVERSOURCE GLOBAL BOND FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2006 Notes to Investments in Securities (continued) (k) Partially pledged as initial deposit on the following open interest rate futures contracts: Type of security Notional amount Purchase contracts Euro-Bund, March 2006, 10-year $ 2,100,000 U.S. Treasury Note, March 2006, 2-year 22,400,000 U.S. Long Bond, March 2006, 20-year 4,900,000 Sale contracts U.S. Treasury Note, March 2006, 5-year 10,300,000 U.S. Treasury Note, March 2006, 10-year 22,000,000 (l) The following abbreviations is used in the portfolio security descriptions to identify the insurer of the issue: FGIC -- Financial Guaranty Insurance Company FSA -- Financial Security Assurance MBIA -- MBIA Insurance Corporation (m) 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. (n) 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 Jan. 31, 2006, the value of these securities amounted to $3,499,564 or 0.7% of net assets. (o) Adjustable rate mortgage; interest rate varies to reflect current market conditions; rate shown is the effective rate on Jan. 31, 2006. (p) At Jan. 31, 2006, the cost of securities for federal income tax purposes was approximately $515,728,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $21,271,000 Unrealized depreciation (10,589,000) Net unrealized appreciation $10,682,000 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.riversource.com/funds. -------------------------------------------------------------------------------- 6 ~- RIVERSOURCE GLOBAL BOND FUND ~- PORTFOLIO HOLDINGS AT JAN. 31, 2006 PORTFOLIO HOLDINGS FOR RIVERSOURCE GLOBAL EQUITY FUND AT JAN. 31, 2006 Investments in SECURITIES RiverSource Global Equity Fund (formerly World Growth Portfolio) Jan. 31, 2006 (Unaudited) (Percentages represent value of investments compared to net assets) Common Stocks (99.5%)(c) Issuer Shares Value(a) Australia (2.4%) Metals & Mining Newcrest Mining 290,309 $5,766,182 Oxiana 2,173,974(b) 3,329,142 Zinifex 1,231,975 7,331,590 Total 16,426,914 Bermuda (0.4%) Insurance PartnerRe 43,204 2,669,143 Brazil (1.3%) Metals & Mining (0.9%) Cia Vale do Rio Doce ADR 125,948 5,589,572 Paper & Forest Products (0.4%) Aracruz Celulose ADR 76,501 3,001,899 Canada (2.0%) Airlines (0.5%) ACE Aviation Holdings Cl A 114,100(b) 3,566,251 Electrical Equipment (0.1%) Harbin Power Equipment Cl H 1,078,000 854,618 Metals & Mining (0.7%) Cameco 60,800 4,793,004 Oil & Gas (0.7%) Suncor Energy 59,374 4,757,045 France (3.1%) Commercial Banks (1.0%) BNP Paribas 76,644 6,835,747 Electrical Equipment (1.2%) Schneider Electric 75,325 7,871,353 Pharmaceuticals (0.9%) Sanofi-Aventis 70,207 6,436,525 Common Stocks (continued) Issuer Shares Value(a) Germany (4.1%) Chemicals (0.4%) Bayer 64,699 $2,702,022 Electric Utilities (0.7%) E.ON 41,070 4,587,687 Health Care Providers & Services (1.0%) Fresenius Medical Care 62,706 6,684,501 Multi-Utilities & Unregulated Power (0.5%) RWE 43,265 3,565,384 Software (0.5%) SAP 16,764 3,432,332 Thrifts & Mortgage Finance (1.0%) Hypo Real Estate Holding 110,000 7,177,592 Greece (1.1%) Construction Materials TITAN Cement 164,696 7,244,416 Hong Kong (3.8%) Multiline Retail (0.7%) Lifestyle Intl Holdings 3,275,000 4,876,088 Real Estate (1.8%) Hang Lung Properties 1,900,000 3,698,356 New World Development 2,934,600 4,293,614 Sun Hung Kai Properties 456,000 4,723,120 Total 12,715,090 Specialty Retail (1.3%) Esprit Holdings 987,500 8,586,126 India (0.1%) Commercial Banks State Bank of India GDR 14,387 664,248 Common Stocks (continued) Issuer Shares Value(a) Italy (0.9%) Oil & Gas Eni 193,225 $5,841,514 Japan (18.2%) Automobiles (1.1%) Honda Motor 130,000 7,381,074 Capital Markets (2.1%) Nomura Holdings 369,500 7,213,598 Tokai Tokyo Securities 1,020,000 7,217,391 Total 14,430,989 Commercial Banks (4.3%) Bank of Yokohama 610,000 4,940,324 Chiba Bank 582,000 5,264,297 Mitsubishi UFJ Financial Group 899 12,952,345 Mizuho Financial Group 804 6,580,051 Total 29,737,017 Consumer Finance (0.4%) Aiful 41,050 2,771,662 Electronic Equipment & Instruments (0.9%) Hoya 153,600 6,154,476 Food & Staples Retailing (0.7%) Seven-I Holdings 112,000 4,735,891 Household Durables (3.0%) Daito Trust Construction 114,900 5,387,468 Daiwa House Industry 218,000 3,661,211 GOLDCREST 66,230 5,815,593 Sharp 293,000 5,357,928 Total 20,222,200 Insurance (2.0%) Nisshin Fire & Marine Insurance 653,000 2,816,863 T&D Holdings 148,100 10,567,749 Total 13,384,612 See accompanying notes to investments in securities. -------------------------------------------------------------------------------- 1 -- RIVERSOURCE GLOBAL EQUITY FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2006 Common Stocks (continued) Issuer Shares Value(a) Japan (cont.) Machinery (1.5%) AMADA 713,000 $6,461,373 Komatsu 190,000 3,506,820 Total 9,968,193 Metals & Mining (0.7%) Nisshin Steel 1,488,000 5,061,483 Real Estate (1.0%) Mitsui Fudosan 330,000 6,948,849 Transportation Infrastructure (0.5%) Kamigumi 362,000 3,194,118 Netherlands (1.6%) Diversified Financial Services (0.8%) ING Groep 150,000 5,353,120 Food Products (0.8%) Royal Numico 127,846(b) 5,809,925 Russia (0.4%) Wireless Telecommunication Services Mobile Telesystems ADR 72,758 2,726,970 South Africa (0.7%) Food & Staples Retailing Massmart Holdings 485,061 4,740,879 South Korea (6.2%) Chemicals (0.5%) Hanwha Chemical 200,000 3,287,359 Commercial Banks (2.3%) Kookmin Bank 100,990 8,022,228 Shinhan Financial Group 191,610 8,156,787 Total 16,179,015 Machinery (0.2%) Hyundai Heavy Inds 18,040 1,309,551 Metals & Mining (1.1%) POSCO 31,631 7,232,848 Semiconductors & Semiconductor Equipment (2.1%) Samsung Electronics 18,695 14,346,469 Sweden (0.9%) Communications Equipment Telefonaktiebolaget LM Ericsson Cl B 1,650,539 5,956,192 Switzerland (5.7%) Capital Markets (3.2%) Credit Suisse Group 143,529 8,382,444 UBS 125,105 13,604,753 Total 21,987,197 Health Care Equipment & Supplies (0.7%) Nobel Biocare Holding 21,063 4,778,806 Common Stocks (continued) Issuer Shares Value(a) Switzerland (cont.) Pharmaceuticals (1.8%) Novartis 84,050 $4,616,109 Roche Holding 48,482 7,661,839 Total 12,277,948 Taiwan (2.6%) Real Estate (0.7%) Hung Poo Real Estate Development 6,623,000 4,619,879 Semiconductors & Semiconductor Equipment (1.9%) Taiwan Semiconductor Mfg 1,700,000 3,376,709 Taiwan Semiconductor Mfg ADR 916,476 9,897,940 Total 13,274,649 United Kingdom (5.8%) Capital Markets (0.4%) 3i Group 180,271 2,940,506 Commercial Banks (0.5%) Standard Chartered 143,220 3,553,897 Electric Utilities (0.9%) British Energy Group 544,538(b) 5,908,604 Food & Staples Retailing (1.0%) Tesco 1,245,600 7,045,838 Food Products (0.5%) Cadbury Schweppes 331,288 3,252,907 Hotels, Restaurants & Leisure (0.5%) InterContinental Hotels Group 208,584 3,213,112 Metals & Mining (1.2%) BHP Billiton 441,866 8,162,515 Oil & Gas (0.8%) BP 464,057 5,580,138 United States (38.2%) Aerospace & Defense (0.9%) United Technologies 108,558 6,336,530 Beverages (0.6%) PepsiCo 72,699 4,156,929 Biotechnology (1.9%) Amgen 67,935(b) 4,951,782 Myogen 125,308(b) 4,676,495 ViroPharma 139,877(b) 3,246,545 Total 12,874,822 Capital Markets (3.4%) Bear Stearns Companies 37,617 4,757,046 E*TRADE Financial 417,275(b) 9,926,971 Goldman Sachs Group 23,250 3,284,063 Lehman Brothers Holdings 36,837 5,173,757 Total 23,141,837 Common Stocks (continued) Issuer Shares Value(a) United States (cont.) Commercial Banks (0.8%) Bank of America 124,653 $5,513,402 Communications Equipment (0.7%) Cisco Systems 249,609(b) 4,635,239 Consumer Finance (0.9%) American Express 111,106 5,827,510 Food & Staples Retailing (0.6%) Walgreen 87,962 3,806,995 Health Care Equipment & Supplies (1.5%) St Jude Medical 86,321(b) 4,240,951 Thermo Electron 188,238(b) 6,332,326 Total 10,573,277 Health Care Providers & Services (1.7%) Laboratory Corp of America Holdings 56,568(b) 3,317,713 WellPoint 104,108(b) 7,995,495 Total 11,313,208 Household Durables (1.6%) Centex 61,524 4,392,198 DR Horton 176,000 6,568,320 Total 10,960,518 Insurance (1.2%) American Intl Group 54,573 3,572,349 Genworth Financial Cl A 130,693 4,281,502 Total 7,853,851 Internet Software & Services (0.7%) Google Cl A 11,128(b) 4,821,206 Machinery (1.3%) Caterpillar 127,800 8,677,620 Media (0.4%) RH Donnelley 45,247(b) 2,969,122 Multi-Utilities & Unregulated Power (1.0%) Mirant 238,453(b) 6,676,684 Oil & Gas (9.0%) EOG Resources 82,892 7,007,690 Forest Oil 160,453(b) 8,263,330 Kerr-McGee 80,592 8,896,551 Marathon Oil 87,349 6,714,518 Occidental Petroleum 70,790 6,916,891 Ultra Petroleum 152,772(b) 10,509,185 Valero Energy 217,119 13,554,738 Total 61,862,903 Pharmaceuticals (1.7%) Johnson & Johnson 141,871 8,163,258 Wyeth 67,865 3,138,756 Total 11,302,014 Semiconductors & Semiconductor Equipment (0.6%) Freescale Semiconductor Cl A 176,235(b) 4,434,073 See accompanying notes to investments in securities. -------------------------------------------------------------------------------- 2 -- RIVERSOURCE GLOBAL EQUITY FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2006 Common Stocks (continued) Issuer Shares Value(a) United States (cont.) Software (2.4%) Adobe Systems 103,099 $4,095,092 Microsoft 436,982 12,301,044 Total 16,396,136 Specialty Retail (2.2%) Home Depot 269,863 $10,942,945 Staples 185,069 4,387,974 Total 15,330,919 Tobacco (0.3%) Altria Group 29,966 2,167,740 Common Stocks (continued) Issuer Shares Value(a) United States (cont.) Wireless Telecommunication Services (2.8%) American Tower Cl A 343,889(b) $10,639,926 Leap Wireless Intl 220,059(b) 8,142,183 Total 18,782,109 Total Common Stocks (Cost: $537,881,641) $678,822,603 Short-Term Securities (0.9%) Issuer Effective Amount Value(a) yield payable at maturity Commercial Paper Fairway Finance 02-01-06 4.48% $6,200,000(d) $6,199,228 Total Short-Term Securities (Cost: $6,200,000) $6,199,228 Total Investments in Securities (Cost: $544,081,641)(e) $685,021,831 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, 2005. (b) Non-income producing. (c) Foreign security values are stated in U.S. dollars. (d) 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 Jan. 31, 2006, the value of these securities amounted to $6,199,228 or 0.9% of net assets. (e) At Jan. 31, 2006, the cost of securities for federal income tax purposes was approximately $544,082,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $143,372,000 Unrealized depreciation (2,432,000) Net unrealized appreciation $140,940,000 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.riversource.com/funds. -------------------------------------------------------------------------------- 3 -- RIVERSOURCE GLOBAL EQUITY FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2006 PORTFOLIO HOLDINGS FOR RIVERSOURCE GLOBAL TECHNOLOGY FUND AT JAN. 31, 2006 Investments in SECURITIES RiverSource Global Technology Fund (formerly World Technologies Portfolio) Jan. 31, 2006 (Unaudited) (Percentages represent value of investments compared to net assets) Common Stocks (97.4%) Issuer Shares Value(a) Communications Equipment (10.1%) Avocent 28,253(b) $939,977 Cisco Systems 614,558(b) 11,412,341 Corning 96,536(b) 2,350,652 Extreme Networks 138,735(b) 679,802 Nokia ADR 71,475(c) 1,313,711 Scientific-Atlanta 40,117 1,715,403 Total 18,411,886 Computers & Peripherals (7.9%) Dell 116,929(b) 3,427,189 EMC 357,282(b) 4,787,579 Hewlett-Packard 82,724 2,579,334 Intl Business Machines 23,428 1,904,696 Seagate Technology 66,009(b,c) 1,721,515 Total 14,420,313 Construction & Engineering (0.4%) MasTec 60,000(b) 723,000 Diversified Telecommunication Services (7.4%) ALLTEL 20,126 1,208,164 Cogent Communications Group 203,500(b,d) 1,332,925 Qwest Communications Intl 482,832(b) 2,906,649 Sprint Nextel 307,076 7,028,969 Telewest Global 40,540(b,c) 944,582 Total 13,421,289 Electronic Equipment & Instruments (3.0%) Flextronics Intl 172,670(b,c) 1,806,128 Hon Hai Precision Industry 393,000(c) 2,643,029 Intl DisplayWorks 164,000(b) 1,064,360 Total 5,513,517 Household Durables (1.1%) Sony 42,000(c) 2,040,921 Internet & Catalog Retail (2.1%) eBay 89,213(b) 3,845,080 Common Stocks (continued) Issuer Shares Value(a) Internet Software & Services (3.5%) Google Cl A 10,096(b) $4,374,092 Interwoven 50,737(b) 482,509 Loudeye 1,222,993(b) 479,413 MatrixOne 198,108(b) 988,559 Total 6,324,573 IT Services (6.7%) Affiliated Computer Services Cl A 30,965(b) 1,938,409 Automatic Data Processing 31,192 1,370,576 Cognizant Technology Solutions Cl A 33,525(b) 1,755,704 First Data 50,982 2,299,288 Ness Technologies 278,810(b,c) 3,228,620 Patni Computer Systems ADR 39,664(b,c) 918,222 Telvent GIT 60,000(b,c) 663,600 Total 12,174,419 Media (3.3%) Comcast Cl A 41,900(b) 1,165,658 NTL 51,222(b) 3,239,791 WorldSpace Cl A 126,005(b,d) 1,600,264 Total 6,005,713 Metals & Mining (0.2%) Novastar Resources 344,185(b) 278,790 Semiconductors & Semiconductor Equipment (26.3%) Analog Devices 121,939 4,849,514 Atmel 304,287(b) 1,201,934 Broadcom Cl A 63,492(b) 4,330,154 Credence Systems 196,219(b) 1,716,916 Cypress Semiconductor 118,050(b) 1,998,587 Fairchild Semiconductor Intl 124,905(b) 2,491,855 Freescale Semiconductor Cl A 45,723(b) 1,150,391 Hynix Semiconductor 84,800(b,c) 3,280,141 Common Stocks (continued) Issuer Shares Value(a) Semiconductors & Semiconductor Equipment (cont.) Integrated Device Technology 346,798(b) $4,817,024 Linear Technology 47,490 1,767,103 Maxim Integrated Products 66,806 2,741,718 MEMC Electronic Materials 82,502(b) 2,357,907 PMC-Sierra 233,717(b) 2,210,963 Samsung Electronics 10,860(c) 8,333,921 Texas Instruments 112,309 3,282,792 Vitesse Semiconductor 389,329(b) 1,012,255 Total 47,543,175 Software (22.9%) Activision 98,235(b) 1,408,690 Adobe Systems 127,447 5,062,194 Altiris 47,160(b) 921,978 BEA Systems 183,791(b) 1,905,913 Compuware 355,909(b) 2,932,690 Hyperion Solutions 32,771(b) 1,127,650 i2 Technologies 56,276(b,d) 934,182 Mercury Interactive 63,448(b) 2,204,818 Microsoft 236,238 6,650,099 Open Solutions 41,950(b) 1,090,281 OPNET Technologies 100,000(b) 881,000 Oracle 472,880(b) 5,944,101 Quest Software 151,765(b) 2,403,958 Symantec 211,581(b) 3,888,859 TIBCO Software 359,541(b) 2,872,733 Wind River Systems 103,763(b) 1,388,349 Total 41,617,495 Specialty Retail (1.0%) Circuit City Stores 74,250 1,871,843 Wireless Telecommunication Services (1.6%) NeuStar Cl A 41,545(b) 1,205,220 Vodafone Group 774,780(c) 1,626,251 Total 2,831,471 Total Common Stocks (Cost: $159,216,718) $177,023,485 See accompanying notes to investments in securities. -------------------------------------------------------------------------------- 1 -- RIVERSOURCE GLOBAL TECHNOLOGY FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2006 Other (--%) Issuer Shares Value(a) UBI Soft Entertainment Warrants 5,712(b,c) $46,849 Total Other (Cost: $19,674) $46,849 Short-Term Securities (3.9%)(e) Issuer Effective Amount Value(a) yield payable at maturity Commercial Paper Fairway Finance 02-01-06 4.48% $2,600,000(f) $2,599,676 Goldman Sachs Group 02-02-06 4.31 4,500,000 4,498,923 Total Short-Term Securities (Cost: $7,099,461) $7,098,599 Total Investments in Securities (Cost: $166,335,853)(g) $184,168,933 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, 2005. (b) Non-income producing. (c) Foreign security values are stated in U.S. dollars. At Jan. 31, 2006, the value of foreign securities represented 15.7% of net assets. (d) At Jan. 31, 2006, security was partially or fully on loan. (e) Cash collateral received from security lending activity is invested in short-term securities and represents 0.7% of net assets. 3.2% of net assets is the Fund'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 Fund's Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Jan. 31, 2006, the value of these securities amounted to $2,599,676 or 1.4% of net assets. (g) At Jan. 31, 2006, the cost of securities for federal income tax purposes was approximately $166,336,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $21,426,000 Unrealized depreciation (3,593,000) Net unrealized appreciation $17,833,000 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.riversource.com/funds. -------------------------------------------------------------------------------- 2 -- RIVERSOURCE GLOBAL TECHNOLOGY FUND -- PORTFOLIO HOLDINGS AT JAN. 31, 2006 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 __, 2006 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 __, 2006 By /s/ Jeffrey P. Fox ------------------ Jeffrey P. Fox Treasurer and Principal Financial Officer Date March __, 2006