UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-2591
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AXP MONEY MARKET SERIES, INC.
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(Exact name of registrant as specified in charter)
50606 AXP Financial Center, Minneapolis, Minnesota 55474
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(Address of principal executive offices) (Zip code)
Leslie L. Ogg - 901 S. Marquette Avenue, Suite 2810, Minneapolis, MN 55402-3268
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(Name and address of agent for service)
Registrant's telephone number, including area code: (612) 330-9283
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Date of fiscal year end: 7/31
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Date of reporting period: 1/31
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AXP(R)
Cash
Management
Fund
Semiannual Report
for the Period Ended
Jan. 31, 2005
AXP Cash Management Fund
seeks to provide shareholders
with maximum current income
consistent with liquidity
and stability of principal.
(logo) (logo)
American AMERICAN
Express(R) EXPRESS
Funds (R)
Table of Contents
Fund Snapshot 3
Performance Summary 4
Questions & Answers
with Portfolio Management 5
Investments in Securities 7
Financial Statements 11
Notes to Financial Statements 14
Fund Expenses Example 21
Proxy Voting 23
CORPORATE REORGANIZATION
On Feb. 1, 2005, American Express Company, the parent company of the Fund's
investment manager, American Express Financial Corporation (AEFC), announced
plans to pursue a spin-off of 100% of the common stock of AEFC to shareholders
of American Express Company. The transaction, expected to be completed in the
third quarter of 2005, is subject to certain regulatory and other approvals, as
well as final approval by the board of directors of American Express Company.
Upon completion of the transaction AEFC will be a publicly traded company
separate from American Express Company. The current agreements between the Fund
and AEFC and its affiliates will remain in place. No changes in operations or
personnel, including the portfolio manager or managers of the Fund, are
anticipated.
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2 -- AXP CASH MANAGEMENT FUND -- 2005 SEMIANNUAL REPORT
Fund Snapshot
AT JAN. 31, 2005
PORTFOLIO MANAGER
Portfolio manager Since Years in industry
Jamie Jackson, CFA* 7/04 16
* The Fund is managed by a team of portfolio managers led by Jamie Jackson.
FUND OBJECTIVE
For investors seeking maximum current income consistent with liquidity and
conservation of capital.
Inception dates by class
A: 10/6/75 B: 3/20/95 C: 6/26/00 I: 3/4/04 Y: 3/20/95
Ticker symbols by class
A: IDSXX B: ACBXX C: -- I: -- Y: IDYXX
Total net assets $3.818 billion
Number of holdings 148
Weighted average maturity 37 days
STYLE MATRIX
DURATION
SHORT INT. LONG
X HIGH
MEDIUM QUALITY
LOW
Shading within the style matrix indicates areas in which the Fund generally
invests.
SECTOR COMPOSITION
Percentage of portfolio assets
(pie chart)
Commercial paper 93.2%
Certificates of deposit 6.8%
An investment in the Fund is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. Although the Fund seeks to
preserve the value of your investment at $1.00 per share, it is possible to lose
money by investing in the Fund.
Fund holdings are subject to change.
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3 -- AXP CASH MANAGEMENT FUND -- 2005 SEMIANNUAL REPORT
Performance Summary
(bar chart)
PERFORMANCE COMPARISON
For the six-month period ended Jan. 31, 2005
+0.55%
+0.55% = AXP Cash Management Fund Class A
The performance information shown represents past performance and is not a
guarantee of future results. The performance of other classes may vary from that
shown because of differences in expenses. The investment return and principal
value of your investment will fluctuate so that your shares, when redeemed, may
be worth more or less than their original cost. Current performance may be lower
or higher than the performance information shown. You may obtain performance
information current to the most recent month-end by calling (800) 862-7919 or
visiting www.americanexpress.com/funds.
The Fund is neither insured nor guaranteed by the FDIC (Federal Deposit
Insurance Corporation) or any other government agency. Although the Fund seeks
to preserve the value of your investment at $1 per share, it is possible to lose
money by investing in the Fund. Yields will fluctuate. The seven-day current
yield more closely reflects the current earnings of the Fund than the total
return.
AVERAGE ANNUAL TOTAL RETURNS
Class A Class B Class C Class I Class Y
(Inception dates) (10/6/75) (3/20/95) (6/26/00) (3/4/04) (3/20/95)
After After
NAV(1) NAV(2) CDSC(3) NAV(2) CDSC(4) NAV(5) NAV(1)
at Jan. 31, 2005
6 months * +0.55% +0.23% -3.77% +0.23% -0.77% +0.75% +0.62%
1 year +0.73% +0.26% -3.74% +0.26% +0.26% N/A +0.86%
3 years +0.78% +0.26% -0.75% +0.26% +0.26% N/A +0.87%
5 years +2.35% +1.72% +1.54% N/A N/A N/A +2.41%
10 years +3.74% N/A N/A N/A N/A N/A N/A
Since inception +6.31% +3.04% +3.04% +1.49% +1.49% +1.05%* +3.77%
at Dec. 31, 2004
6 months * +0.45% +0.15% -4.85% +0.15% -0.85% +0.64% +0.51%
1 year +0.62% +0.18% -3.82% +0.18% +0.18% N/A +0.75%
3 years +0.78% +0.25% -0.75% +0.25% +0.25% N/A +0.86%
5 years +2.41% +1.79% +1.60% N/A N/A N/A +2.47%
10 years +3.76% N/A N/A N/A N/A N/A N/A
Since inception +6.32% +3.06% +3.06% +1.50% +1.50% +0.88%* +3.79%
* Not annualized.
(1) Sales charge is not applicable to these shares. Class Y shares available to
institutional investors only.
(2) Excluding sales charge.
(3) Returns at maximum contingent deferred sales charge (CDSC). CDSC applies as
follows: first year 5%; second and third year 4%; fourth year 3%; fifth
year 2%; sixth year 1%; no sales charge thereafter.
(4) 1% CDSC applies to redemptions made within the first year of purchase.
(5) Sales charge is not applicable to these shares. Shares available to
eligible investors only, currently limited to AXP Portfolio Builder Series
funds, six affiliated funds-of-funds.
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4 -- AXP CASH MANAGEMENT FUND -- 2005 SEMIANNUAL REPORT
Questions & Answers
WITH PORTFOLIO MANAGEMENT
Below, Portfolio Manager Jamie Jackson discusses the Fund's results and
positioning for the first half of the Fund's current fiscal year.
Q. How did AXP Cash Management Fund perform for the six months ended Jan. 31,
2005?
A. AXP Cash Management Fund's Class A shares returned 0.55% for the period. The
Fund's seven-day simple yield was 1.83% at Jan. 31, 2005. The Fund's
seven-day compound yield was 1.85% at Jan. 31, 2005. The Fund serves as a
conservative, shorter term investment choice for individuals seeking current
income.
Q. What factors significantly affected the Fund's performance?
A. At the beginning of 2004, we expected the Federal Reserve Board (the Fed) to
raise rates more aggressively than what was priced into the market. Hence,
we kept the duration for the Fund fairly short. The Fed funds rate at the
beginning of the Fund's fiscal year (Aug. 1, 2004) was 1.25%, and ended the
reporting period at 2.25%. In early February, the Fed again raised its rate
target by 0.25% to 2.50%.
Solid economic data has continued to set the stage for future economic
growth. One factor in 2004 that kept fixed-income markets from reacting more
negatively to events was that the Fed has been more predictable than in past
tightening cycles. More Fed tightening continues to be priced into the
market, and we believe this trend will continue. Therefore, we are
positioning the Fund to take advantage of this trend by keeping our weighted
average maturity in the 35 to 40 day range. (Weighted average maturity
measures the amount of time remaining before the expected average principal
repayment.) As of Jan. 31, 2005, the Fund's weighted average maturity was 37
days.
Q. What changes did you make to the Fund during the period?
A. We have increased our allocation to floating-rate securities which should
react positively to the anticipated rate increases.
As always, we attempt to maximize the Fund's yield without taking
unnecessary risks. Right now, the front-end of the curve continues to be
steep. We still like variable rate products because we are able to take
advantage of the change in interest rates vs. fixed products. We continue to
invest in high quality securities.
Q. How do you plan to manage the Fund in the coming months?
A. We expect the Fed to continue removing monetary accommodation at a measured
pace. As a result, money market yields should continue to increase, and we
will maintain positions that should benefit the Fund in this environment.
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5 -- AXP CASH MANAGEMENT FUND -- 2005 SEMIANNUAL REPORT
Questions & Answers
(begin callout quote)> One factor in 2004 that kept fixed-income markets from
reacting more negatively to events was that the Fed has been more predictable
than in past tightening cycles. (end callout quote)
CHANGES IN THE FEDERAL FUNDS RATE
December 2000 to February 2005
6.50% 5.00% 3.75% 3.00% 1.75% 1.75% 1.75% 1.75% 1.25% 1.25% 1.00% 1.00% 1.00% 1.00% 1.25% 1.75% 2.25% 2.25% 2.50%
12/00 3/01 6/01 9/01 12/01 3/02 6/02 9/02 12/02 3/03 6/03 9/03 12/03 3/04 6/04 9/04 12/04 1/05 2/05
Source: Federal Reserve Board
During the fiscal period, the Fed raised its short-term interest rate target
four times from 1.25% to 2.25% and another 0.25% in early February. Still,
overnight lending rates between banks are lower than they were five years ago.
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6 -- AXP CASH MANAGEMENT FUND -- 2005 SEMIANNUAL REPORT
Investments in Securities
AXP Cash Management Fund
Jan. 31, 2005 (Unaudited)
(Percentages represent value of investments compared to net assets)
Certificates of deposit (6.7%)
Issuer Effective Principal Value(a)
yield amount
AmSouth Bank
05-06-05 2.30% $33,000,000(c) $32,998,277
Canadian Imperial Bank of Commerce Yankee
05-31-05 2.52 42,000,000(c) 41,996,277
Citibank
02-08-05 2.19 26,900,000 26,900,000
SLM
02-20-06 2.50 42,500,000(c) 42,500,000
Toronto Dominion Bank NY
02-24-05 2.26 31,600,000 31,600,000
02-25-05 2.29 25,000,000 25,000,000
02-28-05 2.38 29,900,000 29,900,000
03-14-05 2.39 26,600,000 26,600,000
Total certificates of deposit
(Cost: $257,494,554) $257,494,554
Commercial paper (92.9%)
Issuer Effective Principal Value(a)
yield amount
Asset-backed (50.89%)
Alpine Securitization
02-01-05 2.52% $25,000,000 $25,000,000
04-22-05 2.61 25,700,000 25,550,083
Amstel Funding
02-22-05 2.13 20,800,000 20,772,943
02-28-05 2.31 17,800,000 17,768,094
03-29-05 2.45 25,000,000 24,903,556
04-11-05 2.52 23,400,000 23,286,081
Amsterdam Funding
02-15-05 2.19 25,600,000 25,576,704
03-11-05 2.35 29,800,000 29,724,192
03-14-05 2.36 17,800,000 17,751,144
03-15-05 2.37 22,100,000 22,037,604
Barton Capital
02-16-05 2.09 31,200,000 31,171,010
Beta Finance
04-25-05 2.59 45,500,000 45,226,204
04-29-05 2.65 12,500,000 12,419,646
CAFCO LLC
02-02-05 1.07 27,400,000 27,398,379
02-04-05 1.60 25,200,000 25,195,527
03-03-05 2.34 23,000,000 22,953,808
04-20-05 2.58 12,300,000 12,230,710
CC (USA)/Centari
02-10-05 2.00 15,000,000 14,991,675
02-16-05 2.11 8,000,000 7,992,500
02-22-05 2.18 18,900,000 18,874,903
04-15-05 2.55 25,000,000 24,869,715
04-20-05 2.59 19,000,000 18,892,555
CHARTA LLC
02-07-05 1.85 30,000,000 29,989,200
02-09-05 2.09 11,000,000 10,994,256
03-07-05 2.37 31,000,000 30,928,709
04-19-05 2.59 24,000,000 23,866,020
04-25-05 2.63 10,000,000 9,938,903
CRC Funding LLC
03-04-05 2.34 26,400,000 26,345,213
03-09-05 2.35 16,200,000 16,160,958
04-12-05 2.60 20,100,000 19,997,602
CXC LLC
02-09-05 1.96 19,000,000 18,990,711
02-17-05 2.11 23,000,000 22,977,102
CXC LLP
03-09-05 2.36 33,200,000 33,119,656
03-17-05 2.38 20,500,000 20,439,115
Delaware Funding
02-01-05 2.28 25,031,000 25,031,000
Dorado Finance
02-16-05 2.17 19,100,000 19,081,616
03-29-05 2.51 27,000,000 26,893,320
04-04-05 2.46 22,500,000 22,403,513
04-08-05 2.52 24,400,000 24,285,930
Edison Asset Securitization
02-11-05 2.13 30,000,000 29,980,500
02-15-05 2.08 20,000,000 19,982,656
02-22-05 2.16 20,000,000 19,973,633
04-13-05 2.52 11,200,000 11,143,894
See accompanying notes to investments in securities.
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7 -- AXP CASH MANAGEMENT FUND -- 2005 SEMIANNUAL REPORT
Commercial paper (continued)
Issuer Effective Principal Value(a)
yield amount
Asset-backed (cont.)
Fairway Finance
02-04-05 1.76% $17,400,000 $17,396,607
04-14-05 2.54 25,000,000 24,872,000
FCAR Owner Trust I
02-18-05 2.12 18,000,000 17,980,960
03-04-05 2.29 30,000,000 29,939,033
04-15-05 2.57 22,500,000 22,381,831
Galaxy Funding
02-09-05 1.98 21,500,000 21,489,346
04-12-05 2.54 46,700,000 46,466,938
04-27-05 2.65 7,500,000 7,452,896
Grampian Funding LLC
03-10-05 2.33 30,000,000 29,926,308
04-11-05 2.51 23,000,000 22,888,469
04-18-05 2.58 18,000,000 17,901,200
04-26-05 2.61 26,000,000 25,841,053
Greyhawk Funding LLC
02-10-05 1.99 13,900,000 13,892,320
03-23-05 2.41 22,800,000 22,722,417
04-13-05 2.54 15,500,000 15,421,742
04-21-05 2.60 35,700,000 35,494,745
Harrier Finance Funding (US) LLC
03-28-05 2.44 13,000,000 12,950,744
04-21-05 2.61 7,500,000 7,456,715
04-22-05 2.62 13,746,000 13,665,357
04-25-05 2.62 15,000,000 14,908,700
04-27-05 2.64 18,000,000 17,887,375
Jupiter Securitization
02-11-05 2.03 9,400,000 9,394,177
04-05-05 2.47 31,000,000 30,864,375
K2 (USA) LLC
02-03-05 1.41 28,500,000 28,496,643
02-07-05 1.83 17,000,000 16,993,937
04-12-05 2.52 17,700,000 17,612,582
Old Line Funding
03-21-05 2.41 25,049,000 24,967,173
Ranger Funding LLC
03-22-05 2.40 23,800,000 23,720,796
Scaldis Capital LLC
02-14-05 2.07 26,500,000 26,478,660
02-18-05 2.15 31,000,000 30,966,770
03-31-05 2.44 18,000,000 17,928,370
04-25-05 2.60 17,600,000 17,493,686
Sheffield Receivables
03-02-05 2.29 52,400,000 52,300,104
03-23-05 2.43 29,000,000 28,900,514
Sigma Finance
03-31-05 2.45 12,500,000 12,450,056
06-10-05 2.41 85,000,000(c) 85,024,283
Variable Funding Capital
02-01-05 2.27 30,000,000 30,000,000
White Pine Finance LLC
02-01-05 2.11 20,000,000 20,000,000
03-04-05 2.33 7,061,000 7,046,407
03-08-05 2.34 6,064,000 6,049,851
02-10-06 2.38 32,000,000(c) 31,993,442
Windmill Funding
03-16-05 2.37 23,500,000 23,432,072
Total 1,938,161,194
Banks and savings & loans (30.0%)
Abbey National North America LLC
02-01-05 2.28 22,100,000 22,100,000
Bank of America
02-17-05 2.12 12,500,000 12,487,500
02-18-05 2.14 29,200,000 29,168,837
03-22-05 2.39 24,200,000 24,119,959
04-18-05 2.57 25,000,000 24,863,306
Barclays U.S. Funding
02-11-05 2.02 23,600,000 23,585,447
03-21-05 2.40 27,200,000 27,111,509
04-05-05 2.49 27,600,000 27,478,526
BNP Paribas
03-28-05 2.44 15,300,000 15,242,147
Danske
04-07-05 2.47 35,000,000 34,842,014
DEPFA Bank
02-24-05 2.21 25,100,000 25,063,037
03-07-05 2.31 27,000,000 26,939,565
12-15-05 2.47 50,000,000(b,c) 50,000,000
Deutsche Bank Financial LLC
02-01-05 2.28 37,000,000 37,000,000
Dexia Delaware LLC
03-03-05 2.29 29,800,000 29,741,393
03-08-05 2.36 31,500,000 31,425,888
HBOS Treasury Services
02-14-05 2.08 27,600,000 27,577,675
03-01-05 2.26 21,300,000 21,261,234
03-08-05 2.33 11,100,000 11,074,208
04-19-05 2.58 22,900,000 22,772,651
Natl Australia Funding
02-01-05 2.27 34,300,000 34,300,000
See accompanying notes to investments in securities.
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8 -- AXP CASH MANAGEMENT FUND -- 2005 SEMIANNUAL REPORT
Commercial paper (continued)
Issuer Effective Principal Value(a)
yield amount
Banks and savings & loans (cont.)
Northern Rock
02-17-05 2.13% $20,000,000 $19,979,911
03-01-05 2.28 25,000,000 24,954,208
01-09-06 2.49 59,300,000(c) 59,299,999
02-03-06 2.45 15,000,000(c) 15,000,000
NRW Bank
03-01-05 2.26 47,400,000 47,313,732
03-10-05 2.34 30,300,000 30,225,416
04-05-05 2.48 26,000,000 25,885,795
04-06-05 2.49 25,800,000 25,684,416
Rabobank USA Financial
02-01-05 2.50 15,700,000 15,700,000
Scotiabanc
03-31-05 2.44 26,100,000 25,996,137
Skandinaviska Enskilda Banken
02-01-05 2.25 27,400,000 27,400,000
02-02-05 1.14 18,600,000 18,598,822
02-08-05 2.01 31,200,000 31,186,047
04-14-05 2.56 25,000,000 24,871,000
01-17-06 2.47 20,000,000(c) 20,000,000
Spintab
02-25-05 2.23 40,000,000 39,938,133
02-28-05 2.25 33,700,000 33,641,019
Swedbank
02-11-05 2.09 30,000,000 29,980,833
Westpac Banking
01-11-06 2.45 59,300,000(c) 59,299,999
Westpac Capital
02-03-05 1.42 14,000,000 13,998,343
Total 1,147,108,706
Broker dealers (8.2%)
Bear Stearns Companies
02-10-05 2.08 26,000,000 25,984,985
03-21-05 2.41 30,000,000 29,902,000
04-13-05 2.52 25,000,000 24,874,764
02-28-06 2.57 30,000,000(c) 30,000,000
Goldman Sachs Group
02-01-05 2.28 34,700,000 34,700,000
02-15-06 2.47 25,000,000(c) 25,000,000
Lehman Brothers Holdings
05-16-05 2.47 42,500,000(c) 42,500,000
02-22-06 2.59 42,000,000(c) 42,000,000
Merrill Lynch & Co
02-23-05 2.32 60,000,000(c) 60,000,000
Total 314,961,749
Financial services (2.3%)
American Honda Finance
05-06-05 2.16 55,000,000(b,c) 55,000,001
General Electric Capital
02-15-05 2.11 13,900,000 13,887,783
Household Intl Finance
04-28-05 2.64 19,600,000 19,475,921
Total 88,363,705
Insurance (0.9%)
Irish Life & Permanent
02-22-06 2.50 35,000,000(c) 34,995,033
Multi-industry (0.7%)
General Electric
04-01-05 2.53 25,000,000 24,895,111
Total commercial paper
(Cost: $3,548,485,498) $3,548,485,498
Total investments in securities
(Cost: $3,805,980,052)(d) $3,805,980,052
See accompanying notes to investments in securities.
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9 -- AXP CASH MANAGEMENT FUND -- 2005 SEMIANNUAL REPORT
Notes to investments in securities
(a) Securities are valued by procedures described in Note 1 to the financial
statements.
(b) 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 Jan. 31, 2005, the value of these
securities amounted to $105,000,001 or 2.7% of net assets.
(c) Interest rate varies either based on a predetermined schedule or to
reflect current market conditions; rate shown is the effective rate on
Jan. 31, 2005.
(d) Also represents the cost of securities for federal income tax purposes at
Jan. 31, 2005.
How to find information about the Fund's portfolio holdings
(i) The Fund files its complete schedule of portfolio holdings with the
Securities and Exchange Commission (Commission) for the first and third
quarters of each fiscal year on Form N-Q;
(ii) The Fund's Forms N-Q are available on the Commission's website at
http://www.sec.gov;
(iii) The Fund's Forms N-Q may be reviewed and copied at the Commission's Public
Reference Room in Washington, DC (information on the operations of the
Public Reference Room may be obtained by calling 1-800-SEC-0330); and
(iv) The Fund's complete schedule of portfolio holdings, as disclosed in its
annual and semiannual shareholder reports and in its filings on Form N-Q,
can be found at www.americanexpress.com/funds.
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10 -- AXP CASH MANAGEMENT FUND -- 2005 SEMIANNUAL REPORT
Financial Statements
Statement of assets and liabilities
AXP Cash Management Fund
Jan. 31, 2005 (Unaudited)
Assets
Investments in securities, at value (Note 1)
(identified cost $3,805,980,052) $3,805,980,052
Cash in bank on demand deposit 10,309,591
Capital shares receivable 1,701,121
Accrued interest receivable 2,407,032
---------
Total assets 3,820,397,796
-------------
Liabilities
Dividends payable to shareholders 754,529
Capital shares payable 345,993
Accrued investment management services fee 100,686
Accrued distribution fee 36,146
Accrued transfer agency fee 74,770
Accrued administrative services fee 7,680
Other accrued expenses 833,451
-------
Total liabilities 2,153,255
---------
Net assets applicable to outstanding capital stock $3,818,244,541
==============
Represented by
Capital stock -- $.01 par value (Note 1) $ 38,178,200
Additional paid-in capital 3,779,573,774
Undistributed net investment income 492,000
Accumulated net realized gain (loss) 567
---
Total -- representing net assets applicable to outstanding capital stock $3,818,244,541
==============
Net assets applicable to outstanding shares: Class A $3,267,754,100
Class B $ 147,031,367
Class C $ 2,393,209
Class I $ 8,583,665
Class Y $ 392,482,200
Net asset value per share of outstanding capital stock: Class A shares 3,267,128,477 $ 1.00
Class B shares 147,196,019 $ 1.00
Class C shares 2,393,126 $ 1.00
Class I shares 8,582,745 $ 1.00
Class Y shares 392,519,659 $ 1.00
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See accompanying notes to financial statements.
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11 -- AXP CASH MANAGEMENT FUND -- 2005 SEMIANNUAL REPORT
Statement of operations
AXP Cash Management Fund
Six months ended Jan. 31, 2005 (Unaudited)
Investment income
Income:
Interest $38,499,103
-----------
Expenses (Note 2):
Investment management services fee 6,509,982
Distribution fee
Class A 1,755,570
Class B 633,033
Class C 11,140
Transfer agency fee 5,341,152
Incremental transfer agency fee
Class A 478,391
Class B 23,212
Class C 425
Administrative services fees and expenses 548,654
Compensation of board members 13,102
Custodian fees 298,240
Printing and postage 295,115
Registration fees 314,340
Audit fees 18,250
Other 63,025
------
Total expenses 16,303,631
Expenses waived/reimbursed by AEFC (Note 2) (17,330)
-------
16,286,301
Earnings credits on cash balances (Note 2) (166,747)
--------
Total net expenses 16,119,554
----------
Investment income (loss) -- net 22,379,549
----------
Net increase (decrease) in net assets resulting from operations $22,379,549
===========
See accompanying notes to financial statements.
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12 -- AXP CASH MANAGEMENT FUND -- 2005 SEMIANNUAL REPORT
Statements of changes in net assets
AXP Cash Management Fund
Jan. 31, 2005 July 31, 2004
Six months ended Year ended
(Unaudited)
Operations and distributions
Investment income (loss) -- net $ 22,379,549 $ 15,421,079
Net realized gain (loss) on investments -- 568
---------- ----------
Net increase (decrease) in net assets resulting from operations 22,379,549 15,421,647
---------- ----------
Distributions to shareholders from:
Net investment income
Class A (18,895,069) (14,160,516)
Class B (367,429) (125,090)
Class C (6,275) (1,867)
Class I (48,611) (6,853)
Class Y (2,570,165) (1,129,354)
---------- ----------
Total distributions (21,887,549) (15,423,680)
----------- -----------
Capital share transactions at constant $1 net asset value
Proceeds from sales
Class A shares (Note 2) 2,409,856,186 5,680,515,833
Class B shares 92,039,963 283,348,104
Class C shares 3,913,804 10,376,462
Class I shares 4,688,732 4,495,636
Class Y shares 407,351,695 155,083,714
Reinvestment of distributions at net asset value
Class A shares 18,086,888 14,185,892
Class B shares 342,291 124,964
Class C shares 5,749 1,819
Class I shares 46,543 6,715
Class Y shares 2,478,445 1,129,058
Payments for redemptions
Class A shares (2,840,651,590) (6,663,553,410)
Class B shares (Note 2) (125,031,193) (382,008,022)
Class C shares (Note 2) (4,990,009) (11,347,919)
Class I shares (8,144) (646,737)
Class Y shares (226,285,815) (209,572,966)
------------ ------------
Increase (decrease) in net assets from capital share transactions (258,156,455) (1,117,860,857)
------------ --------------
Total increase (decrease) in net assets (257,664,455) (1,117,862,890)
Net assets at beginning of period 4,075,908,996 5,193,771,886
------------- -------------
Net assets at end of period $ 3,818,244,541 $ 4,075,908,996
=============== ===============
Undistributed net investment income $ 492,000 $ --
--------------- ---------------
See accompanying notes to financial statements.
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13 -- AXP CASH MANAGEMENT FUND -- 2005 SEMIANNUAL REPORT
Notes to Financial Statements
AXP Cash Management Fund
(Unaudited as to Jan. 31, 2005)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Fund is a series of AXP Money Market Series, Inc. and is registered under
the Investment Company Act of 1940 (as amended) (the 1940 Act) as a diversified,
open-end management investment company. AXP Money Market Series, Inc. has 10
billion authorized shares of capital stock that can be allocated among the
separate series as designated by the board. The Fund invests primarily in money
market instruments.
The Fund offers Class A, Class B, Class C and Class Y shares.
o Class A shares have no sales charge.
o Class B shares may be subject to a contingent deferred sales charge (CDSC)
and automatically convert to Class A shares during the ninth calendar year of
ownership.
o Class C shares may be subject to a CDSC.
o Class Y shares have no sales charge and are offered only to qualifying
institutional investors.
The Fund offers an additional class of shares, Class I, exclusively to certain
institutional investors. Class I shares have no sales charge and are made
available through a separate prospectus supplement provided to investors
eligible to purchase the shares. At Jan. 31, 2005, American Express Financial
Corporation (AEFC) and the AXP Portfolio Builder Series funds owned 100% of
Class I shares, which represents 0.22% of the Fund's net assets.
All classes of shares have identical voting, dividend and liquidation rights.
The distribution fee and transfer agency fees (class specific expenses) differ
among classes. Income, expenses (other than class specific expenses) and
realized and unrealized gains or losses on investments are allocated to each
class of shares based upon its relative net assets.
The Fund's significant accounting policies are summarized below:
Use of estimates
Preparing financial statements that conform to accounting principles generally
accepted in the United States of America requires management to make estimates
(e.g., on assets, liabilities and contingent assets and liabilities) that could
differ from actual results.
Valuation of securities
Pursuant to Rule 2a-7 of the 1940 Act, all securities are valued daily at
amortized cost, which approximates market value, in order to maintain a constant
net asset value of $1 per share.
- --------------------------------------------------------------------------------
14 -- AXP CASH MANAGEMENT FUND -- 2005 SEMIANNUAL REPORT
Guarantees and indemnifications
Under the Fund's organizational documents, its officers and directors are
indemnified against certain liabilities arising out of the performance of their
duties to the Fund. In addition, certain of the Fund's contracts with its
service providers contain general indemnification clauses. The Fund's maximum
exposure under these arrangements is unknown since the amount of any future
claims that may be made against the Fund cannot be determined and the Fund has
no historical basis for predicting the likelihood of any such claims.
Federal taxes
The Fund's policy is to comply with all sections of the Internal Revenue Code
that apply to regulated investment companies and to distribute substantially all
of its taxable income to shareholders. No provision for income or excise taxes
is thus required.
Net investment income (loss) and net realized gains (losses) may differ for
financial statement and tax purposes. The character of distributions made during
the year from net investment income or net realized gains may differ from their
ultimate characterization for federal income tax purposes. Also, due to the
timing of dividend distributions, the fiscal year in which amounts are
distributed may differ from the year that the income or realized gains (losses)
were recorded by the Fund.
Dividends to shareholders
Dividends from net investment income, declared daily and payable monthly, are
reinvested in additional shares of the Fund at net asset value or payable in
cash.
Other
Security transactions are accounted for on the date securities are purchased or
sold. Interest income, including amortization of premium and discount, is
recognized daily.
2. EXPENSES AND SALES CHARGES
The Fund has agreements with AEFC to manage its portfolio and provide
administrative services. Under an Investment Management Services Agreement, AEFC
determines which securities will be purchased, held or sold. The management fee
is a percentage of the Fund's average daily net assets that declines from 0.36%
to 0.25% annually as the Fund's assets increase.
Under an Administrative Services Agreement, the Fund pays AEFC a fee for
administration and accounting services at a percentage of the Fund's average
daily net assets that declines from 0.03% to 0.02% annually as the Fund's assets
increase. A minor portion of additional administrative service expenses paid by
the Fund are consultants' fees and fund office expenses. Under this agreement,
the Fund also pays taxes, audit and certain legal fees, registration fees for
shares, compensation of board members, corporate filing fees and any other
expenses properly payable by the Fund and approved by the board.
- --------------------------------------------------------------------------------
15 -- AXP CASH MANAGEMENT FUND -- 2005 SEMIANNUAL REPORT
Under a Deferred Compensation Plan (the Plan), non-interested board members may
defer receipt of their compensation. Deferred amounts are treated as though
equivalent dollar amounts had been invested in shares of the Fund or other
American Express mutual funds. The Fund's liability for these amounts is
adjusted for market value changes and remains in the Fund until distributed in
accordance with the Plan.
Under a separate Transfer Agency Agreement, American Express Client Service
Corporation (AECSC) maintains shareholder accounts and records. The Fund pays
AECSC an annual fee per shareholder account for this service as follows:
o Class A $22.00
o Class B $23.00
o Class C $22.50
o Class Y $20.00
The incremental transfer agency fee is the amount charged to the specific
classes for the additional expense above the fee for Class Y.
Class I pays a transfer agency fee at an annual rate per shareholder account of
$1. This amount is included in the transfer agency fee on the statement of
operations.
In addition, AECSC is entitled to charge an annual closed account fee of $5 per
inactive account, charged on a pro rata basis from the date the account becomes
inactive until the date the account is purged from the transfer agent system
generally within one year. However, the closed account fee is currently not
effective.
The Fund has agreements with American Express Financial Advisors Inc. (the
Distributor) for distribution and shareholder services. Under a Plan and
Agreement of Distribution pursuant to Rule 12b-1, the Fund pays a fee at an
annual rate up to 0.10% of the Fund's average daily net assets attributable to
Class A shares, up to 0.85% for Class B shares and up to 0.75% for Class C
shares. At Jan. 31, 2005, the Fund paid an annual rate of 0.75% of the Fund's
average daily net assets attributable to Class B shares.
Sales charges received by the Distributor for distributing Fund shares were
$530,480 for Class B and $3,858 for Class C for the six months ended Jan. 31,
2005.
AEFC and its affiliates may limit the expenses of one or more classes for the
purpose of increasing its yield. This expense limitation policy may be revised
or terminated at any time without notice. At Jan. 31, 2005, AEFC and its
affiliates waived certain fees and expenses to 1.41% for Class B and 1.41% for
Class C. Of these waived fees and expenses, the distribution (12b-1) fees waived
for Class B and Class C were $17,001, and $329, respectively.
During the six months ended Jan. 31, 2005, the Fund's custodian and transfer
agency fees were reduced by $166,747 as a result of earnings credits from
overnight cash balances.
- --------------------------------------------------------------------------------
16 -- AXP CASH MANAGEMENT FUND -- 2005 SEMIANNUAL REPORT
3. SECURITIES TRANSACTIONS
Cost of purchases and proceeds from sales of securities aggregated
$8,789,360,592 and $9,043,057,000, respectively, for the six months ended Jan.
31, 2005. Realized gains and losses are determined on an identified cost basis.
4. BANK BORROWINGS
The Fund has a revolving credit agreement with a syndicate of banks headed by
The Bank of New York, whereby the Fund may borrow for the temporary funding of
shareholder redemptions or for other temporary or emergency purposes. The
agreement went into effect Sept. 21, 2004. The Fund must maintain asset coverage
for borrowings of at least 300%. The agreement, which enables the Fund to
participate with other American Express mutual funds, permits borrowings up to
$500 million, collectively. Interest is charged to each Fund based on its
borrowings at a rate equal to either the higher of the Federal Funds Effective
Rate plus 0.50% or the Prime Lending Rate. Borrowings are payable within 60 days
after such loan is executed. The Fund also pays a commitment fee equal to its
pro rata share of the amount of the credit facility at a rate of 0.09% per
annum. Prior to this agreement, the Fund had a revolving credit agreement that
permitted borrowings up to $500 million with Deutsche Bank. The Fund had no
borrowings outstanding during the six months ended Jan. 31, 2005.
5. FINANCIAL HIGHLIGHTS
The tables below show certain important financial information for evaluating the
Fund's results.
Class A
Per share income and capital changes(a)
Fiscal period ended July 31, 2005(f) 2004 2003 2002 2001
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- -----
Income from investment operations:
Net investment income (loss) .01 -- .01 .02 .05
----- ----- ----- ----- -----
Less distributions:
Dividends from net investment income (.01) -- (.01) (.02) (.05)
----- ----- ----- ----- -----
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- -----
Ratios/supplemental data
Net assets, end of period (in millions) $3,268 $3,680 $4,649 $5,766 $6,149
Ratio of expenses to average daily net assets(b) .78%(c) .78% .69% .59% .59%
Ratio of net investment income (loss) to average daily net assets 1.10%(c) .35% .78% 1.89% 5.18%
Total return(d) .55%(e) .35% .77% 1.93% 5.35%
(a) For a share outstanding throughout the period. Rounded to the nearest cent.
(b) Expense ratio is based on total expenses of the Fund before reduction of
earnings credits on cash balances.
(c) Adjusted to an annual basis.
(d) Total return does not reflect payment of a sales charge.
(e) Not annualized.
(f) Six months ended Jan. 31, 2005 (Unaudited).
- --------------------------------------------------------------------------------
17 -- AXP CASH MANAGEMENT FUND -- 2005 SEMIANNUAL REPORT
Class B
Per share income and capital changes(a)
Fiscal period ended July 31, 2005(g) 2004 2003 2002 2001
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- -----
Income from investment operations:
Net investment income (loss) -- -- -- .01 .05
----- ----- ----- ----- -----
Less distributions:
Dividends from net investment income -- -- -- (.01) (.05)
----- ----- ----- ----- -----
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- -----
Ratios/supplemental data
Net assets, end of period (in millions) $147 $180 $278 $380 $273
Ratio of expenses to average daily net assets(b) 1.41%(c),(d) 1.07%(d) 1.26%(d) 1.34% 1.34%
Ratio of net investment income (loss) to average daily net assets .45%(c) .05% .21% 1.13% 4.37%
Total return(e) .23%(f) .06% .20% 1.13% 4.57%
(a) For a share outstanding throughout the period. Rounded to the nearest cent.
(b) Expense ratio is based on total expenses of the Fund before reduction of
earnings credits on cash balances.
(c) Adjusted to an annual basis.
(d) AEFC waived/reimbursed the Fund for certain expenses. Had AEFC not done so,
the annual ratios of expenses for Class B would have been 1.43% for the six
months ended Jan. 31, 2005 and 1.43% and 1.38% for the years ended July 31,
2004 and 2003, respectively.
(e) Total return does not reflect payment of a sales charge.
(f) Not annualized.
(g) Six months ended Jan. 31, 2005 (Unaudited).
- --------------------------------------------------------------------------------
18 -- AXP CASH MANAGEMENT FUND -- 2005 SEMIANNUAL REPORT
Class C
Per share income and capital changes(a)
Fiscal period ended July 31, 2005(g) 2004 2003 2002 2001
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- -----
Income from investment operations:
Net investment income (loss) -- -- -- .01 .05
----- ----- ----- ----- -----
Less distributions:
Dividends from net investment income -- -- -- (.01) (.05)
----- ----- ----- ----- -----
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- -----
Ratios/supplemental data
Net assets, end of period (in millions) $2 $3 $4 $4 $1
Ratio of expenses to average daily net assets(b) 1.41%(c),(d) 1.07%(d) 1.27%(d) 1.34% 1.34%
Ratio of net investment income (loss) to average daily net assets .44%(c) .06% .21% .99% 3.88%
Total return(e) .23%(f) .06% .20% 1.14% 4.68%
(a) For a share outstanding throughout the period. Rounded to the nearest cent.
(b) Expense ratio is based on total expenses of the Fund before reduction of
earnings credits on cash balances.
(c) Adjusted to an annual basis.
(d) AEFC waived/reimbursed the Fund for certain expenses. Had AEFC not done so,
the annual ratios of expenses for Class C would have been 1.43% for the six
months ended Jan. 31, 2005 and 1.43% and 1.38% for the years ended July 31,
2004 and 2003, respectively.
(e) Total return does not reflect payment of a sales charge.
(f) Not annualized.
(g) Six months ended Jan. 31, 2005 (Unaudited).
- --------------------------------------------------------------------------------
19 -- AXP CASH MANAGEMENT FUND -- 2005 SEMIANNUAL REPORT
Class I
Per share income and capital changes(a)
Fiscal period ended July 31, 2005(g) 2004(b)
Net asset value, beginning of period $1.00 $1.00
----- -----
Income from investment operations:
Net investment income (loss) .01 --
----- -----
Less distributions:
Dividends from net investment income (.01) --
----- -----
Net asset value, end of period $1.00 $1.00
----- -----
Ratios/supplemental data
Net assets, end of period (in millions) $9 $4
Ratio of expenses to average daily net assets(c) .38%(d) .43%(d)
Ratio of net investment income (loss) to average daily net assets 1.59%(d) .77%(d)
Total return(e) .75%(f) .30%(f)
(a) For a share outstanding throughout the period. Rounded to the nearest cent.
(b) Inception date was March 4, 2004.
(c) Expense ratio is based on total expenses of the Fund before reduction of
earnings credits on cash balances.
(d) Adjusted to an annual basis.
(e) Total return does not reflect payment of a sales charge.
(f) Not annualized.
(g) Six months ended Jan. 31, 2005 (Unaudited).
Class Y
Per share income and capital changes(a)
Fiscal period ended July 31, 2005(f) 2004 2003 2002 2001
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- -----
Income from investment operations:
Net investment income (loss) .01 -- .01 .02 .05
----- ----- ----- ----- -----
Less distributions:
Dividends from net investment income (.01) -- (.01) (.02) (.05)
----- ----- ----- ----- -----
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- -----
Ratios/supplemental data
Net assets, end of period (in millions) $392 $209 $262 $203 $174
Ratio of expenses to average daily net assets(b) .65%(c) .65% .62% .57% .57%
Ratio of net investment income (loss) to average daily net assets 1.27%(c) .47% .82% 1.86% 5.18%
Total return(d) .62%(e) .48% .85% 1.95% 5.37%
(a) For a share outstanding throughout the period. Rounded to the nearest cent.
(b) Expense ratio is based on total expenses of the Fund before reduction of
earnings credits on cash balances.
(c) Adjusted to an annual basis.
(d) Total return does not reflect payment of a sales charge.
(e) Not annualized.
(f) Six months ended Jan. 31, 2005 (Unaudited).
- --------------------------------------------------------------------------------
20 -- AXP CASH MANAGEMENT FUND -- 2005 SEMIANNUAL REPORT
Fund Expenses Example
(UNAUDITED)
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including sales charges (loads); and (2) ongoing costs, including
management fees; distribution and service (12b-1) fees; and other Fund expenses.
This example is intended to help you understand your ongoing costs (in dollars)
of investing in the Fund and to compare these costs with the ongoing costs of
investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the
period and held for the six months ended Jan. 31, 2005.
Actual Expenses
The first line of the table provides information about actual account values and
actual expenses. You may use the information in this line, together with the
amount you invested, to estimate the expenses that you paid over the period.
Simply divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.6), then multiply the result by the number in the first
line under the heading titled "Expenses paid during the period" to estimate the
expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the table provides information about hypothetical account
values and hypothetical expenses based on the Fund's actual expense ratio and an
assumed rate of return of 5% per year before expenses, which is not the Fund's
actual return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as sales
charges (loads). Therefore, the second line of the table is useful in comparing
ongoing costs only, and will not help you determine the relative total costs of
owning different funds. In addition, if these transactional costs were included,
your costs would have been higher.
- --------------------------------------------------------------------------------
21 -- AXP CASH MANAGEMENT FUND -- 2005 SEMIANNUAL REPORT
Beginning Ending Expenses
account value account value paid during Annualized
Aug. 1, 2004 Jan. 31, 2005 the period(a) expense ratio
Class A
Actual(b) $1,000 $1,005.50 $3.96 0.78%
Hypothetical (5% return before expenses) $1,000 $1,021.39 $4.00 0.78%
Class B
Actual(b) $1,000 $1,002.30 $7.15 1.41%(c)
Hypothetical (5% return before expenses) $1,000 $1,018.20 $7.21 1.41%(c)
Class C
Actual(b) $1,000 $1,002.30 $7.15 1.41%(c)
Hypothetical (5% return before expenses) $1,000 $1,018.20 $7.21 1.41%(c)
Class I
Actual(b) $1,000 $1,007.50 $1.93 0.38%
Hypothetical (5% return before expenses) $1,000 $1,023.42 $1.95 0.38%
Class Y
Actual(b) $1,000 $1,006.20 $3.30 0.65%
Hypothetical (5% return before expenses) $1,000 $1,022.05 $3.33 0.65%
(a) Expenses are equal to the Fund's annualized expense ratio as indicated
above, multiplied by the average account value over the period, multiplied
by 185/365 (to reflect the one-half year period).
(b) Based on the actual return for the six months ended Jan. 31, 2005: +0.55%
for Class A, +0.23% for Class B, +0.23% for Class C, +0.75% for Class I and
+0.62 for Class Y.
(c) From time to time, AEFC and its affiliates may limit the expenses of one or
more classes for the purpose on increasing its yield. This expense
limitation policy may be revised or terminated at any time without notice.
For the six-month period ended Jan. 31, 2005, AEFC and its affiliates
waived certain fees and expenses for Class B and Class C. If this fee
waiver had not been in place for the entire six-month period ended Jan. 31,
2005, the actual expenses paid would have been: $7.76 for Class B and $7.26
for Class C; the hypothetical expenses paid would have been: $7.82 for
Class B and $7.31 for Class C.
- --------------------------------------------------------------------------------
22 -- AXP CASH MANAGEMENT FUND -- 2005 SEMIANNUAL REPORT
Proxy Voting
The policy of the Board is to vote all proxies of the companies in which the
Fund holds investments. The procedures are stated in the Statement of Additional
Information (SAI). You may obtain a copy of the SAI without charge by calling
(800) 862-7919; by looking at the website americanexpress.com/funds; or by
searching the website of the Securities and Exchange Commission
http://www.sec.gov. You may view the Fund's voting record for all portfolio
companies whose shareholders meetings were completed the previous quarter on
americanexpress.com/funds or obtain a copy by calling the Fund's administrator,
Board Services Corporation, collect at (612) 330-9283. In addition, information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is available at http://www.sec.gov.
- --------------------------------------------------------------------------------
23 -- AXP CASH MANAGEMENT FUND -- 2005 SEMIANNUAL REPORT
(logo)
AMERICAN
EXPRESS
(R)
American Express Funds
70100 AXP Financial Center
Minneapolis, MN 55474
This report must be accompanied or preceded by the Fund's current prospectus.
Distributed by American Express Financial Advisors Inc. Member NASD. American
Express Company is separate from American Express Financial Advisors Inc. and
is not a broker-dealer.
Item 2. Code of Ethics. Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert. Not applicable for semi-annual
reports.
Item 4. Principal Accountant Fees and Services. Not applicable for
semi-annual reports.
Item 5. Audit Committee of Listed Registrants. Not applicable.
Item 6. The complete schedule of investments is included in Item 1 of this
Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies. Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers. Not applicable.
Item 10. Submission of matters to a vote of security holders. Not applicable.
Item 11. Controls 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 Form N-CSR, 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 controls over
financial reporting that occurred during the registrant's last fiscal
half-year (the registrant's second fiscal half-year in the case of an
annual report) that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over
financial reporting.
Item 12. Exhibits.
(a)(1) Not applicable for semi-annual reports.
(a)(2) Separate certification for the Registrant's principal
executive officer and principal financial officer, as required by
Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a)
under the Investment Company Act of 1940, are attached as
EX.99.CERT.
(a)(3) Not applicable.
(b) A certification by the Registrant's principal executive officer
and principal financial officer, pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment
Company Act of 1940, is attached as EX.99.906 CERT.
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 Money Market Series, Inc.
By /s/ Paula R. Meyer
------------------
Paula R. Meyer
President and Principal Executive Officer
Date March 30, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By /s/ Paula R. Meyer
------------------
Paula R. Meyer
President and Principal Executive Officer
Date March 30, 2005
By /s/ Jeffrey P. Fox
------------------
Jeffrey P. Fox
Treasurer and Principal Financial Officer
Date March 30, 2005