EXHIBIT INDEX (h)(12) Transfer Agency Agreement between Registrant and American Express Client Service Corporation, dated May 1, 2003, on behalf of AXP Equity Value Fund, AXP Focus 20 Fund, AXP Small Cap Advantage Fund, AXP Small Cap Growth Fund and...

                                  EXHIBIT INDEX

(h)(12)  Transfer Agency Agreement between Registrant and American Express
         Client Service Corporation, dated May 1, 2003, on behalf of AXP Equity
         Value Fund, AXP Focus 20 Fund, AXP Small Cap Advantage Fund, AXP Small
         Cap Growth Fund and AXP Strategy Aggressive Fund.

(i)      Opinion and Consent of Counsel as to the legality of the securities
         being registered.

(j)      Independent Auditors' Consent.

(p)(4)   Code of Ethics adopted under Rule 17j-1 by AXP Partners Small Cap
         Growth Fund's subadviser Xxxxxxxxx Xxxxxx Management Inc. dated Jan. 1,
         2002.