American Express Financial Corp. has filed a registration statement with the Securities and Exchange Commission for two new sub-advised funds, the firm announced today. American Express expects to launch the new funds in the first quarter of 2002.

The AXP Partners Select Value Fund, a multi-cap equity fund, will be sub-advised by Gabelli Asset Management Co. The AXP Partners Small Cap Core Fund will be sub-advised by both Pilgrim Baxter & Assoc. and Wellington Management Co.

There are five other mutual funds in the American Express Partners series of funds, all of which are sub-advised. In total, American Express offers 53 retail mutual funds with more than $74 billion in assets under management.

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