axp partners small cap core fund semiannual report enclosed for the period ended nov 30 2004 seeks to provide shareholders with long term growth of capital this page is not part from chairman arne h carlson board dear shareholder in both politics and investing we live an age where trust difficult achieve whether elect people office or meet our financial advisors that stewards have chosen manage resources will make decisions best interest choices reflect comfort level taking risks are consistent goals values next four years take america global markets unclear us economy job market healthy even as there many concerns among them high energy prices fiscal trade deficits a overseas commitments i believe prudent course investors mutual organizations always be prepared change political climate at american express funds seek learn lessons
