EXHIBIT INDEX

(h)(12)  Fee Waiver Agreement, dated June 1, 2004, between American Express
         Financial Corporation, American Express Client Service Corporation, and
         AXP Short Duration U.S. Government Fund, a series of AXP Government
         Income Series, Inc.

(h)(13)  Fee Waiver Agreement, dated June 1, 2003, between American Express
         Financial Corporation, American Express Client Service Corporation, and
         AXP U.S. Government Mortgage Fund, a series of AXP Government Income
         Series, Inc.

(h)(14)  Amended and Restated Fee Waiver Agreement, dated June 1, 2004, between
         American Express Financial Corporation, American Express Client Service
         Corporation, and AXP U.S. Government Mortgage Fund, a series of AXP
         Government Income Series, Inc.

(i)      Opinion and consent of counsel as to the legality of the securities
         being registered.

(j)      Consent of Independent Registered Public Accounting Firm.

(q)(1)   Directors' Power of Attorney to sign Amendments to this Registration
         Statement, dated July 7, 2004.

(q)(4)   Trustees' Power of Attorney, dated Jan. 7, 2004.