February 15, 2005

Two Managers Join AXP New Dimensions Fund

Feb. 11, 2005 -- American Express Funds said it appointed Michael E. Nance and Trisha C. Schuster portfolio managers of the AXP New Dimensions Fund/A (INNDX), according to a regulatory filing.

They join Gordon Fines, who continues as lead manager of the fund, which has total assets of about $14.9 billion.

Nance is a member of the fund complex's San Diego-based growth spectrum team, which oversees large-cap growth stocks. He joined American Express last August from Putnam Investments, where he had been a portfolio manager, managing director and head of the firm's core growth equity team.

Schuster joined American Express in 2002 as a senior analyst specializing in health care stocks. Previously, she was with Nicholas Applegate, where she was a health care stock analyst and a co-manager a global health care fund.

American Express, which believes in team fund management, feels the addition of the two stock pickers will add "depth and style diversification" to the New Dimensions fund, a company spokesman said.

The fund lost 3.1% last year, while the average large-cap growth fund gained 7.6%. It is ranked 3-Stars by Standard & Poor's.

Contact Bob Keane with questions or comments at: bkeane@investmentadvisor.com.

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