AMEX Announces Mutual Fund Changes

November 20, 2003 ( - American Express Financial Corp has divulged details of mutual fund consolidations and portfolio manager appointments in filings with the US Securities and Exchange Commission (SEC).

American Express Financial will   merge the AXP Focused Growth Fund and the AXP Growth Dimensions Fund into the $16 billion AXP New Dimensions Fund.   The merged fund will seek toprovide long- term growth of capital by investing primarily in common stocks showing potential forsignificantgrowth, according to a Dow Jones report.

Not being merged into the fund is the Focused Growth Fund’s investment focus on a core group of 20 to 50 stocks.   Gordon Fines, who leads the company’s San Diego Growth team, has been named portfolio manager of the Focused Growth Fund.  

Separately, American Express announced the approved merger of the AXP Blue Chip Advantage Fund and the AXP Research Opportunities Fund into the AXP Large Cap Equity Fund.   The Large Cap Equity Fund seeks to provide shareholders with long-term growth of capital by investing at least 80% of its net assets in equity securities with a market capitalization greater than $5 billion.

Also announced with the merger was the appointment of Doug Chase, the current manager of the Large Cap Equity Fund, to the portfolio manager post of the Research Opportunities Fund, effectively immediately.   Chase is also slated to being managing the Blue Chip Advantage Fund on January 1, 2004.  

The American Express board also voted to merge the AXP Progressive Fund with the AXP Partners Select Value Fund, the company said in a separate SEC filing.  The Value Fund seeks long-term growth of capital through investment in common stocks , preferred stocks and securities convertible into common stocks thatarelisted on a nationally recognized securities exchange or traded on the Nasdaq . The fund is now closed to new investors.

Still subject to shareholder approval, but receiving the nod from American Express Financial directors was the liquidation of the AXP Mid Cap Index Fund, the company said in a separate SEC filing.   The company said it plans to hold shareholder meetings within the next six months.