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News Flash - Amex Introduces Three Fixed-Income Mutual Funds

American Express Financial Corp. has introduced three new mutual funds within its fixed-income line. The funds will be distributed by American Express financial advisers, American Express's brokerage division and select American Express retirement plans.

"With Michelle Keeley joining American Express as head of fixed income last year and our efforts to build around new and existing investment talent, we have fully implemented a new organizational model within our fixed income group," said Paula Meyer, senior vice president, mutual funds and certificates, American Express Financial Advisors.

The funds, which will be team managed, include the AXP Limited Duration Fund, which invests in a diversified blend of intermediate-term investment grade securities, including those issued by the U.S. Government, corporate securities and mortgage and asset-backed securities. James Jackson is lead manager of the fund.

The AXP Core Bond Fund invests in a diversified blend of intermediate-term, investment-grade securities. Tom Murphy heads up management of the fund. The AXP Income Opportunities Fund invests in income-producing debt securities, preferred stocks and convertible securities, with an emphasis on the higher rated segment of the high-yield market. Brian Lavin is lead manager of the fund.

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