MICHAEL G. KENNEDY is a Vice President/Senior Equity Portfolio
Manager for American Express Asset Management Group in
Minneapolis, Minnesota, and Portfolio Manager of the AXP Stock
Fund (INSTX). He has been in the investment industry since 1970.
Prior to joining American Express Financial Corporation in 1985
as an Analyst covering food, beverage and tobacco and gaming, Mr.
Kennedy was a Research Analyst/Portfolio Manager for Sears
Investment Management, Chicago, from 1970 to 1983. From 1983 to
1985, Mr. Kennedy was a Research Analyst/Portfolio Manager for
Harris Trust, Chicago. At AXP he was promoted to Director of
Research in 1993 and to Vice President and Director of Global
Research in 1996. Mr. Kennedy was named Senior Portfolio Manager
of the AXP Stock Fund in 1998. He earned a BA degree from the
University of Notre Dame and an MBA degree from Loyola University
of Chicago. Mr. Kennedy is a Chartered Financial Analyst and a
member of the Twin Cities Society of Security Analysts.