Supplement Dated February 28, 2000*
to the Prospectus Dated October 29, 1999
of American Express(R) Variable Portfolio Funds
The following revision applies to the "Management" section of the AXP(SM)
Variable Portfolio - Capital Resource Fund. The following paragraph replaces the
paragraph on Joseph M. Barsky:
Betty. J. Tebault, senior portfolio manager, joined AEFC in 1985 as an
analyst. She became an associate portfolio manager in 1991, helping to manage
Wealth Management Portfolios and AXP Stock Fund. She began managing this fund in
February 2000.
37300-25 A (02/00)
*Valid until next prospectus update.
