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Supplement Dated December 21, 1999*
to the Statement of Additional Information Dated October 29, 1999
of American Express(r) Variable Portfolio Funds
AXP Variable Portfolio Funds SAI S-6466-21 F (10/99)
The Following Revisions Apply to the Axpsm Variable Portfolio - Growth Fund in
the "Agreements" Section Under the "Investment Management Services Agreement"
heading.
The information regarding the index used to calculate the adjustment for
investment performance applied to the investment management services fee for the
Fund is deleted in its entirety and replaced with the Lipper Growth Fund Index.
Also, the information regarding the maximum monthly increase or decrease where a
fund's share performance and the index performance are not equal is deleted in
its entirety and replaced with 0.12% of the Fund's average net assets on an
annual basis.
S-6466-22 A (12/99)
*Valid until next update.
