Supplement Dated January 21, 2000
to the Prospectus Dated October 29, 1999
of American Express Variable Portfolio Funds.
The following revision applies to the "Management" section of the AXPSM Variable
Portfolio - Growth Fund. The following paragraph replaces the paragraph on
Mitzi Malevich:
Lisa Costa, senior portfolio manager, joined AEFC in January 2000. From
1985-1999 she was vice president and portfolio manager for Franklin Advisors at
Franklin Templeton Group of Funds. She also serves as portfolio manager of AXP
Growth Fund.
S-6466-41 A (1/00)
*Valid until next prospectus update.
