<PAGE>
PROSPECTUS SUPPLEMENT - January 21, 2000 *
AXP Growth Fund (September 29, 1999) S-6455 P (9/99)
The portfolio manager section is revised as follows:
The Fund's assets are invested in Growth Portfolio (the Portfolio), which is
managed by AEFC. 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 Variable Portfolio-Growth Fund.
S-6455-1 A (1/00)
*Valid until next prospectus update
Destroy September 29, 2000
