Statement of Additional Information Supplement -- September 21, 2001*

AXP Bond Fund (Oct. 30, 2000) S-6495-20 T (10/00)
AXP Discovery Fund (Sept. 29, 2000) S-6457-20 V (9/00)
AXP Diversified Equity Income Fund (Nov. 29, 2000) S-6475-20 P (11/00)
AXP Emerging Markets Fund (Dec. 29, 2000) S-6354-20 H (12/00)
AXP Equity Select Fund (Jan. 29, 2001) S-6426-20 P (1/01)
AXP European Equity Fund (Dec. 29, 2000) S-6006-20 C (12/00)
AXP Global Balanced Fund (Dec. 29, 2000) S-6352-20 G (12/00)
AXP Global Bond Fund (Dec. 29, 2000) S-6309-20 U (12/00)
AXP Global Growth Fund (Dec. 29, 2000) S-6334-20 T (12/00)
AXP Growth Fund (Sept. 29, 2000) S-6455-20 U (9/00)
AXP Growth Dimensions Fund (Sept. 29, 2000) S-6004-20 C (9/00)
AXP Innovations Fund (Dec. 29, 2000) S-6395-20 D (12/00)
AXP International Fund (Dec. 29, 2000) S-6140-20 V (12/00)
AXP Managed Allocation Fund (Nov. 29, 2000) S-6141-20 R (11/00)
AXP Mutual (Nov. 29, 2000) S-6326-20 U (11/00)
AXP New Dimensions Fund (Sept. 29, 2000) S-6440-20 T (9/00)
AXP Partners Small Cap Value Fund (June 15, 2001) S-6239-20 C (6/01)
AXP Progressive Fund (Nov. 29, 2000) S-6449-20 U (11/00)
AXP Research Opportunities Fund (Sept. 29, 2000) S-6356-20 G (9/00)
AXP Stock Fund (Nov. 29, 2000) S-6351-20 U (11/00)
AXP Variable Portfolio Funds (Oct. 30, 2000) S-6466-20 A (10/00)

The first sentence under the "Foreign Currency Transactions" section has been
revised as follows:

Investments in foreign countries usually involve currencies of foreign
countries. In addition, the Fund may hold cash and cash-equivalent investments
in foreign currencies. As a result, the value of the Fund's assets as measured
in U.S. dollars may be affected favorably or unfavorably by changes in currency
exchange rates and exchange control regulations.

The first  sentence under the "Options on Foreign  Currencies"  section has
been revised as follows:

The  Fund  may buy  put  and  call  options  and  write  covered  call  and
cash-secured put options on foreign currencies for hedging purposes.

The first two  sentences  under the "Foreign  Currency  Futures and Related
Options" section has been revised as follows:

The  Fund  may  enter  into  currency  futures  contracts  to buy  or  sell
currencies.  It also may buy put and call  options  and write  covered  call and
cash-secured put options on currency futures.



S-6239-22 A (9/01)
Valid until next update.
*Destroy July 30, 2002