Prospectus Supplement - September 20, 2000*

AXP Research Opportunities Fund (S-6356 H (9/00)

The Investment Strategy has been revised to read as follows:

The Fund invests primarily in securities of companies included in the Standard &
Poor's 500 Index (S&P 500).  The S&P 500 is an  unmanaged  market  index used to
measure  the  total  return  of the  U.S.  stock  market.  The  Fund  researches
securities  and invests in those that are  believed to offer the  potential  for
long-term  growth.  Under normal market  conditions,  at least 65% of the Fund's
total  assets will be invested in equity  securities.  Although the Fund invests
primarily in common  stocks that  comprise the S&P 500, it is not an index fund,
it may own  companies  not  included in the index,  and its results  will likely
differ from the index. The selection of common stocks is the primary decision in
building the investment portfolio.

In pursuit of the Fund's goal,  American Express Financial  Corporation  (AEFC),
the Fund's investment manager, chooses equity investments by:

o    Identifying companies with:

     -    effective management,

     -    financial strength,

     -    competitive market position, and

     -    growth potential.

o    Utilizing the proprietary research rating system that AEFC has developed to
     rate  securities  on a daily basis based on each  company's  merits and its
     industry grouping(s).

o    Buying those  securities that carry the highest  ratings.  AEFC will weight
     certain sectors or industries more heavily than others.

o    Buying equity  securities  not included in the S&P 500 if those  securities
     meet the standards described above.

S-6356-31 A (9/00)

Valid until next prospectus update.

*Destroy September 29, 2001