Prospectus Supplement -- Nov. 19, 2003*

Fund Name                                                   Prospectus Form #
AXP(R) Blue Chip Advantage Fund (April 1, 2003)             S-6025-99 V
AXP(R) Research Opportunities Fund (Sept. 29, 2003)         S-6356-99 L

The Funds'  Directors have approved in principle the merger of each of the Funds
into AXP(R)  Large Cap Equity  Fund,  a Fund that seeks to provide  shareholders
with long-term  growth of capital by investing at least 80% of its net assets in
equity  securities with a market  capitalization  greater than $5 billion at the
time of the purchase.  Unlike AXP(R) Blue Chip Advantage Fund,  AXP(R) Large Cap
Equity  Fund does not limit its  investments  to those  defined as "blue  chip."
Unlike AXP(R) Research Opportunities Fund, AXP(R) Large Cap Equity Fund does not
necessarily focus its investment in securities of companies  included in the S&P
500 Index.

Effective immediately for AXP(R) Research  Opportunities Fund and effective Jan.
1, 2004 for AXP(R) Blue Chip Advantage Fund, the portfolio  manager will be Doug
Chase,  who is also the portfolio  manager for AXP(R) Large Cap Equity Fund. The
two funds  will be managed  in a style  substantially  similar to that of AXP(R)
Large Cap Equity Fund.

The section titled OInvestment ManagerO is revised to read as follows:

Doug Chase, Portfolio Manager
o  Joined AEFC in 2002.
o  Prior to that, Analyst and Portfolio Manager at Fidelity Investments.
o  Began investment career in 1992.
o  MBA, University of Michigan.

For more  information  about  AXP(R)  Large Cap Equity  Fund,  please call (800)
862-7919 for a  prospectus.  Completion  of the merger is subject to a number of
conditions,  including  final  approval by the Funds'  Directors and approval by
shareholders  of the Funds at a shareholder  meeting  expected to be held within
approximately  the next six  months.  It is  anticipated  that  AXP(R) Blue Chip
Advantage  Fund and  AXP(R)  Research  Opportunities  Fund will be closed to new
investors during the second quarter of 2004.


S-6025-23 A (11/03)
* Valid until further notice