Prospectus Supplement -- Nov. 19, 2003*

Fund Name                                                     Prospectus Form #
AXP(R) Focused Growth Fund (May 30, 2003)                     S-6003-99 E
AXP(R) Growth Dimensions Fund (Sept. 29, 2003)                S-6004-99 F

The Funds'  Directors have approved in principle the merger of each of the Funds
into AXP New Dimensions(R) Fund, a Fund that seeks to provide  shareholders with
long-term  growth of capital by  investing  primarily in common  stocks  showing
potential for significant growth.  Unlike AXP(R) Focused Growth Fund, AXP(R) New
Dimensions  Fund  does not  focus  its  investment  in a core  group of 20 to 50
stocks.

For more  information  about  AXP(R)  New  Dimensions  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) Focused Growth
Fund and AXP(R) Growth  Dimensions  Fund will be closed to new investors  during
the second quarter of 2004.

Effective  immediately,  for AXP(R)  Focused  Growth  Fund,  the section  titled
"Investment Manager" is revised to read as follows:

Gordon Fines, Vice President and Senior Portfolio Manager
o    Managed the Fund since 2003.
o    Leads the Growth Team.
o    Joined AEFC in 1981.
o    Began investment career in 1967.
o    Undergraduate in History, Northwestern University.


S-6003-23 A (11/03)
* Valid until further notice