PROSPECTUS SUPPLEMENT -- Sept. 23, 2004*

AXP Stock Fund (Nov. 28, 2003) S-6351-99 X (11/03)

Effective Oct. 1, 2004, the "Investment Manager" section has been revised to add
the following portfolio manager:

Dimitris J. Bertsimas, portfolio manager, became associated with AEFC in August
2002. He has ten years of consulting experience in the asset management
industry. In 1999, he co-founded Dynamic Ideas, LLC, a consulting firm
specializing in the development of quantitative tools for the asset management
industry. He served as managing partner prior to the acquisition of the assets
of Dynamic Ideas, LLC by American Express Financial Advisors Inc. Currently, he
serves as Boeing Professor of Operations Research at the Sloan School of
Management and the Operations Research Center at the Massachusetts Institute of
Technology (MIT), where he has been a member of the faculty since 1988. He
received a BS in electrical engineering and computer science at the National
Technical University of Athens, Greece, a MS in operations research at MIT, and
a Ph.D. in applied mathematics and operations research at MIT. Prior to December
2002, he had not served as the portfolio manager of a mutual fund or similar
investment vehicle.





S-6351-22 A (9/04)

* Valid until next prospectus update.
Destroy Dec. 1, 2004