<ARTICLE> 6

   <NUMBER>  21
   <NAME>   AXP INNOVATIONS FUND CLASS Y

                                                    
<PERIOD-TYPE>                                                 YEAR
<FISCAL-YEAR-END>                                      OCT-31-2000
<PERIOD-END>                                           OCT-31-2000
<INVESTMENTS-AT-COST>                                            0
<INVESTMENTS-AT-VALUE>                                           0
<RECEIVABLES>                                               130158
<ASSETS-OTHER>                                           461129234
<OTHER-ITEMS-ASSETS>                                             0
<TOTAL-ASSETS>                                           461259392
<PAYABLE-FOR-SECURITIES>                                         0
<SENIOR-LONG-TERM-DEBT>                                          0
<OTHER-ITEMS-LIABILITIES>                                   163817
<TOTAL-LIABILITIES>                                         163817
<SENIOR-EQUITY>                                                  0
<PAID-IN-CAPITAL-COMMON>                                 470611107
<SHARES-COMMON-STOCK>                                        16809
<SHARES-COMMON-PRIOR>                                        20000
<ACCUMULATED-NII-CURRENT>                                        0
<OVERDISTRIBUTION-NII>                                           0
<ACCUMULATED-NET-GAINS>                                          0
<OVERDISTRIBUTION-GAINS>                                  21031088
<ACCUM-APPREC-OR-DEPREC>                                  11515556
<NET-ASSETS>                                                 88176
<DIVIDEND-INCOME>                                             6839
<INTEREST-INCOME>                                          1315015
<OTHER-INCOME>                                                   0
<EXPENSES-NET>                                             2245585
<NET-INVESTMENT-INCOME>                                    (923731)
<REALIZED-GAINS-CURRENT>                                 (12166298)
<APPREC-INCREASE-CURRENT>                                  7561646
<NET-CHANGE-FROM-OPS>                                     (5528383)
<EQUALIZATION>                                                   0
<DISTRIBUTIONS-OF-INCOME>                                        0
<DISTRIBUTIONS-OF-GAINS>                                    280705
<DISTRIBUTIONS-OTHER>                                            0
<NUMBER-OF-SHARES-SOLD>                                      16809
<NUMBER-OF-SHARES-REDEEMED>                                  71383
<SHARES-REINVESTED>                                          51383
<NET-CHANGE-IN-ASSETS>                                   453214861
<ACCUMULATED-NII-PRIOR>                                          0
<ACCUMULATED-GAINS-PRIOR>                                   970722
<OVERDISTRIB-NII-PRIOR>                                          0
<OVERDIST-NET-GAINS-PRIOR>                                       0
<GROSS-ADVISORY-FEES>                                          221
<INTEREST-EXPENSE>                                               0
<GROSS-EXPENSE>                                            2602252
<AVERAGE-NET-ASSETS>                                        202253
<PER-SHARE-NAV-BEGIN>                                        11.27
<PER-SHARE-NII>                                                  0
<PER-SHARE-GAIN-APPREC>                                       7.03
<PER-SHARE-DIVIDEND>                                             0
<PER-SHARE-DISTRIBUTIONS>                                     1.29
<RETURNS-OF-CAPITAL>                                         11.76
<PER-SHARE-NAV-END>                                           5.25
<EXPENSE-RATIO>                                                .94