497 1 s6395-2a.txt AXP FUNDS PROSPECTUS SUPPLEMENT Prospectus Supplement June 9, 2003* Prospectus Fund Name (Date) Form # AXP Emerging Markets Fund (Dec. 30, 2002) S-6354-99 K AXP Global Technology Fund (Dec. 30, 2002) S-6395-99 F AXP Growth Dimensions Fund (Sept. 27, 2002) S-6004-99 E AXP International Fund (Dec. 30, 2002) S-6140-99 X AXP Massachusetts Tax-Exempt Fund (Aug. 29, 2002) S-6328-99 W AXP Michigan Tax-Exempt Fund (Aug. 29, 2002) S-6328-99 W AXP New York Tax-Exempt Fund (Aug. 29, 2002) S-6328-99 W AXP Ohio Tax-Exempt Fund (Aug. 29, 2002) S-6328-99 W AXP Partners Fundamental Value Fund (July 30, 2002) S-6236-99 D AXP Partners International Select Value Fund (Dec. 30, 2002) S-6242-99 E AXP Partners Select Value Fund (July 30, 2002) S-6240-99 C AXP Partners Small Cap Core Fund (July 30, 2002) S-6237-99 D AXP Partners Value Fund (July 30, 2002) S-6238-99 D AXP Research Opportunities Fund (Sept. 27, 2002) S-6356-99 K Effective May 1, 2003, American Express Financial Corporation has agreed to waive certain fees and to absorb certain expenses for the following Funds until each Fund's respective fiscal year end following the effective date: Expense Caps Class A Class B Class C Class Y Effective Fund Shares Shares Shares Shares Date Massachusetts Tax-Exempt 0.88% 1.64% 1.64% N/A 5/1/2003 Michigan Tax-Exempt 0.88% 1.64% 1.64% N/A 5/1/2003 New York Tax-Exempt 0.88% 1.64% 1.64% N/A 5/1/2003 Ohio Tax-Exempt 0.88% 1.64% 1.64% N/A 5/1/2003 Partners Select Value 1.44% 2.20% 2.20% 1.26% 5/1/2003 Partners Small Cap Core 1.55% 2.31% 2.31% 1.37% 5/1/2003 Research Opportunities 1.35% 2.11% 2.11% 1.18% 5/1/2003 Effective with the first day of the next fiscal year of the following Funds, American Express Financial Corporation has agreed to waive certain fees and to absorb certain expenses until each Fund's respective fiscal year end following the effective date: Expense Caps Class A Class B Class C Class Y Effective Fund Shares Shares Shares Shares Date Emerging Markets 1.99% 2.75% 2.75% 1.82% 11/1/2003 Global Technology 1.99% 2.75% 2.75% 1.82% 11/1/2003 Growth Dimensions 1.35% 2.11% 2.11% 1.19% 8/1/2003 International 1.55% 2.31% 2.31% 1.38% 11/1/2003 Partners Fundamental Value 1.38% 2.14% 2.14% 1.20% 6/1/2003 Partners International Select Value 1.70% 2.47% 2.47% 1.53% 11/1/2003 Partners Value 1.38% 2.14% 2.14% 1.20% 6/1/2003 S-6395-2 A (6/03) * Valid until next prospectus update Destroy Dec. 30, 2003