Prospectus Supplement* Dec. 27, 1999
AXP Blue Chip Advantage Fund S-6025 M (3/99)
AXP Bond Fund S-6495 N (10/99)
AXP California Tax-Exempt Fund S-6328 N (8/99)
AXP Discovery Fund S-6457 N (9/99)
AXP Diversified Equity Income Fund S-6475 N (11/99)
AXP Emerging Markets Fund S-6354 D (12/98)
AXP Equity Select Fund S-6426 N (1/99)
AXP Equity Value Fund S-6382 G (5/99)
AXP Extra Income Fund S-6370 N (7/99)
AXP Federal Income Fund S-6042 P (7/99)
AXP Global Balanced Fund S-6352 C (12/98)
AXP Global Bond Fund S-6309 M (12/98)
AXP Global Growth Fund S-6334 M (12/98)
AXP Growth Fund S-6455 P (9/99)
AXP High Yield Tax-Exempt Fund S-6430 N (1/99)
AXP Insured Tax-Exempt Fund S-6327 N (8/99)
AXP Intermediate Tax-Exempt Fund S-6355 D (1/99)
AXP International Fund S-6140 M (12/98)
AXP Managed Allocation Fund S-6141 P (11/99)
AXP Massachusetts Tax-Exempt Fund S-6328 N (8/99)
AXP Michigan Tax-Exempt Fund S-6328 N (8/99)
AXP Minnesota Tax-Exempt Fund S-6328 N (8/99)
AXP Mutual S-6326 P (11/99)
AXP New Dimensions Fund S-6440 N (9/99)
AXP New York Tax-Exempt Fund S-6328 N (8/99)
AXP Ohio Tax-Exempt Fund S-6328 N (8/99)
AXP Precious Metals Fund S-6142 N (5/99)
AXP Progressive Fund S-6449 N (11/99)
AXP Research Opportunities Fund S-6356 E (9/99)
AXP Selective Fund S-6376 P (7/99)
AXP Small Cap Advantage Fund S-6427 A (4/99)
AXP Small Company Index Fund S-6357 E (3/99)
AXP Stock Fund S-6351 P (11/99)
AXP Strategy Aggressive Fund S-6381 G (5/99)
AXP Tax-Exempt Bond Fund S-6310 N (1/99)
AXP Utilities Income Fund S-6341 N (8/99)
The following information has been revised under the section titled "Waivers of
the sales charge for Class A shares":
o Purchases made within 90 days of a sale of shares (up to the amount sold):
- of American Express mutual funds in a qualified plan subject to a
deferred sales charge
- in a qualified plan or account where American Express Trust Company
has a recordkeeping, trustee, investment management, or investment
servicing relationship.
The following information has been revised under the section titled "Selling
Shares":
You can change your mind after requesting a sale and use all or part of the
proceeds to purchase new shares in the same account from which you sold. If you
reinvest in Class A, you will purchase the new shares at NAV rather than
offering price on the date of a new purchase. If you reinvest in Class B, any
CDSC you paid on the amount you are reinvesting also will be reinvested. To take
advantage of this option, send a request within 90 days of the date your sale
request was received and include your account number.This privilege may be
limited or withdrawn at any time and may have tax consequences.
The following information has been revised under the section titled
"Exchanging/Selling Shares":
You may make up to three exchanges (1 1/2 round trips) within any 30-day period.
These limits do not apply to scheduled exchange programs and certain employee
benefit plans. Exceptions may be allowed with the pre-approval of the Fund.
S-6553 A(12/99)
*Valid until next prospectus update
