Prospectus Supplement* Jan. 3, 2000
AXP Bond Fund S-6495 N (10/99)
AXP Managed Allocation Fund S-6141 P (11/99)
The "MANAGEMENT" section has been revised as follows:
For AXP Bond Fund
Frederick Quirsfeld, senior vice president and senior portfolio manager, joined
AEFC in 1985. He is co-portfolio manager and has managed the assets of the Fund
since 1985. He also serves as vice president-fixed income investments for the
Funds. Steve Merrell, vice president and senior portfolio manager, joined AEFC
in 1991. He is co-portfolio manager and has managed the assets of the Fund since
January 2000. He is co-portfolio manager of AXP Variable Portfolio-Bond Fund. He
also served as portfolio manager of Total Return Portfolio from September 1997
to December 1999.
For AXP Managed Allocation Fund
The Fund's assets are invested in Total Return Portfolio (the Portfolio), which
is managed by AEFC. Day-to-day portfolio management for the various asset
classes held by the Portfolio is the responsibility of the following team of
portfolio managers led by Jim Johnson.
Jim Johnson has served as portfolio manager of the Portfolio since December
1999. He joined AEFC in 1994 as an equity quantitative analyst for American
Express Asset Management Group Inc. He is portfolio manager of AXP Small Company
Index Fund, AXP S&P 500 Index Fund, AXP Mid Cap Index Fund, AXP Total Stock
Market Index Fund, and AXP Nasdaq 100 Index Fund. He is also co-portfolio
manager of AXP Blue Chip Advantage Fund and AXP Research Opportunities Fund.
S-6555 A (1/00)
*Valid until next prospectus update
