<PAGE>
Statement of Additional Information Supplement
- - Oct. 15, 1999*
AXP Mutual (Nov. 27, 1998) S-6326-20 P (11/98)
(Formerly known as IDS Mutual)
The non-fundamental investment policy in the Additional Investment Policies
section that states "Under normal market conditions, the Portfolio does not
intend to commit more than 5% of its total assets to when-issued securities or
forward commitments" is deleted in its entirety.
S-6326- 23 A (10/99)
*Valid until next Statement of Additional Information update
Destroy Nov. 29, 1999
