Supplement Dated December 21, 1999*
to the Prospectus Dated October 29, 1999
of American Express(R) Variable Portfolio Funds

IDS Life AXP Variable Portfolio Funds S-6466 R (10/99)

Effective  immediately,  the  following  revision  applies  to the  "Management"
section of the AXPSM  Variable  Portfolio -  International  Fund.  The following
paragraphs replace the paragraph on Peter Lamaison:

Peter Lamaison, co-manager of the Fund, joined AEFC in 1981 and has since served
as president,  chief executive officer and chief investment  officer of American
Express Asset Management  International  Inc. He served as portfolio  manager of
AXP International  Fund from its inception in 1984 until 1995. He reassumed this
position in September 1997 and has managed or co-managed  the AXP  International
Fund ever since.  He currently also serves as co-manager of AXP Global  Balanced
Fund and IDS Life Series Fund International Equity Portfolio.

Ian King,  co-manager  of the Fund,  joined  AEFC in 1995.  He also  manages the
assets  of  Emerging  Markets  Portfolio,  which  is  managed  by  AEFC  and its
London-based subsidiary, American Express Asset Management International Inc. He
currently  also is a member of the  portfolio  management  team for Total Return
Portfolio and is co-manager of AXP Global Balanced Fund and IDS Life Series Fund
International Equity Portfolio. Prior to joining AEFC, he was director of Lehman
Brothers Global Asset Management Ltd. from 1992 to 1995.


Effective  January 1, 2000, the following  revision  applies to the "Management"
section of the AXPSM Variable  Portfolio - Bond Fund.  The following  paragraphs
replace the paragraph on Steve Merrell:

Frederick  Quirsfeld  and  Steve  Merrell  are  primarily  responsible  for  the
day-to-day operation of AXP Variable Portfolio - Bond Fund.

Frederick Quirsfeld,  senior vice president and senior portfolio manager, joined
AEFC in 1985.  He became  co-portfolio  manager of this fund in January 2000. He
also is  co-portfolio  manager  of the AXP Bond Fund and has  managed  that fund
since 1985. He also serves as vice president - fixed income  investments for the
American Express mutual funds.

Steve Merrell, vice president and senior portfolio manager, joined AEFC in 1991.
He is co-portfolio  manager of the Fund. He became  co-portfolio  manager of the
AXP Bond Fund in January  2000.  He also  served as  portfolio  manager of Total
Return Portfolio from September 1997 to December 1999.


S-6466-31 A (12/99)
*Valid until next prospectus update.