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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 A3IpPMVXbsj4PWXN/dfP6tAzAah+/nODSU2w0YyzGasPH8LsRfHf93iF4XW42qeb
 Ipu4jeVkAeChPcI7qejqKQ==

<SEC-DOCUMENT>0000820027-03-000200.txt : 20030303
<SEC-HEADER>0000820027-03-000200.hdr.sgml : 20030303
<ACCEPTANCE-DATETIME>20030303140320
ACCESSION NUMBER:		0000820027-03-000200
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20030303
EFFECTIVENESS DATE:		20030303

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AXP GOVERNMENT INCOME SERIES INC
		CENTRAL INDEX KEY:			0000764802
		IRS NUMBER:				412021315
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		497
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	002-96512
		FILM NUMBER:		03588886

	BUSINESS ADDRESS:	
		STREET 1:		80 SOUTH 8TH STREET
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55440
		BUSINESS PHONE:		6123722772

	MAIL ADDRESS:	
		STREET 1:		80 SOUTH 8TH STREET
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55440

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	IDS FEDERAL INCOME FUND INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AXP FEDERAL INCOME FUND INC /MN/
		DATE OF NAME CHANGE:	20000829
</SEC-HEADER>
<DOCUMENT>
<TYPE>497
<SEQUENCE>1
<FILENAME>s6042-2a.txt
<DESCRIPTION>AXP FUNDS PROSPECTUS SUPPLEMENT
<TEXT>
PROSPECTUS SUPPLEMENT -- February 24, 2003*

AXP(R) Federal Income Fund (July 30, 2002) S-6042-99 W

AXP(R) U.S. Government Mortgage Fund (July 30, 2002) S-6245-99 C

The information in the "Investment Manager" section regarding who manages the
Fund's portfolio is being replaced with:

The team that manages the Fund's portfolio is led by:

   Scott Kirby, Portfolio Manager

   o  Leader of the structured assets team.

   o  Joined AEFC in 1979, left in 1985 and returned in 1987.

   o  Began investment career in 1979.

   o  MBA, University of Minnesota.

AEFC's investment professionals who manage fixed income funds are organized into
teams. Each team specializes in a particular sector of the fixed income market.

(the rest of the section remains unchanged)


S-6042-2A (2/03)
*Valid until next prospectus update

Destroy July 30, 2003


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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