PROSPECTUS SUPPLEMENT - October 3, 2000*

AXP Global Balanced Fund (Dec. 30, 1999 revised as of June 26, 2000) S-6352-99
E (6/00)

The "Management" section is revised as follows:

Mark  Fawcett,  co-manager  of the Fund since 2000,  joined AEFC in 1999.  He is
chief investment officer of American Express Asset Management International Inc.
(AEAMI), the London-based  subsidiary of AEFC. He also manages AXP International
Fund,  AXP VP -  International  Fund,  IDS  Life  Series  Fund  -  International
Portfolio and the international portion of AXP Managed Allocation Fund. Prior to
joining AEFC, Mark was with Gartmore  Investment  Management plc, a pension fund
and mutual fund management company in the U.K. from 1991 to 1999.

Elizabeth  X. Q. Tran  became  co-portfolio  manager  of the Fund  with  overall
responsibility  for setting asset  allocation in September 2000. She joined AEFC
in 1993 as Chief Investment Director - Pacific for AEAMI.

Mike Ng joined AEFC in 1994 and began  managing the fixed income  portion of the
Fund in July of 1998.  He also  serves as a portfolio  manager of AXP  Signature
Portfolios and AXP Worldfolio Portfolios.  Prior to joining AEFC, he was a fixed
income analyst for the St. Paul Companies.


S-6352 11A (10/00)
*Valid until next prospectus date
Destroy Dec 29, 2000