Supplement dated January 6, 2003*
                     to the Prospectus dated Dec. 30, 2002
                    of AXP Global Balanced Fund S-6352-99 J

The third sentence of the third paragraph in the "Investment Manager" section is
revised as follows:

The maximum  monthly  adjustment  (increase  or  decrease)  will be 0.08% of the
Fund's average net assets on an annual basis.

S-6352-2 A (1/03)
*Valid until Dec. 30, 2003.