Prospectus Supplement April 19, 1999
Retirement Annuity Mutual Funds-Privileged Assets Select Annuity 30331 D (10/98)
SHAREHOLDER MEETINGS
At the regular meetings scheduled to be held on June 16, 1999, shareholders of
the funds listed above will vote on the following proposals:
1. Change the Fund Name from IDS to AXP. Shareholders of all funds will be asked
to approve a name change from IDS to AXP. AXP is an abbreviated form of the name
of the funds' investment manager, American Express Financial Corporation.
Annuity Funds will also add the words "Variable Portfolio" to their name. For
example, IDS Life Capital Resource Fund will change to AXP Variable Portfolio -
Capital Resource Fund. In addition, some Annuity Funds will change their names
to parallel the names of the retail funds with the same investment objectives,
as shown in the following table. Finally, the name of the corporation will be
changed as shown in the following table.
<TABLE>
<CAPTION>
Proposed Fund Names
<S> <C>
- ------------------------------------------------------- -----------------------------------------------------
Current Name Proposed Name
- ------------------------------------------------------- -----------------------------------------------------
- ------------------------------------------------------- -----------------------------------------------------
IDS Life Investment Series, Inc. AXP Variable Portfolio - Investment Series, Inc.
-IDS Life Aggressive Growth Fund -AXP Variable Portfolio - Strategy Aggressive
Fund
-IDS Life Capital Resource Fund -AXP Variable Portfolio - Capital Resource Fund
-AXP Variable Portfolio - New Dimensions Fund
-IDS Life Growth Dimensions Fund -AXP Variable Portfolio - International Fund
-IDS Life International Equity Fund
- ------------------------------------------------------- -----------------------------------------------------
- ------------------------------------------------------- -----------------------------------------------------
IDS Life Managed Fund, Inc. AXP Variable Portfolio - Managed Series, Inc.
-IDS Life Managed Fund -AXP Variable Portfolio - Managed Fund
- ------------------------------------------------------- -----------------------------------------------------
- ------------------------------------------------------- -----------------------------------------------------
IDS Life Moneyshare Fund, Inc. AXP Variable Portfolio - Money Market Series, Inc.
-AXP Variable Portfolio - Cash Management Fund
-IDS Life Moneyshare Fund
- ------------------------------------------------------- -----------------------------------------------------
- ------------------------------------------------------- -----------------------------------------------------
IDS Life Special Income Fund, Inc. AXP Variable Portfolio - Income Series, Inc.
-IDS Life Global Yield Fund -AXP Variable Portfolio - Global Bond Fund
-IDS Life Income Advantage Fund -AXP Variable Portfolio - Extra Income Fund
-IDS Life Special Income Fund -AXP Variable Portfolio - Bond Fund
- ------------------------------------------------------- -----------------------------------------------------
</TABLE>
2. Add a New Distribution Plan. Annuity Fund shareholders will vote on a new
distribution plan (also known as a 12b-1 plan) of 0.125% of average daily net
assets that will provide additional services and education.
3. Change Fundamental Policies. Shareholders will be asked to eliminate or
modify a number of policies. Policies to be voted on include those regarding:
potential conflicts of interest; issuing senior securities; investing in other
investment companies; investing in exploration or development programs; and
investing for purposes of exercising control or management. Eliminating or
changing these policies is not expected to have any impact on the funds'
investment practices.
S-30033-21 (4/99)
*Destroy - June 17, 1999
