<PAGE>
Prospectus Supplement
October 1, 1997*
IDS Managed Allocation Fund S-6141 L (11/96)
The "Portfolio management team" section of the above prospectus is revised to
delete the references to Paul Hopkins and William Westhoff and to add the
following:
Portfolio management team
Peter Lamaison and the London team are responsible for the international
equities portion of Total Return Portfolio.
Peter Lamaison joined AEFC in 1981 and currently serves as portfolio manager. He
provides day-to-day portfolio management for the international equities portion
of Total Return Portfolio. He also serves as president and chief executive
officer of American Express Asset Management International Inc.
S-6141-1 A (10/97)
*Valid until next prospectus update
Destroy Nov. 28, 1997
