<PAGE> PAGE 1
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002 D020000 0010
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007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
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008 B00AA01 A
008 C00AA01 801-8101
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008 D02AA01 MN
008 D03AA01 55440
008 D04AA01 0534
008 A00AA02 AMERICAN EXPRESS FINANCIAL CORPORATION
008 B00AA02 S
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<PAGE> PAGE 2
008 D03AA02 55440
008 D04AA02 0010
012 A00AA01 AMERICAN EXPRESS FINANCIAL CORPORATION
012 B00AA01 84-456
012 C01AA01 MINNEAPOLIS
012 C02AA01 MN
012 C03AA01 55440
012 C04AA01 0010
013 A00AA01 KPMG PEAT MARWICK LLP
013 B01AA01 MINNEAPOLIS
013 B02AA01 MN
013 B03AA01 55402
013 B04AA01 3900
014 A00AA01 AMERICAN EXPRESS SERVICE CORPORATION
014 B00AA01 8-27456
014 A00AA02 AMERICAN ENTERPRISE INVESTMENT SERVICES INC.
014 B00AA02 8-42582
014 A00AA03 AMERICAN EXPRESS FINANCIAL CORPORATION
014 B00AA03 8-31250
014 A00AA04 AMERICAN EXPRESS FINANCIAL ADVISORS INC.
014 B00AA04 8-16791
014 A00AA05 IDS LIFE INSURANCE COMPANY
014 B00AA05 8-14124
014 A00AA06 IDS SECURITIES CORPORATION
014 B00AA06 8-12550
015 A00AA01 AMERICAN EXPRESS TRUST COMPANY
015 B00AA01 C
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020 B000001 13-5545100
020 C000001 6
020 A000002 LEHMAN BROTHERS INC.
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020 C000002 4
020 A000003 JEFFERIES & CO.
020 B000003 95-2622900
020 C000003 4
020 A000004 PRUDENTIAL SECURITIES INC.
<PAGE> PAGE 3
020 B000004 22-2347336
020 C000004 3
020 A000005 MORGAN STANLEY & CO., INC.
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020 C000005 2
020 A000006 CS FIRST BOSTON GROUP
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022 C000005 342995
022 D000005 101545
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022 C000006 197548
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<PAGE> PAGE 4
022 A000009 CHASE MANHATTAN BANK
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<PAGE> PAGE 5
054 B00AA00 Y
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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SIGNATURE LESLIE L. OGG
TITLE SECRETARY
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 1
<NAME> IDS LIFE SPECIAL INCOME FUND
<S> <C>
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<TABLE> <S> <C>
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<NUMBER> 2
<NAME> IDS LIFE GLOBAL YIELD FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-END> AUG-31-1996
<INVESTMENTS-AT-COST> 20233203
<INVESTMENTS-AT-VALUE> 20363478
<RECEIVABLES> 879427
<ASSETS-OTHER> 200979
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 21443884
<PAYABLE-FOR-SECURITIES> 417862
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 95071
<TOTAL-LIABILITIES> 512933
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20795824
<SHARES-COMMON-STOCK> 2076586
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 10112
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3709)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 128724
<NET-ASSETS> 20930951
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 209083
<OTHER-INCOME> 0
<EXPENSES-NET> (54893)
<NET-INVESTMENT-INCOME> 154190
<REALIZED-GAINS-CURRENT> (3709)
<APPREC-INCREASE-CURRENT> 128724
<NET-CHANGE-FROM-OPS> 279205
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (144078)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 208476
<NUMBER-OF-SHARES-REDEEMED> (18227)
<SHARES-REINVESTED> 14337
<NET-CHANGE-IN-ASSETS> 20930951
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 26039
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 54893
<AVERAGE-NET-ASSETS> 9224168
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .16
<PER-SHARE-GAIN-APPREC> .07
<PER-SHARE-DIVIDEND> (.15)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.08
<EXPENSE-RATIO> 1.77
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> IDS LIFE INCOME ADVANTAGE FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-END> AUG-31-1996
<INVESTMENTS-AT-COST> 47521218
<INVESTMENTS-AT-VALUE> 47174505
<RECEIVABLES> 1898484
<ASSETS-OTHER> 92161
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 49165150
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 326998
<TOTAL-LIABILITIES> 326998
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 49251100
<SHARES-COMMON-STOCK> 4998345
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (66235)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (346713)
<NET-ASSETS> 48838152
<DIVIDEND-INCOME> 10739
<INTEREST-INCOME> 681448
<OTHER-INCOME> 0
<EXPENSES-NET> (109413)
<NET-INVESTMENT-INCOME> 582774
<REALIZED-GAINS-CURRENT> (66235)
<APPREC-INCREASE-CURRENT> (346713)
<NET-CHANGE-FROM-OPS> 169826
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (582774)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4948431
<NUMBER-OF-SHARES-REDEEMED> (9615)
<SHARES-REINVESTED> 59529
<NET-CHANGE-IN-ASSETS> 48838152
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 42849
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 109413
<AVERAGE-NET-ASSETS> 21234806
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .24
<PER-SHARE-GAIN-APPREC> (.23)
<PER-SHARE-DIVIDEND> (.24)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.77
<EXPENSE-RATIO> .19
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
KPMG Peat Marwick LLP
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Report on Internal Accounting
Control
The Board of Directors and Shareholders
IDS Life Special Income Fund, Inc.:
In planning and performing our audit of the financial
statements of IDS Life Special Income Fund, IDS Life
Global Yield Fund, and IDS Life Income Advantage Fund
(funds within IDS Life Special Income Fund, Inc.) for
the year ended August 31, 1996, we considered their
internal control structure, including procedures for
safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with
the requirements of Form NSAR, not to provide assurance
on the internal control structure.
The management of IDS Life Special Income Fund, Inc. is
responsible for establishing and maintaining an internal
control structure. In fulfilling this responsibility,
estimates and judgments by management are required to
assess the expected benefits and related costs of
internal control structure policies and procedures. Two
of the objectives of an internal control structure are
to provide management with reasonable, but not absolute,
assurance that assets are safeguarded against loss from
unauthorized use or disposition and that transactions
are executed in accordance with management's
authorization and recorded properly to permit the
preparation of financial statements in conformity with
generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the
structure to future periods is subject to the risk that
it may become inadequate because of changes in
conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control structure
would not necessarily disclose all matters in the
internal control structure that might be material
weaknesses under standards established by the American
Institute of Certified Public Accountants. A material
weakness is a condition in which the design or operation
of the specific internal control structure elements does
not reduce to a relatively low level the risk that
errors or irregularities in amounts that would be
material in relation to the financial statements being
audited may occur and not be detected within a timely
period by employees in the normal course of performing
their assigned functions. However, we noted no matters
involving the internal control structure, including
procedures for safeguarding securities, that we consider
to be a material weakness as defined above as of August
31, 1996.
This report is intended solely for the information and
use
of management and the Securities and Exchange
Commission.
KPMG Peat Marwick LLP
Minneapolis, Minnesota
October 4, 1996
</TABLE>
