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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 15
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SIGNATURE LESLIE L. OGG
TITLE SECRETARY
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<DISTRIBUTIONS-OF-INCOME> (15453784)
<DISTRIBUTIONS-OF-GAINS> (2308022)
<DISTRIBUTIONS-OTHER> (40556585)
<NUMBER-OF-SHARES-SOLD> 25280136
<NUMBER-OF-SHARES-REDEEMED> (3581859)
<SHARES-REINVESTED> 4329590
<NET-CHANGE-IN-ASSETS> 432572788
<ACCUMULATED-NII-PRIOR> 19548137
<ACCUMULATED-GAINS-PRIOR> (16979187)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14228627
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 16248025
<AVERAGE-NET-ASSETS> 1684313507
<PER-SHARE-NAV-BEGIN> 12.55
<PER-SHARE-NII> .20
<PER-SHARE-GAIN-APPREC> 1.01
<PER-SHARE-DIVIDEND> (.44)
<PER-SHARE-DISTRIBUTIONS> (.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.30
<EXPENSE-RATIO> .96
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> IDS LIFE CAPITAL RESOURCE FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-END> AUG-31-1996
<INVESTMENTS-AT-COST> 3835104082
<INVESTMENTS-AT-VALUE> 2820948332
<RECEIVABLES> 41207992
<ASSETS-OTHER> 9063758
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4457375407
<PAYABLE-FOR-SECURITIES> 32850675
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 52655868
<TOTAL-LIABILITIES> 85506543
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3850751729
<SHARES-COMMON-STOCK> 170998178
<SHARES-COMMON-PRIOR> 157440979
<ACCUMULATED-NII-CURRENT> (1869994)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 669501597
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (146514468)
<NET-ASSETS> 4371868864
<DIVIDEND-INCOME> 52953665
<INTEREST-INCOME> 25572476
<OTHER-INCOME> 0
<EXPENSES-NET> (29088361)
<NET-INVESTMENT-INCOME> 49437780
<REALIZED-GAINS-CURRENT> 733443794
<APPREC-INCREASE-CURRENT> (494927652)
<NET-CHANGE-FROM-OPS> 233972329
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (47593459)
<DISTRIBUTIONS-OF-GAINS> (10771339)
<DISTRIBUTIONS-OTHER> (1869994)
<NUMBER-OF-SHARES-SOLD> 15836355
<NUMBER-OF-SHARES-REDEEMED> (4346008)
<SHARES-REINVESTED> 2066852
<NET-CHANGE-IN-ASSETS> 527154752
<ACCUMULATED-NII-PRIOR> 39674769
<ACCUMULATED-GAINS-PRIOR> 383135166
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 26755166
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 29088361
<AVERAGE-NET-ASSETS> 4306987059
<PER-SHARE-NAV-BEGIN> 24.42
<PER-SHARE-NII> .30
<PER-SHARE-GAIN-APPREC> 1.22
<PER-SHARE-DIVIDEND> (.36)
<PER-SHARE-DISTRIBUTIONS> (.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 25.57
<EXPENSE-RATIO> .68
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> IDS LIFE AGGRESSIVE GROWTH FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-END> AUG-31-1996
<INVESTMENTS-AT-COST> 1687574425
<INVESTMENTS-AT-VALUE> 1933326459
<RECEIVABLES> 9438031
<ASSETS-OTHER> 2296659
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1961398899
<PAYABLE-FOR-SECURITIES> 12756333
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7547684
<TOTAL-LIABILITIES> 20304017
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1478590156
<SHARES-COMMON-STOCK> 120996059
<SHARES-COMMON-PRIOR> 97796581
<ACCUMULATED-NII-CURRENT> (7244)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 212686260
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 249825710
<NET-ASSETS> 1941094882
<DIVIDEND-INCOME> 4969838
<INTEREST-INCOME> 17913461
<OTHER-INCOME> 0
<EXPENSES-NET> (11823191)
<NET-INVESTMENT-INCOME> 11060108
<REALIZED-GAINS-CURRENT> 243201058
<APPREC-INCREASE-CURRENT> (79505605)
<NET-CHANGE-FROM-OPS> 174755561
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11052242)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 24647796
<NUMBER-OF-SHARES-REDEEMED> (2123509)
<SHARES-REINVESTED> 675192
<NET-CHANGE-IN-ASSETS> 529202274
<ACCUMULATED-NII-PRIOR> 7510039
<ACCUMULATED-GAINS-PRIOR> 6178928
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10697233
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11823191
<AVERAGE-NET-ASSETS> 1712747534
<PER-SHARE-NAV-BEGIN> 14.44
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> 1.60
<PER-SHARE-DIVIDEND> (.10)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.04
<EXPENSE-RATIO> .69
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> IDS LIFE GROWTH DIMENSIONS FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-END> AUG-31-1996
<INVESTMENTS-AT-COST> 176570345
<INVESTMENTS-AT-VALUE> 176378070
<RECEIVABLES> 4650987
<ASSETS-OTHER> 69043
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 181098100
<PAYABLE-FOR-SECURITIES> 9744050
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 533507
<TOTAL-LIABILITIES> 10277557
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 171350826
<SHARES-COMMON-STOCK> 17180066
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (438008)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (192275)
<NET-ASSETS> 170820543
<DIVIDEND-INCOME> 230812
<INTEREST-INCOME> 435825
<OTHER-INCOME> 0
<EXPENSES-NET> (253509)
<NET-INVESTMENT-INCOME> 413128
<REALIZED-GAINS-CURRENT> (438008)
<APPREC-INCREASE-CURRENT> (192275)
<NET-CHANGE-FROM-OPS> (217155)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (144078)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17165340
<NUMBER-OF-SHARES-REDEEMED> (26742)
<SHARES-REINVESTED> 41469
<NET-CHANGE-IN-ASSETS> 170820543
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 153384
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 253509
<AVERAGE-NET-ASSETS> 72425184
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> (.06)
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.94
<EXPENSE-RATIO> 1.04
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
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 Investment Series, Inc.:
In planning and performing our audits of the financial
statements of IDS Life Capital Resource Fund, IDS Life
International Equity Fund, IDS Life Aggressive Growth Fund,
and IDS Life Growth Dimensions Fund (funds within IDS Life
Investment Series, 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 staements and to
comply with the requirementso fo Form NSAR, not to provide
assurance on the internal control structure.
The management of IDS Life Investment Series, Inc. is
responsible for establishing and maintaining a system of
internal accounting control. 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
recoreded 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 futrue periods is subject to the risk that it
may become inadeequate 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 matter involving
the internal control structure, including procedures for
safeguarding securites, 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
