<PAGE>
PAGE 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-1
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Post-Effective Amendment No. 56 (File No. 2-47430) X
2-29358
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY
ACT OF 1940
Amendment No. 18 (File No. 811-1674) X
IDS Life Variable Annuity Fund B (Individual and Group)
IDS Tower 10, Minneapolis, Minnesota 55440-0010
(612) 671-3678
Mary Ellyn Minenko - IDS Tower 10, Minneapolis 55440-0010
Approximate Date of Proposed Public Offering
It is proposed that this filing will become effective (check
appropriate box)
immediately upon filing pursuant to paragraph (b)
on (date) pursuant to paragraph (b)
60 days after filing pursuant to paragraph (a)
X on April 28, 1995 pursuant to paragraph (a) of rule 485
The Registrant has registered an indefinite number or amount of
securities under the Securities Act of 1933 pursuant to section
24-F of the Investment Company Act of 1940. Registrant's Rule
24f-2 Notice for its most recent fiscal year will be filed on or
about February 28, 1995.
<PAGE>
PAGE 2
IDS Life Variable Annuity Fund B Post-Effective
(Employer and Individual) Amendment No. 56
Registration Form N-1
Cross reference sheet showing location in the prospectus of the
information called for by the items enumerated in Part I of Form
N-1.
Negative answers omitted from prospectus are so indicated.
IDS LIFE VARIABLE ANNUITY FUND B (INDIVIDUAL AND GROUP)
Section
Item No. In Prospectus
1 Cover
2 Summary of Contents
3 Financial Highlights
4(a) History
(b) Not Applicable
(c) Not Applicable
5(a) Investment Objective
(b) Investments the Fund will not make
(c) Investment objective
(d) Financial Highlights; Investment objective
6(a) Tax charges
(b) Tax charges; What about your taxes?
(c) Not Applicable
(d) Not Applicable
7(a) Brokerage
(b) Brokerage
(c) Brokerage
(d) Not Applicable
8 Not Applicable
9(a) Ownership of IDS Life and American Express
Financial Corporation
(b) Not Applicable
(c) Members of the Board of Managers and Officers of
the Fund
10 Members of the Board of Managers and Officers of
the Fund
11 Not Applicable
12(a) Custodian
(b) Not Applicable
13(a) Investment agreements; Brokerage; Ownership of
IDS Life and American Express Financial
Corporation<PAGE>
PAGE 3
(b) Not Applicable
(c) Not Applicable
(d) Not Applicable
14(a) Voting rights
(b) Not Applicable
15(a) Measuring the value of your contract; Dates we
revalue-Valuation date; The Valuation period;
Valuing Fund assets; The charges you pay
(b) Automated transfers and partial surrenders;
Valuing an annuity unit; Annuity payment starting
date; Table of settlement rates; Annuity payment
plans; Determination of monthly annuity payments
for deferred contracts; Determination of monthly
annuity payments for immediate contracts;
Surrendering your contract; Special rules if the
annuitant dies before the annuity payment
starting date; Your right to cancel installment
contracts
(c) Not Applicable
16(a) Investment agreements; Brokerage; Cover; Annuity
payment plans; The charges you pay
(b) Directors and officers of IDS Life Insurance
Company; Other affiliations
(c) The charges you pay
(d) Not Applicable
17 Not Applicable
18 Financial statements; IDS Life Financial
Information
<PAGE>
PAGE 4
IDS Life Variable Annuity Fund B
Individual Variable Annuity Contracts and Group Variable Annuity
Contracts
Prospectus/April 28, 1995
IDS Life Variable Annuity Fund B (the Fund) is a segregated asset
account of IDS Life Insurance Company (IDS Life). The investment
objective of the Fund is long-term capital appreciation. The Fund
invests primarily in common stocks of U.S. corporations. The Fund
also may invest in preferred stocks and in corporate and government
bonds.
This prospectus describes the following types of tax-qualified
variable annuity contracts offered by IDS Life: a) three individual
variable annuity contracts for use with plans qualifying under
Sections 401, 403 or 408 of the Internal Revenue Code (the Code),
and, b) a group variable annuity contract designed to provide
benefits under annuity purchase plans adopted by public school
systems and certain tax-exempt organizations pursuant to Section
403(b) of the Code.
New contracts are not currently being offered. This prospectus
gives you facts about the Fund. You should read it and keep it
with your investment records for future reference.
The Fund is responsible only for statements included in this
prospectus or in authorized sales material.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES
COMMISSION NOR HAS THE SECURITIES AND EXCHANGE COMMISSION OR ANY
STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF
THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
IDS Life Variable Annuity Fund B
IDS Tower 10
Minneapolis, Minnesota 55440-0010
General Information (612) 671-3733
Annuity Service (612) 671-4738
<PAGE>
PAGE 5
IDS Life Variable Annuity Fund B
IDS Life Insurance Company
IDS Tower 10
Minneapolis, Minnesota 55440-0010
Prospectus, April 28, 1995
Individual Variable Annuity Contracts and Group Variable Annuity
Contracts
Table of Contents Page
Summary of contents..........................................
Financial highlights.........................................
The variable annuity.........................................
Investment objective.........................................
Investments the Fund will not make...........................
Portfolio manager............................................
Investment agreements........................................
Brokerage....................................................
The contracts................................................
The fixed account............................................
Automated transfers and partial surrenders...................
Measuring the value of your contract.........................
Valuing Fund assets..........................................
The investment factor........................................
Valuing an accumulation unit.................................
Valuing an annuity unit......................................
Annuity payment starting date................................
Table of settlement rates....................................
Annuity payment plans........................................
The charges you pay..........................................
Surrendering your contract...................................
Special rules if annuitant dies before the annuity payment
starting date................................................
Special features of the group variable annuity contract......
What about your taxes?.......................................
Voting rights................................................
Board of managers and officers...............................
History......................................................
Assets of the Fund...........................................
Headquarters.................................................
Ownership of IDS Life and American Express
Financial Corporation......................................
Other affiliations...........................................
Custodian....................................................
Insurance regulation.........................................
Financial statements.........................................
<PAGE>
PAGE 6
Summary of Contents
About the variable annuity - The variable annuities are offered for
sale through the Fund, a diversified open-end management investment
company. Variable annuity contracts guarantee regular payments to
contract purchasers. The amount of these payments is influenced by
the performance of the securities in which the Fund invests (page
_).
Financial highlights - This table shows important financial
information you will need to evaluate the Fund's performance (page
_).
Investment objective - The Fund's investment objective is long-term
capital appreciation in order to build up values and to make
annuity payments. The Fund invests primarily in common stock and
also may invest in preferred stock and in government and corporate
bonds. The Fund may invest in foreign securities, futures
contracts and options on futures contracts. There can be no
guarantee the Fund will achieve its investment objective because
any investment involves risk (page _).
Portfolio manager - The Fund is managed by senior portfolio
manager, Mitzi Malevich (page _).
Investment agreements - The Fund is a segregated asset account of
IDS Life Insurance Company, a stock life insurance company. The
investments of the Fund are managed by IDS Life pursuant to an
Investment Management Agreement. Under this agreement, IDS Life
receives a management fee equal to 0.4% of the Fund's average daily
net assets for each year. Pursuant to a Distribution and Services
Agreement, IDS Life also serves as principal underwriter of the
Fund. IDS Life annually pays 0.25% of the Fund's net assets to
American Express Financial Corporation, for investment advice
regarding management of the Fund's investments (page _).
Contracts - This prospectus describes the following types of
tax-qualified variable annuity contracts:
o A single payment deferred annuity that can be purchased by
making an initial payment of at least $3,000 (page __).
o A single payment immediate annuity that can be purchased by
making an initial payment of at least $3,000 (page __).
o A flexible installment deferred annuity that may be purchased by
making 10 or more annual payments of at least $300 (page __).
Each of the individual variable annuity contracts described above
are for use with plans qualifying under Sections 401, 403 or 408 of
the Code.
The annuitant is the owner for the three individual annuity
contracts described above, unless your application states
otherwise; and
<PAGE>
PAGE 7
o A group variable annuity contract designed to provide benefits
under annuity plans adopted by public school systems and certain
tax-exempt organizations pursuant to Section 403(b) of the Code.
The contract which is issued to the employer as owner provides
benefits to all group contract participants (participants) in the
underlying annuity plan. Generally, IDS Life will not issue a
contract to an employer unless there are at least five employees
who are plan participants or who already own contracts based on the
Fund. The annual contribution a participant elects must be at
least equal to the larger of (1) an amount which, when multiplied
by the number of contract years between the application date and
the retirement date, equals $3,000 or (2) $300 a year (page __).
Transfers between accounts - Before the annuity payment starting
date, you may give IDS Life written or telephone instructions to
transfer the contract value of your investment between the fixed
account and the variable account. Transfers must be at least for
$50 (page __).
Charges you pay - IDS Life will deduct a combined sales and
administrative charge from payments made into the Fund.
For the group variable annuity contract the deduction is 5.75% of
the first $10,000 contribution, 4% of the next $40,000, and 2% of
all amounts in excess of $50,000 (page __).
For the other three individual annuity contracts, the deduction is
15% of the first $1,500, 4% of the next $48,500, and 2% of all
amounts in excess of $50,000 (page __).
Additionally, IDS Life may deduct for premium taxes. Most states
don't have premium taxes but in those that do, IDS Life may make a
deduction of up to 3.5% of the gross purchase payments. You may
receive some money in excess of the amount requested if, as a
result of your surrender, the Fund's state premium tax liability is
reduced (page __).
Surrendering your contract - You can surrender all or part of your
deferred annuity contract any time before the annuity payment
starting date by giving IDS Life written or telephone instructions.
IDS Life will cash in the number of accumulation units or fixed
dollar accumulation value required for the amount of money you
request. The accumulation units will be given the accumulation
unit value determined on the date your request is received.
However, you can't surrender part of your contract if the remaining
accumulation value is less than $20. There can be no surrenders of
any type after annuity payments have started. You will pay income
tax on the taxable part of your surrender and you may have to pay
an IRS penalty tax on early withdrawal if you surrender part or all
of your contract before reaching age 59 1/2. In addition, 20%
income tax withholding may be imposed. The Tax Reform Act of 1986
restricts your right to receive a distribution from a Tax-Sheltered
Annuity (TSA).
You may lose money if you surrender your contract too soon because
the percentage that is deducted is higher in the earlier years.
<PAGE>
PAGE 8
A surrender by a participant in a plan or program qualified under
Sections 401, 403, or 408 of the Code may result in adverse tax
consequences. You should consult a tax advisor before making a
surrender request (page __).
Federal Tax Information - According to current interpretations of
federal income tax law, generally there is no federal income tax on
any increase in your annuity's value until distributions are made.
Under certain circumstances, there may be a 10% IRS penalty tax on
early withdrawal and 20% income tax withholding imposed on
distributions (page __).
Additional Information
For information about the Fund's history, organization and
headquarters as well as information about IDS Life and American
Express Financial Corporation (see page __).
Financial Highlights From Jan. 1, 1985 to Dec. 31, 1994
<TABLE>
<CAPTION>
Years ended Dec. 31, 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985
___________________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Accumulation unit value at
beginning of year $12.69 $11.60 $10.87 $ 7.29 $7.14 $5.43 $5.08 $3.95 $3.39 $2.76
___________________________________________________________________________________________________________________________________
Income from investment operations:
Net investment income (loss) .03 (.02) (.03) .02 .07 .05 .06 .03 .01 .04
Net gains (losses) on securities,
both realized and unrealized (0.54) 1.11 0.76 3.56 .08 1.66 .29 1.10 .55 .59
_________________________________________________________________________________________________________________________________
Total from investment operations (0.51) 1.09 0.73 3.58 .15 1.71 .35 1.13 .56 .63
___________________________________________________________________________________________________________________________________
Accumulation unit value at
end of year $12.18 $12.69 $11.60 $10.87 $7.29 $7.14 $5.43 $5.08 $3.95 $3.39
___________________________________________________________________________________________________________________________________
Total Return* (4.00)% 9.42% 6.72% 49.03% 2.12% 31.46% 6.93% 28.52% 16.75% 22.69%
___________________________________________________________________________________________________________________________________
Ratios/Supplemental Data
___________________________________________________________________________________________________________________________________
Total contract owner's equity
at end of year (000 omitted) $494,520 $534,556 $506,150 $500,877 $355,049 $376,790 $325,271 $352,809 $312,706 $300,093
Ratio of operating expenses to
average net assets 1.40% 1.40% 1.40% 1.41% 1.41% 1.43% 1.40% 1.40% 1.40% 1.40%
Ratio of net investment income
(loss) to average net assets 0.25% (0.17)% (0.28)% 0.26% 0.93% 0.75% 1.04% 0.48% 0.25% 1.13%
Portfolio turnover rate 61% 64% 74% 67% 56% 53% 60% 88% 111% 127%
___________________________________________________________________________________________________________________________________
*Total return does not reflect payment of a sales charge.
This table pertains to accumulation units only. The value of an annuity unit (assuming a 3.5% investment rate) was $5.02 as of
Dec. 31, 1994, $5.41 as of Dec. 31, 1993, $5.11 as of Dec. 31, 1992, $4.96 as of Dec. 31, 1991, $3.46 as of Dec. 31, 1990, $3.51 as
of Dec. 31, 1989, $2.76 as of Dec. 31, 1988, $2.67 as of Dec. 31, 1987, $2.15 as of Dec. 31, 1986 and $1.91 as of Dec. 31, 1985.
The value of an annuity unit (assuming a 5% investment rate) was $3.46 as of Dec. 31, 1994, $3.78 as of Dec. 31, 1993, $3.63 as of
Dec. 31, 1992, $3.57 as of Dec. 31, 1991, $2.53 as of Dec. 31, 1990, $2.60 as of Dec. 31, 1989, $2.07 as of Dec. 31, 1988, $2.04 as
of Dec. 31, 1987, $1.67 as of Dec. 31, 1986 and $1.50 as of Dec. 31, 1985.
The information in this table has been examined by Ernst & Young LLP, independent auditors. The independent auditor's report and
additional information about the performance of the Fund are contained in the Fund's annual report, which if not included with this
prospectus, may be obtained without charge.
</TABLE>
<PAGE>
PAGE 9
The variable annuity
An annuity is a contract with a life insurance company that
guarantees regular income to the purchaser. Most people buy
annuities to provide income in their retirement years. When most
people think of an annuity, they are thinking of a fixed dollar
annuity. With a fixed dollar annuity, the insurance company bears
the risk of investment gain or loss and guarantees payment of an
exact monthly amount. A variable annuity also guarantees you
regular payments. However, the amount of the payments will
fluctuate with the performance of the securities in which the
annuity fund invests. So if the securities go up in value, you may
receive larger annuity payments. If they go down, the amount of
the annuity payments you receive may be reduced.
Investment objective
The Fund's investment objective is long-term capital appreciation
so that the Fund can build up values and increase the size of
annuity payments. There can be no guarantee the Fund will achieve
its investment objective because any investment involves risk. The
Fund's investment objective can be changed by IDS Life without the
approval of the Fund's contract holders, but IDS Life has no
intention of doing so.
The Fund invests primarily in U.S. common stocks. The Fund also
may invest in preferred stocks and in corporate and government
bonds. Some bonds issued by agencies of the U.S. government are
not supported by the full faith and credit of the United States.
The Fund may invest up to 30% of its total assets at the time of
purchase in foreign securities. In selecting foreign investments,
the Fund generally will seek to invest in companies that it
anticipates will experience economic growth at least as great as
that anticipated in the U.S. companies in which it invests. The
securities that the Fund believes offer attractive opportunities
for investment may change from time to time. Foreign investments
may be subject to additional risks, including future political and
economic developments, the possible imposition of withholding taxes
on dividend income, the seizure or nationalization of companies,
the establishment of exchange controls or the adoption of other
restrictions that might adversely affect an investment.
The Fund may invest in the securities of foreign issuers directly
or in the form of American Depository Receipts (ADRs). ADRs are
receipts typically issued by an American bank or trust company that
evidence ownership of underlying securities issued by a foreign
corporation. Since investments in foreign securities will involve
currencies of foreign countries, the value of the Fund's assets as
measured in U.S. dollars may be affected favorably or unfavorably
by changes in currency rates and in exchange control regulations.
The Fund also may enter into forward commitments for the purchase
or sale of foreign currencies, but only in connection with the
settlement of foreign securities transactions and not for
speculative purposes.
<PAGE>
PAGE 10
The Fund may enter into a forward contract to buy or sell foreign
currencies. For example, if the Fund believes the value of the
U.S. dollar will decline in relationship to a foreign currency, the
Fund will buy the foreign currency at today's price in U.S. dollars
agreeing to pay for the currency at a future date. If the U.S.
dollar declines, then the foreign currency can be sold for more
U.S. dollars than it cost and the Fund realizes a profit. The Fund
will not enter into forward contracts in excess of an offsetting
position of cash and investment in U.S. dollars. If the U.S.
dollar does not decline as expected, the Fund will sustain a loss
because of having entered into the forward contract.
The Fund may buy or write (sell) options traded on any U.S. or
foreign exchange or in the over-the-counter market. It may write
covered call options on individual securities. Options in the
over-the-counter market will be purchased only when the investment
manager believes a liquid secondary market exists for the options
and only from dealers and institutions the investment manager
believes present a minimal credit risk. Some options are
exercisable only on a specific date. In that case, or if a liquid
secondary market does not exist, the Fund could be required to buy
or sell securities at disadvantageous prices, thereby incurring
losses. In covered call options, the seller owns the underlying
security required to be sold upon exercise of the option.
Options can be used to produce incremental earnings, protect gains
and facilitate buying and selling securities. The writer of an
option agrees to buy or sell a security at a fixed price and could
forgo a profit or incur a loss from a change in the market price of
the security. The purchaser of an option pays a premium whether or
not the option is exercised. If a liquid secondary market does not
exist at a particular time, it might not be possible to close an
option position when it is desirable to do so. The Fund may buy
put and call options as a trading technique.
For temporary purposes, the Fund may make certain investments. It
may buy short-term U.S. and Canadian government securities. It may
invest in bank obligations including negotiable certificates of
deposit, non-negotiable fixed time deposits, bankers' acceptances
and documented discount notes (letters of credit). The Fund may
buy short-term corporate notes and obligations rated in the top two
classifications by Standard and Poor's, Moody's or the equivalent.
The Fund does not look to buy and sell stocks for the short-term,
but will do so if it is appropriate. The Fund may use repurchase
agreements with broker-dealers registered under the Securities
Exchange Act of 1934 and commercial banks. Repurchase agreements
involve investments in debt securities where the seller agrees to
repurchase the securities at cost plus an agreed-to interest rate
within a specified time. A risk of a repurchase agreement is that
if the seller seeks the protection of the bankruptcy laws the
Fund's ability to liquidate the security involved could be
impaired, and it might subsequently incur a loss if the value of
the securities declines or if the other party to a repurchase
agreement defaults on its obligation.
<PAGE>
PAGE 11
The Fund may enter into stock index futures contracts traded on any
U.S. or foreign exchange. The Fund may buy or write put and call
options on these futures and stock indexes. These instruments may
be considered speculative and may expose the Fund to greater risk.
Stock index futures contracts, options on futures contracts and
options on stock indexes must be used as a hedge. This means they
must be used to offset changes in value of some or all the Fund's
existing investments in stocks or be offset by the Fund's cash
position. The futures contracts and related options may help the
Fund gain rapid exposure to or protect itself from changes in the
market. Successful hedges depend on the adviser's ability to
predict the future direction of stock prices or interest rates. If
the adviser's prediction is incorrect, the Fund would have been
better off if no hedge had been made. Also, skills and techniques
necessary to arrive at such predictions are different from those
needed for predicting changes in individual stocks.
No more than 5% of the Fund's net assets can be used at any one
time for good faith deposits on futures and premiums for options on
futures that do not offset existing investment positions.
The Fund will not invest in securities that are not readily
marketable without registration or the filing of a notification
under the 1933 Act, or the taking of similar action under other
securities laws relating to the sale of securities, if immediately
after the making of any such investment more than 10% of the Fund's
net assets (taken at market or other current value) is invested in
these securities. For valuation, see page __ of this prospectus.
The Fund will not buy securities of any investment trust or
investment company, except by purchase in the open market where no
commission or profit to a sponsor or dealer results from a purchase
other than customary broker's commission. The Fund does not intend
to invest in these securities but may do so to the extent of not
more than 15% of the Fund's net assets (taken at market or other
current value). The Fund will not invest in other mutual funds.
No securities will be bought on margin, nor will the Fund make any
short sales of securities.
Notwithstanding any of the Fund's other investment policies, the
Fund may invest its assets in an open-end management investment
company having substantially the same investment objectives,
policies and restrictions as the Fund for the purpose of having
those assets managed as part of a combined pool.
The investment policies described above may be changed by the board
of managers.
For 1994, the Fund's portfolio turnover rate was 61%, for 1993, the
Fund's portfolio turnover rate was 64%, and for 1992, the Fund's
portfolio turnover rate was 74%. Portfolio turnover results in
brokerage costs and may affect the taxes the Fund must pay.
The prices of the securities in which the Fund invests fluctuate
daily. This means that the value of your contract goes up and
down. If values go down, your contract may be worth less than what
you paid for it.
<PAGE>
PAGE 12
Investments the Fund will not make
The Fund observes the following fundamental investment
restrictions, that may not be changed without approval by a vote of
the contract holders:
o The Fund will not borrow money or property except as a temporary
measure for extraordinary or emergency purposes, and in an amount
not exceeding one third of the market value of its total assets
(including borrowings) less liabilities (other than borrowings)
immediately after the borrowing.
o The Fund shall not underwrite securities of other issuers.
However, this shall not preclude the purchase of securities for
investment, on original issue or otherwise, and shall not preclude
the acquisition of portfolio securities under circumstances where
the Fund would not be free to sell them without being deemed an
underwriter for purposes of the Securities Act of 1933 (1933 Act)
and without registration of these securities or the filing of a
notification under the 1933 Act, or the taking of similar action
under other securities laws relating to the sale of securities.
o The Fund does not intend to concentrate investments in any
particular industry, but reserves freedom of action to do so
provided that not more than 25% of its total assets, taken at cost,
may be so invested at any one time.
o The Fund may invest up to 10% of its total assets, taken at
cost, in real properties, but will not do so as a principal
activity.
o The Fund will not invest more than 5% of its total assets, at
market value, in securities of any one company, government or
political subdivision thereof, except that the limitation will not
apply to investments in securities issued by the U.S. government,
its agencies or instrumentalities and except that up to 25% of the
Fund's total assets may be invested without regard to this 5%
limitation.
o The Fund will not buy securities of any issuer if immediately
after, and as a result of a purchase, the Fund would own more than
10% of the outstanding voting securities of the issuer.
o The Fund will not make cash loans, if the total commitment
amount exceeds 5% of the Fund's total assets.
o The Fund will not buy or sell physical commodities unless
acquired as a result of ownership of securities or other
instruments, except this shall not prevent the Fund from buying or
selling options and futures contracts or from investing in
securities or other instruments backed by, or whose value is
derived from, physical commodities.
Portfolio manager
Mitzi Malevich joined American Express Financial Corporation in
1983 and serves as vice president and senior portfolio manager.
She was appointed to manage this fund and IDS Life Variable Annuity
<PAGE>
PAGE 13
Fund A (Fund A) in January 1995, and has managed IDS Growth Fund
since 1992. Prior to that, she was a portfolio manager of pension
fund accounts.
Investment agreements
IDS Life is the Fund's investment manager. Under the Investment
Management Agreement between IDS Life and the Fund, IDS Life
charges a fee for managing the Fund's investments. This amounts to
0.4% of the Fund's average daily net assets for the year.
IDS Life does not keep all of this fee. IDS Life and American
Express Financial Corporation have an Investment Advisory Agreement
that calls for IDS Life to pay American Express Financial
Corporation a fee for serving as investment adviser for the Fund.
The fee is 0.25% of the Fund's average net assets for the year.
In addition to paying its own management fee, the Fund also pays
all brokerage commissions and charges in the purchase and sale of
assets. Brokerage charges are paid to IDS Life for reimbursement
of charges incurred in the purchase and sale of foreign securities.
An Investment Management Agreement and an Advisory Agreement were
approved by the contract holders on Dec. 30, 1983, as a result of
the IDS/American Express Company merger. Both agreements will
continue each year as long as they are approved:
o by a majority of the Board of Managers of the Fund or a majority
of the outstanding votes of the Fund, and
o by a majority of the Board of Managers of the Fund who are not
"interested persons" of IDS Life or American Express Financial
Corporation.
All votes by the Board of Managers must be taken at a meeting
called specifically to approve or disapprove the agreements and all
votes must be cast in person.
IDS Life may cancel either of its agreements without penalty,
provided it gives 60 days' notice in writing. American Express
Financial Corporation and the Fund may do the same. If the Fund
decides to cancel its management agreement with IDS Life, it must
have the approval of either the Board of Managers or a majority of
the votes of contract holders. If there is any assignment of
either agreement it ends immediately.
Brokerage
Under the Investment Management Agreement, IDS Life has
responsibility for making the Fund's investment decisions, for
effecting the execution of trades for the Fund's portfolio and for
negotiating any brokerage commissions. IDS Life intends to direct
American Express Financial Corporation to execute trades and
negotiate commissions on its behalf. These services are covered by
the Investment Advisory Agreement between American Express
Financial Corporation and IDS Life. When American Express
Financial Corporation acts on IDS Life's behalf for the Fund, it
<PAGE>
PAGE 14
follows the rules described here for IDS Life. Total brokerage
commissions paid by the Fund for each of the last three years were
as follows: for 1994, $692,054; for 1993, $722,276; and for 1992,
$778,368. IDS Life intends to continue to examine and consider
ways available to reduce brokerage costs.
The Investment Management Agreement generally requires IDS Life to
use its best efforts to obtain the best available price and the
most favorable execution. However, brokerage firms may provide
some extra services, including economic or investment research and
analysis. Sometimes it may be desirable to compensate a broker for
research or brokerage services by paying a commission that might
not otherwise be charged, or a commission in excess of what another
broker might charge. The Board of Managers has adopted a policy
authorizing IDS Life to do so to the extent authorized by law, if
IDS Life determines, in good faith, that the amount of commission
is reasonable in relation to the value of the brokerage or research
services provided by the broker.
In purchases and sales of securities involving transactions not
listed on an exchange or in listed securities which are traded off
of the exchange, the Fund will deal with a market maker as
principal, or a broker as agent, depending upon the method believed
to produce the best available price and most favorable execution as
described above. In transactions with a broker who acts as
principal, commissions are generally not stated separately, but are
included in the price of the securities.
American Express Financial Corporation gives investment advice to a
number of investment companies and mutual funds. Where more than
one of these companies or funds are interested in the same
securities at the same time, American Express Financial Corporation
carries out the sale or purchase in a way that all agree in advance
is fair.
Sharing in a large transaction may affect the price or volume of
shares acquired. But by these transactions, the Fund hopes to gain
an advantage in execution.
The Fund may pay brokerage commissions to broker-dealer affiliates
of IDS Life, American Express Financial Corporation and American
Express.
The contracts
This prospectus describes the following types of tax-qualified
variable annuity contracts:
o Single payment-deferred annuity. You make a single purchase
payment. Annuity payments are deferred until some future date.
o Single payment-immediate annuity. A participant makes a single
payment. Annuity payments will begin within 60 days after IDS Life
approves your application.
<PAGE>
PAGE 15
o Flexible installment payment-deferred annuity. A participant
makes purchase payments in installments over one or more years.
Annuity payments will begin at some future date after all
installments have been paid.
o A group variable annuity contract. This contract is designed to
provide benefits under annuity purchase plans adopted by public
school systems and certain tax-exempt organizations pursuant to
Section 403(b) of the Code. The contract is a master contract
issued to the employer as owner and provides benefits for all
annuity plan participants. Generally IDS Life will not issue a
contract to an employer unless there are at least five employees
who are plan participants or who already own contracts based on the
Fund. The annual contribution a participant elects must be at
least equal to the larger of (1) an amount which, when multiplied
by the number of contract years between the application date and
the retirement date, equals $3,000 or (2) $300 a year. A
participant may increase the amount of this annual contribution
within the limits provided by the Code. However, if the annual
contribution is more than twice that of the very first annual
contribution, IDS Life may place some further conditions on
contributions. No contribution will be accepted that is not within
the employee exclusion allowance provided by Section 403(b) of the
Code. The contract provides several optional settlement modes that
each plan participant may elect, except that if at the annuity
starting date the accumulation value of the contract is less than
$2,000, then the accumulation value may be paid in a lump sum.
The fixed account
The fixed account is an additional account to which you may choose
to allocate purchase payments and contract values. It provides
guaranteed values and periodically adjusted interest-crediting
rates.
If you have a deferred annuity contract, you can change your mind
from time to time and apply all or part of your future purchase
payments to the fixed account.
Also, the contract provides that once each contract year, you can
transfer accumulation values of at least $250 from the variable
account to the fixed account or from the fixed account to the
variable account. This right ends 30 days before annuity payments
begin. Presently, IDS Life does not intend to limit the number of
transfers from the variable account to the fixed account; however,
transfers from the fixed account to the variable account are
limited to one per contract year. Just write or telephone IDS Life
and indicate the dollar amount, percentage of, or number of
variable accumulation units to transfer from the Fund or the amount
of fixed dollar accumulation value to transfer to the Fund.
Automated transfers and partial surrenders
IDS Life currently allows deferred annuity contract holders to
establish: (1) automated transfers of contract values between the
fixed account and variable account; or (2) automated partial
<PAGE>
PAGE 16
surrenders of contract values. Both services can be in effect at
the same time and may be established through a one-time written or
telephone request to IDS Life.
The minimum transfer amount from any account or partial surrender
amount from the contract is $50 and such transfer or surrender can
be made on a monthly, quarterly, semi-annual or annual basis. You
may start or stop this service at any time but you must give IDS
Life 30 days' notice to change any automated transfer or surrender
instructions that are currently in place. Automated transfers or
partial surrenders are subject to all of the other contract
provisions and terms including provisions relating to the transfer
of money between accounts. They are not available for 1969 Series
Contracts which were issued prior to May 1971.
Automated transfers from the fixed account may not exceed an amount
that will deplete the fixed account within 24 months. If you have
made any type of transfer from the fixed account, you may not
transfer contract values from the variable account back to the
fixed account until the next contract anniversary.
Automated partial surrenders may be restricted by applicable law in
some contracts. In addition, the payment of additional purchase
payments, if allowed under the contract, while automated partial
surrenders are in effect, may not be appropriate and therefore, is
not permitted.
IDS Life has the authority to honor any telephone requests believed
to be authentic and will use reasonable procedures to confirm that
they are. This includes asking identifying questions and tape
recording calls. As long as the procedures are followed, neither
IDS Life nor its affiliates will be liable for any loss resulting
from fraudulent requests. If IDS Life receives your transfer
and/or variable surrender request before its close of business
(normally 3 p.m. Central time), it will be processed that day.
Calls received after its close of business will be processed the
next business day. At times when the volume of telephone requests
is unusually high, IDS Life will take special measures to ensure
that your call is answered as promptly as possible. A telephone
surrender request will not be allowed within 30 days of a phoned-in
address change.
You may request that telephone withdrawals not be authorized from
your account by writing IDS Life.
Automated partial surrenders may result in income taxes and IRS
penalty taxes being applied to all or a portion of the amount
surrendered. See the sections on Tax charges and Surrendering your
contract (page __).
Consult your tax advisor if you have any questions about the
taxation of your annuity.
<PAGE>
PAGE 17
Measuring the value of your contract
Because values are always changing with the performance of the
Fund's investments, it is not easy to measure value with a variable
annuity contract. For this reason we use a technique that involves
"units." The performance of the Fund is measured by changes in the
value of a single unit, rather than the total value of the Fund.
There are two kinds of units. As long as you are paying into the
Fund they are called "accumulation units." When you begin to
receive your annuity payments, they change to "annuity units."
o Accumulation units are used to measure the value of deferred
annuity contracts during the period before annuity payments are
made.
number of your value of one total
accumulation x accumulation = accumulation
units unit value
When you buy a deferred annuity contract, your purchase payments
will be credited as accumulation units to your contract.
o Annuity units determine the value of each annuity payment. When
you buy an immediate annuity contract, your purchase payment will
be credited as annuity units to your account.
Under a deferred annuity contract, when annuity payments are to
start, your accumulation value will be converted into annuity
units. From then on, your annuity payments are based on the
current annuity unit value.
number of your annuity value of one
annuity units x unit value = annuity payment
Dates we revalue units - Valuation date
Your units are valued at least once every seven days. At the
present time, your units are revalued each business day at the
close of trading on the New York Stock Exchange (NYSE). The Fund's
securities also will be valued on any business day there is a
sufficient degree of trading in the Fund's portfolio securities
such that the current net asset value of units might be materially
affected (if on that day the Fund is required to sell or redeem
securities). The net asset value per share generally changes each
day. During an emergency the Fund can suspend redemption. Such
emergency situations would occur if:
o The NYSE closes for reasons other than the usual weekend and
holiday closings, or trading on the NYSE is restricted,
o Disposal of the Fund's securities is not reasonably practicable,
or it is not reasonably practicable for the Fund to determine the
fair value of its net assets, or
o The Securities and Exchange Commission under the provisions of
the 1940 Act declares a period of emergency to exist.
<PAGE>
PAGE 18
Splitting units
IDS Life can split accumulation or annuity units. It will only do
so if it is in the best interests of the contract holders, the
annuitants and IDS Life.
The valuation period
The valuation period starts after the close of business on one
valuation date and ends with the close of business on the next
valuation date.
Valuing Fund assets
The net value of the Fund's assets is determined at the start of
each valuation period by taking the total value of the Fund's
assets and subtracting liabilities. The Fund's portfolio
securities are valued as follows:
o Securities traded on national securities exchanges are valued at
the last quoted sales price on that day. If a particular security
hasn't been traded on a certain day, we take the average price
between the last bid (offer to buy) and the last asked (offer to
sell) price.
o Securities with readily available market quotations but without
a listing on an exchange also are valued at the average between the
last bid and the last asked price.
o Short-term securities maturing more than 60 days from the
valuation date are valued at the market price or approximate market
value based on current interest rates. Short-term securities
maturing in 60 days or less but that originally had maturities of
more than 60 days at the acquisition date are valued on an
amortized cost basis using the market value on the 61st day before
maturity. Short-term securities maturing in 60 days or less at the
acquisition date are valued at amortized cost. (Amortized cost is
an approximation of market value determined by systematically
increasing the carrying value of a security if acquired at a
discount, or systematically reducing the carrying value if acquired
at a premium, so that the carrying value is equal to maturity value
on the maturity date.)
o Securities and other assets without a ready market price are
valued at fair value. The Board of Managers is responsible for
using valuation methods which they believe give fair value. In
cases like this, they may use an outside organization to value
these securities. These organizations may use methods that take
into consideration yields, trading characteristics and other market
data.
When we credit your purchase payments
IDS Life credits each purchase payment at the end of the valuation
period during which it received the payment at its corporate
office.
<PAGE>
PAGE 19
The investment factor
On each valuation date, an investment factor is calculated for the
valuation period. This factor measures the Fund's investment
performance during the period. Here is how the investment factor
is determined:
First, the investment income for the period is determined by
combining the Fund's income (interest and any dividends), net
realized and unrealized capital gains or losses on investments and
expenses. Then, the net investment rate is determined by dividing
the Fund's net investment income by the net value of the Fund's
assets at the beginning of the valuation period.
Finally, the investment factor for any valuation period is the sum
of 1 plus the net investment rate. If the Fund has a negative
investment rate for a period, the investment factor will be less
than 1.
Valuing an accumulation unit
Accumulation units are used to measure the value of your contract
during the period before annuity payments begin. The value of an
accumulation unit is determined by multiplying the accumulation
unit value for the last valuation period by the investment factor
for the current period.
Here is an example: Assume the Fund's assets at the start of the
day were $1 million and the investment income for the day was
$2,000. The total expenses were $398.35 and the value of an
accumulation unit the day before was $1.101000.
Step 1. First, the net investment income is determined. This is
income minus expenses or $1,601.65 ($2,000 - $398.35).
Step 2. Next the investment rate is determined. This is the net
investment income divided by the assets at the start of the day or
0.001602 (1,601.65 divided by 1,000,000).
Step 3. The investment factor is one plus the investment rate, or
1.001602.
Step 4. Finally, the value of an accumulation unit is determined
by multiplying yesterday's accumulation unit by the investment
factor. The current value of an accumulation unit comes out to
$1.102764 (1.101000 X 1.001602).
Valuing an annuity unit
When you are ready to receive annuity payments, your accumulation
units are exchanged for annuity units. Annuity units measure each
variable annuity payment. To determine the value of an annuity
unit, the annuity unit value on the last valuation date is
multiplied by the product of (1) the investment factor for the
current period, and (2) the neutralizing factor.
<PAGE>
PAGE 20
The neutralizing factor removes the assumed investment rate that is
built into the variable annuity tables in your contract. The
neutralizing factor for a one-day valuation period is 0.999866,
when the usual 5% assumed investment rate is used.
Here is a shortcut for calculating the value of an annuity unit:
Substitute the term "annuity unit" for the term "accumulation unit"
each time it appears in the example used for calculating
accumulation unit values.
Then take the answer in Step 4 ($1.102764) and multiply it by the
neutralizing factor (0.999866). The answer is the current value of
an annuity unit, or $1.102616.
The assumed investment rate is not always 5%. For example,
contracts subject to Texas law cannot use more than a 3.5%
investment rate. You can request a 3.5% investment rate by sending
a written request to IDS Life at its home office. The current
policy of IDS Life is to grant a request received no later than 30
days before settlement.
Why would you want a lower assumed investment rate? The value of
an annuity unit will rise or fall to the extent that the actual
investment rate for the period is more or less than the assumed
investment rate. A lower assumed rate produces a lower initial
annuity payment, but later payments will rise faster if unit values
are going up. Later payments will fall more slowly if unit values
are dropping.
Annuity payment starting date
Individual contracts. For deferred contracts paid for in annual
installments or with a single payment, the annuity payment starting
date is selected in your application. You may change the payment
date at any time not less than 30 days before annuity payments are
to start.
For single payment deferred contracts, the annuity payment starting
date must be at least 60 days after the application date.
For immediate contracts, the annuity payment starting date must be
no later than 60 days after the application date.
You can only wait so long before annuity payments begin. The
annuity payment starting date must come before the annuitant's 75th
birthday. However, the plan under which you bought the annuity may
require an earlier starting date.
Group contracts. For group contracts, the annuity starting date and
the annuity payment plan are elected by the participant in the
Statement of Participation. The participant may change either
election anytime not less than 30 days before annuity payments
start. The annuity starting date must be at least so many years
after the application date that the number of years multiplied by
the annual purchase payment equals or exceeds $3,000.
<PAGE>
PAGE 21
Additionally, the annuity payment starting date must be no later
than the certificate anniversary nearest the annuitant's 75th
birthday.
Effective Jan. 1, 1989, for annuities purchased under a section
403(b) plan, retirement payments generally must not begin earlier
than the date the annuitant turns 59 1/2 or later than April 1 of
the year following the calendar year in which he or she reaches age
70 1/2.
Table of settlement rates
Settlement rates are based on the Progressive Annuity Table
assuming all births in 1900. To determine the rate applicable at
settlement, we look at the annuitant's birthday nearest the
settlement date and subtract an adjustment according to the
following chart.
Calendar year of Adjustment for
annuitant's birth Male Female
_______________________________________________________
Prior to 1920....................... 0 4
1920 through 1939................... 1 5
1940 through 1954................... 2 6
1955 through 1969................... 3 7
After 1969.......................... 4 8
_______________________________________________________
In Arizona Governing Committee for Tax Deferred Annuity and
Deferred Compensation Plans, etc. et al. v. Nathalie Norris, etc.,
the United States Supreme Court decided that Title VII of the Civil
Rights Act of 1964 prohibits an employer from offering its
employees the option of receiving retirement benefits from one of
several companies selected by the employer, all of which pay a
woman lower monthly retirement benefits than a similarly situated
man. The Court ordered that all retirement benefits derived from
contributions made on and after Aug. 1, 1983, must be calculated
without regard to the sex of the annuitant.
IDS Life has been administering contributions received since Aug.
1, 1983, on the company's in-force annuity contracts to provide
retirement benefits without regard to the sex of the annuitant in
those markets which are affected by the Norris decision. Annuity
contract amendments also have been developed for new contracts in
order to assure continued compliance by employers with the
obligations imposed on them by the Norris decision.
Annuity payment plans
You may select on the application how you want annuity payments
made and when the payments are to begin. If you have a deferred
annuity contract you may change your payment plan at any time at
least 30 days before the annuity payment starting date.
Here are the plans available for all annuity contracts as described
in this prospectus:
<PAGE>
PAGE 22
Plan A - An annuity is paid each month during the lifetime of the
annuitant or payee (group contract). No payments are made after
the annuitant's or payee's death, therefore, it is possible to
receive only one annuity payment if the annuitant dies shortly
after annuity payments begin.
Plan B - An annuity is paid each month during the lifetime of the
annuitant or payee with the additional guarantee that payments will
be made for at least five, 10, or 15 years as you select.
Plan C - An annuity is paid each month during the lifetime of the
annuitant or payee with the additional guarantee that payments will
be made for a period not less than the number of months determined
by dividing the amount applied to Plan C by the amount of the first
monthly annuity payment.
Plan D - An annuity is paid each month during the lifetimes of two
named annuitants or payees. When the first annuitant or payee
dies, payments continue for the lifetime of the survivor. No
payments are made after the survivor's death unless you ask for the
Plan D option. This provides payments for a guaranteed period as
in Plan B or Plan C.
Restrictions for qualified plans - If your annuity was purchased
under a Section 401(k) plan, Section 403(b) plan (TSA), or as an
IRA, you must select a payment plan that provides for payments:
o over the life of the annuitant;
o over the joint lives of the annuitant and beneficiary;
o for a period not exceeding the life expectancy of the annuitant;
or
o for a period not exceeding the joint life expectancies of the
annuitant and beneficiary.
A beneficiary of a variable annuity contract may ask for one
lump-sum payment under Plan B or Plan C. This payment may be
subject to 20% income tax withholding if made directly to a
surviving spouse. IDS Life will not grant the request if you asked
us not to.
If no plan has been selected by the annuity payment starting date,
Plan B with 120 guaranteed monthly payments will be used.
If the value of the contract is less than $2,000 on the annuity
payment starting date, the accumulation value may be paid in a
lump-sum.
Determination of monthly annuity payments for deferred contracts
When annuity payments are to begin, the first monthly variable
annuity payment is computed on the valuation date on or right
before the seventh day before the annuity payment starting date.
<PAGE>
PAGE 23
The computations are made using the table of settlement rates in
your contract unless an optional table is agreed upon. A different
table is used if you have elected a 3.5% assumed investment rate.
The amount of the first payment is divided by the annuity unit
value to give the number of annuity units for your contract.
Each monthly payment after the first one will be determined by
multiplying the number of annuity units by the current annuity unit
value. Payouts made by check will be computed on the valuation
date on or right before the fifth day before the annuity payment
date. Payouts made by a transfer to another IDS fund account will
be computed on the valuation date on or right before the annuity
payment date.
Here is an example: Assume the variable accumulation value on the
valuation date seven days before the annuity payment starting date
was $30,000. And the plan you selected produces an initial payment
of $6 for each $1,000 of accumulation value.
Ignoring premium taxes, if any, the first payment would be $180 (30
X $6 = $180).
Now assume the annuity unit value on the valuation date seven days
before the annuity payment starting date is $1.800000. The number
of annuity units for your contract is 100 ($180 divided by
$1.800000 = 100). Ordinarily, the value of the same number of
annuity units will be paid each month.
Determination of monthly annuity payments for immediate contracts
The number of your annuity units is multiplied by the value of one
unit. The value of one unit is determined on the valuation date on
or right before the seventh day before the annuity payment is due.
The following example shows how the number of your annuity units is
determined:
Assume the net purchase payment is $30,000. And the conversion
factor, based on actuarial tables and the contract you selected, is
$5.50.
Assume the value of one annuity unit on the valuation date is
$1.500000.
First divide the net purchase payments by $1,000: $30,000 divided
by $1,000 = $30. Next multiply the answer by the conversion
factor: $30 X $5.50 = $165.
Divide the answer by the value of one unit. This gives the number
of annuity units paid out each month: $165 divided by $1.500000 =
110 units.
The charges you pay
1) Sales and administrative charges
The tables below show the deductions from your purchase payments
for sales and administrative charges for single payment contracts
<PAGE>
PAGE 24
and flexible installment payment contracts. The net amount
invested is the total purchase payments minus the deduction for
sales and administrative charges.
<TABLE><CAPTION>
Single payment contracts
Total charge Total deduction
Part of the Deduction Deduction for as percentage of as percentage of
total purchase for sales administrative total purchase net amount
payment charge charge payment invested
<S> <C> <C> <C> <C>
First $1,500 13% 2% 15% 17.65%
Next $48,500 3 1 4 4.17
Over $50,000 1.5 0.5 2 2.04
Flexible installment payment contracts
Total charge Total deduction
Part of the Deduction Deduction for as percentage of as percentage of
total purchase for sales administrative total purchase net amount
payment charge charge payment invested
First $1,500 13% 2% 15% 17.65%
Next $48,500 2 2 4 4.17
Over $50,000 0.5 1.5 2 2.04
The effect of the deductions shown above is illustrated in the following table:
Sales and admin. Sales and admin.
Deductions charge as a charge as a
$25 Monthly Total for the sales percentage of percentage of
purchase purchase and admin. total purchase aggregate net
payments payments charge payments amount invested
1 Year $ 300 $ 45 15.00% 17.65%
5 Years 1,500 225 15.00 17.65
10 Years 3,000 285 9.50 10.50
15 Years 4,500 345 7.67 8.30
20 Years 6,000 405 6.75 7.24
$100 Monthly
purchase payments
1 Year $ 1,200 $ 180 15.00% 17.65%
5 Years 6,000 405 6.75 7.24
10 Years 12,000 645 5.38 5.68
15 Years 18,000 885 4.92 5.17
20 Years 24,000 1,125 4.69 4.92
The table below shows the deduction from your purchase payments for
sales and administrative charges for group contracts. The net
amount invested is the total purchase payments minus the deduction
for sales and administrative charges.
Group contract -- Employer plan
Part of Deduction Deduction Total Total
the total for for charge as deduction as
purchase sales administrative percentage of total percentage of net
payment charge charge purchase payment amount invested
First $10,000 3.75% 2% 5.75% 6.10%
Next $40,000 2 2 4 4.17
Excess over $50,000 0.5 1.5 2 2.04
</TABLE>
Pursuant to a Distribution and Services Agreement with the Fund,
IDS Life is the principal underwriter and performs all sales and
administrative duties. It pays salaries, sales commissions, legal,
accounting, auditing or actuarial fees, and death benefits under
deferred variable annuity contracts. The deductions for sales and
administrative charges came to $216,240 for 1994, $234,942 for
1993, and $256,654 for 1992.
<PAGE>
PAGE 25
The sales and administrative charge may be reduced or eliminated,
but only to the extent IDS Life anticipates that it will incur
lower sales and administrative expenses or perform fewer services
due to economies arising from the size of the particular group, the
average contribution per participant and the utilization of mass
enrollment procedures. Generally, this will occur with programs
established by an employer for all employees or for all employees
in a class, wherein employees do not individually elect to
participate in the program.
2) Premium taxes
Some states may charge a premium tax in an amount of up to 3.5%.
If a state requires payment of a premium tax on your contract, a
deduction will be made from your purchase payments or from your
contract's accumulation value.
3) Increases in life expectancy and administrative expenses
IDS Life will bear any expenses that occur because of an increase
in administrative expenses, or because of an increase in the life
expectancy of people receiving variable annuity payments. But it
is not responsible for increases in brokers' fees and transfer
taxes on the purchase and sale of assets.
For bearing this risk, IDS Life charges the Fund a fee equal to 1%
of the Fund's average daily net assets for the year. This came to
$5,150,839 for 1994, $5,163,853 for 1993, and $4,693,884 for 1992.
If the fee is more than enough to cover the increases, IDS Life
will keep the difference. If the fee is not enough, IDS Life bears
the loss.
4) Charge for investment management
For acting as investment manager, IDS Life charges the Fund a fee
equal to 0.4% of the Fund's average net assets for the year, less
any brokerage credits.
This came to $2,060,445 for 1994, $2,065,651 for 1993, and
$1,877,800 for 1992.
5) Tax charges
IDS Life is taxed as a life insurance company under Subchapter L of
the Code. The Fund is treated as part of IDS Life for federal
income tax purposes. IDS Life must pay all taxes which come about
because of the Fund. For this reason, IDS Life can charge the Fund
for tax charges.
Under current federal income tax law, no taxes are payable with
respect to any income of the Fund.
Investment results credited to a contract are not taxed until
annuity benefits are received.
<PAGE>
PAGE 26
Surrendering your contract
You can surrender all or part of your deferred annuity contract any
time before the annuity payment starting date. Under certain
contracts issued in connection with optional retirement programs
for employers of certain state supported educational institutions,
the contract holder must join in the request. There can be no
surrender in whole or in part after annuity payments have started
unless the remaining payments are not dependent on life
contingencies.
Immediate annuity contracts can be surrendered at any time as long
as the remaining payments are not dependent on life contingencies.
See annuity payment plans on page __.
For a discussion of automated partial surrenders, see page __.
There are special rules for a participant in the Texas Optional
Retirement Program (Texas ORP). The Texas ORP restricts the
payment of program benefits to participating employees prior to
termination of employment. Accordingly, no contract offered by this
prospectus will be issued to fund participation in the Texas ORP
unless the purchaser instructs the company not to accept surrender
of the contract prior to termination of employment, retirement,
death, or total disability of the participating employee.
Make your request to IDS Life in writing. IDS Life will cash in
the number of accumulation units for the amount you request. The
units are valued on the day your request is received in our
Minneapolis home office. You cannot surrender part of your
contract if the remaining accumulation value will be less than $20,
and you cannot repay any amount you surrender. A check usually
will be mailed to you within seven days after we process your
request. However, IDS Life can delay sending your check until we
are sure we have received good payment for the accumulation units
you want to surrender.
You may receive extra money if the Fund's state premium tax
liability is reduced as a result of your surrender. If it is, you
will receive either the amount of the reduction or the amount
already deducted from your purchase payments for premium taxes,
whichever is less.
A surrender by a participant in a plan or program qualified under
Section 401, 403 or 408 of the Code may result in adverse tax
consequences. Consult a qualified tax advisor before requesting a
surrender.
Distribution Restrictions. The Code imposes certain restrictions on
an owner's right to receive early distributions attributable to
salary reduction contributions from a contract purchased for a
retirement plan qualified under Section 403(b) of the Code as a
TSA.
<PAGE>
PAGE 27
Distributions attributable to salary reduction contributions may be
made from the TSA contract only if the owner has attained age
59 1/2, has become disabled as defined in the Code, has separated
from the service of the employer that purchased the contract, or
upon the death of the owner. Additionally, if the Owner should
encounter a financial hardship (within the meaning of the Code), he
or she may receive a distribution of all contract values except
those arising from earnings on them. These restrictions apply to
amounts credited to the contract after Dec. 31, 1988. Even though
a distribution may be permitted under these rules (e.g., for
hardship or after separation from service), it may nonetheless be
subject to a 10% tax (in addition to income tax) as a premature
distribution and 20% income tax withholding may be imposed (see
page 21).
This restriction on the right to receive a distribution does not
affect the availability of the amount credited to the contract as
of Dec. 31, 1988, and if the contract has a loan provision, the
right to receive a loan continues to exist. The restrictions do
not apply to transfers or exchanges of contract value within the
annuity or to another registered variable annuity contract or
investment vehicle available through the employer.
Special rules if the annuitant dies before the annuity payment
starting date
Under a single payment or flexible installment deferred annuity
contract, if the annuitant dies before annuity payments begin, the
beneficiary will receive either:
o the sum of all purchase payments minus surrenders and unrepaid
withdrawals; or
o the accumulation value of the contract, whichever is more.
Under the group variable contract, if the participant dies before
annuity payments begin, the beneficiary will receive the greater
of:
o the sum of all contributions made by the participant less his
surrenders; or
o the accumulation value of the participant's account.
IDS Life will pay this death benefit in a lump sum at the end of
the valuation period during which its death claim requirements are
fulfilled, unless an election has been made to provide an annuity
payable to the participant's beneficiary. Payments made directly
to a surviving spouse (instead of being rolled over into an IRA)
may be subject to 20% income tax withholding.
Special Features of the Group Variable Annuity Contract
Modifications. From time to time, IDS Life may modify the group
variable annuity contract in order to conform the contract or give
participants the benefit of any federal or state law or any
regulation of the U.S. Treasury Department. Without the consent of
<PAGE>
PAGE 28
the affected participant, no modification will affect the amount or
terms of an annuity purchased prior to the effective date of the
modification. Without the contract holder's approval, no
modification can be made prior to the fifth contract anniversary.
On or after this anniversary, IDS Life may make modifications to
the contract without the contract holder's consent. The effect of
these modifications may include the deductions from contributions
for sales and administrative expense, periodic deductions for
mortality and expense assurances and investment management, and the
annuity settlement date. At least 90 days' notice of this type of
modification will be given to the contract holder. No modification
made after the fifth contract year will affect the rights of any
participant who was a participant prior to the effective date of
the modification except for that portion of the participant's
contributions which exceeds twice the amount of his first annual
contribution. The amount in excess of twice the first annual
contribution will receive the benefit of the assurances given new
entrants into the plan in the year the excess is first received by
IDS Life. These assurances will continue so long as the
participant continues to make excess contributions.
Experience Rating. The group variable annuity contract provides for
experience rating at the discretion of IDS Life. If the charges
made by IDS Life for mortality and expense assurances exceed the
expenses incurred, IDS Life may allocate all, a portion, or none of
the excess as an experience rating credit. No experience rating
credits have been paid to date. The experience rating credit, if
any, which accrues to any group variable annuity contract will be
determined annually upon each contract anniversary by IDS Life.
Application of the credit accruing to any group variable annuity
contract will be applied in one of two ways, as determined by IDS
Life:
o by a reduction in the amount deducted from subsequent
contributions; or
o by the crediting of a number of additional accumulation units or
annuity units, as applicable, equal in value to the amount of the
credit due (such additional units shall be credited without the
deduction imposed on contributions).
Assignment Prohibited. No benefit or privilege under the contract
may be sold, assigned, transferred, discounted or pledged as
collateral for a loan or as security for the performance of an
obligation or for any other purpose to any person other than IDS
Life.
Suspension. IDS Life may suspend a group variable annuity contract
upon at least 90 days' written notice to the contract holder if the
contract holder has failed to make any contributions during the
contract year immediately preceding such notice. A contract holder
may suspend a contract upon written notice to IDS Life at least 90
days in advance of the effective date of the suspension. Upon
suspension, IDS Life may refuse to accept further contributions.
Suspension will in no way affect the accumulation units or annuity
units previously credited to any participant.
<PAGE>
PAGE 29
Termination of Contributions. Upon termination of contributions on
behalf of a participant for any reason prior to the retirement
date, the participant may elect to withdraw the value of, or leave
his total account in force under the contract until its value is
withdrawn as a surrender, paid upon the death of the participant,
or used to provide an annuity for the participant. When a
participant's variable account is left in force under the contract,
the account will continue to reflect the net investment experience
of the Fund except that if the value of the participant's total
account is less then $1,000, IDS Life may fulfill its obligations
with respect to a participant by payment of such value in a lump
sum.
Your right to cancel installment contracts
You will receive a Statement of Charges and a Notice of
Cancellation Rights within 60 days after the contract is sent to
you. You will have 45 days from the time this notice was sent to
you to cancel your installment contract. You will receive the
current accumulation value of your account plus any amounts
deducted for taxes and charges.
If you bought this annuity under an Individual Retirement Annuity
program and cancel the contract within seven days after the date of
issuance, IDS Life will refund the greater of the total amount of
purchase payments, or the value of the net amount invested, without
reduction in either case for sales and contract administrative
charges and taxes.
What about your taxes?
Group contract. If your plan is sponsored by a public school system
or an organization that is tax exempt pursuant to 501(c)(3) of the
Code, then contributions made for the purchase of an annuity
contract under Section 403(b) are excludable from your gross
income. Any annual contributions that exceed the limits on
contributions to a 403(b) contract are not excluded from your gross
income.
Once you begin to receive annuity payments, your payments are taxed
as provided in Section 72 of the Code. Ordinarily, this means that
your total annual annuity payments are taxed as ordinary income.
If you elect to receive a lump sum payment rather than annuity
payments, the entire amount received may be taxed as ordinary
income.
Individual contract. Under present law, any increase in the value
of the units credited to your individual annuity contract is not
taxed until received. When payments from a retirement plan or
contract begin, they are taxed under Section 72 of the Code.
Ordinarily, this means that your total annual annuity payments are
taxed as ordinary income. The recipient, however, may be in a
lower tax bracket after retirement due to lower income and larger
deductions. If you elect to receive a lump sum payment rather than
annuity payments, the entire amount received may be taxed as
ordinary income.
<PAGE>
PAGE 30
For all variable annuity contracts, if you surrender part or all of
your annuity, you will be taxed on the payment you receive to the
extent that the value of your contract exceeds your investment in
the contract and 20% income tax withholding may apply to your
surrender. In addition, your regular tax will be increased by 10%
of the portion of the distribution includable in income unless the
distribution is:
o after you reach age 59 1/2;
o because of your death;
o because you are disabled;
o part of a series of substantially equal periodic payments over
the life expectancy of the owner (or joint life expectancies of the
owner and beneficiary); or
o because you separate from service on account of early retirement
after reaching age 55.
These are the major exceptions to the 10% additional tax. Consult
your tax advisor before taking any action.
In general, if you receive all or part of the contract value from a
qualified annuity (but not an IRA), mandatory 20% income tax
withholding will be imposed at the time the payment is made. In
addition, federal income tax and the 10% IRS penalty tax for early
withdrawals may apply to amounts properly includable in income.
This mandatory 20% income tax withholding will not be imposed if:
o instead of receiving the payment, you elect to have the payment
rolled over directly to an IRA or another eligible plan;
o the payment is one of a series of substantially equal periodic
payments made at least annually, over your life or life expectancy
(or joint lives or life expectancies of you and your designated
beneficiary) or made over a period of 10 years or more; or
o the payment is a minimum distribution required under the Code.
These are the major exceptions to the mandatory 20% income tax
withholding. Payments made to a surviving spouse instead of being
directly rolled over into an IRA also may be subject to 20% income
tax withholding. For taxable distributions that are not subject to
the mandatory 20% withholding, federal income tax and possibly
state income tax will be withheld from the taxable part of your
distribution unless you elect otherwise.
Unlike life insurance proceeds, the death benefit under an annuity
contract is not tax exempt. The gain, if any, is taxable as
ordinary income to the beneficiary in the year(s) he or she
receives the payments.
This information is based upon IDS Life's understanding of federal
income tax laws as they are currently interpreted. NO
REPRESENTATION IS MADE REGARDING THE LIKELIHOOD OF CONTINUATION OF
CURRENT FEDERAL INCOME TAX LAWS OR THE CURRENT INTERPRETATIONS OF
THE INTERNAL REVENUE SERVICE.<PAGE>
PAGE 31
The contract is intended to qualify as an annuity for federal
income tax purposes. To that end, the provisions of the contract
are to be interpreted to ensure or maintain such tax qualification,
notwithstanding any other provisions of the contract. We reserve
the right to amend the contract to reflect any clarifications that
may be needed or are appropriate to maintain such qualification or
to conform the contract to any applicable changes in the tax
qualification requirements. We will send you a copy of any such
amendments.
Since federal tax consequences cannot be anticipated as to all
situations, you should consult a qualified tax advisor regarding
your own circumstances.
Voting rights
Voting rights of contract holders and group plan participants are
granted and defined by the regulations of the Fund. To the extent
permitted under the 1940 Act, these voting rights may be modified
by IDS Life without submission to a vote of a majority of the
outstanding voting units. Variable contract holders and group plan
participants can vote on:
o any change in investments the Fund will not make;
o the approval of and any changes to the investment management and
advisory agreements;
o the election of the Board of Managers; and
o the acceptance of the Fund's independent auditors.
A variable contract holder or group plan participant with
accumulation units has a number of votes equal to the number of
accumulation units owned. Under a contract where annuity payments
have started, the number of votes is determined by dividing the
present value of all future annuity payments by the value of one
accumulation unit on the record date. So there may be a gradual
decline in the number of votes to which a contract holder or group
plan participant is entitled as annuity payments continue to be
made under the contract. The record date will be set by the Board
of Managers not more than 60 days before the regular meeting or any
special meeting of variable contract holders or group plan
participants. Cumulative voting is not authorized.
First Bank National Association (First Bank) of St. Paul, MN, as
custodian for Keogh Act plans and for the IDS Incentive and Thrift
Plan, was owner of record of 3,141,492 units of the Fund on Dec.
31, 1994, constituting 7.8% of the voting units. First Bank votes
these units in accordance with instructions from the beneficial
owners. If First Bank fails to receive timely instructions from a
beneficial owner, it will vote these units in the same proportion
as units voted according to received instructions.
<PAGE>
PAGE 32
Management
Members of the Board of Managers and officers of the Fund
Richard W. Kling*
Chairman of the Board of Managers
IDS Tower
Minneapolis, MN
Director since February 1984; President since March 1994.
Executive Vice President, Marketing and Products from January 1988
to March 1994. Vice President, American Express Financial
Corporation, since January 1988; Director of IDS Life Series Fund,
Inc. and member of the Board of Managers of IDS Life Variable
Annuity Funds A & B.
Edward Landes
Member of the Board of Managers
30 South 9th Street
Minneapolis, MN
Retired, Former Development Consultant.
Janis E. Miller*
Member of the Board of Managers
IDS Tower
Minneapolis, MN
Director and Executive Vice President - Variable Assets, IDS Life,
since March 1994; Vice President, American Express Financial
Corporation, since June 1990. Director, Mutual Funds Product
Development and Marketing, American Express Financial Corporation,
from May 1987 to May 1990. Director of IDS Life Series Fund, Inc.
since March 1994.
Carl N. Platou
Member of the Board of Managers
312 South 6th Street
Minneapolis, MN
President Emeritus and Chief Executive Officer, Fairview Hospital
and Healthcare Services.
Gordon H. Ritz
Member of the Board of Managers
404 WCCO Radio Building
Minneapolis, MN
President, Con Rad Broadcasting Corp. (radio broadcasting);
Director, Sunstar Foods and Mid-America Publishing.
<PAGE>
PAGE 33
Morris Goodwin, Jr.*
Vice President and Treasurer
IDS Tower
Minneapolis, MN
Vice President and Corporate Treasurer, American Express Financial
Corporation, since July 1989; Chief Financial Officer and
Treasurer, IDS Bank & Trust Company, from January 1988 to July
1989.
Louis C. Fornetti*
Vice President
IDS Tower
Minneapolis, MN
Director, IDS Life, since March 1994; Senior Vice President and
Director, American Express Financial Corporation, since February
1985.
Colleen Curran*
Secretary
IDS Tower
Minneapolis, MN
Senior Counsel and Secretary, American Express Financial
Corporation, since 1990; Assistant Vice President, American Express
Financial Corporation, since 1987.
William A. Stoltzmann*
General Counsel and Assistant Secretary
IDS Tower
Minneapolis, MN
Vice President and Assistant General Counsel, American Express
Financial Corporation, since November 1985, and Vice President,
General Counsel and Secretary, IDS Life, since December 1989.
Robert O. Schneider*
Controller
IDS Tower
Minneapolis, MN
Assistant Controller-Corporate Reports and Equity Administration,
IDS Life. Controller of IDS Life Capital Resource Fund, IDS Life
Aggressive Growth Fund, IDS Life International Equity Fund, IDS
Life Special Income Fund, Inc., IDS Life Managed Fund, Inc. and IDS
Life Moneyshare Fund, Inc.
*Interested person of the Fund by reason of being an employee of
IDS Life or American Express Financial Corporation.
You vote at each regular meeting for the Fund's Board of Managers.
Members who are not salaried employees of IDS Life or one of its
affiliates receive up to $4,000 annually for serving on the Board.
All officers of the Fund are salaried employees of IDS Life or
<PAGE>
PAGE 34
American Express Financial Corporation and receive no remuneration
from the Fund. The officers and managers of the Fund aggregately
hold less than 1% of the outstanding voting units.
Directors and officers of IDS Life Insurance Company*
The Directors:
Louis C. Fornetti, 45
Director since March 1994; Senior Vice President and Director,
American Express Financial Corporation, since February 1985.
David R. Hubers, 52
Director since September 1989; President and Chief Executive
Officer, American Express Financial Corporation, since August 1993
and Director, American Express Financial Corporation, since January
1984. Senior Vice President, Finance and Chief Financial Officer,
American Express Financial Corporation, from January 1984 to August
1993.
Richard W. Kling, 54
Director since February 1984; President since March 1994, Executive
Vice President, Marketing and Products from January 1988 to March
1994. Vice President, American Express Financial Corporation,
since January 1988; Director of IDS Life Series Fund, Inc. and
member of the Board of Managers of IDS Life Variable Annuity Funds
A & B.
Paul F. Kolkman, 48
Director since May 1984; Executive Vice President since March 1994;
Vice President, Finance from May 1984 to March 1994; Vice
President, American Express Financial Corporation, since January
1987.
Peter A. Lefferts, 53
Director and Executive Vice President, Marketing since March 1994;
Senior Vice President and Director, American Express Financial
Corporation, since February 1986.
Janis E. Miller, 43
Director and Executive Vice President, Variable Assets since March
1994; Vice President, American Express Financial Corporation, since
June 1990. Director, Mutual Funds Product Development and
Marketing, American Express Financial Corporation, from May 1987 to
May 1990. Director of IDS Life Series Fund, Inc. and Manager of
IDS Life Variable Annuity Funds A & B.
James A. Mitchell, 53
Chairman of the Board since March 1994; Director since July 1984;
Chief Executive Officer since November 1986; President from July
1984 to March 1994; Executive Vice President, American Express
Financial Corporation, since March 1994; Director, American Express
Financial Corporation, since July 1984. Senior Vice President,
American Express Financial Corporation, from July 1984 to March
1994.
<PAGE>
PAGE 35
Barry J. Murphy, 44
Director and Executive Vice President, Client Service since March
1994; Senior Vice President, Operations, Travel Related Services
(TRS), a subsidiary of American Express Company, since July 1992;
Vice President, TRS, from November 1989 to July 1992; Chief
Operating Officer, TRS, from March 1988 to November 1989.
Stuart A. Sedlacek, 37
Director and Executive Vice President, Assured Assets since March
1994; Vice President, American Express Financial Corporation, since
September 1988.
Melinda S. Urion, 41
Director and Controller since September 1991; Executive Vice
President since March 1994; Vice President and Treasurer from
September 1991 to March 1994; Vice President, American Express
Financial Corporation, since September 1991; Chief Accounting
Officer, American Express Financial Corporation, from July 1988 to
September 1991.
Officers Other Than Directors
Morris Goodwin Jr., 43
Vice President and Treasurer since March 1994; Vice President and
Corporate Treasurer, American Express Financial Corporation, since
July 1989; Chief Financial Officer and Treasurer, American Express
Trust Company, from January 1988 to July 1989.
William A. Stoltzmann, 46
Vice President, General Counsel and Secretary since 1985.
*The address for all of the directors and principal officers is:
IDS Tower 10, Minneapolis, MN 55440-0010.
Other Information
History
The Fund is an open-end diversified investment company as defined
under the 1940 Act. It was organized as a segregated asset account
by IDS Life under Minnesota law on May 10, 1968.
IDS Life is a stock life insurance company organized under
Minnesota law on Aug. 7, 1957. It conducts a conventional life
insurance business in addition to its variable annuity business.
IDS Life Insurance Company is not a bank and the securities it
offers are not backed or guaranteed by any bank nor are they
insured by the FDIC.
Assets of the Fund
On Dec. 31, 1994, there were 17,822 outstanding contracts. The
assets were $496,750,005.
<PAGE>
PAGE 36
The assets of the Fund are held solely for the variable contract
holders. The assets are not used to pay liabilities of any other
business of IDS Life.
Headquarters
The corporate office of IDS Life is located in the IDS Tower in
Minneapolis, Minnesota.
Ownership of IDS Life and American Express Financial Corporation
All of the capital stock of IDS Life is owned by American Express
Financial Corporation. On Jan. 12, 1984, Investors Diversified
Services, Inc., of which IDS Life was a wholly owned subsidiary,
was merged into a wholly owned subsidiary of American Express
Company to form IDS Financial Services Inc. On Jan. 1, 1995, IDS
Financial Corporation's name was changed to American Express
Financial Corporation, and IDS Financial Services Inc.'s name was
changed to American Express Financial Advisors Inc. American
Express Financial Corporation serves as investment advisor for the
Fund. American Express Financial Corporation is an investment
advisor for a number of open-end investment companies and for its
subsidiaries. The headquarters of American Express Financial
Corporation is IDS Tower, Minneapolis, Minnesota.
Other affiliations
IDS Life also distributes different variable annuity contracts
including: Fund A, IDS Life Variable Retirement Annuity, IDS Life
Combination Retirement Annuity, IDS Life Flexible Annuity, IDS Life
Real Estate Variable Annuity, IDS Life Group Variable Annuity
Contract and IDS Life Employee Benefit Annuity.
The members of the Fund's Board of Managers also serve on the Board
of Managers of Fund A and on the Board of Directors of IDS Life
Series Fund, Inc.
IDS Life manages Fund B, Fund A and six mutual funds existing
within the IDS MUTUAL FUND GROUP advised by American Express
Financial Corporation. These six mutual funds are available for
purchase only through a Variable Retirement Annuity Contract, a
Combination Retirement Annuity Contract or a Flexible Annuity
Contract which are distributed by IDS Life and its subsidiary, IDS
Life Insurance Company of New York, plus a Group Variable Annuity
Contract and an Employee Benefit Annuity Contract which are
distributed by IDS Life. The names of these funds are: IDS Life
Capital Resource Fund, IDS Life Aggressive Growth Fund, IDS Life
International Equity Fund, IDS Life Special Income Fund, Inc., IDS
Life Managed Fund, Inc. and IDS Life Moneyshare Fund, Inc. IDS
Life also manages IDS Life Series Fund, Inc., which is available
for purchase only through policies distributed by IDS Life and IDS
Life Insurance Company of New York.
<PAGE>
PAGE 37
Custodian
Pursuant to a custodian agreement, the Fund's securities and cash
are held by American Express Trust Company, 1200 Norstar Center
West, 625 Marquette Avenue, Minneapolis, MN 55402-2307.
The custodian has entered into a sub-custodian arrangement with
First Bank, 180 E. Fifth St., St. Paul, MN 55101-1631.
As part of this arrangement, portfolio securities purchased outside
the United States are maintained in the custody of various foreign
branches of First Bank or in such other financial institutions as
may be permitted by law and by the Fund's sub-custodian agreement.
Insurance regulation
IDS Life is regulated by the Department of Commerce of the State of
Minnesota. From time to time, the department examines the
company's liabilities and reserves and certifies their correctness.
IDS Life also is subject to insurance laws and regulations of other
states where it is licensed to do business.
Financial statements
The Report of Independent Auditors and the Financial Statements,
including Notes to Financial Statements and the schedule of
investments in securities, contained in the 1994 Annual Report to
IDS Life Variable Annuity Fund B contract holders, pursuant to
Section 30(d) of the 1940 Act, are hereby incorporated in this
Prospectus by reference. No other portion of the Annual Report,
however, is incorporated by reference.
<PAGE>
PAGE 38
PART II. OTHER INFORMATION
Item 1. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements
Registrant's semi-annual report to shareholders, filed
electronically pursuant to Section 270.30d on or about June 30,
1994, is incorporated herein by reference.
(b) Exhibits
(1) Resolution of the Executive Committee of the Board of
Directors of Investors Syndicate Life Insurance and Annuity
Company dated May 10, 1968, filed as Exhibit 1 to
Registrant's Registration Statement No. 2-29358 filed on June
14, 1968, and refiled April 27, 1994 as Exhibit 1 with Post-
Effective Amendment No. 55, is incorporated herein by
reference.
(2) Regulations of IDS Life Variable Annuity Fund B as amended
and restated, dated June 22, 1979, filed as Exhibit 2 to
Registrant's Post-Effective Amendment No. 32 to Registration
Statement No. 2-29358 filed on December 27, 1979, and refiled
April 27, 1994 as Exhibit 2 with Post-Effective Amendment No.
55, are incorporated herein by reference.
(3) Not applicable.
(4) Contracts filed as Exhibit 4 to Registrant's Post-Effective
Amendment No. 32 to Registration Statement No. 2-29358 filed
on December 27, 1979, are incorporated herein by reference.
(5) (a) Investment Advisory Agreement between IDS Life
Insurance Company and IDS/American Express dated
January 12, 1984, filed as Exhibit 5(a) to Registrant's
Post-Effective Amendment No. 43, and refiled April 27,
1994 as Exhibit 5(a) with Post-Effective Amendment No.
55, is incorporated herein by reference.
(b) Investment Management and Advisory Agreement between
IDS Life Insurance Company and IDS Life Variable
Annuity Fund B dated January 12, 1984, filed as Exhibit
5(b) to Registrant's Post-Effective Amendment No. 43,
and refiled April 27, 1994 as Exhibit 5(b) with Post-
Effective Amendment No. 55, are incorporated herein by
reference.
(6) Distribution and Services Agreement between Registrant and
IDS Life Insurance Company, dated January 12, 1984, filed as
Exhibit 6 to Registrant's Post-Effective Amendment No. 43,
and refiled April 27, 1994 as Exhibit 6 with Post-Effective
Amendment No. 55, is incorporated herein by reference.
(7) None.
<PAGE>
PAGE 39
(8) (a) Custodian Agreement between Registrant, IDS Life
Insurance Company and American Express Trust Company,
dated July 12, 1990, filed as Exhibit 8(a) to
Registrant's Post-Effective Amendment No. 52 to this
Registration Statement, filed April 15, 1991, and
refiled April 27, 1994 as Exhibit 8(a) with Post-
Effective Amendment No. 55, is incorporated herein by
reference.
(b) Foreign Custody and Subcustodian Agreement filed as
Exhibit 8(b) to Registrant's Post-Effective Amendment
No. 51 to this Registration Statement, filed April 24,
1990, is incorporated herein by reference.
(9) Not applicable.
(10) Opinion and Consent of Counsel as to the legality of the
securities registered was filed with Registrants 24f-2 Notice
on or about Feb. 25, 1994.
(11) Not applicable.
(12) Through (15) not applicable.
(16) Not applicable.
(17) Powers of Attorney to sign Amendments to this Registration
Statement, dated March 31, 1994, filed electronically as
Exhibit 16 to Registrant's Post-Effective Amendment No. 55,
are incorporated herein by reference.
Item 2. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH
REGISTRANT
Both the Registrant and IDS Life Variable Annuity Fund A are
separate accounts of IDS Life. Consequently, the securities and
funds of the Registrant and Fund A are technically those of IDS
Life, even though the securities and Funds of the two Funds are
maintained as separate accounts under Minnesota Law pursuant to a
safekeeping agreement with American Express Trust Company. As
separate Accounts, Minnesota Law provides that the assets of the
Funds are not chargeable with liabilities arising out of any other
business of IDS Life and are held for the exclusive benefit of
owners of variable annuity contracts based on the Funds.
Item 3. NUMBER OF HOLDERS OF SECURITIES
Number of Record Holders
Title of Class as of December 31, 1994
Variable Annuities 17,822
<PAGE>
PAGE 40
Item 4. INDEMNIFICATION
The Regulations of the Registrant provide that each member of
the Board of Managers and each Officer of the Fund shall be
indemnified by IDS Life, of which the Fund is a separate account,
for reasonable costs and expenses actually and necessarily incurred
in defense of any action, suit or proceedings where the defendant
is a party by reason of being a Manager or Officer. No
indemnification will be forthcoming in the event of an adjudication
of willful misfeasance, bad faith, gross negligence or reckless
disregard by the Officer or Manager of the duties of his office.
In the absence of an adjudication expressly absolving the Office or
Manager of the afore-detailed wrongful conduct, indemnification may
still be advanced should 2/3 of the members of the Board of
Directors of IDS Life who were not involved in the processing
resolve there was no instance of such wrongful conduct. In the
instance of such a resolution, the indemnification claim still must
be found to be reasonable in amount and proper in presentation by
independent counsel of IDS Life. Should any proceeding be settled,
indemnification shall not exceed the costs, fees and expenses which
would have been incurred had the proceeding been litigated. The
payment of indemnification by IDS Life will not prevent a variable
contract holder from challenging the payment by appropriate legal
action on the basis that the payment was improper because of
willful misfeasance, bad faith, gross negligence or reckless
disregard by an Officer or Manager of his duties.
The By-Laws of the Registrant's investment management
underwriter, IDS Life, also contains an indemnification clause.
The clause provides that IDS Life shall indemnify any person who
was or is a party or is threatened to be made a party, by reason of
the fact that he is or was a Manager of Variable Annuity Funds A
and B, director, officer, employee or agent of IDS Life, or is or
was serving at the direction of IDS Life as a Manager of Variable
Annuity Funds A and B, Director, Officer, employee or agent of
another corporation, partnership, joint venture, trust or other
enterprise, to any threatened, pending or completed action, suit or
proceeding, wherever brought, to the fullest extent permitted by
the laws of the State of Minnesota, as now existing or hereafter
amended, provided that this Article shall not indemnify or protect
any such Manager of Variable Annuity Funds A and B,Director,
Officer, employee or agent against any liability to IDS Life or its
security holders to which he would otherwise be subject by reason
of willful misfeasance, bad faith, or gross negligence, in the
performance of his duties or by reason of his reckless disregard of
his obligations and duties.
At the time of the filing of the Registration Statement of the
Registrant, IDS Life included the following undertaking with regard
to the foregoing indemnification procedures:
"Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors,
officers and controlling persons of the registrant pursuant
to the foregoing provision, or otherwise ISL [si__. IDS
Life] has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against
public policy as expressed in the Act, and is, therefore,
<PAGE>
PAGE 41
unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment of ISL
[si__. IDS Life] of expenses incurred or paid by a director,
officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in
connection with the securities being registered, ISL [si__.
IDS Life] will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a
court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed
in the Act and will be governed by the final adjudication of
such issue."
<TABLE>
<CAPTION>
Item 5. Business and Other Connections of Investment Adviser (American Express Financial
Corporation)
Directors and officers of American Express Financial Corporation who are directors and/or
officers of one or more other companies:
Ronald G. Abrahamson, Vice President--Field Administration
<S> <C> <C>
American Express Service Corporation IDS Tower 10 Vice President
Minneapolis, MN 55440
IDS Financial Services Inc. Vice President-Field
Administration
Douglas A. Alger, Vice President--Total Compensation
IDS Financial Services Inc. IDS Tower 10 Vice President-
Minneapolis, MN 55440 Total Compensation
Jerome R. Amundson, Vice President and Controller--Mutual Funds Operations
IDS Financial Services Inc. IDS Tower 10 Vice President and
Minneapolis, MN 55440 Controller-Mutual Funds
Operations
Peter J. Anderson, Director and Senior Vice President--Investments
IDS Advisory Group Inc. IDS Tower 10 Director and Chairman
Minneapolis, MN 55440 of the Board
IDS Capital Holdings Inc. Director and President
IDS Financial Services Inc. Senior Vice President-
Advisory Group and Equity
Management
IDS Fund Management Limited Director
IDS International, Inc. Director, Chairman of the
Board and Executive Vice
President
IDS Securities Corporation Executive Vice President-
Investments
NCM Capital Management Group, Inc. 2 Mutual Plaza Director
501 Willard Street
Durham, NC 27701
<PAGE>
PAGE 42
Item 5. Business and Other Connections of Investment Adviser (IDS
Financial Corporation)(cont'd)
Ward D. Armstrong, Vice President--Sales and Marketing, IDS Institutional Retirement Services
IDS Financial Services Inc. IDS Tower 10 Vice President-Sales and
Minneapolis, MN 55440 Marketing, IDS
Institutional Retirement
Services
Alvan D. Arthur, Region Vice President--Pacific Northwest Region
American Express Service Corporation IDS Tower 10 Vice President
IDS Financial Services Inc. Minneapolis, MN 55440 Region Vice President-
Pacific Northwest Region
Kent L. Ashton, Vice President--Group Management Office, Banking and Certificates Group
IDS Financial Services Inc. IDS Tower 10 Vice President-Group
Minneapolis, MN 55440 Management Office, Banking
and Certificates Group
Joseph M. Barsky III, Vice President--Senior Portfolio Manager
IDS Advisory Group Inc. IDS Tower 10 Vice President
Minneapolis, MN 55440
IDS Financial Services Inc. Vice President-Senior
Portfolio Manager
Robert Baston, Vice President--Tax and Business Services
IDS Financial Services Inc. IDS Tower 10 Vice President-Tax
Minneapolis, MN 55440 and Business Services
Timothy V. Bechtold, Vice President--Insurance Product Development
IDS Financial Services Inc. IDS Tower 10 Vice President-Insurance
Minneapolis, MN 55440 Product Development
IDS Life Insurance Company Vice President-Insurance
Product Development
John D. Begley, Region Vice President--Mid-Central Region
American Express Service Corporation IDS Tower 10 Vice President
Minneapolis, MN 55440
IDS Financial Services Inc. Region Vice President-
Mid-Central Region
IDS Insurance Agency of Alabama Inc. Vice President-Mid-Central
Region
IDS Insurance Agency of Arkansas Inc. Vice President-Mid-Central
Region
IDS Insurance Agency of Massachusetts Inc. Vice President-Mid-Central
Region
IDS Insurance Agency of Nevada Inc. Vice President-Mid-Central
Region
IDS Insurance Agency of New Mexico Inc. Vice President-Mid-Central
Region
<PAGE>
PAGE 43
Item 5. Business and Other Connections of Investment Adviser (IDS Financial
Corporation)(cont'd)
IDS Insurance Agency of North Carolina Inc. Vice President-Mid-Central
Region
IDS Insurance Agency of Ohio Inc. Vice President-Mid-Central
Region
IDS Insurance Agency of Wyoming Inc. Vice President-Mid-Central
Region
Carl E. Beihl, Vice President--Strategic Technology Planning
IDS Financial Services Inc. IDS Tower 10 Vice President-
Minneapolis, MN 55440 Strategic Technology
Planning
Alan F. Bignall, Vice President--Financial Planning Systems
American Express Service Corporation IDS Tower 10 Vice President
Minneapolis, MN 55440
IDS Financial Services Inc. Vice President-
Financial Planning
Systems
Brent L. Bisson, Region Vice President--Northwest Region
American Express Service Corporation IDS Tower 10 Vice President
Minneapolis, MN 55440
IDS Financial Services Inc. Region Vice President-
Northwest Region
IDS Insurance Agency of Alabama Inc. Vice President-
Northwest Region
IDS Insurance Agency of Arkansas Inc. Vice President-
Northwest Region
IDS Insurance Agency of Massachusetts Inc. Vice President-
Northwest Region
IDS Insurance Agency of Nevada, Inc. Vice President-
Northwest Region
IDS Insurance Agency of New Mexico Inc. Vice President-
Northwest Region
IDS Insurance Agency of North Carolina Inc. Vice President-
Northwest Region
IDS Insurance Agency of Ohio Inc. Vice President-
Northwest Region
IDS Insurance Agency of Wyoming Inc. Vice President-
Northwest Region
Karl J. Breyer, Director, Senior Vice President and General Counsel
American Express Minnesota Foundation IDS Tower 10 Director
Minneapolis, MN 55440
IDS Aircraft Services Corporation Director and President
IDS Financial Services Inc. Senior Vice President
<PAGE>
PAGE 44
Item 5. Business and Other Connections of Investment Adviser (IDS
Financial Corporation)(cont'd)
Harold E. Burke, Vice President and Assistant General Counsel
American Express Service Corporation IDS Tower 10 Vice President
IDS Financial Services Inc. Minneapolis, MN 55440 Vice President and
Assistant General Counsel
Daniel J. Candura, Vice President--Marketing Support
IDS Financial Services Inc. IDS Tower 10 Vice President-Marketing
Minneapolis, MN 55440 Support
Cynthia M. Carlson, Vice President--IDS Securities Services
American Enterprise Investment IDS Tower 10 Director, President and
Services Inc. Minneapolis, MN 55440 Chief Executive Officer
IDS Financial Services Inc. Vice President-IDS
Securities Services
Orison Y. Chaffee III, Vice President--Field Real Estate
IDS Financial Services Inc. IDS Tower 10 Vice President-Field
Minneapolis, MN 55440 Real Estate
James E. Choat, Director and Senior Vice President--Field Management
American Express Minnesota Foundation IDS Tower 10 Director
American Express Service Corporation Minneapolis, MN 55440 Vice President
IDS Financial Services Inc. Senior Vice President-
Field Management
IDS Insurance Agency of Alabama Inc. Vice President--North
Central Region
IDS Insurance Agency of Arkansas Inc. Vice President--North
Central Region
IDS Insurance Agency of Massachusetts Inc. Vice President--North
Central Region
IDS Insurance Agency of Nevada Inc. Vice President--North
Central Region
IDS Insurance Agency of New Mexico Inc. Vice President--North
Central Region
IDS Insurance Agency of North Carolina Inc. Vice President--North
Central Region
IDS Insurance Agency of Ohio Inc. Vice President--North
Central Region
IDS Insurance Agency of Wyoming Inc. Vice President-- North
Central Region
IDS Property Casualty Insurance Co. Director
Kenneth J. Ciak, Vice President and General Manager--IDS Property Casualty
IDS Financial Services Inc. IDS Tower 10 Vice President and General
Minneapolis, MN 55440 Manager-IDS Property
Casualty
IDS Property Casualty Insurance Co. I WEG Blvd. Director and President
DePere, Wisconsin 54115
<PAGE>
PAGE 45
Item 5. Business and Other Connections of Investment Adviser (IDS
Financial Corporation)(cont'd)
Roger C. Corea, Region Vice President--Northeast Region
American Express Service Corporation IDS Tower 10 Vice President
Minneapolis, MN 55440
IDS Financial Services Inc. Region Vice President-
Northeast Region
IDS Insurance Agency of Alabama Inc. Vice President -
Northeast Region
IDS Insurance Agency of Arkansas Inc. Vice President -
Northeast Region
IDS Insurance Agency of Massachusetts Inc. Vice President -
Northeast Region
IDS Insurance Agency of Nevada Inc. Vice President -
Northeast Region
IDS Insurance Agency of New Mexico Inc. Vice President -
Northeast Region
IDS Insurance Agency of North Carolina Inc. Vice President -
Northeast Region
IDS Insurance Agency of Ohio, Inc. Vice President -
Northeast Region
IDS Insurance Agency of Wyoming Inc. Vice President -
Northeast Region
IDS Life Insurance Co. of New York Box 5144 Director
Albany, NY 12205
Kevin F. Crowe, Region Vice President--Atlantic Region
American Express Service Corporation IDS Tower 10 Vice President
Minneapolis, MN 55440
IDS Financial Services Inc. Region Vice President -
Atlantic Region
Alan R. Dakay, Vice President--Institutional Insurance Marketing
American Enterprise Life Insurance Co. IDS Tower 10 Director and President
Minneapolis, MN 55440
American Partners Life Insurance Co. Director and President
IDS Financial Services Inc. Vice President -
Institutional Insurance
Marketing
IDS Life Insurance Company Vice President -
Institutional Insurance
Marketing
William F. Darland, Region Vice President--South Central Region
American Express Service Corporation IDS Tower 10 Vice President
Minneapolis, MN 55440
IDS Financial Services Inc. Region Vice President-
South Central Region
IDS Insurance Agency of Alabama Inc. Vice President-
South Central Region
<PAGE>
PAGE 46
Item 5. Business and Other Connections of Investment Adviser (IDS
Financial Corporation)(cont'd)
IDS Insurance Agency of Arkansas Inc. Vice President -
South Central Region
IDS Insurance Agency of Massachusetts Inc. Vice President-
South Central Region
IDS Insurance Agency of Nevada Inc. Vice President-
South Central Region
IDS Insurance Agency of New Mexico Inc. Vice President-
South Central Region
IDS Insurance Agency of North Carolina Inc. Vice President-
South Central Region
IDS Insurance Agency of Ohio Inc. Vice President-
South Central Region
IDS Insurance Agency of Wyoming Inc. Vice President-
South Central Region
William H. Dudley, Director, Executive Vice President--Investment and Brokerage Operations
IDS Advisory Group Inc. IDS Tower 10 Director
Minneapolis, MN 55440
IDS Capital Holdings Inc. Director
IDS Financial Services Inc. Director, Executive Vice
President-Investment and
Brokerage Operations
IDS Futures Corporation Director
IDS Futures III Corporation Director
IDS International, Inc. Director
IDS Securities Corporation Director, Chairman of the
Board, President and
Chief Executive Officer
Roger S. Edgar, Director and Senior Vice President--Information Systems
IDS Financial Services Inc. IDS Tower 10 Senior Vice President-
Minneapolis, MN 55440 Information Systems
Gordon L. Eid, Director, Senior Vice President and Deputy General Counsel
IDS Financial Services Inc. IDS Tower 10 Senior Vice President and
General Counsel
IDS Insurance Agency of Alabama Inc. Director and Vice President
IDS Insurance Agency of Arkansas Inc. Director and Vice President
IDS Insurance Agency of Massachusetts Inc. Director and Vice President
IDS Insurance Agency of Nevada Inc. Director and Vice President
IDS Insurance Agency of New Mexico Inc. Director and Vice President
IDS Insurance Agency of North Carolina Inc. Director and Vice President
IDS Insurance Agency of Ohio Inc. Director and Vice President
IDS Insurance Agency of Wyoming Inc. Director and Vice President
IDS Real Estate Services, Inc. Vice President
Investors Syndicate Development Corp. Director
<PAGE>
PAGE 47
Item 5. Business and Other Connections of Investment Adviser (IDS
Financial Corporation)(cont'd)
Mark A. Ernst, Vice President
American Enterprise Investment IDS Tower 10 Director
Services Inc. Minneapolis, MN 55440
IDS Financial Services Inc. Vice President-Tax and
Business Services
Gordon M. Fines, Vice President--Mutual Fund Equity Investments
IDS Advisory Group Inc. IDS Tower 10 Executive Vice President
Minneapolis, MN 55440
IDS Financial Services Inc. Vice President-
Mutual Fund Equity
Investments
IDS International Inc. Vice President and
Portfolio Manager
Louis C. Fornetti, Director and Senior Vice President--Corporate Controller
American Enterprise Investment IDS Tower 10 Vice President
Services Inc. Minneapolis, MN 55440
IDS Capital Holdings Inc. Senior Vice President
IDS Certificate Company Vice President
IDS Financial Services Inc. Senior Vice President-
Corporate Controller
IDS Insurance Agency of Alabama Inc. Vice President
IDS Insurance Agency of Arkansas Inc. Vice President
IDS Insurance Agency of Massachusetts Inc. Vice President
IDS Insurance Agency of Nevada Inc. Vice President
IDS Insurance Agency of New Mexico Inc. Vice President
IDS Insurance Agency of North Carolina Inc. Vice President
IDS Insurance Agency of Ohio Inc. Vice President
IDS Insurance Agency of Wyoming Inc. Vice President
IDS Life Insurance Company Director
IDS Life Series Fund, Inc. Vice President
IDS Life Variable Annuity Funds A&B Vice President
IDS Property Casualty Insurance Co. Director and Vice President
IDS Real Estate Services, Inc. Vice President
IDS Sales Support Inc. Director
IDS Securities Corporation Vice President
IDS Trust Company Director
Investors Syndicate Development Corp. Vice President
Douglas L. Forsberg, Vice President--Securities Services
IDS Financial Services Inc. Vice President-
Securities Services
Carl W. Gans, Region Vice President--North Central Region
IDS Financial Services Inc. Region Vice President-
North Central Region
<PAGE>
PAGE 48
Item 5. Business and Other Connections of Investment Adviser (IDS
Financial Corporation)(cont'd)
Robert G. Gilbert, Vice President--Real Estate
IDS Financial Services Inc. IDS Tower 10 Vice President-
Minneapolis, MN 55440 Real Estate
John J. Golden, Vice President--Field Compensation Development
IDS Financial Services Inc. IDS Tower 10 Vice President-Field
Minneapolis, MN 55440 Compensation Development
Harvey Golub, Director
American Express Company American Express Tower Director and President
World Financial Center
New York, New York 10285
American Express Travel Chairman and Chief
Related Services Company, Inc. Executive Officer
National Computer Systems, Inc. 11000 Prairie Lakes Drive Director
Minneapolis, MN 55440
Morris Goodwin Jr., Vice President and Corporate Treasurer
American Enterprise Investment IDS Tower 10 Vice President and
Services Inc. Minneapolis, MN 55440 Treasurer
American Enterprise Life Insurance Co. Vice President and
Treasurer
American Express Minnesota Foundation Director, Vice President
and Treasurer
American Express Service Corporation Vice President and
Treasurer
IDS Advisory Group Inc. Vice President and
Treasurer
IDS Aircraft Services Corporation Vice President and
Treasurer
IDS Cable Corporation Vice President and
Treasurer
IDS Cable II Corporation Vice President and
Treasurer
IDS Capital Holdings Inc. Vice President and
Treasurer
IDS Certificate Company Vice President and
Treasurer
IDS Deposit Corp. Director, President
and Treasurer
IDS Financial Services Inc. Vice President and
Corporate Treasurer
IDS Insurance Agency of Alabama Inc. Vice President and
Treasurer
IDS Insurance Agency of Arkansas Inc. Vice President and
Treasurer
IDS Insurance Agency of Massachusetts Inc. Vice President and
Treasurer
IDS Insurance Agency of Nevada Inc. Vice President and
Treasurer
<PAGE>
PAGE 49
Item 5. Business and Other Connections of Investment Adviser (IDS
Financial Corporation)(cont'd)
IDS Insurance Agency of New Mexico Inc. Vice President and
Treasurer
IDS Insurance Agency of North Carolina Inc. Vice President and
Treasurer
IDS Insurance Agency of Ohio Inc. Vice President and
Treasurer
IDS Insurance Agency of Wyoming Inc. Vice President and
Treasurer
IDS International, Inc. Vice President and
Treasurer
IDS Life Insurance Company Vice President and
Treasurer
IDS Life Series Fund, Inc. Vice President and
Treasurer
IDS Life Variable Annuity Funds A&B Vice President and
Treasurer
IDS Management Corporation Vice President and
Treasurer
IDS Partnership Services Corporation Vice President and
Treasurer
IDS Plan Services of California, Inc. Vice President and
Treasurer
IDS Property Casualty Insurance Co. Vice President and
Treasurer
IDS Real Estate Services, Inc Vice President and
Treasurer
IDS Realty Corporation Vice President and
Treasurer
IDS Sales Support Inc. Director, Vice President
and Treasurer
IDS Securities Corporation Vice President and
Treasurer
Investors Syndicate Development Corp. Vice President and
Treasurer
NCM Capital Management Group, Inc. 2 Mutual Plaza Director
501 Willard Street
Durham, NC 27701
Sloan Financial Group, Inc. Director
Suzanne Graf, Vice President--Systems Services
IDS Financial Services Inc. IDS Tower 10 Vice President-
Minneapolis, MN 55440 Systems Services
David A. Hammer, Vice President and Marketing Controller
IDS Financial Services Inc. IDS Tower 10 Vice President and
Minneapolis, MN 55440 Marketing Controller
IDS Plan Services of California, Inc. Director and Vice President
<PAGE>
PAGE 50
Item 5. Business and Other Connections of Investment Adviser (IDS
Financial Corporation)(cont'd)
Robert L. Harden, Region Vice President--Mid-Atlantic Region
American Express Service Corporation IDS Tower 10 Vice President
Minneapolis, MN 55440
IDS Financial Services Inc. Region Vice President-
Mid Atlantic Region
IDS Insurance Agency of Alabama Inc. Vice President-
Mid Atlantic Region
IDS Insurance Agency of Arkansas Inc. Vice President-
Mid Atlantic Region
IDS Insurance Agency of Massachusetts Inc. Vice President-
Mid Atlantic Region
IDS Insurance Agency of Nevada Inc. Vice President-
Mid Atlantic Region
IDS Insurance Agency of New Mexico Inc. Vice President-
Mid Atlantic Region
IDS Insurance Agency of North Carolina Inc. Vice President-
Mid Atlantic Region
IDS Insurance Agency of Ohio Inc. Vice President-
Mid Atlantic Region
IDS Insurance Agency of Wyoming Inc. Vice President-
Mid Atlantic Region
Lorraine R. Hart, Vice President--Insurance Investments
American Enterprise Life IDS Tower 10 Vice President-Investments
Insurance Company Minneapolis, MN 55440
American Partners Life Insurance Co. Director and Vice
President-Investments
IDS Certificate Company Vice President-Investments
IDS Financial Services Inc. Vice President-Insurance
Investments
IDS Life Insurance Company Vice President-Investments
Mark S. Hays, Vice President--Senior Portfolio Manager, IDS International
IDS Financial Services Inc. IDS Tower 10 Vice President-Senior
Minneapolis, MN 55440 Portfolio Manager, IDS
International
IDS Fund Management Limited Director
IDS International, Inc. Senior Vice President
Brian M. Heath, Region Vice President--Southwest Region
American Express Service Corporation IDS Tower 10 Vice President
Minneapolis, MN 55440
IDS Financial Services Inc. Region Vice President-
Southwest Region
IDS Insurance Agency of Alabama Inc. Vice President-
Southwest Region
IDS Insurance Agency of Arkansas Inc. Vice President-
Southwest Region
IDS Insurance Agency of Massachusetts Inc. Vice President-
Southwest Region
<PAGE>
PAGE 51
Item 5. Business and Other Connections of Investment Adviser (IDS
Financial Corporation)(cont'd)
IDS Insurance Agency of Nevada Inc. Vice President-
Southwest Region
IDS Insurance Agency of New Mexico Inc. Vice President-
Southwest Region
IDS Insurance Agency of North Carolina Inc. Vice President-
Southwest Region
IDS Insurance Agency of Ohio Inc. Vice President-
Southwest Region
IDS Insurance Agency of Texas Inc. Director and President
IDS Insurance Agency of Wyoming Inc. Vice President-
Southwest Region
Raymond E. Hirsch, Vice President--Senior Portfolio Manager
IDS Advisory Group Inc. IDS Tower 10 Vice President
IDS Financial Services Inc. Minneapolis, MN 55440 Vice President-Senior
Portfolio Manager
James G. Hirsh, Vice President and Assistant General Counsel
IDS Financial Services Inc. IDS Tower 10 Vice President and
Minneapolis, MN 55440 Assistant General Counsel
IDS Insurance Agency of Alabama Inc. Vice President
IDS Insurance Agency of Arkansas Inc. Vice President
IDS Insurance Agency of Massachusetts Inc. Vice President
IDS Insurance Agency of Nevada Inc. Vice President
IDS Insurance Agency of New Mexico Inc. Vice President
IDS Insurance Agency of North Carolina Inc. Vice President
IDS Insurance Agency of Ohio Inc. Vice President
IDS Insurance Agency of Wyoming Inc. Vice President
IDS Securities Corporation Director, Vice President
and General Counsel
Kevin P. Howe, Vice President--Government and Customer Relations and Chief Compliance Officer
American Enterprise Investment IDS Tower 10 Vice President and
Services Inc. Minneapolis, MN 55440 Compliance Officer
American Express Service Corporation Vice President
IDS Financial Services Inc. Vice President-
Government and
Customer Relations
David R. Hubers, Director, President and Chief Executive Officer
American Express Service Corporation IDS Tower 10 Director and President
Minneapolis, MN 55440
IDS Aircraft Services Corporation Director
IDS Certificate Company Director
IDS Financial Services Inc. Chairman, Chief Executive
Officer and President
IDS Life Insurance Company Director
IDS Plan Services of California, Inc. Director and President
IDS Property Casualty Insurance Co. Director
<PAGE>
PAGE 52
Item 5. Business and Other Connections of Investment Adviser (IDS
Financial Corporation)(cont'd)
Marietta Johns, Director and Senior Vice President--Field Management
IDS Financial Services Inc. IDS Tower 10 Senior Vice President-
Minneapolis, MN 55440 ACUMA Ltd.
Douglas R. Jordal, Vice President--Taxes
IDS Aircraft Services Corporation IDS Tower 10 Vice President
Minneapolis, MN 55440
IDS Financial Services Inc. Vice President-Taxes
Craig A. Junkins, Vice President--IDS 1994 Implementation Planning and Financial Planning
Development
American Express Service Corporation IDS Tower 10 Vice President
Minneapolis, MN 55440
IDS Financial Services Inc. Vice President-IDS 1994
Implementation Planning
and Financial Planning
Development
James E. Kaarre, Vice President--Marketing Information
IDS Financial Services Inc. IDS Tower 10 Vice President-
Minneapolis, MN 55440 Marketing Information
G. Michael Kennedy, Vice President--Investment Services and Investment Research
IDS Financial Services Inc. IDS Tower 10 Vice President-Investment
Minneapolis, MN 55440 Services and Investment
Research
Susan D. Kinder, Director and Senior Vice President--Human Resources
American Express Minnesota Foundation IDS Tower 10 Director
Minneapolis, MN 55440
American Express Service Corporation Vice President
IDS Financial Services Inc. Senior Vice President-
Human Resources
Richard W. Kling, Vice President--Insurance Marketing and Products
American Enterprise Life Insurance Co. IDS Tower 10 Director
Minneapolis, MN 55440
American Partners Life Insurance Co. Director and Chairman of
the Board
IDS Financial Services Inc. Vice President-
Insurance Marketing and
Products
IDS Insurance Agency of Alabama Inc. Director and Executive Vice
President
IDS Insurance Agency of Arkansas Inc. Director and Executive Vice
President
<PAGE>
PAGE 53
Item 5. Business and Other Connections of Investment Adviser (IDS
Financial Corporation)(cont'd)
IDS Insurance Agency of Massachusetts Inc. Director and Executive Vice
President
IDS Insurance Agency of Nevada Inc. Director and Executive Vice
President
IDS Insurance Agency of New Mexico Inc. Director and Executive Vice
President
IDS Insurance Agency of North Carolina Inc. Director and Executive Vice
President
IDS Insurance Agency of Ohio Inc. Director and Executive Vice
President
IDS Insurance Agency of Wyoming Inc. Director and Executive Vice
President
IDS Life Insurance Company Director and President
IDS Life Series Fund, Inc. Director and President
IDS Life Variable Annuity Funds A&B Member of Board of
Managers, Chairman of the
Board and President
IDS Property Casualty Insurance Co. Director and Chairman of
the Board
IDS Life Insurance Company P.O. Box 5144 Director
of New York Albany, NY 12205
Harold D. Knutson, Vice President--System Services
IDS Financial Services Inc. IDS Tower 10 Vice President--
Minneapolis, MN 55440 System Services
Paul F. Kolkman, Vice President--Corporate Actuary
IDS Financial Services Inc. IDS Tower 10 Vice President-
Minneapolis, MN 55440 Corporate Actuary
IDS Life Insurance Company Director and Executive
Vice President
IDS Life Series Fund, Inc. Vice President and Chief
Actuary
Claire Kolmodin, Vice President--Service Quality
IDS Financial Services Inc. IDS Tower 10 Vice President-
Minneapolis, MN 55440 Service Quality
David S. Kreager, Vice President--Field Management Development
IDS Financial Services Inc. IDS Tower 10 Vice President-Field
Minneapolis, MN 55440 Management Development
Christopher R. Kudrna, Vice President--Systems and Technology Development
IDS Financial Services Inc. IDS Tower 10 Vice President-Systems and
Minneapolis, MN 55440 Technology Development
<PAGE>
PAGE 54
Item 5. Business and Other Connections of Investment Adviser (IDS
Financial Corporation)(cont'd)
Steven C. Kumagai, Director, Senior Vice President and Associate General Sales Manager
American Express Service Corporation IDS Tower 10 Vice President
Minneapolis, MN 55440
IDS Financial Services Inc. Director; Senior Vice
President and Associate
General Sales Manager
Mitre Kutanovski, Region Vice President--Midwest Region
American Express Service Corporation IDS Tower 10 Vice President
Minneapolis, MN 55440
IDS Financial Services Inc. Region Vice President-
Midwest Region
Edward Labenski, Vice President--Senior Portfolio Manager
IDS Advisory Group Inc. IDS Tower 10 Senior Vice President
Minneapolis, MN 55440
IDS Financial Services Inc. Vice President-
Senior Portfolio
Manager
Peter L. Lamaison, Vice President--IDS International Division
IDS Financial Services Inc. IDS Tower 10 Vice President-
Minneapolis, MN 55440 IDS International
Division
IDS Fund Management Limited Director and Chairman of
the Board
IDS International, Inc. Director, President and
Chief Executive Officer
Kurt A. Larson, Vice President--Senior Portfolio Manager
IDS Financial Services Inc. IDS Tower 10 Vice President-
Minneapolis, MN 55440 Senior Portfolio Manager
Ryan R. Larson, Vice President--Annuity Product Development
IDS Financial Services Inc. IDS Tower 10 Vice President-
Minneapolis, MN 55440 Annuity Product
Development
IDS Life Insurance Company Vice President-
Annuity Product
Development
Daniel E. Laufenberg, Vice President and Chief U.S. Economist
IDS Financial Services Inc. IDS Tower 10 Vice President and
Minneapolis, MN 55440 Chief U.S. Economist
<PAGE>
PAGE 55
Item 5. Business and Other Connections of Investment Adviser (IDS
Financial Corporation)(cont'd)
Peter A. Lefferts, Director and Senior Vice President--Banking and Certificates
IDS Life Insurance Company IDS Tower 10 Director and Executive
Minneapolis, MN 55440 Vice President-Marketing
IDS Plan Services of California, Inc. Director
IDS Trust Company Director and Chairman of
the Board
Investors Syndicate Development Corp. Director, Chairman of the
Board and President
Douglas A. Lennick, Director, Senior Vice President and General Sales Manager
American Express Service Corporation IDS Tower 10 Vice President
Minneapolis, MN 55440
IDS Financial Services Inc. Director, Senior Vice
President and General
Sales Manager
Mary J. Malevich, Vice President--Senior Portfolio Manager
IDS Financial Services Inc. IDS Tower 10 Vice President-
Minneapolis, MN 55440 Senior Portfolio
Manager
IDS International Inc. Vice President and
Portfolio Manager
Fred A. Mandell, Vice President--Certificate Operations
IDS Financial Services Inc. IDS Tower 10 Vice President-Certificate
Minneapolis, MN 55440 Operations
William J. McKinney, Vice President--Field Management Support
IDS Financial Services Inc. IDS Tower 10 Vice President-Field
Minneapolis, MN 55440 Management Support
Thomas W. Medcalf, Vice President--Senior Portfolio Manager
IDS Financial Services Inc. IDS Tower 10 Vice President-Senior
Minneapolis, MN 55440 Portfolio Manager
William C. Melton, Vice President-International Research and Chief International Economist
IDS Financial Services Inc. IDS Tower 10 Vice President-
Minneapolis, MN 55440 International Research
and Chief International
Economist
Janis E. Miller, Vice President--Mutual Funds Products and Marketing
IDS Financial Services Inc. IDS Tower 10 Vice President-Mutual Funds
Minneapolis, MN 55440 Products and Marketing
IDS Life Insurance Company Director and Executive
Vice President-Variable
Assets
<PAGE>
PAGE 56
Item 5. Business and Other Connections of Investment Adviser (IDS
Financial Corporation)(cont'd)
IDS Life Variable Annuity Funds A&B Director
IDS Life Series Fund, Inc. Director
IDS Management Corporation Director and President
IDS Partnership Services Corporation Director and President
IDS Realty Corporation Director and President
James A. Mitchell, Director and Senior Vice President--Insurance Operations
American Enterprise Investment IDS Tower 10 Director
Services Inc. Minneapolis, MN 55440
IDS Certificate Company Director and Chairman of
the Board
IDS Financial Services Inc. Senior Vice President-
Insurance Operations
IDS Insurance Agency of Alabama Inc. Director and President
IDS Insurance Agency of Arkansas Inc. Director and President
IDS Insurance Agency of Massachusetts Inc. Director and President
IDS Insurance Agency of Nevada Inc. Director and President
IDS Insurance Agency of New Mexico Inc. Director and President
IDS Insurance Agency of North Carolina Inc. Director and President
IDS Insurance Agency of Ohio Inc. Director and President
IDS Insurance Agency of Wyoming Inc. Director and President
IDS Life Insurance Company Director, Chairman of
the Board and Chief
Executive Officer
IDS Plan Services of California, Inc. Director
IDS Property Casualty Insurance Co. Director
American Enterprise Life Insurance P.O. Box 534 Chairman of the Board
Company Minneapolis, MN 55440
IDS Life Insurance Company P.O. Box 5144 Director, Chairman
of New York Albany, NY 12205 of the Board and Chief
Executive Officer
Pamela J. Moret, Vice President--Corporate Communications
American Express Minnesota Foundation IDS Tower 10 Director and President
Minneapolis, MN 55440
IDS Financial Services Inc. Vice President-
Corporate Communications
Robert J. Neis, Vice President--Information Systems Operations
IDS Financial Services Inc. IDS Tower 10 Vice President-
Minneapolis, MN 55440 Information Systems
Operations
Vernon F. Palen, Region Vice President--Rocky Mountain Region
American Express Service Corporation IDS Tower 10 Vice President
Minneapolis, MN 55440
IDS Financial Services Inc. Region Vice President-
Rocky Mountain Region
IDS Insurance Agency of Alabama Inc. Vice President-
Rocky Mountain Region
<PAGE>
PAGE 57
Item 5. Business and Other Connections of Investment Adviser (IDS
Financial Corporation)(cont'd)
IDS Insurance Agency of Arkansas Inc. Vice President-
Rocky Mountain Region
IDS Insurance Agency of Massachusetts Inc. Vice President-
Rocky Mountain Region
IDS Insurance Agency of Nevada Inc. Vice President-
Rocky Mountain Region
IDS Insurance Agency of New Mexico Inc. Vice President-
Rocky Mountain Region
IDS Insurance Agency of North Carolina Inc. Vice President-
Rocky Mountain Region
IDS Insurance Agency of Ohio Inc. Vice President-
Rocky Mountain Region
IDS Insurance Agency of Wyoming Inc. Vice President-
Rocky Mountain Region
James R. Palmer, Vice President--Insurance Operations
IDS Financial Services Inc. IDS Tower 10 Vice President-
Minneapolis, MN 55440 Insurance Operations
IDS Life Insurance Company Vice President-Taxes
Judith A. Pennington, Vice President--Field Technology
IDS Financial Services Inc. IDS Tower 10 Vice President-
Minneapolis, MN 55440 Field Technology
George M. Perry, Vice President--Corporate Strategy and Development
IDS Financial Services Inc. IDS Tower 10 Vice President-
Minneapolis, MN 55440 Corporate Strategy
and Development
IDS Insurance Agency of Alabama Inc. Director and Executive
Vice President
IDS Insurance Agency of Arkansas Inc. Director and Executive
Vice President
IDS Insurance Agency of Massachusetts Inc. Director and Executive
Vice President
IDS Insurance Agency of Nevada Inc. Director and Executive
Vice President
IDS Insurance Agency of New Mexico Inc. Director and Executive
Vice President
IDS Insurance Agency of North Carolina Inc. Director and Executive
Vice President
IDS Insurance Agency of Ohio Inc. Director and Executive
Vice President
IDS Insurance Agency of Wyoming Inc. Director and Executive
Vice President
IDS Property Casualty Insurance Co. Director
Susan B. Plimpton, Vice President -- American Express Marketing
IDS Financial Services Inc. IDS Tower 10 Vice President--
Minneapolis, MN 55440 American Express
Marketing
<PAGE>
PAGE 58
Item 5. Business and Other Connections of Investment Adviser (IDS
Financial Corporation)(cont'd)
Ronald W. Powell, Vice President and Assistant General Counsel
IDS Cable Corporation IDS Tower 10 Vice President and
Minneapolis, MN 55440 Assistant Secretary
IDS Cable II Corporation Vice President and
Assistant Secretary
IDS Financial Services Inc. Vice President and
Assistant General Counsel
IDS Management Corporation Vice President and
Assistant Secretary
IDS Partnership Services Corporation Vice President and
Assistant Secretary
IDS Plan Services of California, Inc. Vice President and
Assistant Secretary
IDS Realty Corporation Vice President and
Assistant Secretary
James M. Punch, Vice President--TransAction Services
IDS Financial Services Inc. Vice President-Trans
Action Services
Frederick C. Quirsfeld, Vice President--Taxable Mutual Fund Investments
IDS Advisory Group Inc. IDS Tower 10 Vice President
Minneapolis, MN 55440
IDS Financial Services Inc. Vice President--
Taxable Mutual Fund
Investments
Roger B. Rogos, Region Vice President--Great Lakes Region
American Express Service Corporation IDS Tower 10 Vice President
Minneapolis, MN 55440
IDS Financial Services Inc. Region Vice President-
Great Lakes Region
IDS Insurance Agency of Alabama Inc. Vice President-
Great Lakes Region
IDS Insurance Agency of Arkansas Inc. Vice President-
Great Lakes Region
IDS Insurance Agency of Massachusetts Inc. Vice President-
Great Lakes Region
IDS Insurance Agency of Nevada Inc. Vice President-
Great Lakes Region
IDS Insurance Agency of New Mexico Inc. Vice President-
Great Lakes Region
IDS Insurance Agency of North Carolina Inc. Vice President-
Great Lakes Region
IDS Insurance Agency of Ohio Inc. Vice President-
Great Lakes Region
IDS Insurance Agency of Wyoming Inc. Vice President-
Great Lakes Region
<PAGE>
PAGE 59
Item 5. Business and Other Connections of Investment Adviser (IDS
Financial Corporation)(cont'd)
ReBecca K. Roloff, Vice President--1994 Program Director
IDS Financial Services Inc. IDS Tower 10 Vice President-1994
Minneapolis, MN 55440 Program Director
Stephen W. Roszell, Vice President--Advisory Institutional Marketing
IDS Advisory Group Inc. IDS Tower 10 President and Chief
Minneapolis, MN 55440 Executive Officer
IDS Financial Services Inc. Vice President-Advisory
Institutional Marketing
Robert A. Rudell, Vice President--IDS Institutional Retirement Services
IDS Financial Services Inc. IDS Tower 10 Vice President-IDS
Minneapolis, MN 55440 Institutional Retirement
Services
IDS Sales Support Inc. Director and President
IDS Trust Company Director
John P. Ryan, Vice President and General Auditor
IDS Financial Services Inc. IDS Tower 10 Vice President and General
Minneapolis, MN 55440 Auditor
Erven A. Samsel, Director and Senior Vice President--Field Management
American Express Service Corporation IDS Tower 10 Vice President
Minneapolis, MN 55440
IDS Financial Services Inc. Senior Vice President-
Field Management
IDS Insurance Agency of Alabama Inc. Vice President-
New England Region
IDS Insurance Agency of Arkansas Inc. Vice President-
New England Region
IDS Insurance Agency of Massachusetts Inc. Vice President-
New England Region
IDS Insurance Agency of Nevada Inc. Vice President-
New England Region
IDS Insurance Agency of New Mexico Inc. Vice President-
New England Region
IDS Insurance Agency of North Carolina Inc. Vice President-
New England Region
IDS Insurance Agency of Ohio Inc. Vice President-
New England Region
IDS Insurance Agency of Wyoming Inc. Vice President-
New England Region
R. Reed Saunders, Director, Senior Vice President and Chief Marketing Officer
American Express Service Corporation IDS Tower 10 Director and Vice
Minneapolis, MN 55440 President
IDS Financial Services Inc. Director, Senior Vice
President and Chief
Marketing Officer
IDS Property Casualty Insurance Co. Director<PAGE>
PAGE 60
Item 5. Business and Other Connections of Investment Adviser (IDS
Financial Corporation)(cont'd)
Stuart A. Sedlacek, Vice President--Structured Products Group
American Enterprise Life Insurance Co. IDS Tower 10 Director and Executive
Minneapolis, MN 55440 Vice President, Assured
Assets
IDS Certificate Company Director and President
IDS Financial Services Inc. Vice President-
Structured Products
Group
IDS Life Insurance Company Director and Executive
Vice President, Assured
Assets
Donald K. Shanks, Vice President--Property Casualty
IDS Financial Services Inc. IDS Tower 10 Vice President-
Minneapolis, MN 55440 Property Casualty
IDS Property Casualty Insurance Co. Senior Vice President
F. Dale Simmons, Vice President--Senior Portfolio Manager, Insurance Investments
American Enterprise Life Insurance Co. IDS Tower 10 Vice President-Real
Minneapolis, MN 55440 Estate Loan Management
American Partners Life Insurance Co. Vice President-Real
Estate Loan Management
IDS Certificate Company Vice President-Real
Estate Loan Management
IDS Financial Services Inc. Vice President-Senior
Portfolio Manager
Insurance Investments
IDS Life Insurance Company Vice President-Real
Estate Loan Management
IDS Partnership Services Corporation Vice President
IDS Real Estate Services Inc. Director and Vice President
IDS Realty Corporation Vice President
Judy P. Skoglund, Vice President--Human Resources and Organization Development
IDS Financial Services Inc. IDS Tower 10 Vice President-Human
Minneapolis, MN 55440 Resources and
Organization Development
Julian W. Sloter, Region Vice President--Southeast Region
American Express Service Corporation IDS Tower 10 Vice President
Minneapolis, MN 55440
IDS Financial Services Inc. Region Vice President-
Southeast Region
IDS Insurance Agency of Alabama Inc. Vice President-
Southeast Region
IDS Insurance Agency of Arkansas Inc. Vice President-
Southeast Region
IDS Insurance Agency of Massachusetts Inc. Vice President-
Southeast Region
<PAGE>
PAGE 61
Item 5. Business and Other Connections of Investment Adviser (IDS
Financial Corporation)(cont'd)
IDS Insurance Agency of Nevada Inc. Vice President-
Southeast Region
IDS Insurance Agency of New Mexico Inc. Vice President-
Southeast Region
IDS Insurance Agency of North Carolina Inc. Vice President-
Southeast Region
IDS Insurance Agency of Ohio Inc. Vice President-
Southeast Region
IDS Insurance Agency of Wyoming Inc. Vice President-
Southeast Region
Ben C. Smith, Vice President--Workplace Marketing
IDS Financial Services Inc. IDS Tower 10 Vice President-
Minneapolis, MN 55440 Workplace Marketing
William A. Smith, Vice President--Finance and CFO/UK
IDS Financial Services Inc. IDS Tower 10 Vice President-
Minneapolis, MN 55440 Finance and CFO/UK
James B. Solberg, Vice President--Advanced Financial Planning
IDS Financial Services Inc. IDS Tower 10 Vice President-
Minneapolis, MN 55440 Advanced Financial
Planning
Bridget Sperl, Vice President--Human Resources Management Services
IDS Financial Services Inc. IDS Tower 10 Vice President-Human
Minneapolis, MN 55440 Resources Management
Jeffrey E. Stiefler, Director
American Express Company American Express Tower Director and President
World Financial Center
New York, NY 10285
Lois A. Stilwell, Vice President--Sales Training and Communications
IDS Financial Services Inc. IDS Tower 10 Vice President-
Minneapolis, MN 55440 Sales Training and
Communications
William A. Stoltzmann, Vice President and Assistant General Counsel
American Partners Life Insurance Co. IDS Tower 10 Director, Vice President,
Minneapolis, MN 55440 General Counsel and
Secretary
IDS Financial Services Inc. Vice President and
Assistant General Counsel
IDS Life Insurance Company Vice President, General
Counsel and Secretary
American Enterprise Life Insurance P.O. Box 534 Director, Vice President,
Company Minneapolis, MN 55440 General Counsel
and Secretary<PAGE>
PAGE 62
Item 5. Business and Other Connections of Investment Adviser (IDS
Financial Corporation)(cont'd)
James J. Strauss, Vice President--Corporate Planning and Analysis
IDS Financial Services Inc. IDS Tower 10 Vice President-
Minneapolis, MN 55440 Corporate Planning and
Analysis
Jeffrey J. Stremcha, Vice President--Information Resource Management/ISD
IDS Financial Services Inc. IDS Tower 10 Vice President-Information
Minneapolis, MN 55440 Resource Management/ISD
Fenton R. Talbott, Director and Senior Vice President--ACUMA Ltd.
ACUMA Ltd. ACUMA House President and Chief
The Glanty, Egham Executive Officer
Surrey TW 20 9 AT
UK
Neil G. Taylor, Vice President--Field Business Systems
IDS Financial Services Inc. IDS Tower 10 Vice President-
Minneapolis, MN 55440 Field Business Systems
John R. Thomas, Director and Senior Vice President--Mutual Funds Operations
IDS Bond Fund, Inc. IDS Tower 10 Director
Minneapolis, MN 55440
IDS California Tax-Exempt Trust Trustee
IDS Discovery Fund, Inc. Director
IDS Equity Plus Fund, Inc. Director
IDS Extra Income Fund, Inc. Director
IDS Federal Income Fund, Inc. Director
IDS Financial Services Inc. Senior Vice President-
Mutual Funds Operations
IDS Futures Corporation Director and President
IDS Futures III Corporation Director and President
IDS Global Series, Inc. Director
IDS Growth Fund, Inc. Director
IDS High Yield Tax-Exempt Fund, Inc. Director
IDS Investment Series, Inc. Director
IDS Managed Retirement Fund, Inc. Director
IDS Market Advantage Series, Inc. Director
IDS Money Market Series, Inc. Director
IDS New Dimensions Fund, Inc. Director
IDS Precious Metals Fund, Inc. Director
IDS Progressive Fund, Inc. Director
IDS Selective Fund, Inc. Director
IDS Special Tax-Exempt Series Trust Trustee
IDS Stock Fund, Inc. Director
IDS Strategy Fund, Inc. Director
IDS Tax-Exempt Bond Fund, Inc. Director
IDS Tax-Free Money Fund, Inc. Director
IDS Utilities Income Fund, Inc. Director
<PAGE>
PAGE 63
Item 5. Business and Other Connections of Investment Adviser (IDS
Financial Corporation)(cont'd)
Melinda S. Urion, Vice President--Insurance Controller
American Enterprise Life IDS Tower 10 Vice President and
Insurance Company Minneapolis, MN 55440 Controller
American Partners Life Insurance Co. Director, Vice President,
Controller and Treasurer
IDS Financial Services Inc. Vice President-Insurance
Controller
IDS Life Insurance Company Director, Executive Vice
President and Controller
IDS Life Series Fund, Inc. Vice President and
Controller
Wesley W. Wadman, Vice President--Senior Portfolio Manager
IDS Advisory Group Inc. IDS Tower 10 Executive Vice President
Minneapolis, MN 55440
IDS Financial Services Inc. Vice President-
Senior Portfolio Manager
IDS Fund Management Limited Director
IDS International, Inc. Senior Vice President
Norman Weaver, Jr., Director and Senior Vice President--Field Management
American Express Service Corporation IDS Tower 10 Vice President
Minneapolis, MN 55440
IDS Financial Services Inc. Senior Vice President-
Field Management
IDS Insurance Agency of Alabama Inc. Vice President-
Pacific Region
IDS Insurance Agency of Arkansas Inc. Vice President-
Pacific Region
IDS Insurance Agency of Massachusetts Inc. Vice President-
Pacific Region
IDS Insurance Agency of Nevada Inc. Vice President-
Pacific Region
IDS Insurance Agency of New Mexico Inc. Vice President-
Pacific Region
IDS Insurance Agency of North Carolina Inc. Vice President-
Pacific Region
IDS Insurance Agency of Ohio Inc. Vice President-
Pacific Region
IDS Insurance Agency of Wyoming Inc. Vice President-
Pacific Region
Michael L. Weiner, Vice President--Corporate Tax Operations
IDS Capital Holdings Inc. IDS Tower 10 Vice President
Minneapolis, MN 55440
IDS Financial Services Inc. Vice President-Corporate
IDS Futures III Corporation Vice President, Treasurer
and Secretary
IDS Futures Brokerage Group Vice President
IDS Futures Corporation Vice President, Treasurer
and Secretary
<PAGE>
PAGE 64
Item 5. Business and Other Connections of Investment Adviser (IDS
Financial Corporation)(cont'd)
Lawrence J. Welte, Vice President--Investment Administration
IDS Financial Services Inc. IDS Tower 10 Vice President-
Minneapolis, MN 55440 Investment Administration
IDS Securities Corporation Director, Executive Vice
President and Chief
Operating Officer
William N. Westhoff, Director and Senior Vice President--Fixed Income Management
American Enterprise Life Insurance IDS Tower 10 Director
Company Minneapolis, MN 55440
IDS Financial Services Inc. Senior Vice President-
Fixed Income Management
IDS Partnership Services Corporation Director and Vice President
IDS Real Estate Services Inc. Director, Chairman of the
Board and President
IDS Realty Corporation Director and Vice President
Investors Syndicate Development Corp. Director
Edwin M. Wistrand, Vice President and Assistant General Counsel
IDS Financial Services Inc. IDS Tower 10 Vice President and
Minneapolis, MN 55440 Assistant General Counsel
Michael R. Woodward, Director and Senior Vice President--Field Management
American Express Service Corporation IDS Tower 10 Vice President
Minneapolis, MN 55440
IDS Financial Services Inc. Senior Vice President-
Field Management
IDS Insurance Agency of Alabama Inc. Vice President-
North Region
IDS Insurance Agency of Arkansas Inc. Vice President-
North Region
IDS Insurance Agency of Massachusetts Inc. Vice President-
North Region
IDS Insurance Agency of Nevada Inc. Vice President-
North Region
IDS Insurance Agency of New Mexico Inc. Vice President-
North Region
IDS Insurance Agency of North Carolina Inc. Vice President-
North Region
IDS Insurance Agency of Ohio Inc. Vice President-
North Region
IDS Insurance Agency of Wyoming Inc. Vice President-
North Region
IDS Life Insurance Company Box 5144 Director
of New York Albany, NY 12205
</TABLE>
<PAGE>
PAGE 65
Item 6. PRINCIPAL UNDERWRITERS
(a) IDS Life is the principal underwriter for IDS
Life Variable Annuity Fund B, IDS Life Variable
Annuity Fund A, IDS Life Accounts F, IZ, JZ, G, H
and N, IDS Life Account RE, IDS Life Account MGA
and IDS Life Account SLB.
(b) Directors and Officers of the Underwriter
<TABLE>
<CAPTION>
Positions and
Name Principal Business Address Offices with Underwriter
<S> <C> <C>
Timothy V. Bechtold IDS Tower 10 Vice President-Insurance
Minneapolis, MN 55440 Product Development
David J. Berry IDS Tower 10 Vice President
Minneapolis, MN 55440
Alan R. Dakay IDS Tower 10 Vice President-
Minneapolis, MN 55440 Institutional Insurance
Marketing
Louis C. Fornetti IDS Tower 10 Director
Minneapolis, MN 55440
Morris Goodwin Jr. IDS Tower 10 Vice President and Treasurer
Minneapolis, MN 55440
Lorraine R. Hart IDS Tower 10 Vice President-Investments
Minneapolis, MN 55440
David R. Hubers IDS Tower 10 Director
Minneapolis, MN 55440
Richard W. Kling IDS Tower 10 Director and President
Minneapolis, MN 55440
Paul F. Kolkman IDS Tower 10 Director and Executive
Minneapolis, MN 55440 Vice President
Ryan R. Larson IDS Tower 10 Vice President-
Minneapolis, MN 55440 Annuity Product
Development
Peter A. Lefferts IDS Tower 10 Director and Executive
Minneapolis, MN 55440 Vice President-
Marketing
Janis E. Miller IDS Tower 10 Director and Executive
Minneapolis, MN 55440 Vice President-
Variable Assets
James A. Mitchell IDS Tower 10 Director, Chairman of
Minneapolis, MN 55440 the Board and Chief
Executive Officer
<PAGE>
PAGE 66
Item 6.(b) Directors and Officers of the Underwriter (Continued)
Positions and
Name Principal Business Address Offices with Underwriter
Barry J. Murphy IDS Tower 10 Director and Executive
Minneapolis, MN 55440 Vice President-
Client Service
Mary O. Neal IDS Tower 10 Vice President-
Minneapolis, MN 55440 Sales Support
James R. Palmer IDS Tower 10 Vice President-Taxes
Minneapolis, MN 55440
F. Dale Simmons IDS Tower 10 Vice President-
Minneapolis, MN 55440 Real Estate
Loan Management
William A. Stoltzmann IDS Tower 10 Vice President, General
Minneapolis, MN 55440 Counsel and Secretary
Melinda S. Urion IDS Tower 10 Director, Executive
Minneapolis, MN 55440 Vice President and
Controller
</TABLE>
Item 7. LOCATION OF ACCOUNTS AND RECORDS
IDS Life Insurance Company
IDS Tower
Minneapolis, Minnesota
Item 8. MANAGEMENT SERVICES
Not Applicable.
Item 9. DISTRIBUTION EXPENSES
Not Applicable.
Item 10. UNDERTAKINGS
(a) and (b) These undertakings were filed in
Registrant's initial Registration Statement.
<PAGE>
PAGE 67
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, IDS Life Insurance Company, on
behalf of the Registrant, has duly caused this Amendment to its
Registration Statement to be signed on its behalf by the
undersigned thereunto duly authorized, in the city of Minneapolis,
and State of Minnesota on the 10th day of February, 1995.
IDS LIFE VARIABLE ANNUITY FUND B
By:
Richard W. Kling
President
Pursuant to the requirements of the Securities Act of 1933, this
Amendment to the Registration Statement has been signed below by
the following persons in the capacities indicated on the 10th day
of February, 1995.
Signature Title
/s/ Edward Landes* Member, Board of Managers
Edward Landes
/s/ Carl N. Platou* Member, Board of Managers
Carl N. Platou
/s/ Gordon H. Ritz* Member, Board of Managers
Gordon H. Ritz
Member, Board of Managers
Richard W. Kling
Member, Board of Managers
Janis E. Miller
* Signed pursuant to Powers of Attorney filed as Exhibit 16 to
Registrant's Post-Effective Amendment No. 50 to this Registration
Statement No. 2-29358, 2-47430.
by
Mary Ellyn Minenko
<PAGE>
PAGE 68
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, IDS Life Insurance Company, on
behalf of the Registrant, has duly caused this Amendment to its
Registration Statement to be signed on its behalf by the
undersigned thereunto duly authorized, in the city of Minneapolis,
and State of Minnesota on the 10th day of February, 1995.
IDS LIFE INSURANCE COMPANY
By: /s/ Richard W. Kling*
Richard W. Kling
President
Pursuant to the requirements of the Securities Act of 1933, this
Amendment to the Registration Statement has been signed below by
the following persons in the capacities indicated on the 10th day
of February, 1995.
Signature Title
/s/ James A. Mitchell* Chairman of the Board
James A. Mitchell and Chief Executive
Officer
/s/ Richard W. Kling* Director and President
Richard W. Kling
/s/ Louis C. Fornetti* Director
Louis C. Fornetti
/s/ David R. Hubers* Director
David R. Hubers
/s/ Paul F. Kolkman* Director and Executive Vice
Paul F. Kolkman President
/s/ Peter A. Lefferts* Director and Executive Vice
Peter A. Lefferts President, Marketing
/s/ Janis E. Miller* Director and Executive Vice
Janis E. Miller President, Variable Assets
/s/ Barry J. Murphy* Director and Executive Vice
Barry J. Murphy President, Client Service
/s/ Stuart A. Sedlacek* Director and Executive Vice
Stuart A. Sedlacek President, Assured Assets
/s/ Melinda S. Urion* Director, Exective Vice
Melinda S. Urion President and Controller
<PAGE>
PAGE 69
*Signed pursuant to Powers of Attorney, dated March 31, 1994, filed
electronically as Exhibit 16 to Registrant's Post-Effective
Amendment No. 55 to this Registration Statement No. 2-29358,
2-47430.
by
Mary Ellyn Minenko
<PAGE>
PAGE 70
CONTENTS OF THIS
POST-EFFECTIVE AMENDMENT NO. 56
TO REGISTRATION STATEMENT NO. 2-47430; 2-29358
This Post-Effective Amendment comprises the following papers and
documents.
The facing sheet.
Part I.
Cross Reference Sheet.
Prospectus.
Part II.
Other Information.
Signatures.
