PAGE
IDS
Life Series
Fund, Inc.
1994 semiannual report
Offers six portfolios with separate goals and objectives to
provide
investment flexibility for Variable Life Insurance Policies.
IDS
An America Express Company
AMERICAN
EXPRESS
Managed by
IDS Life Insurance Company
PAGE
Contents
From the president 3
Equtiy Portfolio
From the portfolio manager 4
Ten largest holdings 5
Income Portfolio
From the portfolio manager 6
Ten largest holdings 7
Money Market Portfolio
From the portfolio manager 8
Managed Portfolio
From the portfolio managers 9
Ten largest holdings 10
Government Securities Portfolio
From the portfolio manager 11
International Equity Portfolio
From the portfolio manager 12
All portfolios
Financial statements 13
Notes to financial statements 19
Investments in securities 31
Directors and officers 51
PAGE
To our policyowners
picture of: Richard W. Kling
President
From the president
Diversification and balance continue to be critical elements
in a financial strategy. IDS Life provides those elements by
combining the six investment options of IDS Life Series Fund
with life insurance protection. The six investment options
may not be available under all policies. The International
Equity Portfolio is only available to purchasers of Flexible
Premium Variable Life Insurance (Variable Universal Life)
Policies. You can allocate your policy's value among these
portfolios.
In their comments on the following pages, the funds'
portfolio managers review the first half of the fiscal year,
which ended on Oct. 31, 1994. For the new portfolio,
International Equity, the portfolio manager describes his
investment approach and offers an outlook for investing in
foreign stock markets.
Sincerely,
Richard W. Kling
President
IDS Life Series Fund, Inc.
PAGE
To our policyowners
Equity Portfolio
Picture of: Martin G. Hurwitz
Portfolio manager
From the portfolio manager
Sharp stock selection and a somewhat defensive investment
strategy paid off well for Equity Portfolio during the first
half of the fiscal year. In the process of producing a solid
gain for policyowners, the portfolio outperformed the stock
market as a whole (as measured by the Standard & Poor's 500,
an unmanaged group of widely owned stocks commonly used to
gauge the market's performance).
Although the stock market continued to experience
considerable volatility during the past six months, the
underlying trend was higher. Small-cap stocks _ growth
stocks of smaller companies, which comprise the core of this
portfolio _ were especially prone to the market's ups and
downs.
As would be expected in an unsettled market, the performance
of stock sectors in which we were invested was mixed. For
example, technology-related stocks, which make up the
largest portion of the portfolio and consist mainly of
computer semiconductor and software company stocks, did well
overall but individual stocks were subject to wide price
swings. Stocks of food, retailing, media, telecommunications
and financial services companies fluctuated as well, but in
a narrower range.
The portfolio also benefited from our decision to maintain a
much-higher-than-average level of cash reserves, which acted
as a cushion during market downturns and enabled us to buy
selectively when opportunities arose. We also continued to
hold a large number of stocks in the portfolio, a strategy
that also provided some protection in the volatile market.
With an improving economic climate worldwide, U.S. companies
that do business in foreign markets should continue to enjoy
good profits. Given that outlook, we're emphasizing such
companies in the portfolio. However, over the near term, the
possibility of higher interest rates could lead to ongoing
volatility for stocks in general. Therefore, we're
maintaining our rather conservative strategy of keeping a
fairly high cash level and very selectively adding stocks
when their prices become attractively low.
Martin G. Hurwitz
PAGE
<TABLE>
<CAPTION>
Your portfolio's ten largest holdings
Equity Portfolio
(Pie chart) The ten holdings listed here make up 14.82% of the
portfolio's net assets
Percent Value
(of portfolio's net assets)(as of Oct. 31, 1
994)
<S> <C> <C>
Cisco Systems 2.08% $4,066,875
The leading designer and builder of devices that link personal
computers in powerful networks. Cisco is a leader in the fast-
growing business network market.
Medaphis 1.95 3,812,500
Medical accounts receivable management services
Broadway & Seymour 1.87 3,657,500
Information technology solutions for financial services industry
IDEXX Laboratories 1.59 3,107,500
IDEXX develops, manufactures and distributes biotechnology-based
detection systems.
Standard Microsystems 1.38 2,701,875
Manufacturer of local area network computer equipment and
software.
Nokia Preferred 1.34 2,629,375
Manufacturer of wireless telecommunications equipment, especially
cellular phones.
Parametric Technology 1.29 2,520,000
A producer of software products for the automation of complex
engineering tasks that are essential to the development of
virtually all manufactured products.
Cardinal Distribution 1.19 2,337,500
A wholesale distributor of pharmaceutical surgical and hospital
supplies and health and beauty aids.
Blount Class A 1.09 2,131,250
This company manufactures and markets products in three areas:
outdoor products, industrial and power equipment and sporting
equipment.
Roosevelt Financial Group 1.04 2,041,875
A bank holding company
Excludes short-term securities.
</TABLE>
PAGE
To our policyowners
Income Portfolio
Picture of: Lorraine R. Hart
Portfolio manager
From the portfolio manager
Rising interest rates continued to depress the bond market
during the first half of the fiscal year, which covered May
through October. Income Portfolio held up relatively well in
the difficult environment, however, realizing only a slight
decline in accumulation unit value for the period.
The interest-rate rise actually began last February, when
the Federal Reserve began raising short-term interest rates
to restrain economic growth and, ultimately, head off a
potential rise in the rate of inflation. Several more
interest-rate increases followed during the fund's six-month
reporting period.
In the meantime, longer-term interest rates took their cue
from short rates, and as they rose, bond prices, as they
automatically do, fell. The bonds in this portfolio were
also affected, but because of our considerable exposure to
corporate bonds, which fared better than some other bond
groups, the effect was less pronounced. We maintained a mix
of both investment grade (higher quality) and below-
investment-grade (lower quality) bonds throughout the
period.
We responded to the increase in interest rates chiefly by
reducing the average maturity of the bonds in the portfolio.
This defensive measure lessened the portfolio's sensitivity
to interest-rate changes and, therefore, also provided a
cushion against the bond market decline. The maturity
reduction was largely achieved by selling some corporate
bonds and adding more mortgage-backed securities, which
generally have shorter maturity periods.
As for the rest of the fiscal year, chances are that most of
the bond market's problems are now behind it. Still, because
of the possibility that interest rates could go higher, we
are staying with our recent strategy over the near term.
This includes a portfolio mix of mainly corporate bonds,
complemented by U.S. government, mortgage-backed and foreign
bonds within a somewhat conservative maturity structure.
Lorraine R. Hart
PAGE
<TABLE>
<CAPTION>
Your portfolio's ten largest holdings
Income Portfolio
(Pie chart) The ten holdings listed here make up 34.92% of the
portfolio's net assets
Percent Value
(of portfolio's net assets)(as of Oct. 31, 1
994)
<S> <C> <C>
U.S. Treasury Bond
6.50% 1999 5.63% $1,931,440
U.S. Treasury Bond
6.875% 1997 4.36 1,497,105
U.S. Treasury Bond
5.50% 1996 4.31 1,477,875
Federal Home Loan Mtge Corp
8.00% 2017 4.11 1,411,521
Federal Home Loan Mtge Corp
8.00% 2022 2.89 991,977
Govt Natl Mtge Assn
6.05% 1996 2.87 986,250
Federal Home Loan Mtge Corp
8.50% 2022 2.82 968,510
Federal Home Loan Mtge Corp
7.00% 2008 2.79 959,079
Federal Natl Mtge Assn
8.50% 2023 2.65 908,873
Federal Natl Mtge Assn
6.00% 2024 2.49 855,998
Excludes short-term securities.
</TABLE>
PAGE
To our policyowners
Picture of: Gregg Syverson
Portfolio manager
From the portfolio manager
Short-term interest rates continued to rise during the first
half of the fiscal year, pushing the annual yield on the
portfolio to close to 5% at the end of October. The net
asset value remained at $1 per share. (An investment in the
portfolio is neither insured nor guaranteed by the U.S.
government, and there can be no assurance that the portfolio
will be able to maintain a stable net asset value of $1 per
share.)
The higher-interest-rate trend actually began in early
February, when the Federal Reserve Board started raising
short-term rates to slow down economic activity perceived as
likely to lead to a higher inflation rate. That Fed action
was followed by several additional rate increases through
October, the end of the first half of the fiscal year.
During that time, the federal funds rate (the interest rate
banks charge one another on overnight loans) rose from just
under 4% in May to just under 5% in October. Because returns
on securities in which the portfolio invests closely track
the discount rate, the portfolio's yield rose as well.
We took quick advantage of the rate trend because we had
shortened the average maturity of the portfolio. This
allowed us to reinvest money at higher interest rates,
thereby boosting the yield on the portfolio.
We expect to see short-term rates move still higher during
the rest of the fiscal year. As for the portfolio, we will
invest more in corporate securities in order to further
enhance the yield. In addition, we will keep maturities
short, which should help us realize the higher yields more
quickly.
Gregg Syverson
PAGE
To our policyowners
Managed Portfolio
Picture of : Deborah L. Pederson
Portfolio manager
Picture of: Kurt Winters
Portfolio manager
From the portfolio managers
In a volatile and difficult environment for stocks and
bonds, Managed Portfolio generated a strong return for
policyowners during the first half of the fiscal year (May
through October).
The period began on the heels of sharp downturns in both the
stock and bond markets, caused by rising interest rates. (A
rise in rates automatically drives down bond values and
often has a negative effect on stock prices.) For the rest
of the period, stocks fluctuated considerably, but they did
eke out a gain overall. Bonds, on the other hand, continued
to languish.
We responded to this environment by keeping a much-higher-
than-average level of cash reserves. This worked to the
fund's benefit, especially during periods of market declines
because it enabled us to add attractive stocks at bargain
prices.
The biggest majority of our holdings was in two stock groups
_ technology and industrial. Thanks to a solidly growing
economy, the industrial stocks performed reasonably well
throughout the period. Technology stocks slumped early in
the period, then rebounded in the final months.
On the bond side, we employed a defensive approach that
centered on reducing the average maturity level of our
holdings. By doing that, we were able to lessen the negative
effect of the interest-rate rise. In addition, we maintained
a substantial amount of corporate bonds, which performed
relatively well in the higher-rate trend.
As for the rest of the fiscal year, we think it's prudent to
maintain a conservative portfolio structure over the near
term. Our high cash level should protect the fund's assets
during times of market weakness, while also giving us the
flexibility to add stocks when prices become especially
attractive.
Deborah L. Pederson
Kurt Winters
PAGE
<TABLE>
<CAPTION>
Your portfolio's ten largest holdings
Managed Portfolio
(Pie chart) The ten holdings listed here make up 9.96% of the
portfolio's net assets
Percent Value
(of portfolio's net assets)(as of Oct. 31, 1
994)
<S> <C> <C>
Albany International 1.08% $2,172,500
Albany International is the world's largest producer of paper
machine "clothing," or custom-designed, engineered fabrics
essential to the paper-making process.
General Signal 1.07 2,160,000
A leading producer of capital goods for the process control,
electrical and telecommunications industry.
Federal Home Loan Mtge Corp 1.05 2,108,665
10.00% 2005
U.S. Treasury Notes .98 1,971,740
6.375% 1997
InterVoice .97 1,953,125
InterVoice is a full-service, voice automation company that
develops and markets systems for voice response, outbound
dialing, call direction and audiotex.
Sceptre .97 1,950,088
Producer of oil and gas.
VMARK Software .97 1,950,000
VMARK is a software developer specializing in the UNIX market.
Its flagship product, uniVerse, is an integrated database and
software development environment that allows proprietary business
application software running on the PICK operating system to
migrate to industry-standard INIX.
MagneTek .96 1,933,750
MagneTek makes a broad range of electrical equipment products,
including lighting ballasts, transformers, motors, generators,
drives and controls, and provides repair and rebuilding services
to utilities and industrial customers.
Physician Corp of America .96 1,930,000
Physician Corp of America is a managed health-care company
providing comprehensive health-care services through its health
maintenance organization in Florida, Texas and Georgia.
HealthSouth Rehabilitation .95 1,900,000
HealthSouth Rehabilitation is a fast-growing chain of hospitals
and outpatient centers. The company specializes in patient
rehabilitation that enables its patients to return to a normal
lifestyle as soon as possible after accidents, surgery or
illness.
Excludes short-term securities.
</TABLE>
PAGE
To our policyowners
Government Securities Portfolio
Picture of: James W. Snyder
Portfolio manager
From the portfolio manager
A downturn in the fixed-income market that began last
February continued during the first half of Government
Securities Portfolio's fiscal year, which ran from May
through October. The portfolio weathered the difficult
environment well, however, concluding the period with
virtually no change in accumulation unit value.
The fixed-income market's troubles stemmed from a
substantial increase in interest rates prompted by the
Federal Reserve, the nation's central bank. The Fed's
actions were based on a desire to cool down the economy in
order to head off a potentially rapid rise in the rate of
inflation. Because the prices of fixed-income securities
automatically decline when interest rates rise, portfolios
invested in such securities, including this one, normally
lose value as well.
This portfolio was less affected by the interest-rate trend
because of the "defensive" strategy we began to employ early
last spring. The main elements included raising the level of
cash reserves and emphasizing securities with shorter
maturity periods. As for other portfolio changes, we added
to our mortgage-backed bonds and, most recently, some three-
year-maturity bonds issued by U.S. government agencies _
both designed to enhance the portfolio's dividend.
While we believe the bulk of the interest-rate rise is now
behind us, it's unlikely that the trend is over. Therefore,
as we enter the second half of the fiscal year, we are
maintaining the somewhat defensive portfolio structure that
served us well in recent months.
James W. Snyder
PAGE
To our policyowners
International Equity Portfolio
Picture of: Rich Lazarchic
Portfolio manager
From the portfolio manager
This new portfolio, which commenced operations on Oct. 28,
1994, will invest primarily in stocks of foreign companies
that we believe to have superior growth potential. (The
portfolio may also invest in U.S. stocks, but that is likely
to be only on a minor scale, if at all.) Although foreign
markets can be quite volatile, we believe that, over the
long term, such investments offer excellent potential for
gain.
The opportunities are as vast as the globe itself and
increasing every day. For example, not long ago, about two-
thirds of the value of stocks worldwide was represented by
the United States. Today, that figure is less than half, and
it continues to shrink.
Much of that foreign market growth has come in recent years
from emerging economies such as Hong Kong, Malaysia,
Czechoslovakia, Singapore, Argentina and Mexico, to name a
few. Combine them with the more well-established markets in
Europe and Japan, and it becomes evident that an
international investor now has a clear advantage in
flexibility _ one that was not available until just a few
years ago.
The investment style of this portfolio will be to first
determine which countries are currently enjoying the most
positive economic trends, then select the industries and,
finally, the companies that will benefit most from the
environment. While the concentration will be on companies
that are growing rapidly, we will hold a core group of more
mature, slower-growing companies that pay a healthy
dividend. That combination should allow the portfolio to
provide good, long-term capital appreciation with somewhat
less volatility than some international stock funds
experience.
Rich Lazarchic
PAGE
<TABLE>
<CAPTION>
Statements of assets and liabilities
IDS Life Series Fund, Inc.
October 31, 1994 (Unaudited)
Equity Income Money
Portfolio Portfolio Market
Portfolio
Assets
_____________________________________________________________________________________
<S> <C> <C> <C>
Investments in securities, at value (Note 1)
(identified cost: $170,333,553; $34,753,584 and
$9,318,771, respectively) $195,911,929 $33,461,689 $9,318,771
Cash in bank on demand deposit -- 364,234 496,404
Receivable for investment securities sold4,387,443 -- --
Dividends and accrued interest receivable4,090 583,826 --
Receivable (for capital stock sold) from:
IDS Life subaccounts 132,340 177,945 35,073
IDS Life of New York subaccounts -- 15,470 1,229
_____________________________________________________________________________________
Total assets 200,435,802 34,603,164 9,851,477
_____________________________________________________________________________________
Liabilities
_____________________________________________________________________________________
Cash overdraft 73,148 -- --
Dividends payable to shareholders (Note 1) 258,888 220,859 34,379
Payable for investment securities purchased 4,149,042 -- --
Accrued investment management and services fee 112,738 20,335 4,127
Payable (for capital stock redeemed) to:
IDS Life subaccounts -- 5,836 264
IDS Life of New York subaccounts 11,496 1,881 418
Other accrued expenses 103,222 25,382 7,093
_____________________________________________________________________________________
Total liabilities 4,708,534 274,293 46,281
_____________________________________________________________________________________
Net assets applicable to outstanding capital stock$195,727,268$34,328,871 $9,805,196
_____________________________________________________________________________________
Represented by
_____________________________________________________________________________________
Capital stock - authorized 10,000,000,000 shares
of $.001 par value: outstanding, 10,296,496;
3,664,460 and 9,805,965 shares, respectively $ 10,296$ 3,664$ 9,806
Additional paid-in capital 169,700,544 36,192,432 9,796,042
Accumulated net realized gain (loss) on
investments 443,685 (601,369) (652)
Undistributed net investment income(5,633) 8,039 --
Unrealized appreciation (depreciation) of
investments 25,578,376 (1,273,895) --
_____________________________________________________________________________________
Total - representing net assets applicable to
outstanding capital stock $195,727,268 $34,328,871 $9,805,196
_____________________________________________________________________________________
Net asset value per share of outstanding capital
stock $ 19.01$ 9.37$ 1.00
_______________________________________________________________________________
</TABLE>
See accompanying notes to financial statements.
PAGE
<TABLE>
<CAPTION>
Statements of assets and liabilities (continued)
IDS Life Series Fund, Inc.
October 31, 1994 (Unaudited)
Managed GovernmentInternational
Portfolio Securities Equity
Portfolio Portfolio
Assets
_____________________________________________________________________________________
<S> <C> <C> <C>
Investments in securities, at value (Note 1)
(identified cost: $186,073,405; $ 11,066,099 and
$0, respectively) $196,062,062 $10,914,151$ --
Cash in bank on demand deposit 1,310,192 142,679 97,405
Receivable for investment securities sold7,005,792 -- --
Dividends and accrued interest receivable1,018,032191,040 --
Receivable for forward foreign currency contracts
held, at value (Notes 1 and 4) 174,744 -- --
Receivable (for capital stock sold) from:
IDS Life subaccounts 1,135,799 46,038 82,382
IDS Life of New York subaccounts 65,340 2,392 5,000
_____________________________________________________________________________________
Total assets 206,771,961 11,296,300 184,787
_____________________________________________________________________________________
Liabilities
_____________________________________________________________________________________
Dividends payable to shareholders (Note 1) 1,386,803 58,361 --
Payable for investment securities purchased 3,512,741 -- --
Accrued investment management and services fee 117,170 6,667 8
Payable for forward foreign currency contracts held,
at value (Notes 1 and 4) 174,846 -- --
Open option contracts written, at value (Premium
received $502,533) 444,684 -- --
Payable (for capital stock redeemed) to:
IDS Life subaccounts 783 39,670 --
Other accrued expenses 115,133 8,414 --
_____________________________________________________________________________________
Total liabilities 5,752,160 113,112 8
_____________________________________________________________________________________
Net assets applicable to outstanding capital stock$201,019,801$11,183,188 $184,779
_____________________________________________________________________________________
Represented by
_____________________________________________________________________________________
Capital stock - authorized 10,000,000,000 shares
of $.001 par value: outstanding, 13,777,767;
1,162,597 and 18,479 shares, respectively$ 13,778$ 1,163 $18
Additional paid-in capital 188,708,713 11,335,443 184,769
Accumulated net realized gain (loss)
on investments 2,227,766 (967) --
Undistributed net investment income(1,168) (503) (8)
Unrealized appreciation (depreciation) of
investments (Notes 4 and 6) 10,070,712 (151,948) --
_____________________________________________________________________________________
Total - representing net assets applicable to
outstanding capital stock $201,019,801 $11,183,188 $184,779
_____________________________________________________________________________________
Net asset value per share of outstanding capital
stock $ 14.59$ 9.62 $ 10.00
___________________________________________________________________________________
</TABLE>
See accompanying notes to financial statements.
PAGE
<TABLE>
<CAPTION>
Statements of operations
IDS Life Series Fund, Inc
Six months ended Oct. 31, 1994 (Unaudited)
Equity Income Money
Portfolio Portfolio Market
Portfolio
Investment income
_____________________________________________________________________________________
<S> <C> <C> <C>
Income:
Dividends $ 157,592 $ 9,809$ --
Interest 1,026,656 1,375,925 221,607
_____________________________________________________________________________________
Total income 1,184,248 1,385,734 221,607
_____________________________________________________________________________________
Expenses (Note 2):
Investment management and services fee590,731 121,436 24,912
Custodial fees 27,849 5,226 4,446
Audit fees 11,750 5,000 5,000
Registration fees 20,640 3,537 1,246
Directors fees 2,551 465 127
Printing and postage 9,500 2,500 500
Other 1,710 620 126
_____________________________________________________________________________________
Total expenses 664,731 138,784 36,357
_____________________________________________________________________________________
Less expenses reimbursed by IDS Life -- -- (6,463)
_____________________________________________________________________________________
Total expenses - net 664,731 138,784 29,894
_____________________________________________________________________________________
Investment income - net 519,517 1,246,950 191,713
_____________________________________________________________________________________
Realized and unrealized gain (loss) on investments - net
_____________________________________________________________________________________
Net realized gain (loss) on investments (Note 3) 440,075 (201,301) (453)
Net change in unrealized appreciation or depreciation
of investments 9,697,618 (1,039,597) --
_____________________________________________________________________________________
Net gain (loss) on investments 10,137,693 (1,240,898) (453)
_____________________________________________________________________________________
Net increase in net assets resulting from
operations $10,657,210 $ 6,052 $191,260
_____________________________________________________________________________________
</TABLE>
See accompanying notes to financial statements.
PAGE
<TABLE>
<CAPTION>
Statements of operations (continued)
IDS Life Series Fund, Inc
Six months ended Oct. 31, 1994 (Unaudited)
Managed Government International
Portfolio Securities Equity
Portfolio Portfolio*
Investment income (loss)
_____________________________________________________________________________________
<S> <C> <C> <C>
Income:
Dividends (net of foreign taxes withheld of $4,184
for Managed Portfolio) $ 595,341 $ -- $ --
Interest 2,661,503 365,896 --
_____________________________________________________________________________________
Total income 3,256,844 365,896 --
_____________________________________________________________________________________
Expenses (Note 2):
Investment management and services fee631,443 40,032 8
Custodial fees 35,968 2,081 --
Audit fees 11,750 7,250 --
Registration fees 21,337 1,596 --
Directors fees 2,709 146 --
Printing and postage 10,000 750 --
Other 1,486 137 --
_____________________________________________________________________________________
Total expenses 714,693 51,992 8
_____________________________________________________________________________________
Less expenses reimbursed by IDS Life -- (6,241) --
_____________________________________________________________________________________
Total expenses - net 714,693 45,751 8
_____________________________________________________________________________________
Investment income (loss) - net 2,542,151 320,145 (8)
_____________________________________________________________________________________
Realized and unrealized gain (loss) on investments - net
_____________________________________________________________________________________
Realized gain (loss) on security transactions (Note 3)1,359,702 (967) --
Realized gain on foreign currency transactions 205 -- --
Realized gain on closed options contracts
written (Note 5) 811,314 -- --
Realized gain on closed futures contracts (Note 6) 55,136 -- --
_____________________________________________________________________________________
Net realized gain (loss) on investments2,226,357 (967) --
Net change in unrealized appreciation or
depreciation of investments 7,674,363 (299,747) --
_____________________________________________________________________________________
Net gain (loss) on investments 9,900,720 (300,714) --
_____________________________________________________________________________________
Net increase (decrease) in net assets resulting from
operations $ 12,442,871 $ 19,431 $(8)
_____________________________________________________________________________________
</TABLE>
See accompanying notes to financial statements.
*Period from Oct. 28, 1994 (commencement of operations) to Oct. 31, 1994.
PAGE
<TABLE>
<CAPTION>
Statements of changes in net assets
IDS Life Series Fund, Inc.
Equity Portfolio Income Portfolio
Operations and distributionsOct. 31, 1994April 30, 1994Oct. 31, 1994April 30, 1994
Six months ended Year endedSix months endedYear ended
(Unaudited) (Unaudited)
____________________________________________________________________________________
<S> <C> <C> <C> <C>
Investment income - net $ 519,517$ 399,133$ 1,246,950$ 1,955,311
Net realized gain (loss) on investments 440,075 15,326,818 (201,301) (52,946)
Net change in unrealized appreciation or
depreciation of investments9,697,618 2,153,291 (1,039,597)(1,813,728)
__________________________________________________________________________________
Net increase in net assets resulting from
operations 10,657,210 17,879,242 6,052 88,637
_________________________________________________________________________________
Distributions to shareholders from:
Net investment income (519,517) (399,133) (1,246,950)(1,955,311)
Net realized gain on investments --(15,323,208) -- -
_________________________________________________________________________________
Total distributions (519,517)(15,722,341) (1,246,950)(1,955,311)
__________________________________________________________________________________
Capital share transactions (Note 7)
_________________________________________________________________________________
Proceeds from sales 35,239,163 49,951,411 2,698,706 13,258,320
Reinvested distributions at net asset value519,517 15,722,341 1,246,950 1,955,311
Payments for redemptions (2,029,268) (3,712,328) (2,145,815)(2,218,371)
_____________________________________________________________________________________
Increase in net assets from capital
share transactions 33,729,412 61,961,424 1,799,841 12,995,260
_____________________________________________________________________________________
Total increase in net assets 43,867,10564,118,325558,94311,128,586
_____________________________________________________________________________________
Net assets at beginning of period151,860,16387,741,83833,769,92822,641,342
_____________________________________________________________________________________
Net assets at end of period$195,727,268$151,860,163$34,328,871$33,769,928
_____________________________________________________________________________________
Undistributed (excess of distributions over)
net investment income$ (5,633)$ (5,633) $ 8,039 $
8,039
_____________________________________________________________________________________
</TABLE>
See accompanying notes to financial statements.
PAGE
<TABLE>
<CAPTION>
Statements of changes in net assets (continued)
IDS Life Series Fund, Inc.
Money Market Portfolio Managed Portfolio
Operations and distributionsOct. 31, 1994April 30, 1994Oct. 31, 1994April 30, 1994
Six months ended Year endedSix months endedYear ended
(Unaudited) (Unaudited)
_____________________________________________________________________________________
<S> <C> <C> <C> <C>
Investment income - net $ 191,713$ 215,399$ 2,542,151$ 3,737,551
Net realized gain (loss) on investments (453) (97) 2,226,357 14,672,291
Net change in unrealized appreciation or
depreciation of investments -- -- 7,674,363(4,972,356)
_____________________________________________________________________________________
Net increase in net assets resulting from
operations 191,260 215,302 12,442,871 13,437,486
_____________________________________________________________________________________
Distributions to shareholders from:
Net investment income (191,713) (215,399) (2,542,356)(3,765,550)
Net realized gain on investments -- -- -(14,672,291)
_____________________________________________________________________________________
Total distributions (191,713) (215,399) (2,542,356)(18,437,841)
_____________________________________________________________________________________
Capital share transactions (Note 7)
_____________________________________________________________________________________
Proceeds from sales 3,321,647 5,854,599 30,455,381 51,937,576
Reinvested distributions at net asset value191,713 215,399 2,542,356 18,437,841
Payments for redemptions (3,265,141) (4,693,099) (2,584,651)(4,807,830)
_____________________________________________________________________________________
Increase in net assets from capital
share transactions 248,219 1,376,899 30,413,086 65,567,587
_____________________________________________________________________________________
Total increase in net assets 247,7661,376,80240,313,60160,567,232
_____________________________________________________________________________________
Net assets at beginning of period9,557,4308,180,628160,706,200100,138,968
_____________________________________________________________________________________
Net assets at end of period $9,805,196 $9,557,430$201,019,801$160,706,200
_____________________________________________________________________________________
Undistributed (excess of distributions over)
net investment income$ --$ -$ (1,168) $ (963)
_____________________________________________________________________________________
</TABLE>
See accompanying notes to financial statements.
PAGE
<TABLE>
<CAPTION>
Statements of changes in net assets (continued)
IDS Life Series Fund, Inc.
Government Securities PortfolioInternational Equity Portfolio
Operations and distributionsOct. 31, 1994April 30, 1994 Oct. 31, 1994*
Six months ended Year ended Six months ended
(Unaudited) (Unaudited)
_____________________________________________________________________________________
<S> <C> <C> <C>
Investment income (loss) - net$ 320,145$ 604,172 $ (8)
Net realized gain (loss) on investments (967) 112,301 --
Net change in unrealized appreciation or
depreciation of investments(299,747) (750,136) --
_____________________________________________________________________________________
Net increase (decrease) in net assets resulting
from operations 19,431 (33,663) (8)
_____________________________________________________________________________________
Distributions to shareholders from:
Net investment income (320,145) (604,172) --
Net realized gain on investments -- (112,301) --
_____________________________________________________________________________________
Total distributions (320,145) (716,473) --
_____________________________________________________________________________________
Capital share transactions (Note 7)
_____________________________________________________________________________________
Proceeds from sales 826,914 3,250,828 184,787
Reinvested distributions at net asset value320,145 716,473 --
Payments for redemptions (848,008) (1,651,297) --
_____________________________________________________________________________________
Increase in net assets from capital
share transactions 299,051 2,316,004 184,787
_____________________________________________________________________________________
Total increase (decrease) in net assets (1,663)1,565,868 184,779
_____________________________________________________________________________________
Net assets at beginning of period11,184,8519,618,983 --
_____________________________________________________________________________________
Net assets at end of period$11,183,188 $11,184,851 $184,779
_____________________________________________________________________________________
Undistributed (excess of distributions over)
net investment income$ (503)$ (503) $ (8)
_____________________________________________________________________________________
</TABLE>
*Period from Oct. 28, 1994 (commencement of operations) to Oct. 31, 1994.
See accompanying notes to financial statements.
PAGE
Notes to Financial Statements
(Unaudited as of Oct. 31, 1994)
1. Summary of significant accounting policies
The fund is registered under the Investment Company Act
of 1940, as amended (the 1940 Act), as a diversified,
open-end management investment company. Shares of each
portfolio of the fund are sold to IDS Life Insurance
Company (IDS Life) subaccounts or IDS Life Insurance
Company of New York subaccounts in connection with the
sale of variable insurance contracts.
The significant accounting policies followed by the Fund
are summarized as follows:
Valuation of securities
All securities are valued at the close of each business
day. Securities, other than bonds, traded on national
securities exchanges, or included in the NASDAQ National
Market System, are valued at the last quoted sales
price; securities traded in the over-the-counter market
and securities for which a last quoted sales price is
not readily available are valued at the mean of the
closing bid and asking prices; and bonds and other
securities are valued at fair value according to methods
selected in good faith by the board of directors.
Determination of fair value involves, among other
things, reference to market indexes, matrixes and data
from independent brokers. Short-term securities in the
Equity, Income, Managed, Government Securities and
International Equity Portfolios maturing in more than 60
days from the valuation date are valued at the market
price or approximate market value based on current
interest rates; those maturing in 60 days or less are
valued at amortized cost. Pursuant to Rule 2a-7 of the
1940 Act, all securities in the Money Market Portfolio
are valued daily at amortized cost, which approximates
market value, in order to maintain a constant net asset
value of $1 per share.
Option transactions
In order to produce incremental earnings, protect gains,
and facilitate buying and selling of securities for
investment purposes, the Equity, Managed, Government
Securities and International Equity Portfolios may buy
and sell put and call options and write covered call
options on portfolio securities and may write cash-
secured puts. The risk in writing a call option is that
the portfolios give up the opportunity of profit if the
market price of the security increases. The risk in
writing a put option is that the portfolios may incur a
loss if the market price of the security decreases and
the option is exercised. The risk in buying an option
is that the portfolios pay a premium whether or not the
option is exercised. The portfolios also have the
additional risk of not being able to enter into a
closing transaction if a liquid secondary market does
not exist. The portfolios also may write over-the-
counter options where the completion of the obligation
is dependent upon the credit standing of the other
party.
Option contracts are valued daily at the closing prices
on their primary exchanges and unrealized appreciation
or depreciation is recorded. The portfolios will
realize a gain or loss upon expiration or closing of the
option transaction. When an option is exercised, the
proceeds on sales for a written call option, the
purchase cost for a written put option or the cost of a
security for a purchased put or call option is adjusted
by the amount of premium received or paid.
Future transactions
In order to gain exposure to or protect itself from
changes in the market, the Income, Managed, Government
Securities and International Equity Portfolios may buy
and sell stock index and interest rate future contracts.
Risks of entering into future contracts and related
options include the possibility that there may be an
illiquid market and that a change in the value of the
contract or option may not correlate with changes in the
value of the underlying securities.
Upon entering into a futures contract, the portfolios
are required to deposit either cash or securities in an
amount (initial margin) equal to a certain percentage of
the contract value. Subsequent payments (variation
margin) are made or received by the portfolios each day.
The variation margin payments are equal to the daily
changes in the contract value and are recorded as
unrealized gains and losses. The portfolios recognize a
realized gain or loss when the contract is closed or
expires.
Foreign currency translations and forward foreign
currency contracts
Securities and other assets and liabilities denominated
in foreign currencies are translated daily into U.S.
dollars at the closing rate of exchange. Foreign
currency amounts related to the purchase or sale of
securities, income and expenses are translated at the
exchange rate on the transaction date. It is not
practicable to identify that portion of realized and
unrealized gain (loss) arising from changes in the
exchange rates from the portion arising from changes in
the market value of investments.
The Equity, Income, Managed and International Equity
Portfolios also may enter into forward foreign currency
exchange contracts for operational purposes and to
protect against adverse exchange rate fluctuation. The
net U.S. dollar value of foreign currency underlying all
contractual commitments held by the portfolios and the
resulting unrealized appreciation or depreciation are
determined using foreign currency exchange rates from an
independent pricing service. The portfolios are subject
to the credit risk that the other party will not
complete the obligations of the contract.
Illiquid securities
At Oct. 31, 1994, investments in securities for Managed
Portfolio included issues that are illiquid. The
portfolios currently limit investments in illiquid
securities to 10 % of the net assets, at market value,
at the time of purchase. The aggregate value of such
securities at Oct. 31, 1994 was $1,387,500 which
represents .69% of net assets for Managed Portfolio.
Pursuant to guidelines adopted by the board of
directors, certain unregistered securities are
determined to be liquid and are not included within the
10 % limitation specified above.
Federal income taxes
Since the Fund's policy is to comply with all
requirements of the Internal Revenue Code applicable to
regulated investment companies and to distribute all of
its taxable income to shareholders, no provision for
income taxes is required. Each Portfolio is treated as
a separate entity for federal income tax purposes.
Net investment income (loss) and net realized gains
(losses) differ for financial statement and tax purposes
primarily because of wash sale transactions, foreign
currency exchange rates and the timing and amount of
market discount recognized as ordinary income. The
character of distributions made during the year from net
investment income or net realized gains may differ from
their ultimate characterizations for federal income tax
purposes. Also, due to the timing of dividend
distributions, the fiscal year in which amounts are
distributed may differ from the year that the income or
realized gains are recorded by the portfolios.
Dividends
At Oct. 31, 1994, dividends declared of $.03 per share
for Equity, $.06 for Income, $.004 for Money Market,
$.10 for Managed and $.05 for Government Securities
Portfolios were payable Nov. 1, 1994. Distributions to
shareholders are recorded as of the close of business on
the record date and are payable on the first business
day following the record date. Dividends from net
investment income are declared daily and distributed
monthly for the Money Market, Income and Government
Securities Portfolios and declared and distributed
quarterly for Equity, Managed and International Equity
Portfolios. Capital gain distributions (if any) will be
made annually. However, additional capital gain
distributions may be made periodically during the fiscal
year in order to comply with the Internal Revenue Code
as applicable to regulated investment companies.
Other
Security transactions are accounted for on the date
securities are purchased or sold. Dividend income is
recognized on the ex-dividend date and interest income,
including level-yield amortization of premium and
discount, is accrued daily.
2. Investment management and services agreement
The fund has an Investment Management and Services
Agreement with IDS Life. For its services, IDS Life is
paid a fee based on the aggregate average daily net
assets of each of the portfolios. The fee is 0.7 % on
an annual basis for Equity, Income, Managed and
Government Securities Portfolios. For Money Market
Portfolio the fee is 0.5 % on an annual basis. For
International Equity Portfolio the fee is 0.95% on an
annual basis.
IDS Life and IDS Financial Corporation Inc. (IDS) have
an Investment Advisory Agreement that calls for IDS Life
to pay IDS a fee for investment advice about the fund's
portfolios. The fee paid by IDS Life is 0.25 % of
Equity, Income, Money Market, Managed and Government
Securities Portfolios' average daily net assets for the
year. The fee paid by IDS Life is 0.50% of International
Equity Portfolio's average daily net assets for the
year.
In addition to paying its own management fee, each
portfolio also pays its taxes, brokerage commissions and
nonadvisory expenses. Expenses that relate to a
particular portfolio, such as custodian fees and
registration fees for shares, are paid by that
Portfolio. Other expenses are allocated to the
portfolios in an equitable manner as determined by the
Fund's board. Each portfolio also pays custodian fees
to IDS Trust Company, an affiliate of IDS Life.
The Investment Management and Services Agreement
provides that IDS Life will reimburse the portfolio, if
in any year the aggregate ordinary operating expenses of
any portfolio exceed the most restrictive expense
limitations then in effect under any state securities
law or the regulations thereunder. However, commencing
April 5, 1989, IDS Life has voluntarily agreed to
reimburse each portfolio for operating expenses,
excluding the investment management and services fees,
which exceed 0.1 % on an annual basis of average daily
net assets of each portfolio.
3. Securities transactions
For the six months ended Oct. 31, 1994, cost of purchases
and proceeds from sales of securities aggregated
$37,380,081 and $37,329,169 for Money Market Portfolio;
cost of purchases and proceeds from sales of securities
(other than short-term obligations) aggregated
$123,373,668 and $83,774,439 for Equity, $14,767,499 and
$4,253,662 for Income, $82,996,959 and $97,815,026 for
Managed and $1,956,545 and $48,438 for Government
Securities Portfolios. Realized gains and losses are
determined on the basis of identified costs.
Brokerage commissions paid to brokers affiliated with IDS
Life were $16,176 and $5,239 for Equity Portfolio and
Managed Portfolio, respectively, for the six months
ended Oct. 31, 1994.
4. Forward foreign currency contracts
At Oct. 31, 1994, Managed Portfolio had entered into a
forward foreign currency exchange contract that
obligates the portfolio to deliver currency at a
specified future date. The unrealized depreciation of
$102 on this contract is included in the accompanying
financial statements. The terms of the open contract
are as follows:
<TABLE>
<CAPTION>
U.S. Dollar Value U.S. Dollar Value
Currency toas of Currency to as of
Exchange Datebe deliveredOct. 31, 1994 be received Oct. 31,
1994
_________________________________________________________________
___________________
<S> <C> <C> <C> <C>
Nov. 03, 1994 174,846 $ 174,846 600,595 $ 174,744
U.S. Dollar Mexican Peso
_________________________________________________________________
___________________</TABLE>
5. Options contracts written
The number of contracts and premium amounts associated
with option contracts written by Managed Portfolio
during the six months ended Oct. 31, 1994, is as
follows:
<TABLE>
<CAPTION>
Puts Calls
Contracts Premium Contracts Premium
_________________________________________________________________
___________________<S> <C> <C> <C> <C>
Balance April 30, 1994 --$ -- --$ --
_________________________________________________________________
___________________Opened16,730 1,133,827 8,850 1,071,062
Closed (4,150) (382,134) (4,900) (649,298)
Exercised (250) (24,374) (2,450) (189,353)
Expired (6,480) (401,605) (600) (55,592)
_________________________________________________________________
___________________Balance Oct. 31, 19945,850$ 325,714 900 $ 176,819
_________________________________________________________________
___________________</TABLE>
The value of the put options written as of Oct. 31, 1994 are
covered by cash and cash equivalents of $9,346,000.
6. Stock index futures contracts
At Oct. 31, 1994, investments in securities in Managed Portfolio
included securities valued at $492,935 that were pledged
as collateral to cover initial margin deposits on 10
purchase contracts. The market value of the open
contracts at Oct. 31, 1994 was $1,279,500 with a net
unrealized gain of $23,000.
7. Capital share transactions
Transactions in shares of each Portfolio for the six
months ended Oct. 31, 1994 and
the year ended April 30, 1994 were as follows:
<TABLE>
<CAPTION>
Number of shares: Six months ended Oct. 31, 1994
Money Government International
Equity Income Market ManagedSecurities Equity
PortfolioPortfolioPortfolioPortfolioPortfolioPortfolio*
_______________________________________________________________________
______________________<S> <C> <C> <C> <C> <C>
<C>
Shares at beginning of period8,391,2593,476,3359,557,74711,604,8071,132,254 --
_______________________________________________________________________
______________________Sold1,989,423281,6033,321,8622,177,28184,39118,479
Issued for reinvested
distributions 28,408 130,596 191,727 179,471 32,800 --
Redeemed (112,594)(224,074)(3,265,371)(183,792)(86,848) --
_______________________________________________________________________
______________________Net increase1,905,237188,125248,2182,172,96030,343 18,479
_______________________________________________________________________
______________________Shares at end of period10,296,4963,664,4609,805,965 13,777,767
1,162,597 18,479
_______________________________________________________________________
______________________
*Period from Oct. 28, 1994 (commencement of operations) to Oct. 31,
1994.
</TABLE>
<TABLE>
<CAPTION>
Number of shares Year ended April 30, 1994
_______________________________________________________________________
_________________
Money Government
Equity Income Market ManagedSecurities
PortfolioPortfolioPortfolioPortfolioPortfolio
_______________________________________________________________________
_________________
<S> <C> <C> <C> <C> <C>
Shares at beginning of year5,202,534 2,222,1588,180,775 7,237,215 912,972
_______________________________________________________________________
_________________
Sold 2,513,413 1,279,8995,854,806 3,372,853 306,174
Issued for reinvested distributions 872,481 189,664 215,404 1,316,899 68,402
Redeemed (197,169) (215,386) (4,693,238) (322,160)
(155,294)
_______________________________________________________________________
_________________
Net increase 3,188,725 1,254,177 1,376,972 4,367,592 219,282
_______________________________________________________________________
_________________
Shares at end of year8,391,2593,476,3359,557,74711,604,8071,132,254
_______________________________________________________________________
_________________
</TABLE>
8. Tax loss carryforward
For federal income tax purposes, Income Portfolio and
Money Market Portfolio had capital loss carryovers at
April 30, 1994 of $1,364 and $174, respectively, which,
if not offset by subsequent capital gains, will expire
in 1997 through 2001. It is unlikely the board of
directors will authorize a distribution of any net
realized gain for a Portfolio until the capital loss
carryover has been offset or expires.
PAGE
<TABLE>
<CAPTION>
9. Financial highlights
The tables below show certain important financial
information
for evaluating each portfolio's results.
Fiscal period ended April 30,
Per share income and capital changes*
Equity Portfolio1994** 1994 1993 1992 1991 1990 1989 1988 1987 1986***
______________________________________________________________________
____________________________________________
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period$18.10$16.87$16.01$13.94$12.77$12.16$10.79$12.05$ 9.94$10.00
______________________________________________________________________
____________________________________________
Income (loss) from investment operations:
Net investment income.05 .06 .03 .03 .13 .35 .36 .15 .16 .13
Net gains (losses) on
securities (both realized
and unrealized .91 3.26 1.40 2.90 2.09 .61 1.37 (1.13) 2.17 (.06)
______________________________________________________________________
____________________________________________
Total from investment
operations .96 3.32 1.43 2.93 2.22 .96 1.73 (0.98) 2.33 .07
______________________________________________________________________
____________________________________________
Less distributions:
Dividends from net
investment income(.05) (.06)(.03) (.03) (.13) (.35) (.36) (.15)(.16) (.13)
Distributions from
realized gains --(2.03)(.54) (.83) (.92) - - (.13)(.06) -
______________________________________________________________________
____________________________________________
Total distributions(.05)(2.09)(.57)(.86)(1.05) (.35) (.36) (.28)(.22) (.13)
______________________________________________________________________
____________________________________________
Net asset value, end of period$19.01$18.10$16.87$16.01$13.94$12.77$12.16$10.79 $12.05
$ 9.94
______________________________________________________________________
____________________________________________
Ratios/supplemental data
1994** 1994 1993 1992 1991 1990 1989 1988 19871986***
______________________________________________________________________
____________________________________________
Net assets, end of period
(in thousands)$195,727$151,860$87,742$55,265$33,933$16,355$11,620$7,247$2,984 $211
Ratio of expenses to average
daily net assets.80%++ .75% .79% .80% .80%+ .80%+ .80%+ 1.10%1.23% .95%++
Ratio of net income to average
daily net assets.63%++ .33% .21% .17% 1.03% 2.61% 3.32% 1.21%1.40%3.83%++
Portfolio turnover rate
(excluding short-term
securities) 68% 109% 81% 52% 79% 190% 48% 57% 57% 15%
Total return+++ 5.21%19.72%8.92% 21.06%18.55% 7.84%16.18%(8.04)%23.66%.69%****
*For a share outstanding throughout the period. Rounded to the
nearest cent.
** Six months ended Oct. 31, 1994 (Unaudited).
***Commencement of operations. Period from Jan. 20, 1986 to April
30, 1986.
****For the period from Jan. 20, 1986 to April 30, 1986, the
annualized total return is 2.50%.
+Commencing on May 1, 1989, IDS Life voluntarily limited total
operating expenses to 0.8% of average daily net assets. Had IDS
Life not done so, the ratio of expenses to average daily net
assets would have been 0.86% and 0.90% for the years ended
April 30, 1991 and 1990, respectively.
++Adjusted to an annual basis.
+++Total return does not reflect the expenses that apply to the
subaccounts or the policies.
</TABLE>
PAGE
<TABLE>
<CAPTION>
Financial highlights
Fiscal period ended April 30,
Per share income and capital changes*
Income Portfolio1994** 1994 1993 1992 1991 1990 1989 1988 1987 1986***
______________________________________________________________________
____________________________________________
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period$9.71$10.19$ 9.40$9.19$8.55$8.93 $9.05 $9.42$10.35 $10.00
______________________________________________________________________
____________________________________________
Income (loss) from investment operations:
Net investment income.35 .71 .76 .73 .75 .75 .70 .68 .74 .35
Net gains (losses) on
securities (both realized
and unrealized) (.34) (.48) .80 .21 .64(.40) (.12) (.37) (.93) .35
______________________________________________________________________
____________________________________________
Total from investment
operations .01 .23 1.56 .94 1.39 .35 .58 .31 (.19) .70
______________________________________________________________________
____________________________________________
Less distributions:
Dividends from net
investment income(.35) (.71)(.77) (.73) (.75)(.73) (.70) (.68) (.74) (.35)
______________________________________________________________________
____________________________________________
Net asset value, end of period$9.37$ 9.71$10.19$9.40$9.19 $8.55 $8.93 $9.05 $ 9.42 $10.35
______________________________________________________________________
____________________________________________
Ratios/supplemental data
1994** 1994 1993 1992 1991 1990 1989 1988 1987 1986***
______________________________________________________________________
____________________________________________
Net assets, end of period
(in thousands) $34,329$33,770$22,641$16,306$11,949$8,831$6,203$4,456$
2,397 $215
Ratio of expenses to average
daily net assets.80%++ .80%.80%+ 80%+ .80%+.80%+ 1.11% 1.13% 1.72% .68%++
Ratio of net income to
average daily net assets7.29%++6.83%7.66%7.86%8.41% 8.02% 7.87% 7.50% 6.27% 13.99%++
Portfolio turnover rate (excluding
short-term securities) 14% 60% 47% 75% 55% 60% 99% 64% 38% -
Total return+++ 0.00% 2.12%17.17%10.60%16.77%3.75% 6.70% 3.59%(1.58)%6.98%****
*For a share outstanding throughout the period. Rounded to the
nearest cent.
** Six months ended Oct. 31, 1994 (Unaudited).
***Commencement of operations. Period from Jan. 20, 1986 to April
30, 1986.
**** For the period from Jan. 20, 1986 to April 30, 1986, the
annualized total return is 25.49%.
+Commencing on May 1, 1989, IDS Life voluntarily limited total
operating expenses to 0.8% of average daily net assets. Had
IDS Life not done so, the ratio of expenses to average daily
net assets would have been 0.83%, 0.88%, 0.93% and 0.96% for
the years ended April 30, 1993, 1992, 1991 and 1990,
respectively.
++Adjusted to an annual basis.
+++Total return does not reflect the expenses that apply to the
subaccounts or the policies.
</TABLE>
PAGE
<TABLE>
<CAPTION>
Financial highlights
Fiscal period ended April 30,
Per share income and capital changes*
Money Market Portfolio 1994** 1994 1993 1992 1991 1990 1989 1988 1987 1986***
______________________________________________________________________
____________________________________________
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period$1.00$1.00 $1.00 $1.00$1.00 $1.00$1.00 $1.00$1.00 $1.00
______________________________________________________________________
____________________________________________
Income from investment operations:
Net investment income.02 .03 .03 .05 .07 .08 .07 .06 .05 .02
______________________________________________________________________
____________________________________________
Total from investment
operations .02 .03 .03 .05 .07 .08 .07 .06 .05 .02
______________________________________________________________________
____________________________________________
Less distributions:
Dividends from net
investment income(.02) (.03) (.03) (.05)(.07) (.08)(.07) (.06)(.05) (.02)
______________________________________________________________________
____________________________________________
Net asset value, end of period$1.00 $1.00$1.00 $1.00$1.00 $1.00$1.00 $1.00 $1.00 $1.00
______________________________________________________________________
____________________________________________
Ratios/supplemental data
1994** 1994 1993 1992 1991 1990 1989 1988 1987 1986***
______________________________________________________________________
____________________________________________
Net assets, end of period
(in thousands) $9,805 $9,557$8,181$9,771$9,596$6,321$4,721$2,748$1,
007 $199
Ratio of expenses to
average daily net assets.60%++.60%+ .60%+.60%+ .60%+.60%+1.10%+ .96% 1.35% .64%++
Ratio of net income to
average daily net assets3.90%++2.61%3.00%4.60% 7.06%8.26% 7.38%5.89% 4.46% 6.01%++
Total return+++ 1.94% 2.61% 3.04% 4.71%7.41% 8.61%7.52% 6.13%5.38%1.74%****
*For a share outstanding throughout the period. Rounded to the
nearest cent.
**Six months ended Oct. 31, 1994 (Unaudited).
***Commencement of operations. Period from Jan. 20, 1986 to
April 30, 1986.
**** For the period from Jan. 20, 1986 to April 30, 1986, the
annualized total return is 6.35%.
+Commencing on April 5, 1989, IDS Life voluntarily limited total
operating expenses to 0.6% of average daily net assets. Had
IDS Life not done so, the ratio of expenses to average daily
net assets would have been 0.74% for the six month period
ended Oct. 31, 1994, 0.71%, 0.74%, 0.75%, 0.86%, 0.96% and
1.35% for the years ended April 30, 1994, 1993, 1992, 1991,
1990 and 1989, respectively.
++Adjusted to an annual basis.
+++Total return does not reflect the expenses that apply to the
subaccounts or the policies.
</TABLE>
PAGE
<TABLE>
<CAPTION>
Financial highlights
Fiscal period ended April 30,
Per share income and capital changes*
Managed Portfolio1994**1994 1993 1992 1991 1990 1989 1988 19871986***
______________________________________________________________________
____________________________________________
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period$13.85 $13.84 $13.55$13.29$12.80$11.22$10.42$11.40 $10.06 $10.00
______________________________________________________________________
____________________________________________
Income (loss) from investment operation:
Net investment income.19 .42 .44 .48 .57 .57 .61 .42 .40 .18
Net gains (losses) on
securities (both realized
and unrealized) .74 1.40 1.44 1.87 1.90 1.58 .80(.84) 1.41 .06
______________________________________________________________________
____________________________________________
Total from investment
operations .93 1.82 1.88 2.35 2.47 2.15 1.41(.42) 1.81 .24
______________________________________________________________________
____________________________________________
Less distributions:
Dividends from net
investment income(.19) (.42) (.44) (.48)(.57) (.57)(.61) (.42) (.40) (.18)
Distributions from
realized gains - (1.39)(1.15)(1.61)(1.41) - -(.14) (.07) -
______________________________________________________________________
____________________________________________
Total distributions(.19) (1.81) (1.59)(2.09)(1.98) (.57)(.61) (.56) (.47) (.18)
______________________________________________________________________
____________________________________________
Net asset value, end of
period $14.59 $13.85$13.84$13.55$13.29$12.80$11.22$10.42$11.40 $10.06
Ratios/supplemental data
1994** 1994 1993 1992 1991 1990 1989 1988 19871986***
Net assets, end of period
(in thousands)$201,020 $160,706$100,139$72,366$51,442$32,725$25,807$21,901 $10,779
$588
Ratio of expenses to
average daily net assets.80%++ .77% .79% .80% .80%+.80%+ .72%+ 1.03% 1.30%
.68%++
Ratio of net income to
average daily net assets2.85%++ 2.83% 3.15%3.40% 4.38%4.54% 5.76% 3.86% 3.53%
6.41%++
Portfolio turnover rate
(excluding short-term
securities) 59% 106% 118% 122% 71% 107% 58% 67% 43% -
Total return+++6.79% 13.30%14.03%17.84%20.18%19.37%13.88%(3.57%)18.32%2.38%****
*For a share outstanding throughout the period. Rounded to the
nearest cent.
**Six months ended Oct. 31, 1994 (Unaudited).
***Commencement of operations. Period from Jan. 20, 1986 to
April 30, 1986.
****For the period from Jan. 20, 1986 to April 30, 1986, the
annualized total return is 8.71%.
+Commencing on April 5, 1989, IDS Life voluntarily limited total
operating expenses to 0.8% of average daily net assets. Had
IDS Life not done so, the ratio of expenses to average daily
net assets would have been 0.81%, 0.82% and 0.84% for the
years ended April 30, 1991, 1990 and 1989 respectively.
++Adjusted to an annual basis.
+++Total return does not reflect the expenses that apply to the
subaccounts or the policies.
</TABLE>
PAGE
<TABLE>
<CAPTION>
Financial highlights
Fiscal period ended April 30,
Per share income and capital changes*
Government Securities Portfolio
1994** 1994 1993 1992 1991 1990 1989 1988 1987 1986***
______________________________________________________________________
____________________________________________
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period $9.88 $10.54$ 9.69$9.44 $8.88 $8.97 $9.00$9.40$10.32 $10.00
______________________________________________________________________
____________________________________________
Income (loss) from investment operations:
Net investment income.28 .60 .63 .66 .67 .69 .64 .64 .66 .34
Net gains (losses) on
securities (both realized
and unrealized) (.26) (.56) .94 .28 .56 (.09) (.03)(.40) (.92) .32
______________________________________________________________________
____________________________________________
Total from investment
operations .02 .04 1.57 .94 1.23 .60 .61 .24 (.26) .66
______________________________________________________________________
____________________________________________
Less distributions:
Dividends from net
investment income(.28) (.60) (.63) (.66) (.67) (.69)(.64) (.64) (.66) (.34)
Distributions from
realized gains - (.10) (.09) (.03) - - - - - -
______________________________________________________________________
____________________________________________
Total distributions(.28) (.70) (.72) (.69) (.67) (.69)(.64) (.64) (.66) (.34)
______________________________________________________________________
____________________________________________
Net asset value, end of period$9.62 $ 9.88$10.54 $9.69$9.44 $8.88 $8.97 $9.00 $ 9.40
$10.32
______________________________________________________________________
____________________________________________
Ratios/supplemental data
1994** 1994 1993 1992 1991 1990 1989 1988 1987 1986***
______________________________________________________________________
____________________________________________
Net assets, end of period
(in thousands)$11,183 $11,185$9,619$7,853$6,314$3,184$2,773$2,170$1,2
30 $309
Ratio of expenses to
average daily net assets.80%++ .80%+ .80%+ .80%+ .80%+.80%+1.12%+ 1.13% 1.56% .68%++
Ratio of net income to
average daily net assets5.67%++ 5.59% 6.10% 6.79% 7.24%7.34% 7.19% 7.04% 5.90% 1.47%++
Portfolio turnover rate
(excluding short-term
securities) 1% 32% 15% 11% 18% 18% 14% 13% 43% -
Total return+++ 0.17% 0.16%16.58%10.20%14.30% 6.50% 7.12%2.77%(2.73)%6.60%****
*For a share outstanding throughout the period. Rounded to the
nearest cent.
**Six months ended Oct. 31, 1994 (Unaudited).
***Commencement of operations. Period from Jan. 20, 1986 to
April 30, 1986.
****For the period from Jan. 20, 1986 to April 30, 1986, the
annualized total return is 24.09%.
+Commencing on April 5, 1989, IDS Life voluntarily limited total
operating expenses to 0.8% of average daily net assets. Had
IDS Life not done so, the ratio of expenses to average daily
net assets would have been 0.92% for the six month period
ended Oct. 31, 1994, 0.85%, 0.88%, 0.92%, 1.08%, 1.12% and
1.21% for the years ended April 30, 1994, 1993, 1992, 1991,
1990 and 1989 respectively.
++Adjusted to an annual basis.
+++Total return does not reflect the expenses that apply to the
subaccounts or the policies.
</TABLE>
PAGE
<TABLE>
<CAPTION>
Financial highlights
Fiscal period ended Oct. 31,
Per share income and capital changes*
International Equity Portfolio
1994**
______________________________________________________________________
____________________________________________
<S> <C>
Net asset value, beginning
of period $10.00
______________________________________________________________________
____________________________________________
Income (loss) from investment operations:
Net investment income --
Net gains (losses) on
securities (both realized
and unrealized) --
______________________________________________________________________
____________________________________________
Total from investment
operations --
______________________________________________________________________
____________________________________________
Less distributions:
Dividends from net
investment income --
Distributions from
realized gains --
______________________________________________________________________
____________________________________________
Total distributions --
______________________________________________________________________
____________________________________________
Net asset value, end of period $10.00
______________________________________________________________________
____________________________________________
Ratios/supplemental data
1994**
______________________________________________________________________
____________________________________________
Net assets, end of period
(in thousands) $185
Ratio of expenses to
average daily net assets --
Ratio of net income to
average daily net assets --
Portfolio turnover rate
(excluding short-term
securities) --
Total return --
*For a share outstanding throughout the period. Rounded to the
nearest cent.
**Commencement of operations. Period from Oct. 28, 1994 to Oct.
31, 1994 was too short to do any meaningful calculations.
</TABLE>
PAGE
<TABLE>
<CAPTION>
IDS Life Series Fund, Inc. (Percentages represent
Oct. 31, 1994 (Unaudited) value of investments
Equity Portfolio compared to net assets)
Common stocks (80.3%)
Issuer Shares Value(a)
_________________________________________________________________
_________________________
<S> <C> <C>
Automotive related (0.9%)
Lund International Holdings 55,000(b) 1,031,250
Tower Auto 70,000(b) 717,500
Total 1,748,750
_________________________________________________________________
_________________________
Banks and savings & loans (1.0%)
Roosevelt Financial Group 135,000 2,041,875
_________________________________________________________________
_________________________
Building materials (0.3%)
American Home Star 60,000(b) 626,250
_________________________________________________________________
_________________________
Chemicals (0.7%)
Methanex 85,000(b) 1,275,000
_________________________________________________________________
_________________________
Computers & office equipment (19.6%)
Adobe Systems 55,000 1,087,500
American Management Systems 45,000(b) 714,375
American Power Conversion 50,000(b) 1,980,000
Affiliated Computer Services Class A 50,000(b) 925,000
BISYS Group 90,000(b) 1,968,750
Banyan Systems 55,000(b) 948,750
Broadway & Seymour 190,000(b) 3,657,500
Brock Control Systems 70,000(b) 682,500
Ceridian 40,000 1,040,000
Cisco Systems 135,000(b) 4,066,875
Cognex 45,000(b) 1,102,500
Compuware 40,000(b) 1,565,000
EMC 45,000(b) 967,500
International Imaging Materials 40,000(b) 1,000,000
KnowledgeWare 80,000(b) 320,000
Komag 75,000(b) 1,864,453
Lotus Development 20,000(b) 765,000
Microdyne 55,000(b) 446,875
Parametric Technology 70,000(b) 2,520,000
Reynolds & Reynolds Class A 56,000 1,393,000
Sanmina 65,000(b) 1,454,375
Spectrum Holobyte 75,000(b) 1,031,250
Synopsys 35,000(b) 1,614,375
Tech Data 80,000(b) 1,580,000
3Com 35,000(b) 1,408,750
VMARK Software 50,000(b) 812,500
Wall Data 40,000(b) 1,450,000
Total 38,366,828
___________________________________________________
_______________________________________
Electronics (10.3%)
Atmel 40,000(b) 1,475,000
Cherry 62,000(b) 976,500
Credence Systems 49,000(b) 1,249,500
Fusion Systems 50,500(b) 1,754,875
Harman International 33,000 1,179,750
Lam Research 28,000(b) 1,260,000
Linear Technology 25,000 1,200,000
Medar 90,000(b) 1,226,250
Metrologic Technology 40,000(b) 510,000
Micro-Chip 27,000(b) 1,265,625
Quad Systems 70,000(b) 980,000
Quickturn Design Systems 80,000(b) 900,000
Standard Microsystems 110,000(b) 2,701,875
Ultratech Stepper 33,000(b) 1,295,250
Xilinx 25,700(b) 1,493,813
Zilog 26,400(b) 759,000
Total 20,227,438
_________________________________________________________________
_________________________
Energy (0.5%)
Ziegler Coal Holdings 63,000(b) 874,125
_________________________________________________________________
__________________________
Energy equipment & services (0.6%)
Corrpro 80,000(b) 1,250,000
_________________________________________________________________
__________________________
Financial services (1.4%)
ADVANTA Class A 33,000 940,500
Comdata Holdings 65,000(b) 763,750
Regional Acceptance 80,000(b) 1,040,000
Total 2,744,250
_________________________________________________________________
__________________________
Foreign (2.9%)
BioChem Pharmaceutical 60,000(b) 670,956
Mutual Risk Management 40,000 1,095,000
Natuzzi 50,000 1,612,500
Petroleum Geo Services ADS 50,000(b) 1,265,625
Renaissance Energy 45,000(b) 1,043,860
Total 5,687,941
_________________________________________________________________
__________________________
Health care (4.5%)
Anesta 40,000(b) 255,000
Centocor 45,000(b) 795,938
Ethical Holdings 85,000(b) 605,625
Heart Technology 40,000(b) 955,000
IDEXX Laboratories 110,000(b) 3,107,500
Interpore International 70,000(b) 612,500
Thermedics 60,000(b) 907,500
Ventritex 60,000(b) 1,560,000
Total 8,799,063
_________________________________________________________________
__________________________
Health care services (10.0%)
Beverly Enterprises 85,000(b) 1,285,625
Cardinal Distribution 50,000 2,337,500
Columbia Healthcare 28,000 1,165,500
Equity Corp International 60,000(b) 825,000
HEALTHSOUTH Rehabilitation 40,000(b) 1,520,000
Manor Care 35,000 962,500
Medaphis 100,000(b) 3,812,500
Mid Atlantic Medical Services 50,000(b) 1,156,250
North American Biological 80,000(b) 610,000
PhyCor 42,000(b) 1,438,500
Quantum Health Resources 40,600(b) 1,492,050
Sierra Health Services 40,000(b) 1,300,000
Surgical Care Affiliates 55,000 1,079,375
Tokos Medical 75,000(b) 534,375
Total 19,519,175
_________________________________________________________________
__________________________
Industrial machines & services (3.2%)
Blount Class A 50,000 2,131,250
Blyth Industries 43,000(b) 989,000
Greenfield Industries 75,000 1,781,250
Owosso 60,000(b) 735,000
Triple S Plastics 55,000(b) 687,500
Total 6,324,000
_________________________________________________________________
___________________________
Industrial transportation (1.2%)
American Freightways 50,000(b) 1,062,500
Feather Light 65,000(b) 503,750
Miller Industries 55,000(b) 825,000
Total 2,391,250
_________________________________________________________________
___________________________
Leisure time & entertainment (3.5%)
Autotote Class A 100,000(b) 1,750,000
Callaway Golf 30,000 1,147,500
Primadonna Resorts 40,000(b) 1,270,000
Promus 25,000(b) 740,625
Scientific Games Holdings 45,000(b) 1,980,000
Total 6,888,125
_________________________________________________________________
___________________________
Media (1.2%)
DIMAC 75,000(b) 909,375
Hollywood Entertainment 45,000(b) 1,440,000
Total 2,349,375
_________________________________________________________________
___________________________
Metals (1.7%)
Alumax 15,600(b) 464,100
Gibralter Steel 70,000(b) 717,500
Imco Recycling 60,000(b) 870,000
Nucor 20,000 1,235,000
Total 3,286,600
_________________________________________________________________
___________________________
Multi-industry (2.0%)
Career Horizons 55,000(b) 1,031,250
Manpower 50,000 1,456,250
PMT Services 80,000(b) 800,000
Wackenhut 40,000 600,000
Total 3,887,500
_________________________________________________________________
___________________________
Paper & packaging (0.6%)
Crown Cork & Seal 30,000(b) 1,166,250
_________________________________________________________________
___________________________
Restaurants (1.3%)
Hospitality Franchise Systems 50,000(b) 1,362,500
Outback Steakhouse 40,000(b) 1,235,000
Total 2,597,500
_________________________________________________________________
___________________________
Retail (5.0%)
Alliance Entertainment 170,000(b) 956,250
Barnes & Noble 40,000(b) 1,135,000
Best Buy 50,000(b) 1,887,500
Central Tracor Farms Country 50,000(b) 812,500
Department 56 50,000(b) 1,831,250
Fred Meyer 50,000(b) 1,612,500
Insty-Print 70,000(b) 297,500
Viking Office Products 40,000(b) 1,240,000
Total 9,772,500
_________________________________________________________________
___________________________
Telecommunication equipment & services (5.4%)
BroadBand Technologies 20,000(b) 517,500
DSC Communications 50,000 1,537,500
EIS International 90,000(b) 1,248,750
International Cabletel 20,000(b) 620,000
InterVoice 85,000(b) 1,328,125
MFS Communications 20,000(b) 740,000
Nokia Preferred 35,000 2,629,375
Pair-Gain Technologies 33,000(b) 511,500
Transaction Network 65,000(b) 853,125
Video Telecommunications 65,000(b) 503,750
Total 10,489,625
_________________________________________________________________
____________________________
Textiles & apparel (2.3%)
Authentic Fitness 62,000(b) 937,750
Conso Products 65,000(b) 958,750
Donnkenny 80,000(b) 1,660,000
Nautica Enterprises 35,000(b) 1,015,000
Total 4,571,500
_________________________________________________________________
____________________________
Miscellaneous (0.2%)
Netrix 55,000(b) 343,750
_________________________________________________________________
____________________________
Total common stocks
(Cost: $131,644,868) $157,228,670
_________________________________________________________________
____________________________
</TABLE>
<TABLE>
<CAPTION>
Short-term securities (19.8%)
Annualized Amount Value(a)
yield on payable at date of
maturity
purchase
_________________________________________________________________
____________________________
<S> <C> <C> <C>
Commercial paper (19.8%)
Agic
11-16-94 5.02 3,200,000(c) 3,193,333
AT&T
11-02-94 4.92 500,000 499,932
CPC International
12-08-94 5.19 1,900,000(c) 1,889,943
Ciesco
11-09-94 4.81 1,000,000 998,746
11-08-94 4.83 4,000,000 3,996,267
Commercial Credit
11-08-94 5.12 900,000 899,107
Fleet Funding
11-22-94 4.91 2,800,000(c) 2,791,997
12-13-94 5.07 1,000,000(c) 994,132
Ford Motor Credit
11-08-94 4.83 1,100,000 1,098,973
J.C. Penney Funding
11-21-94 4.90 2,600,000 2,592,951
Melville
11-21-94 4.88 5,000,000 4,985,408
Metlife Funding
11-09-94 4.79 3,825,000 3,819,795
Nestle Capital
11-29-94 4.92 1,200,000 1,195,417
Sysco
11-18-94 4.92 3,700,000(c) 3,691,439
Toyota Motor Credit
11-01-94 4.97 1,300,000 1,300,000
U.S. West Communications Group
01-24-95 5.54 4,800,000 4,735,819
Total 38,683,259
_________________________________________________________________
____________________________
Total short-term securities
(Cost: $38,688,685) $ 38,683,259
_________________________________________________________________
____________________________
Total investments in securities
(Cost: $170,333,553)(d) $195,911,929
_________________________________________________________________
____________________________
</TABLE>
Notes to investments in securities
(a) Securities are valued by procedures described in Note 1 to
the financial statements.
(b) Presently non-income producing.
(c)Commercial paper sold within terms of a private placement
memorandum, exempt from registration under section 4(2) of the Securities Act
of 1933,as amended, and may be sold only to dealers in that program or other
"accredited investors." These securities have been determined to be liquid
under guidelines established by the board of directors.
(d)At Oct. 31, 1994, the cost of securities for federal income
tax purposes was approximately $170,334,000 and the approximate
aggregate gross unrealized appreciation and depreciation based on
that cost was:
<TABLE>
<CAPTION>
<S> <C>
Unrealized appreciation $28,051,000
Unrealized depreciation (2,473,000)
_________________________________________________________________
__________________________
Net unrealized appreciation $25,578,000
_________________________________________________________________
__________________________
</TABLE>
PAGE
<TABLE>
<CAPTION>
IDS Life Series Fund, Inc. (Percentages represent
Oct. 31, 1994 (Unaudited) value of investments
Income Portfolio compared to total net assets)
Bonds (90.6%)
Issuer Coupon Maturity Principal Value(a)
rate year amount
_________________________________________________________________
________________________
<S> <C> <C> <C> <C>
U.S government obligations (14.3%)
U.S. Treasury Notes 5.50% 1996 $1,500,000 $1,477,875
6.50 1999 2,000,000 1,931,440
6.875 1997 1,500,000 1,497,105
Total 4,906,420
_________________________________________________________________
_________________________
Mortgage backed securities (20.8%)
Federal Home Loan Mtge Corp 7.00% 2008 1,009,225 959,079
8.00 2017-22 2,485,841 2,403,498
Collateralized Mtge Obligation 8.00 2020185,000 174,244
8.50 2022 1,000,000 968,510
Federal Natl Mtge Assn 6.00 2024 1,004,103 855,998
8.00 2021 524,579 506,874
8.50 2023 916,577 908,843
Collateralized Mtge Obligation 8.00 2021376,344 358,102
Total 7,135,148
_________________________________________________________________
_________________________
Aerospace & defense (0.3%)
AEC Acquisition
Sr Sub 10.00 2003 100,000 95,750
_________________________________________________________________
_________________________
Airlines (0.3%)
AMR 9.50 2001 100,000 101,250
_________________________________________________________________
_________________________
Automotive (3.2%)
Exide 10.75 2002 100,000 104,500
GMAC 6.05 1996 1,000,000 986,250
Total 1,090,750
_________________________________________________________________
_________________________
Banks and savings & loans (5.7%)
Banca Comm Italy 8.25 2007 300,000 285,750
Bankers Trust 7.50 2002 300,000 288,375
Barclays NA Capital 9.75 2021 300,000 317,250
Chrysler Building NY 9.125 1999 40,000 42,050
Citicorp 8.00 2003 300,000 292,500
Corestates Capital 9.375 2003 200,000 212,000
Fleet Norstar Financial 9.00 2001 200,000 206,750
Midlantic 9.20 2001 300,000 310,500
Total 1,955,175
_________________________________________________________________
_________________________
Beverages & tobacco (1.2%)
Dr. Pepper/7Up
Zero Coupon Cv 11.50 1997 71,000(e) 57,332
RJR Nabisco 8.625 2002 300,000 277,875
Royal crown
Sr Nts 9.75 2000 100,000 92,000
Total 427,207
_________________________________________________________________
_________________________
Building materials (1.1%)
Owens Corning Fiberglass 9.375 2012 100,000 101,000
Pulte 7.00 2003 300,000 262,875
Total 363,875
_________________________________________________________________
_________________________
Chemicals (0.7%)
B.F. Goodrich 9.625 2001 150,000 153,562
Uniroyal Chemical
Sr Nts 10.50 2002 100,000 101,000
Total 254,562
_________________________________________________________________
_________________________
Electronics (1.1%)
Magnetek 10.75 1998 100,000 101,750
Reliance Electric 6.80 2003 300,000 270,750
Total 372,500
_________________________________________________________________
_________________________
Energy (2.1%)
BP North America 9.50 1998 60,000 63,075
Clark Oil 9.50 2004 100,000 98,375
10.50 2001 100,000 103,750
USX 9.375 2022 300,000 292,125
9.80 2001 150,000 156,000
Total 713,325
_________________________________________________________________
_________________________
Energy equipment & services (0.6%)
Global Marine
Sr Sub Nt 12.75 1999 100,000 108,625
McDermott 9.375 2002 100,000 104,625
Total 213,250
_________________________________________________________________
_________________________
Financial services (6.4%)
Avco Financial 7.25 1999 300,000 292,125
Carco Auto 7.875 1998 300,000 302,325
Corporate Property Investors 7.18 2013 300,000(c) 263,250
Countrywide Funding 8.42 1999 300,000 304,500
First Union 8.875 2003 100,000 83,125
General Electric Capital
Reset Nt 8.65 2018 200,000(f) 205,000
Goldman Sachs 7.125 2003 200,000(c) 180,250
Kearny (RE) LP Class B 6.55 2000 200,000 198,626
Kearny (RE) LP Class C 7.70 2001 100,000 99,469
Property Trust America 7.50 2014 300,000 260,250
Total 2,188,920
_________________________________________________________________
__________________________
Food (0.8%)
ARA Group
Sr Sub Deb 12.00 2000 75,000 79,500
Chiquita Brands 9.625 2004 100,000 95,375
Specialty Foods 10.25 2001 100,000(c) 94,000
Total 268,875
_________________________________________________________________
__________________________
Foreign (6.7%)(b)
Alcan Aluminum
(U.S. Dollar) 8.875 2022 200,000 194,750
Avenor (Can Pac For)
(U.S. Dollar) 9.375 2004 100,000 95,500
BNCE
(U.S. Dollar) 7.25 2004 100,000 81,750
Doman Industries
(U.S. Dollar) 8.75 2004 100,000 89,750
Guang Dong Enterprise
(U.S. Dollar) 8.75 2003 400,000(c) 361,000
Korean Electric Power
(U.S. Dollar) 8.00 2002 200,000 191,250
Petroleos Mexicanos
(U.S. Dollar) 8.625 2023 300,000 237,000
Qantas Air
(U.S. Dollar) 7.50 2003 300,000(c) 271,500
Republic of Argentina
(U.S. Dollar) 4.25 2023 250,000 116,250
Republic of Columbia
(U.S. Dollar) 7.25 2004 200,000 170,000
Republic of Italy
(U.S. Dollar) 6.875 2023 300,000 234,375
WMC Finance USA
(U.S. Dollar) 7.25 2013 300,000 252,000
Total 2,295,125
_________________________________________________________________
__________________________
Health care (0.8%)
Schering-Plough
Zero Coupon 7.26 1996 300,000(c,d)259,875
_________________________________________________________________
__________________________
Health care services (0.6%)
Healthtrust 10.75 2002 100,000 109,000
Hillhaven 10.125 2001 100,000 100,500
Total 209,500
_________________________________________________________________
__________________________
Household products (0.3%)
First Brands 9.125 1999 100,000 102,750
_________________________________________________________________
__________________________
Industrial transportation (0.4%)
Ryder Systems 9.25 2001 150,000 156,375
_________________________________________________________________
__________________________
Insurance (1.3%)
Americo Life 9.25 2005 100,000 88,375
Leucadia National
Sub Nts 10.375 2002 100,000 106,000
SunAmerica 8.125 2023 300,000 258,000
Total 452,375
_________________________________________________________________
___________________________
Leisure time & entertainment (1.4%)
Bally's Park Place 9.25 2004 100,000 82,625
Caesars World 8.875 2002 100,000 94,500
GB Property Funding
1st Mtge 10.875 2004 100,000 75,500
GNF Bally 10.625 2003 100,000 57,000
MGM Grand Hotel 12.00 2002 100,000 108,875
Showboat 9.25 2008 100,000 83,250
Total 501,750
_________________________________________________________________
___________________________
Media (2.8%)
Ackerley Communications
Sr Secured Nts 10.75 2003 100,000(c) 96,250
Adelphia Communications 11.875 2004 100,000 97,000
Cablevision Systems 10.75 2004 100,000 102,250
Continental Cablevision
Sr Deb 8.875 2005 100,000 89,625
Continental Cablevision
Sr Sub Deb 11.00 2007 100,000 101,000
Outdoor Systems
Sr Nts 10.75 2003 100,000 94,125
Time Warner Entertainment 8.375 2033 250,000 212,500
Turner Broadcasting
Sr Nts 8.375 2013 100,000 81,375
Viacom Int'l
Sr Sub 10.25 2001 100,000 102,750
Total 976,875
_________________________________________________________________
____________________________
Metals (0.8%)
Amax
Sr Nts 14.50 1994 150,000 150,750
Magma Copper 12.00 2001 100,000 108,750
Total 259,500
_________________________________________________________________
____________________________
Multi-industry (1.7%)
Coltec Industries 9.75 2000 100,000 100,500
Crane 7.25 1999 300,000 288,750
Fairchild 13.125 2006 65,000 59,800
Mark IV Industries 8.75 2003 100,000 91,000
Tally Industries
Zero Coupon 5.00 1998 100,000(e) 50,500
Total 590,550
_________________________________________________________________
____________________________
Natural gas (0.9%)
Southwest Gas 9.75 2002 100,000 99,375
Texas Gas Transmission 9.625 1997 100,000 101,375
Transcontinental Gas Pipeline 8.875 2002 100,000 98,625
Total 299,375
_________________________________________________________________
____________________________
Paper & packaging (3.6%)
Chesapeake 9.875 2003 100,000 107,375
Container Corp America 9.75 2003 100,000 96,500
Federal Paper Board 10.00 2011 100,000 107,125
International Paper 5.125 2012 85,000 58,863
Owens Illinois
Sr Sub Nts 11.00 2003 150,000 157,500
Pope & Talbot 8.375 2013 300,000 271,125
Repap Wisconsin
Sr Secured Nts 9.25 2002 100,000 90,875
Scotia Pacific Holding 7.95 2015 283,489 258,329
Silgan
Sr Sub Nts 11.75 2002 100,000 103,250
Total 1,250,942
_________________________________________________________________
____________________________
Restaurants & lodging (0.3%)
John Q Hammons Hotel
Sr Nts 8.875 2004 100,000 89,750
_________________________________________________________________
____________________________
Retail (3.3%)
Di Giorgio 12.00 2003 100,000 100,375
Farm Fresh 12.25 2000 100,000 86,500
Food4Less
Zero Coupon 15.25 1997 100,000(e) 72,500
Grand Union
Sr Nts 12.25 2002 100,000 69,500
J.C. Penney 9.05 2001 150,000 157,313
Levitz Furniture
Sr Nts 12.375 1997 100,000 105,000
Pathmark Stores 9.625 2003 100,000 88,500
Penn Traffic 9.625 2005 100,000 89,500
Penn Traffic
Sr Nts 10.25 2002 100,000 98,500
Safeway Stores 10.00 2001 100,000 105,750
Service Merchandise 9.00 2004 100,000 87,500
Stop & Shop 9.75 2002 75,000 77,625
Total 1,138,563
_________________________________________________________________
____________________________
Telecommunication equipment & services (0.2%)
NEXTEL Communications
Zero Coupon 9.75 1999 150,000(e) 67,500
_________________________________________________________________
____________________________
Textiles & apparel (0.3%)
Dominion Textiles 8.875 2003 100,000 93,000
_________________________________________________________________
____________________________
Utilities - electric (5.4%)
Arizona Public Service 8.00 2025 200,000 175,250
Commonwealth Edison 9.875 2020 200,000 205,250
Houston Industries 9.375 2001 150,000 156,938
Long Island Lighting 9.625 2024 300,000 272,250
Louisiana Power & Light 10.30 2005 100,000 105,250
Midland Cogeneration Venture 11.75 2005 100,000 96,500
North Atlantic Energy
1st Mtge 9.05 2002 100,000 97,375
Northeast Utilities 8.58 2006 200,000 195,250
Pennsylvania Power & Light
1st Mtge 9.25 2019 100,000 99,750
Sithe Independence Funding 9.00 2013 100,000 95,250
Texas New Mexico Power
1st Mtge 9.25 2000 100,000 99,000
Texas Utilities Electric 9.875 2019 100,000 107,000
Texas Utilities
1st Mtge 7.375 2025 200,000 164,750
Total 1,869,813
_________________________________________________________________
____________________________
Utilities - telephone (1.2%)
New York Telephone 9.375 2031 150,000 157,500
Pacific Bell Telephone 7.375 2043 300,000 252,375
Total 409,875
_________________________________________________________________
____________________________
Total bonds
(Cost: $32,384,480) $31,110,500
_________________________________________________________________
____________________________
</TABLE>
<TABLE>
<CAPTION>
Preferred stocks (0.5%)
Issuer Shares Value(a)
_________________________________________________________________
____________________________
<S> <C> <C>
First Chicago
2.88 % Cv 500
$ 25,250
National Health Investors
8.50 % Cv 2,000 48,750
Public Service of New Hampshire
10.60 % 3,500 88,585
Total 162,585
_________________________________________________________________
____________________________
Total preferred stocks $162,585
(Cost: $162,500)
_________________________________________________________________
____________________________
</TABLE>
<TABLE>
<CAPTION>
Short-term securities (6.4%)
Issuer Annualized Amount Value(a)
yield on payable at
date of maturity
purchase
_________________________________________________________________
_____________________________
<S> <C> <C> <C>
Commercial paper (6.4%)
CPC International
12-08-94 5.19 1,100,000 $1,094,178
USAA Capital
12-08-94 4.96 1,100,000 1,094,426
Total $2,188,604
_________________________________________________________________
_____________________________
Total short-term securities
(Cost: $2,188,604) $2,188,604
_________________________________________________________________
_____________________________
Total investments in securities
(Cost: $34,735,584)(g) $33,461,689
_________________________________________________________________
_____________________________
</TABLE>
Notes to investments in securities
(a) Securities are valued by procedures described in Note 1 to
the financial statements.
(b)Foreign securities values are stated in U.S. dollars;
principal amounts are denominated in the currency indicated.
(c)Represent securities sold under Rule 144A and are exempt from
registration under the Securities Act of 1933, as amended. These
securities has been determined to be liquid under guidelines
established by the board of directors.
(d) For zero coupon bonds, the interest rate disclosed
represents the annualized effective yield on the date of
acquisition.
(e) For zero coupon bonds, the interest rate disclosed
represents the annualized effective yield from the date of
acquisition to interest reset date disclosed.
(f) Interest rate varies, rate shown is the effective rate on
Oct. 31, 1994.
(g)At Oct. 31, 1994, the cost of securities for federal income
tax purposes was approximately $34,736,000 and the approximate
aggregate gross unrealized appreciation and depreciation based on
that cost was:
<TABLE>
<CAPTION>
<S> <C>
Unrealized appreciation $ 253,000
Unrealized depreciation (1,440,000)
_________________________________________________________________
____________________
Net unrealized depreciation $(1,187,000)
_________________________________________________________________
_____________________
</TABLE>
PAGE
<TABLE>
CAPTION>
IDS Life Series Fund, Inc. (Percentages represent
Oct. 31, 1994 (Unaudited) value of investments
Money Market Portfolio compared to total net assets)
Short-term securities (95.0%)
Issuer Annualized Amount Value(a)
yield on payable at
date of maturity
purchase
_________________________________________________________________
_________________________
<S> <C> <C> <C>
U.S. government agencies (11.9%)
Federal Farm Credit
Disc Nts
12-07-94 4.97% $325,000 $ 323,391
Federal Home Loan
Mtge Corp Disc Nts
11-02-94 4.67 350,000 349,955
12-16-94 4.99 500,000 496,906
_________________________________________________________________
__________________________
Total U.S. government agencies
(Cost: $1,170,252) $1,170,252
_________________________________________________________________
__________________________
Commercial paper (83.1%)
Automotive & related (4.6%)
Ford Motor Credit
11-14-94 4.85 450,000 $ 449,218
_________________________________________________________________
__________________________
Banks and savings & loans (8.1%)
Commerzbank
12-14-94 4.96 400,000 397,659
Paribas Finance
11-07-94 4.78 400,000 399,683
Total 797,342
_________________________________________________________________
__________________________
Beverages & tobacco (4.6%)
PepsiCo
11-21-94 4.86 450,000 448,790
_________________________________________________________________
__________________________
Financial services (34.3%)
AGIC
11-16-94 5.02 450,000(b) 449,063
A.I. Credit
11-03-94 4.77 350,000 349,907
Ciesco LP
11-23-94 4.87 450,000 448,666
Commerical Credit
11-08-94 5.12 400,000 399,603
Eiger Capital
11-28-94 4.94 375,000(b) 373,616
GE Capital
11-28-94 4.89 500,000 498,200
J.C. Penney Funding
11-23-94 4.86 400,000 398,815
USAA Capital
12-14-94 5.18 450,000 447,237
Total 3,365,107
_________________________________________________________________
___________________________
Food (8.9%)
CPC International
11-28-94 5.01 475,000(b) 473,230
Sysco
12-27-94 5.09 400,000(b) 396,858
Total 870,088
_________________________________________________________________
___________________________
Health care (4.1%)
SmithKline Beecham
11-02-94 4.78 400,000 399,947
_________________________________________________________________
___________________________
Industrial transportation (4.6%)
Norfolk Southern
11-30-94 4.70 450,000(b) 448,333
_________________________________________________________________
___________________________
Insurance (4.8%)
Metlife Funding
11-09-94 4.79 475,000 474,499
_________________________________________________________________
___________________________
Retail (4.6%)
Melville
11-10-94 4.76 450,000 449,471
_________________________________________________________________
___________________________
Utilities - telephone (4.5%)
AT&T Capital
01-03-95 5.48 450,000 445,724
_________________________________________________________________
___________________________
Total commercial paper
(Cost: $8,148,519) $8,148,519
_________________________________________________________________
___________________________
Total investments in securities
(Cost: $9,318,771)(c) $9,318,771
_________________________________________________________________
___________________________
</TABLE>
Notes to investments in securities
(a) Securities are valued by procedures described in Note 1 to
the financial statements.
(b) Commercial paper sold within terms of a private placement
memorandum, exempt from
registration under section 4(2) of the Securities Act of
1933, as amended, and may be sold
only to dealers in that program or other "accredited
investors." These securities have been
determined to be liquid under guidelines established by the
board of directors.
(c) At Oct. 31, 1994, this cost also represents the cost of
securities for federal income tax purposes.
PAGE
<TABLE>
<CAPTION>
IDS Life Series Fund, Inc. (Percentages represent
Oct. 31, 1994 (Unaudited) value of investments
Managed Portfolio compared to total net assets)
Bonds (22.4%)
Issuer Coupon Maturity Principal Value(a)
rate year amount
_________________________________________________________________
___________________________
<S> <C> <C> <C> <C>
U.S. government obligations (2.9 %)
Federal Home Loan Bank
Stepup Notes 8.00% 2014$ 500,000 $ 480,000
U.S. Treasury Bond 10.375 2012 500,000 593,215
U.S. Treasury Notes 5.50 1996 1,000,000 985,250
6.375 1997 2,000,000(j) 1,971,740
6.875 1997 1,000,000 998,070
7.875 2001 750,000 760,252
Total 5,788,527
_________________________________________________________________
___________________________
Mortgage backed securities (3.3%)
Federal Home Loan Mtge Corp 8.00 2022 667,807 645,686
10.00 2005 1,995,779 2,108,665
Federal Natl Mtge Assn 8.00 2022 290,193 280,399
8.50 2023 458,289 454,422
9.00 2024 243,334 248,809
6.00 2024 2,008,207 1,711,996
Series Z 6.50 2023 263,877(l) 165,147
7.00 2016 1,170,045(l) 984,499
Total 6,599,623
_________________________________________________________________
___________________________
Aerospace & defense (0.1%)
United Technologies 8.875 2019 300,000 303,000
_________________________________________________________________
___________________________
Airlines (0.2%)
Delta 9.875 2000 500,000 515,625
_________________________________________________________________
___________________________
Automotive related (0.8%)
Auburn Hills Trust
Gtd Exchangable Certs 12.375 2020 550,000 720,500
GMAC 6.05 1996 750,000 739,688
8.375 1997 65,000 66,138
Total 1,526,326
_________________________________________________________________
___________________________
Banks and savings & loans (0.9%)
Banca Comm Italy NY 8.25 2007 500,000 476,250
Chrysler Building NY 9.125 1999 85,000 89,356
Citicorp 7.75 2006 500,000 470,625
First USA Bank 6.88 1996 300,000 299,625
See accompanying notes to investments in securities.
Midlantic Bank 9.20 2001 400,000 414,000
Riggs National
Sub Nts 8.50 2006 100,000 94,000
Total 1,843,856
_________________________________________________________________
___________________________
Beverages & tobacco (0.3%)
RJR Nabisco
Attached put 8.375 2017 286,000 258,115
RJR Nabisco Capital 10.50 1998 150,000 161,250
Royal Crown
Sr Nts 9.75 2000 150,000 138,000
Total 557,365
_________________________________________________________________
___________________________
Building materials (0.3%)
Building Materials
Zero Coupon Cv 11.70 1999 450,000(e,h) 243,000
Pulte 7.00 2003 500,000 438,125
Total 681,125
_________________________________________________________________
___________________________
Electronics (0.2%)
Reliance Electronics 6.80 2003 500,000 451,250
_________________________________________________________________
___________________________
Energy (0.9%)
BP North America 9.50 1998 140,000 147,175
Cross Timbers Oil
Cv 5.25 2003 1,000,000 860,000
Standard Oil 9.00 2019 300,000 296,250
USX 9.125 2013 500,000 483,750
Total 1,787,175
_________________________________________________________________
____________________________
Financial services (1.5%)
AVCO Financial 7.25 1999 250,000 243,437
Carco Auto
Asset-Backed Obligation 7.875 1998 250,000 251,937
Corporate Property Investors 7.18 2013 500,000(h) 438,750
First Union 8.875 2003 300,000 249,375
GE Capital
Reset Nt 8.65 1996 250,000(i) 256,250
Kearny (RE) LP Class B
Collateralized Mtge Obligation6.50 2000 300,000 297,939
Kearny (RE) LP Class C
Collateralized Mtge Obligation7.70 2001 150,000 149,203
Property Trust America 7.50 2014 750,000 650,625
Salomon Brothers 6.75 2006 500,000 420,625
Total 2,958,141
_________________________________________________________________
_____________________________
Food (0.2%)
Specialty Foods 10.25 2001 400,000(h) 376,000
_________________________________________________________________
_____________________________
Foreign (3.5%)(c)
Argentina Republic
(U.S. Dollar) 4.25 2023 500,000 232,500
Avenor
(U.S. Dollar) 9.375 2004 500,000 477,500
Banco Nacional de Mexico
(U.S. Dollar) Cv 7.00 1999 1,250,000(g) 1,387,500
BNCE
(U.S. Dollar) 7.25 2004 400,000 327,000
Brazil C Bonds
(U.S. Dollar) 4.00 2014 250,000 126,250
Doman Industries
(U.S. Dollar) 8.75 2004 200,000 179,500
Gov't Trust Certificate Israel
(U.S. Dollar) 9.25 2001 275,000 292,531
Guang Dong Enterprise
(U.S. Dollar) 8.75 2003 750,000(h) 676,875
Hydro Quebec
(U.S. Dollar) 9.375 2030 500,000 513,125
(U.S. Dollar) 9.50 2030 500,000 520,000
KFW International Finance
(U.S. Dollar) 8.20 2006 250,000 248,438
Mexican U.S. Series D
(U.S. Dollar) 5.813 2019 250,000 212,969
Philippines Long Distance Telephone
(U.S. Dollar) 10.625 2004 100,000 98,500
PT Indah Kiat Pulp & Paper
(U.S. Dollar) 11.875 2002 250,000 251,250
Qantas Air
(U.S. Dollar) 7.50 2003 500,000(h) 452,500
Republic of Columbia
(U.S. Dollar) 7.25 2004 500,000 425,000
Republic of Italy
(U.S. Dollar) 6.875 2023 350,000 273,438
Rogers Cable System
(Canadian Dollar) 9.65 2014 600,000 371,520
Total 7,066,396
_________________________________________________________________
______________________________
Health care (0.7%)
Johnson & Johnson 8.00 1998 1,000,000 1,017,500
Schering-Plough
Zero Coupon 7.31 1996 350,000(d,h) 303,188
Total 1,320,688
_________________________________________________________________
______________________________
Health care services (0.2%)
Hillhaven 10.125 2001 500,000 502,500
_________________________________________________________________
______________________________
Insurance (0.6%)
Americo Life 9.25 2005 400,000 353,500
General American Life
Sub Cap Nts 7.625 2024 500,000(h) 425,000
New England Mutual
Credit Sensitive Notes 7.875 2024 250,000(h) 203,125
Principal Mutual 8.00 2044 250,000(h) 210,625
Total 1,192,250
_________________________________________________________________
______________________________
Leisure time & entertainment (0.4%)
Bally's Park Place 9.25 2004 400,000 330,500
GB Property Funding
1st Mtge 10.875 2004 250,000 188,750
Showboat 9.25 2008 250,000 208,125
Total 727,375
_________________________________________________________________
______________________________
Media (2.0%)
Ackerley Communications
Sr Secured Nts 10.75 2003 400,000(h) 385,000
Adelphia Communications
Pay-in-kind 9.50 2004 523,055 418,444
Continental Cablevision
Sr Deb 8.875 2005 250,000 224,063
News America Holdings 7.50 2000 250,000 239,062
Outdoor Systems
Sr Nts 10.75 2003 400,000 376,500
Time Warner
Zero Coupon 6.59 2012 4,750,000(d) 1,460,625
Time Warner Entertainment 8.375 2033 500,000 425,000
Turner Broadcasting System
Sr Nts 8.375 2013 500,000 406,875
Total 3,935,569
_________________________________________________________________
______________________________
Multi-industry (0.3%)
Crane 7.25 1999 250,000 240,625
Mark IV Industries 8.75 2003 400,000 364,000
Total 604,625
_________________________________________________________________
______________________________
Natural gas (0.3%)
Coastal 10.25 2004 500,000 539,375
_________________________________________________________________
______________________________
Paper & packaging (1.1%)
Container Corp America 9.75 2003 500,000 482,500
Sr Nts 10.75 2002 250,000 255,000
Federal Paperboard 10.00 2011 250,000 267,813
International Paper 5.125 2012 250,000 173,125
Pope & Talbot 8.375 2013 400,000 361,500
Repap Wisconsin
Sr Secured Nts 9.25 2002 200,000 181,750
Scotia Pacific Holding 7.95 2015 283,489 258,329
Stone Container
1st Mtge 10.75 2002 200,000 198,750
Total 2,178,767
_________________________________________________________________
______________________________
Retail (0.5%)
Food4Less Supermarket
Zero Coupon Cv 9.30 1997 300,000(e) 217,500
J.C. Penney 9.05 2001 200,000 209,750
Pathmark Stores 9.625 2003 400,000 354,000
Penn Traffic 9.625 2005 300,000 268,500
Total 1,049,750
_________________________________________________________________
______________________________
Telecommunications equipment & services (0.1%)
Nextel Communications
Zero Coupon Cv 9.75 1999 400,000(e) 180,000
_________________________________________________________________
______________________________
Utilities - electric (0.5%)
Long Island Lighting 9.75 2021 300,000 272,250
Pennsylvania Power & Light 7.625 2002 50,000 49,312
RGS Funding I & M
Sale Lease-Back Obligation 9.82 2022 208,792 215,056
Sithe Independence Funding 9.00 2013 150,000 142,875
Texas-New Mexico Power
1st Mtge 9.25 2000 400,000 396,000
Total 1,075,493
_________________________________________________________________
______________________________
Utilities - telephone (0.5%)
GTE 9.375 2000 400,000 425,000
GTE Florida 9.625 2030 300,000 304,125
Mountain States Tel & Tel 5.50 2005 80,000 64,100
New England Tel & Tel 6.375 2008 70,000 58,362
New York Telephone 4.875 2006 130,000 98,150
Total 949,737
_________________________________________________________________
______________________________
Miscellanous (0.1%)
KinderKare Learning Center 10.375 2001 250,000 253,437
_________________________________________________________________
______________________________
Total bonds
(Cost: $47,250,099) $ 44,963,975
_________________________________________________________________
______________________________
</TABLE>
<TABLE>
<CAPTION>
Common stocks (42.5%)
Issuer Shares Value(a)
_________________________________________________________________
______________________________
<S> <C> <C>
Banks and savings & loans (0.9%)
Roosevelt Financial Group 115,000 $ 1,739,375
_________________________________________________________________
______________________________
Computers & office equipment (11.3%)
Bay Networks 65,000(b) 1,645,312
Chipcom 30,000(b,m) 1,807,500
Cisco Systems 60,000(b) 1,807,500
Informix 55,000(b) 1,512,500
Iomega 280,000(b) 1,155,000
Landmark Graphics 90,000(b) 1,845,000
Legent 55,000(b) 1,567,500
Sanmina 60,000(b) 1,342,500
Sterling Software 55,000(b) 1,718,750
System Software 140,000 1,741,250
Tech Data 80,000(b) 1,580,000
3 Com 35,000(b,m) 1,408,750
VMARK Software 120,000(b) 1,950,000
Wall Data 45,000(b) 1,631,250
Total 22,712,812
_________________________________________________________________
______________________________
Electronics (3.1%)
Arrow Electronics 40,000(b) 1,510,000
GTI 80,000(b) 1,320,000
Intel 25,000(m) 1,553,125
MagneTek 130,000(b) 1,933,750
Total 6,316,875
_________________________________________________________________
______________________________
Energy equipment & services (0.7%)
Input/Output 65,000(b) 1,397,500
_________________________________________________________________
______________________________
Financial services (0.8%)
Travelers 45,000 1,563,750
_________________________________________________________________
______________________________
Foreign (9.0%)
Banco Frances 55,000 1,409,375
Central Puerto 40,000 1,320,000
Comp Naviera Perez 100,000 1,084,000
Consorcio G ADR 110,000 1,416,250
Femsa Coke 40,000(b) 1,235,000
Grupo Simec 50,000(b) 1,237,500
Grupo Financiero Bancomer 1,250,000(b) 1,447,500
Maderas Y Sinteticos 45,000 1,260,000
Mutual Risk Management 60,000 1,642,500
Repsol S. A. ADR 45,000 1,462,500
Sceptre 219,800(b) 1,950,088
T. Tolmex "B" 90,000 1,309,284
YPF 60,000 1,447,500
Total 18,221,497
_________________________________________________________________
______________________________
Health care services (5.1%)
Columbia Healthcare 35,000 1,456,875
HEALTHSOUTH Rehabilitation 50,000(b) 1,900,000
Horizon Healthcare 60,000(b) 1,657,500
Medaphis 45,000(b) 1,715,625
Physician Corp of America 80,000(b) 1,930,000
United Healthcare 30,000 1,582,500
Total 10,242,500
_________________________________________________________________
______________________________
Industrial machines & services (2.6%)
Caterpillar 20,000 1,195,000
General Signal 60,000 2,160,000
Greenfields 75,000 1,781,250
Total 5,136,250
_________________________________________________________________
______________________________
Industrial transportation (2.5%)
CSX 25,000 1,812,500
Trinity Industries 50,000 1,712,500
Wabash National 45,000 1,563,750
Total 5,088,750
_________________________________________________________________
______________________________
Metals (1.4%)
Birmingham Steel 55,000 1,423,125
Cyprus Minerals 50,000 1,331,250
Total 2,754,375
_________________________________________________________________
______________________________
Multi-industry (1.7%)
Albany International 110,000 2,172,500
Madeco 40,000 1,250,000
Total 3,422,500
_________________________________________________________________
______________________________
Paper & packaging (0.6%)
Longview Fibre Wash 70,000 1,172,500
_________________________________________________________________
______________________________
Restaurants & lodging (0.9%)
Shoney's 125,000(b) 1,875,000
_________________________________________________________________
______________________________
Retail (0.9%)
Best Buy 50,000(b) 1,887,500
_________________________________________________________________
______________________________
Telecommunication equipment & services (1.0%)
InterVoice 125,000(b) 1,953,125
_________________________________________________________________
______________________________
Total common stocks
(Cost: $72,717,810) $85,484,309
_________________________________________________________________
______________________________
</TABLE>
<TABLE>
<CAPTION>
Preferred stocks (2.5%)
Issuer Shares Value(a)
_________________________________________________________________
______________________________
<S> <C> <C>
COINTEL
5.04% 25,000(k) $ 1,556,250
First Nationwide Bank
11.50% 1,000(b) 102,500
Kenetech
1.67% 100,000(k) 1,675,000
National Health Investors
8.50% Cv 10,000 243,750
Public Service of New Hampshire
$2.65 1,450 36,699
Snyder Oil
6% Cv 65,000 1,503,125
Total 5,117,324
_________________________________________________________________
______________________________
Total preferred stocks
(Cost: $5,584,694) $ 5,117,324
_________________________________________________________________
______________________________
</TABLE>
<TABLE>
<CAPTION>
Short-term securities (30.1%)
Issuer Annualized Amount Value(a)
yield on payable at
date of maturity
purchase
_________________________________________________________________
______________________________
<S> <C> <C> <C>
U.S. government and agency (1.4%)
Federal Home Loan Mtge Corp
Disc Nts, 12-02-94 4.91% $1,600,000 $ 1,593,263
U.S. Treasury Bills, 01-05-95 4.83 1,200,000 1,176,300
Total 2,769,563
_________________________________________________________________
______________________________
Commercial paper (28.7%)
AGIC, 11-16-94 5.02 2,100,000(f) 2,095,625
AT & T
11-04-94 4.92 1,900,000 1,899,224
01-03-94 5.48 3,000,000 2,969,682
BBV Finance, 11-21-94 4.90 4,300,000 4,287,657
CPC International
11-01-94 4.83 1,500,000(f) 1,500,000
12-08-94 5.19 3,300,000(f) 3,282,533
Ciesco
11-03-94 4.81 2,000,000 1,999,469
11-08-94 4.83 2,400,000 2,397,760
11-09-94 4.81 1,900,000 1,897,617
Commercial Credit, 11-08-94 5.12 1,200,000 1,198,810
Ford Motor Credit
11-08-94 4.83 2,100,000 2,098,040
12-12-94 5.04 1,000,000 994,294
J.C. Penney Funding, 11-21-94 4.90 3,000,000 2,991,867
Melville, 11-10-94 4.76 2,000,000 1,997,274
Metlife Funding
12-16-94 5.03 1,600,000 1,590,020
01-26-95 5.55 5,000,000 4,931,500
Nestle Capital, 11-29-94 4.92 3,600,000 3,586,252
Norfolk Southern, 11-30-94 4.70 2,000,000(f) 1,991,042
PepsiCo
11-21-94 4.86 2,100,000 2,094,353
11-21-94 4.86 2,400,000 2,393,533
St. Paul Companies, 11-04-94 5.00 2,300,000(f) 2,299,046
Sysco, 11-18-94 4.92 800,000(f) 798,149
Toyota Motor Credit, 11-01-94 4.97 1,500,000 1,500,000
U.S. West Communications, 01-24-95 5.54 5,000,000 4,933,144
Total 57,726,891
_________________________________________________________________
______________________________
Total short-term securities
(Cost: $60,520,802) $ 60,496,454
_________________________________________________________________
______________________________
Total investments in securities
(Cost: $186,073,405)(n) $196,062,062
_________________________________________________________________
______________________________
</TABLE>
Notes to investments in securities
(a) Securities are valued by procedures described in Note
1 to the financial statements.
(b) Presently non-income producing.
(c)Foreign securities values are stated in U.S. dollars;
principal amounts are denominated in the currency indicated.
(d)For zero coupon bonds, the interest rate disclosed represents
the annualized effective yield on the date of acquisition.
(e) For zero coupon bonds, the interest rate disclosed represents
the annualized effective yield from the date of acquisition to
interest reset date disclosed.
(f)Commercial paper sold within terms of a private placement
memorandum, exempt from registration under section 4(2) of the
Securities Act of 1933, as amended, and may be sold only to
dealers in that program or other "accredited investors." These
securities have been determined to be liquid under guidelines
established by the board of directors.
(g)Identifies issues considered to be illiquid as to their
marketability (see Note 1 to the financial statements).
Information concerning such security holdings as of Oct. 31,
1994, is as follows:
<TABLE>
<CAPTION>
Security Acquisition Purchase
date cost
_________________________________________________________________
____________________
<S> <C> <C>
Banco Nacional de Mexico
7.00%, 1999 02-04-93 to 10-20-94 $1,313,875
</TABLE>
(h)Represents security sold under Rule 144A and is exempt from
registration under the Securities Act of 1933, as amended. This
security has been determined to be liquid under guidelines
established by the Board of Directors.
(i)Interest rate varies, rate shown is the effective rate on Oct.
31, 1994.
(j)Partially pledged as initial deposit on the following open
stock index futures purchase contracts (see Note 6 to the
financial statements):
<TABLE>
<CAPTION>
Type of security Contracts
_________________________________________________________________
_____________________
<S> <C>
Russell 2000, Dec. 1994 10
</TABLE>
(k) PRIDES -- Preferred Redeemed Increased Dividend Equity
Securities are structured as convertible preferred securities
issued by a company. Investors receive an enhanced yield but
based upon a specific formula, potential appreciation is limited.
PRIDES pay dividends, have voting rights, are noncallable for
three years and upon maturity, convert into shares of common
stock.
(l)This security is a collateralized mortgage obligation whose
payment of principal has been deferred until the principal of
previous series within the trust has been paid off.
(m) At Oct. 31, 1994, securities valued at $4,769,375 were held
in escrow to cover open call options written as follows:
<TABLE>
<CAPTION>
Number Exercise Expiration
Issuer of contracts price date Value(a)
_________________________________________________________________
_____________________
<S> <C> <C> <C> <C>
Chipcom 300 $60 Nov. 19, 1994 $ 67,500
Intel 250 60 Nov. 19, 1994 3,907
3 Com 350 40 Nov. 19, 1994 70,000
________
$141,407
</TABLE
(n)At Oct. 31, 1994, the cost of securities for federal income
tax purposes was approximately $186,073,000 and the approximate
aggregate gross unrealized appreciation and depreciation based on
that cost was:
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Unrealized appreciation $13,968,000
Unrealized depreciation (3,979,000)
_________________________________________________________________
_____________________
Net unrealized appreciation $ 9,989,000
_________________________________________________________________
_____________________
</TABLE>
PAGE
<TABLE>
<CAPTION>
IDS Life Series Fund, Inc. (Percentages represent
Oct. 31, 1994 (Unaudited) value of investments
Government Securities Portfolio compared to total net assets)
Bonds (86.0%)
Issuer Coupon Maturity Principal Value (a)
rate year amount
_________________________________________________________________
________________________
<S> <C> <C> <C> <C>
U.S. government obligations (67.9%)
U.S. Treasury Bonds 8.125% 2019 $ 500,000 $ 501,225
10.375 2012 750,000 889,823
U.S. Treasury Notes 6.375 1997 850,000 837,990
7.375 1996 1,250,000 1,264,262
7.75 2001 1,510,000 1,523,137
8.875 1999 2,450,000 2,582,104
Total 7,598,541
_________________________________________________________________
________________________
Mortgage backed securities (18.1%)
Federal Natl Mtge Assn 8.50 2023 1,100,198 1,090,915
9.00 2023 797,501 815,445
Govt Natl Mtge Assn 8.00 2017 119,657 114,870
Total 2,021,230
_________________________________________________________________
________________________
Total bonds
(Cost: $9,771,719) $ 9,619,771
_________________________________________________________________
________________________
</TABLE>
<TABLE>
<CAPTION>
Short-term security (11.6%)
Issuer Annualized Amount Value(a)
yield on payable at
date of maturity
purchase
_________________________________________________________________
________________________
<S> <C> <C> <C>
U.S. government agency
Federal Home Loan Mtge Corp
Disc Note
12-02-94 5.05% $1,300,000 $ 1,294,380
_________________________________________________________________
________________________
Total short-term security
(Cost: $1,294,380) $ 1,294,380
_________________________________________________________________
________________________
Total investments in securities
(Cost: $11,066,099)(b) $10,914,151
_________________________________________________________________
________________________
</TABLE>
See accompanying notes to financial statements.
Notes to investments in securities
(a) Securities are valued by procedures described in Note 1 to
the financial statements.
(b)At Oct. 31, 1994, the cost of securities for federal income
tax purposes was approximately $11,066,000 and the approximate
aggregate gross unrealized appreciation and depreciation based on
that cost was:
<TABLE>
<CAPTION>
<S> <C>
Unrealized appreciation $ 60,000
Unrealized depreciation (212,000)
_________________________________________________________________
_____________________________
Net unrealized depreciation $(152,000)
_________________________________________________________________
_____________________________
</TABLE>
PAGE
Directors and officers
Directors and officers of the fund
President and interested director
Richard W. Kling
President, IDS Life.
_____________________________________________________________
Independent directors
Edward Landes
Retired, former development consultant.
Carl N. Platou
President emeritus and chief executive officer, Fairview Hospital
and Healthcare
Services.
Gordon H. Ritz
President, Con Rad Broadcasting Corp.
______________________________________________________________
Interested directors who are officers and/or employees of IDS
Janis E. Miller
Director and executive vice president, Variable Assets.
______________________________________________________________
Other officers
Colleen Curran
Secretary
Louis C. Fornetti
Vice president
Morris Goodwin, Jr.
Vice president and treasurer
Paul F. Kolkman
Vice president and chief actuary
William A. Stoltzmann
General counsel and assistant secretary
Melinda S. Urion
Vice president and controller
PAGE
AN AMERICAN EXPRESS COMPANY
1894 IDS 1994
A CENTURY OF INVESTING IN THE FUTURE
IDS Life Series Fund, Inc.
IDS Tower 10
Minneapolis, Minnesota 55440-0010
