IDS Life Series Fund, Inc.
PAGE
IDS
Life Series
Fund, Inc.
1995 semiannual report
Offers six portfolios with separate goals and objectives to
provide investment flexibility for Variable Life Insurance
Policies.
Managed by
IDS Life Insurance Company
PAGE
Contents
From the president 3
Equity 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 manager 9
Ten largest holdings 10
Government Securities Portfolio
From the portfolio manager 11
International Equity Portfolio
From the portfolio manager 12
Ten largest holdings 13
All portfolios
Financial statements 14
Notes to financial statements 21
Investments in securities 32
Directors and officers 59
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 Series Fund provides those elements through its six
investment options.
You can allocate your policy's value among these portfolios.
However, it should be
noted that the six investment options may not be available
under all policies. See the prospectus for your life
insurance policy to see which portfolios are available.
In their comments on the following pages, the funds'
portfolio managers review the
first half of the fiscal year, which ended on Oct. 31, 1995.
Sincerely,
Richard W. Kling
President
IDS Life Series Fund, Inc.
PAGE
To our policyowners
Equity Portfolio
(picture of Matin G. Hurwitz)
portfolio manager
From the portfolio manager
Our aggressive investment strategy, which included an
emphasis on stocks of high-technology companies, paid off
extremely well during the first half of the fiscal year
(May through October, 1995). For the six months, investors
were rewarded with a net asset value* increase of just over
22%.
Stocks enjoyed an excellent environment during the period,
highlighted by a moderate rate of inflation, ongoing
economic growth and often-impressive corporate profits. No
sector responded better to these conditions than did growth
stocks _ those of companies boasting rapidly growing
profits.
Within the growth group, technology-related stocks recorded
the greatest gains. Particularly strong were the stocks of
semiconductor companies, whose products related to the
development of the "information superhighway" garnered
tremendous investor interest.
The portfolio was especially well-positioned for this trend
because of its substantial holdings in the technology sector
_ nearly half the portfolio at times. We also owned a number
of healthcare-related stocks, which also generated good
results. Also benefiting performance was our decision to
hold a relatively small amount of cash reserves, preferring
instead to keep the great majority of our assets in stocks.
As we move into the second half of the fiscal year, we
continue to see bright, long-term prospects for technology
stocks and are maintaining a substantial exposure to that
sector. We are especially optimistic about the prospects for
stocks of "networking" companies, which provide products
that facilitate voice, data and video communication. In
addition, we have added more stocks of smaller companies to
take advantage of their flexibility in responding to
business opportunities presented by the marketplace.
Martin G. Hurwitz
*Net asset value does not reflect reinvested dividends or
expenses that apply to the
subaccounts or to the insurance policy.
PAGE
<TABLE>
<CAPTION>
Your portfolio's ten largest holdings
Equity Portfolio
(pie chart) The ten holdings listed here make up 14.44% of
the portfolio's net assets
Percent Value
(of portfolio's net assets)(as of October 31, 1995)
<S> <C> <C>
Cisco Systems 3.08% $10,075,000
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.
IDEXX Laboratories 2.43 7,946,250
Developer, manufacturer and distributor of biotechnology-
based detection systems.
HBO & Company 2.25 7,358,000
A health-care information service company that provides a
variety of computer-based information systems and services
to hospitals and their affiliates.
HFS 1.24 4,042,500
One of the largest hotel franchisers in the world. The
company also provides operational and administrative
services to its franchises.
3 Com 1.22 3,995,000
Provider of connectivity and information sharing for work
groups, departments and corporate environments worldwide.
Broadway & Seymour 1.00 3,250,000
Information technology solutions for financial services
industry.
Blyth Industries .85 2,777,500
Designer, manufacturer and marketer of an extensive line of
candles, scented candles, outdoor citronella candles and
fragrance products, including potpourri, and the company
markets a broad range of related accessories.
Ride Snowboard .81 2,653,750
This company offers a range of snowboards, snowboard
bindings, boots, clothing and accessories marketed primarily
under the "Ride", "Liquid" and "Cappel" brand names.
Ascend Communications .80 2,600,000
The company develops, manufactures, markets, sells and
supports a broad range of high-speed, digital wide, area
network access products.
Citicorp .76 2,465,250
The parent of Citibank, the largest bank in the U.S., it has
a substantial worldwide corporate and retail bank presence.
</TABLE>
PAGE
To our policyowners
Income Portfolio
(picture of Lorraine R. Hart)
Portfolio manager
From the portfolio manager
A positive environment for bonds and an aggressive
investment strategy paid off well for Income Portfolio
during the first half of its fiscal year. For policyowners,
that resulted in a net asset value* increase of more than 6%
for the May through October 1995 period.
Except for a mid-summer dip, bonds enjoyed almost-ideal
conditions during the past six months. They included a
moderately growing economy, an ongoing low rate of inflation
and an overall decline in long-term interest rates. The
latter point is always critical to bond performance. That's
because rising interest rates depress bond values, while
falling rates improve them. Ultimately, that means the net
asset value of the portfolio and, therefore, the value of
policyowners' principal is similarly affected.
In addition to the positive investment environment, the
portfolio's return was enhanced by our strategy of
emphasizing bonds with longer-than-average maturities. Such
securities benefit the most when interest rates come down,
as was the case during the past six months.
As for specific holdings, we kept the majority of the
portfolio (about 40%) invested in bonds issued by
corporations, followed by U.S. Treasury bonds and mortgage-
backed bonds (the latter are issued by agencies of the
federal government such as Fannie Mae and Ginnie Mae). We
maintained a low level of cash reserves (5% or less), which
proved to be appropriate given that our bond holdings
provided a much greater return.
Looking ahead to the rest of the fiscal year, we continue to
be optimistic about the investment environment. The economy
appears to be maintaining a moderate growth pace, and
inflation has yet to show signs of getting out of hand. If
those factors remain in place, we expect long-term interest
rates to decline a bit more and, in the process, provide a
boost for bonds Therefore, unless there is major change in
the environment, we plan to stick with the basic strategies
that proved successful for the portfolio during the first
six months.
Lorraine R. Hart
*Net asset value does not reflect reinvested dividends or
expenses that apply to the subaccounts or to the insurance
policy.
PAGE
<TABLE>
<CAPTION>
Your portfolio's ten largest holdings
Income Portfolio
(pie chart) The ten holdings listed here make up 7.94% of
the portfolio's net assets
Percent Value
(of portfolio's net assets)(as of Oct. 31, 1995)
<S> <C> <C>
Cox Communication 1.09% $512,155
7.625% 2025
Case 0.88 411,176
7.25% 2005
First Bank System 0.85 401,400
6.875% 2007
Norwest 0.85 400,068
6.375% 2002
Guang Dong Enterprise 0.79 373,404
8.75% 2003
Barclays NA Capital 0.75 354,186
9.75% 2021
Enterprise Rent-A Car 0.69 322,995
8.75% 1999
TCI Communications 0.68 320,529
8.75% 2015
Countrywide Funding 0.68 318,828
8.42% 1999
Banca Italy N.Y. .068 317,748
8.25% 2007
Excludes U.S. Treasury and government agency holdings that
total
44% of the portfolio's net assets.
</TABLE>
PAGE
To our policyowners
Money Market Portfolio
(picture of Gregg Syverson)
Portfolio Manager
From the portfolio manager
Short-term interest rates declined slightly during the first
half of the fiscal year (May through October, 1995),
resulting in an annual yield on the portfolio of 5.5% at the
end of the period. 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.)
Prompted by a slowdown in the economy and ongoing reports of
a low inflation rate, the Federal Reserve Board slightly
lowered the federal funds rate (the rate banks charge one
another for overnight loans) early in the past period.
As a result, the portfolio's yield dropped modestly during
the six months.
As of late November, economic indicators reflected slow
economic growth, a high employment rate and a subdued
inflation rate. Given this environment, we do not expect
significant changes in short-term interest rates during the
next several months. Therefore, we plan to keep the
portfolio's average maturity fairly short until we are
rewarded with higher yields for owning longer-maturing
securites.
Gregg Syverson
*Net asset value does not reflect reinvested dividends or
expenses that apply to the
subaccounts or to the insurance policy.
PAGE
Managed Portfolio
(picture of Deborah L. Pederson)
Portfolio manager
(picture of Betty J.Tebault)
Portfolio manager
From the portfolio managers
Buoyed by strong markets for both stocks and bonds, Managed
Portfolio produced a solid gain during the first half of the
fiscal year. As a result, policyowners realized an 8%
increase in net asset value* for the May through October,
1995 period.
Stocks and bonds enjoyed an almost ideal environment during
the past several months. The economy continued to grow at a
reasonably good pace; the inflation rate remained low;
corporations reported generally good-to-excellent profits;
and long-term interest rates came down.
Looking first at stocks (the major portion of the
portfolio), our investments in technology, financial
services, aerospace, healthcare services, beverage, tobacco
and drug companies provided the best performance. On the
other hand, our stocks in the energy, retailing, media and
industrial sectors lagged behind.
Throughout the period, we modified our stock holdings to
give the portfolio an overall more conservative structure.
That included selling our stocks of companies in Latin
America (whose stock markets have been in turmoil for some
time) and adding stocks of U.S. blue-chip companies (whose
performance, we believe, is more predictable). Ultimately,
we expect these changes to make the portfolio's performance
less volatile over the long term.
Thanks to falling interest rates, the bond side of the
portfolio appreciated in value. Therefore, not only did we
earn interest from the bonds, we enjoyed the benefit of
rising bond prices as well. During the period, most of our
bond investments remained in securities issued by the U.S.
government. Our next-highest exposure was to mortgage-backed
securities issued by agencies of the federal government. The
rest of the assets were spread among a broad variety of
bonds issued by corporations, the great majority located in
the U.S. Overall, the average quality of our bond holdings
remained at a high level.
Given the rapid run-up in the stock and bond markets in
1995, we think the likelihood of a moderate downturn has
increased. Therefore, we believe it's appropriate to stay
with our somewhat-conservative investment strategy.
If the markets continue to do well, that should allow the
portfolio to reap some reward while providing a cushion in
the event of a retreat.
Deborah L. Pederson
Betty J. Tebault
*Net asset value does not reflect reinvested dividends or
expenses that apply to the
subaccounts or to the insurance policy.
PAGE
<TABLE>
<CAPTION>
Your portfolio's ten largest holdings
Managed Portfolio
(pie chart) The ten holdings listed here make up 9.60% of
the portfolio's net assets
Percent Value
(of portfolio's net assets)(as of Oct. 31, 1995)
____________________________________________________________
__________________
<S> <C> <C>
Philip Morris 1.15% $3,042,000
The largest cigarette company, Philip Morris has become the
second largest packaged-food company in the world as a
result of its Kraft acquisition.
Kimberly Clark 1.10 2,905,000
World's largest manufacturer of tissue products and other
household, personal care and industrial
paper products.
Tyco Intl 1.01 2,654,775
A diverse, New England-based producer of packaging, cable
manufacturing, fire extinguishing systems, alarms and
controls, plus miscellaneous simple electronic parts.
Computer Sciences .99 2,608,125
An independent provider of information technology
consulting, systems integration and outsourcing to industry
and government.
UNUM .92 2,436,538
Through various subsidiaries, a provider of a broad range of
disability, health, life insurance and group pension
products.
Duracell .92 2,435,438
A leading battery company in the world, operating in over 90
countries.
OfficeMax .91 2,400,750
The second-largest company in the office products industry.
The company currently operates 345 office superstores in 39
states.
United Technologies .90 2,378,500
A leading worldwide manufacturer of jet engines,
helicopters, heating/air conditioning equipment and
elevators and escalators.
Johnson & Johnson .87 2,298,300
A major producer of health-care products, including consumer
products, medical and dental devices and products and a wide
variety of ethical and over-the-counter drugs.
Time Warner .83 2,190,000
One of the world's largest media/entertainment/publishing
companies. Prominent operating units include Time
magazine, Warner Bros. and HBO.
Excludes U.S. Treasury and government agency holdings that
total 16% of the portfolio's net assets.
</TABLE>
PAGE
To our policyowners
Government Securities Portfolio
(picture of James W. Snyder)
Portfolio manager
From the portfolio manager
A generally positive environment for fixed-income securities
provided the backdrop for another solid advance by
Government Securities Portfolio. For the first half of the
fiscal year (May through October, 1995), the portfolio
produced an increase in net asset value* of just over 5% for
policyowners.
With the exception of July, the fixed-income market enjoyed
positive returns in each of the past six months. The main
factors influencing the market included moderate economic
growth and an ongoing low rate of inflation. Ultimately,
that combination resulted in falling interest rates _ a
trend that automatically boosts the value of fixed-income
securities. Naturally, this portfolio benefited as well.
Our performance was further enhanced by our decision to keep
a longer-than-average maturity level in the portfolio. That
is, the securities we owned had longer maturity periods (the
length of time before the principal is paid back to the
owner of the security) than the average for this type of
portfolio. The longer maturity level, the greater the return
when interest rates fall, which is what happened this year.
Consistent with our investment guidelines, we concentrated
the majority (about 75%) of our investments in securities
issued by the U.S. Treasury. All are of the highest quality
and range in maturity from 5 to 30 years. Almost all of the
remainder of the portfolio was invested in mortgage-backed
securities, which are issued by U.S. government agencies.
As for the rest of the fiscal year, we think the investment
environment remains largely positive. The economy continues
to move slowly forward, while inflation has yet to reach a
threateningly high level. If there is no major change in
those factors, we expect interest rates to come down a bit
more in the months ahead. As always, that would be good for
fixed-income securities and this portfolio.
James W. Snyder
*Net asset value does not reflect reinvested dividends or
expenses that apply to the
subaccounts or to the insurance policy.
PAGE
To our policyowners
International Equity Portfolio
(picture of Richard Lazarchic)
Portfolio manager
From the portfolio manager
Despite generally poor performances by most foreign markets,
sharp stock selection allowed International Equity Portfolio
to generate a well-above-average return during the first
half of the fiscal year. For the May through October 1995
period, policy-owners were rewarded with a 24.5% increase in
net asset value*.
This new portfolio, which commenced operations in the fall
of 1994, invests primarily in stocks of foreign companies
that we believe 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. This was evident in the portfolio's strong performance
during the past six months.
Much of the portfolio's gain for the period came in one
month _ July, when it was up a remarkable 11%, thanks mainly
to a handful of winning stocks: Bankard (a Philippine credit
card company), Samsung (a Korean electronics company), Luks
International (a Hong Kong investment-holding company) and
SGL Carbon (a German manufacturer of carbon and graphite
products).
At other times, we also enjoyed success with stocks in a
number of other countries.
These included: Bre-X Minerals (a gold-exploration company
located in Indonesia that more than doubled in price),
Diamond Fields (a Canadian mineral company), Woodside
Petroleum (an Australian energy company) and Kyocera (a
semiconductor equipment company in Japan). All in all, we
have investments in roughly 28 countries.
Despite the potential for substantial gains, volatility has
long been the hallmark of foreign markets, especially the
smaller ones in Latin America and Southeast Asia. Therefore,
while we are gratified by the portfolio's recent
performance, we have not become complacent about the
possibility of steep downturns in these markets. Currently,
several countries are struggling with weak economies and
political problems, which are unlikely to be resolved
anytime soon.
That said, we continue to believe there are pockets of
opportunity around the world that can allow us to show
positive results in the months ahead. Much of our current
investment focus is on stocks of consumer-product companies
in the food, beverage, retailing and personal-care
businesses, particularly in the less-developed countries.
Richard Lazarchic
*Net asset value does not reflect reinvested dividends or
expenses that apply to the
subaccounts or to the insurance policy.
PAGE
<TABLE>
<CAPTION>
Your portfolio's ten largest holdings
International Equity Portfolio
(pie chart) The ten holdings listed here make up 28.61% of
the portfolio's net assets
Percent Value
(of portfolio's net assets)(as of Oct. 31, 1995)
<S> <C> <C>
Bre-X Minerals (Canada) 5.83% $1,169,982
This company, directly and through joint ventures, is
engaged in the acquisition, exploration and
development of mining properties.
Sun Intl (Bahamas) 3.93 787,200
This is a holding company and through its subsidiaries
operates hotels, casinos and other leisure
facilities. In addition, it is engaged in real estate and
air transportation.
Irish Life (Ireland) 2.68 536,355
The company and its subsidiearies are engaged in the
transaction of life assurance and pension
business in Ireland, the United Kingdom, the United States,
the provision of life and non-life
insurance in France and the provision of investment
management services.
Fokus Bank (Norway) 2.51 503,405
A Norwegian banking company.
De Rigo S.p.A. (Italy) 2.47 495,000
A manufacturer of spectacles, as well as optical and
photographic equipment.
Wm Data (Sweden) 2.29 459,287
One of the major computer consultancies in the Nordic
market.
Bankard (Philippines) 2.27 454,300
The company is engaged in domestic and international credit
card operations and related services.
Barco (Belgium) 2.25 451,260
This company is a holding company for various companies,
including Barco Automation, a marketer of investment
products for use in the textile, plastics and rubber
industries, Barco Display Systems group, a producer of
monitors for use in the aviation, shipping and vehicle
industries and BARCO Chromatics, a provider of air triaffic
control, energy management and meteorology subsystems.
Qantas Airwarys (Australia) 2.20 441,815
The principal activities of the company are operation of
international and domestic air transportation services,
catering activities, information technology, resort
operations and the sale of world-wide and domestic holiday
tours.
Qingling Motor (Hong Kong) 2.18 436,000
The company is engaged in the production, assembly and sale
of Isuzu light-duty trucks, pickup trucks and minibuses in
the PRC.
</TABLE>
PAGE
<TABLE>
<CAPTION>
Statements of assets and liabilities
IDS Life Series Fund, Inc.
Oct. 31, 1995 (Unaudited)
Equity Income Money
Portfolio Portfolio Market
Portfolio
Assets
________________________________________________________________________________
______
<S> <C> <C> <C>
Investments in securities, at value (Note 1)
(identified cost: $267,361,850; $44,197,545 and
$12,050,694, respectively) $331,060,647 $46,622,238 $12,050,694
Cash in bank on demand deposit 2,230,137 -- 149,643
Receivable for investment securities sold5,734,006 -- --
Dividends and accrued interest receivable35,700 853,318 --
Receivable (for capital stock sold) from:
IDS Life subaccounts -- 209,928 172,063
IDS Life of New York subaccounts -- 16,184 2,249
________________________________________________________________________________
_______
Total assets 339,060,490 47,701,668 12,374,649
________________________________________________________________________________
_______
Liabilities
________________________________________________________________________________
_______
Disbursements in excess of cash on demand deposit -- 301,488 --
Dividends payable to shareholders (Note 1) 8,836 260,661
53,744
Payable for investment securities purchased 11,437,892 -- --
Accrued investment management and services fee 197,967 28,307 5,228
Payable (for capital stock redeemed) to:
IDS Life subaccounts 608,407 52,573 98
IDS Life of New York subaccounts 42,201 11,851 --
Other accrued expenses 90,377 30,264 7,866
________________________________________________________________________________
_______
Total liabilities 12,385,680 685,144 66,936
________________________________________________________________________________
_______
Net assets applicable to outstanding capital stock$326,674,810$47,016,524
$12,307,713
________________________________________________________________________________
_______
Represented by
________________________________________________________________________________
_______
Capital stock - authorized 10,000,000,000 shares
of $.001 par value: outstanding, 13,319,730;
4,594,102 and 12,308,705 shares, respectively$ 13,320
$ 4,594 $ 12,309
Additional paid-in capital 232,857,856 45,393,594 12,296,078
Excess of distributions over net investment income(5,675) (6,867) --
Accumulated net realized gain (loss) on
investments 30,110,512 (799,490) (674)
Unrealized appreciation of investments and on
translation of assets and liabilities in foreign
currencies (Note 4) 63,698,797 2,424,693 --
________________________________________________________________________________
_______
Total - representing net assets applicable to
outstanding capital stock $326,674,810 $47,016,524 $12,307,713
________________________________________________________________________________
_______
Net asset value per share of outstanding capital
stock $ 24.53$ 10.23$ 1.00
__________________________________________
_________________________________________________________________________
See accompanying notes to financial statements.
Statements of assets and liabilities (continued)
IDS Life Series Fund, Inc.
Oct. 31, 1995 (Unaudited)
Managed GovernmentInternational
Portfolio Securities Equity
Portfolio Portfolio
Assets
________________________________________________________________________________
_________
Investments in securities, at value (Note 1)
(identified cost: $237,807,969; $11,364,194 and
$20,024,143, respectively) $258,395,575 $12,036,794 $21,388,660
Cash in bank on demand deposit 1,079,816 191,722 7,810
Receivable for investment securities sold3,642,036 -- 641,694
Dividends and accrued interest receivable2,070,995172,585 12,661
Receivable (for capital stock sold) from:
IDS Life subaccounts 1,820,826 51,878 16,392
IDS Life of New York subaccounts 134,950 2,547 --
________________________________________________________________________________
_________
Total assets 267,144,198 12,455,526 22,067,217
________________________________________________________________________________
_________
Liabilities
________________________________________________________________________________
_________
Dividends payable to shareholders (Note 1) 2,529,182 62,329 9,017
Payable for investment securities purchased 311,452 --
1,960,028
Accrued investment management and services fee 161,195 7,493
15,630
Unrealized depreciation on foreign currency contracts
held, at value (Notes 1 and 4) -- -- 32,933
Payable (for capital stock redeemed) to:
IDS Life subaccounts -- 53 --
IDS Life of New York subaccounts 138,086 653 468
Other accrued expenses 103,733 8,714 8,669
________________________________________________________________________________
_________
Total liabilities 3,243,648 79,242 2,026,745
________________________________________________________________________________
_________
Net assets applicable to outstanding capital stock$263,900,550$12,376,284
$20,040,472
________________________________________________________________________________
_________
Represented by
________________________________________________________________________________
_________
Capital stock - authorized 10,000,000,000 shares
of $.001 par value: outstanding, 17,304,774; 1,195,922
and 1,565,113 shares, respectively$ 17,305$ 1,196$ 1,565
Additional paid-in capital 239,868,045 11,687,246 16,750,086
Undistributed (excess of distributions over)
net investment income 29,028 (3,125) 1,048
Accumulated net realized gain on investments 3,182,622 18,367
1,969,814
Unrealized appreciation of investments and on
translation of assets and liabilities in foreign
currencies (Note 4) 20,803,550 672,600 1,317,959
________________________________________________________________________________
_________
Total - representing net assets applicable to
outstanding capital stock $263,900,550 $12,376,284 $20,040,472
________________________________________________________________________________
_________
Net asset value per share of outstanding capital
stock $ 15.25 $ 10.35$ 12.80
________________________________________________________________________________
______________________________________
See accompanying notes to financial statements.
Statements of operations
IDS Life Series Fund, Inc
Six months ended Oct. 31, 1995 (Unaudited)
Equity Income Money
Portfolio Portfolio Market
Portfolio
Investment income
________________________________________________________________________________
__________
Income:
Dividends (net of foreign taxes
withheld of $1,964 for Equity
Portfolio) $ 316,957 $ 5,163$ --
Interest 1,090,372 1,621,884 324,540
________________________________________________________________________________
__________
Total income 1,407,329 1,627,047 324,540
________________________________________________________________________________
__________
Expenses (Note 2):
Investment management and services fee1,032,720 151,453 27,792
Custodian fees 28,455 5,721 6,375
Audit fees 8,500 7,500 6,000
Registration fees 11,500 4,000 1,500
Directors fees 2,939 562 202
Printing and postage 6,500 3,000 1,000
Other 906 853 174
________________________________________________________________________________
__________
Total expenses 1,091,520 173,089 43,043
Less expenses reimbursed by IDS Life -- -- 9,692
________________________________________________________________________________
_________
Total expenses - net 1,091,520 173,089 33,351
________________________________________________________________________________
__________
Investment income - net 315,809 1,453,958 291,189
________________________________________________________________________________
__________
Realized and unrealized gain (loss) on investments - net
________________________________________________________________________________
__________
Net realized gain (loss) on investments (Note 3)30,245,567 83,214 (21)
Net change in unrealized appreciation of
investments and on translation of assets
and liabilities in foreign currencies25,850,2802,369,760 --
________________________________________________________________________________
__________
Net gain (loss) on investments 56,095,847 2,452,974 (21)
________________________________________________________________________________
__________
Net increase in net assets resulting from
operations $56,411,656 $3,906,932 $291,168
________________________________________________________________________________
__________
See accompanying notes to financial statements.
Statements of operations (continued)
IDS Life Series Fund, Inc
Six months ended Oct. 31, 1995 (Unaudited)
Managed Government International
Portfolio Securities Equity
Portfolio Portfolio
Investment income
________________________________________________________________________________
___________
Income:
Dividends (net of foreign taxes withheld of
$19,972 and $12,816 for Managed Portfolio
and International Equity Portfolio)$ 886,805$ --$ 83,277
Interest 4,984,754 413,497 51,526
________________________________________________________________________________
___________
Total income 5,871,559 413,497 134,803
________________________________________________________________________________
___________
Expenses (Note 2):
Investment management and services fee872,760 42,272 66,950
Custodian fees 26,963 3,300 28,688
Audit fees 8,500 7,250 5,000
Registration fees 12,000 1,750 1,500
Directors fees 2,840 263 150
Printing and postage 7,500 1,250 1,750
Other 997 199 186
________________________________________________________________________________
___________
Total expenses 931,560 56,284 104,224
Less expenses reimbursed by IDS Life -- 7,973 30,227
________________________________________________________________________________
___________
Total expenses - net 931,560 48,311 73,997
________________________________________________________________________________
___________
Investment income - net 4,939,999 365,186 60,806
________________________________________________________________________________
___________
Realized and unrealized gain (loss) on investments - net
________________________________________________________________________________
___________
Realized gain on security transactions (Note 3) 6,203,445 15,792
1,892,740
Realized loss on foreign currency transactions (188) --
(4,180)
Realized gain on closed futures contracts 1,161,696 --
81,254
________________________________________________________________________________
___________
Net realized gain on investments 7,364,953 15,792 1,969,814
Net change in unrealized appreciation of
investments and on translation of assets
and liabilities in foreign currencies13,093,622 559,725 769,878
________________________________________________________________________________
___________
Net gain on investments 20,458,575 575,517 2,739,692
________________________________________________________________________________
___________
Net increase in net assets resulting from
operations $25,398,574 $940,703 $2,800,498
________________________________________________________________________________
___________
See accompanying notes to financial statements.
</TABLE>
PAGE
<TABLE>
<CAPTION>
Statements of changes in net assets
IDS Life Series Fund, Inc.
Equity Portfolio Income Portfolio
Operations and distributionsOct. 31, 1995Apr. 30, 1995Oct. 31, 1995Apr. 30, 1995
Six months ended Year endedSix months endedYear ended
(Unaudited) (Unaudited)
________________________________________________________________________________
____________
<S> <C> <C> <C> <C>
Investment income - net $ 315,809 $ 1,057,832 $1,453,958$ 2,516,555
Net realized gain (loss) on investments 30,245,567 5,224,750 83,214
(497,528)
Net change in unrealized appreciation of
investments and on translation of assets
and liabilities in foreign currencies 25,850,280 21,967,759 2,369,760
289,232
________________________________________________________________________________
____________
Net increase in net assets resulting from
operations 56,411,656 28,250,341 3,906,932 2,308,259
________________________________________________________________________________
____________
Distributions to shareholders from:
Net investment income (310,176) (1,052,199) (1,430,102)(2,524,594)
Excess distribution of net investment income(5,675) (5,633) (6,867)
(8,964)
Net realized gain on investments(76,149)(5,287,266) -- --
________________________________________________________________________________
____________
Total distributions (392,000) (6,345,098) (1,436,969)(2,533,558)
________________________________________________________________________________
____________
Capital share transactions (Note 6)
________________________________________________________________________________
____________
Proceeds from sales 32,716,923 65,702,029 6,650,788 5,810,955
Reinvested distributions at net asset value392,000 6,345,098 1,436,969
2,533,558
Payments for redemptions (3,485,770) (4,780,532) (1,364,447)(4,065,891)
________________________________________________________________________________
____________
Increase in net assets from capital
share transactions 29,623,153 67,266,595 6,723,310 4,278,622
________________________________________________________________________________
____________
Total increase in net assets 85,642,80989,171,8389,193,2734,053,323
________________________________________________________________________________
____________
Net assets at beginning of period241,032,001151,860,16337,823,25133,769,928
________________________________________________________________________________
____________
Net assets at end of period$326,674,810$241,032,001$47,016,524$37,823,251
________________________________________________________________________________
____________
Excess of distributions over net investment
income $ (5,675)$ (5,633) $ (6,867)
$ (23,856)
________________________________________________________________________________
____________
See accompanying notes to financial statements.
Statements of changes in net assets (continued)
IDS Life Series Fund, Inc.
Money Market Portfolio Managed Portfolio
Operations and distributionsOct. 31, 1995Apr. 30, 1995Oct. 31, 1995Apr. 30, 1995
Six months ended Year endedSix months endedYear ended
(Unaudited) (Unaudited)
________________________________________________________________________________
____________
Investment income - net $ 291,189$ 432,873$ 4,939,999$ 6,296,763
Net realized gain (loss) on investments (21) (454) 7,364,953
(1,326,459)
Net change in unrealized appreciation of
investments and on translation of assets
and liabilities in foreign currencies -- -- 13,093,622
5,313,579
________________________________________________________________________________
____________
Net increase in net assets resulting from
operations 291,168 432,419 25,398,574 10,283,883
________________________________________________________________________________
____________
Distributions to shareholders from:
Net investment income (291,189) (432,873) (4,965,690)(6,295,800)
Excess distribution of net investment income -- -- --
(41,557)
Net realized gain on investments -- -- (2,226,152) (534,853)
________________________________________________________________________________
____________
Total distributions (291,189) (432,873) (7,191,842)(6,872,210)
________________________________________________________________________________
____________
Capital share transactions (Note 6)
________________________________________________________________________________
____________
Proceeds from sales 5,307,179 6,252,661 23,733,763 55,602,457
Reinvested distributions at net asset value291,189 432,873 7,191,842
6,872,210
Payments for redemptions (3,175,234) (6,357,910) (5,217,845)(6,606,482)
________________________________________________________________________________
____________
Increase in net assets from capital
share transactions 2,423,134 327,624 25,707,760 55,868,185
________________________________________________________________________________
____________
Total increase in net assets 2,423,113327,17043,914,49259,279,858
________________________________________________________________________________
____________
Net assets at beginning of period9,884,6009,557,430219,986,058160,706,200
________________________________________________________________________________
____________
Net assets at end of period$12,307,713 $9,884,600$263,900,550$219,986,058
________________________________________________________________________________
____________
Undistributed net investment income$ --$ --$
29,028 $ 54,719
________________________________________________________________________________
____________
See accompanying notes to financial statements.
Statements of changes in net assets (continued)
IDS Life Series Fund, Inc.
Government Securities PortfolioInternational Equity Portfolio
Operations and distributionsOct. 31, 1995Apr. 30, 1995Oct. 31, 1995Apr. 30,
1995*
Six months ended Year endedSix months endedYear ended
(Unaudited) (Unaudited)
________________________________________________________________________________
____________
Investment income - net $ 365,186$ 671,316$ 60,806 $114,571
Net realized gain on investments15,792 6,871 1,969,814 907
Net change in unrealized appreciation or
depreciation of investments and on translation
of assets and liabilities in foreign currencies559,725 (34,924) 769,878
548,081
________________________________________________________________________________
____________
Net increase in net assets resulting
from operations 940,703 643,263 2,800,498 663,559
________________________________________________________________________________
____________
Distributions to shareholders from:
Net investment income (362,108) (670,485) (59,758) (114,571)
Excess distribution of net investment income(3,125) -- -- --
Net realized gain on investments -- (7,702) -- (907)
________________________________________________________________________________
_____________
Total distributions (365,233) (678,187) (59,758) (115,478)
________________________________________________________________________________
_____________
Capital share transactions (Note 6)
________________________________________________________________________________
_____________
Proceeds from sales 945,661 1,451,214 8,863,888 7,869,306
Reinvested distributions at net asset value365,233 678,187 59,758
115,478
Payments for redemptions (950,544) (1,838,864) (120,722) (36,057)
________________________________________________________________________________
_____________
Increase in net assets from capital
share transactions 360,350 290,537 8,802,924 7,948,727
________________________________________________________________________________
_____________
Total increase in net assets 935,820255,613 11,543,664 8,496,808
________________________________________________________________________________
_____________
Net assets at beginning of period11,440,46411,184,8518,496,808 --
________________________________________________________________________________
_____________
Net assets at end of period$12,376,284 $11,440,464 $20,040,472 $8,496,808
________________________________________________________________________________
_____________
Undistributed (excess of distributions over)
net investment income$ (3,125)$ (3,078)$ 1,048$
- --
______________________________________________________________
_______________________________
*Period from Oct. 28, 1994 (commencement of operations) to April 30, 1995.
See accompanying notes to financial statements.
</TABLE>
PAGE
Notes to financial statements
(Unaudited as to Oct. 31, 1995)
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,
Income, 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 put options. The risk in writing a call
option is that the portfolio gives 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.
Futures 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
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 and
income and expenses are translated at the exchange
rate on the transaction date. The effect of
changes in foreign exchange rates on realized and
unrealized security gains or losses is reflected
as a component of such gains or losses. In the
statement of operations, net realized gains or
losses from foreign currency transactions may
arise from sales of foreign currency, closed
forward contracts, exchange gains or losses
realized between the trade date and settlement
dates on securities transactions, and other
translation gains or losses on dividends, interest
income and foreign withholding taxes.
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, 1995, investments in
securities for Income Portfolio and 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, 1995 was
$627,123 and $506,880, which represents 1.3% and
0.2% of net assets for Income Portfolio and
Managed Portfolio, respectively. Pursuant to
guidelines adopted by the board of directors,
certain unregistered securities are determined to
be liquid and are not included in 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 gains and
losses, 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 characterization
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
(losses) are recorded by the portfolios.
Dividends to shareholders
At Oct. 31, 1995, dividends were declared of $.001
per share for Equity, $.058 for Income, $.005 for
Money Market, $.147 for Managed, $.053 for
Government Securities and $.006 for International
Equity portfolios and were payable Nov. 1, 1995.
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 the 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 or
upon receipt of ex-dividend notification in the
case of certain foreign securities. 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 the 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 American Express Financial
Corporation have an Investment Advisory Agreement
which calls for IDS Life to pay American Express
Financial Corporation 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 0.5% 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 American Express 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, 1995, cost of
purchases and proceeds from sales of securities
aggregated $57,325,151 and $55,083,113 for Money
Market Portfolio; cost of purchases and proceeds
from sales of securities (other than short-term
obligations) aggregated $233,062,499 and
$228,681,789 for Equity, $16,025,324 and
$9,651,593 for Income, $96,037,149 and $88,559,387
for Managed, $1,760,412 and $1,424,529 for
Government Securities and $21,571,783 and
$13,054,017 for International Equity portfolios.
Realized gains and losses are determined on an
identified cost basis.
Brokerage commissions paid to brokers affiliated
with IDS Life were $20,794 and $945 for Equity
Portfolio and Managed Portfolio, respectively, for
the six months ended Oct. 31, 1995.
4. Foreign currency contracts
At Oct. 31, 1995, International Equity Portfolio
had entered into seven foreign currency exchange
contracts that obligate the portfolio to deliver
currencies at a specified future date. The
unrealized appreciation (depreciation) on these
contracts is included in the accompanying
financial statements.
The terms of the open contracts are as follows:
International Equity Portfolio
Currency to Currency to Unrealized Unrealized
Exchange datebe delivered be received appreciation depreciation
____________________________________________________________
________________
Nov. 1, 1995 950,000 647,315 $ -- $28,413
Deutsche Mark U.S. Dollar
Nov. 1 1995 381,426 2,061,000 -- 4,196
U.S. Dollar Danish Krona
Nov. 2, 1995 203,533 128,509 -- 347
U.S. Dollar British Pound
Nov. 6, 1995 24,260 630,285 -- 28
U.S. DollarPhilippine Peso
Nov. 9, 1995 154,015 390,684 -- 554
U.S. DollarMalaysian Dollar
Nov. 29, 1995 594,750 422,726 228 --
Deutsche Mark U.S. Dollar
Nov. 30, 1995 153,230 749,370 377 --
U.S. Dollar French Franc
_____ ________
$605 $33,538
5. Stock index futures contracts
At Oct. 31, 1995, investments in securities in
Managed Portfolio included securities valued at
$2,092,880 that
were pledged as collateral to cover initial margin
deposits on 68 purchase contracts. The market
value of
the open contracts at Oct. 31, 1995 was
$19,850,900 with a net unrealized gain of
$228,950.
At Oct. 31, 1995, investments in securities in
International Equity Portfolio included securities
valued at $119,344 that were pledged as collateral
to cover initial margin deposits on 11 purchase
contracts. The market value of the open contracts
at Oct. 31, 1995 was $36,575 with a net unrealized
loss of $18,075.
6. Capital share transactions
Transactions in shares of each portfolio for the
six months ended Oct. 31, 1995 and the year ended
April 30, 1995 were as follows:
<TABLE>
<CAPTION>
Number of shares: Six months ended Oct. 31, 1995
Money Government International
Equity Income Market ManagedSecurities Equity
PortfolioPortfolioPortfolioPortfolioPortfolioPortfolio
__________________________________________________________________
____________________<S><C> <C> <C> <C> <C> <C>
Shares at beginning of period12,024,4523,924,9899,885,41015,58
9,271 1,160,975 826,111
__________________________________________________________________
____________________Sold1,428,988662,2815,307,6241,585,26192,619 743,795
Issued for reinvested
distributions 16,212 142,645 291,212 478,107 35,737 4,068
Redeemed (149,922)(135,813)(3,175,541)(347,865)(93,409)(8,861)
__________________________________________________________________
____________________Net increase1,295,278669,1132,423,2951,715,50334,947 739,002
__________________________________________________________________
____________________Shares at end of period13,319,7304,594,10212,308,705 17,304,774
1,195,922 1,565,113
_______________________________________________________________________
________________
Number of shares: Year ended April 30, 1995
Money Government International
Equity Income Market ManagedSecurities Equity
PortfolioPortfolioPortfolioPortfolioPortfolioPortfolio*
__________________________________________________________________
____________________Shares at beginning of year8,391,2593,476,3359,557,747 11,604,807
1,132,254 --
__________________________________________________________________
____________________Sold3,567,088610,6286,253,1353,963,862148,783818,487
Issued for reinvested
distributions 313,742 266,934 432,907 491,539 69,759 11,275
Redeemed (247,637)(428,908)(6,358,379)(470,937)(189,821)(3,651)
__________________________________________________________________
____________________Net increase3,633,193448,654327,6633,984,464 28,721 826,111
__________________________________________________________________
____________________Shares at end of year12,024,4523,924,9899,
885,410 15,589,2711,160,975 826,111
__________________________________________________________________
____________________*Period from Oct. 28, 1994 (commencement of
operations) to April 30, 1995.
</TABLE>
7. Tax loss carryforward
For federal income tax purposes, the Income
Portfolio and Managed Portfolio had capital loss
carryovers at April 30, 1995 of $882,704 and
$3,761,754, respectively, which, if not offset by
subsequent capital gains, will expire in 2000
through 2004. It is unlikely the board of
directors will authorize a distribution of any net
realized gain until the portfolio's capital loss
carryover has been offset or expires.
8. Financial highlights
The tables below show certain important financial
information for evaluating each portfolio's
results.
PAGE
<TABLE>
<CAPTION>
Notes to financial statements
Equity Portfolio
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*
1995** 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C> <C>
_________________________________________________________________
_________
Net asset value,
beginning of period$20.05$18.10$16.87$16.01$13.94$12.77
_________________________________________________________________
_________
Income from investment operations:
Net investment income.02 .10 .06 .03 .03 .13
Net gains on
securities (both
realized and unrealized)4.49 2.40 3.26 1.40 2.90 2.09
_________________________________________________________________
_________
Total from investment
operations 4.51 2.50 3.32 1.43 2.93 2.22
_________________________________________________________________
_________
Less distributions:
Dividends from net
investment income(.02) (.10)(.06) (.03) (.03) (.13)
Distributions from
realized gains (.01) (.45)(2.03) (.54) (.83) (.92)
_________________________________________________________________
__________
Total distributions(.03)(.55)(2.09)(.57) (.86)(1.05)
_________________________________________________________________
__________
Net asset value, end of period$24.53$20.05$18.10$16.87$16.01$13.94
_________________________________________________________________
__________
Ratios/supplemental data
1995** 1995 1994 1993 1992 1991
_________________________________________________________________
__________
Net assets, end of period
(in thousands)$326,675$241,032$151,860$87,742$55,265$33,933
Ratio of expenses to average
daily net assets .75%+ .77% .75% .79% .80%.80%***
Ratio of net income to average
daily net assets .22%+ .56% .33% .21% .17% 1.03%
Portfolio turnover rate
(excluding short-term
securities) 90% 144% 109% 81% 52% 79%
Total return++ 22.49%13.87%19.72% 8.92%21.06%18.55%
*For a share outstanding throughout the period. Rounded
to the nearest cent.
**Six months ended Oct. 31,1995 (Unaudited).
***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% for the year
ended April 30, 1991.
+Adjusted to an annual basis.
++Total return does not reflect the expenses that apply to
the subaccounts or the policies.
</TABLE>
PAGE
<TABLE>
<CAPTION>
Income Portfolio
Financial highlights (continued)
Fiscal period ended April 30,
Per share income and capital changes*
1995** 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C> <C>
_________________________________________________________________
______
Net asset value,
beginning of period$9.64$9.71$10.19$ 9.40$9.19$8.55
_________________________________________________________________
______
Income from investment operations:
Net investment income.34 .69 .71 .76 .73 .75
Net gains (losses) on
securities (both realized
and unrealized) .59 (.07)(.48) .80 .21 .64
_________________________________________________________________
______
Total from investment
operations .93 .62 .23 1.56 .94 1.39
_________________________________________________________________
______
Less distributions:
Dividends from net
investment income(.34) (.69)(.71) (.77) (.73)(.75)
_________________________________________________________________
______
Net asset value, end of period$10.23$9.64$ 9.71$10.19$9.40$9.19
_________________________________________________________________
______
Ratios/supplemental data
1995** 1995 1994 1993 1992 1991
_________________________________________________________________
______
Net assets, end of period
(in thousands) $47,017$37,823$33,770$22,641$16,306$11,949
Ratio of expenses to average
daily net assets .80%+ .80% .80%.80%***80%***.80%***
Ratio of net income to
average daily net assets6.84%+7.23%6.83% 7.66%7.86% 8.41%
Portfolio turnover rate (excluding
short-term securities) 26% 55% 60% 47% 75% 55%
Total return++ 9.65% 6.67%2.12% 17.17%10.60%16.77%
*For a share outstanding throughout the period. Rounded
to the nearest cent.
**Six months ended Oct. 31, 1995 (Unaudited).
***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%,
and 0.93% for the years ended April 30, 1993, 1992 and
1991, respectively.
+Adjusted to an annual basis.
++Total return does not reflect the expenses that apply to
the subaccounts or the policies.
</TABLE>
<TABLE>
<CAPTION>
Money Market Portfolio
Financial highlights (continued)
Fiscal period ended April 30,
Per share income and capital changes*
1995** 1995 1994 1993 1992 1991
_________________________________________________________________
________
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period$1.00$1.00 $1.00 $1.00$1.00 $1.00
_________________________________________________________________
________
Income from investment operations:
Net investment income.03 .04 .03 .03 .05 .07
_________________________________________________________________
________
Total from investment
operations .03 .04 .03 .03 .05 .07
_________________________________________________________________
________
Less distributions:
Dividends from net
investment income(.03) (.04) (.03) (.03)(.05) (.07)
_________________________________________________________________
________
Net asset value, end of period$1.00 $1.00$1.00 $1.00$1.00 $1.00
_________________________________________________________________
________
Ratios/supplemental data
1995** 1995 1994 1993 1992 1991
_________________________________________________________________
________
Net assets, end of period
(in thousands) $12,308 $9,885$9,557$8,181$9,771$9,596
Ratio of expenses to
average daily net assets.60+***.60%***.60%***.60%***.60%***.60%
***
Ratio of net income to
average daily net assets5.33+ 4.45% 2.61%3.00% 4.60%7.06%
Total return++ 3.00% 4.50% 2.61% 3.04%4.71% 7.41%
*For a share outstanding throughout the period. Rounded
to the nearest cent.
**Six months ended Oct. 31, 1995 (Unaudited).
***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 0.78% for the
six month period ended Oct. 31, 1995, 0.77%, 0.71%,
0.74%, 0.75% and 0.86% for the years ended April 30,
1995, 1994, 1993, 1992 and 1991, 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>
Managed Portfolio
Financial highlights (continued)
Fiscal period ended April 30,
Per share income and capital changes*
1995** 1995 1994 1993 1992 1991
_________________________________________________________________
________
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period$14.11$13.85$13.84$13.55$13.29$12.80
_________________________________________________________________
________
Income from investment operation:
Net investment income .30 .44 .42 .44 .48 .57
Net gains on securities
(both realized and unrealized)1.27 .30 1.40 1.44 1.87
1.90
_________________________________________________________________
________
Total from investment
operations 1.57 .74 1.82 1.88 2.35 2.47
_________________________________________________________________
________
Less distributions:
Dividends from net
investment income(.30)(.44)(.42) (.44) (.48) (.57)
Distributions from
realized gains (.13) (.04)(1.39) (1.15) (1.61) (1.41)
_________________________________________________________________
________
Total distributions(.43)(.48)(1.81)(1.59)(2.09) (1.98)
_________________________________________________________________
________
Net asset value, end of
period $15.25$14.11$13.85 $13.84 $13.55 $13.29
Ratios/supplemental data
1995** 1995 1994 1993 1992 1991
Net assets, end of period
(in thousands)$263,901$219,986$160,706$100,139$72,366$51,442
Ratio of expenses to
average daily net assets.76%+.78% .77% .79% .80%
.80%***
Ratio of net income to
average daily net assets4.03%+3.27%2.83% 3.15% 3.40% 4.38%
Portfolio turnover rate
(excluding short-term
securities) 47% 143% 106% 118% 122% 71%
Total return++11.13% 5.47%13.30% 14.03% 17.84% 20.18%
*For a share outstanding throughout the period. Rounded
to the nearest cent.
**Six months ended Oct. 31, 1995 (Unaudited).
***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% for the
year ended April 30, 1991.
+Adjusted to an annual basis.
++Total return does not reflect the expenses that apply to
the subaccounts or the policies.
</TABLE>
PAGE
<TABLE>
<CAPTION>
Government Securities Portfolio
Financial highlights (continued)
Fiscal period ended April 30,
Per share income and capital changes*
1995** 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C> <C>
_________________________________________________________________
_____
Net asset value, beginning
of period $9.85 $9.88$10.54$ 9.69 $9.44 $8.88
_________________________________________________________________
_____
Income (loss) from investment operations:
Net investment income.31 .59 .60 .63 .66 .67
Net gains (losses) on securities
(both realized and unrealized).50 (.03) (.56) .94 .28 .56
_________________________________________________________________
_____
Total from investment
operations .81 .56 .04 1.57 .94 1.23
_________________________________________________________________
_____
Less distributions:
Dividends from net
investment income(.31) (.59) (.60) (.63) (.66) (.67)
Distributions from
realized gains - - (.10) (.09) (.03) -
_________________________________________________________________
_____
Total distributions(.31) (.59) (.70) (.72) (.69) (.67)
_________________________________________________________________
_____
Net asset value, end of period$10.35 $9.85$ 9.88 $10.54$9.69 $9.44
_________________________________________________________________
_____
Ratios/supplemental data
1995** 1995 1994 1993 1992 1991
_________________________________________________________________
_____
Net assets, end of period
(in thousands)$12,376 $11,440$11,185$9,619$7,853$6,314
Ratio of expenses to
average daily net assets.80%+*** .80%***.80%***.80%***.80%***.8
0%***
Ratio of net income to
average daily net assets6.16%+ 6.02% 5.59% 6.10% 6.79%7.24%
Portfolio turnover rate
(excluding short-term
securities) 12% 12% 32% 15% 11% 18%
Total return++ 8.22% 5.98% 0.16%16.58%10.20%14.30%
*For a share outstanding throughout the period. Rounded
to the nearest cent.
**Six months ended Oct. 31, 1995 (Unaudited).
***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 0.95% for the
six month period ended Oct. 31, 1995, 0.87%, 0.85%,
0.88%, 0.92% and 1.08% for the years ended April 30,
1995, 1994, 1993, 1992 and 1991, respectively.
+Adjusted to an annual basis.
++Total return does not reflect the expenses that apply to
the subaccounts or the policies.
</TABLE>
<TABLE>
<CAPTION>
International Equity Portfolio
Financial highlights
Fiscal period ended April 30,
Per share income and capital changes*
1995*** 1995**
______________________________________________________________
<S> <C> <C>
Net asset value, beginning
of period $10.29 $10.00
______________________________________________________________
Income from investment operations:
Net investment income .05 .15
Net gains on
securities (both realized
and unrealized) 2.51 .29
______________________________________________________________
Total from investment
operations 2.56 .44
______________________________________________________________
Less distributions:
Dividends from net
investment income (.05) (.15)
Distributions from
realized gains -- --
______________________________________________________________
Total distributions (.05) (.15)
______________________________________________________________
Net asset value, end of period $12.80 $10.29
______________________________________________________________
Ratios/supplemental data
1995*** 1995**
______________________________________________________________
Net assets, end of period
(in thousands) $20,040 $8,497
Ratio of expenses to
average daily net assets1.05%+# 1.00%+#
Ratio of net income to
average daily net assets .88%+ 5.66%+
Portfolio turnover rate
(excluding short-term
securities) 104% 40%
Total return++ 24.9% 4.4%
*For a share outstanding throughout the period. Rounded
to the nearest cent.
**Commencement of operations. Period from Oct. 28, 1994
to April 30, 1995.
*** Six months ended Oct. 31, 1995 (Unaudited).
# During the fiscal period ended April 30, 1995, IDS Life
voluntarily limited total
operating expenses to 1.05% of average daily net
assets. Had IDS not done so, the
ratio of expenses to average daily net assets would
have been 1.48% for the six
month period ended Oct. 31, 1995 and 1.76% for the
period ended April 30, 1995.
+ Adjusted to an annual basis.
++ Total return does not reflect the expenses that apply to
the subaccounts or the policies.
</TABLE>
PAGE
<TABLE>
<CAPTION>
IDS Life Series Fund, Inc.(Percentages represent value of investments
October 31, 1995 (Unaudited) compared to net assets)
Equity Portfolio
Common stocks (83.1%)
Issuer Shares Value(a)
____________________________________________________________
__________________
<S> <C> <C>
Airlines (0.4%)
Reno Air 150,000(b) $ 1,143,750
___________________________________________________
___________________________Aerospace & defense (0.6%)
Loral 70,000 2,073,750
___________________________________________________
___________________________Automotive related (0.9%)
Central Parking 61,000(b) 1,509,750
Miller Industries 75,000(b) 1,518,750
Total 3,028,500
________________________________________________________________________________________
__
____________________________________________________________
__________________
Banks and savings & loans (1.2%)
Ahmanson (HF) & Co 57,800 1,445,000
Citicorp 38,000 2,465,250
Total 3,910,250
____________________________________________________________
__________________Beverages & tobacco (0.7%)
Canandaigua Wine Cl A 45,000(b) 2,160,000
____________________________________________________________
__________________Building materials (1.6%)
Beazer Homes USA 90,000(b) 1,575,000
Centex 50,000 1,637,500
Tyco Intl 35,000 2,126,250
Total 5,338,750
____________________________________________________________
__________________Chemicals (1.1%)
U.S. Filter 72,000(b) 1,674,000
Vogoro 42,000 1,821,750
Total 3,495,750
____________________________________________________________
__________________Computers & office equipment (20.0%)
Altron 50,000(b) 1,437,500
American Management Systems 70,000(b) 2,021,250
Avid Technology 25,000(b) 1,093,750
BTG 120,000(b) 1,140,000
Broadway & Seymour 200,000(b) 3,250,000
Brock Control Systems 100,000(b) 787,500
Ceridian 45,000(b) 1,957,500
Checkfree 90,000(b) 1,901,250
Cisco Systems 130,000(b) 10,075,000
Computer Horizons 66,000(b) 1,716,000
Datastream Systems 15,000(b) 333,750
First Data 30,000 1,983,750
FORE Systems 45,000(b) 2,385,000
Gateway 2000 53,000(b) 1,768,875
Ikos Systems 180,000(b) 2,115,000
Manugistics Group 85,000(b) 1,466,250
MicroAge 69,200(b) 579,550
Natl Data 60,000 1,590,000
NETCOM On-line Communications Services 18,000(b) 1,048,500
Network General 50,000(b) 2,075,000
Novell 120,000(b) 1,980,000
Pace Health Management 60,000(b) 277,500
Parametric Technology 35,000(b) 2,340,625
Physicians Computer Networks 220,000(b) 1,512,500
Pinnacle Systems 40,000(b) 1,255,000
Planar Systems 52,600(b) 913,925
Radisys 100,000(b) 1,162,500
Read-rite 45,000(b) 1,569,375
Sanmina 39,800(b) 2,149,200
Sierra On-Line 45,000(b) 1,676,250
Softkey Intl 25,000(b) 787,500
Storemedia Cl A 23,300(b) 1,071,800
Sterling Software Escrow 80,000(b,c) --
Summit Medical 66,000(b) 1,089,000
Symantec 40,000(b) 972,500
Synopsys 40,000(b) 1,500,000
3 Com 85,000(b) 3,995,000
Xircom 59,000(b) 538,375
Total 65,516,475
___________________________________________________
___________________________Electronics (7.5%)
ADT Limited 111,500(b) 1,561,000
BI 150,000(b) 1,256,250
Datametrics 110,000(b) 1,017,500
DOVatron Intl 40,000(b) 1,230,000
GaSonics Intl 30,000(b) 990,000
ITI Technologies 65,000(b) 1,641,250
Integrated Device Technologies 75,000(b) 1,425,000
Marshall Industries 45,000(b) 1,586,250
Maxim Integrated Products 26,000(b) 1,943,500
Microchip Technology 45,000(b) 1,785,937
Molex 55,000 1,815,000
Recoton 80,200(b) 1,784,450
Richey Electronics 110,000(b) 935,000
SGS- THOMSON N.V. 35,000(b) 1,583,750
Ultratech Stepper 32,000(b) 1,280,000
Vishay Intertechnology 25,000 881,250
Xilinx 42,000(b) 1,932,000
Total 24,648,137
____________________________________________________________
__________________Energy equipment & services (1.6%)
Camco Intl 70,000 1,601,250
Global Marine 300,000(b) 1,950,000
Halliburton 40,000 1,660,000
Total 5,211,250
____________________________________________________________
__________________Financial services (1.9%)
Green Tree Financial 80,000 2,130,000
Regional Acceptance 127,500(b) 1,306,875
SEI 70,000 1,487,500
United 50,000 1,412,500
Total 6,336,875
____________________________________________________________
__________________Foreign (3.1%)
Astra Cl A 55,000 2,020,865
Loewen Group 44,000 1,762,063
Natuzzi 25,000 1,000,000
Nokia Preferred 40,000 2,230,000
Renaissance Energy 55,000(b) 1,216,178
Royal Plastic 120,000(b) 1,612,241
Teva Pharmaceutical Industries ADR 6,900,000 270,825
Total 10,112,172
____________________________________________________________
__________________Health care (9.7%)
AMSCO Intl 100,000(b) 1,600,000
Angeion 100,000(b) 762,500
Arrow 40,400 1,727,100
Autoimmune 10,800(b) 99,900
Ballard Medical Products 110,000 1,897,500
Benson Eyecare 160,000(b) 1,500,000
Biogen 30,000(b) 1,837,500
Biomet 100,000(b) 1,662,500
Bio Vascular 100,000(b) 1,425,000
Depotech 85,500(b) 1,239,750
Emispere 127,500(b) 1,004,063
Gensia 160,000(b) 680,000
Gilead Sciences 80,000(b) 1,560,000
IDEXX Laboratories 195,000(b) 7,946,250
Possis Medical 115,000(b) 1,624,375
Rexall Sundown 63,000(b) 945,000
SciClone Pharmaceuticals 133,100(b) 915,063
SEQUUS Pharmaceuticals 93,500(b) 1,122,000
Technol Medical Products 120,000(b) 2,280,000
Total 31,828,501
____________________________________________________________
__________________Health care services (5.2%)
Caremark Intl 75,000 1,546,875
Curative Technologies 140,000(b) 2,170,000
Foundation Health 47,100(b) 1,995,862
HBO & Company 104,000 7,358,000
Medaphis 65,000(b) 2,063,750
Physicians Resource Group 80,000(b) 1,660,000
Total Renal Care 7,900(b) 122,450
Total 16,916,937
____________________________________________________________
__________________Industrial machines & services (4.6%)
Blyth Industries 55,000(b) 2,777,500
Empi 90,000(b) 2,002,500
Greenfield Industries 55,000 1,650,000
KEMET 55,000(b) 1,897,500
Lincoln Electric 50,000 1,262,500
Molten Metal Technology 60,000(b) 2,310,000
Sanifill 57,100(b) 1,798,650
TETRA Technologies 65,000(b) 1,413,750
Total 15,112,400
____________________________________________________________
__________________Insurance (1.8%)
Horace Mann Educators 60,000 1,597,500
Progressive 40,000 1,660,000
Prudential Reinsurance Holdings 45,100(b) 918,913
Risk Capital Holdings 70,900(b) 1,559,800
Total 5,736,213
____________________________________________________________
__________________Leisure time & entertainment (2.6%)
Activision 60,000(b) 1,005,000
Alliance Entertainment 125,000(b) 843,750
Cannondale 50,000(b) 800,000
GT Bike 125,000(b) 1,265,625
Play-by-Play Toys & Novelties 90,000(b) 967,500
Ride Snowboard 110,000 (b) 2,653,750
Station Casinos 80,000(b) 1,040,000
Total 8,575,625
____________________________________________________________
__________________Media (1.7%)
Argyl Television 100,000(b) 1,700,000
Data Broadcasting 200,000(b) 1,600,000
DIMAC 90,000(b) 2,351,250
Total 5,651,250
____________________________________________________________
__________________Multi-industry (1.6%)
Employee Solutions 100,000(b) 1,537,500
Olsten 45,000 1,732,500
Veeco Instruments 75,000(b) 1,800,000
Total 5,070,000
____________________________________________________________
__________________Restaurants & lodging (4.0%)
Apple South 95,000 1,947,500
Boston Chicken 60,000(b) 2,028,750
Guest Supply 100,000(b) 1,887,500
HFS 66,000 4,042,500
Logan's Roadhouse 90,000(b) 1,350,000
Longhorn Steaks 100,000(b) 1,675,000
Total 12,931,250
____________________________________________________________
__________________Retail (3.5%)
CUC Intl 65,000(b) 2,250,625
Corporate Express 80,000(b) 2,090,000
Egghead 13,400(b) 92,125
Office Depot 80,000(b) 2,290,000
Renters Choice 64,300(b) 1,077,025
Rite Aid 60,000 1,620,000
Viking Office Products 45,000(b) 2,002,500
Total 11,422,275
____________________________________________________________
__________________Telecommunication equipment & services
(4.3%)
ADC Telecommunications 35,000(b) 1,400,000
Ascend Communications 40,000(b) 2,600,000
Cascade Communications 20,000(b) 1,425,000
CIDCO 31,600(b) 936,150
EIS Intl 80,000(b) 1,480,000
Gandalf Technologies 220,000(b) 1,251,250
Microwave Power Devices 60,000(b) 525,000
PairGain Technologies 55,000(b) 2,351,250
StrataCom 32,000(b) 1,968,000
Total 13,936,650
____________________________________________________________
__________________Textiles & apparel (2.0%)
Gucci 39,200(b) 1,176,000
Nine West Group 40,000(b) 1,780,000
Quiksilver 55,000(b) 1,705,000
Wolverine World Wide 60,000 1,800,000
Total 6,461,000
____________________________________________________________
__________________Utilities-Telephone (1.0%)
MFS Communications 45,000(b) 1,816,875
PanAmSat 100,000(b) 1,512,500
Total 3,329,375
____________________________________________________________
__________________Miscellaneous (0.5%)
Chicago Miniature Lamp 90,000(b) 1,575,000
____________________________________________________________
__________________Total common stocks
(Cost: $207,819,626) $271,522,135
____________________________________________________________
__________________
</TABLE>
<TABLE>
<CAPTION>
Short-term securities (18.2%)
Issuer Annualized Amount Value(a)
yield on payable at
purchase maturity
of purchase
____________________________________________________________
__________________<S> <C> <C> <C>
U.S. government and agency (1.0%)
Federal Home Loan Mtge Corp Disc Nts
11-06-95 5.65 3,000,000 2,997,654
11-13-95 5.66 400,000 399,249
Total 3,396,903
____________________________________________________________
__________________Commercial paper (17.2%)
Canadian Wheat
12-04-95 5.75 1,400,000 1,392,017
Ciesco LP
11-27-95 5.75 2,100,000 2,091,325
12-08-95 5.73 2,800,000 2,783,654
Commercial Credit
11-22-95 5.72 2,400,000 2,392,020
Ford Motor Credit
11-20-95 5.76 1,700,000 1,694,859
GE Company
11-08-95 5.75 3,300,000 3,296,323
GE Capital
12-15-95 5.75 1,700,000 1,688,157
Glaxo Holdings
11-20-95 5.73 3,100,000(d) 3,090,658
Household Finance
11-15-95 5.75 4,300,000 4,290,418
Metlife Funding
11-27-95 5.74 2,700,000 2,688,885
12-06-95 5.73 2,200,000 2,187,808
Michigan Consolidated Gas
11-21-95 5.70 4,200,000 4,186,817
National Australia Funding
01-16-95 5.77 500,000 493,508
Nestle Capital
11-03-95 5.72 4,800,000 4,798,477
Penney (JC) Funding
11-10-95 5.75 600,000 599,142
11-17-95 5.74 2,700,000 2,693,148
Pioneer Hi-Bred
11-28-95 5.75 800,000 796,568
Proctor & Gamble
01-29-96 5.75 2,700,000 2,660,108
SAFECO
11-22-95 5.74 3,400,000 3,388,655
Sandoz
11-29-95 5.75 5,000,000 4,977,756
01-29-96 5.78 3,300,000 3,252,975
Transamerica Financial
11-16-95 5.74 700,000 698,331
Total 56,141,609
____________________________________________________________
__________________Total short-term securities
(Cost: $59,542,224) $ 59,538,512
Total investments in securities
(Cost: $267,361,850)(e) $331,060,647
____________________________________________________________
__________________
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) Presently negligible market value.
(d) 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." This security has been determined to be liquid
under guidelines established by the board of directors.
(e)At Oct. 31, 1995, the cost of securities for federal
income tax purposes was $267,362,000 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
Unrealized appreciation $70,329,000
Unrealized depreciation (6,630,000)
____________________________________________________________
_______________
Net unrealized appreciation $63,699,000
________________________________________________________________________________________
___
____________________________________________________________
_______________
</TABLE>
PAGE
<TABLE>
<CAPTION>
IDS Life Series Fund, Inc.(Percentages represent value of investments
Oct. 31, 1995 (Unaudited) compared to total net assets)
Income Portfolio
Bonds (95.5%)
Issuer Coupon Maturity Principal Value(a)
rate year amount
____________________________________________________________
__________________<S> <C> <C> <C> <C>
U.S government obligations (26.7%)
Resolution Funding Corp 8.125% 2019 $3,000,000 $3,554,850
U.S. Treasury Bonds 6.25 2023 2,600,000 2,542,722
8.125 2019 2,000,000 2,407,120
U.S. Treasury Notes 6.375 2002 3,950,000 4,055,465
Total 12,560,157
____________________________________________________________
__________________Mortgage backed securities (16.8%)
Federal Home Loan Mtge Corp 5.50 2009 978,095 938,971
Collateralized Mtge Obligation 8.00 202018
5,000 191,838
8.50 2022 1,000,000 1,074,550
Federal Natl Mtge Assn 6.00 2024 962,254 914,747
6.50 2010-24 4,481,791 4,385,764
Series Z 8.00 2021 391,335(g) 399,886
Total 7,905,756
____________________________________________________________
__________________Airlines (1.0%)
AMR 9.75 2021 200,000 232,996
United Air Lines 10.67 2004 200,000 236,262
Total 469,258
____________________________________________________________
__________________Automotive related (0.2%)
Exide 10.75 2002 100,000 107,750
____________________________________________________________
__________________Banks and savings & loans (3.4%)
Barclays NA Capital 9.75 2021 300,000 354,186
Corestates Capital 9.375 2003 200,000 231,218
First Bank System 6.875 2007 400,000 401,400
Fleet Norstar Financial 9.00 2001 200,000 225,292
Norwest 6.375 2002 400,000 400,068
Total 1,612,164
____________________________________________________________
______________________________
Building materials (1.8%)
Georgia Pacific 8.125 2023 250,000 258,542
Owens Corning Fiberglass 9.375 2012 100,000 116,353
Peters (JM) 12.75 2002 100,000 91,500
Pulte 7.00 2003 300,000 284,952
Schuller Intl 10.875 2004 100,000 111,500
Total 862,847
____________________________________________________________
__________________Chemicals (0.4%)
Goodrich (BF) 9.625 2001 150,000 171,418
____________________________________________________________
__________________Electronics (0.9%)
Magnetek 10.75 1998 100,000 106,000
Reliance Electric 6.80 2003 300,000 306,990
Total 412,990
____________________________________________________________
__________________Energy (1.9%)
BP North America 9.50 1998 60,000 64,100
Clark Oil 9.50 2004 100,000 102,750
Honam Oil Refinery 7.125 2005
250,000 (c) 249,545
Parker & Parsley 8.25 2007 300,000 311,865
USX 9.80 2001 150,000 170,151
Total 898,411
____________________________________________________________
__________________Energy equipment & services (0.3%)
McDermott 9.375 2002 100,000 113,999
____________________________________________________________
__________________Financial services (4.2%)
AVCO Financial 7.25 1999 300,000 309,732
Carco Auto
Asset-backed obligation 7.875 1998 300,000 303,624
Corporate Property Investors 7.18 2013 300,000(c) 290,598
Countrywide Funding 8.42 1999 300,000 318,828
GPA Delaware 8.75 1998 100,000 89,500
GE Capital
Reset Nt 8.65 1996 200,000(f) 202,776
Kearny (RE) LP Class B
Collateralized Mtge Obligation 6.55 200013
1,381 131,022
Kearny (RE) LP Class C
Collateralized Mtge Obligation 7.70 200110
0,000 101,590
Merrill Lynch 8.154 2021 250,000 224,648
Total 1,972,318
____________________________________________________________
__________________Food (0.4%)
Chiquita Brands 9.625 2004 100,000 101,500
Specialty Foods 10.25 2001 100,000(c) 94,000
Total 195,500
____________________________________________________________
__________________Foreign (10.0%)(b)
Alcan Aluminum
(U.S. Dollar) 8.875 2022 200,000 225,030
Banca Italy N.Y.
(U.S. Dollar) 8.25 2007 300,000 317,748
Bank of China
(U.S. Dollar) 8.25 2014 200,000 193,918
Doman Industries
(U.S. Dollar) 8.75 2004 100,000 96,000
Fresh Delmonte
(U.S. Dollar) 10.00 2003 200,000 170,250
Guang Dong Enterprise
(U.S. Dollar) 8.75 2003 400,000(c) 373,404
Korea Electric Power
(U.S. Dollar) 8.00 2002 200,000 215,202
Mass Transit Railway
(U.S. Dollar) 7.25 2005 300,000 304,413
Mexican U.S. Series A
(U.S. Dollar) 6.25 2019 250,000 147,188
Petronas
(U.S. Dollar) 7.75 2015 300,000(c) 315,582
PT Indah Kiat Pulp & Paper
(U.S. Dollar) 11.875 2002 100,000 104,250
Qantas Air
(U.S. Dollar) 7.50 2003 300,000(c
,h) 304,128
Quno
(U.S. Dollar) Sr Nts 9.125 2005 100,000 98,500
Reliance Industries
(U.S. Dollar) 8.125 2005 250,000(c) 253,268
Repap New Brunswick
(U.S. Dollar) 10.625 2005 100,000 102,750
Republic of Brazil
(U.S. Dollar) 5.187 2024 200,000(f) 119,250
Republic of Columbia
(U.S. Dollar) 7.25 2004 200,000 190,408
Republic of Italy
(U.S. Dollar) 6.875 2023 300,000 277,191
Republic of South Africa
(U.S. Dollar) 9.625 1999 250,000 259,633
Telekom Malaysia
(U.S. Dollar) 7.875 2025 200,000(c) 212,834
Tjiwi Kimia
(U.S. Dollar) 13.25 2001 100,000 109,500
WMC Finance USA
(U.S. Dollar) 7.25 2013 300,000 306,675
Total 4,697,122
____________________________________________________________
__________________Health care (0.6%)
Schering-Plough
Zero Coupon 7.31 1996 300,000(c
,d) 281,817
____________________________________________________________
__________________Health care services (0.8%)
Columbia/HCA Healthcare 6.91 2005 100,000 100,827
La Petite Holdings 9.625 2001 100,000 88,125
Tenet Healthcare
Sr Sub 10.125 2005 150,000 162,375
Total 351,327
____________________________________________________________
__________________Household products (0.4%)
First Brands 9.125 1999 100,000 102,000
Sweetheart Cup
Sr Sub Nts 10.50 2003 100,000 98,750
Total 200,750
____________________________________________________________
__________________Industrial machines & services (0.9%)
Case 7.25 2005 400,000 411,176
____________________________________________________________
__________________Industrial transportation (1.1%)
Enterprise Rent-A-Car 8.75 1999 300,000 (
c,h) 322,995
Ryder Systems 9.25 2001 150,000 169,950
Total 492,945
____________________________________________________________
__________________Insurance (2.1%)
Aetna Life & Casualty 7.25 2023 300,000 287,538
Americo Life 9.25 2005 100,000 94,000
SunAmerica 7.34 2005 300,000 310,344
8.125 2023 300,000 312,888
Total 1,004,770
____________________________________________________________
__________________Leisure time & entertainment (1.1%)
Bally's Park Place Funding 9.25 2004 100,000 98,500
GNF Bally 10.625 2003 50,000 43,750
Mohegan Tribal Gaming 13.50 2002 100,000(c) 105,500
Premier Parks 12.00 2003 100,000 103,250
Trump Taj Mahal
Zero Coupon Pay-in-kind -- 1999 200,000(i)171,000
Total 52
2,000
____________________________________________________________
__________________Media (4.3%)
Ackerley Communications
Sr Secured Nts 10.75 2003 100,000(c) 105,500
Adelphia Communications 11.875 2004 100,000 96,500
Benedek Broadcast 11.875 2005 100,000(c) 105,750
Cablevision Systems 10.75 2004 100,000 105,125
Continental Cablevision
Sr Deb 8.875 2005 100,000 105,500
Continental Cablevision
Sr Sub Deb 11.00 2007 100,000 111,875
Cox Communication 7.625 2025 500,000 512,155
Outdoor Systems
Sr Nts 10.75 2003 100,000 96,750
TCI Communications 8.75 2015 300,000 320,529
Time Warner Entertainment 8.375 2033 250,000 259,650
Viacom Int'l 8.00 2006 100,000 99,250
Viacom Int'l
Sr Sub 10.25 2001 100,000 112,000
Total 2,030,584
____________________________________________________________
__________________Metals (0.2%)
Magma Copper 12.00 2001 100,000 110,750
____________________________________________________________
__________________Multi-industry (1.4%)
Coltec Industries 9.75 2000 100,000 104,375
Crane 7.25 1999 300,000 306,045
Fairchild 13.125 2006 65,000 51,837
Mark IV Industries 8.75 2003 100,000 104,500
Tally Industries
Zero Coupon Cv 8.27 1998 100,000(e) 74,500
Total 641,257
____________________________________________________________
__________________Natural gas (0.5%)
Southwest Gas 9.75 2002 100,000 114,522
Trans Texas Gas
Sr Nts 11.50 2002 100,000 105,000
Total 219,522
____________________________________________________________
__________________Paper & packaging (3.1%)
APP Intl 11.75 2005 100,000 102,250
Chesapeake 9.875 2003 100,000 117,881
Federal Paper Board 10.00 2011 100,000 124,439
Gaylord
Zero Coupon Cv 11.126 2015 100,000 98,250
International Paper 5.125 2012 85,000 70,463
Owens Illinois
Sr Sub Nts 11.00 2003 150,000 166,688
Pope and Talbot 8.375 2013 300,000 288,663
S D Warren
Sr Nts 12.00 2004 100,000 111,250
Scotia Pacific Holding 7.95 2015 277,072 289,986
Silgan
Sr Sub Nts 11.75 2002 100,000 105,750
Total 1,475,620
____________________________________________________________
__________________Real estate investment trust (0.8%)
First Union 8.875 2003 100,000 89,000
Property Trust America 7.50 2014 300,000 286,575
Total 375,575
____________________________________________________________
__________________Restaurants & lodging (0.4%)
Flagstar 10.875 2002 100,000 92,000
John Q Hammons Hotel
Sr Nts 8.875 2004 100,000 97,500
Total 189,500
____________________________________________________________
__________________Retail (2.3%)
Di Giorgio 12.00 2003 100,000 77,000
Food4Less Supermarket 13.625 2005 200,000 89,000
Penn Traffic 9.625 2005 200,000 147,000
Penney (JC) 9.05 2001 150,000 168,618
Pep Boys-Manny, Mo, Jack 7.00 2005 300,000 304,992
Ralphs Grocery 10.45 2004 100,000 100,250
Safeway Stores 10.00 2001 100,000 109,250
Stop & Shop 9.75 2002 75,000 81,375
Total 1,077,485
____________________________________________________________
__________________Telecommunications equipment & services
(0.4%)
CAI Wireless Systems
St Nts 12.25 2002 100,000 106,250
Comcast Cellular
Zero Coupon with attached put 6.95 199810
0,000 (d) 76,750
Total 183,000
____________________________________________________________
__________________Textiles & apparel (0.2%)
Dominion Textiles 8.875 2003 100,000 99,750
____________________________________________________________
__________________Utilities - electric (5.5%)
Arizona Public Service 8.00 2025 200,000 211,748
Cleveland Electric 9.50 2005 100,000 103,860
Commonwealth Edison 9.875 2020 200,000 227,690
First Palo Verde Funding 10.15 2016 200,000 209,566
Houston Industries 9.375 2001 150,000 170,568
Jersey Central Power & Light 6.75 2025 300,000 275,955
Long Island Lighting 9.625 2024 300,000 305,988
Midland Cogeneration Venture 11.75 2005 100,000 105,250
North Atlantic Energy
1st Mtge 9.05 2002 94,000 98,830
Northeast Utilities 8.58 2006 196,571 217,652
Pennsylvania Power & Light
1st Mtge 9.25 2019 100,000 108,330
Sithe Independent Funding 9.00 2013 100,000 105,558
Texas New Mexico Power
1st Mtge 9.25 2000 100,000 104,125
Texas Utilities Electric 9.750 2021 100,000 119,537
Texas Utilities
1st Mtge 7.375 2025 200,000 197,248
Total 2,561,905
____________________________________________________________
__________________Utilities - telephone (1.2%)
Intermedia Communications 13.50 2005 100,000 108,500
New York Telephone 9.375 2031 150,000 172,784
Pacific Bell Telephone 7.375 2043 300,000 300,738
Total 585,022
____________________________________________________________
__________________Miscellaneous (0.2%)
Coty 10.25 2005 100,000 105,750
____________________________________________________________
__________________Total bonds
(Cost: $43,482,812) $44,900,195
____________________________________________________________
__________________</TABLE>
<TABLE>
<CAPTION>
Preferred stocks & other (0.1%)
Issuer Shares Value(a)
____________________________________________________________
__________________<S> <C> <C>
Intermedia Communications
Warrants Exp 06/01/00 100 $ 1,000
National Health Investors
8.50% Cv 2,000
54,250
____________________________________________________________
__________________Total preferred stocks & other
(Cost: $51,025) $55,250
____________________________________________________________
__________________</TABLE>
<TABLE>
<CAPTION>
Short-term securities (3.6%)
Issuer Annualized Amount Value(a)
yield on payable at
date of maturity
purchase
____________________________________________________________
__________________<S> <C> <C> <C>
U.S. government agency (3.6%)
Federal Home Loan Bank Disc Note
11-06-95 5.64 $400,000 $ 399,688
Federal Home Loan Mtge Corp Disc Notes
12-22-95 5.61 400,000 399,935
11-30-95 5.66 300,000 298,637
Federal Natl Mtge Assn Disc Notes
11-02-95 5.58 300,000 299,954
12-05-95 5.60 270,000 268,579
____________________________________________________________
__________________Total short-term securities
(Cost: $1,663,708) $
1,666,793
____________________________________________________________
__________________Total investments in securities
(Cost: $44,197,545)(j) $46,622,238
____________________________________________________________
__________________________________
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. For
debt securities, principal amounts are denominated in the
currency indicated.
(c)Represents a security sold under Rule 144A, which 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.
(d) For zero coupon bonds, the interest rate disclosed
represents the annualized effective yield on the date of
acquisition.
(e) For these zero coupon bonds, which become coupon paying
at a future date, the interest rate disclosed represents the
annualized effective yield from the date of acquisition to
interest reset date disclosed.
(f) Interest rate varies to reflect current market
conditions; rate shown is the effective rate on Oct. 31,
1995.
(g) This security is a collateralized mortgage obligation
that pays no interest or principal during its initial
accrual period until payment of a previous series within the
trust have been paid off. Interest is accrued at an
effective yield.
(h) 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,
1995, is as follows:
Security Acqusition Purchase
date Cost
____________________________________________________________
__________________Enterprise Rent-A-Car
8.75%, 1999 12-08-94 $299,832
Qantas Air
7.50%, 2003 06-24-93 297,660
(i) Pay-in-kind securities are securities in which the
issuer has the option to make interest payments in
cash or in additional securities. These securities issued as
interest usually have the same terms,
including maturity date, as the pay-in-kind securities.
(j) At Oct 31, 1995, the cost of securities for federal
income tax purposes was approximately $44,156,000 and the
approximate aggregate gross unrealized appreciation and
depreciation based on that cost was:
Unrealized appreciation $2,687,000
Unrealized depreciation (221,000)
____________________________________________________________
__________________Net unrealized appreciation $2,466,000
____________________________________________________________
__________________</TABLE>
PAGE
<TABLE>
<CAPTION>
IDS Life Series Fund, Inc.(Percentages represent value of investments
Oct. 31, 1995 (Unaudited) compared to total net assets)
Money Market Portfolio
Short-term securities (97.9%)
Issuer Annualized Amount Value(a)
yield on payable at
date of maturity
purchase
____________________________________________________________
__________________<S> <C> <C> <C>
Commercial paper (93.5%)
Automotive & related (4.1%)
Ford Motor Credit
11-20-95 5.76% $500,000 $ 498,488
____________________________________________________________
__________________Banks and savings & loans (3.6%)
Societe Generale North Amer
03-18-96 5.79 450,000 440,271
____________________________________________________________
__________________Beverages & tobacco (3.2%)
Coca-Cola
12-08-95 5.72 400,000 397,669
____________________________________________________________
__________________Electronics (4.1%)
Siemens
11-22-95 5.72 500,000 498,346
____________________________________________________________
__________________Energy (3.2%)
Michigan Consolidated Gas
11-21-95 5.70 400,000 398,744
____________________________________________________________
__________________Financial services (36.0%)
Ciesco LP
11-06-95 5.74 500,000 499,603
Commerical Credit
11-21-95 5.70 500,000 498,422
Dean Witter
01-18-96 5.75 550,000 543,231
General Electric Capital
12-15-95 5.75 500,000 496,517
Household Finance
11-15-95 5.75 600,000 598,663
Penney (JC) Funding
11-13-95 5.73 500,000 499,048
Toyota Motor Credit
11-07-95 5.72 400,000 399,620
Transamerica Finance
11-16-95 5.74 400,000 399,047
USAA Capital
11-08-95 5.71 500,000 499,449
Total 4,433,600
____________________________________________________________
__________________See accompaning notes to investments in
securities.
Food (7.7%)
Canadian Wheat
12-04-95 5.75 450,000 447,649
CPC Intl
12-05-95 5.76 500,000(b) 497,304
Total 944,953
____________________________________________________________
__________________Health care (5.6%)
Sandoz
01-29-96 5.78 400,000 394,363
SmithKline Beecham
01-30-96 5.75 300,000 295,770
Total 690,133
____________________________________________________________
__________________Household products (2.4%)
Proctor & Gamble
01-29-96 5.75 300,000 295,795
____________________________________________________________
__________________Insurance (9.7%)
Metlife Funding
11-27-95 5.74 600,000 597,530
SAFECO
12-12-95 5.76 600,000 596,091
Total 1,193,621
____________________________________________________________
__________________Retail (4.3%)
Albertson's
11-29-95 5.75 531,000 528,638
____________________________________________________________
__________________Utilities - electric (4.0%)
Northern States Power
11-30-95 5.74 500,000 497,700
____________________________________________________________
__________________Utilities - telephone (5.6%)
AT&T
12-13-95 5.75 400,000 397,345
Unilever Capital
12-01-95 5.73 300,000(b) 298,575
Total 695,920
____________________________________________________________
__________________Total commercial paper
(Cost: $11,513,878) $11,513,878
____________________________________________________________
__________________Letter of Credit (4.4%)
Bank of America-Hyundai
04-02-96 5.80 550,000 536,816
Total letter of credit
(Cost: $536,816) $ 536,816
____________________________________________________________
__________________Total investments in securities
(Cost: $12,050,694)(c) $12,050,694
____________________________________________________________
__________________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." This security has been
determined to be liquid under guidelines established by the
board of directors.
(c) At Oct. 31, 1995, this also represents the cost of
securities for federal income tax purposes.
</TABLE>
PAGE
<TABLE>
<CAPTION>
IDS Life Series Fund, Inc.(Percentages represent value of investments
Oct. 31, 1995 (Unaudited) compared to total net assets)
Managed Portfolio
Bonds (35.2%)
Issuer Coupon Maturity Principal Value(a)
rate year amount
____________________________________________________________
__________________<S> <C> <C> <C> <C>
U.S. government obligations (11.9%)
U.S. Treasury Bonds 6.25% 2023 $5,050,000 $ 4,938,748
7.25 2016 1,000,000 1,096,350
8.875 2017 5,230,000 6,724,316
9.375 2006 1,830,000 2,290,721
10.375 2012 500,000 672,155
U.S. Treasury Notes 4.625 1996 1,850,000 1,845,375
5.125 1998 2,000,000 1,968,380
5.50 1996 1,140,000 1,139,875
5.625 1998 2,400,000 2,398,992
5.75 2003 250,000 246,740
7.125 1999 2,850,000(l) 2,982,354
7.50 2001 85,000 91,956
7.50 2005 1,000,000 1,103,250
7.75 2000 3,700,000 3,967,806
Total 31,467,018
____________________________________________________________
__________________Mortgage-backed securities (3.6%)
Federal Home Loan Mtge Corp 8.00 2022 601,901 617,515
8.00 2024 556,313 570,744
Federal Natl Mtge Assn 6.00 2024 1,924,507 1,829,494
6.50 2010 1,911,207 1,897,465
6.50 2025 1,188,001 1,149,391
7.00 2025 1,008,808 999,981
8.00 2022 265,717 272,692
8.50 2023 395,160 409,856
9.00 2024 207,361 216,887
Series Z 6.50 2023 278,507(j) 236,840
7.00 2016 1,232,925(j) 1,219,807
Govt Natl Mtge Assn 9.00 2022 32,965 34,665
Total 9,455,337
____________________________________________________________
__________________Aerospace & defense (0.3%)
Alliant Techsystem
Sr Sub 11.75 2003 300,000 329,250
United Technologies 8.875 2019 300,000 362,553
Total 691,803
____________________________________________________________
__________________See accompanying notes to investments in
securities.
Airlines (0.2%)
AMR 9.75 2021 300,000 349,494
United Air Lines 10.67 2004 200,000 236,262
Total 585,756
____________________________________________________________
__________________Automotive related (0.3%)
GMAC 6.05 1996 750,000 751,065
8.375 1997 65,000 67,137
Total 818,202
____________________________________________________________
__________________Banks and savings & loans (0.9%)
First Bank System 6.875 2007 1,000,000 1,003,500
First USA Bank 6.88 1996 300,000 302,595
Norwest 6.375 2002 800,000 800,136
Riggs National
Sub Nts 8.50 2006 100,000 105,250
Total 2,211,481
____________________________________________________________
__________________Building materials (0.4%)
Georgia Pacific 8.125 2023 250,000 258,543
Pulte 7.00 2003 500,000 474,920
Schuller Intl Group 10.875 2004 250,000 278,750
Total 1,012,213
____________________________________________________________
__________________Computers & office equipment (0.4%)
Sanmina
Cv 5.50 2002 1,000,000(h) 1,130,000
____________________________________________________________
__________________Electronics (0.2%)
Reliance Electric 6.80 2003 500,000 511,650
____________________________________________________________
__________________Energy (0.8%)
BP North America 9.50 1998 140,000 149,568
Honam Oil Refinery 7.125 2005 1,000,000(h) 998,180
Parker & Parsley 8.25 2007 500,000 519,775
Standard Oil 9.00 2019 300,000 335,712
Total 2,003,235
____________________________________________________________
__________________Financial services (1.5%)
AVCO Financial 7.25 1999 250,000 258,110
Carco Auto
Asset-Backed Obligation 7.875 1998 250,000 253,020
Corporate Property Investors 7.18 2013 500,000(h) 484,330
GE Capital
Reset Nt 8.65 1996 250,000(i) 253,470
Kearny (RE) LP Cl C
Collateralized Mtge Obligation7.70 2001 150,000 152,385
KFW Intl Finance 8.00 2010 250,000 279,297
Merrill Lynch 8.154 2021 400,000(h) 359,437
Mutual Risk Management
Zero Coupon Cv with attached put7.03 2010 2,800,000(h) 1,004,500
Olympic Financial 13.00 2000 400,000 441,000
Salomon Brothers 6.75 2006 500,000 467,110
Total 3,952,659
____________________________________________________________
__________________Food (0.1%)
Specialty Foods 10.25 2001 400,000(h) 376,000
____________________________________________________________
__________________Foreign (3.6%)(c)
Banca Italy N.Y.
(U.S. Dollar) 8.25 2007 500,000 529,580
Bank of China
(U.S. Dollar) 8.25 2014 300,000 290,877
Carter Holt Harvey
(U.S. Dollar) 8.375 2015 500,000 557,010
Doman Industries
(U.S. Dollar) 8.75 2004 200,000 192,000
Govt of Poland
(U.S. Dollar) Stepup Nts 3.25 2014 560,000(i) 360,850
Govt Trust Certificate Israel
(U.S. Dollar) 9.25 2001 275,000 301,059
Guang Dong Enterprise
(U.S. Dollar) 8.75 2003 750,000(h) 700,132
LeGrand
(U.S. Dollar) 8.50 2025 200,000 229,296
Mass Transit Railway
(U.S. Dollar) 7.25 2005 500,000 507,355
Mexican U.S. Series D
(U.S. Dollar) 7.25 2019 250,000(i) 167,344
Petronas
(U.S. Dollar) 7.75 2015 850,000(h) 894,149
PT Indah Kiat Pulp & Paper
(U.S. Dollar) 11.875 2002 250,000 260,625
Qantas Air
(U.S. Dollar) 7.50 2003 500,000(g) 506,880
Quno
(U.S. Dollar) 9.125 2005 400,000 394,000
Reliance Industries
(U.S. Dollar) 8.125 2005 250,000(h) 253,267
Repap New Brunswick
(U.S. Dollar) 10.625 2005 500,000 513,750
Republic of Argentina
(U.S. Dollar) 7.312 2005 250,000 148,906
Republic of Brazil
(U.S. Dollar) 6.875 2012 400,000 219,750
(U.S. Dollar) 5.187 2024 500,000(i) 298,125
Republic of Columbia
(U.S. Dollar) 7.25 2004 500,000 476,020
Republic of Italy
(U.S. Dollar) 6.875 2023 350,000 323,389
Rogers Cable System
(Canadian Dollar) 9.65 2014 600,000 389,622
Sahaviriya Steel
(U.S. Dollar) 3.50 2005 750,000(h) 637,500
Telekom Malaysia
(U.S. Dollar) 7.875 2025 425,000(h) 452,272
Total 9,603,758
____________________________________________________________
__________________Health care (0.5%)
Johnson & Johnson 8.00 1998 1,000,000 1,019,840
Schering-Plough
Zero Coupon 7.31 1996 350,000(d,h) 328,787
Total 1,348,627
____________________________________________________________
__________________Health care services (0.4%)
Columbia/HCA Healthcare 7.69 2025 400,000 417,264
La Petite Holdings 9.625 2001 200,000 176,250
Tenet Healthcare
Sr Sub 10.125 2005 500,000 541,250
Total 1,134,764
____________________________________________________________
__________________Industrial machines & services (0.3%)
Case 7.25 2005 850,000 873,749
____________________________________________________________
__________________Insurance (1.0%)
Aetna Life & Casualty 7.25 2023 500,000 479,230
Americo Life 9.25 2005 400,000 376,000
General American Life
Sub Cap Nts 7.625 2024 500,000(h) 470,350
New England Mutual
Credit Sensitive Notes 7.875 2024 250,000(h) 246,388
Principal Mutual 8.00 2044 250,000(h) 243,107
SunAmerica 7.34 2005 700,000 724,136
Total 2,539,211
____________________________________________________________
__________________Leisure time & entertainment (0.5%)
Alliance Entertainment 11.25 2005 250,000(h) 252,188
Bally's Park Place Funding
1st Mtge 9.25 2004 400,000 394,000
Mohegan Tribal Gaming 13.50 2002 250,000(h) 263,750
Premier Parks 12.00 2003 300,000 309,750
Trump Taj Mahal
Zero Coupon Pay-in-kind -- 1999 250,000(k) 213,750
Total 1,433,438
____________________________________________________________
__________________Media (2.2%)
Ackerley Communications
Sr Secured Nts 10.75 2003 400,000(h) 422,000
Adelphia Communications
Pay-in-kind -- 2004 573,925(k) 486,401
Benedek Broadcast 11.875 2005 300,000(h) 317,250
Continental Cablevision
Sr Deb 8.875 2005 250,000 263,750
Cox Communication 7.625 2025 750,000 768,233
News Amer Holdings 7.50 2000 250,000 257,985
Outdoor Systems
Sr Nts 10.75 2003 400,000 387,000
Paramount Communications 7.00 2003 500,000 483,585
TCI Communications 8.75 2015 200,000 213,686
Tele-Communications 7.875 2013 500,000 494,030
8.75 2023 500,000 510,390
Time Warner Entertainment 8.375 2033 500,000 519,300
Turner Broadcasting System
Sr Nts 8.375 2013 250,000 256,710
ViaCom Intl 8.00 2006 500,000 496,250
Total 5,876,570
____________________________________________________________
__________________Multi-industry (0.4%)
Crane 7.25 1999 250,000 255,038
Fairchild Industries 12.25 1999 400,000 416,000
Mark IV Industries 8.75 2003 400,000 418,000
Total 1,089,038
____________________________________________________________
__________________Natural gas (0.4%)
Coastal 10.25 2004 500,000 605,950
Trans Texas Gas
Sr Nts 11.50 2002 400,000 420,000
Total 1,025,950
____________________________________________________________
__________________Paper & packaging (1.1%)
APP Intl 11.75 2005 300,000 306,750
Container Corp America
Sr Nts 10.75 2002 250,000 263,750
Federal Paperboard 10.00 2011 250,000 311,098
Gaylord
Zero Coupon Cv 9.226 1996 500,000(e) 491,250
International Paper 5.125 2012 250,000 207,245
Pope and Talbot 8.375 2013 400,000 384,884
S D Warren
Sr Nts 12.00 2004 400,000(h) 445,000
Scotia Pacific Holding 7.95 2015 272,909 285,629
Stone Container
1st Mtge 10.75 2002 200,000 209,500
Total 2,905,106
____________________________________________________________
__________________Real estate investment trust (0.4%)
First Union 8.875 2003 300,000 267,000
Property Trust America 7.50 2014 750,000 716,437
Total 983,437
____________________________________________________________
__________________Restaurants & lodging (0.1%)
Flagstar 10.875 2002 400,000 368,000
____________________________________________________________
__________________Retail (0.9%)
Food4Less Supermarket
Zero Coupon Cv 9.27 2005 800,000(d) 356,000
Grand Union 12.00 2004 300,000 291,000
Pathmark Stores 9.625 2003 400,000 398,000
Penn Traffic 9.625 2005 300,000 220,500
Penney (JC) 9.05 2001 200,000 224,824
Pep Boys-Manny, Mo, Jack 7.00 2005 500,000 508,320
Ralphs Grocery 10.45 2004 300,000 300,750
Total 2,299,394
____________________________________________________________
__________________Telecommunications equipment & services
(0.2%)
CAI Wireless Systems
Sr Nts 12.25 2002 400,000 425,000
____________________________________________________________
__________________Utilities - electric (1.8%)
Alabama Power 9.00 2024 300,000 333,264
California Energy 9.875 2003 250,000 257,500
Cleveland Electric 9.50 2005 250,000 259,650
Commonwealth Edison 8.375 2023 250,000 265,210
First Palo Verde Funding 10.15 2016 400,000 419,132
Jersey Central Power & Light 6.75 2025 1,000,000 919,850
Long Island Lighting 9.75 2021 300,000 311,280
Niagara Mohawk Power 7.75 2006 700,000 633,283
Pennsylvania Power & Light 7.625 2002 50,000 50,847
RGS Funding I & M
Sale Lease-Back Obligation 9.82 2022 208,779 261,081
Salton Sea Cl C 7.84 2010 300,000(h) 304,398
Sithe Independence Funding 9.00 2013 150,000(h) 158,337
Texas-New Mexico Power
1st Mtge 9.25 2000 400,000 416,500
Total 4,590,332
____________________________________________________________
__________________Utilities - telephone (0.4%)
GTE 9.375 2000 400,000 450,108
GTE Florida 9.625 2030 300,000 317,838
Mountain States Tel & Tel 5.50 2005 80,000 73,130
New England Tel & Tel 6.375 2008 70,000 67,646
New York Telephone 4.875 2006 130,000 113,838
Total 1,022,560
____________________________________________________________
__________________Miscellanous (0.4%)
Coty 10.25 2005 500,000 528,750
KinderKare Learning Center 10.375 2001 250,000 259,063
Standard Credit Card Trust
Collateralized Mtge Obligation8.625 2002 250,000 257,930
Total 1,045,743
____________________________________________________________
__________________Total bonds
(Cost: $89,077,614) $92,780,031
____________________________________________________________
__________________</TABLE>
<TABLE>
<CAPTION>
Options purchased (0.2%)
Issuer Number Exercise Expiration Value(a)
of contracts price date
Call
____________________________________________________________
__________________<S> <C> <C> <C> <C>
S&P 500 125 $560 Dec. 1995 $346,875
S&P 500 50 570 Dec. 1995 116,250
____________________________________________________________
__________________Total options purchased
(Cost: $375,562) $463,125
____________________________________________________________
__________________</TABLE>
<TABLE>
<CAPTION>
Common stocks (40.3%)
Issuer Shares Value(a)
_________________________________________________
_____________________________<S> <C> <C>
Aerospace & defense (2.4%)
Boeing 28,000 $1,837,500
General Motors, Cl H 17,000 714,000
Lockheed Martin 21,500 1,464,688
United Technologies 26,800 2,378,500
Total 6,394,688
____________________________________________________________
__________________Automotive related (1.2%)
Chrysler 12,000 619,500
General Motors 12,000 525,000
Goodyear Tire & Rubber 16,000 608,000
Snap-On 32,000 1,356,000
Total 3,108,500
____________________________________________________________
__________________Banks and savings & loans (0.7%)
BankAmerica 10,000 575,000
Citicorp 20,800 1,349,400
Total 1,924,400
____________________________________________________________
__________________Beverages & tobacco (2.2%)
Coca-Cola 13,400 963,125
PepsiCo 34,000 1,793,500
Philip Morris 36,000 3,042,000
Total 5,798,625
____________________________________________________________
__________________Building materials (1.0%)
Tyco Intl 43,700 2,654,775
____________________________________________________________
__________________Chemicals (0.8%)
Morton Intl 28,000 854,000
Praxair 51,000 1,377,000
Total 2,231,000
____________________________________________________________
__________________Computers & office equipment (3.0%)
Bay Networks 14,500(b) 960,625
Checkfree 6,300(b) 133,088
Cisco Systems 20,000(b) 1,550,000
Computer Sciences 39,000(b) 2,608,125
Computron Software 2,300(b) 39,100
INSO 15,000(b) 536,250
Softkey Intl 17,000(b) 535,500
Sterling Software 22,000(b) 1,014,750
Zebra Technologies 'A' 10,000(b) 595,000
Total 7,972,438
____________________________________________________________
__________________Electronics (1.2%)
Applied Materials 12,000(b) 601,500
Intel 19,000 1,327,625
SGS-THOMSON N.V. 25,000(b) 1,131,250
Total 3,060,375
____________________________________________________________
__________________Energy (0.9%)
Amoco 12,000 766,500
Exxon 20,000 1,527,500
Total 2,294,000
____________________________________________________________
__________________Energy equipment & services (0.5%)
Input/Output 35,000(b) 1,308,125
____________________________________________________________
__________________Financial services (1.1%)
Natl Auto Credit 70,000(b) 1,137,500
Travelers 35,000 1,767,500
Total 2,905,000
____________________________________________________________
__________________Food (0.2%)
Sara Lee 22,000 646,250
____________________________________________________________
__________________Foreign (2.0%)
Mutual Risk Management 36,000 1,327,500
Nokia Preferred 7,000 390,250
Royal Dutch Petroleum 12,000 1,474,500
Seagram 28,000 1,008,000
Telefonica de Espana 26,500 997,062
Total 5,197,312
____________________________________________________________
__________________Health Care (3.8%)
Amer Home Products 15,000 1,329,375
Forest Labs 17,000(b) 703,375
Guidant 20,000 640,000
Johnson & Johnson 28,200 2,298,300
Merck 37,000 2,127,500
Pfizer 29,500 1,692,563
Schering Plough 21,600 1,158,300
Total 9,949,413
____________________________________________________________
__________________Health care services (1.5%)
Columbia Healthcare 35,000 1,719,375
Service Corp Intl 45,000 1,805,625
Stewart Enterprises 10,000 337,500
Total 3,862,500
____________________________________________________________
__________________Household Products (1.7%)
Avon Products 30,500 2,169,312
Duracell 46,500 2,435,438
Total 4,604,750
____________________________________________________________
__________________Industrial machines & services (1.3%)
Caterpillar 20,000 1,122,500
Greenfields 38,000 1,140,000
WMX Technologies 39,000 1,096,875
Total 3,359,375
____________________________________________________________
__________________Industrial transportation (0.2%)
CSX 6,500 544,375
____________________________________________________________
__________________Insurance (2.0%)
American Intl Group 13,500 1,139,062
Equitable 35,000 743,750
Risk Capital Holdings 44,400(b) 976,800
Transport Holdings, Cl A 200(b) 7,850
UNUM 46,300 2,436,538
Total 5,304,000
____________________________________________________________
__________________Leisure time & entertainment (0.4%)
Coleman 28,400(b) 972,700
____________________________________________________________
__________________Media (2.2%)
Amer Greetings, Cl A 66,000 2,079,000
Liberty Media, Cl A 23,250(b) 572,531
Sinclair Broadcast Group A 3,500(b) 72,625
Tele-Communications 'A' 61,000(b) 1,037,000
Time Warner 60,000 2,190,000
Total 5,951,156
____________________________________________________________
__________________Metals (0.9%)
Alumax 34,000(b) 1,003,000
Citation 27,000(b) 506,250
UCAR Intl 33,000(b) 940,500
Total 2,449,750
____________________________________________________________
__________________Multi-industry (0.8%)
Albany Intl 55,000 1,141,250
Alco Standard 10,300 911,550
Total 2,052,800
____________________________________________________________
__________________Paper & packaging (1.6%)
Crown Cork & Seal 12,000(b) 418,500
James River 15,000 481,875
Kimberly Clark 40,000 2,905,000
Shorewood Packaging 18,700(b) 313,225
Total 4,118,600
____________________________________________________________
__________________Restaurants & lodging (0.3%)
Red Lion 45,900(b) 906,525
____________________________________________________________
__________________Retail (3.9%)
Albertson's 28,000 931,000
Barnes & Noble 41,000(b) 1,496,500
Dayton Hudson 7,000 481,250
Gap 40,000 1,575,000
Home Depot 24,000 894,000
Melville 19,000 608,000
Nordstrom 12,000 444,750
OfficeMax 97,000(b) 2,400,750
Rite Aid 55,000 1,485,000
Total 10,316,250
____________________________________________________________
__________________Telecommunications equipment & services
(0.2%)
General Instrument 29,000(b) 551,000
____________________________________________________________
__________________Textiles & apparel (0.2%)
Gucci 16,700(b) 501,000
____________________________________________________________
__________________Utilities - Electric (0.4%)
Duke Power Company 22,000 984,500
____________________________________________________________
__________________Utilities - telephone (1.7%)
AT&T 22,000 1,408,000
AirTouch Communications 49,000(b) 1,396,500
BellSouth 14,000 1,071,000
MFS Communications 489(b) 19,743
WorldCom 16,000(b) 522,000
Total 4,417,243
____________________________________________________________
__________________Total common stocks
(Cost: $89,836,636) $106,341,425
____________________________________________________________
__________________</TABLE>
<TABLE>
<CAPTION>
Preferred stocks (1.0%)
Issuer Shares Value(a)
____________________________________________________________
__________________<S> <C> <C>
Alco Standard
6.50% Cv 16,000 1,368,000
First Nationwide Bank
11.50% 1,000 113,500
MFS Communications
2.68% Cv 25,000 987,500
National Health Investors
8.50% Cv 10,000 271,250
____________________________________________________________
__________________Total preferred stocks
(Cost: $2,431,938) $2,740,250
____________________________________________________________
__________________</TABLE>
<TABLE>
<CAPTION>
Short-term securities (21.2%)
Issuer Annualized Amount Value(a)
yield on payable at
date of maturity
purchase
____________________________________________________________
__________________<S> <C> <C> <C>
U.S. government and agency (1.6%)
Federal Home Loan Bank Disc Note
11-06-95 5.64%$ 200,000 $ 199,844
Federal Home Loan Mtge Corp Disc Note
12-22-95 5.62 2,600,000 2,577,478
Federal Natl Mtge Assn Disc Note
12-05-95 5.64 1,400,000 1,390,978
Total 4,168,300
____________________________________________________________
__________________Commercial paper (18.8%)
CPC Intl
12-05-95 5.76 300,000(f) 298,264
Canadian Wheat
12-04-95 5.75 3,450,000 3,430,327
Ciesco LP
11-06-95 5.74 1,500,000 1,498,808
Dean Witter
01-18-96 5.75 900,000 887,788
G.E. Company
11-22-95 5.75 1,100,000 1,096,323
Glaxo Holdings
11-20-95 5.73 600,000(f) 598,192
Hewlett-Packard
01-18-96 5.73 5,000,000 4,935,045
Household Finance
11-15-95 5.75 1,900,000 1,895,766
11-28-95 5.75 900,000 896,132
Michigan Consolidated Gas
11-21-95 5.70 3,900,000 3,887,758
Nestle Capital
11-03-95 5.72 1,000,000 999,683
Penney (JC) Funding
11-20-95 5.74 4,000,000 3,987,946
PepsiCo
11-27-95 5.73 2,500,000 2,489,708
Pioneer Hi-Bred
11-28-95 5.75 1,500,000 1,493,565
SAFECO
11-22-95 5.74 1,300,000 1,295,662
12-12-95 5.76 1,370,000 1,361,075
Sandoz
11-29-95 5.75 1,600,000 1,592,882
01-29-96 5.78 400,000 394,300
SmithKline Beecham
01-30-96 5.75 2,100,000 2,072,719
Societe Generale North Amer
03-18-96 5.79 3,050,000 2,980,519
Toyota Motor Credit
11-07-95 5.72 4,600,000 4,595,630
Unilever Capital
12-01-95 5.73 5,000,000(f) 4,976,250
USL Capital
11-10-95 5.76 2,000,000 1,997,135
Total 49,661,477
____________________________________________________________
__________________Letters of Credit (0.8%)
Bank of America - Hyundai
04-02-96 5.80 2,300,000 2,240,967
____________________________________________________________
__________________Total short-term securities
(Cost: $56,086,219) $ 56,070,744
____________________________________________________________
__________________Total investments in securities
(Cost: $237,807,969)(m) $258,395,575
____________________________________________________________
__________________
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. For
debt securities, 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 those zero coupon bonds that become coupon paying at
a future date, 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."
This security has 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,
1995, is as follows:
Security Acquisition Purchase
date cost
____________________________________________________________
_______________
Qantas Air
7.50%, 2003 06-24-93 $496,100
(h)Represents a security sold under Rule 144A, which 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 to reflect current market
conditions; rate shown is the effective rate on Oct. 31,
1995.
(j)This security is a collateralized mortgage obligation
that pays no interest or principal during its initial
accrual period until payment of a previous series within the
trust have been paid off. Interest is accrued at an
effective yield.
(k) Pay-in-kind securities are securities in which the
issuer has the option to make interest payments in cash or
in additional securities. These securities issued as
interest usually have the same terms, including maturity
date, as the pay-in-kind securities.
(l) Partially pledged as initial deposit on the following
open stock index futures purchase contracts
(see Note 5 to the financial statements):
Type of security Contracts
____________________________________________________________
__________________S & P 500, Dec. 1995
68
(m)At Oct. 31, 1995, the cost of securities for federal
income tax purposes was approximately $237,661,000 and the
approximate aggregate gross unrealized appreciation and
depreciation based on that cost was:
Unrealized appreciation $23,138,000
Unrealized depreciation (2,404,000)
____________________________________________________________
__________________Net unrealized appreciation $20,734,000
____________________________________________________________
__________________</TABLE>
PAGE
<TABLE>
<CAPTION>
IDS Life Series Fund, Inc.(Percentages represent value of investments
Oct. 31, 1995 (Unaudited) compared to total net assets)
Government Securities Portfolio
Bonds (94.1%)
Issuer Coupon Maturity Principal Value (a)
rate year amount
<S> <C> <C> <C> <C>
U.S. government obligations (74.6%)
Resolution Funding 8.125% 2019$ 400,000 $ 473,980
RFCO Strips 7.18 2009 2,660,000(b)1,082,061
8.04 2012 1,300,000(b) 441,610
U.S. Treasury Bonds 7.50 2024 170,000 194,273
8.125 2019 500,000 601,780
10.375 2012 750,000 1,008,233
U.S. Treasury Notes 6.375 1997 850,000 860,378
7.375 1996 250,000 252,380
7.75 2001 1,510,000 1,640,842
8.875 1999 2,450,000 2,678,389
Total 9,233,926
____________________________________________________________
__________________Mortgage backed securities (19.5%)
Federal Natl Mtge Assn 6.50 2010 477,802 474,366
7.00 2025 296,651 294,055
8.50 2023-25 1,233,332 1,279,200
9.00 2023 245,084 256,343
Govt Natl Mtge Assn 8.00 2017 99,270 102,311
Total 2,406,275
____________________________________________________________
__________________Total bonds
(Cost: $10,967,345) $11,640,201
____________________________________________________________
__________________</TABLE>
<TABLE>
<CAPTION>
Short-term security (3.2%)
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
12-22-95 5.61% $400,000 $ 396,593
____________________________________________________________
__________________Total short-term security
(Cost: $396,849) $ 396,593
____________________________________________________________
__________________Total investments in securities
(Cost: $11,364,194)(c) $12,036,794
____________________________________________________________
__________________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) For zero coupon bonds, the interest rate disclosed
represents the annualized effective yield on the date of
acquisition.
(c)At Oct. 31, 1995, the cost of securities for federal
income tax purposes was approximately $11,361,000 and the
approximate aggregate gross unrealized appreciation and
depreciation based on that cost was:
Unrealized appreciation $681,000
Unrealized depreciation (5,000)
____________________________________________________________
__________________Net unrealized appreciation $676,000
____________________________________________________________
__________________</TABLE>
PAGE
<TABLE>
<CAPTION>
IDS Life Series Fund, Inc.(Percentages represent value of investments
Oct. 31, 1995 compared to net assets)
International Equity Portfolio (Unaudited)
Common stocks (95.0%)
Issuer Shares Value(a)
____________________________________________________________
__________________<S> <C> <C>
Argentina (1.7%)
Energy
YPF 20,000 $ 342,500
____________________________________________________________
__________________Australia (5.6%)
Airlines (2.2%)
Qantas Airways 25,000(c) 441,815
____________________________________________________________
__________________Energy (1.8%)
Woodside Petroleum 75,000 359,325
____________________________________________________________
__________________Metals (1.6%)
Golden Shamrock Mines 600,000(b) 328,800
____________________________________________________________
__________________Austria (1.8%)
Electronics
Austria Mikro System 2,000(b) 370,650
____________________________________________________________
__________________Bahamas (5.6%)
Industrial transportation (1.7%)
Teekay Shipping 15,000 348,750
____________________________________________________________
__________________Restaurants (3.9%)
Sun Intl 25,600(b) 787,200
____________________________________________________________
__________________Belgium (2.2%)
Multi-industry conglomerates
Barco 4,000 451,260
____________________________________________________________
__________________Brazil (1.4%)
Retail
Lojas Arapua ADR 29,000(c) 274,396
____________________________________________________________
__________________Canada (11.6%)
Energy (1.4%)
Gulf Canada 75,000 290,625
____________________________________________________________
_______________________________
Health care (2.1%)
Biovail 11,000(b) 426,250
____________________________________________________________
__________________Metals (8.1%)
Barrick Gold 5,000 115,625
Bre-X Minerals 33,000(b) 1,169,982
Cambior 35,000 346,146
Total 1,631,753
____________________________________________________________
__________________Chile (2.1%)
Miscellaneous
New World Infrastructure 245,000(b) 430,955
____________________________________________________________
__________________Denmark (2.1%)
Miscellaneous
Scandinavian Mobility 17,500(b) 416,395
____________________________________________________________
__________________Finland (1.0%)
Miscellaneous
Benefon 7,500 210,165
____________________________________________________________
__________________France (3.4%)
Electronics(1.5%)
SGS Thomson Microelec 6,500(b) 294,125
____________________________________________________________
__________________Utilities-water (1.9%)
Cie Generale Des Eaux 4,000 372,652
____________________________________________________________
__________________Germany (2.6%)
Industrial equipment & services (1.4%)
Mannesmann 850 279,750
____________________________________________________________
__________________Textiles & apparal (1.2%)
Tarkett 10,000(b,c,d) 238,687
____________________________________________________________
__________________Hong Kong (2.2%)
Automotive & related
Qingling Motor 2,000,000 436,000
____________________________________________________________
__________________Indonesia (5.7%)
Food (2.0%)
PT Sekar Bumi 300,000(b) 396,300
____________________________________________________________
__________________Miscellaneous (1.6%)
Pt Komutsu Indonesia 375,000(b) 330,251
____________________________________________________________
__________________Textiles & apparel (2.1%)
Roda Vivatex 500,000 412,500
____________________________________________________________
__________________Ireland (2.7%)
Insurance
Irish Life 145,000 536,355
____________________________________________________________
__________________Italy (4.2%)
Health care (2.5%)
De Rigo S.p.A. 24,000(b) 495,000
____________________________________________________________
__________________Utilities-telephone (1.7%)
Tele Italia 300,000(b) 333,300
____________________________________________________________
__________________Japan (2.4%)
Banks and savings & loans (1.2%)
Sanwa Bank 14,000(b) 238,322
____________________________________________________________
__________________Electronics (1.2%)
Kyocera 3,000 245,964
____________________________________________________________
__________________Malaysia (1.9%)
Communications equipment
Time Engineering 150,000 383,700
____________________________________________________________
__________________Mexico (5.1%)
Food (1.5%)
Gruma 100,000(b) 294,736
____________________________________________________________
__________________Metals (2.0%)
Industrias Penoles 108,000 406,231
____________________________________________________________
__________________Restaurants & lodging (1.6%)
Posadas de Mexico 1,000,000(b) 315,780
____________________________________________________________
__________________Netherlands (1.7%)
Electronics (1.3%)
Advanced Semiconductor Engineering 20,000(b,c) 253,800
____________________________________________________________
__________________Textiles (0.4%)
Gucci Group 2,400(b) 72,000
____________________________________________________________
__________________Norway (2.5%)
Banks and savings & loans
Fokus Bank 95,000(b) 503,405
____________________________________________________________
__________________Philippines (5.4%)
Banks and savings & loans (2.3%)
Bankard 1,100,000(b) 454,300
____________________________________________________________
__________________Financial services (1.8%)
Filinvest 400,000(b,c) 353,600
____________________________________________________________
__________________Paper & packaging (1.3%)
Intl Container 600,000(b) 253,200
____________________________________________________________
__________________South Korea (--%)
Electronics
Samsung 42(b) 4,964
____________________________________________________________
__________________Spain (2.5%)
Retail (0.6%)
Cortefiel 4,000 118,016
____________________________________________________________
__________________Utilities-telephone (1.9%)
Telefonica de Espana 10,000 376,250
____________________________________________________________
__________________Sweden (5.8%)
Computers & office equipment (2.3%)
Wm Data 12,500(b) 459,287
____________________________________________________________
__________________Metals (2.2%)
Hoganas 16,000 431,280
____________________________________________________________
__________________Miscellaneous (1.3%)
Nordbanken 9,000(b,c) 265,500
____________________________________________________________
__________________Taiwan (4.1%)
Miscellaneous
Acer 31,000(b,c) 406,875
Siliconware 26,500(b) 417,375
Total 824,250
____________________________________________________________
__________________Thailand (3.0%)
Building materials (1.6%)
Siam City Cement 20,000 330,600
____________________________________________________________
__________________Retail (1.4%)
Robinson Department Store 140,000 280,840
____________________________________________________________
__________________United Kingdom (2.7%)
Computers & office equipment (1.0%)
JBA Holdings 33,000 199,815
____________________________________________________________
__________________Multi-industry (1.7%)
Thorn Emi 14,265 332,218
____________________________________________________________
__________________Other (2.0%)
Pt Tambang Timah 33,000(b) 395,175
____________________________________________________________
__________________Total common stocks
(Cost: $17,664,475) $19,028,992
____________________________________________________________
__________________</TABLE>
<TABLE>
<CAPTION>
Short-term securities (11.8%)
Issue Annualized Amount Value(a)
yield on payable at
date of maturity
purchase
____________________________________________________________
__________________<S> <C> <C> <C>
U.S. government agency (8.8%)
Federal Home Loan Mtge Corp
Disc Nts
11-02-95 5.62% $303,000 $ 302,953
11-06-95 5.65 300,000 299,765
11-13-95 5.65 200,000 199,625
11-17-95 5.65 360,000 359,101
11-20-95 5.63 600,000 598,224
Total 1,759,668
____________________________________________________________
__________________Commercial paper (3.0%)
Cargill
11-01-95 5.87 600,000 600,000
____________________________________________________________
__________________Total short-term securities
(Cost: $2,359,668) $ 2,359,668
____________________________________________________________
__________________Total investments in securities
(Cost: $20,024,143)(e) $21,388,660
____________________________________________________________
__________________
Notes to investments in securities
(a) Securities are valued by procedures described in Note 1
to the financial statements. Foreign security values are
stated in U.S. Dollars.
(b) Presently non-income producing.
(c)Represents a security sold under Rule 144A, which 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.
(d)Partially pledged as initial deposit on the following
open stock index futures purchase contracts
(see Note 5 to the financial statements):
Type of security
Contracts
____________________________________________
Nikkei 225, Dec. 1995
11
(e)At Oct. 31, 1995, the cost of securities for federal
income tax purposes was approximately $20,024,000 and the
approximate aggregate gross unrealized appreciation and
depreciation based on that cost was:
Unrealized appreciation $ 2,441,000
Unrealized depreciation (1,076,000)
____________________________________________________________
__________________Net unrealized appreciation $ 1,365,000
____________________________________________________________
__________________</TABLE>
Directors and officers
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 director who is an officer and/or employee of
American Express Financial Corporation
Janis E. Miller
Director and executive vice president, Variable Assets.
____________________________________________________________
__________________
Other officers
Morris Goodwin, Jr.
Vice President and treasurer
Lorraine R. Hart
Vice president, Investments
Paul F. Kolkman
Vice president and chief actuary
Timothy S. Meehan
Secretary
William A. Stoltzmann
General counsel and assistant secretary
Melinda S. Urion
Vice president and controller
PAGE
American Express Financial Advisors
IDS Life Series Fund, Inc.
IDS Tower 10
Minneapolis, MN 55440-0010
