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PAGE 1
IDS Life Series Fund, Inc.
1995 annual report
(prospectus enclosed)
(Icon of) Saturn and moon
Offers six portfolios with separate goals and objectives to provide
investment flexibility for Variable Life Insurance Policies.
Managed by IDS Life Insurance Company
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PAGE 2
Contents
(Icon of) One open book inside of another.
The purpose of this annual report is to tell investors how the
portfolios performed.
The prospectus, which is bound into the middle of this annual
report, describes the portfolios in detail.
See page 2 of the prospectus for a detailed table of contents.
1995 annual report
From the president 4
Equity Portfolio
From the portfolio manager 5
Ten largest holdings 6
Long-term performance 7
Income Portfolio
From the portfolio manager 8
Ten largest holdings 9
Long-term performance 10
Money Market Portfolio
From the portfolio manager 11
Managed Portfolio
From the portfolio managers 12
Ten largest holdings 13
Long-term performance 14
Government Securities Portfolio
From the portfolio manager 15
Ten largest holdings 16
Long-term performance 17
International Equity Portfolio
From the portfolio manager 18
Ten largest holdings 19
Long-term performance 20
All portfolios
Independent auditors' report 21
Financial statements 22
Notes to financial statements 29
Investments in securities 35
1995 prospectus
The fund in brief 3p
Sales charge 4p
Performance 5p
Investment policies and risks 14p
How to invest, transfer or redeem shares 19p
Distributions and taxes 20p
How the fund is organized 21p
About IDS Life and American Express
Financial Corporation 23p
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PAGE 3
To our policyowners
(Photo of) Richard W. Kling, President
From the president
Diversification and balance continue to be critical elements in a
financial strategy. IDS Life provides those elements by combining
the six investment options of IDS Life Series Fund with life
insurance protection.
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 fund's portfolio
managers review the fiscal year, which ran from May 1994 through
April 1995.
Sincerely,
Richard W. Kling
President
IDS Life Series Fund, Inc.
Equity Portfolio
(Photo of) Martin G. Hurwitz, Portfolio manager
From the portfolio manager
A surging stock market during the final months of the fiscal year
capped a productive period for Equity Portfolio, as it generated a
double-digit increase in net asset value* from May 1994 through
April 1995.
That rally was in clear contrast to the market's performance
throughout most of 1994. Buffeted by rising interest rates, the
market was kept off balance for many months. This portfolio felt
the effects of the unsettled investment environment, but, thanks to
sharp stock selection and a higher-than-average level of cash
reserves, it fared better than the market as a whole during that
time.
But investment sentiment can change abruptly, as was the case near
the end of 1994. The main catalyst was a leveling off of long-term
interest rates, which was soon followed by a gradual decline. This
rate reversal provided the boost that stocks had been waiting for.
From that point, it didn't take long for the market to turn a
moderate gain into a roaring rally that contined through April, the
end of the fiscal year.
This portfolio was well-positioned to take advantage of the upturn
because of its emphasis on growth stocks - those representing
rapidly growing companies. In particular, we maintained
substantial exposure to technology (mostly computer semiconductor
and software) and health-care companies, which were often at the
forefront of the market's advances.
Looking ahead, with recent data suggesting that economic growth may
be slowing down, growth stocks would appear to be in good position
to lead potential progress by the stock market. That's because
such stocks represent companies that have demonstrated an ability
to generate healthy profits without the benefit of a robust
economy. Technology companies continue to stand out in that
respect, and they remain the largest portion of the portfolio.
Martin G. Hurwitz
*Net asset value does not reflect expenses that apply to the
subaccounts or to the insurance policy.
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PAGE 4
<TABLE>
<CAPTION>
Your portfolio's ten largest holdings
Equity Portfolio
(pie chart) The ten holdings listed here make up 12.55% of the portfolio's net assets
Common stocks Percent Value
(of portfolio's net assets)(as of April 30, 1995)
<S> <C> <C>
Cisco Systems 2.23% $5,383,125
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 1.78 4,300,000
IDEXX develops, manufactures and distributes
biotechnology-based detection systems.
Broadway & Seymour 1.46 3,515,000
Information technology solutions for financial services
industry.
Cardinal Health 1.24 2,998,125
A wholesale distributor of pharmaceutical surgical and
hospital supplies and health and beauty aids.
Nokia Preferred 1.19 2,870,000
Manufacturer of wireless telecommunications equipment,
especially cellular phones.
Integrated Device Technology .95 2,287,500
The company designs, manufactures and sells
high-performance proprietary and industry-standard
integrated circuits.
Medaphis .95 2,280,000
Medical accounts receivable management services.
Forest Laboratories .93 2,250,000
Forest Laboratories is a worldwide pharmaceutical
company that produces and markets prescription
and over-the-counter drugs through independent
distribution and under exclusive marketing contracts
with leading pharmaceutical companies.
3 Com Corp. .93 2,240,000
3 Com Corp. provides connectivity and information
sharing for work groups, departments and
corporate environments worldwide.
Crown Cork & Seal .89 2,137,500
A leading producer of packing materials, including
metal cans and plastic containers.
Excludes short-term securities.
</TABLE>
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PAGE 5
Your portfolio's long-term performance
Equity Portfolio
How your $10,000 has grown in Equity Portfolio
Average annual total return
(as of Apr. 30, 1995)
Since
1 year 5 years 1/20/86
+13.87% +16.33% +12.70%
$30,565
$30,000 Equity Portfolio
S&P 500
Lipper Growth
$20,000 & Income Fund Index
$10,000
1/20/86 '86 '87 '88 '89 '90 '91 '92 '93 '94 '95
On the chart above you can see how the portfolio's total return
compared to two widely cited performance indexes, the S&P 500 and
the Lipper Growth & Income Fund Index.
Standard & Poor's Stock Index (S&P 500), an unmanaged list of
common stocks, is frequently used as a general measure of market
performance. However, the S&P 500 companies are generally larger
than those in which the fund invests.
Lipper Growth & Income Fund Index, published by Lipper Analytical
Servies, Inc., includes 30 funds that are generally similar to this
fund, although some funds in the index may have somewhat different
investment policies or objectives.
Your investment and return value fluctuate so that your
accumulation units, when redeemed, may be worth more or less than
their original cost. Past performance is no guarantee of future
results. The above chart does not reflect expenses that apply to
the subaccounts or the policies.
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PAGE 6
To our policyowners
Income Portfolio
(Photo of) Lorraine R. Hart, Portfolio manager
From the portfolio manager
Income Portfolio capitalized on a strong rally by the bond market
in 1995 to erase an earlier loss and provide a positive return for
policyowners during the past fiscal year (May 1994 through April
1995).
Rising interest rates depressed the bond market during most of
1994. The interest-rate rise began in February of that year, when
the Federal Reserve began raising short-term interest rates to
restrain economic growth and, ultimately, head off a potential rise
in the rate of inflation. In the meantime, longer-term interest
rates took their cue from short rates, and as they rose, bond
prices, as they automatically do, fell. The bonds in this
portfolio were also affected, but because of our considerable
exposure to corporate bonds, which fared better than some other
bond groups, the effect was less pronounced.
We responded to the increase in interest rates chiefly by reducing
the average maturity of the bonds in the portfolio. This defensive
measure lessened the portfolio's sensitivity to interest-rate
changes and, therefore, also provided a cushion against the bond
market decline.
The turnaround for the market and the portfolio came last December,
when long-term interest rates leveled off and, not long after,
began to decline. Just as rising rates penalize bond values,
falling rates enhance them. By January, the bond market was on its
way to a remarkable rally that would include four straight months
of solid gains. This portfolio enjoyed similar results during that
time.
As we head into a new fiscal year, it appears that the economy is
slowing down. While this should help temper upward pressure on
inflation and, therefore, interest rates, it also is likely to
restrain business profits at some point. Given that outlook we
have shifted our primary emphasis from corporate bonds to U.S.
government bonds, which we expect to provide the best performance
in the months ahead.
Lorraine R. Hart
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PAGE 7
<TABLE>
<CAPTION>
Your portfolio's ten largest holdings
Income Portfolio
(pie chart) The ten holdings listed here make up 50.02% of the portfolio's net assets
Bonds Percent Value
(of portfolio's net assets) (as of April 30, 1995)
<S> <C> <C>
U.S. Treasury Note 10.85% $4,102,100
6.375% 2002
Resolution Funding 8.42 3,184,020
8.125% 2019
Federal Natl Mtge Assn 7.51 2,838,826
6.50% 2024
U. S. Treasury Bond 5.67 2,145,460
8.125% 2019
U.S. Treasury Note 5.23 1,978,600
6.50% 1999
Federal Home Loan Mtge Corp 3.80 1,438,441
8.00% 2017
Federal Home Loan Mtge Corp 2.72 1,028,270
8.50% 2022
Federal Home Loan Mtge Corp 2.50 944,845
7.00% 2008
Federal Natl Mtge Assn 2.33 883,223
6.00% 2024
Federal Natl Mtge Assn .99 375,050
Collateralized Mtge Obligation 8.00% 2021
Excludes short-term securities.
</TABLE>
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PAGE 8
Your portfolio's long-term performance
Income Portfolio
How your $10,000 has grown in Income Portfolio
Average annual total return
(as of Apr. 30, 1995)
Since
1 year 5 years 1/20/86
+6.67% +10.51% +7.60%
$20,000
$19,815
Income
Portfolio
Lehman Aggregate
Bond Index
$10,000
1/20/86 '86 '87 '88 '89 '90 '91 '92 '93 '94 '95
On the chart above you can see how the portfolio's total return
compared to a widely cited performance measure, the Lehman
Aggregate Bond Index.
The Lehman Aggregate Bond Index is made up of a representative list
of government and corporate bonds as well as asset-backed
securities and mortgage-backed securities. The index is frequently
used as a general measure of bond market performance. However, the
securities used to create the index may not be representative of
the bonds held in the Income Portfolio.
Your investment and return value fluctuate so that your
accumulation units, when redeemed, may be worth more or less than
their original cost. Past performance is no guarantee of future
results. The above chart does not reflect expenses that apply to
the subaccounts or the policies.
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PAGE 9
To our policyowners
Money Market Portfolio
(Photo of) Gregg Syverson, Portfolio manager
From the portfolio manager
Short-term interest rates rose substantially during the fiscal
year, pushing the annual yield on the portfolio to 5.7% at the end
of April. The net asset value* remained at $1 per share. (An
investment in the portfolio is neither insured nor guaranteed by
the U.S. government, and there can be no assurance that the
portfolio will be able to maintain a stable net asset value of $1
per share.)
The higher-interest-rate trend began in February 1994, when the
Federal Reserve Board started raising short-term rates to slow down
economic activity perceived as likely to lead to higher inflation.
That Fed action was followed by several additional rate increases
through January 1995. During the portfolio's fiscal year, the
federal funds rate (the interest rate banks charge on another on
overnight loans and over which the Fed has direct control) rose
from just under 4% in May 1994 to 6% in April 1995. Because
returns on securities in which the portfolio invests closely track
the federal fund's rate, the portfolio's yield rose as well.
We took advantage of the rate trend because we had shortened the
average maturity of the portfolio. This allowed us to reinvest
money at higher interest rates, thereby boosting the yield on the
portfolio.
Much of the recent economic news indicates a still-healthy but
slowing economy. We do not perceive there will be significant
change in short-term rates for several months. We will keep the
portfolio maturity fairly short until we are rewarded in higher
yields for longer maturities.
Gregg Syverson
*Net asset value does not reflect expenses that apply to the
subaccounts or to the insurance policy.
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PAGE 10
To our policyowners
Managed Portfolio
(Photo of) Deborah L. Pederson, Portfolio manager
(Photo of) Betty J. Tebault, Portfolio manager
From the portfolio managers
After struggling throughout 1994, stocks and bonds advanced
strongly early in 1995. Managed Portfolio held up relatively well
during the markets' poor periods, but it also participated in the
subsequent upturn. As a result, the portfolio generated a solid
return for policyowners over the fiscal year as a whole (May 1994
through April 1995).
The period began on the heels of sharp downturns in both the stock
and bond markets, caused by rising interest rates. (A rise in
rates automatically drives down bond values and often has a
negative effect on stock prices.) For the rest of 1994, stocks
fluctuated considerably, but they did manage a small gain. Bonds,
on the other hand, continued to languish.
We responded to this environment by keeping a much-higher-than-
average level of cash reserves. This worked to the fund's benefit,
especially during periods of market declines because it enabled us
to add attractive stocks at bargain prices. Still, there were
disappointments, the major one being our Latin American stocks,
which experienced a sharp downturn over the winter. We have since
sold those securities.
On the bond side, we employed a defensive approach that centered on
reducing the average maturity level of our holdings. By doing
that, we were able to lessen the negative effect of the interest-
rate rise. In addition, we maintained a substantial amount of
corporate bonds, which performed relatively well in the higher-rate
trend.
The new year brought a much more positive psycology to both stocks
and bonds, as well as a new manager for the stock side of the
portfolio. (Commensurate with the latter change, we began adding
more stocks of large, well-established companies to help add
stability to portfolio performance given the likelihood of a
slower-growing economy this year.) The key to the improvement in
the markets was a lessening of investors' fear regarding higher
interest rates. Bonds responded first, then stocks soon joined in
the advance. By the end of April, both had racked up strong gains.
The portfolio largely followed suit, although our performance was
somewhat tempered by the relatively high level of cash reserves we
maintained.
Looking ahead, we're holding to a somewhat conservative structure,
as we expect the markets to take a breather or retreat a bit from
their early run-ups. At that point, we plan to put more money to
work in stocks and bonds, concentrating mainly on securities of
blue chip companies.
Deborah L. Pederson
Betty J. Tebault<PAGE>
PAGE 11
<TABLE>
<CAPTION>
Your portfolio's ten largest holdings
Managed Portfolio
(pie chart) The ten holdings listed here make up 18.77% of the portfolio's net assets
Percent Value
(of portfolio's net assets) (as of Apr. 30, 1995)
<S> <C> <C>
U.S. Treasury Note 3.76% $8,274,031
5.50% 1996
U.S. Treasury Bond 2.74 6,027,052
8.875% 2017
U.S. Treasury Bond 2.71 5,959,095
9.375% 2006
U.S. Treasury Note 2.21 4,862,526
7.75% 2000
Input/Output 1.39 3,048,750
The company designs, manufactures and
markets seismic data acquisition systems
and peripheral seismic instruments for the
oil and gas exploration and production
industry worldwide.
U.S Treasury Note 1.31 2,879,156
7.125% 1999
U.S. Treasury Note 1.28 2,814,204
4.625% 1996
Travelers 1.22 2,689,375
Among the world's largest multi-line
financial services companies, focusing
on insurance, managed health care and
investments.
Roosevelt Financial Group 1.09 2,400,000
Bank holding company.
U.S. Treasury Note 1.06 2,335,296
5.625% 1998
Excludes short-term securities.
</TABLE>
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PAGE 12
Your portfolio's long-term performance
Managed Portfolio
How your $10,000 has grown in Managed Portfolio
Average annual total return
(as of Apr. 30, 1995)
Since
1 year 5 years 1/20/86
+5.47% +14.05% +12.73%
S&P 500
$30,644
$30,000 Managed
Portfolio
$20,000
Lipper Balanced
Fund Index
$10,000
1/20/86 '86 '87 '88 '89 '90 '91 '92 '93 '94 '95
On the chart above you can see how the portfolio's total return
compared to two widely cited performance indexes, the S&P 500 and
the Lipper Balanced Fund Index.
Standard & Poor's Stock Index (S&P 500), an unmanaged list of
common stocks, is frequently used as a general measure of market
performance. However, the S&P 500 companies are generally larger
than those in which the fund invests.
Lipper Balanced Fund Index, published by Lipper Analytical
Services, Inc., includes 10 funds that are generally similar to the
fund, although some funds in the index may have somewhat different
investment policies or objectives.
Your investment and return value fluctuate so that your
accumulation units, when redeemed, may be worth more or less than
their original cost. Past performance is no guarantee of future
results. The above chart does not reflect expenses that apply to
the subaccounts or the policies.
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PAGE 13
To our policyowners
Government Securities Portfolio
(Photo of) James W. Snyder, Portfolio manager
From the portfolio manager
A rebound by the fixed-income market during the second half of
Government Securities Portfolio's fiscal year resulted in a
positive return for policyowners for the 12 months as a whole (May
1994 through April 1995).
The first part of the period was much different, however, as the
fixed-income market lost considerable ground as a result of a
substantial increase in interest rates prompted by the Federal
Reserve. The Fed's actions were based on a desire to cool down the
economy in order to head off a potentially rapid rise in the rate
of inflation. Because the prices of fixed-income securities
automatically decline when interest rates rise, portfolios invested
in such securities, including this one, normally lose value as
well.
This portfolio was less affected by the interest-rate trend because
of the "defensive" strategy we began to employ early in 1994. The
main elements included raising the level of cash reserves and
emphasizing securities with shorter maturity periods. As for other
portfolio changes, we added to our mortgage-backed bonds and, most
recently, some three-year-maturity bonds issued by U.S. government
agencies - both designed to enhance the portfolio's dividend.
The turnaround for the market and this portfolio began last
December, when interest rates stabilized, then, in subsequent
months, actually moved lower. This new trend reversed the
previous, downward effect of the interest-rate rise and pushed the
portfolio well into positive territory for the final five months of
the period. During that time, we substantially increased our
holdings among mortgage-backed securities and reduced our cash
reserves. The great majority of the portfolio remained, as it
always has, in U.S. Treasury securities.
While it's unlikely that the exceptionally strong gains by the
fixed-income market will continue throughout 1995, we do expect the
negative pressure to be far less than we saw in 1994. As a result,
we expect to be able to provide more consistent, positive
performance in the months ahead.
James W. Snyder
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PAGE 14
<TABLE>
<CAPTION>
Your portfolio's ten largest holdings
Government Securities Portfolio
(pie chart) The ten holdings listed here make up 89.52% of the portfolio's net assets
Percent Value
Bonds (of portfolio's net assets) (as of Apr. 30, 1995)
<S> <C> <C>
U.S. Treasury Note 22.88% $2,617,703
8.875% 1999
U.S. Treasury Note 13.73 1,570,158
7.75% 2001
Federal National Mtge Assn. 11.94 1,366,354
8.50% 2023
U.S. Treasury Bond 8.17 935,175
10.375% 2012
U.S. Treasury Note 7.40 846,609
6.375% 1997
U. S. Treasury Note 7.06 808,080
7.375% 1996
Federal National Mtge Assn. 6.78 775,383
9.00% 2023
U.S. Treasury Bond 4.69 536,365
8.125% 2019
Resolution Funding 3.71 424,536
8.125% 2019
RFCO Strips 3.16 361,049
8.04% 2012
Excludes short-term securities.
</TABLE>
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PAGE 15
Your portfolio's long-term performance
Government Securities Portfolio
How your $10,000 has grown in Government Securities Portfolio
$20,000
$18,933
Government
Securities Portfolio
Merrill Lynch 1-3 yr.
Government Index
$10,000
Average annual total return
(as of Apr. 30, 1995)
Since
1 year 5 years 1/20/86
+5.98% +9.28% +7.08%
1/20/86 '86 '87 '88 '89 '90 '91 '92 '93 '94 '95
On the chart above you can see how the portfolio's total return
compared to a widely cited performance measure, the Merrill Lynch
1-3 year Government Index.
Merrill Lynch 1-3 year Government Index is an unmanaged list of all
treasury and agency securities. The index is used here as a
general measure of performance. However, the securities used to
create the index may not be representative of the debt securities
held in the Government Securities Portfolio.
Your investment and return value fluctuate so that your
accumulation units, when redeemed, may be worth more or less than
their original cost. Past performance is no guarantee of future
results. The above chart does not reflect expenses that apply to
the subaccounts or the policies.
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PAGE 16
To our policyowners
International Equity Portfolio
(Photo of) Richard Lazarchic, Portfolio manager
From the portfolio manager
This new portfolio, which commenced operations last fall, invests
primarily in stocks of foreign companies that we believe to have
superior growth potential. (The portfolio may also invest in U.S.
stocks, but that is likely to be only on a minor scale, if at all.)
Although foreign markets can be quite volatile, we believe that,
over the long term, such investments offer excellent potential for
gain. This was evident in the solid increase in net asset* value
this portfolio recorded in its initial reporting period.
The volatility factor was evident during the past several months,
too, as a variety of economic and political events in foreign
countries caused many of those markets to experience substantial
swings in value. A classic case was Latin America, particularly
Mexico. Last December, the local currency, the peso, was devalued.
This caused the Mexican stock market to nose dive, which in turn
created a ripple effect that spread to several other smaller
markets around the world. To this portfolio's benefit, we owned no
Mexican stocks at that time. Still, the subsequent downturns in
other foreign markets where we were invested resulted in a sharp
decline for us in January.
Just as quickly, though, many of those markets - including Mexico,
Hong Kong and Southeast Asia - began to rebound. In fact, from
February through April, this portfolio provided a 14.9% gain in net
asset value*, thanks mainly to an extremely strong advance in the
final month.
At the end of the period, we were invested in 38 companies spread
among nearly 20 countries around the world. These ranged from
major markets such as Japan and the United Kingdom to smaller
markets such as South Korea. As a whole, we believe the outlook
for foreign investing is generally positive for the rest of this
year, perhaps more so than for the U.S. market. Periodic
volatility will still occur, of course, but that fact should not
deter policy owners who maintain a long-term investment
perspective.
Richard Lazarchic
*Net asset value does not reflect expenses that apply to the
subaccounts or to the insurance policy.
<PAGE>
PAGE 17
<TABLE>
<CAPTION>
Your portfolio's ten largest holdings
International Equity Portfolio
(pie chart) The ten holdings listed here make up 39.96% of the portfolio's net assets
Common stocks Percent Value
(of portfolio's net assets) (as of April 30, 1995)
<S> <C> <C>
Diamond Fields Resources(Canada) 6.13% $520,669
Engages in the acquisition, exploration and
development of natural resource properties
with its focus on diamond properties.
YPF (Argentina) 4.77 405,000
YPF, Argentina's largest company, is an
integrated oil and gas company engaged in
the refining, marketing, transportation and
distribution of oil and a wide range of
petroleum products, petroleum derivatives,
petrochemicals and liquid petroleum gas.
Grupo Fin Banamex (Mexico) 4.42 375,930
An investment holding company that is engaged
in the provision of investment services to foreign
companies in Mexico.
Transportadora Gas (Argentina) 4.07 345,625
The largest natural gas pipeline system in
Argentina, transporting two-thirds of Argentina's
gas consumption.
Woodside Petroleum (Australia) 3.61 306,525
Woodside Petroleum is engaged in the exploration,
development, production and transportation of
hydrocarbon, gas and oil.
Kimberly-Clark Class A (Mexico) 3.57 303,258
Manufacturer of consumer and industrial paper
products, including brand names such as Kleenex
and Huggies.
Golden Shamrock Mines (Australia) 3.45 293,250
Golden Shamrock's activities consist of mining gold
and copper, producing copper chemicals, drilling
and blasting, and installing ground support systems.
Korea Mobile Telecom (Korea) 3.43 291,250
The company is Korea's leading wireless
telecommunications provider, operating the only
cellular telecommunications service currently
available in the country.
SGL Carbon (Germany) 3.28 279,167
SGL Carbon is the largest manufacturer of carbon
and graphite products in the world, with sales in
more than 90 countries. Its three business areas
are carbon and graphite, specialty graphite and
engineered products.
Industrias Penoles (Mexico) 3.23 274,288
A natural resources industrial company engaged in
mining, metallurgy and chemical production.
Excludes short-term securities.
</TABLE>
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PAGE 18
Your portfolio's long-term performance
International Equity Portfolio
How your $10,000 has grown in International Equity Portfolio
Average annual total return
(as of Apr. 30, 1995)
Since 10/28/94
+4.4%
Goldman Sachs
EGMI ex. U.S.
$10,438
$10,000 Goldman Sachs International
EGMI ex. U.S. with Equity Portfolio
Japanese Modification
Oct-94 Nov-94 Dec-94 Jan-95 Feb-95 Mar-95 Apr-95
On the chart above you can see how the portfolio's total return
compared to a widely cited performance measure, the Goldman Sachs
Extended Global Market Index and also to the Goldman Sachs Extended
Global Market Index ex. U.S. with Japanese Modification.
The Goldman Sachs Extended Global Market Index ex. U.S. consists of
market capitalization-weighted combinations of the Financial
Times/Standard & Poor's (FT/S&P) Actuaries World Indices and the
International Finance Corporation Investable (IFCI) Indices. The
FT/S&P Actuaries Indices include 26 primarily developed countries
and cover approximately 80% of the equity capitalization within
those countries. The IFCI Market Indices consist of an additional
46 primarily emerging market countries and covers between 60% and
70% of the total capitalization in the markets included.
The Goldman Sachs Extended Global Market Index ex. U.S. with
Japanese Modification is calculated by Goldman, Sachs & co. and is
based on the GS-EGMI World Index excluding U.S. region with Japan
included at 50% of its percentage weight. The weight of Japan is
reset each week and the weights of the remaining countries are
proportionally increased to make up for Japan's reduced weight.
Your investment and return value fluctuate so that your
accumulation units, when redeemed, may be worth more or less than
their original cost. Past performance is no guarantee of future
results. The above chart does not reflect expenses that apply to
the subaccounts or the policies.
<PAGE>
PAGE 19
Independent auditors' report
The board of directors and shareholders
IDS Life Series Fund, Inc.:
We have audited the accompanying statements of assets and
liabilities, including the schedules of investments in securities,
of the Equity, Income, Money Market, Managed, Government
Securities and International Equity Portfolios of IDS Life Series
Fund, Inc. at April 30, 1995, and the related statements of
operations for the year then ended (period from Oct. 28, 1994,
commencement of operations, to April 30, 1995 for the International
Equity Portfolio), the statements of changes in net assets for each
of the years in the two-year period ended April 30, 1995, (period
from Oct. 28, 1994 to April 30, 1995 for the International Equity
Portfolio) and the financial highlights for each of the years in
the nine-year period ended April 30, 1995 and the period from
January 20, 1986, commencement of operations, to April 30, 1986
(period from Oct. 28, 1994 to April 30, 1995 for the International
Equity Portfolio. These financial statements and the financial
highlights are the responsibility of the fund's management. Our
responsibility is to express an opinion on these financial
statements and the financial highlights based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. Investment securities held in custody are confirmed to
us by the custodian. As to securities purchased and sold but not
received or delivered, we request confirmations from brokers, and
where replies are not received, we carry out other appropriate
auditing procedures. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
<PAGE>
PAGE 20
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of the Equity, Income, Money Market, Managed,
Government Securities and International Equity Portfolios of IDS
Life Series Fund, Inc. at April 30, 1995 and the results of their
operations, changes in their net assets, and the financial
highlights for the periods stated in the first paragraph above, in
conformity with generally accepted accounting principles.
KPMG Peat Marwick LLP
Minneapolis, Minnesota
June 2, 1995
<PAGE>
PAGE 21
<TABLE>
<CAPTION>
Statements of assets and liabilities
IDS Life Series Fund, Inc.
April 30, 1995
Equity Income Money
Portfolio Portfolio Market
Assets Portfolio
__________________________________________________________________________________________________
<S> <C> <C> <C>
Investments in securities, at value (Note 1)
(identified cost: $207,731,436; $37,371,991 and
$9,808,677, respectively) $245,579,245 $37,426,924 $9,808,677
Cash in bank on demand deposit -- -- 70,833
Receivable for investment securities sold 10,449,514 149,154 --
Dividends and accrued interest receivable 36,589 647,384 --
Receivable for forward foreign currency
contracts held, at value (Notes 1 and 4) 326,716 -- --
Receivable (for capital stock sold) from:
IDS Life subaccounts 4,683,107 167,783 60,438
IDS Life of New York subaccounts 303,219 22,332 1,208
__________________________________________________________________________________________________
Total assets 261,378,390 38,413,577 9,941,156
__________________________________________________________________________________________________
Liabilities
__________________________________________________________________________________________________
Cash overdraft 1,004,015 15,538 --
Dividends payable to shareholders (Note 1) 5,455,378 201,412 39,595
Payable for investment securities purchased 13,395,486 344,396 --
Accrued investment management and services fee 127,264 20,054 3,703
Payable for forward foreign currency
contracts held, at value (Notes 1 and 4) 326,684 -- --
Payable (for capital stock redeemed) to:
IDS Life subaccounts 256 298 180
IDS Life of New York subaccounts 5,729 -- 10,770
Other accrued expenses 31,577 8,628 2,308
__________________________________________________________________________________________________
Total liabilities 20,346,389 590,326 56,556
__________________________________________________________________________________________________
Net assets applicable to outstanding capital stock $241,032,001 $37,823,251 $9,884,600
__________________________________________________________________________________________________
Represented by
__________________________________________________________________________________________________
Capital stock - authorized 10,000,000,000 shares
of $.001 par value: outstanding, 12,024,452;
3,924,989 and 9,885,410 shares, respectively $ 12,024 $ 3,925 $ 9,885
Additional paid-in capital 203,235,999 38,670,953 9,875,368
Accumulated net realized loss on
investments (58,906) (882,704) (653)
Undistributed (excess of distributions over)
net investment income (5,633) (23,856) --
Unrealized appreciation of investments and on
translation of assets and liabilities in foreign
currencies (Note 4) 37,848,517 54,933 --
__________________________________________________________________________________________________
Total - representing net assets applicable to
outstanding capital stock $241,032,001 $37,823,251 $9,884,600
__________________________________________________________________________________________________
Net asset value per share of outstanding capital
stock $ 20.05 $ 9.64 $ 1.00
__________________________________________________________________________________________________
See accompanying notes to financial statements.
<PAGE>
PAGE 22
Statements of assets and liabilities (continued)
IDS Life Series Fund, Inc.
April 30, 1995
Managed Government International
Portfolio Securities Equity
Assets Portfolio Portfolio
__________________________________________________________________________________________________
Investments in securities, at value (Note 1)
(identified cost: $212,608,496; $11,014,877 and
$7,853,396, respectively) $220,331,236 $11,127,752 $8,401,397
Cash in bank on demand deposit -- 148,703 299,186
Receivable for investment securities sold 2,822,310 -- 167,379
Dividends and accrued interest receivable 1,527,133 185,601 6,278
Receivable for forward foreign currency contracts
held, at value (Notes 1 and 4) -- -- 170,512
Receivable (for capital stock sold) from:
IDS Life subaccounts 1,570,539 50,961 145,960
IDS Life of New York subaccounts 102,032 3,395 --
__________________________________________________________________________________________________
Total assets 226,353,250 11,516,412 9,190,712
__________________________________________________________________________________________________
Liabilities
__________________________________________________________________________________________________
Cash overdraft 333,367 -- --
Dividends payable to shareholders (Note 1) 2,029,055 62,642 107,961
Payable for investment securities purchased 3,835,695 -- 411,450
Accrued investment management and services fee 116,638 6,109 5,493
Payable for forward foreign currency contracts held,
at value (Notes 1 and 4) -- -- 167,379
Payable (for capital stock redeemed) to:
IDS Life subaccounts 1,104 4,522 --
IDS Life of New York subaccounts 6,400 -- --
Other accrued expenses 44,933 2,675 1,621
__________________________________________________________________________________________________
Total liabilities 6,367,192 75,948 693,904
__________________________________________________________________________________________________
Net assets applicable to outstanding capital stock $219,986,058 $11,440,464 $8,496,808
__________________________________________________________________________________________________
Represented by
__________________________________________________________________________________________________
Capital stock - authorized 10,000,000,000 shares
of $.001 par value: outstanding, 15,589,271;
1,160,975 and 826,111 shares, respectively $ 15,589 $ 1,161 $ 826
Additional paid-in capital 214,162,001 11,326,931 7,947,901
Accumulated net realized gain (loss)
on investments (1,956,179) 2,575 --
Undistributed (excess of distributions over)
net investment income 54,719 (3,078) --
Unrealized appreciation of investments and on
translation of assets and liabilities in foreign
currencies (Note 4) 7,709,928 112,875 548,081
__________________________________________________________________________________________________
Total - representing net assets applicable to
outstanding capital stock $219,986,058 $11,440,464 $8,496,808
__________________________________________________________________________________________________
Net asset value per share of outstanding capital
stock $ 14.11 $ 9.85 $ 10.29
__________________________________________________________________________________________________
See accompanying notes to financial statements.
<PAGE>
PAGE 23
Statements of operations
IDS Life Series Fund, Inc.
Year ended April 30, 1995
Equity Income Money
Portfolio Portfolio Market
Investment income Portfolio
__________________________________________________________________________________________________
Income:
Dividends (net of foreign taxes
withheld of $3,429 for Equity
Portfolio) $ 401,572 $ 17,291 $ --
Interest 2,124,480 2,775,891 491,065
__________________________________________________________________________________________________
Total income 2,526,052 2,793,182 491,065
__________________________________________________________________________________________________
Expenses (Note 2):
Investment management and services fee 1,326,220 242,049 48,493
Custodial fees 67,725 11,227 15,120
Audit fees 11,750 7,750 6,500
Registration fees 20,640 4,563 1,246
Directors fees 5,205 920 209
Printing and postage 34,797 9,737 3,059
Other 1,883 381 97
__________________________________________________________________________________________________
Total expenses 1,468,220 276,627 74,724
Less expenses reimbursed by IDS Life -- -- (16,532)
__________________________________________________________________________________________________
Total expenses - net 1,468,220 276,627 58,192
__________________________________________________________________________________________________
Investment income - net 1,057,832 2,516,555 432,873
__________________________________________________________________________________________________
Realized and unrealized gain (loss) on investments - net
__________________________________________________________________________________________________
Net realized gain (loss) on investments (Note 3) 5,224,750 (497,528) (454)
Net change in unrealized appreciation or depreciation
of investments and on translation of assets and
liabilities in foreign currencies 21,967,759 289,232 --
__________________________________________________________________________________________________
Net gain (loss) on investments 27,192,509 (208,296) (454)
_________________________________________________________________________________________________
Net increase in net assets resulting from
operations $28,250,341 $2,308,259 $432,419
__________________________________________________________________________________________________
See accompanying notes to financial statements.
<PAGE>
PAGE 24
Statements of operations (continued)
IDS Life Series Fund, Inc.
Year ended April 30, 1995
Managed Government International
Portfolio Securities Equity
Investment income Portfolio Portfolio*
__________________________________________________________________________________________________
Income:
Dividends (net of foreign taxes withheld of
$12,906 and $2,521 for Managed Portfolio
and International Equity Portfolio) $ 1,293,011 $ -- $101,492
Interest (net of foreign taxes withheld of
$4,406 for Managed Portfolio) 6,502,966 760,307 33,259
__________________________________________________________________________________________________
Total income 7,795,977 760,307 134,751
__________________________________________________________________________________________________
Expenses (Note 2):
Investment management and services fee 1,339,464 77,867 18,559
Custodial fees 75,467 6,826 10,840
Audit fees 11,750 7,250 3,500
Registration fees 27,911 1,595 600
Directors fees 5,450 268 50
Printing and postage 37,659 3,670 2,000
Other 1,513 110 50
__________________________________________________________________________________________________
Total expenses 1,499,214 97,586 35,599
Less expenses reimbursed by IDS Life -- (8,595) (15,419)
__________________________________________________________________________________________________
Total expenses - net 1,499,214 88,991 20,180
__________________________________________________________________________________________________
Investment income - net 6,296,763 671,316 114,571
__________________________________________________________________________________________________
Realized and unrealized gain (loss) on investments - net
__________________________________________________________________________________________________
Realized gain (loss) on security transactions (Note 3) (3,154,017) 6,871 1,014
Realized gain (loss) on foreign currency transactions 42,879 -- (107)
Realized gain on closed or expired options contracts
written (Note 5) 1,725,433 -- --
Realized gain on closed futures contracts 59,246 -- --
__________________________________________________________________________________________________
Net realized gain (loss) on investments (1,326,459) 6,871 907
Net change in unrealized appreciation or
depreciation of investments and on translation
of assets and liabilities in foreign currencies 5,313,579 (34,924) 548,081
__________________________________________________________________________________________________
Net gain (loss) on investments 3,987,120 (28,053) 548,988
__________________________________________________________________________________________________
Net increase in net assets resulting from
operations $10,283,883 $643,263 $663,559
__________________________________________________________________________________________________
*Period from Oct. 28, 1994 (commencement of operations) to April 30, 1995.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
PAGE 25
<TABLE>
<CAPTION>
Statements of changes in net assets
IDS Life Series Fund, Inc.
Year ended April 30,
Equity Portfolio Income Portfolio
Operations and distributions 1995 1994 1995 1994
___________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Investment income - net $ 1,057,832 $ 399,133 $ 2,516,555 $ 1,955,311
Net realized gain (loss) on investments 5,224,750 15,326,818 (497,528) (52,946)
Net change in unrealized appreciation or
depreciation of investments 21,967,759 2,153,291 289,232 (1,813,728)
___________________________________________________________________________________________________
Net increase in net assets resulting from
operations 28,250,341 17,879,242 2,308,259 88,637
___________________________________________________________________________________________________
Distributions to shareholders from:
Net investment income (1,052,199) (399,133) (2,524,594) (1,955,311)
Excess distribution of net investment income (5,633) -- (8,964) --
Net realized gain on investments (5,287,266) (15,323,208) -- --
___________________________________________________________________________________________________
Total distributions (6,345,098) (15,722,341) (2,533,558) (1,955,311)
___________________________________________________________________________________________________
Capital share transactions (Note 6)
___________________________________________________________________________________________________
Proceeds from sales 65,702,029 49,951,411 5,810,955 13,258,320
Reinvested distributions at net asset value 6,345,098 15,722,341 2,533,558 1,955,311
Payments for redemptions (4,780,532) (3,712,328) (4,065,891) (2,218,371)
___________________________________________________________________________________________________
Increase in net assets from capital
share transactions 67,266,595 61,961,424 4,278,622 12,995,260
___________________________________________________________________________________________________
Total increase in net assets 89,171,838 64,118,325 4,053,323 11,128,586
___________________________________________________________________________________________________
Net assets at beginning of year 151,860,163 87,741,838 33,769,928 22,641,342
___________________________________________________________________________________________________
Net assets at end of year $241,032,001 $151,860,163 $ 37,823,251 $ 33,769,928
___________________________________________________________________________________________________
Undistributed (excess of distributions over)
net investment income $ (5,633) $ (5,633) $ (23,856) $ 8,039
___________________________________________________________________________________________________
See accompanying notes to financial statements.
<PAGE>
PAGE 26
Statements of changes in net assets (continued)
IDS Life Series Fund, Inc.
Year ended April 30,
Money Market Portfolio Managed Portfolio
Operations and distributions 1995 1994 1995 1994
___________________________________________________________________________________________________
Investment income - net $ 432,873 $ 215,399 $ 6,296,763 $ 3,737,551
Net realized gain (loss) on investments (454) (97) (1,326,459) 14,672,291
Net change in unrealized appreciation or
depreciation of investments -- -- 5,313,579 (4,972,356)
___________________________________________________________________________________________________
Net increase in net assets resulting from
operations 432,419 215,302 10,283,883 13,437,486
___________________________________________________________________________________________________
Distributions to shareholders from:
Net investment income (432,873) (215,399) (6,295,800) (3,765,550)
Excess distribution of net investment income -- -- (41,557) --
Net realized gain on investments -- -- (534,853) (14,672,291)
___________________________________________________________________________________________________
Total distributions (432,873) (215,399) (6,872,210) (18,437,841)
___________________________________________________________________________________________________
Capital share transactions (Note 6)
___________________________________________________________________________________________________
Proceeds from sales 6,252,661 5,854,599 55,602,457 51,937,576
Reinvested distributions at net asset value 432,873 215,399 6,872,210 18,437,841
Payments for redemptions (6,357,910) (4,693,099) (6,606,482) (4,807,830)
___________________________________________________________________________________________________
Increase in net assets from capital
share transactions 327,624 1,376,899 55,868,185 65,567,587
___________________________________________________________________________________________________
Total increase in net assets 327,170 1,376,802 59,279,858 60,567,232
___________________________________________________________________________________________________
Net assets at beginning of year 9,557,430 8,180,628 160,706,200 100,138,968
___________________________________________________________________________________________________
Net assets at end of year $ 9,884,600 $ 9,557,430 $219,986,058 $160,706,200
___________________________________________________________________________________________________
Undistributed (excess of distributions over)
net investment income $ -- $ -- $ 54,719 $ (963)
___________________________________________________________________________________________________
See accompanying notes to financial statements.
</TABLE>
<PAGE>
PAGE 27
<TABLE>
<CAPTION>
Statements of changes in net assets (continued)
IDS Life Series Fund, Inc.
Year ended April 30,
Government Securities Portfolio International Equity Portfolio
Operations and distributions 1995 1994 1995
_______________________________________________________________________________________________________
<S> <C> <C> <C>
Investment income - net $ 671,316 $ 604,172 $ 114,571
Net realized gain on investments 6,871 112,301 907
Net change in unrealized appreciation or
depreciation of investments (34,924) (750,136) 548,081
_______________________________________________________________________________________________________
Net increase (decrease) in net assets resulting
from operations 643,263 (33,663) 663,559
_______________________________________________________________________________________________________
Distributions to shareholders from:
Net investment income (670,485) (604,172) (114,571)
Net realized gain on investments (7,702) (112,301) (907)
_______________________________________________________________________________________________________
Total distributions (678,187) (716,473) (115,478)
_______________________________________________________________________________________________________
Capital share transactions (Note 6)
_______________________________________________________________________________________________________
Proceeds from sales 1,451,214 3,250,828 7,869,306
Reinvested distributions at net asset value 678,187 716,473 115,478
Payments for redemptions (1,838,864) (1,651,297) (36,057)
_______________________________________________________________________________________________________
Increase in net assets from capital
share transactions 290,537 2,316,004 7,948,727
_______________________________________________________________________________________________________
Total increase in net assets 255,613 1,565,868 8,496,808
_______________________________________________________________________________________________________
Net assets at beginning of year 11,184,851 9,618,983 --
_______________________________________________________________________________________________________
Net assets at end of year $11,440,464 $11,184,851 $8,496,808
_______________________________________________________________________________________________________
Undistributed (excess of distributions over)
net investment income $ (3,078) $ (503) $ --
_______________________________________________________________________________________________________
*Period from Oct. 28, 1994 (commencement of operations) to April 30, 1995.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
PAGE 28
Notes to financial statements
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.
Options 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
<PAGE>
PAGE 29
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 forward foreign currency
contracts
Securities and other assets and liabilities denominated in foreign
currencies are translated daily into U.S. dollars at the closing
rate of exchange. Foreign currency amounts related to the purchase
or sale of securities 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 April 30, 1995, investments in securities for Managed Portfolio
included an issue that is illiquid. The portfolio currently limits
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 April 30, 1995 was $1,507,500, which represents 0.7%
<PAGE>
PAGE 30
of net assets for the Managed Portfolio. 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.
On the statements of assets and liabilities, as a result of
permanent book-to-tax differences, accumulated net realized gain
(loss) and undistributed net investment income have been
increased (decreased), resulting in net reclassification
adjustments to additional paid-in-capital by the following:
<TABLE>
<CAPTION>
Government
Income Managed Securities
Portfolio Portfolio Portfolio
________________________________________________________________________________________
<S> <C> <C> <C>
Accumulated net realized gain (loss) 14,892 (96,276) 3,406
Undistributed net investment income (14,892) 96,276 (3,406)
________________________________________________________________________________________
Additional paid-in-capital reduction (increase) -- -- --
________________________________________________________________________________________
</TABLE>
Dividends to shareholders
At April 30, 1995, dividends were declared of $.46 per share for
Equity, $.05 for Income, $.004 for Money Market, $.13 for Managed,
$.05 for Government Securities and $.13 for International Equity
Portfolio and were payable May 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.
<PAGE>
PAGE 31
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 year ended April 30, 1995, cost of purchases and proceeds
from sales of securities aggregated $79,382,224 and $78,841,405 for
Money Market Portfolio; cost of purchases and proceeds from sales
of securities (other than short-term obligations) aggregated
$293,588,821 and $217,200,962 for Equity, $31,464,304 and
$17,124,616 for Income, $250,690,329 and $219,209,820 for Managed,
$3,855,723 and $1,111,502 for Government Securities and $8,727,759
and $1,474,952 for International Equity Portfolios. Realized gains
and losses are determined on an identified cost basis.
<PAGE>
PAGE 32
Brokerage commissions paid to brokers affiliated with IDS Life were
$37,616, $11,277 and $1,044 for Equity Portfolio, Managed Portfolio
and International Equity Portfolio, respectively, for the year
ended April 30, 1995.
4. Forward foreign currency contracts
At April 30, 1995, Equity Portfolio had entered into forward
foreign currency exchange contracts that obligate the portfolio to
deliver currencies at a specified future date. The unrealized
appreciaton of $32 on these contracts is included in the
accompanying financial statements. The terms of the open contracts
are as follows:
<TABLE>
<CAPTION>
U.S. Dollar Value U.S. Dollar Value
Currency to as of Currency to as of
Exchange date be delivered April 30, 1995 be received April 30, 1995
_________________________________________________________________________________________
<S> <C> <C> <C> <C>
May 4, 1995 191,000 $140,493 140,086 $140,086
Canadian Dollar U.S. Dollar
May 5, 1995 253,127 186,191 186,630 186,630
Canadian Dollar U.S. Dollar
________ ________
$326,684 $326,716
</TABLE>
At April 30, 1995, International Equity Portfolio had entered into
forward foreign currency exchange contracts that obligate the
portfolio to deliver currencies at a specified future date. The
unrealized appreciation of $3,133 on these contracts is included in
the accompanying financial statements. The terms of the open
contracts are as follows:
<TABLE>
<CAPTION>
U.S. Dollar Value U.S. Dollar Value
Currency to as of Currency to as of
Exchange date be delivered April 30, 1995 be received April 30, 1995
_________________________________________________________________________________________
<S> <C> <C> <C> <C>
May 2, 1995 1,386,042 $142,143 145,274 $145,274
Austrian Schilling U.S. Dollar
May 2, 1995 38,793,428 17,373 17,365 17,365
Indonesian Rupiah U.S. Dollar
May 3, 1995 19,433 7,863 7,873 7,873
Malaysian Dollar U.S. Dollar
________ ________
$167,379 $170,512
</TABLE>
5. Options contracts written
The number of contracts and premium amounts associated with option
contracts written by Equity Portfolio during the year ended April
30, 1995, is as follows:
<PAGE>
PAGE 33
<TABLE>
<CAPTION>
Calls
Contracts Premium
______________________________________________________________________________
<S> <C> <C>
Balance April 30, 1994 -- $ --
______________________________________________________________________________
Opened 350 58,186
Exercised (350) (58,186)
______________________________________________________________________________
Balance April 30, 1995 -- $ --
______________________________________________________________________________
</TABLE>
The number of contracts and premium amounts associated with option
contracts written by Managed Portfolio during the year ended April
30, 1995, is as follows:
<TABLE>
<CAPTION>
Puts Calls
Contracts Premium Contracts Premium
__________________________________________________________________________________
<S> <C> <C> <C> <C>
Balance April 30, 1994 -- $ -- -- $ --
__________________________________________________________________________________
Opened 41,843 3,139,644 18,341 1,725,313
Closed (19,420) (1,477,621) (8,400) (976,944)
Exercised (6,675) (808,442) (6,766) (574,835)
Expired (15,748) (853,581) (3,175) (173,534)
__________________________________________________________________________________
Balance April 30, 1995 -- $ -- -- $ --
__________________________________________________________________________________
</TABLE>
6. Capital share transactions
Transactions in shares of each Portfolio for the years ended April
30, 1995, and 1994 were as follows:
<TABLE>
<CAPTION>
Number of shares: Year ended April 30, 1995
Money Government International
Equity Income Market Managed Securities Equity
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio*
________________________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C>
Shares at beginning of year 8,391,259 3,476,335 9,557,747 11,604,807 1,132,254 --
________________________________________________________________________________________________________________
Sold 3,567,088 610,628 6,253,135 3,963,862 148,783 818,487
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 increase 3,633,193 448,654 327,663 3,984,464 28,721 826,111
________________________________________________________________________________________________________________
Shares at end of year 12,024,452 3,924,989 9,885,410 15,589,271 1,160,975 826,111
________________________________________________________________________________________________________________
*Period from Oct. 28, 1994 (commencement of operations) to April 30, 1995.
<PAGE>
PAGE 34
Number of shares Year ended April 30, 1994
________________________________________________________________________________________________
Money Government
Equity Income Market Managed Securities
Portfolio Portfolio Portfolio Portfolio Portfolio
________________________________________________________________________________________________
Shares at beginning of year 5,202,534 2,222,158 8,180,775 7,237,215 912,972
________________________________________________________________________________________________
Sold 2,513,413 1,279,899 5,854,806 3,372,853 306,174
Issued for reinvested
distributions 872,481 189,664 215,404 1,316,899 68,402
Redeemed (197,169) (215,386) (4,693,238) (322,160) (155,294)
________________________________________________________________________________________________
Net increase 3,188,725 1,254,177 1,376,972 4,367,592 219,282
________________________________________________________________________________________________
Shares at end of year 8,391,259 3,476,335 9,557,747 11,604,807 1,132,254
________________________________________________________________________________________________
</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
"Financial highlights" showing per share data and selected
information is presented on pages 5-10 of the prospectus.
<PAGE>
PAGE 35
<TABLE>
<CAPTION>
IDS Life Series Fund, Inc. (Percentages represent
April 30, 1995 value of investments
Equity Portfolio compared to net assets)
Common stocks (87.5%)
Issuer Shares Value(a)
_____________________________________________________________________________
<S> <C> <C>
Automotive related (1.0%)
Lund Intl Holdings 60,000 (b) $ 1,260,000
Miller Industries 70,000 (b) 1,268,750
Total 2,528,750
_____________________________________________________________________________
Banks and savings & loans (3.7%)
Bank of Boston 50,000 1,675,000
Citicorp 30,000 1,391,250
General Acceptance 40,000 (b) 1,050,000
Green Tree Financial 33,000 1,348,875
Mercantile Bancorp 35,000 1,277,500
Roosevelt Financial Group 130,000 2,080,000
Total 8,822,625
_____________________________________________________________________________
Beverages & tobacco (0.8%)
Canandaigua Wine Cl A 45,000 (b) 1,935,000
_____________________________________________________________________________
Building materials (0.5%)
Tyco Intl 25,000 1,312,500
_____________________________________________________________________________
Chemicals (1.5%)
Air Products & Chemical 25,000 1,259,375
IMC Global 25,000 1,228,125
US Filter 68,700 (b) 1,090,612
Total 3,578,112
_____________________________________________________________________________
Computers & office equipment (15.8%)
Affiliated Computer Services Cl A 45,000 (b) 1,226,250
Amdahl 47,400 (b) 562,875
American Management Systems 55,000 (b) 1,161,875
Broadway & Seymour 190,000 (b) 3,515,000
Brock Control Systems 60,000 (b) 420,000
BTG 110,000 (b) 1,017,500
Cabletron Systems 30,000 (b) 1,425,000
Ceridian 40,000 (b) 1,380,000
Cisco Systems 135,000 (b) 5,383,125
First Data 25,000 1,406,250
FTP Software 50,000 (b) 1,312,500
Intergraph 100,000 (b) 1,075,000
Komag 40,000 (b) 1,545,000
Madge NV 45,000 (b) 1,237,500
Mercury Interactive 70,000 (b) 1,505,000
Microdyne 70,000 (b) 1,172,500
Micronics Computers 100,000 (b) 475,000
Mustang Software 46,100 (b) 357,275
Pace Health Management 60,000 (b) 300,000
Parametric Technology 40,000 (b) 1,900,000
Sanmina 55,000 (b) 1,876,875
Sierra On-Line 80,000 (b) 1,510,000
State of the Art 80,000 (b) 880,000
Sterling Software 30,000 (b) 1,020,000
Sterling Software Escrow 80,000 (b,c) --
Synopsys 25,000 (b) 1,356,250
Telebit 110,000 (b) 715,000
3Com 40,000 (b) 2,240,000
Wonderware 5,000 (b) 143,125
Total 38,118,900
_____________________________________________________________________________
Electronics (11.9%)
Anadigies 68,000 (b) 909,500
Atmel 35,000 (b) 1,540,000
Cherry Cl B 74,000 (b) 1,073,000
Continental Circuits 85,000 (b) 966,875
Credence Systems 55,000 (b) 1,993,750
Electro Scientific 48,000 (b) 1,278,000
<PAGE>
PAGE 36
Fusion Systems 40,000 (b) 1,250,000
GaSonics Intl 55,000 (b) 1,265,000
Integrated Device Technologies 60,000 (b) 2,287,500
ITI Technologies 65,000 (b) 1,511,250
Lam Research 28,000 (b) 1,414,000
Linear Technology 20,000 1,195,000
Maxim Integrated Products 35,000 (b) 1,268,750
Medar 88,400 (b) 828,750
Microchip Technology 50,000 (b) 1,412,500
Molex 40,000 1,510,000
Richey Electronics 110,000 (b) 687,500
Tencor Instruments 20,000 (b) 1,355,000
Ultratech Stepper 25,000 (b) 1,400,000
Vishay Intertechnology 12,400 (b) 733,150
X-Rite 65,000 1,267,500
Xilinx 20,000 (b) 1,535,000
Total 28,682,025
_____________________________________________________________________________
Corrpro 75,000 (b) 1,387,500
_____________________________________________________________________________
Comdata Holdings 85,000 (b) 977,500
Olympic Financial 100,000 (b) 1,212,500
PMT Services 60,000 (b) 825,000
Regional Acceptance 80,000 (b) 1,120,000
Total 4,135,000
Foreign (5.8%)
Astra Cl A 55,000 1,603,910
Diamond Fields 40,000 (b) 1,335,048
Ethical Holdings 85,000 (b) 520,625
Helicopter Lines 250,000 806,500
Mutual Risk Management 42,000 1,291,500
Natuzzi 50,000 1,868,750
Nokia Preferred 70,000 2,870,000
Petroleum Geo Services 50,000 (b) 1,365,625
Renaissance Energy 55,000 (b) 1,244,023
Royal Plastic 103,700 (b) 1,106,033
Total 14,012,014
_____________________________________________________________________________
Cordis 18,000 (b) 1,291,500
Forest Labs 50,000 (b) 2,250,000
Gilead Sciences 60,000 (b) 900,000
Heart Technology 80,000 (b) 1,420,000
IDEXX Laboratories 100,000 (b) 4,300,000
Interpore Intl 43,000 (b) 241,875
Liposome 150,000 (b) 1,350,000
Ostex Intl 65,000 (b) 576,875
Sybron Intl 35,000 (b) 1,299,375
Target Therapeutics 40,000 (b) 1,460,000
Tecnol Medical Products 70,000 (b) 1,303,750
Teva Pharmaceutical Industries 50,000 1,712,500
Thermedics 100,000 (b) 1,887,500
Total 19,993,375
_____________________________________________________________________________
AM Home Patient 45,000 (b) 1,411,875
Cardinal Health 65,000 2,998,125
Coram Healthcare 50,000 (b) 1,025,000
Coventry 40,000 (b) 940,000
Equity Corp Intl 73,000 (b) 1,177,125
HBO & Company 40,000 1,830,000
Healthdyne 100,000 (b) 1,087,500
Healthsource 35,000 (b) 1,255,625
HEALTHSOUTH Rehabilitation 100,000 (b) 1,975,000
Humana 13,600 (b) 265,200
Lincare Holdings 40,000 (b) 1,235,000
Manor Care 40,000 1,175,000
Medaphis 40,000 (b) 2,280,000
PacifiCare Health Cl B 20,000 (b) 1,240,000
Stewart Enterprises Cl A 67,400 1,853,500
Sun Healthcare Group 50,000 (b) 1,206,250
Surgical Care Affiliates 55,000 1,278,750
Total 24,233,950
<PAGE>
PAGE 37
Industrial machines & services (6.0%)
Acme-Cleveland 90,000 1,867,500
Baldor Electric 45,000 1,327,500
Blount Cl A 30,000 1,338,750
Blyth Industries 40,000 (b) 1,110,000
Continental Waste 100,000 (b) 1,200,000
Empi 75,000 (b) 1,190,625
Greenfield Industries 50,000 1,475,000
Littelfuse 40,000 (b) 1,355,000
Polaris Industries 30,000 1,357,500
Sanifill 50,000 (b) 1,331,250
TETRA Technologies 45,000 (b) 916,875
Total 14,470,000
_____________________________________________________________________________
American Freightways 50,000 (b) 1,168,750
Feather Light 95,000 (b) 890,625
Total 2,059,375
_____________________________________________________________________________
Crop Growers 45,000 (b) 1,372,500
NAC Re 44,000 1,452,000
Total 2,824,500
_____________________________________________________________________________
Alliance Entertainment 180,000 (b) 1,282,500
_____________________________________________________________________________
DIMAC 95,000 (b) 1,484,375
Heritage Media Cl A 45,000 (b) 1,147,500
Movie Gallery 35,000 (b) 1,093,750
Total 3,725,625
_____________________________________________________________________________
Manpower 55,000 1,835,625
Veeco Instruments 85,000 (b) 1,221,875
Total 3,057,500
_____________________________________________________________________________
Crown Cork & Seal 50,000 (b) 2,137,500
_____________________________________________________________________________
Guest Supply 50,000 (b) 1,050,000
Hospitality Franchise Systems 50,000 1,518,750
Total 2,568,750
_____________________________________________________________________________
Retail (4.3%)
Big B 80,000 (b) 1,160,000
Circle K 70,000 (b) 1,163,750
CUC Intl 40,000 (b) 1,630,000
Dollar General 45,000 1,046,250
Friedmans Cl A 60,000(b) 1,065,000
Office Depot 40,900 (b) 930,475
OfficeMax 45,000 (b) 1,153,125
Profitts 45,000 (b) 1,113,750
Viking Office Products 40,000 (b) 1,100,000
Total 10,362,350
_____________________________________________________________________________
Telecom
Andrew 21,400 (b) 1,059,300
Ascend Communications 11,000 (b) 847,000
Brite Voice Systems 70,000 (b) 1,277,500
BroadBand Technologies 44,000 (b) 1,100,000
Cascade Communications 10,000 (b) 720,000
EIS Intl 100,000 (b) 1,650,000
Numerex Cl A 70,000 (b) 1,067,500
Palmer Wireless 85,000 (b) 1,423,750
Scientific-Atlanta 80,000 1,820,000
StrataCom 32,000 (b) 1,176,000
Video Telecommunications 100,000 (b) 962,500
Total 13,103,550
_____________________________________________________________________________
Conso Products 65,000 (b) 893,750
Nine West Group 40,000 (b) 1,300,000
Quiksilver 60,000 (b) 1,185,000
Total 3,378,750
_____________________________________________________________________________
<PAGE>
PAGE 38
LDDS Communications 50,000 (b) 1,200,000
MFS Communications 45,000 (b) 1,608,750
Millicom Intl Cellular 17,500 (b) 435,313
Total 3,244,063
_____________________________________________________________________________
(Cost: $172,976,949) $210,954,214
_____________________________________________________________________________
</TABLE>
<TABLE>
<CAPTION>
Put options purchased (0.1%)
Issuer Number Exercise Expiration Value (a)
of price date
contracts
<S> <C> <C> <C> <C>
Cisco Systems 675 $ 35 July 1995 $ 71,719
S&P 500 250 485 June 1995 40,625
Total options purchased
(Cost: $241,800) $112,344
__________________________________________________________________________________
</TABLE>
<TABLE>
<CAPTION>
Short-term securities (14.3%)
Issuer Annualized Amount Value(a)
yield on payable at
date of maturity
purchase
_________________________________________________________________________________
<S> <C> <C> <C>
Commercial paper (12.2%)
Avco
06-13-95 6.05 $2,200,000 $ 2,183,500
Carg Financial Markets
05-03-95 5.98 1,800,000 (d) 1,798,806
Fleet Funding
05-15-95 6.01 950,000 (d) 947,475
05-23-95 6.04 1,100,000 (d) 1,095,600
05-22-95 6.06 1,600,000 (d) 1,593,846
Ford Motor Credit
05-22-95 6.04 1,200,000 1,195,400
05-18-95 6.07 2,500,000 2,492,044
Household Finance
05-05-95 6.00 4,000,000 3,996,013
Paccar Financial
05-04-95 6.00 1,300,000 1,298,920
Penney (J.C.) Funding
05-11-95 5.99 1,900,000 1,896,219
Pepsico
05-17-95 5.98 800,000 797,616
St. Paul Companies
05-12-95 6.00 2,600,000 (d) 2,594,395
Sara Lee
05-11-95 5.99 3,250,000 3,243,533
UBS Finance
05-01-95 5.93 4,400,000 4,398,550
Total 29,531,917
__________________________________________________________________________________
Banker's acceptance (2.1%)
Republic National Bank
05-22-95 6.06 5,000,000 $ 4,980,770
__________________________________________________________________________________
Total short-term securities
(Cost: $34,512,687) $ 34,512,687
__________________________________________________________________________________
Total investments in securities
(Cost: $207,731,436)(e) $245,579,245
__________________________________________________________________________________
Notes to investments in securities
<PAGE>
PAGE 39
(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. "These
securities have been determined to be liquid under guidelines established by the board of directors.
(e) At April 30, 1995, the cost of securities for federal income tax purposes was $207,872,121 and the aggregate gross unrealized
appreciation and depreciation based on that cost was:
Unrealized appreciation 40,864,862
Unrealized depreciation (3,157,738)
___________________________________________________________________
Net unrealized appreciation $37,707,124
___________________________________________________________________
</TABLE>
<PAGE>
PAGE 40
<TABLE>
<CAPTION>
IDS Life Series Fund, Inc. (Percentages represent
April 30, 1995 value of investments
Income Portfolio compared to total net assets)
Bonds (95.1%)
Issuer Coupon Maturity Principal Value(a)
rate year amount
__________________________________________________________________________________
<S> <C> <C> <C> <C>
U.S government obligations (30.2%)
U.S. Treasury Bond 8.125% 2019 $2,000,000 $ 2,145,460
U.S. Treasury Notes 6.375 2002 4,250,000 4,102,100
6.50 1999 2,000,000 1,978,600
Resolution Funding Corp 8.125 2019 3,000,000 3,184,020
Total 11,410,180
__________________________________________________________________________________
Mortgage backed securities (20.4%)
Federal Home Loan Mtge Corp 7.00 2008 963,822 944,845
8.00 2017 1,438,887 1,438,441
Collateralized Mtge Obligation 8.00 2020 185,000 183,940
8.50 2022 1,000,000 1,028,270
Federal Natl Mtge Assn 6.00 2024 987,183 883,223
6.50 2024 3,069,001 2,838,826
8.50 2023 9,936 10,107
Series Z 8.00 2021 378,547(g) 375,050
Total 7,702,702
__________________________________________________________________________________
Aerospace & defense (0.3%)
AEC Acquisition
Sr Sub 10.00 2003 100,000 111,125
__________________________________________________________________________________
Airlines (0.3%)
AMR 9.50 2001 100,000 105,882
__________________________________________________________________________________
Automotive (0.3%)
Exide 10.75 2002 100,000 104,000
__________________________________________________________________________________
Banks and savings & loans (2.0%)
Barclays NA Capital 9.75 2021 300,000 338,700
Corestates Capital 9.375 2003 200,000 222,314
Fleet Norstar Financial 9.00 2001 200,000 211,614
Total 772,628
__________________________________________________________________________________
Beverages & tobacco (0.8%)
RJR Nabisco 8.625 2002 300,000 299,883
__________________________________________________________________________________
Building materials (1.3%)
Owens Corning Fiberglass 9.375 2012 100,000 106,858
Pulte 7.00 2003 300,000 273,375
Schuller 10.875 2004 100,000 106,500
Total 486,733
__________________________________________________________________________________
Chemicals (0.4%)
B.F. Goodrich 9.625 2001 150,000 164,293
__________________________________________________________________________________
Electronics (1.0%)
Magnetek 10.75 1998 100,000 101,375
Reliance Electric 6.80 2003 300,000 287,391
Total 388,766
__________________________________________________________________________________
Energy (0.8%)
BP North America 9.50 1998 60,000 63,538
Clark Oil 9.50 2004 100,000 98,000
USX 9.80 2001 150,000 163,046
Total 324,584
__________________________________________________________________________________
<PAGE>
PAGE 41
Energy equipment & services (0.3%)
McDermott 9.375 2002 100,000 109,533
__________________________________________________________________________________
Financial services (5.4%)
Avco Financial 7.25 1999 300,000 299,994
Carco Auto 7.875 1998 300,000 302,637
Corporate Property Investors 7.18 2013 300,000(c) 265,770
Countrywide Funding 8.42 1999 300,000 310,929
First Union 8.875 2003 100,000 84,750
General Electric Capital
Reset Nt 8.65 2018 200,000(f) 203,886
Kearny (RE) LP Class B 6.55 2000 200,000 199,250
Kearny (RE) LP Class C 7.70 2001 100,000 99,750
Property Trust America 7.50 2014 300,000 262,500
Total 2,029,466
__________________________________________________________________________________
Food (0.7%)
ARA Group
Sr Sub Deb 12.00 2000 75,000 79,688
Chiquita Brands 9.625 2004 100,000 95,375
Specialty Foods 10.25 2001 100,000(c) 98,500
Total 273,563
__________________________________________________________________________________
Foreign (8.1%)(b)
Aegon
(U.S. Dollar) 4.75 2004 150,000(c) 173,812
Alcan Aluminum
(U.S. Dollar) 8.875 2022 200,000 207,390
Avenor (Can Pac For)
(U.S. Dollar) 9.375 2004 100,000 102,000
Banca Italy N.Y.
(U.S. Dollar) 8.25 2007 300,000 296,319
BNCE
(U.S. Dollar) 7.25 2004 100,000 67,750
Doman Industries
(U.S. Dollar) 8.75 2004 100,000 93,500
Guang Dong Enterprise
(U.S. Dollar) 8.75 2003 400,000(c) 344,620
Korean Electric Power
(U.S. Dollar) 8.00 2002 200,000 201,152
Methanex
(U.S. Dollar) 8.875 2001 100,000 104,125
Petroleos Mexicanos
(U.S. Dollar) 8.625 2023 300,000 183,000
Qantas Air
(U.S. Dollar) 7.50 2003 300,000(c) 285,594
Repap New Brunswick
(U.S. Dollar) 10.625 2005 100,000 101,875
Republic of Columbia
(U.S. Dollar) 7.25 2004 200,000 170,000
Republic of Italy
(U.S. Dollar) 6.875 2023 300,000 245,565
Republic of South Africa
(U.S. Dollar) 9.625 1999 250,000 244,165
WMC Finance USA
(U.S. Dollar) 7.25 2013 300,000 267,345
Total 3,088,212
__________________________________________________________________________________
Health care (0.7%)
Schering-Plough
Zero Coupon 7.31 1996 300,000(c,d) 270,537
__________________________________________________________________________________
Health care services (0.7%)
Healthtrust 10.75 2002 100,000 110,125
Hillhaven 10.125 2001 100,000 104,250
National Medical Enterprises
Sr Sub 10.125 2005 40,000 41,800
Total 256,175
__________________________________________________________________________________
<PAGE>
PAGE 42
Household products (0.3%)
First Brands 9.125 1999 100,000 101,250
__________________________________________________________________________________
Industrial transportation (1.3%)
Enterprise Rent-A -Car 8.750 1999 300,000 (c) 312,696
Ryder Systems 9.25 2001 150,000 162,893
Total 475,589
__________________________________________________________________________________
__________________________________________________________________________________
Insurance (1.3%)
Americo Life 9.25 2005 100,000 88,750
Leucadia National
Sub Nts 10.375 2002 100,000 107,375
SunAmerica 8.125 2023 300,000 279,483
Total 475,608
__________________________________________________________________________________
Leisure time & entertainment (1.2%)
Bally's Park Place 9.25 2004 100,000 90,375
Caesars World 8.875 2002 100,000 101,875
GB Property Funding
1st Mtge 10.875 2004 100,000 85,500
GNF Bally 10.625 2003 100,000 82,000
MGM Grand Hotel 12.00 2002 100,000 112,000
Total 471,750
__________________________________________________________________________________
Media (2.5%)
Ackerley Communications
Sr Secured Nts 10.75 2003 100,000(c) 103,000
Adelphia Communications 11.875 2004 100,000 95,500
Cablevision Systems 10.75 2004 100,000 104,625
Continental Cablevision
Sr Deb 8.875 2005 100,000 100,000
Continental Cablevision
Sr Sub Deb 11.00 2007 100,000 109,000
Outdoor Systems
Sr Nts 10.75 2003 100,000 94,500
Time Warner Entertainment 8.375 2033 250,000 224,688
Viacom Int'l
Sr Sub 10.25 2001 100,000 108,500
Total 939,813
__________________________________________________________________________________
Metals (0.3%)
Magma Copper 12.00 2001 100,000 109,500
__________________________________________________________________________________
Multi-industry (1.6%)
Coltec Industries 9.75 2000 100,000 101,250
Crane 7.25 1999 300,000 295,683
Fairchild 13.125 2006 65,000 52,975
Mark IV Industries 8.75 2003 100,000 98,000
Tally Industries
Zero Coupon 8.27 2005 100,000(e) 61,000
Total 608,908
__________________________________________________________________________________
Natural gas (0.3%)
Southwest Gas 9.75 2002 100,000 109,392
__________________________________________________________________________________
Paper & packaging (3.5%)
Chesapeake 9.875 2003 100,000 111,843
Container Corp America 9.75 2003 100,000 100,000
Federal Paper Board 10.00 2011 100,000 114,292
International Paper 5.125 2012 85,000 63,339
Owens Illinois
Sr Sub Nts 11.00 2003 150,000 163,125
Pope & Talbot 8.375 2013 300,000 288,009
S D Warren
Sr Nts 12.00 2004 100,000(c) 108,375
Scotia Pacific Holding 7.95 2015 277,072 269,173
Silgan
Sr Sub Nts 11.75 2002 100,000 104,875
Total 1,323,031
__________________________________________________________________________________
<PAGE>
PAGE 43
Restaurants & lodging (0.2%)
John Q Hammons Hotel
Sr Nts 8.875 2004 100,000 94,250
__________________________________________________________________________________
Retail (2.4%)
Di Giorgio 12.00 2003 100,000 86,000
Dominick's Finer 10.875 2005 100,000(c) 100,000
Pathmark Stores 9.625 2003 100,000 96,250
Penn Traffic 9.625 2005 100,000 93,500
Penn Traffic
Sr Nts 10.25 2002 100,000 101,250
Penny (JC) 9.05 2001 150,000 161,802
Safeway Stores 10.00 2001 100,000 109,000
Service Merchandise 9.00 2004 100,000 80,500
Stop & Shop 9.75 2002 75,000 79,781
Total 908,083
__________________________________________________________________________________
Telecommunication equipment & services (0.2%)
CenCall Communications
Zero Coupon 16.485 1999 150,000(e) 73,875
__________________________________________________________________________________
Textiles & apparel (0.3%)
Dominion Textiles 8.875 2003 100,000 95,000
__________________________________________________________________________________
Utilities - electric (4.9%)
Arizona Public Service 8.00 2025 200,000 189,802
Commonwealth Edison 9.875 2020 200,000 215,170
Houston Industries 9.375 2001 150,000 163,350
Long Island Lighting 9.625 2024 300,000 290,151
Midland Cogeneration Venture 11.75 2005 100,000 99,500
North Atlantic Energy
1st Mtge 9.05 2002 100,000 98,625
Northeast Utilities 8.58 2006 196,571 201,916
Pennsylvania Power & Light
1st Mtge 9.25 2019 100,000 105,909
Sithe Independence Funding 9.00 2013 100,000 101,648
Texas New Mexico Power
1st Mtge 9.25 2000 100,000 99,750
Texas Utilities Electric 9.750 2021 100,000 109,971
Texas Utilities
1st Mtge 7.375 2025 200,000 176,586
Total 1,852,378
__________________________________________________________________________________
Utilities - telephone (1.1%)
New York Telephone 9.375 2031 150,000 161,479
Pacific Bell Telephone 7.375 2043 300,000 270,390
Total 431,869
__________________________________________________________________________________
Total bonds
(Cost: $35,914,355) $35,968,558
__________________________________________________________________________________
</TABLE>
<TABLE>
<CAPTION>
Preferred stocks (0.4%)
Issuer Shares Value(a)
__________________________________________________________________________________
<S> <C> <C> <C>
First Chicago
2.88 % Cv 500 $ 27,375
National Health Investors
8.50 % Cv 2,000 46,500
Public Service of New Hampshire
10.60 % 3,500 89,355
Total preferred stocks
(Cost: $162,500) $ 163,230
__________________________________________________________________________________
<PAGE>
PAGE 44
Short-term securities (3.4%)
Issuer Annualized Amount Value(a)
yield on payable at
date of maturity
purchase
__________________________________________________________________________________
U.S. government agency
Federal Home Bank
Disc Nts
05-22-95 5.88 500,000 498,131
Federal Natl Mtge Assn
Disc Nts
05-22-95 5.89 800,000 797,005
Total short-term securities
(Cost: $1,295,136) $ 1,295,136
__________________________________________________________________________________
Total investments in securities (98.9%)
(Cost: $37,371,991)(h) $37,426,924
__________________________________________________________________________________
Notes to investments in securities
(a) Securities are valued by procedures described in Note 1 to the financial statements.
(b) Foreign securities values are stated in U.S. dollars; principal amounts are denominated in the currency indicated.
(c) Represent securities sold under Rule 144A which are exempt from registration under the Securities Act of 1933, as amended.
These securities has been determined to be liquid under guidelines established by the board of directors.
(d) For zero coupon bonds, the interest rate disclosed represents the annualized effective yield on the date of acquisition.
(e) For 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 April 30, 1995.
(g) This security is a collateralized mortgage obligation whose payment of principal has been deferred until the principle of
previous series within the trust has been paid off.
(h) At April 30, 1995, the cost of securities for federal income tax purposes was $37,347,769 and the aggregate gross unrealized
appreciation and depreciation based on that cost was:
Unrealized appreciation $ 812,322
Unrealized depreciation (733,167)
_________________________________________________________________________________
Net unrealized appreciation $ 79,155
_________________________________________________________________________________
</TABLE>
<PAGE>
PAGE 45
<TABLE>
<CAPTION>
IDS Life Series Fund, Inc. (Percentages represent
April 30, 1995 value of investments
Money Market Portfolio compared to total net assets)
Issuer Annualized Amount Value(a)
yield on payable at
date of maturity
purchase
__________________________________________________________________________________
<S> <C> <C> <C>
U.S. government agencies (11.6%)
Federal Home Loan
Bank Disc Nts
05-22-95 5.88% $300,000 $ 298,879
Federal Home Loan
Mtge Corp Disc Nts
05-01-95 6.19 850,000 849,712
__________________________________________________________________________________
Total U.S. government agencies
(Cost: $1,148,591) $1,148,591
__________________________________________________________________________________
Commercial paper (87.3%)
Automotive & related (4.0%)
Ford Motor Credit
05-18-95 6.07 400,000 $ 398,727
__________________________________________________________________________________
Banks and savings & loans (3.0%)
Commerzbank US Finance
05-11-95 6.02 300,000 299,400
__________________________________________________________________________________
Beverages & tobacco (7.5%)
Coca-Cola
05-10-95 5.96 445,000 444,191
PepsiCo
05-17-95 5.98 300,000 299,106
Total 743,297
__________________________________________________________________________________
Computers & office equipment (7.5%)
Hewlett-Packard
06-13-95 6.04 350,000 347,384
Pitney Bowes
05-25-95 5.98 400,000 398,281
Total 745,665
__________________________________________________________________________________
Financial services (28.7%)
American General
05-19-95 5.97 400,000(b) 398,678
See accompanying notes to investments in securities.
Avco
06-13-95 6.05 400,000 397,000
Ciesco
06-01-95 6.03 300,000(b) 298,355
Fleet Funding
05-22-95 6.05 300,000(b) 298,850
Household Finance
05-05-95 6.00 400,000 399,601
Penney (JC) Funding
05-15-95 5.98 300,000 299,205
Safeco Credit
06-23-95 6.05 300,000 297,250
USAA Capital
05-11-95 6.01 450,000 449,103
Total 2,838,042
__________________________________________________________________________________
Food (3.5%)
Sara Lee
05-01-95 5.99 350,000 349,884
__________________________________________________________________________________
<PAGE>
PAGE 46
Health care (10.6%)
Lilly (Eli)
05-02-95 6.22 450,000 449,770
Pfizer
05-10-95 5.97 300,000 299,455
Sandoz
05-25-95 5.97 300,000 298,711
Total 1,047,936
__________________________________________________________________________________
Industrial transportation (3.5%)
Consolidated Railway
06-14-95 6.07 350,000(b) 347,312
__________________________________________________________________________________
Insurance (4.5%)
St Paul Companies
05-12-95 6.00 450,000(b) 449,030
_________________________________________________________________________________
Media (4.0%)
Reed Publishing
07-03-95 6.11 400,000(b) 395,645
__________________________________________________________________________________
Retail (4.0%)
Wal-Mart Stores
05-09-95 5.97 400,000 399,339
__________________________________________________________________________________
Utilities - telephone (6.5%)
Southwestern Bell
05-15-95 5.99 300,000 299,204
Unilever Capital
06-26-95 6.10 350,000 346,605
Total 645,809
__________________________________________________________________________________
Total commercial paper
(Cost: $8,660,086) $8,660,086
__________________________________________________________________________________
Total investments in securities
(Cost: $9,808,677)(c) $9,808,677
__________________________________________________________________________________
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) ofthe Securities Act of 1933, as amended, and may be sold
only to dealers in that program or other "accredited investors." These securities have been
determined to be liquid under guidelines established by the board of directors.
(c) At April 30, 1995, this also represents the cost of securities for federal income tax purposes.
</TABLE>
<PAGE>
PAGE 47
<TABLE>
<CAPTION>
IDS Life Series Fund, Inc. (Percentages represent
April 30, 1995 value of investments
Managed Portfolio compared to total net assets)
Bonds (36.0%)
Issuer Coupon Maturity Principal Value (a)
rate year amount
__________________________________________________________________________________
<S> <C> <C> <C> <C>
U.S. government obligations (15.6%)
U.S. Treasury Bonds 8.875% 2017 $5,230,000 $ 6,027,052
9.375 2006 5,100,000 5,959,095
10.375 2012 500,000 623,450
U.S. Treasury Notes 4.625 1996 2,850,000 2,814,204
5.50 1996 8,340,000 8,274,031
5.625 1998 2,400,000 2,335,296
5.75 2003 500,000 459,655
7.125 1999 2,850,000 2,879,156
7.75 2000 4,700,000 4,862,526
7.50 2001 85,000 87,464
Total 34,321,929
__________________________________________________________________________________
Mortgage backed securities (5.1%)
Federal Home Loan Mtge Corp 8.00 2022 627,162 626,968
8.00 2024 593,488 593,304
10.00 2005 1,767,052 1,858,161
Federal Natl Mtge Assn 6.00 2024 1,974,367 1,766,446
8.00 2022 280,485 280,311
8.00 2024 995,235 994,618
8.50 2023 429,630 437,015
8.50 2024 988,459 1,005,450
9.00 2024 226,587 234,094
Series Z 6.50 2023 272,570(k) 197,081
7.00 2016 1,211,599(k) 1,109,255
Govt Natl Mtge Assn 9.00 2022 1,986,916 2,064,525
Total 11,167,228
__________________________________________________________________________________
Aerospace & defense (0.1%)
United Technologies 8.875 2019 300,000 324,258
__________________________________________________________________________________
Automotive related (0.4%)
GMAC 6.05 1996 750,000 745,298
8.375 1997 65,000 66,568
Total 811,866
__________________________________________________________________________________
Banks and savings & loans (0.2%)
First USA Bank 6.88 1996 300,000 300,477
Riggs National
Sub Nts 8.50 2006 100,000 93,000
See accompanying notes to investments in securities.
Total 393,477
__________________________________________________________________________________
Beverages & tobacco (0.1%)
RJR Nabisco 7.625 2003 125,000 116,413
8.625 2002 125,000 124,951
Total 241,364
__________________________________________________________________________________
Building materials (0.4%)
Building Materials
Zero Coupon Cv 11.75 1999 150,000(e,h) 87,000
Pulte 7.00 2003 500,000 455,625
Schuller Intl Group 10.875 2004 250,000 266,250
Total 808,875
__________________________________________________________________________________
Chemicals (0.1%)
Rexene 11.75 2004 250,000 268,125
__________________________________________________________________________________
Computers & office equipment (0.1%)
Alliant Techsystem
Sr Sub 11.75 2003 300,000(h) 312,750
__________________________________________________________________________________
<PAGE>
PAGE 48
Electronics (0.2%)
Reliance Electronics 6.80 2003 500,000 478,985
__________________________________________________________________________________
Energy (0.2%)
BP North America 9.50 1998 140,000 148,254
Standard Oil 9.00 2019 300,000 316,188
Total 464,442
__________________________________________________________________________________
Financial services (1.5%)
AVCO Financial 7.25 1999 250,000 249,995
Carco Auto
Asset-Backed Obligation 7.875 1998 250,000 252,198
Corporate Property Investors 7.18 2013 500,000(h) 442,950
First Union 8.875 2003 300,000 254,250
GE Capital
Reset Nt 8.65 1996 250,000(i) 254,858
Kearny (RE) LP Class B
Collateralized Mtge Obligation 6.55 2000 300,000 298,875
Kearny (RE) LP Class C
Collateralized Mtge Obligation 7.70 2001 150,000 149,625
Olympic Financial 13.00 2000 200,000 202,750
Property Trust America 7.50 2014 750,000 656,250
Salomon Brothers 6.75 2006 500,000 428,880
Total 3,190,631
__________________________________________________________________________________
Food (0.2%)
Specialty Foods 10.25 2001 400,000(h) 394,000
__________________________________________________________________________________
Foreign (3.5%)(c)
Argentina Republic
(U.S. Dollar) 7.312 2005 250,000(i) 148,594
Avenor
(U.S. Dollar) 9.375 2004 250,000 255,000
Banca Italy N.Y.
(U.S. Dollar) 8.25 2007 500,000 493,865
Banco Nacional de Mexico
(U.S. Dollar) Cv 7.00 1999 2,250,000(g) 1,507,500
BNCE
(U.S. Dollar) 7.25 2004 400,000 271,000
Doman Industries
(U.S. Dollar) 8.75 2004 200,000 187,000
Govt of Poland
(Euro Dollar) Stepup Nts 3.25 2014 400,000 189,000
Govt Trust Certificate Israel
(U.S. Dollar) 9.25 2001 275,000 293,969
Guang Dong Enterprise
(U.S. Dollar) 8.75 2003 750,000(h) 646,162
Hydro Quebec
(U.S. Dollar) 9.375 2030 500,000 554,100
KFW International Finance
(U.S. Dollar) 8.20 2006 250,000 260,880
LeGrand
(U.S. Dollar) 8.50 2025 200,000 203,902
Mexican U.S. Series D
(U.S. Dollar) 7.25 2019 250,000 164,375
Philippines Long Distance Telephone
(U.S. Dollar) 10.625 2004 100,000 98,500
PT Indah Kiat Pulp & Paper
(U.S. Dollar) 11.875 2002 250,000 247,500
Qantas Air
(U.S. Dollar) 7.50 2003 500,000(h) 475,990
Repap New Brunswick
(U.S. Dollar) 10.625 2005 500,000 509,375
Republic of Brazil
(U.S. Dollar) 6.75 2012 400,000(i) 200,000
Republic of Columbia
(U.S. Dollar) 7.25 2004 500,000 425,000
Republic of Italy
(U.S. Dollar) 6.875 2023 350,000 286,492
Rogers Cable System
(Canadian Dollar) 9.65 2014 600,000 370,722
Total 7,788,926
__________________________________________________________________________________
<PAGE>
PAGE 49
Health care (0.6%)
Johnson & Johnson 8.00 1998 1,000,000 1,021,200
Schering-Plough
Zero Coupon 7.31 1996 350,000(d,h) 315,627
Total 1,336,827
__________________________________________________________________________________
Health care services (0.3%)
Hillhaven 10.125 2001 500,000 521,250
Natl Medical Enterprise
Sr Sub 10.125 2005 160,000 167,200
Total 688,450
__________________________________________________________________________________
Insurance (0.5%)
Americo Life 9.25 2005 400,000 355,000
General American Life
Sub Cap Nts 7.625 2024 500,000(h) 425,000
New England Mutual
Credit Sensitive Notes 7.875 2024 250,000(h) 200,000
Principal Mutual 8.00 2044 250,000(h) 221,815
Total 1,201,815
__________________________________________________________________________________
Leisure time & entertainment (0.5%)
Bally's Grand
1st Mtge 10.375 2003 250,000 242,500
Bally's Park Place Funding
1st Mtge 9.25 2004 400,000 361,500
GB Property Funding
1st Mtge 10.875 2004 250,000 213,750
Kloster Cruise
Sr Secured Nts 13.00 2003 250,000 215,625
Total 1,033,375
__________________________________________________________________________________
Media (2.3%)
Ackerley Communications
Sr Secured Nts 10.75 2003 400,000(h) 412,000
Adelphia Communications
Pay-in-kind 9.50 2004 547,900 427,362
Amer Media Operations 11.625 2004 250,000 266,250
Benedek Broadcast 11.875 2005 300,000(h) 305,250
Continental Cablevision
Sr Deb 8.875 2005 250,000 250,000
News America Holdings 7.50 2000 250,000 248,125
Outdoor Systems
Sr Nts 10.75 2003 400,000 378,000
Tele-Communications 7.875 2013 500,000 433,565
Time Warner
Zero Coupon 6.63 2012 5,000,000(d) 1,618,750
Time Warner Entertainment 8.375 2033 500,000 449,375
Turner Broadcasting System
Sr Nts 8.375 2013 250,000 215,625
Total 5,004,302
__________________________________________________________________________________
Multi-industry (0.3%)
Crane 7.25 1999 250,000 246,402
Mark IV Industries 8.75 2003 400,000 392,000
Total 638,402
__________________________________________________________________________________
Natural gas (0.3%)
Coastal 10.25 2004 500,000 570,680
__________________________________________________________________________________
Paper & packaging (1.1%)
Container Corp America 9.75 2003 500,000 500,000
Sr Nts 10.75 2002 250,000 260,625
Federal Paperboard 10.00 2011 250,000 285,730
International Paper 5.125 2012 250,000 186,293
Pope & Talbot 8.375 2013 400,000 384,012
S D Warren
Sr Nts 12.00 2004 400,000(h) 433,500
Scotia Pacific Holding 7.95 2015 277,072 269,173
Stone Container
1st Mtge 10.75 2002 200,000 211,000
Total 2,530,333
__________________________________________________________________________________
<PAGE>
PAGE 50
Retail (0.6%)
Dominick's Finer 10.875 2005 400,000(h) 400,000
Food4Less Supermarket
Zero Coupon Cv 15.25 1997 150,000(e) 118,312
Pathmark Stores 9.625 2003 400,000 385,000
Penn Traffic 9.625 2005 300,000 280,500
Penney (JC) 9.05 2001 200,000 215,736
Total 1,399,548
__________________________________________________________________________________
Telecommunications equipment & services (0.1%)
CenCall Communications
Zero Coupon Cv 16.485 1999 400,000(e) 197,000
__________________________________________________________________________________
Utilities - electric (0.8%)
Alabama Power 9.00 2024 300,000 318,825
Commonwealth Edison 8.375 2023 250,000 244,293
Long Island Lighting 9.75 2021 300,000 294,717
Pennsylvania Power & Light 7.625 2002 50,000 50,500
RGS Funding I & M
Sale Lease-Back Obligation 9.82 2022 208,779 230,931
Sithe Independence Funding 9.00 2013 150,000(h) 152,472
Texas-New Mexico Power
1st Mtge 9.25 2000 400,000 399,000
Total 1,690,738
__________________________________________________________________________________
Utilities - telephone (0.4%)
GTE 9.375 2000 400,000 433,780
GTE Florida 9.625 2030 300,000 317,580
Mountain States Tel & Tel 5.50 2005 80,000 68,016
New England Tel & Tel 6.375 2008 70,000 61,710
New York Telephone 4.875 2006 130,000 104,591
Total 985,677
__________________________________________________________________________________
Miscellanous (0.5%)
Coty 10.25 2005 500,000 506,250
KinderKare Learning Center 10.375 2001 250,000 256,875
Standard Credit Card Trust 8.625 2002 250,000 258,398
Total 1,021,523
__________________________________________________________________________________
Total bonds
(Cost: $79,982,006) $ 79,265,526
__________________________________________________________________________________
</TABLE>
<TABLE>
<CAPTION>
Common stocks (41.4%)
Issuer Shares Value(a)
___________________________________________________________________________
<S> <C> <C>
Aerospace & defense (1.2%)
Lockheed Martin 21,500 $ 1,241,625
United Technologies 18,300 1,338,188
Total 2,579,813
___________________________________________________________________________
Automotive related (0.2%)
Goodyear Tire & Rubber 11,000 418,000
___________________________________________________________________________
Banks and savings & loans (1.8%)
BankAmerica 10,000 495,000
Citicorp 20,800 964,600
Roosevelt Financial Group 150,000 2,400,000
Total 3,859,600
___________________________________________________________________________
Beverages & tobacco (0.9%)
Coca-Cola 8,000 465,000
Philip Morris 21,000 1,422,750
RJR Nabisco 5,400 147,825
Total 2,035,575
___________________________________________________________________________
Building materials (0.7%)
Tyco Intl 30,700 1,611,750
___________________________________________________________________________
<PAGE>
PAGE 51
Chemicals (1.5%)
Lubrizol 25,000 871,875
Morton Intl 25,000 775,000
Nalco Chemical 16,000 560,000
Praxair 46,000 1,092,500
Total 3,299,375
___________________________________________________________________________
Computers & office equipment (2.2%)
Bay Networks 14,500(b) 527,438
Cisco Systems 20,000(b) 797,500
Computer Sciences 10,000(b) 493,750
ParcPlace Systems 32,500(b) 381,875
Sanmina 22,000(b) 750,750
Sterling Software 25,000(b) 850,000
VMARK Software 47,500(b) 712,500
Wall Data 22,500(b) 433,125
Total 4,946,938
___________________________________________________________________________
Electronics (1.8%)
Applied Materials 14,000(b) 862,750
Credence Systems 28,000(b) 1,015,000
Intel 10,000 1,023,750
Zilog 32,000(b) 1,124,000
Total 4,025,500
___________________________________________________________________________
Energy (1.4%)
Amoco 12,000 787,500
Exxon 32,000 2,228,000
Total 3,015,500
___________________________________________________________________________
Energy equipment & services (1.4%)
Input/Output 90,000(b) 3,048,750
___________________________________________________________________________
Financial services (2.1%)
Federal Natl Mtge 22,200 1,959,150
Travelers 65,000 2,689,375
Total 4,648,525
___________________________________________________________________________
Food (0.5%)
Tyson Foods 49,000 1,163,750
___________________________________________________________________________
Foreign (3.4%)
Elsag Bailey Process Auto N.V. 80,000(b) 2,060,000
Mutual Risk Management 70,000 2,152,500
Repsol S. A. 70,000 2,240,000
YPF Sociedad Anonima 55,000 1,113,750
Total 7,566,250
___________________________________________________________________________
Health Care (2.4%)
Forest Labs 33,000 1,485,000
Johnson & Johnson 24,200 1,573,000
Merck 34,000 1,457,750
Pfizer 4,000 346,500
Schering Plough 6,500 489,938
Total 5,352,188
___________________________________________________________________________
Health care services (2.4%)
Columbia Healthcare 35,000 1,470,000
Horizon Healthcare 65,000(b) 1,356,875
Service Corp Intl 24,000 678,000
Stewart Enterprises 15,000 412,500
United Healthcare 35,000 1,268,750
Total 5,186,125
___________________________________________________________________________
Household Products (1.1%)
Avon Products 18,000 1,138,500
Duracell 28,500 1,254,000
Total 2,392,500
___________________________________________________________________________
<PAGE>
PAGE 52
Industrial machines & services (3.3%)
Caterpillar 35,000 2,047,500
General Signal 51,000 1,893,375
Greenfields 50,000 1,475,000
Stewart & Stevenson 47,000 1,762,500
Total 7,178,375
___________________________________________________________________________
Industrial transportation (2.6%)
CSX 16,500 1,313,812
Norfolk Southern 7,300 491,838
Trinity Industries 55,000 2,124,375
Wabash Natl 60,000 1,867,500
Total 5,797,525
___________________________________________________________________________
Insurance (0.8%)
American Intl Group 3,000 320,250
Equitable 23,000 546,250
Unum 18,300 784,612
Total 1,651,112
___________________________________________________________________________
Leisure time & entertainment (0.3%)
Coleman 18,400(b) 667,000
___________________________________________________________________________
Media (1.9%)
Amer Greetings 49,000 1,335,250
CBS 10,500 673,312
Tele-Communications 'A' 81,000(b) 1,549,125
Time Warner 19,000 695,875
Total 4,253,562
___________________________________________________________________________
Metals (1.3%)
Alumax 34,000(b) 960,500
Cyprus Minerals 65,000 1,811,875
Total 2,772,375
___________________________________________________________________________
Multi-industry (0.9%)
Albany Intl 55,000 1,203,125
Alco Standard 10,300 730,012
Total 1,933,137
___________________________________________________________________________
Paper & packaging (0.6%)
Kimberly Clark 25,000 1,415,625
___________________________________________________________________________
Restaurants & lodging (0.3%)
Hilton Hotels 10,000 763,750
___________________________________________________________________________
Retail (3.0%)
Barnes & Noble 51,000(b) 1,459,875
Gap 45,000 1,434,375
Meyer (Fred) 26,000(b) 812,500
OfficeMax 80,000(b) 2,050,000
Rite Aid 35,000 813,750
Total 6,570,500
___________________________________________________________________________
Telecommunication equipment & services (0.5%)
InterVoice 70,000(b) 1,058,750
___________________________________________________________________________
Utilities - telephone (0.9%)
AirTouch Communications 39,000(b) 1,048,125
LDDS Communications 38,000(b) 912,000
Total 1,960,125
____________________________________________________________________________
Total common stocks
(Cost: $81,658,619) $ 91,171,975
___________________________________________________________________________
</TABLE>
<PAGE>
PAGE 53
<TABLE>
<CAPTION>
Preferred stocks (2.5%)
Issuer Shares Value(a)
___________________________________________________________________________
<S> <C> <C>
COINTEL
5.04% 35,000(j) $ 1,758,750
First Nationwide Bank
11.50% 1,000 105,000
Kenetech
1.67% 110,000(j) 1,567,500
National Health Investors
8.50% Cv 10,000 232,500
Public Service of New Hampshire
10.6% 1,450 37,018
Snyder Oil
6% Cv 85,000 1,848,750
___________________________________________________________________________
Total preferred stocks
(Cost: $6,615,894) $ 5,549,518
___________________________________________________________________________
</TABLE>
<TABLE>
<CAPTION>
Short-term securities (20.2%)
Issuer Annualized Amount Value(a)
yield on payable at
date of maturity
purchase
_______________________________________________________________________________
<S> <C> <C> <C>
U.S. government and agency (0.2%)
Federal Home Loan Mtge Corp
Disc Nts, 05-01-95 6.19% $ 400,000 $ 399,743
_______________________________________________________________________________
Commercial paper (17.7%)
AIG Funding
05-11-95 5.94 800,000 798,419
Avco
05-17-95 5.99 4,600,000 4,586,269
Cargill Financial Markets
05-03-95 5.98 4,000,000(f) 3,997,347
Fleet Funding
05-22-95 6.06 583,000(f) 580,758
Ford Motor Credit
05-01-95 5.64 500,000 499,844
05-18-95 6.07 1,200,000 1,196,181
Hewlett-Packard
06-13-95 6.04 2,700,000 2,676,592
Household Finance
05-05-95 6.00 4,700,000 4,695,316
Mobil Australia
05-18-95 5.98 5,000,000(f) 4,984,272
Penney (JC) Funding
05-11-95 5.99 700,000 698,607
PepsiCo
05-26-95 5.97 700,000 696,876
Pfizer
05-24-95 5.97 5,000,000(f) 4,979,340
Southwestern Bell
05-15-95 5.99 1,300,000 1,296,551
St. Paul Companies
05-12-95 6.00 2,000,000(f) 1,995,688
Sysco
05-01-95 6.02 4,000,000(f) 3,998,667
Unilever Capital
06-26-95 6.10 1,300,000 1,282,978
Total 38,963,705
_______________________________________________________________________________
Bankers Acceptance (2.3%)
Republic National Bank of New York
05-22-95 6.06 5,000,000 4,980,769
_______________________________________________________________________________
Total short-term securities
(Cost: $44,351,977) $ 44,344,217
_______________________________________________________________________________
Total investments in securities
(Cost: $212,608,496)(l) $220,331,236
_______________________________________________________________________________<PAGE>
PAGE 54
Notes to investments in securities
(a) Securities are valued by procedures described in Note 1 to the financial statements.
(b) Presently non-income producing.
(c) Foreign securities values are stated in U.S. dollars; principal amounts are denominated in the currency indicated.
(d) For zero coupon bonds, the interest rate disclosed represents the annualized effective yield on the date of acquisition.
(e) For those 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) Commercial paper sold within terms of a private placement memorandum, exempt from registration under section 4(2) of the
Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." These
securities have been determined to be liquid under guidelines established by the board of directors.
(g) Identifies issues considered to be illiquid as to their marketability (see Note 1 to the financial statements). Information
concerning such security holdings as of April 30, 1995, is as follows:
Security Acquisition Purchase
date cost
__________________________________________________________________________
Banco Nacional de Mexico
7.00%, 1999 02-04-93 to 10-20-94 $1,313,875
(h) Represents security sold under Rule 144A and is exempt from registration under the Securities Act of 1933, as amended. This
security has been determined to be liquid under guidelines established by the Board of Directors.
(i) Interest rate varies to reflect current market conditions; rate shown is the effective rate on April 30, 1995.
(j) PRIDES -- Preferred Redeemed Increased Dividend Equity Securities are structured as convertible preferred securities issued
by a company. Investors receive an enhanced yield but based upon a specific formula, potential appreciation is limited.
PRIDES pay dividends, have voting rights, are noncallable for three years and upon maturity, convert into shares of common
stock.
(k) This security is a collateralized mortgage obligation whose payment of principal has been deferred until the principal of
previous series within the trust has been paid off.
(l) At April 30, 1995, the cost of securities for federal income tax purposes was $212,809,158 and the aggregate gross unrealized
appreciation and depreciation based on that cost was:
Unrealized appreciation $12,200,207
Unrealized depreciation (4,678,129)
___________________________________________________________
Net unrealized appreciation $ 7,522,078
___________________________________________________________
</TABLE>
<PAGE>
PAGE 55
<TABLE>
<CAPTION>
IDS Life Series Fund, Inc. (Percentages represent
April 30, 1995 value of investments
Government Securities Portfolio compared to total net assets)
Bonds (93.8%)
Issuer Coupon Maturity Principal Value (a)
rate year amount
__________________________________________________________________________________
<S> <C> <C> <C> <C>
U.S. government obligations (72.3%)
Resolution Funding 8.125% 2019 $ 400,000 $ 424,536
RFCO Strips 8.04 2012 1,300,000(b) 361,049
U.S. Treasury Bonds 10.375 2012 750,000 935,175
8.125 2019 500,000 536,365
7.50 2024 170,000 172,429
U.S. Treasury Notes 6.375 1997 850,000 846,609
7.375 1996 800,000 808,080
7.75 2001 1,510,000 1,570,158
8.875 1999 2,450,000 2,617,703
Total 8,272,104
__________________________________________________________________________________
Mortgage backed securities (21.5%)
Federal Home Loan Bank 7.32 1997 200,000 200,968
Federal Natl Mtge Assn 8.50 2023 1,343,264 1,366,354
9.00 2023 750,518 775,383
Govt Natl Mtge Assn 8.00 2017 113,587 113,729
Total 2,456,434
__________________________________________________________________________________
Total bonds
(Cost: $10,615,663) $10,728,538
__________________________________________________________________________________
</TABLE>
<TABLE>
<CAPTION>
Short-term security (3.5%)
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
05-11-95 5.91% $400,000 $ 399,214
__________________________________________________________________________________
Total short-term security
(Cost: $399,214) $ 399,214
__________________________________________________________________________________
Total investments in securities
(Cost: $11,014,877)(c) $11,127,752
__________________________________________________________________________________
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 April 30, 1995, the cost of securities for federal income tax purposes was $11,036,572 and the aggregate gross unrealized
appreciation and depreciation based on that cost was:
Unrealized appreciation $144,227
Unrealized depreciation (53,047)
________________________________________________________________________________
Net unrealized appreciation $ 91,180
________________________________________________________________________________
</TABLE>
<PAGE>
PAGE 56
<TABLE>
<CAPTION>
IDS Life Series Fund, Inc. (Percentages represent
April 30, 1995 value of investments
International Equity Portfolio compared to net assets)
Common stocks (91.8%)
Issuer Shares Value(a)
__________________________________________________________________________________
<S> <C> <C>
Argentina (8.8%)
Energy
Transportadora Gas 35,000 $ 345,625
YPF 20,000 405,000
Total 750,625
__________________________________________________________________________________
Australia (7.0%)
Energy (3.6 %)
Woodside Petroleum 75,000 306,525
Metals (3.4%)
Golden Shamrock Mines 425,000(b) 293,250
__________________________________________________________________________________
Bermuda (2.9%)
Industrial Transportation
Pacific Basin 18,500(b) 249,750
__________________________________________________________________________________
Canada (10.5%)
Energy (3.0%)
Gulf Canada 60,000(b) 255,000
Precious metals (7.5%)
Barrick Gold 5,000 120,625
Diamond Fields Resources 15,600(b) 520,669
Total 641,294
__________________________________________________________________________________
Denmark (1.6%)
Miscellaneous
Kobenhavns Lufthavre 2,100(b) 135,009
__________________________________________________________________________________
France (3.0%)
Energy
Total 8,000 251,000
__________________________________________________________________________________
Germany (4.5%)
Building materials (1.2%)
Kampa-Haus 190 105,921
Precious Metals (3.3%)
Sgl Carbon 7,000(b,c) 279,167
__________________________________________________________________________________
Hong Kong (5.7%)
Beverages & tobacco (1.0%)
San Miguel Brewery 139,200(b) 88,531
Financial Services (2.5%)
Amoy Properties 250,000 208,250
Industrial machines (2.2%)
Luks Industrial 1,500,000 187,500
__________________________________________________________________________________
Indonesia (1.5%)
Food
PT Sekar Bumi 100,000(b) 125,300
__________________________________________________________________________________
Japan (6.7%)
Automotive (1.2%)
Nippon Densan 5,000 100,535
Building materials (1.4%)
Chichibu Onoda Cement 20,000 116,580
Electronics (4.1%)
Kyocera 3,000 232,002
Sharp 7,000 114,926
Total 346,928
__________________________________________________________________________________
<PAGE>
PAGE 57
Luxembourg (2.1%)
Financial services
Espirito Santo Financial 13,000 178,750
__________________________________________________________________________________
Mexico (15.8%)
Banks & savings & loans (4.4%)
Grupo Fin Banamex 225,000 375,930
Beverages& tobacco (3.1%)
Panamerican Beverages Class A 10,000 260,000
Health care (1.1%)
Grupo Casa Autrey 6,000 92,250
Paper & packaging (3.6%)
Kimberly-Clark Class A 30,000 303,258
Precious Metals (3.2%)
Industrias Penoles 108,000 274,288
Restaurants & lodging (0.4%)
Grupo Situr Class B 80,000(b) 33,952
__________________________________________________________________________________
Philippines (3.8%)
Industrial transportation (1.0%)
JG Summit 270,000(b) 84,780
Miscellaneous (2.8%)
Bankard 1,100,000(b) 239,800
__________________________________________________________________________________
Singapore (5.2%)
Financial services (1.6%)
DBS Land 50,000 137,750
Paper & packaging (3.6%)
Asia Pacific Resources 20,000(b) 157,500
Asia Pulp & Paper 13,000(b) 147,875
Total 305,375
__________________________________________________________________________________
South Korea (3.4%)
Telecommunications
Korea Mobile Telecom 10,000(b,c) 291,250
__________________________________________________________________________________
Spain (1.4%)
Retail
Cortefiel 4,000 120,416
__________________________________________________________________________________
United Kingdom (4.8%)
Computers & office equipment (1.4%)
Rank Organisation 17,000 115,957
Health care (1.7%)
Glaxo PLC ADR 6,000 141,750
Multi-industry (1.7%)
Hanson PLC ADR 7,500 142,500
__________________________________________________________________________________
United States (3.1%)
Metals
Bohler-Uddeholm 4,400(b,c) 262,617
__________________________________________________________________________________
Total common stocks
(Cost: $7,253,787) $7,801,788
__________________________________________________________________________________
</TABLE>
<PAGE>
PAGE 58
<TABLE>
<CAPTION>
Short-term security (7.1%)
Annualized Amount Value(a)
yield on payable at
date of maturity
purchase
__________________________________________________________________________________
<S> <C> <C> <C>
U.S. government agency
FHLMC Disc Nts
05-03-95 5.87% $600,000 $ 599,609
__________________________________________________________________________________
Total short-term security
(Cost: $599,609) $ 599,609
__________________________________________________________________________________
Total investments in securities
(Cost: $7,853,396)(d) $ 8,401,397
__________________________________________________________________________________
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 ofdirectors.
(d) At April 30, 1995, the cost of securities for federal income tax purposes was $7,853,396 and the aggregate gross
unrealized appreciation and depreciation based on that cost was:
Unrealized appreciation $ 810,937
Unrealized depreciation (262,936)
_________________________________________________________________________________
Net unrealized appreciation $ 548,001
_________________________________________________________________________________
</TABLE>
<PAGE>
PAGE 59
Variable Universal Life Policy
Prospectuses for:
o Flexible Premium Variable Life Insurance Policy issued by IDS
Life Insurance Company
o IDS Life Series Fund, Inc. managed by IDS Life Insurance Company
o Smith Barney Inc. Stripped ("Zero Coupon") U.S. Treasury
Securities Fund, Series A sponsored by Smith Barney Inc.
AMERICAN
EXPRESS
FINANCIAL
ADVISORS
IDS Life Insurance Company
IDS Tower 10
Minneapolis, Minnesota 55440-0010
<PAGE>
PAGE 60
STATEMENT OF DIFFERENCES
Difference Description
1) The layout is different 1) Some of the layout in the
throughout the annual report. annual report to
shareholders is in two
columns.
2) Headings. 2) The headings in the
annual report and
prospectus are placed
in purple strip at the top
of the page.
3) There are pictures, icons 3) Each picture, icon and
and graphs throughout the graph is described in
annual report and prospectus. parentheses.
4) Footnotes for charts and 4) The footnotes for each
graphs are described at chart or graph are typed
the left margin. below the description of
the chart or graph.
