<PAGE>
PAGE 1
IDS Life Series Fund, Inc.
1996 ANNUAL REPORT
(PROSPECTUS INCLUDED)
(Icon of) The planet Saturn
Offers six portfolios with separate goals and objectives to provide
investment flexibility for Variable Life Insurance Policies.
AMERICAN
EXPRESS
Financial
Advisors
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 with this annual report, describes
the portfolios in detail.
See page 2 of the prospectus for a detailed table of contents.
1996 annual report
From the president 3
Equity Portfolio 4
From the portfolio manager 4
Ten largest holdings 5
Long-term performance 6
Income Portfolio 7
From the portfolio manager 7
Ten largest holdings 8
Long-term performance 9
Money Market Portfolio 10
From the portfolio manager 10
Managed Portfolio 11
From the portfolio managers 11
Ten largest holdings 12
Long-term performance 13
Government Securities Portfolio 14
From the portfolio manager 14
Long-term performance 15
International Equity Portfolio 16
From the portfolio manager 16
Ten largest holdings 17
Long-term performance 18
All portfolios 19
Independent auditors' report 19
Financial statements 20
Notes to financial statements 27
Investments in securities 35
1996 prospectus
The fund in brief 3p
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
IDS Life Series Fund consists of six portfolios that seek to meet a
variety of investment objectives for variable life insurance policy
owners. These objectives include an increase in the value of the
investment, ongoing interest income from the investment, the
ability to convert the investment into cash and preservation of the
value of the investment. Multiple investment portfolios can
provide the diversification and balance elements that are critical
in a financial strategy.
In their comments on the following pages, the funds' portfolio
managers review the fiscal year, which ended on April 30, 1996.
You can allocate your policy's value among the portfolios. The
International Equity Portfolio, however, is available only to
purchasers of Flexible Premium Variable Life Insurance (Variable
Universal Life and Variable Second-To-Die) Policies.
A focus on long-term financial objectives and a diversified and
balanced investment program continue to be consistent guidelines to
investors in today's economic environment. IDS Life provides these
elements by combining the investment options of IDS Life Series
Fund with life insurance protection. Our goal is to help you
achieve your objectives through a sound, prudent investment and
insurance program.
Sincerely,
Richard W. Kling
President
IDS Life Series Fund, Inc.
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PAGE 4
Equity Portfolio
(Photo of) Martin G. Hurwitz, Portfolio manager
From the portfolio manager
Our aggressive investment strategy, which included an emphasis on
stocks of high-technology and consumer product/service companies,
paid off extremely well during the fiscal year (May 1995 through
April 1996). For the 12 months, investors were rewarded with a
total return of 46.6%. (This figure does not reflect expenses that
apply to the variable subaccounts or to the policy.)
Stocks enjoyed an excellent environment for most of the period,
highlighted by a moderate rate of inflation, ongoing economic
growth and often-impressive corporate profits. Much of the time,
growth stocks - those of companies boasting rapidly growing profits
- - responded quite positively to those conditions. Within the
growth group, technology-related stocks recorded the greatest gains
until late in 1995. Particularly strong were the stocks of
semiconductor companies, whose products related to the development
of the "information superhighway" garnered tremendous investor
interest.
The portfolio was especially well-positioned for this trend because
of its substantial holdings in the technology sector - nearly half
the portfolio at times. In addition, we owned a number of
healthcare-related stocks, which generated good results. Also
benefiting performance was our decision to hold a relatively small
amount of low-returning cash reserves, preferring instead to keep
the great majority of our assets in stocks.
As for changes to the portfolio, we gradually reduced our
technology exposure during the final months of the fiscal year,
while increasing our holdings among oil-related companies.
Looking to the current fiscal year, we expect the stock market to
continue to benefit from low inflation, stable-to-declining
interest rates and substantial cash flow into pooled investments
such as this portfolio. That said, we also anticipate greater
overall volatility in the market as well as increased "sector
rotation," as various stock sectors go in and out of favor with
investors. Therefore, nimbleness and sharp stock selection are
likely to be the keys to success in the months ahead.
Martin G. Hurwitz
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PAGE 5
<TABLE>
<CAPTION>
The Fund's ten largest holdings
Equity Portfolio
(pie chart) The ten holdings listed here make up 11.18% of the portfolio's net assets
Percent Value
(of portfolio's net assets)(as of April 30, 1996)
<S> <C> <C>
HBO & Company 2.64% $11,839,375
A health-care information service company
that provides a variety of computer-based
information systems and services to hospitals
and their affiliates.
Cisco Systems 1.39 6,225,000
The leading designer and builder of devices
that link personal computers in powerful
networks. Cisco is a leader in the fast-growing
business network market.
Danka Business Systems 1.07 4,800,000
One of the largest independent suppliers in
North America and Europe of photocopiers,
facsimiles and related service, parts and
supplies.
HFS 1.03 4,623,750
One of the largest hotel franchisers in the
world. The company also provides operational and
administrative services to its franchises.
VeriFone 0.94 4,200,000
The company designs, manufactures, markets
and supports transaction automation systems
used by retail merchants, petroleum service
station and convenience store operators,
supermarkets and other mass merchandisers.
Corporate Express 0.90 4,036,500
The company distributes office products to
large corporations. It owns 28 regional
warehouses and 68 satellite sales offices
and distribution breakpoints throughout the
United States.
Rexall Sundown 0.86 3,847,500
Engaged primarily in the development,
manufacture, marketing and sale of vitamins,
nutritional supplements, over-the-counter
pharmaceuticals and consumer health products.
Logan's Roadhouse 0.79 3,570,000
Owner and operator of eight Logan's Roadhouse
restaurants that feature steak, rib, chicken
and seafood dishes in a distinctive atmosphere
reminiscent of an American roadhouse.
Longhorn Steaks 0.79 3,526,250
Owner and operator of restaurants in the
southeastern and midwestern United States.
Infinity Broadcasting 0.77 3,480,000
This business is exclusively devoted to radio
broadcasting. It is one of only two companies
able to offer advertisers a radio listening
audience in each of the nation's top ten radio
markets.
</TABLE>
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PAGE 6
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, 1996)
1 year 5 years 10 years
+46.62% +21.39% +16.11%
$44,549
Equity Portfolio
$40,000
$30,000
S&P 500
$20,000 Lipper Growth
& Income Fund Index
$10,000
'86 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96
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 7
To our policyowners
Income Portfolio
(Photo of) Lorraine R. Hart, Portfolio manager
From the portfolio manager
Despite a sharp downturn in the bond market late in the fiscal
year, Income portfolio generated a healthy return for policy
owners. For the May 1995 through April 1996 period, the total
return was approximately 10%. (This figures does not reflect
expenses that apply to the variable subaccounts or to the policy.)
Except for a mid-summer dip, bonds staged a remarkable rally during
1995. The advance resulted from almost-ideal conditions that
included a moderately growing economy, an ongoing low rate of
inflation and an overall decline in long-term interest rates. The
latter point is always critical to bond performance. That's
because rising interest rates depress bond values, while falling
rates improve them. Ultimately, that means the net asset value of
the portfolio and, therefore, the value of policy owners' principal
is similarly affected.
In addition to the positive investment environment, the portfolio's
return was enhanced by our strategy of emphasizing bonds with
longer-than-average maturities. Such securities benefit the most
when interest rates come down, as was the case through the end of
1995.
The environment changed dramatically in February, when increasing
concerns about a stalemate on a federal balanced-budget agreement
and a pick-up in economic growth began sending long-term interest
rates higher. With only brief interruptions, the rise in rates
continued through the end of the fiscal year in April. Just as
long-maturity bonds benefit the most during an interest-rate
decline, they suffer the most when rates rise. Naturally, the
portfolio's performance was negatively affected by the reversal in
rates, and we were forced to give back some of the gains we had
earned during the first nine months of the period.
Looking at portfolio structure, we kept about 40% invested in bonds
(both high grade and low grade) issued by corporations, followed by
U.S. Treasury bonds and mortgage-backed bonds (the latter are
issued by agencies of the federal government such as Fannie Mae and
Ginnie Mae). We maintained a low level of cash reserves (5% or
less), which proved to be a boost to performance throughout most of
the fiscal year.
As for the current fiscal year that began in May, we expect the
investment environment to improve as 1996 progresses. The economy
does not appear to be over-heating, which should keep any increase
in inflation to a modest level. If that outlook is reasonably
accurate, we expect long-term interest rates to head back down and,
in the process, provide a boost for bond prices. Therefore, unless
there is clear evidence of an entrenched change in the environment,
we plan to stick with the basic strategies that have proved
successful for the portfolio in recent years.
Lorraine R. Hart
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PAGE 8
<TABLE>
<CAPTION>
Your portfolio's ten largest holdings
Income Portfolio
(pie chart) The ten holdings listed here make up 7.79% of the portfolio's net assets
Percent Value
(of portfolio's net assets)(as of April 30, 1996)
<S> <C> <C>
AMR 0.95 $ 522,184
9.75% 2021
Poland Euro 0.91 498,469
3.75% 2014
Cox Communications 0.88 484,900
7.625% 2025
Columbia Gas 0.86 473,880
7.32% 2010
Case 0.72 394,656
7.25% 2005
Norwest 0.71 391,692
6.375% 2002
First Bank System 0.70 384,588
6.875% 2007
Foster Wheeler 0.69 381,372
6.75% 2005
Continental Air Lines 0.693 79,700
6.94% 2015
Thomas & Betts 0.68 374,284
6.50% 2006
Excludes U.S. Treasury and government agency holdings that total 37% of the portfolio's net assets.
</TABLE>
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PAGE 9
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, 1996)
1 year 5 years 10 years
+10.02% +9.20% +7.43%
$20,469
$20,000 Income
Portfolio
Lehman Aggregate
Bond Index
$10,000
'86 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96
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 10
To our policyowners
Money Market Portfolio
(Photo of) Gregg Syverson, Portfolio manager
From the portfolio manager
Short-term interest rates declined slightly during the past fiscal
year (May 1995 through April 1996), resulting in an annual return
on the portfolio of 5.03%. The net asset value remained at $1 per
share.* (This figures does not reflect expenses that apply to the
variable subaccounts or to the policy.)
Prompted by a slowdown in the economy and ongoing reports of a low
inflation rate, the Federal Reserve Board slightly lowered the
federal funds rate (the rate banks charge one another for overnight
loans) early in the past period.
As a result, the portfolio's yield dropped modestly during the 12
months.
As of this writing (late April), economic indicators reflect
moderate economic growth, a high employment rate and rising prices
for some commodities. Given this environment, we expect short-term
interest rates to go no lower than current levels during the next
several months. Therefore, we are modestly extending the average
maturity of the portfolio as longer-maturity securities are now
offering more attractive yields.
Gregg Syverson
*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.
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PAGE 11
To our policyowners
Managed Portfolio
(Photo of) Betty J. Tebault, Portfolio manager
(Photo of) Scott Schroepfer, Portfolio manager
From the portfolio managers
Supported by overall positive markets for both stocks and bonds,
Managed Portfolio produced a solid gain during the past the fiscal
year. As a result, policy owners realized a total return of 22.3%
for the May 1995 through April 1996 period. (This figure does not
reflect expenses that apply to the variable subaccounts or to the
policy.)
Stocks and bonds enjoyed an almost ideal environment throughout
1995. The economy continued to grow at a reasonably good pace; the
inflation rate remained low; corporations reported generally good-
to-excellent profits; and long-term interest rates came down.
While stocks continued to climb over the first four months of 1996,
bonds lost ground as they were negatively affected by an upward
trend in interest rates.
Looking first at stocks (the major portion of the portfolio), we
maintained a core group of holdings among high-quality,
predictable, blue-chip issues, complemented by stocks of some
smaller companies with above-average growth potential. Early in
the fiscal year, our technology, financial services and healthcare
services stocks performed especially well, while our aerospace,
auto and industrial machinery holdings provided the biggest gains
during the latter months. Also beneficial was our decision to keep
only minimal exposure to food, energy and financial services
stocks, all of which proved to be relatively weak performers.
While bonds made a positive contribution to performance last year,
the first four months of 1996 were a different story. Concerns
about stronger economic growth and renewed fears of higher
inflation resulted in a substantial rise in long-term interest
rates during February and March. (Higher interest rates cause bond
values to decline, which negates the income they generate.) We
took steps throughout the first quarter of 1996 to reduce exposure
to longer-term government and corporate bonds, thereby partially
offsetting the negative impact of the rate rise.
For the entire fiscal year, most of our bond investments remained
in securities issued by the U.S. government. Our next-highest
exposure was to high-grade corporate bonds, with the rest of the
assets spread mainly among a broad variety of mortgage-backed
securities issued by federal agencies and lower-grade corporate
bonds. Overall, the average quality of our bond holdings remained
at a high level.
Looking to the current fiscal year, we expect stocks and bonds to
find the environment challenging at times. This will likely result
in ongoing choppiness in the stock market, with sectors continuing
to go rapidly in and out of favor. Bonds, too, are likely to
remain somewhat volatile. While ongoing upward pressure on
interest rates is expected to continue through the summer, we think
there's a good chance that long-term rates will start to come down
in the second half of the year, thereby boosting bond prices. In
any event, we are holding to a well-diversified portfolio structure
that we will be quick to adjust should conditions warrant.
Betty J. Tebault
Scott Schroepfer
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PAGE 12
<TABLE>
<CAPTION>
Your portfolio's ten largest holdings
Managed Portfolio
(pie chart) The ten holdings listed here make up 10.25% of the portfolio's net assets
Percent Value
(of portfolio's net assets)(as of April 30, 1996)
<S> <C> <C>
Tyco Intl 1.32% $ 4,183,088
A diverse, New England-based producer of
packaging, cable manufacturing, fire
extinguishing systems, alarms and controls,
plus miscellaneous simple electronic parts.
Time Warner 1.16 3,678,750
One of the world's largest media/entertainment/
publishing companies. Prominent operating units
include Time magazine, Warner Bros. and HBO.
Boeing 1.06 3,367,125
The largest producer of commercial aircraft
in the free world with over 50% of the market.
UNUM 1.05 3,320,100
Through various subsidiaries, a provider of
a broad range of disability, health, life
insurance and group pension products.
Emerson Electric 1.00 3,177,750
A diversified manufacturer of electrical
and electronic products for use in commercial
and industrial products, appliances and
construction-related components.
Computer Sciences .98 3,108,000
This company is an independent provider of
information technology consulting, systems
integration and outsourcing to industry and
government.
American Home Products .95 3,006,750
This company is engaged in the discovery,
development, manufacture, distribution and
sale of a diversified line of products in
three business segments: Health care products,
agricultural products and food products.
Greenfield Inds .93 2,926,000
A leading manufacturer of expendable cutting
tools and related products used primarily in
industrial applications.
UCAR Intl .91 2,870,00
Engaged in the development, manufacture and
marketing of carbon and graphite products for
the steel, ferroalloys, aluminum, chemicals,
aerospace and transportation industries.
Alco Standard .89 2,812,725
The company's operations are divided into two
business groups: Alco Office products and
Unisource. Unisource Worldwide, Inc. markets
and distributes papers, plastic packaging supply
items, commerical sanitary and maintenance
products. Alco Office Products sells, leases and
rents office equipment and operated specialized
overnight copy centers.
Excludes U.S. Treasury and government agency holdings that total 13% of the portfolio's net assets.
</TABLE>
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PAGE 13
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, 1996)
1 year 5 years 10 years
+22.27% +14.45% +13.85%
$36,581
Managed
Portfolio
$30,000
S&P 500
$20,000
Lipper Balanced
Fund Index
$10,000
'86 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96
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.
<PAGE>
PAGE 14
To our policyowners
Government Securities Portfolio
(Photo of) James W. Snyder, Portfolio manager
From the portfolio manager
Although a bond-market decline in the final three months of the
fiscal year penalized its performance, Government Securities
Portfolio still provided positive results. For the May 1995
through April 1996 period, policy owners realized a total return of
7.5%. (This figures does not reflect expenses that apply to the
variable subaccounts or to the policy.)
Except for a mid-summer slump, the bond market enjoyed a remarkable
positive environment in 1995. The driving factors influencing the
market included moderate economic growth, an ongoing low rate of
inflation and, later in the year, hope for a balanced budget
amendment. Ultimately, that combination resulted in falling
interest rates - a trend that automatically boosts the value of
fixed-income securities. Naturally, this portfolio benefited as
well.
Our performance was further enhanced by our decision to keep a
longer-than-average maturity level in the portfolio. That is, the
securities we owned had longer maturity periods (the length of time
before the principal is paid back to the owner of the security)
than the average for this type of portfolio. The longer maturity
level, the greater the price gain when interest rates fall, which
is what happened last year.
By January, though, the environment began to change, as budget
talks reached a stalemate. Soon, concern about more rapid economic
growth leading to higher inflation surfaced and began driving long-
term interest rates higher. (Just as lower rates boost bond
prices, higher rates depress them.) By the end of April, rates had
risen considerably, sending the bond market down in the process.
As a result, we were forced to give back some of our previous
gains.
Consistent with our investment guidelines, during the fiscal year
we concentrated the majority (as high as 75%) of our investments in
securities issued by the U.S. Treasury. However, to cushion the
portfolio when rates were rising early in 1996, we scaled back this
exposure to about 65% by period-end. Concurrently, we increased
our holdings of mortgage-backed securities (from about 20% to 30%),
which also helped mitigate the negative effect of the rate rise.
While the downturn was unpleasant, it hasn't dampened our longer-
term optimism for fixed income securities. The market fundamentals
of moderate economic growth and well-behaved inflation still appear
to be in place, and barring any major, sustained changed in those
factors, we believe long-term interest rates will retreat as the
year goes on. If that forecast is correct, the portfolio should
respond positively.
James W. Snyder
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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
Average annual total return
(as of Apr. 30, 1996)
1 year 5 years 10 years
+7.45% +7.94% +6.68%
$20,000
$19,098
Government
Securities Portfolio
Merrill Lynch 1-3 yr.
Government Index
$10,000
'86 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96
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.
<PAGE>
PAGE 16
To our policyowners
International Equity Portfolio
(Photo of) Richard Lazarchic, Portfolio manager
From the portfolio manager
Rebounds in foreign markets and sharp stock selection combined for
an excellent performance by International Equity portfolio during
the past fiscal year. For the May 1995 through April 1996 period,
policy owners were rewarded with a 60.5% total return on their
investment. (This figure does not reflect expenses that apply to
the variable subaccounts or to the policy.)
This new portfolio, which commenced operations in the fall of 1994,
invests primarily in stocks of foreign companies that we believe
have superior growth potential. Although foreign markets can be
quite volatile, we believe that, over the long term, such
investments offer excellent potential for gain. This was evident
in the portfolio's strong performance during the past 12 months.
The foreign advance was led by so-called "emerging" markets - those
in either smaller or lesser-developed countries such as in Latin
America and Southeast Asia. Among the larger, more-established
markets, Japan also managed a good performance, while Europe as a
whole, remained relatively unproductive.
This portfolio was in good position to benefit from those
conditions because of our considerable exposure to the largely
fast-growing economies of Latin America and Southeast Asia. Among
our best-performing stocks were: a container manufacturer in the
Philippines, a telephone company in Spain, a tin producer in
Malaysia, a noodle company in Hong Kong and a cement supplier in
Mexico. Our investments weren't restricted to those regions,
however, as we also enjoyed good gains from stocks in larger
markets such as the United Kingdom, Canada, France and Japan.
Overall, regardless of country, we emphasized stocks of consumer-
products and natural resources companies with above-average profit
growth.
Although the U.S. stock market put on a spectacular show in 1995,
we believe that foreign markets will provide better performance
this year and next. As for this portfolio, we plan to stay
basically with what has led to our recent success - a primary
emphasis on emerging markets complemented by selected exposure to
Europe and Japan.
Richard Lazarchic
<PAGE>
PAGE 17
<TABLE>
<CAPTION>
Your portfolio's ten largest holdings
International Equity Portfolio
(pie chart) The ten holdings listed here make up 16.25% of the portfolio's net assets
Percent Value
(of portfolio's net assets)(as of Apr. 30, 1996)
<S> <C> <C>
Sun Intl Hotels (Bahamas) 2.05% $ 1,068,750
This is a holding company and through its
subsidiaries operates hotels, casinos and
other leisure facilities. In addition, it is
engaged in real estate and air transportation.
Biovail (Canada) 1.90 988,750
A Canadian pharmaceutical company.
Oliver Gold (Canada) 1.74 903,579
Engaged in the exploration and development
of its 50%-owned Kits-Jade porphyr copper
project near Stewart, and its 100%-owned
Fairview/Stemwinder gold property, near
Oliver, both located in British Columbia.
British Biotech (United Kingdom) 1.69 880,016
The company is engaged in pharmaceutical
research and product development, conducted
both on its own behalf and in connection with
various collaborative research and development
agreements with other companies.
PT Tambang Timah (Indonesia) 1.65 859,500
A tin mining company doing business in Asia,
Europe and North America.
Davao Union Cement (Philipines) 1.60 831,065
Engaged in the production and distribution
of cement and related products.
Tingyi Holdings (Hong Kong) 1.44 750,435
The manufacturer of Master Kang brand instant
noodles. The company is a Cayman Islands-
registered firm, owned and managed by a
Taiwanese parent, that does all of its business
in China.
Steady Safe Transportation (Indonesia) 1.43 745,868
A transportation services provider in Jakarta,
which owns and operates taxis, buses, and sedans.
Hafslund Nycomed (Norway) 1.41 734,500
The parent company of a group engaged in the
development, production and marketing of
pharmaceuticals and energy. The company's
operations are organized in three business units:
Nycomed Imagin, Nycomed Pharma and Hafslund Energi.
Intl Container Terminal Services (Philipines) 1.34 697,363
Engaged in the management, operations, and
development of container terminals and related
port services.
</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, 1996)
1 year Since 10/28/94
+60.47% +40.83%
$20,000
International
Equity Portfolio
$16,751
Goldman Sachs Goldman Sachs
$10,000 EGMI ex. U.S. with EGMI ex. U.S.
Japanese Modification
Oct-94 Jan-95 Apr-95 Jul-95 Oct-95 Jan-96 Apr-96
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. which 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 index
is used here as a general measure of performance. However, the
securities used to create the index may not be representative of
the securities held in the International Equity Portfolio.
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.
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 securities held in the International Equity
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.<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, 1996, and the related statements of
operations for the year then ended the statements of changes in net
assets for each of the years in the two-year period ended April 30,
1996, (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 ten-year period ended April 30, 1996 and
for the one-year period ended April 30, 1996 and for the period
from Oct. 28, 1994 (commencement of operations) 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.
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, 1996 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 7, 1996
<PAGE>
PAGE 20
<TABLE>
<CAPTION>
Statements of assets and liabilities
IDS Life Series Fund, Inc.
April 30, 1996
Equity Income Money
Portfolio Portfolio Market
Portfolio
Assets
__________________________________________________________________________________________________
<S> <C> <C> <C>
Investments in securities, at value (Note 1)
(identified cost: $360,891,530; $53,693,951 and
$14,267,447, respectively) $451,377,475 $54,134,004 $14,267,447
Cash in bank on demand deposit -- 72,934 100,860
Receivable for investment securities sold 7,407,450 -- --
Dividends and accrued interest receivable 55,482 835,984 --
Unrealized appreciation on foreign currency contracts
held, at value (Notes 1 and 4) 212 -- --
Receivable (for capital stock sold) from:
IDS Life subaccounts -- 291,657 48,576
IDS Life of New York subaccounts -- 23,466 --
__________________________________________________________________________________________________
Total assets 458,840,619 55,358,045 14,416,883
__________________________________________________________________________________________________
Liabilities
__________________________________________________________________________________________________
Disbursements in excess of cash on demand deposit 3,176,002 -- --
Dividends payable to shareholders (Note 1) -- 322,162 60,612
Payable for investment securities purchased 6,543,480 -- --
Unrealized depreciation on foreign currency contracts
held, at value (Notes 1 and 4) 532 -- --
Accrued investment management and services fee 260,126 33,446 6,352
Payable (for capital stock redeemed) to:
IDS Life subaccounts 376,147 369 24,253
IDS Life of New York subaccounts 21,230 -- --
Other accrued expenses 50,703 25,905 7,311
__________________________________________________________________________________________________
Total liabilities 10,428,220 381,882 98,528
__________________________________________________________________________________________________
Net assets applicable to outstanding capital stock $448,412,399 $54,976,163 $14,318,355
__________________________________________________________________________________________________
Represented by
__________________________________________________________________________________________________
Capital stock - authorized 10,000,000,000 shares
of $.001 par value: outstanding, 15,283,655; 5,537,490
and 14,319,618 shares, respectively $ 15,284 $ 5,537 $ 14,320
Additional paid-in capital 284,236,095 55,096,557 14,304,772
Excess of distributions over net investment income (47) (811) --
Accumulated net realized gain (loss) on
investments 73,675,122 (565,173) (737)
Unrealized appreciation of investments and on
translation of assets and liabilities in foreign
currencies (Note 4) 90,485,945 440,053 --
__________________________________________________________________________________________________
Total - representing net assets applicable to
outstanding capital stock $448,412,399 $54,976,163 $14,318,355
__________________________________________________________________________________________________
Net asset value per share of outstanding capital
stock $ 29.34 $ 9.93 $ 1.00
__________________________________________________________________________________________________
See accompanying notes to financial statements.
<PAGE>
PAGE 21
Statements of assets and liabilities (continued)
IDS Life Series Fund, Inc.
April 30, 1996
Managed Government International
Portfolio Securities Equity
Portfolio Portfolio
Assets
__________________________________________________________________________________________________
Investments in securities, at value (Note 1)
(identified cost: $286,292,247; $11,967,807 and
$47,589,707, respectively) $318,342,181 $12,084,535 $53,453,226
Cash in bank on demand deposit 167,606 220,439 49,549
Receivable for investment securities sold 936,018 -- 1,323,710
Dividends and accrued interest receivable 2,025,399 177,370 108,542
Unrealized appreciation on foreign currency contracts
held, at value (Notes 1 and 4) -- -- 40,613
Receivable (for capital stock sold) from:
IDS Life subaccounts 1,873,791 57,664 305,903
IDS Life of New York subaccounts 133,552 2,892 19,656
__________________________________________________________________________________________________
Total assets 323,478,547 12,542,900 55,301,199
__________________________________________________________________________________________________
Liabilities
__________________________________________________________________________________________________
Dividends payable to shareholders (Note 1) 2,477,957 64,513 164,336
Payable for investment securities purchased 3,996,428 -- 3,007,265
Accrued investment management and services fee 190,826 7,685 39,210
Unrealized depreciation on foreign currency contracts
held, at value (Notes 1 and 4) -- -- 12,773
Payable (for capital stock redeemed) to:
IDS Life subaccounts 2,895 -- --
IDS Life of New York subaccounts -- -- --
Other accrued expenses 78,148 6,297 16,180
__________________________________________________________________________________________________
Total liabilities 6,746,254 78,495 3,239,764
__________________________________________________________________________________________________
Net assets applicable to outstanding capital stock $316,732,293 $12,464,405 $52,061,435
__________________________________________________________________________________________________
Represented by
__________________________________________________________________________________________________
Capital stock - authorized 10,000,000,000 shares
of $.001 par value: outstanding, 19,205,327; 1,249,455
and 3,184,151 shares, respectively $ 19,205 $ 1,249 $ 3,184
Additional paid-in capital 270,548,886 12,249,619 40,260,363
Undistributed (excess of distributions over)
net investment income (54,812) (6,489) 623
Accumulated net realized gain on investments 13,854,981 103,298 5,909,647
Unrealized appreciation of investments and on
translation of assets and liabilities in foreign
currencies (Notes 4 & 5) 32,364,033 116,728 5,886,806
__________________________________________________________________________________________________
Total - representing net assets applicable to
outstanding capital stock $316,732,293 $12,464,405 $52,056,869
__________________________________________________________________________________________________
Net asset value per share of outstanding capital
stock $ 16.49 $ 9.98 $ 16.35
__________________________________________________________________________________________________
See accompanying notes to financial statements.
<PAGE>
PAGE 22
Statements of operations
IDS Life Series Fund, Inc
Year ended April 30, 1996
Equity Income Money
Portfolio Portfolio Market
Portfolio
Investment income
__________________________________________________________________________________________________
Income:
Dividends (net of foreign taxes
withheld of $1,964 for Equity
Portfolio) $ 714,920 $ 7,287 $ --
Interest 2,307,957 3,549,730 723,013
__________________________________________________________________________________________________
Total income 3,022,877 3,557,017 723,013
__________________________________________________________________________________________________
Expenses (Note 2):
Investment management and services fee 2,334,846 332,795 64,350
Custodian fees 99,401 16,367 15,950
Audit fees 13,321 9,058 7,018
Registration fees 20,000 4,010 1,003
Directors fees 7,822 4,046 1,091
Printing and postage 56,929 13,385 4,226
Other 727 676 57
__________________________________________________________________________________________________
Total expenses 2,533,046 380,337 93,695
Less expenses voluntarily reimbur
sed by IDS Life -- -- (16,475)
__________________________________________________________________________________________________
Total expenses - net 2,533,046 380,337 77,220
__________________________________________________________________________________________________
Investment income - net 489,831 3,176,680 645,793
__________________________________________________________________________________________________
Realized and unrealized gain (loss) on investments - net
__________________________________________________________________________________________________
Net realized gain (loss) on security and
foreign currency transactions (Note 3) 73,815,809 327,190 (84)
Net change in unrealized appreciation of
investments and on translation of assets
and liabilities in foreign currencies 52,637,428 385,120 --
__________________________________________________________________________________________________
Net gain (loss) on investments 126,453,237 712,310 (84)
__________________________________________________________________________________________________
Net increase in net assets resulting from
operations $126,943,068 $ 3,888,990 $ 645,709
__________________________________________________________________________________________________
See accompanying notes to financial statements.
<PAGE>
PAGE 23
Statements of operations (continued)
IDS Life Series Fund, Inc
Year ended April 30, 1996
Managed Government International
Portfolio Securities Equity
Portfolio Portfolio
Investment income
__________________________________________________________________________________________________
Income:
Dividends (net of foreign taxes withheld of
$15,569 and $28,309 for Managed Portfolio
and International Equity Portfolio, respectively)$ 1,897,885 $ -- $ 284,229
Interest 10,242,510 831,629 172,610
__________________________________________________________________________________________________
Total income 12,140,395 831,629 456,839
__________________________________________________________________________________________________
Expenses (Note 2):
Investment management and services fee 1,894,796 86,352 220,659
Custodian fees 89,197 6,445 67,288
Audit fees 13,334 8,020 5,000
Registration fees 25,056 1,503 8,000
Directors fees 7,419 1,214 1,025
Printing and postage 64,871 4,257 5,354
Other 1,123 63 26
__________________________________________________________________________________________________
Total expenses 2,095,796 107,854 307,352
Less expenses voluntarily reimbursed by IDS Life -- (9,166) (63,466)
__________________________________________________________________________________________________
Total expenses - net 2,095,796 98,688 243,884
__________________________________________________________________________________________________
Investment income - net 10,044,599 732,941 212,955
__________________________________________________________________________________________________
Realized and unrealized gain (loss) on investments - net
__________________________________________________________________________________________________
Net realized gain (loss) on security and foreign
currency transactions (including foreign exchange
gain (loss) of ($41,913) and $78,698 for Managed
Portfolio and International Equity Porfolio,
respectively (Note 3) 14,380,142 97,312 5,839,649
Realized gain on closed futures contracts 3,505,726 -- 147,884
__________________________________________________________________________________________________
Net realized gain on investments 17,885,868 97,312 5,987,533
Net change in unrealized appreciation of
investments and on translation of assets
and liabilities in foreign currencies 24,654,105 3,853 5,339,537
__________________________________________________________________________________________________
Net gain on investments 42,539,973 101,165 11,327,070
__________________________________________________________________________________________________
Net increase in net assets resulting from
operations $ 52,584,572 $ 834,106 $11,540,025
__________________________________________________________________________________________________
See accompanying notes to financial statements.
</TABLE>
<PAGE>
PAGE 24
<TABLE>
<CAPTION>
Statements of changes in net assets
IDS Life Series Fund, Inc.
Year ended April 30,
Equity Portfolio Income Portfolio
Operations and distributions 1996 1995 1996 1995
____________________________________________________________________________________________________
<S> <C> <C> <C> <C>
Investment income - net $ 489,831 $ 1,057,832 $ 3,176,680 $ 2,516,555
Net realized gain (loss) on investments 73,815,809 5,224,750 327,190 (497,528)
Net change in unrealized appreciation of
investments and on translation of assets
and liabilities in foreign currencies 52,637,428 21,967,759 385,120 289,232
____________________________________________________________________________________________________
Net increase in net assets resulting from
operations 126,943,068 28,250,341 3,888,990 2,308,259
____________________________________________________________________________________________________
Distributions to shareholders from:
Net investment income (484,198) (1,052,199) (3,152,824) (2,524,594)
Excess distribution of net investment income (26,661) (5,633) (10,470) (8,964)
Net realized gain on investments (76,149) (5,287,266) -- --
____________________________________________________________________________________________________
Total distributions (587,008) (6,345,098) (3,163,294) (2,533,558)
____________________________________________________________________________________________________
Capital share transactions (Note 6)
____________________________________________________________________________________________________
Proceeds from sales 88,096,157 65,702,029 16,653,461 5,810,955
Reinvested distributions at net asset value 587,008 6,345,098 3,163,294 2,533,558
Payments for redemptions (7,658,827) (4,780,532) (3,389,539) (4,065,891)
____________________________________________________________________________________________________
Increase in net assets from capital
share transactions 81,024,338 67,266,595 16,427,216 4,278,622
____________________________________________________________________________________________________
Total increase in net assets 207,380,398 89,171,838 17,152,912 4,053,323
____________________________________________________________________________________________________
Net assets at beginning of year 241,032,001 151,860,163 37,823,251 33,769,928
____________________________________________________________________________________________________
Net assets at end of year $448,412,399 $241,032,001 $ 54,976,163 $ 37,823,251
____________________________________________________________________________________________________
Excess of distributions over net investment
income $ (47) $ (5,633) $ (811) $ (23,856)
____________________________________________________________________________________________________
See accompanying notes to financial statements.
<PAGE>
PAGE 25
Statements of changes in net assets (continued)
IDS Life Series Fund, Inc.
Year ended April 30,
Money Market Portfolio Managed Portfolio
Operations and distributions 1996 1995 1996 1995
____________________________________________________________________________________________________
Investment income - net $ 645,793 $ 432,873 $ 10,044,599 $ 6,296,763
Net realized gain (loss) on investments (84) (454) 17,885,868 (1,326,459)
Net change in unrealized appreciation of
investments and on translation of assets
and liabilities in foreign currencies -- -- 24,654,105 5,313,579
____________________________________________________________________________________________________
Net increase in net assets resulting from
operations 645,709 432,419 52,584,572 10,283,883
____________________________________________________________________________________________________
Distributions to shareholders from:
Net investment income (645,793) (432,873) (10,002,686) (6,295,800)
Excess distribution of net investment income -- -- -- (41,557)
Net realized gain on investments -- -- (2,226,152) (534,853)
____________________________________________________________________________________________________
Total distributions (645,793) (432,873) (12,228,838) (6,872,210)
____________________________________________________________________________________________________
Capital share transactions (Note 6)
____________________________________________________________________________________________________
Proceeds from sales 12,705,078 6,252,661 54,477,756 55,602,457
Reinvested distributions at net asset value 645,793 432,873 12,228,838 6,872,210
Payments for redemptions (8,917,032) (6,357,910) (10,316,093) (6,606,482)
____________________________________________________________________________________________________
Increase in net assets from capital
share transactions 4,433,839 327,624 56,390,501 55,868,185
____________________________________________________________________________________________________
Total increase in net assets 4,433,755 327,170 96,746,235 59,279,858
____________________________________________________________________________________________________
Net assets at beginning of year 9,884,600 9,557,430 219,986,058 160,706,200
____________________________________________________________________________________________________
Net assets at end of year $ 14,318,355 $ 9,884,600 $316,732,293 $219,986,058
____________________________________________________________________________________________________
Undistributed (excess of distributions
over) net investment income $ -- $ -- $ (54,812) $ 54,719
____________________________________________________________________________________________________
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,
Government Securities International Equity
Portfolio Portfolio
Operations and distributions 1996 1995 1996 1995*
____________________________________________________________________________________________________
Investment income - net $ 732,941 $ 671,316 $ 212,955 $ 114,571
Net realized gain on investments 97,312 6,871 5,987,533 907
Net change in unrealized appreciation or
depreciation of investments and on translation
of assets and liabilities in foreign currencies 3,853 (34,924) 5,339,537 548,081
____________________________________________________________________________________________________
Net increase in net assets resulting
from operations 834,106 643,263 11,540,025 663,559
____________________________________________________________________________________________________
Distributions to shareholders from:
Net investment income (729,863) (670,485) (212,955) (114,571)
Excess distribution of net investment income (3,078) -- (77,263) --
Net realized gain on investments -- (7,702) -- (907)
____________________________________________________________________________________________________
Total distributions (732,941) (678,187) (290,218) (115,478)
____________________________________________________________________________________________________
Capital share transactions (Note 6)
____________________________________________________________________________________________________
Proceeds from sales 2,091,806 1,451,214 32,311,329 7,869,306
Reinvested distributions at net asset value 732,941 678,187 290,218 115,478
Payments for redemptions (1,901,971) (1,838,864) (286,727) (36,057)
____________________________________________________________________________________________________
Increase in net assets from capital
share transactions 922,776 290,537 32,314,820 7,948,727
____________________________________________________________________________________________________
Total increase in net assets 1,023,941 255,613 43,564,627 8,496,808
____________________________________________________________________________________________________
Net assets at beginning of year 11,440,464 11,184,851 8,496,808 --
____________________________________________________________________________________________________
Net assets at end of year $ 12,464,405 $ 11,440,464 $ 52,061,435 $ 8,496,808
____________________________________________________________________________________________________
Undistributed (excess of distributions over)
net investment income $ (6,489) $ (3,078) $ 623 $ --
____________________________________________________________________________________________________
*Period from Oct. 28, 1994 (commencement of operations) to April 30, 1995.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
PAGE 27
Notes to financial statements
IDS Life Series Fund, Inc.
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. It has six portfolios whose goals are as
follows: Equity Portfolio invests primarily in U.S. common stocks
and securities convertible into common stock; Income Portfolio
invests in corporate bonds of the four highest ratings; Money
Market Portfolio invest in high-quality short-term debt securities;
Managed Portfolio invests in common and preferred stocks,
convertible securities, debt securities and money market
instruments; Government Securities Portfolio invests in debt
obligations issued or guaranteed by U.S. governmental units;
International Equity Portfolio invests primarily in common stocks
of foreign issuers. 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:
Use of estimates
The preparation of financial statements in conformity with
generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statments and the reported
amounts of increase and decrease in net assets from operations
during the period. Actual results could differ from those
estimates.
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.
<PAGE>
PAGE 28
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
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 Equity, 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.
Securities purchased on a when-issued basis
Delivery and payment for securities that have been purchased by the
portfolios on a forward-commitment or when-issued basis can take
place one month or more after the transaction date. During this
period, such securities are subject to market fluctuations, and
they may affect the portfolio's net assets the same as owned
securities. The portfolios designate cash or liquid high-grade
short-term debt securities at least equal to the amount of its
commitment. At April 30, 1996, Managed Portfolio had entered into
outstanding when-issued or forward-commitments of $987,500.
<PAGE>
PAGE 29
Foreign currency translations and foreign currency contracts
Securities and other assets and liabilities denominated in foreign
currencies are translated daily into U.S. dollars at the closing
rate of exchange. Foreign currency amounts related to the purchase
or sale of securities and income and expenses are translated at the
exchange rate on the transaction date. The effect of changes in
foreign exchange rates on realized and unrealized security gains or
losses is reflected as a component of such gains or losses. In the
statement of operations, net realized gains or losses from foreign
currency transactions may arise from sales of foreign currency,
closed forward contracts, exchange gains or losses realized between
the trade date and settlement dates on securities transactions, and
other translation gains or losses on dividends, interest income and
foreign withholding taxes.
The Equity, Income, Managed and International Equity Portfolios
also may enter into forward foreign currency exchange contracts for
operational purposes and to protect against adverse exchange rate
fluctuation. The net U.S. dollar value of foreign currency
underlying all contractual commitments held by the portfolios and
the resulting unrealized appreciation or depreciation are
determined using foreign currency exchange rates from an
independent pricing service. The portfolios are subject to the
credit risk that the other party will not complete the obligations
of the contract.
Illiquid securities
At April 30, 1996, investments in securities for Income Portfolio
and Managed Portfolio included issues that are illiquid. The
portfolios currently limit investments in illiquid securities to
10% of the net assets, at market value, at the time of ,purchase.
The aggregate value of such securities at April 30, 1996 was
$700,000 and $1,236,630, which represents 1.3% and 0.4% of net
assets for the Income Portfolio and Managed Portfolio,
respectively. Pursuant to guidelines adopted by the board of
Directors, certain unregistered securities are determined to be
liquid and are not included in the 10% limitation specified above.
Federal income taxes
Since the fund's policy is to comply with all requirements of the
Internal Revenue Code applicable to regulated investment companies
and to distribute all of its taxable income to shareholders, no
provision for income taxes is required. Each portfolio is treated
as a separate entity for federal income tax purposes.
Net investment income (loss) and net realized gains (losses) differ
for financial statement and tax purposes primarily because of wash
sale transactions, foreign currency exchange gains and losses, and
the timing and amount of market discount recognized as ordinary
income. The character of distributions made during the year from
net investment income or net realized gains may differ from their
ultimate characterization for federal income tax purposes. Also,
due to the timing of dividend distributions, the fiscal year in
which amounts are distributed may differ from the year that the
income or realized gains (losses) are recorded by the portfolios.
<PAGE>
PAGE 30
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 International
Equity Income Managed Securities Equity
Portfolio Portfolio Portfolio Portfolio Portfolio
_______________________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C>
Accumulated net realized gain (loss) (5,632) (9,659) 151,444 3,411 (77,886)
Undistributed net investment income 26,614 9,659 (151,444) (3,411) 77,886
_______________________________________________________________________________________________________________
Additional paid-in-capital reduction (increase) 20,982 -- -- -- --
_______________________________________________________________________________________________________________
</TABLE>
Dividends to shareholders
At April 30, 1996 dividends were declared of $.06 for Income, $.004
for Money Market, $.13 for Managed, $.05 for Government Securities
and $.05 for International Equity Portfolio and were payable May 1,
1996. Distributions to shareholders are recorded as of the close
of business on the record date and are payable on the first
business day following the record date. Dividends from net
investment income are declared daily and distributed monthly for
the Money Market, Income and Government Securities Portfolios and
declared and distributed quarterly for the Equity, Managed and
International Equity Portfolios. Capital gain distributions (if
any) will be made annually. However, additional capital gain
distributions may be made periodically during the fiscal year in
order to comply with the Internal Revenue Code as applicable to
regulated investment companies.
Other
Security transactions are accounted for on the date securities are
purchased or sold. Dividend income is recognized on the ex-
dividend date or upon receipt of ex-dividend notification in the
case of certain foreign securities. Interest income including
level-yield amortization of premium and discount, is accrued daily.
2. Investment management and services agreement
The fund has an Investment Management and Services Agreement with
IDS Life. For its services, IDS Life is paid a fee based on the
aggregate average daily net assets of each of the portfolios. The
fee is 0.7% on an annual basis for the Equity, Income, Managed and
Government Securities Portfolios. For Money Market Portfolio the
fee is 0.5% on an annual basis. For International Equity Portfolio
the fee is 0.95% on an annual basis.
IDS Life and American Express Financial Corporation have an
Investment Advisory Agreement which calls for IDS Life to pay
American Express Financial Corporation a fee for investment advice
about the fund's portfolios. The fee paid by IDS Life is 0.25% of
Equity, Income, Money Market, Managed and Government Securities
Portfolios' average daily net assets for the year. The fee paid by
IDS Life is 0.35% of International Equity Portfolio's average daily
net assets for the year.
<PAGE>
PAGE 31
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, 1996, cost of purchases and proceeds
from sales of securities aggregated $138,818,496 and $134,359,643
for Money Market Portfolio; cost of purchases and proceeds from
sales of securities (other than short-term obligations) aggregated
$627,841,100 and $547,536,493 for Equity, $28,247,656 and
$16,126,899 for Income, $234,695,757 and $177,948,075 for Managed,
$5,662,961 and $4,408,135 for Government Securities and $68,155,408
and $36,627,999 for International Equity Portfolios. Realized
gains and losses are determined on an identified cost basis.
Brokerage commissions paid to brokers affiliated with IDS Life were
$49,148, $1,120 and $175 for Equity Portfolio, Managed Portfolio
and International Equity Portfolio, respectively, for the year
ended April 30, 1996.
4. Foreign currency contracts
At April 30, 1996, Equity Portfolio and International Equity
Portfolio had entered into foreign currency exchange contracts that
obligate the portfolio to deliver currencies at a specified future
date. The unrealized appreciaton (depreciation) on these contracts
is included in the accompanying financial statements. The terms of
the open contracts are as follows:
<PAGE>
PAGE 32
<TABLE>
<CAPTION>
Equity Portfolio
Exchange date Currency to Currency to Unrealized Unrealized
be delivered be received appreciation depreciation
____________________________________________________________________________
<S> <C> <C> <C> <C>
May 1, 1996 226,572 308,477 $ 41 $ --
U.S. Dollar Canadian Dollar
May 2, 1996 28,138 38,310 5 --
U.S. Dollar Canadian Dollar
May 2, 1996 75,559 1,909,418 84 --
U.S. Dollar Thai Bhat
May 3, 1996 129,414 3,266,832 4 --
U.S. Dollar Thai Bhat
May 7, 1996 145,540 3,676,184 78 --
U.S. Dollar Thai Bhat
May 14, 1996 73,638 2,301,374 -- 532
U.S. Dollar Belgian Franc
_________ _________
$ 212 $ 532
International Equity Portfolio
Exchange date Currency to Currency to Unrealized Unrealized
be delivered be received appreciation depreciation
____________________________________________________________________________
May 1, 1996 748,284 96,736 $ 3 $ --
Hong Kong Dollar U.S. Dollar
May 1, 1996 619,241 842,880 -- 45
U.S. Dollar Canadian Dollar
May 2, 1996 194,887 293,617 448 --
British Pound U.S. Dollar
May 2, 1996 1,108,104 143,245 15 --
Hong Kong Dollar U.S. Dollar
May 2, 1996 29,699,363 281,551 -- 2,369
Japanese Yen U.S. Dollar
May 2, 1996 2,276,652 305,284 -- 1,130
Mexican Peso U.S. Dollar
May 2, 1996 500,259 52,769,842 4,209 --
U.S. Dollar Japanese Yen
May 2, 1996 492,705 51,972,959 4,145 --
U.S. Dollar Japanese Yen
May 2, 1996 95,729 2,414,289 -- 85
U.S. Dollar Thai Baht
May 2, 1996 88,609 120,615 -- 3
U.S. Dollar Canadian Dollar
May 2, 1996 61,812 6,524,556 561 --
U.S. Dollar Japanese Yen
May 2, 1996 7,173 187,859 5 --
U.S. Dollar Philippine Peso
May 3, 1996 129,540 195,660 793 --
British Pound U.S. Dollar
May 3, 1996 60,898 82,899 -- 44
U.S. Dollar Canadian Dollar
<PAGE>
PAGE 33
May 3, 1996 25,005 654,938 21 --
U.S. Dollar Philippine Peso
May 6, 1996 104,088 162,646,530 -- 61
U.S. Dollar Italian Lira
May 7, 1996 532,302 55,601,627 -- 3,116
U.S. Dollar Japanese Yen
May 7, 1996 56,355 1,475,480 37 --
U.S. Dollar Philippine Peso
May 7, 1996 34,994 54,733,710 13 --
U.S. Dollar Italian Lira
May 8, 1996 42,367 66,187,769 27 --
U.S. Dollar Italian Lira
June 28, 1996 4,900,000 734,655 13,338 --
Swedish Krona U.S. Dollar
July 5, 1996 25,650,000 241,412 -- 5,920
Japanese Yen U.S. Dollar
July 19, 1996 4,500,000 885,548 12,192 --
French Franc U.S. Dollar
July 19,1996 2,500,000 490,004 4,806 --
French Franc U.S. Dollar
_________ _________
$40,613 $12,773
</TABLE>
5. Stock index futures contracts
At April 30, 1996, investments in securities in Managed Portfolio
included securities valued at $2,049,820 that were pledged as
collateral to cover initial margin deposits on 65 purchase
contracts. The market value of the open contracts on April 30, 1996
was $21,282,625 (6.7% of net assets) with a net unrealized gain of
$313,625. To cover these long futures positions, Managed Portfolio
maintains short-term securities amounts at least equal to the
market value of the outstanding contracts. Included in the open
contracts are S&P 500 Index futures.
6. Capital share transactions
Transactions in shares of each Portfolio for the years ended April
30, 1996 and 1995 were as follows:
<TABLE><CAPTION>
Number of shares: Year ended April 30, 1996
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 12,024,452 3,924,989 9,885,410 15,589,271 1,160,975 826,111
___________________________________________________________________________________________________________
Sold 3,543,079 1,633,884 12,706,236 3,492,833 203,165 2,358,924
Issued for reinvested
distributions 22,323 311,618 645,835 788,557 71,365 21,630
Redeemed (306,199) (333,001) (8,917,863) (665,334) (186,050) (22,514)
___________________________________________________________________________________________________________
Net increase 3,259,203 1,612,501 4,434,208 3,616,056 88,480 2,358,040
___________________________________________________________________________________________________________
Shares at end of year 15,283,655 5,537,490 14,319,618 19,205,327 1,249,455 3,184,151
___________________________________________________________________________________________________________
<PAGE>
PAGE 34
Number of shares: Year ended April 30, 1995
Money Government International
Equity Income Market Managed Securities Equity
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio*
___________________________________________________________________________________________________________
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.
</TABLE>
7. Tax loss carryforward
For federal income tax purposes, the Income Portfolio had a capital
loss carryover at April 30, 1996 of $565,173, which, if not offset
by subsequent capital gains, will expire in 2003. It is unlikely
the board 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 value of investments
April 30, 1996 compared to net assets)
Equity Portfolio
Common stocks (92.7%)
Issuer Shares Value(a)
__________________________________________________________________________________
<S> <C> <C>
Airlines (1.3%)
Mesa Air Group 80,000(b) $ 980,000
Reno Air 200,000(b) 2,550,000
Southwest Airlines 70,000 2,082,500
Total 5,612,500
__________________________________________________________________________________
Aerospace & defense (1.6%)
Loral 80,000(b) 1,150,000
Rohr 120,000(b) 2,190,000
Sundstrand 52,000 1,911,000
Thiokol 42,000 1,795,500
Total 7,046,500
__________________________________________________________________________________
Automotive related (1.2%)
Gentex 14,700(b) 580,650
Miller Industries 100,000(b) 2,787,500
Snap On 45,000 2,160,000
Total 5,528,150
__________________________________________________________________________________
Banks and savings & loans (0.8%)
Cal Fed Bancorp 131,000(b) 2,341,625
RAC Financial 40,000(b) 1,235,000
Total 3,576,625
__________________________________________________________________________________
Building materials (1.7%)
American Homestar 90,000(b) 2,025,000
NCI Building Systems 75,000(b) 2,718,750
Tyco Intl 75,000 2,896,875
Total 7,640,625
__________________________________________________________________________________
Chemicals (1.5%)
Pall 80,000 2,240,000
Raychem 30,000 2,336,250
Sigma-Aldrich 40,000 2,160,000
Total 6,736,250
__________________________________________________________________________________
Computers & office equipment (10.4%)
America Online 30,000 1,920,000
American Management Systems 110,000(b) 2,928,750
BTG 125,000(b) 1,515,625
Broadway & Seymour 117,500(b) 1,645,000
Cheyenne Software 50,000(b) 1,137,500
Cisco Systems 120,000(b) 6,225,000
Cylink 75,000(b) 1,368,750
Exabyte 170,000(b) 2,975,000
First Data 30,000 2,280,000
FORE Systems 27,000(b) 2,133,000
INSO 30,000(b) 1,627,500
Intl Imaging Materials 70,000(b) 1,330,000
Mylex 100,000(b) 2,437,500
Network General 50,000(b) 2,206,250
Parametric Technology 70,000(b) 2,817,500
PeopleSoft 40,000(b) 2,520,000
Prism Solutions 50,000(b) 1,631,250
Profit Recovery Group Intl 55,200(b) 1,097,100
Sanmina 64,000(b) 2,272,000
SunGard Data Systems 65,000(b) 2,161,250
U.S. Robotics 7,300(b) 1,142,450
Worldtalk Communications 110,000(b) 1,430,000
Total 46,801,425
__________________________________________________________________________________
<PAGE>
PAGE 36
Electronics (3.0%)
ADT 130,000(b) 2,210,000
Ancor Communications 150,000(b) 1,462,500
BI 200,000(b) 2,425,000
Computer Products 131,000(b) 2,120,563
Dynatech 90,000(b) 2,317,500
Richey Electronics 110,000(b) 1,430,000
Symbol Technologies 30,700(b) 1,419,875
Total 13,385,438
__________________________________________________________________________________
Energy (1.6%)
Barrett Resources 80,000(b) 2,220,000
Nabors Industries 170,000 2,613,750
Pogo Producing 70,000 2,528,750
Total 7,362,500
__________________________________________________________________________________
Energy equipment & services (8.1%)
Camco Intl 90,000 3,206,250
Digicon 84,000 1,291,500
Dresser Industries 75,000 2,390,625
ENSCO Intl 100,000(b) 3,000,000
Global Marine 275,000 3,128,125
Halliburton 46,000 2,639,250
Input/Output 70,000(b) 2,432,500
Marine Drilling 210,600(b) 2,079,675
Noble Drilling 165,000(b) 2,475,000
Oceaneering Intl 100,000(b) 1,575,000
Pride Petroleum Services 150,000(b) 2,456,250
Rowan Companies 200,000(b) 2,950,000
Smith Intl 41,000(b) 1,219,750
Tidewater 65,000 2,762,500
Tuboscope Vetco Intl 220,000(b) 2,860,000
Total 36,466,425
__________________________________________________________________________________
Financial services (0.9%)
AMRESCO 100,000 1,712,500
Green Tree Financial 80,000 2,193,750
Total 3,906,250
__________________________________________________________________________________
Foreign (11.1%)
Accor 14,000 1,944,181
Adidas ADR 60,000(b,d) 2,269,848
American Mineral 58,200(b) 634,909
Ashanti Goldfields 81,000(b) 1,771,875
Astra Cl A 55,000 2,444,895
Baan 39,300(b) 2,358,000
Banco de Galicia 93,000 2,185,500
Barco 7,500 1,182,894
Biochem Pharma 50,000(b) 2,275,000
Bufete Industrial ADR 60,000 1,050,000
Danka Business Systems 100,000 4,800,000
Elan ADR 30,000(b) 1,983,750
Empresas ICA 200,000 2,775,000
Grupo Televisa GDS 90,000 2,790,000
Home Centers 100,000(b) 587,500
Krung Thai Bank 212,000(b) 1,041,418
Nera AS ADR 50,000 1,837,500
Nevsun Resources 249,000(b) 1,984,682
Panamerican Beverages 55,000 2,413,125
Royal Plastic 120,000(b) 1,830,000
Schibsted Group 70,000(b,d) 1,022,979
SGS-Thomson Microelectronics 60,000(b) 2,820,000
Siam City Bank 643,500(b) 771,154
Sun Intl 30,000(b) 1,282,500
Taisei 190,000(b) 1,471,248
Teva Pharmaceutical Industries ADR 30,000(b) 1,346,250
Thai Farmers Bank 91,000(b) 1,045,459
Total 49,919,667
__________________________________________________________________________________
Health care (7.7%)
ALZA 65,000(b) 1,852,500
CNS 72,000(b) 1,422,000
Coherent 50,000(b) 2,681,250
Columbia Laboratories 160,000(b) 1,980,000
<PAGE>
PAGE 37
Conmed 67,550(b) 2,009,612
CytoTherapeutics 73,000(b) 1,076,750
DENTSPLY Intl 31,600 1,319,300
Gilead Sciences 90,000(b) 2,745,000
Guidant 45,000 2,525,625
Hologic 90,000(b) 2,655,000
IDEXX Laboratories 29,500(b) 1,312,750
Kinetic Concepts 140,000 2,065,000
Matritech 200,000(b) 3,075,000
Mentor 75,000 1,771,875
Possis Medical 120,000(b) 2,220,000
Sofamor Danek Group 64,000(b) 2,096,000
Watson Pharmaceuticals 41,400(b) 1,966,500
Total 34,774,162
__________________________________________________________________________________
Health care services (7.3%)
Apria Healthcare Group 68,000(b) 2,312,000
Cardinal Health 40,000 2,510,000
Genesis Health Ventures 75,000(b) 2,221,875
HBO & Company 99,700 11,839,375
HEALTHSOUTH 60,000(b) 2,227,500
Health Management Associates 73,000(b) 2,336,000
Healthsource 55,000(b) 1,876,875
Medaphis 27,400(b) 1,263,825
OrNda Healthcorp 75,000(b) 2,062,500
Tenet Healthcare 95,000(b) 1,947,500
Vivra 70,000(b) 2,213,750
Total 32,811,200
__________________________________________________________________________________
Industrial machines & services (1.4%)
Sanifill 57,100(b) 2,476,712
Thermo Sentron 135,000(b) 2,126,250
Wolverine Tube 50,000(b) 1,837,500
Total 6,440,462
__________________________________________________________________________________
Insurance (2.3%)
ACE Limited 48,200 2,120,800
Prudential Reinsurance Holdings 90,000(b) 2,047,500
Risk Capital Holdings 85,000(b) 1,689,375
TIG Holdings 72,000 2,187,000
UNUM 35,000 2,082,500
Total 10,127,175
__________________________________________________________________________________
Leisure time & entertainment (2.1%)
Grand Casinos 60,800(b) 1,968,400
Harley-Davidson 65,000 2,868,125
Marriot Intl 45,000 2,193,750
National Education 93,100(b) 1,384,862
Stratosphere 80,000(b) 870,000
Total 9,285,137
__________________________________________________________________________________
Media (1.8%)
American Radio Systems 60,000(b) 2,025,000
Argyl Television 110,000(b) 2,516,250
Infinity Broadcasting 120,000(b) 3,480,000
Total 8,021,250
__________________________________________________________________________________
Metals (1.4%)
Nucor 32,000 1,800,000
Stillwater Mining 100,000(b) 2,400,000
UCAR Intl 53,000(b) 2,173,000
Total 6,373,000
__________________________________________________________________________________
Multi-industry (2.1%)
AccuStaff 67,000(b) 1,993,250
Alco Standard 45,000 2,604,375
Olsten 75,000 2,278,125
Wackenhut Corrections 45,000(b) 2,407,500
Total 9,283,250
__________________________________________________________________________________
<PAGE>
PAGE 38
Paper & packaging (1.0%)
Crown Cork & Seal 50,000 2,356,250
Sealed Air 61,000(b) 2,157,875
Total 4,514,125
__________________________________________________________________________________
Restaurants & lodging (4.3%)
Boston Chicken 8,600(b) 275,200
HFS 90,000(b) 4,623,750
Logan's Roadhouse 120,000(b) 3,570,000
Longhorn Steaks 130,000(b) 3,526,250
Manhattan Bagel 120,000(b) 3,360,000
Outback Steakhouse 52,000(b) 2,086,500
Rainforest Cafe 50,000(b) 1,850,000
Total 19,291,700
__________________________________________________________________________________
Retail (9.3%)
Bombay 106,400(b) 1,236,900
Borders Group 70,000(b) 2,240,000
Corporate Express 108,000(b) 4,036,500
Friedman's 42,500(b) 1,094,375
Gap 90,000 2,711,250
General Nutrition 73,100(b) 1,425,450
Home Shopping Network 110,000(b) 1,292,500
Kohl's 84,000(b) 2,887,500
May Dept Stores 50,000 2,550,000
Pacific Sunwear of California 154,000(b) 2,502,500
Pep Boys 70,000 2,336,250
PETsMART 35,000(b) 1,553,125
Rexall Sundown 135,000(b) 3,847,500
Richfood Holdings 70,000 2,283,750
Sunglass Hut Intl 62,000(b) 1,813,500
Thifty PayLess Holdings 120,000(b) 1,620,000
TJX Companies 115,000 3,392,500
Viking Office Products 45,000(b) 2,671,875
Total 41,495,475
__________________________________________________________________________________
Telecommunication equipment & services (5.9%)
Andrew 60,000(b) 2,880,000
Ascend Communications 47,000(b) 2,890,500
Cascade Communications 22,500(b) 2,255,625
FastComm Communications 100,000(b) 1,750,000
Gandalf Technologies 125,000(b) 2,218,750
Natural Microsystems 80,000(b) 3,020,000
StrataCom 54,000(b) 2,808,000
TCSI 85,000(b) 2,783,750
Tel-Save Holdings 105,000(b) 1,758,750
VeriFone 100,000(b) 4,200,000
Total 26,565,375
__________________________________________________________________________________
Utilities-gas (0.7%)
Seagull Energy 110,000(b) 2,681,250
Sonat 7,300 318,463
Total 2,999,713
__________________________________________________________________________________
Utilities-telephone (1.0%)
Millicom Intl Cellular 53,900(b) 2,546,775
Century Telephone Enterprises 55,000 1,801,250
Total 4,348,025
__________________________________________________________________________________
Miscellaneous (1.2%)
Chicago Miniature Lamp 60,000(b) 2,460,000
Infonautics 17,500(b) 245,000
Philip Environmental 275,000(b) 1,925,000
Planning Sciences Intl 5,200(b) 83,200
Polycom 6,300(b) 55,913
Spectralink 50,000(b) 468,750
Sykes Enterprises 2,000(b) 71,000
Transition Systems 9,700(b) 235,225
Total 5,544,088
__________________________________________________________________________________
Total common stocks
(Cost: $325,740,589) $415,856,492
__________________________________________________________________________________
/TABLE
<PAGE>
PAGE 39
<TABLE>
<CAPTION>
Bonds (0.4%)
Issuer Coupon Maturity Principal Value(a)
rate year amount
__________________________________________________________________________________
<S> <C> <C> <C> <C> <C>
Industrial machinery & services
Thermo Electron 4.25 2003 1,600,000(e) 1,976,000
Total bonds
(Cost: $1,600,000) $ 1,976,000
__________________________________________________________________________________
Short-term securities (7.5%)
Issuer Annualized Amount Value(a)
yield on payable at
date of maturity
purchase
__________________________________________________________________________________
U.S. government and agency (0.3%)
Federal Home Loan Mtge Corp Disc Nt
05-20-96 5.20% $1,400,000 $ 1,396,173
__________________________________________________________________________________
Commercial paper (7.2%)
A.I. Credit 5.28 3,700,000 3,692,959
05-14-96
Albertson's 5.35 1,800,000 1,798,138
05-08-96
Ameritech Capital 5.29 3,400,000(d) 3,395,512
05-10-96
Bell South Telecommunications 5.30 700,000 699,180
05-09-96
Ciesco 5.30 1,200,000 1,194,896
05-30-96
Coca-Cola 5.31 1,800,000 1,782,650
06-14-96
Lilly (Eli) 5.28 400,000 396,948
06-20-96
Pacific Mutual Life 5.32 2,500,000 2,500,000
05-01-96
Penney (J.C.) Funding 5.30 5,300,000 5,279,012
05-28-96
Transamerica 5.32 5,000,000 4,963,333
04-25-96
USAA Capital 5.31 2,500,000 2,489,733
05-29-96
USL Capital 5.41 3,960,000 3,956,449
05-07-96
Total 32,148,810
__________________________________________________________________________________
Total short-term securities
(Cost: $33,550,941) $ 33,544,983
__________________________________________________________________________________
Total investments in securities
(Cost: $360,891,530)(e) $451,377,475
__________________________________________________________________________________
Notes to investments in securities
(a) Securities are valued by procedures described in Note 1 to the financial statements.
(b) Presently non-income producing.
(c) Commercial paper sold within terms of a private placement memorandum, exempt from registration under section
4(2) of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited
investors." This security has been determined to be liquid under guidelines established by the board.
(d) Represents a security sold under Rule 144A, which is exempt from registration under the Securities Act of 1933,
as amended. Unless otherwise noted, this security has been determined to be liquid under guidelines established by
the board.
(e) At April 30, 1996, the cost of securities for federal income tax purposes was $361,054,556 and the aggregate
gross unrealized appreciation and depreciation based on that cost was:
Unrealized appreciation $94,692,377
Unrealized depreciation (4,369,458)
________________________________________________________________________________
Net unrealized appreciation $90,322,919
________________________________________________________________________________
</TABLE>
<PAGE>
PAGE 40
<TABLE>
<CAPTION>
IDS Life Series Fund, Inc. (Percentages represent value of investments
April 30, 1996 compared to total net assets)
Income Portfolio
Bonds (88.6%)
Issuer Coupon Maturity Principal Value(a)
rate year amount
__________________________________________________________________________________
<S> <C> <C> <C> <C>
U.S government obligations (17.8%)
Resolution Funding 8.125% 2019 $3,000,000 $ 3,300,990
U.S. Treasury Bonds 6.25 2023 650,000 586,566
8.125 2019 1,750,000 1,952,580
U.S. Treasury Notes 6.375 2002 3,950,000 3,918,321
Total 9,758,457
__________________________________________________________________________________
Mortgage backed securities (19.2%)
Federal Home Loan Mtge Corp 5.50 2009 924,582 859,575
Collateralized Mtge Obligation 8.00 2020 185,000 186,641
8.50 2022 1,000,000 1,039,880
Federal Natl Mtge Assn 6.00 2024 940,748 857,548
6.50 2010-24 4,387,116 4,160,033
7.00 2026 2,952,719 2,848,458
Series Z 8.00 2021 407,252(g) 414,521
Merrill Lynch Mtge Investors 8.29 2021 250,000(c) 222,266
Total 10,588,922
__________________________________________________________________________________
Airlines (2.1%)
AMR 9.75 2021 450,000 522,184
Continental Air 6.94 2015 400,000(h) 379,700
United Air Lines 10.67 2004 200,000 232,892
Total 1,134,776
__________________________________________________________________________________
Aerospace & defense (0.8%)
Airplanes GPA 10.875 2019 100,000 104,500
BE Aerospace 9.875 2006 100,000(c) 100,250
Northrop Grumman 7.75 2016 250,000(c) 239,023
Total 443,773
__________________________________________________________________________________
Banks and savings & loans (2.4%)
Barclays NA Capital 9.75 2021 300,000 342,846
First Bank System 6.875 2007 400,000 384,588
Fleet Norstar Financial 9.00 2001 200,000 218,672
Norwest
Medium Term Nts 6.375 2002 400,000 391,692
Total 1,337,798
__________________________________________________________________________________
Building materials (1.2%)
Owens Corning Fiberglass 9.375 2012 100,000 110,570
Peters (JM) 12.75 2002 100,000 94,625
Pulte 7.00 2003 300,000 283,584
Schuller Intl 10.875 2004 100,000 108,500
Southdown 10.00 2006 50,000(c) 50,250
Total 647,529
__________________________________________________________________________________
Chemicals (0.3%)
Goodrich (BF) 9.625 2001 150,000 166,164
__________________________________________________________________________________
Electronics (1.4%)
Magnetek 10.75 1998 100,000 96,250
Reliance Electric 6.80 2003 300,000 297,357
Thomas & Betts 6.50 2006 400,000 374,284
Total 767,891
__________________________________________________________________________________
Energy (1.6%)
BP North America 9.50 1998 60,000 62,878
Clark Oil 9.50 2004 100,000 101,125
<PAGE>
PAGE 41
Honam Oil Refinery 7.125 2005 250,000(c) 239,327
Parker & Parsley 8.25 2007 300,000 299,286
USX 9.80 2001 150,000 166,401
Total 869,017
__________________________________________________________________________________
Energy equipment & services (0.7%)
Foster Wheeler 6.75 2005 400,000 381,372
__________________________________________________________________________________
Financial services (2.5%)
AVCO Financial 7.25 1999 300,000 306,018
Carco Auto
Asset-backed obligation 7.875 1998 300,000 300,786
Corporate Property Investors 7.18 2013 300,000(c) 282,222
Countrywide Funding
Medium Term Nts 8.42 1999 300,000 313,281
GE Capital
Reset Nt 8.65 2018 200,000(f) 199,238
Total 1,401,545
__________________________________________________________________________________
Food (0.3%)
Chiquita Brands 9.625 2004 100,000 99,625
Specialty Foods 10.25 2001 100,000(c) 91,250
Total 190,875
__________________________________________________________________________________
Foreign (9.9%)(b)
Alcan Aluminum
(U.S. Dollar) 8.875 2022 200,000 209,900
Argentina Euro
(U.S. Dollar) 6.31 2005 250,000 190,781
Banca Italy N.Y.
(U.S. Dollar) 8.25 2007 300,000 301,896
Bank of China
(U.S. Dollar) 8.25 2014 200,000 182,478
CAF
(U.S. Dollar) 7.10 2003 300,000 287,583
China Light & Power
(U.S. Dollar) 7.50 2006 300,000 295,251
Dominion Textiles
(U.S. Dollar) 8.875 2003 100,000 97,625
Fresh Delmonte
(U.S. Dollar) 10.00 2003 200,000 187,750
Guang Dong Enterprise
(U.S. Dollar) 8.75 2003 400,000(c) 363,828
Korea Electric Power
(U.S. Dollar) 8.00 2002 200,000 208,322
Mexican U.S. Series A
(U.S. Dollar) 6.25 2019 250,000 165,625
Peoples Republic of China
(U.S. Dollar) 9.00 2096 200,000 184,944
Petronas
(U.S. Dollar) 7.75 2015 300,000(c) 298,461
Poland Euro
(U.S. Dollar) 3.75 2014 650,000(f) 498,469
Quno
(U.S. Dollar) Sr Nts 9.125 2005 100,000 99,250
Reliance Industries
(U.S. Dollar) 8.125 2005 250,000(c) 243,195
Repap New Brunswick
(U.S. Dollar) 10.625 2005 100,000 95,000
Republic of Brazil
(U.S. Dollar) 6.812 2024 200,000(f) 135,375
Republic of Columbia
(U.S. Dollar) 7.25 2004 200,000 185,910
Republic of Italy
(U.S. Dollar) 6.875 2023 300,000 263,592
Republic of South Africa
(U.S. Dollar) 9.625 1999 250,000 262,103
State of Israel
(U.S. Dollar) 6.375 2005 200,000 186,830
Telekom Malaysia
(U.S. Dollar) 7.875 2025 200,000(c) 198,716
WMC Finance USA
(U.S. Dollar) 7.25 2013 300,000 290,187
Total 5,433,071
__________________________________________________________________________________
<PAGE>
PAGE 42
Furniture & appliances (0.2%)
Interface 9.50 2005 100,000 98,250
__________________________________________________________________________________
Health care (1.2%)
Lilly (Eli) 6.77 2036 400,000 362,184
Schering-Plough
Zero Coupon 7.31 1996 300,000(c,d) 289,878
Total 652,062
__________________________________________________________________________________
Health care services (0.8%)
Columbia/HCA Healthcare 6.91 2005 100,000 97,425
La Petite Holdings 9.625 2001 100,000 94,000
Merit Behavorial Care 11.50 2005 100,000 104,875
Tenet Healthcare
Sr Sub 10.125 2005 150,000 160,875
Total 457,175
__________________________________________________________________________________
Household products (0.4%)
First Brands 9.125 1999 100,000 102,500
Sweetheart Cup
Sr Sub Nts 10.50 2003 100,000 100,250
Total 202,750
__________________________________________________________________________________
Industrial machines & services (0.9%)
Agco 8.50 2006 100,000(c) 100,625
Case 7.25 2005 400,000 394,656
Total 495,281
__________________________________________________________________________________
Industrial transportation (1.5%)
Burlington Northern 7.00 2025 400,000 360,228
Enterprise Rent-A-Car 8.75 1999 300,000(c) 316,674
Ryder Systems 9.25 2001 150,000 164,837
Total 841,739
__________________________________________________________________________________
Insurance (2.5%)
Aetna Life & Casualty 7.25 2023 300,000 280,458
American United Life 7.75 2026 200,000(c,h) 184,802
Americo Life 9.25 2005 100,000 96,875
Equitable Life 7.70 2015 250,000(c) 243,820
SunAmerica 8.125 2023 300,000 298,206
Medium Term Nts 7.34 2005 300,000 297,564
Total 1,401,725
__________________________________________________________________________________
Leisure time & entertainment (0.7%)
Bally's Park Place Funding 9.25 2004 100,000 102,500
Premier Parks 12.00 2003 100,000 108,250
Trump AC Funding 11.25 2006 150,000 153,375
Total 364,125
__________________________________________________________________________________
Media (4.1%)
Ackerley Communications
Sr Secured Nts 10.75 2003 100,000(c) 104,250
Adelphia Communications 11.875 2004 100,000 101,500
CAI Wireless Systems
Sr Nts 12.25 2002 100,000 104,750
Cablevision Systems 10.75 2004 100,000 105,000
Continental Cablevision
Sr Deb 8.875 2005 100,000 106,000
Sr Sub Deb 11.00 2007 100,000 113,250
Cox Communications 7.625 2025 500,000 484,900
Echostar Communications
Zero Coupon Cv 10.75 2000 300,000(c,e) 186,750
Outdoor Systems
Sr Nts 10.75 2003 100,000 101,000
TCI Communications 8.75 2015 300,000 293,124
Time Warner Entertainment 8.375 2033 250,000 245,882
United Artists Theatre Center 9.30 2015 100,000(c) 94,625
Viacom Int'l 8.00 2006 100,000 93,250
Sr Sub 10.25 2001 100,000 110,750
Total 2,245,031
__________________________________________________________________________________
<PAGE>
PAGE 43
Metals (0.2%)
Magma Copper 12.00 2001 100,000 109,375
__________________________________________________________________________________
Multi-industry conglomerates (1.2%)
Coltec Industries 9.75 2000 100,000 102,750
Crane 7.25 1999 300,000 302,025
Fairchild 13.125 2006 65,000 61,019
Mark IV Industries 8.75 2003 100,000 101,000
Talley Industries
Zero Coupon Cv 8.27 1998 100,000(e) 77,750
Total 644,544
__________________________________________________________________________________
Natural gas (1.2%)
Columbia Gas 7.32 2010 500,000 473,880
Southwest Gas 9.75 2002 100,000 110,501
Trans Texas Gas
Sr Sub Nts 11.50 2002 100,000 100,750
Total 685,131
__________________________________________________________________________________
Paper & packaging (2.1%)
Chesapeake 9.875 2003 100,000 113,553
Federal Paper Board 10.00 2011 100,000 121,318
Gaylord
Zero Coupon Cv 11.13 2005 100,000(e) 104,250
International Paper 5.125 2012 85,000 66,725
Pope and Talbot 8.375 2013 300,000 275,010
S D Warren
Sr Nts 12.00 2004 100,000 103,750
Scotia Pacific Holding 7.95 2015 266,291 265,383
Silgan
Sr Sub Nts 11.75 2002 100,000 105,875
Total 1,155,864
__________________________________________________________________________________
Real estate investment trust (0.7%)
First Union 8.875 2003 100,000 95,250
Property Trust America 7.50 2014 300,000 271,992
Total 367,242
__________________________________________________________________________________
Restaurants & lodging (0.3%)
Flagstar 10.875 2002 100,000 90,750
John Q Hammons Hotel
Sr Nts 8.875 2004 100,000 96,125
Total 186,875
__________________________________________________________________________________
Retail (1.8%)
Di Giorgio 12.00 2003 100,000 92,500
Hills Stores
Sr Nts 12.50 2003 75,000(c) 77,250
Penn Traffic 9.625 2005 200,000 172,000
Penney (JC) 9.05 2001 150,000 163,218
Pep Boys 7.00 2005 300,000 292,527
Safeway Stores 10.00 2001 100,000 109,750
Stop & Shop 9.75 2002 75,000 82,313
Total 989,558
__________________________________________________________________________________
Telecommunications (0.7%)
Comcast Cellular
Zero Coupon with attached put 6.95 1998 100,000(d) 76,250
GST Telecommunications
Zero Coupon Cv with warrants 13.875 2000 180,000(c,e) 110,000
Shared Technologies
Zero Coupon Cv 3.57 1999 250,000(c,e) 178,125
Total 364,375
__________________________________________________________________________________
Textiles & apparel (0.4%)
Dominion Textiles 9.25 2006 200,000 198,500
__________________________________________________________________________________
Utilities - electric (5.2%)
Arizona Public Service 8.00 2025 200,000 197,304
Cleveland Electric 9.50 2005 100,000 98,866
Commonwealth Edison 9.875 2020 200,000 222,852
El Paso Electric 8.90 2006 100,000 100,125
<PAGE>
PAGE 44
First Palo Verde Funding 10.15 2016 200,000 191,604
Houston Industries 9.375 2001 150,000 164,924
Jersey Central Power & Light 6.75 2025 300,000 263,220
Long Island Lighting 9.625 2024 300,000 300,213
Midland Cogeneration Venture 11.75 2005 100,000 105,375
North Atlantic Energy
1st Mtge 9.05 2002 94,000 96,567
Pacicfic Gas & Electric 7.25 2026 300,000 272,247
Pennsylvania Power & Light
1st Mtge 9.25 2019 100,000 107,998
Sithe Independent Funding 9.00 2013 100,000(c) 100,630
Texas New Mexico Power
1st Mtge 9.25 2000 100,000 103,875
Texas Utilities Electric
1st Mtge 7.375 2025 200,000 184,018
1st Collateral Trust 9.750 2021 100,000 110,411
Wisconsin Electric Power 6.875 2095 300,000 263,535
Total 2,883,764
__________________________________________________________________________________
Utilities - telephone (1.9%)
Arch Communications
Zero Coupon Cv 4.46 2001 200,000(e) 112,000
BellSouth 7.00 2095 400,000 368,404
Intermedia Communications 13.50 2005 100,000 113,500
New York Telephone 9.375 2031 150,000 163,140
Pacific Bell Telephone 7.375 2043 300,000 281,922
Total 1,038,966
__________________________________________________________________________________
Miscellaneous (0.4%)
Adams Outdoor Advertising 10.75 2006 100,000(c,h) 101,500
Coty 10.25 2005 100,000 104,750
Total 206,250
__________________________________________________________________________________
Total bonds
(Cost: $48,282,145) $48,709,772
__________________________________________________________________________________
Preferred stocks & other (0.6%)
Issuer Shares Value(a)
__________________________________________________________________________________
Intermedia Communications
Warrants Exp 06/01/00 100 $ 3,000
National Health Investors
8.50% Cv 2,000 60,250
Time Warner
10.25% Pay-in-kind 250(c,i) 250,625
__________________________________________________________________________________
Total preferred stocks & other
(Cost: $301,025) $ 313,875
</TABLE>
<TABLE><CAPTION>
__________________________________________________________________________________
Short-term securities (9.3%)
Issuer Annualized Amount Value(a)
yield on payable at
date of maturity
purchase
__________________________________________________________________________________
<S> <C> <C> <C>
U.S. government agency (9.3%)
Federal Home Loan Bank Disc Note
06-25-96 5.25 $ 320,000 $ 317,034
Federal Home Loan Mtge Corp Disc Notes
05-16-96 5.19 1,000,000 997,842
05-20-96 5.20 500,000 498,633
05-20-96 5.21 300,000 299,178
05-01-96 5.25 1,500,000 1,500,000
05-15-96 5.25 500,000 498,985
05-10-96 5.28 1,000,000 998,685
__________________________________________________________________________________
Total short-term securities
(Cost: $5,110,781) $ 5,110,357
__________________________________________________________________________________
Total investments in securities
(Cost: $53,693,951)(j) $54,134,004
__________________________________________________________________________________
Notes to investments in securities
<PAGE>
PAGE 45
(a) Securities are valued by procedures described in Note 1 to the financial statements.
(b) Foreign securities values are stated in U.S. dollars. For debt securities, principal amounts are denominated in the currency
indicated.
(c) Represents a security sold under Rule 144A, which is exempt from registration under the Securities Act of 1933, as amended.
Unless otherwise noted, this security has been determined to be liquid under guidelines established by the board.
(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 either based on a predetermined schedule, or to reflect current market conditions; rate shown is the
effective rate on April 30, 1996.
(g) This security is a collateralized mortgage obligation that pays no interest or principal during its initial accrual period
until payment of a previous series within the trust have been paid off. Interest is accrued at an effective yield.
(h) Identifies issues considered to be illiquid as to their marketability (see Note 1 to the financial statements).
Information concerning such security holdings as of April 30, 1996, is as follows:
Security Acqusition Purchase
date Cost
__________________________________________________________________________________
Adams Outdoor Advertising
10.75%, 2006 03-05-96 $100,000
American United Life
7.75%, 2026 02-13-96 200,000
Continental Air
6.94%, 2015 01-24-96 400,000
(i) Pay-in-kind securities are securities in which the issuer has the option to make interest payments in
cash or in additional securities. These securities issued as interest usually have the same terms,
including maturity date, as the pay-in-kind securities.
(j) At April 30, 1996, the cost of securities for federal income tax purposes was approximately $53,654,700 and the approximate
aggregate gross unrealized appreciation and depreciation based on that cost was:
Unrealized appreciation $1,393,538
Unrealized depreciation (914,234)
__________________________________________________________________________________
Net unrealized appreciation $ 479,304
__________________________________________________________________________________
</TABLE>
<PAGE>
PAGE 46
<TABLE>
<CAPTION>
IDS Life Series Fund, Inc. (Percentages represent value of investments
April 30, 1996 compared to total net assets)
Money Market Portfolio
Short-term securities (99.6%)
Issuer Annualized Amount Value(a)
yield on payable at
date of maturity
purchase
__________________________________________________________________________________
<S> <C> <C> <C>
Commercial paper (94.7%)
Automotive & related (4.9%)
USL Capital
06-06-96 5.33% $700,000 $ 696,290
__________________________________________________________________________________
Beverages & tobacco (5.0%)
PepsiCo
05-29-96 5.33 725,000(b) 722,011
__________________________________________________________________________________
Commercial finance (2.8%)
Ciesco LP
05-30-96 5.30 400,000 398,299
__________________________________________________________________________________
Computers & office equipment (5.0%)
Hewlett-Packard
07-29-96 5.41 725,000 715,447
__________________________________________________________________________________
Energy (4.8%)
Chevron Transportation
06-28-96 5.34 700,000(b) 694,045
__________________________________________________________________________________
Financial services (35.8%)
A.I. Credit
06-04-96 5.33 725,000 721,371
Avco
05-06-96 5.34 700,000 699,483
Fleet Funding
05-16-96 5.38 700,000(b) 698,440
General Electric Capital
08-08-96 5.39 700,000 689,798
Merrill Lynch
07-22-96 5.36 500,000 493,964
PACCAR Financial
05-15-96 5.33 700,000 698,554
Penney (JC) Funding
05-17-96 5.33 730,000 728,277
USAA Capital
06-05-96 5.30 400,000 397,951
Total 5,127,838
__________________________________________________________________________________
See accompaning notes to investments in securities.
<PAGE>
PAGE 47
Food (4.8%)
CPC Intl
08-16-96 5.35 700,000(b) 689,035
__________________________________________________________________________________
Health care (8.6%)
Glaxo Wellcome
07-23-96 5.34 600,000(b) 592,710
Lilly (Eli)
06-20-96 5.28 650,000 645,297
Total 1,238,007
__________________________________________________________________________________
Insurance (8.4%)
Pacific Mutual Life
05-01-96 5.32 500,000 500,000
SAFECO Credit
05-20-96 5.35 700,000 698,034
Total 1,198,034
__________________________________________________________________________________
Media (4.9%)
Gannett
05-22-96 5.30 700,000 697,844
__________________________________________________________________________________
Transportation (4.8%)
Norfolk Southern
07-08-96 5.32 700,000(b) 693,058
__________________________________________________________________________________
Utilities - electric (4.9%)
Northern States Power
05-23-96 5.29 700,000 697,746
__________________________________________________________________________________
Total commercial paper
(Cost: $13,567,654) $13,567,654
__________________________________________________________________________________
Letter of Credit (4.9%)
Bank of America-
AES Barbers Point
05-03-96 5.34 700,000 699,793
Total letter of credit
(Cost: $699,793) $ 699,793
__________________________________________________________________________________
Total investments in securities
(Cost: $14,267,447)(c) $14,267,447
__________________________________________________________________________________
Notes to investments in securities
(a) Securities are valued by procedures described in Note 1 to the financial statements.
(b) Commercial paper sold within terms of a private placement memorandum, exempt from
registration under section 4(2) of the Securities Act of 1933, as amended, and may be sold
only to dealers in that program or other "accredited investors." This security has been
determined to be liquid under guidelines established by the board.
(c) At April 30, 1996, this also represents the cost of securities for federal income tax purposes.
</TABLE>
<PAGE>
PAGE 48
<TABLE>
<CAPTION>
IDS Life Series Fund, Inc. (Percentages represent value of
Apri1 30, 1996 investments compared to total net assets)
Managed Portfolio
Bonds (33.1.%)
Issuer Coupon Maturity Principal Value(a)
rate year amount
__________________________________________________________________________________
<S> <C> <C> <C> <C>
U.S. government obligations (7.9%)
U.S. Treasury Bonds 5.625% 2000 $3,600,000 $ 3,490,488
6.25 2023 1,600,000 1,443,856
6.50 2005 1,800,000 1,775,160
7.25 2016 1,000,000 1,019,080
7.50 2005 2,000,000 2,104,680
9.375 2006 1,830,000 2,178,450
10.375 2012 1,600,000 2,032,880
U.S. Treasury Notes 5.75 2003 4,350,000 4,135,849
7.125 1999 2,850,000(l) 2,920,993
7.50 2001 85,000 88,977
7.75 2000 3,700,000 3,871,125
Total 25,061,538
__________________________________________________________________________________
Mortgage-backed securities (5.5%)
Federal Home Loan Mtge Corp 8.00 2022 576,239 583,085
8.00 2024 534,352 540,700
Federal Natl Mtge Assn 5.50 2009 1,945,085 1,808,929
6.00 2024 1,881,497 1,715,097
6.50 2010 1,812,129 1,756,641
6.50 2025 1,174,057 1,102,146
7.00 2025 988,922 954,003
7.00 2025 2,462,978 2,376,010
7.00 2026 984,240 949,486
7.00 2026 1,009,999 973,387
7.50 2025 1,000,000(m) 987,500
8.00 2022 245,935 248,549
8.50 2023 354,062 363,909
8.50 2025 954,382 980,923
9.00 2024 182,905 191,251
Series Z 6.50 2023 289,257(j) 224,779
7.00 2016 1,291,651(j) 1,236,562
Merrill Lynch Mtge Investors 8.29 2021 400,000(h) 355,625
Total 17,348,582
__________________________________________________________________________________
Aerospace & defense (0.8%)
Airplanes GPA Cl D 10.875 2019 300,000 313,500
Alliant Techsystem
Sr Sub 11.75 2003 300,000 327,375
BE Aerospace
Sr Sub 9.875 2006 400,000(h) 401,000
Northrop Grumman 7.75 2016 500,000(h) 478,045
See accompanying notes to investments in securities.
<PAGE>
PAGE 49
Sequa 9.625 1999 500,000 508,750
United Technologies 8.875 2019 300,000 343,065
Total 2,371,735
__________________________________________________________________________________
Airlines (0.5%)
AMR 9.75 2021 800,000 928,328
Continental Air Lines 6.94 2015 500,000(g) 474,625
United Air Lines 10.67 2004 200,000 232,892
Total 1,635,845
__________________________________________________________________________________
Automotive related (--%)
GMAC 8.375 1997 65,000 66,676
__________________________________________________________________________________
Banks and savings & loans (0.8%)
First Bank System 6.875 2007 1,000,000 961,470
First Nationwide Bank
Sr Nts 12.50 2003 350,000(h) 357,000
First USA Bank 6.88 1996 300,000 300,459
Norwest 6.375 2002 800,000 783,384
Riggs Natl
Sub Nts 8.50 2006 100,000 101,625
Total 2,503,938
__________________________________________________________________________________
Building materials (0.5%)
AAF-McQuay
Sr Nts 8.875 2003 500,000 483,125
Pulte 7.00 2003 500,000 472,640
Schuller Intl Group 10.875 2004 250,000 271,250
Southdown
Sr Sub Nts 10.00 2006 200,000(h) 201,000
Total 1,428,015
__________________________________________________________________________________
Communications equipment (0.3%)
Geotek Communications
Cv 12.00 2001 250,000(g,h) 300,000
GST Telecommunications
Zero Coupon Cv with warrants 13.875 2005 450,000(e,h) 275,000
TCI Communications
Cv Sr Deb 4.50 2006 250,000 234,687
Total 809,687
__________________________________________________________________________________
Computers & office equipment (0.2%)
Unisys 15.00 1997 550,000 585,750
__________________________________________________________________________________
Electronics (0.3%)
Reliance Electric 6.80 2003 500,000 495,595
Thomas & Betts 6.50 2006 400,000 374,284
Total 869,879
__________________________________________________________________________________
Energy (0.6%)
BP North America 9.50 1998 140,000 146,714
Honam Oil Refinery 7.125 2005 1,000,000(h) 957,310
Parker & Parsley 8.25 2007 500,000 498,810
Standard Oil 9.00 2019 300,000 317,751
Total 1,920,585
__________________________________________________________________________________
Energy equipment & services (0.3%)
Foster Wheeler 6.75 2005 1,000,000 953,430
__________________________________________________________________________________
Financial services (1.1%)
AVCO Financial 7.25 1999 250,000 255,015
Carco Auto
Asset-backed obligation 7.875 1998 250,000 250,655
Corporate Property Investors 7.18 2013 500,000(h) 470,370
First Union REIT 8.875 2003 300,000 285,750
GE Capital
Reset Nt 8.65 1996 250,000(i) 249,048
KFW Intl Finance 8.00 2010 250,000 268,618
Olympic Financial 13.00 2000 400,000 433,500
<PAGE>
PAGE 50
Property Trust of America REIT 7.50 2014 750,000 679,980
Salomon Brothers 6.75 2006 500,000 455,785
Standard Credit Card Trust 8.625 2002 250,000 254,475
Total 3,603,196
__________________________________________________________________________________
Food (0.1%)
Specialty Foods 10.25 2001 400,000(h) 365,000
__________________________________________________________________________________
Foreign (3.2%)(c)
Banca Italy N.Y.
(U.S. Dollar) 8.25 2007 500,000 503,160
Banco Nacional de Comercio Exterior
(U.S. Dollar) 7.25 2004 500,000 415,625
Bank of China
(U.S. Dollar) 8.25 2014 300,000 273,717
China Light & Power
(U.S. Dollar) 7.50 2006 500,000 492,085
Clearnet Communications
(U.S. Dollar)
Zero Coupon Cv with warrants 14.75 2000 400,000(e) 246,000
Fresh Del Monte
(U.S. Dollar) 10.00 2003 500,000 469,375
Govt of Poland
(U.S. Dollar) 3.75 2014 260,000(i) 199,387
(U.S. Dollar) 6.81 2024 250,000 232,344
Govt Trust Certificate Israel
(U.S. Dollar) 9.25 2001 275,000 297,129
Guang Dong Enterprise
(U.S. Dollar) 8.75 2003 750,000(h) 682,178
Korea Electric Power
(U.S. Dollar) 7.75 2013 250,000 245,820
Mexican U.S.
(U.S. Dollar) 6.25 2019 600,000 397,500
(U.S. Dollar) 7.25 2019 250,000(i) 200,937
Mutual Risk Management
(U.S. Dollar)Zero Coupon Cv 7.03 2015 1,200,000(e,h) 448,500
Petronas
(U.S. Dollar) 7.75 2015 850,000(h) 845,640
Pueblo Xtra Intl
(U.S. Dollar)Sr Nts 9.50 2003 400,000 369,000
Quno
(U.S. Dollar) 9.125 2005 400,000 397,000
Reliance Industries
(U.S. Dollar) 8.125 2005 250,000(h) 243,195
Republic of Argentina
(U.S. Dollar) 6.31 2005 350,000(i) 267,094
Republic of Brazil
(U.S. Dollar) 6.875 2012 1,200,000(i) 774,750
(U.S. Dollar) 6.81 2024 500,000(i) 338,437
Republic of Columbia
(U.S. Dollar) 7.25 2004 500,000 464,775
Republic of Italy
(U.S. Dollar) 6.875 2023 350,000 307,524
Rogers Cable System
(Canadian Dollar) 9.65 2014 600,000 379,063
State of Israel
(U.S. Dollar) 6.375 2005 350,000 326,952
Telekom Malaysia
(U.S. Dollar) 7.875 2025 425,000(h) 422,272
Total 10,239,459
__________________________________________________________________________________
Furniture (0.1%)
Interface
Sr Sub Nts 9.50 2005 400,000 393,000
__________________________________________________________________________________
Health care (0.6%)
Johnson & Johnson 8.00 1998 1,000,000 1,005,470
Lilly (Eli) 6.77 2036 500,000 452,730
Schering-Plough
Zero Coupon 7.31 1996 350,000(d,h) 338,191
Total 1,796,391
__________________________________________________________________________________
Health care services (0.5%)
Columbia/HCA Healthcare 7.69 2025 400,000 391,316
Merit Behavioral Care
Sr Sub Nts 11.50 2005 350,000 367,062
<PAGE>
PAGE 51
Tenet Healthcare
Sr Sub 10.125 2005 800,000 858,000
Total 1,616,378
__________________________________________________________________________________
Industrial machines & services (0.4%)
Case 7.25 2005 850,000 838,644
Specialty Equipment
Sr Sub Deb 11.375 2003 500,000 514,375
Total 1,353,019
__________________________________________________________________________________
Industrial transportation (0.2%)
Burlington Northern Santa Fe 7.00 2025 500,000 450,285
Teekay Shipping 8.32 2008 300,000 286,500
Total 736,785
__________________________________________________________________________________
Insurance (1.1%)
Aetna Life & Casualty 7.25 2023 500,000 467,430
American United Life 7.75 2026 500,000(g,h) 462,005
Americo Life 9.25 2005 600,000 581,250
Equitable Life Assurance 7.70 2015 300,000(h) 292,584
General American Life
Sub Cap Nts 7.625 2024 500,000(h) 442,830
New England Mutual
Credit Sensitive Nts 7.875 2024 250,000(h) 240,843
Principal Mutual 8.00 2044 250,000(h) 232,207
SunAmerica
Medium Term Nts 7.34 2005 700,000 694,316
Total 3,413,465
__________________________________________________________________________________
Leisure time & entertainment (0.5%)
Alliance Entertainment 11.25 2005 250,000(h) 252,188
Plitt Theaters
Sr Sub Nts 10.875 2004 500,000 510,000
Premier Parks 12.00 2003 300,000 324,750
Trump AC Funding 11.25 2006 350,000 357,875
United Artists Theatre 9.30 2015 250,000(h) 236,563
Total 1,681,376
__________________________________________________________________________________
Media (2.3%)
Ackerley Communications
Sr Secured Nts 10.75 2003 400,000(h) 417,000
Adelphia Communications
Pay-in-kind 9.50 2004 601,186(k) 536,558
American Telecasting
Zero Coupon Cv 11.75 2000 500,000(e) 325,000
Bell & Howell
Zero Coupon Cv 10.98 2000 1,000,000(e,h) 672,500
Cablevision Systems 9.25 2005 750,000 735,000
Continental Cablevision
Sr Deb 8.875 2005 250,000 265,000
Cox Communication 7.625 2025 750,000 727,350
Echostar Satellite Broadcasting
Zero Coupon Cv 13.125 2000 850,000(e,h) 529,125
News American Holdings 7.50 2000 250,000 253,595
Outdoor Systems
Sr Nts 10.75 2003 400,000 404,000
Paramount Communications 7.00 2003 500,000 464,335
People's Choice TV
Zero Coupon Cv 11.60 2000 250,000(e) 155,000
Tele-Communications 8.75 2023 500,000 472,895
Time Warner Entertainment 8.375 2033 500,000 491,765
Turner Broadcasting System
Sr Nts 8.375 2013 250,000 244,515
Viacom 8.00 2006 500,000 466,250
Total 7,159,888
__________________________________________________________________________________
Metals (0.2%)
Bar Technologies 13.50 2001 500,000(h) 502,500
__________________________________________________________________________________
Miscellaneous (0.7%)
Adams Outdoor Advertising
Sr Nts 10.75 2006 300,000(h) 304,500
Coty 10.25 2005 500,000 523,750
<PAGE>
PAGE 52
KinderKare Learning Center 10.375 2001 250,000 258,750
La Petite Holdings 9.625 2001 600,000 564,000
Norcal Waste Systems
Sr Nts 12.50 2005 500,000(h,i) 522,500
Total 2,173,500
__________________________________________________________________________________
Multi-industry conglomerates(0.2%)
Crane 7.25 1999 250,000 251,688
Mark IV Industries 8.75 2003 400,000 404,000
Total 655,688
__________________________________________________________________________________
Paper & packaging (0.8%)
Federal Paperboard 10.00 2011 250,000 303,295
Gaylord Container
Zero Coupon Cv 11.23 1996 500,000(e) 521,250
International Paper 5.125 2012 250,000 196,250
Plastic Container 10.75 2001 600,000 609,750
Pope and Talbot 8.375 2013 400,000 366,680
Scotia Pacific Holding 7.95 2015 266,291 265,383
Warren (S.D.)
Sr Nts 12.00 2004 400,000 415,000
Total 2,677,608
__________________________________________________________________________________
Restaurants & lodging (0.1%)
Flagstar 10.875 2002 400,000 363,000
__________________________________________________________________________________
Retail (0.6%)
Hills Stores
Sr Nts 12.50 2003 175,000(h) 180,250
Kash N' Karry
Pay-in-kind 11.50 2003 500,000(k) 502,500
Penn Traffic 9.625 2005 300,000 258,000
Penney (JC) 9.05 2001 200,000 217,624
Pep Boys 7.00 2005 500,000 487,545
White Rose Foods
Zero Coupon 26.29 1998 650,000(d) 407,063
Total 2,052,982
__________________________________________________________________________________
Textiles (0.1%)
Dominion Textile USA 9.25 2006 300,000 297,750
__________________________________________________________________________________
Utilities - electric (1.9%)
Alabama Power 9.00 2024 300,000 315,972
California Energy 9.875 2003 250,000 255,937
Cleveland Electric 9.50 2005 250,000 247,165
Commonwealth Edison 8.375 2023 250,000 244,857
El Paso Electric
1st Mtge 8.90 2006 650,000 650,813
First Palo Verde Funding 10.15 2016 400,000 383,208
Jersey Central Power & Light 6.75 2025 1,000,000 877,400
Long Island Lighting 9.75 2021 300,000 302,496
Niagara Mohawk Power 7.75 2006 700,000 615,671
Pacific Gas & Electric
1st Ref Mtge 7.25 2026 700,000 635,243
RGS Funding I & M
Sale Lease-Back Obligation 9.82 2022 208,753 246,385
Salton Sea 7.84 2010 300,000 288,633
Sithe Independence Funding 9.00 2013 150,000(h) 150,945
Texas-New Mexico Power
1st Mtge 9.25 2000 400,000 415,500
Wisconsin Electric Power 6.875 2095 400,000 351,380
Total 5,981,605
__________________________________________________________________________________
Utilities - natural gas (0.3%)
Coastal 7.75 2035 250,000 241,943
10.25 2004 300,000 352,572
Trans Texas Gas
Sr Nts 11.50 2002 400,000 403,000
Total 997,515
__________________________________________________________________________________
Utilities - telephone (0.4%)
BellSouth 7.00 2095 500,000 460,505
GTE 9.375 2000 400,000 437,096
<PAGE>
PAGE 53
Mountain States Tel & Tel 5.50 2005 80,000 70,218
New England Tel & Tel 6.375 2008 70,000 64,679
New York Telephone 4.875 2006 130,000 110,010
Total 1,142,508
__________________________________________________________________________________
Total bonds
(Cost: $105,472,652) $104,758,273
__________________________________________________________________________________
Common stocks (51.0%)
Issuer Shares Value(a)
__________________________________________________________________________________
Aerospace & defense (3.7%)
Boeing 41,000 $ 3,367,125
General Motors, Cl H 30,000 1,833,750
Lockheed Martin 30,000 2,418,750
Precision Castparts 48,000 2,082,000
United Technologies 17,800 1,966,900
Total 11,668,525
__________________________________________________________________________________
Airlines (0.5%)
Southwest Airlines 56,000 1,666,000
__________________________________________________________________________________
Automotive related (1.5%)
Ford Motor 17,000 609,875
General Motors 12,000 651,000
Goodyear Tire & Rubber 16,000 834,000
Snap-On 53,000 2,544,000
Total 4,638,875
__________________________________________________________________________________
Banks and savings & loans (2.2%)
Bank One 18,700 649,825
BankAmerica 13,000 984,750
Citicorp 29,800 2,346,750
First Union 28,500 1,752,750
Washington Mutual 44,000 1,221,000
Total 6,955,075
__________________________________________________________________________________
Beverages & tobacco (1.8%)
Coca-Cola 13,400 1,092,100
PepsiCo 32,000 2,032,000
Philip Morris 28,000 2,523,500
Total 5,647,600
__________________________________________________________________________________
Building materials (1.3%)
Tyco Intl 108,300 4,183,088
__________________________________________________________________________________
Chemicals (1.1%)
Morton Intl 33,000 1,167,375
Praxair 59,000 2,278,875
Total 3,446,250
__________________________________________________________________________________
Computers & office equipment (4.6%)
Checkfree 89,300(b) 1,719,025
Cisco Systems 40,000(b) 2,075,000
Compaq Computer 24,000(b) 1,119,000
Computer Sciences 42,000(b) 3,108,000
First Data 17,000 1,292,000
Hewlett-Packard 10,000 1,058,750
IBM 12,000 1,290,000
Oracle 20,000(b) 675,000
Sterling Software 27,000(b) 2,099,250
Total 14,436,025
__________________________________________________________________________________
Electronics (1.0%)
Intel 30,000 2,032,500
Itron 20,000(b) 1,175,000
Total 3,207,500
__________________________________________________________________________________
Energy (0.5%)
Amoco 22,000 1,606,000
__________________________________________________________________________________
<PAGE>
PAGE 54
Energy equipment & services (1.7%)
Baker Hughes 33,000 1,047,750
Input/Output 70,000(b) 2,432,500
McDermott Intl 63,000 1,323,000
Reading & Bates 30,000(b) 735,000
Total 5,538,250
__________________________________________________________________________________
Financial services (1.6%)
Natl Auto Credit 63,800(b) 909,150
Schwab (Charles) 55,000 1,347,500
Travel/Aetna Property Casualty 24,200(b) 668,525
Travelers Group 34,000 2,091,000
Total 5,016,175
__________________________________________________________________________________
Food (0.4%)
Sara Lee 45,000 1,395,000
__________________________________________________________________________________
Foreign (1.6%)
Mutual Risk Management 32,000 1,264,000
SGS-Thompson Microelectronics 20,000(b) 940,000
Telefonica de Espana 41,000 2,157,625
Toyota Motor ADR 18,000 819,000
Total 5,180,625
__________________________________________________________________________________
Health Care (5.8%)
American Home Products 28,500 3,006,750
Amgen 30,000(b) 1,725,000
Forest Labs 17,000(b) 784,125
Guidant 25,000 1,403,125
Johnson & Johnson 28,200 2,608,500
Merck 43,000 2,601,500
Perclose 50,000(b) 1,025,000
Pharmacia & Upjohn 37,000 1,415,250
Pfizer 29,500 2,031,813
Schering Plough 30,600 1,755,675
Total 18,356,738
__________________________________________________________________________________
Health care services (1.8%)
Columbia Healthcare 39,000 2,071,875
Service Corp Intl 48,000 2,550,000
Stewart Enterprises 21,500 983,625
Total 5,605,500
__________________________________________________________________________________
Household products (1.1%)
Avon Products 25,500 2,266,312
Revlon 40,000(b) 1,080,000
Revlon Group 8,000 210,000
Total 3,556,312
__________________________________________________________________________________
Industrial machines & services (2.1%)
AGCO 51,000 1,287,750
Caterpillar 15,000 960,000
Greenfield Inds 77,000 2,926,000
Pentair 35,000 953,750
WMX Technologies 19,000 660,250
Total 6,787,750
__________________________________________________________________________________
Insurance (1.9%)
Exel 23,000 1,656,000
Risk Capital Holdings 44,400(b) 882,450
UNUM 55,800 3,320,100
Total 5,858,550
__________________________________________________________________________________
Media (1.9%)
Sinclair Broadcasting 41,500(b) 1,582,187
Liberty Media Cl A 26,250(b) 718,594
Time Warner 90,000 3,678,750
Total 5,979,531
__________________________________________________________________________________
<PAGE>
PAGE 55
Metals (1.7%)
ALCOA 40,500 2,526,188
UCAR Intl 70,000(b) 2,870,000
Total 5,396,188
__________________________________________________________________________________
Miscellaneous industry (0.7%)
Federal Signal 87,000 2,272,875
__________________________________________________________________________________
Multi-industry conglomerates(1.9%)
Alco Standard 48,600 2,812,725
Emerson Electric 38,000 3,177,750
Total 5,990,475
__________________________________________________________________________________
Paper & packaging (1.8%)
Crown Cork & Seal 42,500 2,002,812
James River 71,000 1,899,250
Kimberly-Clark 24,000 1,743,000
Total 5,645,062
__________________________________________________________________________________
Restaurants & lodging (1.0%)
Boston Chicken 45,000(b) 1,440,000
Red Lion 80,900(b) 1,779,800
Total 3,219,800
__________________________________________________________________________________
Retail (2.7%)
Albertson's 40,000 1,540,000
Barnes & Noble 40,000(b) 1,385,000
Gap 80,000 2,410,000
Home Depot 19,000 900,125
Nordstrom 12,000 610,500
Rite Aid 56,500 1,673,813
Total 8,519,438
__________________________________________________________________________________
Textiles & apparel (1.2%)
Gucci 37,700(b) 2,049,937
Tommy Hilfiger 36,000(b) 1,638,000
Total 3,687,937
__________________________________________________________________________________
Utilities - electric (0.4%)
CMS Energy 46,000 1,339,750
__________________________________________________________________________________
Utilities - natural gas (0.5%)
Enron 39,000 1,569,750
__________________________________________________________________________________
Utilities - telephone (1.0%)
AirTouch Communications 39,000(b) 1,218,750
WorldCom 43,000(b) 2,021,000
Total 3,239,750
__________________________________________________________________________________
Total common stocks
(Cost: $129,397,589) $161,610,394
__________________________________________________________________________________
Preferred stocks (1.2%)
Issuer Shares Value(a)
__________________________________________________________________________________
Alco Standard
6.50% Cm Cv 16,000 $ 1,584,000
Cablevision Systems
Pay-in-kind 5,071(h,k) 496,965
11.125%
First Nationwide Bank
11.50% 1,000 112,250
Greenfield Capital Trust
3% Cm Cv 25,000(h) 1,431,250
National Health Investors
8.50% Cv 10,000 301,250
__________________________________________________________________________________
Total preferred stocks
(Cost: $3,348,349) $ 3,925,715
__________________________________________________________________________________
</TABLE>
<PAGE>
PAGE 56
<TABLE><CAPTION>
Short-term securities (15.2%)
Issuer Annualized Amount Value(a)
yield on payable at
date of maturity
purchase
__________________________________________________________________________________
<S> <C> <C> <C>
U.S. government agency (0.4%)
Federal Home Loan Mtge Corp Disc Note
5-10-96 5.28% $1,300,000 $ 1,298,291
__________________________________________________________________________________
Commercial paper (14.8%)
A.I. Credit
05-14-96 5.28% 1,600,000 1,596,955
Albertson's
05-08-96 5.35 4,500,000 4,495,345
Ameritech
05-10-96 5.29 500,000(f) 499,340
CPC Intl
08-16-96 5.35 1,000,000(f) 983,500
Campbell Soup
05-14-96 5.32 1,200,000 1,197,703
Coca-Cola
06-14-96 5.31 400,000 396,145
Fleet Funding
05-16-96 5.38 3,900,000(f) 3,891,306
06-10-96 5.32 1,000,000(f) 994,122
Ford Motor Credit
05-09-96 5.35 800,000 799,054
06-14-96 5.31 4,000,000 3,962,282
GE Capital
08-08-96 5.39 4,600,000 4,529,722
Hewlett-Packard
07-29-96 5.41 1,800,000 1,775,250
Merrill Lynch
07-22-96 5.36 5,000,000 4,935,222
Norfolk Southern
07-08-96 5.32 4,800,000(f) 4,749,400
Penney (J.C.) Funding
05-24-96 5.34 2,000,000 1,993,215
05-28-96 5.30 2,200,000 2,191,288
Transamerica Financial
06-07-96 5.31 4,300,000 4,276,665
USL Capital
05-20-96 5.34 400,000 398,877
USAA Capital
06-05-96 5.30 3,100,000 3,084,117
Total 46,749,508
__________________________________________________________________________________
Total short-term securities
(Cost: $48,073,657) $ 48,047,799
__________________________________________________________________________________
Total investments in securities
(Cost: $286,292,247)(n) $318,342,181
__________________________________________________________________________________
Notes to investments in securities
(a) Securities are valued by procedures described in Note 1 to the financial statements.
(b) Presently non-income producing.
(c) Foreign securities values are stated in U.S. dollars. For debt securities, principal amounts are denominated in the currency
indicated.
(d) For zero coupon bonds, the interest rate disclosed represents the annualized effective yield on the date of acquisition.
(e) For those zero coupon bonds that become coupon paying at a future date, the interest rate disclosed represents the annualized
effective yield from the date of acquisition to interest reset date disclosed.
(f) Commercial paper sold within terms of a private placement memorandum, exempt from registration under section 4(2) of the
Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." This
security has been determined to be liquid under guidelines established by the board.
(g) Identifies issues considered to be illiquid (see Note 1 to the financial statements). Information concerning such security
holdings at April 30, 1996, is as follows:
Security Acquisition Cost
date
_______________________________________________________________________________
American United Life
7.75%, 2026 02-13-96 500,000
Continental Air Lines
6.94%, 2015 01-24-95 500,000
Geotek Communications
12.0%, 2001 03-04-96 250,000 <PAGE>
PAGE 57
(h) Represents a security sold under Rule 144A, which is exempt from registration under the Securities Act of 1933, as amended.
Unless otherwise noted, this security has been determined to be liquid under guidelines established by the board.
(i) Interest rate varies either based on a predetermined schedule, or to reflect current market conditions; rate shown is the
effective rate on April 30, 1996.
(j) This security is a collateralized mortgage obligation that pays no interest or principal during its initial accrual period
until payment of a previous series within the trust have been paid off. Interest is accrued at an effective yield, similar to a
zero coupon bond.
(k) Pay-in-kind securities are securities in which the issuer has the option to make interest payments in cash or in additional
securities. These securities issued as interest usually have the same terms, including maturity date, as the pay-in-kind
securities.
(l) Partially pledged as inital deposit on the following open stock index futures purchase contracts (see Note 5 to the financial
statements):
Type of security Contracts
__________________________________________________________________________________
S & P 500, June 1996 65
(m) At April 30, 1996, the cost of securities purchased on a when-issued basis was $987,500.
(n) At April 30, 1996, the cost of securities for federal income tax purposes was $286,342,879 and the aggregate gross unrealized
appreciation and depreciation based on that cost was:
Unrealized appreciation $35,138,521
Unrealized depreciation (3,139,219)
__________________________________________________________________________________
Net unrealized appreciation $31,999,302
__________________________________________________________________________________
</TABLE>
<PAGE>
PAGE 58
<TABLE>
<CAPTION>
IDS Life Series Fund, Inc. Percentages represent value of investments
April 30, 1996 compared to total net assets)
Government Securities Portfolio
Bonds (97.0%)
Issuer Coupon Maturity Principal Value (a)
rate year amount
__________________________________________________________________________________
<S> <C> <C> <C> <C>
U.S. government obligations (67.2%)
Resolution Funding 8.125% 2019 $ 400,000 $ 440,132
RFCO Strips
Zero Coupon 7.18 2009 2,660,000(b) 1,034,926
U.S. Treasury Bonds 6.125 1997 750,000 753,098
10.375 2012 750,000 952,912
U.S. Treasury Notes 7.375 1996 250,000 250,255
7.75 2001 2,210,000 2,330,136
8.875 1999 2,450,000 2,614,444
Total 8,375,903
__________________________________________________________________________________
Mortgage backed securities (29.8%)
Federal Natl Mtge Assn 6.50 2010 453,032 439,160
6.82 2005 1,100,000 1,088,681
7.00 2025 290,803 280,535
8.50 2023-25 1,071,185 1,100,974
9.00 2023 215,566 225,402
Govt Natl Mtge Assn 7.50 2025 485,972 480,505
8.00 2017 92,137 93,375
Total 3,708,632
__________________________________________________________________________________
Total bonds
(Cost: $11,967,807) $12,084,535
__________________________________________________________________________________
Total investments in securities
(Cost: $11,967,807)(c) $12,084,535
__________________________________________________________________________________
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, 1996, the cost of securities for federal income tax purposes was $11,965,032 and the
aggregate gross unrealized appreciation and depreciation based on that cost was:
Unrealized appreciation $206,837
Unrealized depreciation (87,334)
__________________________________________________________________
Net unrealized appreciation $119,503
__________________________________________________________________
</TABLE>
<PAGE>
PAGE 59
<TABLE>
<CAPTION>
IDS Life Series Fund, Inc. (Percentages represent value of
April 30, 1996 investments compared to net assets)
International Equity Portfolio
Common stocks (95.7%)
Issuer Shares Value(a)
____________________________________________________________________
<S> <C> <C>
Argentina (1.1%)
Utilities - telephone
Telecom Argentina ADR 12,000 $ 543,000
____________________________________________________________________
Australia (2.1%)
Metals
Golden Shamrock Mines 600,000 570,309
Pasminco 360,000(b) 526,004
Total 1,096,313
____________________________________________________________________
Austria (1.7%)
Chemicals (0.5%)
BWT 2,000 254,469
Textiles & apparel (1.2%)
Wolford 2,900 630,230
____________________________________________________________________
Bahamas (2.9%)
Industrial transportation (0.8%)
Teekay Shipping 15,000 416,250
Restaurants & lodging (2.1%)
Sun Intl Hotels 25,000(b) 1,068,750
____________________________________________________________________
Belgium (0.8%)
Multi-industry conglomerates
Barco 2,700 425,842
____________________________________________________________________
Brazil (1.8%)
Telecommunications (1.0%)
Telebras ADR 10,000 541,250
Retail (0.8%)
Lojas Arapua ADR 40,000(c) 411,268
____________________________________________________________________
Canada (12.1%)
Chemicals (1.2%)
Asia-Pacific Res 80,000(b) 617,079
Energy (0.5%)
Renaissance Energy 8,900(b) 235,045
Health care (1.9%)
Biovail 35,000(b) 988,750
Metals (7.6%)
American Mineral Fields 35,000 462,809
Arequipa Special Warrants 35,000 509,091
Argosy Mining 267,200(b) 498,577
Bre-X Minerals 800(b) 117,539
Cambior 35,000 491,093
Dayak Goldfield 250,000(b,c) 250,000
Java Gold 250,000(b,c) 250,000
Oliver Gold 300,000(b) 903,579
TVI Pacific 180,000(b,c) 310,743
TVI Pacific 95,000(b) 164,003
Total 3,957,434
Utilities - electric (0.9%)
Centrais ele Bras 38,000(b) 468,920
____________________________________________________________________
Denmark (1.0%)
Multi-industry conglomerates
Sophus Berendsen 4,200(b) 515,302
____________________________________________________________________
France (3.1%)
Chemicals (1.2%)
Compagnie Gen 6,000 652,187
<PAGE>
PAGE 60
Electronics (0.9%)
SGS Thomson Microelectronics 10,000(b) 470,000
Multi-industry conglomerates (1.0%)
Lagardere Group 19,000 509,700
____________________________________________________________________
Hong Kong (13.0%)
Beverage & tobacco (1.8%)
China Apollo 2,000,000(b) 555,878
Vitasoy Intl 1,000,000 387,822
Total 943,700
Building materials (0.2%)
Paul-Y 500,000 106,651
Financial services (2.1%)
Cheung Kong 70,000 499,968
Sun Hung Kai Properties 62,000(b) 591,106
Total 1,091,074
Food (2.5%)
NG Fung Hong 1,100,000 526,145
Tingyi Holdings 2,700,000(b,c) 750,435
Total 1,276,580
Household products (1.2%)
Mondragon Intl 750,000(b) 608,999
Industrial machines (1.1%)
Johnson Electric 260,000 588,197
Leisure time & entertainment (0.9%)
Harbour Ring 4,500,000 494,474
Multi-industy conglomerates (1.0%)
Henderson China 180,000(b) 499,127
Retail (1.1%)
Guangnan 1,000,000(b) 568,806
Textiles & apparel (1.1%)
Chaifa 2,000,000 555,878
____________________________________________________________________
India (1.2%)
Automotive & Related
Mahindra & Mahindra 10,500 110,250
Bajaj Auto 15,000 536,250
Total 646,500
____________________________________________________________________
Indonesia (6.9%)
Banks and savings & loans (1.2%)
Modernbank 700,000 631,036
Food (1.9%)
Pt Smart 750,000(b) 587,573
Sekar Bumi 500,000(b) 407,813
Total 995,386
Industrial transporation (1.5%)
Steady Safe Transportation 500,000(b) 745,868
Metals (1.6%)
Pt Tambang Timah 50,000(b,c) 859,500
Miscellaneous (0.8%)
Kawason Inds 195,000 393,432
____________________________________________________________________
Italy (2.6%)
Banks and savings & loans (1.0%)
Credit Italiano 430,000 548,122
Energy (1.2%)
ENI 150,000(b) 647,585
<PAGE>
PAGE 61
Paper & packaging (0.4%)
Industria Macchine Automatic 26,000(b) 182,923
____________________________________________________________________
Japan (4.6%)
Building materials (1.0%)
Taisei 65,000 503,322
Electronics (0.9%)
NEC 38,000 483,151
Furniture & appliances (0.5%)
Matsushita Electric 15,000 265,284
Media (1.0%)
Dai Nippon Printing 26,000 489,651
Textiles & apparel (1.2%)
World 15,000 629,511
____________________________________________________________________
Malaysia (2.1%)
Industrial machines (1.0%)
United Engineers 78,000 534,911
Industrial transportation (1.1%)
Malaysian Resources 225,000 577,501
____________________________________________________________________
Mexico (--%)
Restaurants & lodging
Grupo Posadas rights 3,182,666(b) 3
____________________________________________________________________
Norway (2.4%)
Health care (1.4%)
Hafslund Nycomed 26,000 734,500
Telecommunications (1.0%)
Nera Telecommunications 14,000 514,500
____________________________________________________________________
Philippines (9.0%)
Banks and savings & loans (1.1%)
Philippine Savings 240,000 586,932
Beverages & tobacco (0.7%)
Cosmo Bottling 3,000,000 338,172
Building materials (4.8%)
Alsons Cement 1,162,000(b,c) 543,924
C & P Homes 600,000 515,858
Davao Union Cement 2,390,000 831,065
Fil-estate 600,000(b) 630,493
Total 2,521,340
Financial services (1.0%)
Filinvest 600,000(b,c) 527,321
Paper & packaging (1.4%)
Intl Container Terminal Services 1,000,000(b) 697,363
____________________________________________________________________
Singapore (2.9%)
Electronics (1.9%)
Clipsal Inds 210,000 518,700
Flex Tech 800,000 483,812
Total 1,002,512
Food (1.0%)
Cerebos Pacific 60,000 542,156
____________________________________________________________________
South Africa (2.1%)
Energy (1.2%)
Energy Africa GDS 50,000(b) 612,500
Restaurants & lodging (0.9%)
Sun Intl 350,000 443,979
____________________________________________________________________
Spain (1.0%)
Utilities-telephone
Telefonica de Espana ADR 10,000 526,250
____________________________________________________________________
<PAGE>
PAGE 62
Sweden (2.2%)
Banks and savings & loans (0.6%)
Nordbanken ADR 9,000(b,c) 307,125
Metals (1.0%)
Hoganas 16,000 530,778
Miscellaneous (0.6%)
Medical Investment 15,000 287,504
____________________________________________________________________
Thailand (2.5%)
Building materials (1.1%)
Italian Thailand Development 60,000(b) 551,450
Industrial transporation (0.8%)
Precious Shipping 80,000 437,357
Leisure time & entertainment (0.6%)
Grammy Entertainment 26,300(b) 327,102
____________________________________________________________________
United Kingdom (13.6%)
Automotive & related (1.1%)
BBA Group 110,000(b) 575,846
BBA Group 1,436(b,d) 7,517
Total 583,363
Computers & office equipment (2.2%)
JBA Holdings 83,000 639,267
Psion 30,000(b) 516,727
Total 1,155,994
Health care (2.4%)
British Biotech 20,000(b) 880,016
Medeva ADR 25,000 381,250
Total 1,261,266
Metals (1.1%)
Ashanti Goldfields 25,000 546,875
Multi-industry conglomerates (4.6%)
Capita Group 60,000 322,221
Davis Service 140,000 526,505
Hays 100,000 648,353
Serco Group 40,000 314,098
Thorn 20,360 564,466
Total 2,375,643
Restaurants & lodging (1.2%)
Millennium & Copthorn 33,500(b) 647,060
Utilities - electric (1.0%)
National Power 15,000 502,500
____________________________________________________________________
United States (3.0%)
Metals (2.2%)
Firstmiss Gold 15,000(b) 461,250
Pittston Minerals 50,000 675,000
Total 1,136,250
Paper & packaging (0.8%)
Cronos 50,000(b) 437,500
Total common stocks
(Cost: $44,043,986) $49,804,253
<PAGE>
PAGE 63
____________________________________________________________________
Bonds (1.2%)
Issuer and Principal Value(a)
coupon rate amount
____________________________________________________________________
Hong Kong (1.2%)
Multi-industry
China Res
(U.S. Dollar)
3.00% Cv 2005 $500,000(c) $ 605,000
Total bonds (Cost: $500,000) $ 605,000
____________________________________________________________________
</TABLE>
<TABLE>
<CAPTION>
Short-term securities (5.8%)
Issuer Annualized Amount Value(a)
yield on payable at
date of maturity
purchase
_______________________________________________________________________________
<S> <C> <C> <C>
U.S. government agency (4.1%)
Federal Home Loan Bank Disc Nts
05-08-96 5.23% $300,000 $ 299,696
05-08-96 5.27 510,000 509,480
Federal Home Loan Mtge Corp Disc Nts
05-09-96 5.10 486,000 485,364
06-24-96 5.26 360,000 355,834
U.S. Treasury Bills
08-01-96 4.91 500,000 493,599
Total 2,143,973
_______________________________________________________________________________
Commercial paper (1.7%)
Merrill Lynch 5.35 900,000 900,000
05-01-96
_______________________________________________________________________________
Total short-term securities
(Cost: $3,045,721) $ 3,043,973
_______________________________________________________________________________
Total investments in securities
(Cost: $47,589,707)(e) $53,453,226
_______________________________________________________________________________
Notes to investments in securities
(a) Securities are valued by procedures described in Note 1 to the financial statements.
Foreign security values are stated in U.S. Dollars.
(b) Presently non-income producing.
(c) Represents a security sold under Rule 144A, which is exempt from registration under
the Securities Act of 1933, as amended. This security has been determined to be liquid
under guidelines established by the board of directors.
(d) Identifies issues considered to be illiquid (Note 1 to the financial statements).
Information concerning such security holdings at April 30, 1996 is as follows:
Security Acquisition Date Cost
_________________________________________________________________________
BBA Group 03-11-96 7,041
(e) At April 30, 1996, the cost of securities for federal income tax purposes was $47,640,016
and the aggregate gross unrealized appreciation and depreciation based on that cost was:
Unrealized appreciation $6,577,615
Unrealized depreciation (764,405)
___________________________________________________________________
Net unrealized appreciation $5,813,210
___________________________________________________________________
</TABLE>
<PAGE>
PAGE 64
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 65
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 brown 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.
