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<PAGE> PAGE 2
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<PAGE> PAGE 9
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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SIGNATURE MARY ELLEN MINENKO
TITLE COUNSEL
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<NAME> EQUITY PORTFOLIO
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<TABLE> <S> <C>
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<NAME> MONEY MARKET PORTFOLIO
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</TABLE>
<TABLE> <S> <C>
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<NAME> MANAGED PORTFOLIO
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<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
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<NAME> GOVERNMENT SECURITIES PORTFOLIO
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<ACCUM-APPREC-OR-DEPREC> (71,757)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> INTERNATIONAL EQUITY PORTFOLIO
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</TABLE>
Independent Auditors' Report on Internal Accounting Control
The Board of Directors and Shareholders
IDS Life Series Fund, Inc.:
In planning and performing our audit of the financial statements of Equity,
Income, Money Market, Managed, Government Securities and International Equity
Portfolios (portfolios within IDS Life Series Fund, Inc.) for the year ended
April 30, 1997, we considered their internal control structure, including
procedures for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, not to provide assurance on
the internal control structure.
The management of IDS Life Series Fund, Inc. is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit the preparation of financial statements in
conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be a material weakness as defined above as of
April 30, 1997.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
KPMG Peat Marwick LLP
Minneapolis, Minnesota
June 6, 1997
