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074 L000600 572
074 M000600 0
074 N000600 219103
074 O000600 289
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 1241
074 S000600 0
074 T000600 217573
074 U010600 11868
074 U020600 0
074 V010600 18.33
074 V020600 0.00
074 W000600 0.0000
074 X000600 0
074 Y000600 0
075 A000600 0
075 B000600 177599
076 000600 0.00
SIGNATURE MARY ELLEN MINENKO
TITLE COUNSELOR
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<NAME>EQUITY PORTFOLIO
<S> <C>
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<TABLE> <S> <C>
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<NAME> INCOME PORTFOLIO
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<INVESTMENTS-AT-VALUE> 82590561
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<PAYABLE-FOR-SECURITIES> 1348435
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<PAID-IN-CAPITAL-COMMON> 80645658
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<ACCUMULATED-NET-GAINS> 574861
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1531890
<NET-ASSETS> 82773281
<DIVIDEND-INCOME> 6664
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<EXPENSES-NET> 551912
<NET-INVESTMENT-INCOME> 4972299
<REALIZED-GAINS-CURRENT> 575895
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<NET-CHANGE-FROM-OPS> 6918921
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4972299
<DISTRIBUTIONS-OF-GAINS> 287088
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<SHARES-REINVESTED> 512508
<NET-CHANGE-IN-ASSETS> 16028523
<ACCUMULATED-NII-PRIOR> 19838
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<GROSS-EXPENSE> 551912
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<PER-SHARE-NAV-BEGIN> 10.03
<PER-SHARE-NII> .69
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</TABLE>
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 3
<NAME> MONEY MARKET PORTFOLIO
<S> <C>
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<OVERDISTRIBUTION-GAINS> 969
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<NET-INVESTMENT-INCOME> 1575961
<REALIZED-GAINS-CURRENT> (159)
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</TABLE>
<TABLE> <S> <C>
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<NAME> MANAGED PORTFOLIO
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE>6
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<NUMBER> 5
<NAME>GOVERNMENT SECURITIES PORTFOLIO
<S> <C>
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</TABLE>
<TABLE> <S> <C>
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<NAME>INTERNATIONAL EQUITY PORTFOLIO
<S> <C>
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</TABLE>
Independent Auditors' Report on Internal Accounting Control
The Board of Trustees
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, 1998, we considered their internal
control, including control activities 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.
The management of IDS Life Series Fund, Inc. is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's objective
of preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of internal control 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 would not necessarily disclose
all matters in the internal control 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 one or more of the internal control components 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 and its
operation, including controls for safeguarding securities, that we
consider to be a material weakness as defined above.
This report is intended solely for the information and use of management,
the Board of Dorectors of IDS Life Series Fund, Inc., and the Securities
and Exchange Commission.
KPMG Peat Marwick LLP
Minneapolis, Minnesota
June 5, 1998
