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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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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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SIGNATURE MARY ELLEN MINENKO
TITLE COUNSELOR
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> INTERNATIONAL EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 233523553
<INVESTMENTS-AT-VALUE> 281075909
<RECEIVABLES> 2954351
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<SHARES-COMMON-PRIOR> 11867740
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<ACCUMULATED-NET-GAINS> 5393850
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 283001239
<DIVIDEND-INCOME> 2742425
<INTEREST-INCOME> 2253735
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<NET-INVESTMENT-INCOME> 2451845
<REALIZED-GAINS-CURRENT> 5306165
<APPREC-INCREASE-CURRENT> 13907417
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</TABLE>
EXHIBIT 77D
for IDS Life Series Fund, Inc.
At a board of Directors' meeting held on January 26th, 1999, the following
investment policy was eliminated from the Equity and Income Portfolios:
The portfolio will not invest in interests in oil, gas and other mineral
exploration or development programs.
At the same meeting, the following investment policy was eliminated from the
Managed Portfolio:
The portfolio does not intend to invest in exploration or development
programs, such as oil, gas or mineral programs.
At the same meeting, the investment policy regarding investing in illiquid
securities was revised for the Equity and Income Portfolios as follows:
The portfolio will not invest in illiquid securities if, immediately
after making such an investment, more than 10% of the portfolio's net assets,
at market, would be invested in such securities.
At the same meeting, the following investment policy was eliminated from the
Government Securities, International Equity and Managed Portfolios:
The portfolio will not pledge or mortgage its assets beyond 15% of the
cost of its gross [total] assets [taken at cost].
At the same meeting, the following investment policy was eliminated from the
Equity Portfolio:
The portfolio does not intend to invest more than 2% of its net assets in
warrants that are not listed on a national securities exchange. In no event
will the investment in warrants exceed 5% of the portfolio's net assets.
At the same meeting, the following investment policy was eliminated from the
International Equity Portfolio:
No more than 5% of the portfolio's total assets may be invested in
options on individual securities.
At the same meeting, the following investment policy was eliminated from the
Managed Portfolio:
The portfolio will not invest more than 5% of its total assets, taken at
cost, in securities of companies, including any predecessor, which have a
record of less than three years continuous operations.
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, Managed, International Equity, Government Securities,
and Money Market(portfolios within IDS Life Series fund, Inc.) for the year
ended April 30, 1999, 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 materialweakness as defined
above.
This report is intended solely for the information and use of management,
the Board of Directors of IDS Life Series Fund, Inc., and the Securities and
Exchange Commission and is not intended to be and should not be used by
anyone other than these specified parties.
KPMG Peat Marwick LLP
Minneapolis, Minnesota
June 4, 1999
