IDS
Life Series
Fund, Inc.
Offers seven portfolios with separate goals and objectives to provide investment
flexibility for Variable Life Insurance Policies.
References to "Fund" throughout the remainder of this semiannual report refer to
Equity Portfolio, Equity Income Portfolio, Government Securities Portfolio,
Income Portfolio, International Equity Portfolio, Managed Portfolio and Money
Market Portfolio, singularly or collectively as the context requires.
1999 SEMIANNUAL REPORT
AMERICAN EXPRESS Financial Advisors
Managed by IDSLife Insurance Company
<PAGE>
CONTENTS
From the President 3
Equity Portfolio
From the Portfolio Manager 4
The 10 Largest Holdings 5
Equity Income Portfolio
From the Portfolio Manager 6
The 10 Largest Holdings 7
Government Securities Portfolio
From the Portfolio Manager 8
Income Portfolio
From the Portfolio Manager 9
The 10 Largest Holdings 10
International Equity Portfolio
From the Portfolio Manager 11
The 10 Largest Holdings 12
Managed Portfolio
From the Portfolio Managers 13
The 10 Largest Holdings 14
Money Market Portfolio
From the Portfolio Manager 15
All Portfolios
Financial Statements 16
Notes to Financial Statements 24
Investments in Securities 37
<PAGE>
(picture of) Richard W. King
Richard W. King
President
From the President
Diversification and balance continue to be vital elements in a financial
strategy. These elements are provided by combining the seven investment options
of IDS Life Series Fund, Inc. with life insurance protection.
While you may allocate your policy's value among these portfolios, please note
that all seven investment options may not be available under all policies. For
example, the International Equity Portfolio is available only to purchasers of
Flexible Premium Variable Life Insurance (Variable Universal Life and Variable
Second-to-Die) policies.
For a review of portfolio performance during the first half of the fiscal year
(May through October 1999), please consult the portfolio managers' letters that
begin on the next page.
Sincerely,
Richard W. Kling
President
<PAGE>
(picture of) Louis Giglio
Louis Giglio
Portfolio manager
From the Portfolio Manager
Equity Portfolio
Sharp stock selection and a generally good environment for technology-related
stocks set the stage for a substantial gain by the Portfolio during the first
half of the fiscal year. For the six months -- May through October 1999 -- the
Portfolio appreciated 23.09%. (This figure does not reflect expenses that apply
to the variable subaccounts or to the policy.)
It was feast or famine for the stock market and the Fund during the period, as
investors went through several mood swings induced largely by changing
perceptions regarding the outlook for inflation and interest rates. To
illustrate, May was a weak month, but June turned out to be spectacular, as the
Fund enjoyed a gain of about 12%. That was followed by two straight losing
months, a moderate upturn in September, then another big gain in October to
close out the period on a resoundingly positive note.
Much of the volatility resulted from the Fund's heavy emphasis on technology and
telecommunications services/equipment stocks, two sectors that were subject to
considerable price swings. But when they were good, they were very good. Several
holdings, some of which are Internet-related, doubled and even tripled in value
during the six months. Looking at other areas of investment, I kept healthy
exposures to retailing and media, both of which made positive contributions
overall. The financial services sector, on the other hand, was lackluster at
best, and I reduced those holdings as the period progressed.
Among other investment strategies, I invested in many initial public stock
offerings, which clearly enhanced portfolio performance. I also employed a small
amount of derivatives -- specifically, put and call options -- to help establish
or eliminate positions in relatively illiquid stocks. On the whole, this
strategy also benefited performance.
The number of stocks in the portfolio increased somewhat during the period,
roughly from 100 to 130 issues, as I continued to find attractive investment
opportunities. I did, however, trim some larger stocks in order to maintain the
focus on the mid-capitalization area.
Looking toward the next six months, the greatest portion of assets is still in
the technology and telecommunications services/equipment sectors, which boast
the best overall earnings growth in the American economy. While the investment
volatility will almost surely stay with us, I'm optimistic about the potential
for longer-term reward.
Louis Giglio
<PAGE>
The 10 Largest Holdings
Equity Portfolio
Percent Value
(of net assets) (as of Oct. 31, 1999)
JDS Uniphase 4.07% $50,062,499
Univision Communications Cl A 3.11 38,278,125
VeriSign 3.01 37,049,999
Emulex 2.54 31,187,499
COLT Telecom Group ADR 1.93 23,700,000
Cisco Systems 1.89 23,309,999
Amdocs 1.74 21,371,125
Tiffany 1.45 17,850,000
Extreme Networks 1.31 16,062,500
Fiserv 1.30 16,000,000
For further detail about these holdings, please refer to the section entitled
"Investments in securities."
(icon of) pie chart
The 10 holdings listed here
make up 22.35% of net assets
<PAGE>
(picture of) Kurt Winters
Kurt Winters
Portfolio manager
From the Portfolio Manager
Equity Income Portfolio
In a difficult environment for the stock market, Equity Income Portfolio
experienced a small decline in the first half of the fiscal year -- May through
October 1999. For the period, the Portfolio lost 4.58%. (This figure does not
reflect expenses that apply to the variable subaccounts or to the policy.)
With the economy still humming along, inflation remaining under control and
corporations reporting generally healthy profits, the stock market and the Fund
gained ground through June. Especially encouraging was the fact "value" stocks,
which form the foundation of the Fund's holdings, attracted more interest from
investors than has usually been the case in recent years.
The mood of the market began to change in late June, though, as the Federal
Reserve Board (the "Fed"), in an effort to cool off the economy and consequently
avoid an increase in the inflation rate, decided to raise short-term interest
rates slightly. The market briefly resisted the negative effect of the
interest-rate increase, then went into a steady retreat that was reinforced by a
second Fed rate hike in late August. Still, the period did end on a positive
note, thanks to some reassuring data, especially on inflation. As a result, the
market and the Fund enjoyed a healthy rebound in October.
Looking at the holdings, financial services stocks made up the biggest areas of
investment for the Fund. On the whole, they generated mixed results as they were
often hindered by the rise in interest rates.
As for other sectors, technology stocks were highly volatile, but made an
overall positive contribution. Utility stocks also were affected by higher
interest rates, but finished the period with a net gain. Energy-related stocks
produced the best results, as they benefited from a run-up in the price of oil.
Consumer-cyclical stocks, including retailers, were modestly positive
performers. I made only small changes to the investment mix during the period,
the most notable being an increase in technology holdings last summer. I
subsequently reversed that shift in the fall.
With the second half of the fiscal year underway, the stock market is wrestling
with a variety of often-conflicting factors: an economy that appears to remain
quite strong, the possibility of higher inflation and higher interest rates,
questions about the strength of corporate profits, a depreciating U.S. dollar
and the ultimate effect of the Y2K computer situation. In light of the
uncertainty, I plan to maintain a defensive investment approach that centers on
stocks that have the potential to fare relatively well should the market find it
difficult to make progress.
Kurt Winters
<PAGE>
<TABLE>
<CAPTION>
The 10 Largest Holdings
Equity Income Portfolio
Percent Value
(of net assets) (as of Oct. 31, 1999)
<S> <C> <C>
Citigroup 3.02% $21,650
American Intl Group 2.73 19,558
SBC Communications 2.52 18,082
Chevron 2.24 16,071
Morgan Stanley, Dean Witter, Discover & Co 2.23 15,995
Intl Paper 2.22 15,945
AT&T 2.20 15,755
Mobil 2.19 15,730
Bank of America 2.08 14,934
CBS 2.05 14,692
For further detail about these holdings, please refer to the section entitled
"Investments in Securities."
(icon of) pie chart
The 10 holdings listed here
make up 23.48% of net assets
</TABLE>
<PAGE>
(picture of) Colin Lundgren
Colin Lundgren
Portfolio manager
From the Portfolio Manager
Government Securities Portfolio
Bonds lost ground during the past six months as concerns about potentially
higher inflation led to a rise in interest rates. For the Fund, the ultimate
result was a loss of 0.67% during the first half of the fiscal year -- May
through October 1999. (This figure does not reflect expenses that apply to the
variable subaccounts or to the policy.)
With the economy still charging ahead, investors were unnerved at the outset of
the period when data showed a modest rise in inflation. That uneasiness was soon
reinforced by comments from the Federal Reserve Board (the "Fed"), indicating
that it would increase short-term interest rates if it saw signs of increasing
upward pressure on inflation. (By way of background, the Fed typically raises
rates to slow down the economy and, consequently, keep inflation under control.)
Investors quickly took those events as their cue to sell bonds, which in turn
drove intermediate and long-term interest rates up and bond prices down.
The negative sentiment in the market continued through the summer, as the Fed
followed up on its warning and raised rates in June and August. In addition,
reports of higher wages and historically low employment added to the worry that
inflation might soon be heading higher. Bond prices naturally reacted by
retreating steadily. Finally, in September, some relief arrived in the form of
data indicating somewhat slower economic growth and no meaningful increase in
inflation. As a result, interest rates settled down and the bond market, as well
as the Fund, were able to make up some lost ground before the period ended.
Because I expected interest rates to head higher over the six months, I kept a
relatively short duration in the Fund. (Duration, a function of the average
maturity of the holdings, largely determines how sensitive the Fund's value is
to interest-rate fluctuations. In general, the shorter the duration, the less
the sensitivity.) Beyond that, I kept the great majority of assets invested in
mortgage-backed securities, which fared better than U.S. Treasury bonds. Late in
the period, I shifted some money out of the mortgage-backed sector and into
Treasuries, whose prices had reached attractively low levels.
Heading into the second half of the fiscal year, I think it's likely that we'll
see interest rates move up moderately over the near term. Therefore, I plan to
stay with a conservative investment approach that centers on a short duration,
at least until there's evidence that the inflation/interest-rate environment is
improving.
Colin Lundgren
<PAGE>
(picture of) Lorraine R. Hart
Portfolio manager
From the Portfolio Manager
Income Portfolio
Rising interest rates made for a difficult investment environment during the
past six months. Income Portfolio's performance reflected these conditions, as
it experienced a loss of 1.17% in the first half of the fiscal year -- May
through October 1999. (This figure does not reflect expenses that apply to the
variable subaccounts or to the policy.)
After declining to remarkably low levels during the past two years, last spring
inflation showed some signs that it might be picking up a bit. (Rising inflation
is a bond investor's worst enemy, as it erodes the value of existing bonds.)
That concern set a negative tone for the bond market that continued for most of
the six months, driving down prices in the process.
The inflation threat evidently was also felt by the Federal Reserve Board (the
"Fed"), which increased short-term interest rates slightly in June and again in
August. (The Fed typically raises rates to cool off the economy and,
consequently, head off a potential run-up in inflation.) Although the Fed left
rates alone during September and October, cautionary comments from its chairman
reinforced inflation concerns among bond investors.
To provide some protection against the rising-rate trend, I kept a
shorter-than-average duration in the Fund. (Duration, a function of the average
maturity of the holdings has a major effect on how sensitive a portfolio is to
interest-rate changes. In general, the shorter the duration, the less the
sensitivity.) While the duration strategy could not completely insulate the Fund
from the overall downturn in bond prices, it did allow the value of the Fund to
hold up relatively well. Also working in the Fund's favor was its minimal
exposure to U.S. Treasury bonds, which were especially affected by the upturn in
interest rates.
I kept the great majority of the Fund invested in the corporate, mortgage-backed
and emerging-market sectors. The latter group, which consists of low-grade
foreign bonds, made up about a quarter of the invested assets. They performed
extremely well during the six months, as the economies of these smaller markets
began to recover from the financial turmoil known as the "Asian flu" that had
struck them in recent years.
Although the data have yet to provide conclusive evidence of higher inflation,
the concern is still with us as the second half of the fiscal year begins.
Therefore, I expect interest rates to drift moderately higher in the months
ahead. Given that outlook, I plan to stick with a conservative investment
approach that centers on a relatively short duration in the Fund.
Lorraine R. Hart
<PAGE>
<TABLE>
<CAPTION>
The 10 Largest Holdings
Income Portfolio
Percent Value
(of net assets) (as of Oct. 31, 1999)
<S> <C> <C>
California Infrastructure-Pacific Gas & Electric .62% $583,156
6.15% 2002
Delphes 2 .60 565,127
7.75% 2009
PSINet .56 525,000
11.50% 2008
Comcast .55 521,249
9.13% 2006
Oryx Energy .55 517,162
8.13% 2005
Kroger .54 513,088
8.15% 2006
Gulf Canada Resources .54 508,750
9.63% 2005
Sanwa Finance Aruba .54 507,853
8.35% 2009
Duke Capital .54 505,729
7.50% 2009
Carlisle Companies .53 501,586
7.25% 2007
Excludes U.S. Treasury and government agency holdings.
For further detail about these holdings, please refer to the section entitled
"Investments in securities."
(icon of) pie chart
The 10 holdings listed here
make up 5.57% of net assets
</TABLE>
<PAGE>
(picture of) John O'Brien
John O'Brien
Portfolio manager
From the Portfolio Manager
International Equity Portfolio
It was an up-and-down six months for the major international stock markets, but,
overall, it was a productive period. For the Fund, the result was a gain of
6.84% during the first half of the fiscal year -- May through October 1999.
(This figure does not reflect expenses that apply to the variable subaccounts or
to the policy.)
The period got off to a poor start, as increasing concern about a possible
increase in the U.S. inflation rate sent many stock markets into retreat. As was
the case for most of the six months, the situation was compounded by a decline
in Europe's new common currency, the euro. (A decline in a local currency versus
the dollar ultimately reduces returns for U.S.-based investors.)
Investors' moods improved during June and early July, though, thanks largely to
new data showing a benign inflation environment. The result was healthy advances
by the U.S. and European markets, whose returns were enhanced by a surprisingly
strong improvement in the euro. Stocks then went into a slump through September,
as two increases in short-term interest rates by the Federal Reserve here at
home unnerved investors. But things finished on an up note, as the markets
snapped back sharply in October.
As for the Fund, its performance generally followed that of the markets as a
whole during the period. I kept the greatest portion of assets invested in
Europe, chiefly in the United Kingdom, France and Germany. I also maintained a
considerable exposure to the U.S. market. As the period progressed, I reduced
the U.S. holdings and moved most of the cash created by the sales into the
Japanese market, which, thanks in part to a rapidly appreciating yen, was a very
strong performer over the six months.
Looking toward the second half of the fiscal year, European economies appear to
still be on the growth track, while the outlook for corporate profits and the
euro have improved. Therefore, I plan to continue the Fund's substantial
exposure to that region. In Japan, there is early evidence of a sustainable
economic recovery, complemented by a willingness on the part of companies to
restructure their operations in an effort to make them more competitive in world
markets and, ultimately, more profitable. In light of that, I may well add to
the Fund's position there in the months ahead. Lastly, I plan to maintain a
moderate exposure to the U.S. market, which, while the economy and corporate
profits remain quite healthy, could be hampered by rising interest rates.
John O'Brien
<PAGE>
<TABLE>
<CAPTION>
The 10 Largest Holdings
International Equity Portfolio
Percent Value
(of net assets) (as of Oct. 31, 1999)
<S> <C> <C>
United Kingdom Treasury (United Kingdom) 3.85% $12,233,772
7.00% 2002
General Electric (United Kingdom) 3.77 11,960,632
Ericsson (LM) Cl B (Sweden) 3.73 11,832,893
Mannesmann (Germany) 3.59 11,408,512
Total Petroleum Cl B (France) 3.21 10,201,753
Fortis (Netherlands) 3.06 9,702,862
Banque Natl de Paris (France) 2.95 9,366,841
Orange (United Kingdom) 2.92 9,265,818
Bayer (Germany) 2.73 8,658,480
Elf Aquitaine (France) 2.67 8,488,999
Note: Certain foreign investment risks include: changes in currency exchange
rates, adverse political or economic order and lack of similar regulatory
requirements followed by U.S. companies.
For further detail about these holdings, please refer to the section entitled
"Investments in Securities."
(icon of) pie chart
The 10 holdings listed here
make up 32.48% of net assets
</TABLE>
<PAGE>
(picture of) Doug Guffy
Doug Guffy
Portfolio manaager
(picture of) Scott Schroepfer
Scott Schroepfer
Portfolio manager
From the Portfolio Managers
Managed Portfolio
A positive return by stocks overcame a downturn in bonds, enabling the Fund to
post a gain for the first half of the fiscal year. For the period -- May through
October 1999 -- the Fund's value increased 4.30%. (This figure does not reflect
expenses that apply to the variable subaccounts or to the policy.)
The stock market experienced considerable volatility during the six months, as
investors weighed the positive factors of a still-strong economy and generally
good corporate profits against the negative forces of higher interest rates and
a potential increase in the inflation rate. In the end, though, two sharp
rallies by the market (in June and October) more than made up for the periodic
retreats.
Leading the way for the market and the Fund were technology-related stocks,
which easily comprised our largest area of investment. Among the best-performing
sectors were communications equipment, cable television, computer networking,
software, semiconductors and electronic equipment. Looking at other areas,
retailing performed well for the Fund, while financial services was mixed and
health care was weak.
The interest-rate trend took a toll on bonds for much of the six months.
(Generally, rising rates depress bond prices.) Although inflation continued, for
the most part, to be well-behaved, investors were dubious about what the future
would bring, a feeling that was reinforced by two increases in short-term
interest rates by the Federal Reserve Board. As for the Fund's bond holdings,
U.S. Treasury bonds suffered the most, while high-grade corporate issues fared
somewhat better.
Looking at the Fund's asset mix, during the six months stocks made up
approximately 70% of the investments, with the rest in bonds. As for changes to
the holdings, the most notable was an increase in exposure to technology-related
stocks, some of which resulted from the addition of stocks as well as
appreciation in the stocks we already held.
Heading into the second half of the fiscal year, a number of positive factors
remain in place, particularly for the stock market. Therefore, we plan to
maintain the emphasis on stocks, with technology-related issues making up the
biggest portion of the investments.
Doug Guffy
Scott Schroepfer
<PAGE>
The 10 Largest Holdings
Managed Portfolio
Percent Value
(of net assets) (as of Oct. 31, 1999)
Microsoft 3.86% $27,768,749
MCI WorldCom 3.58 25,743,750
General Electric 3.39 24,401,250
Cisco Systems 3.08 22,200,000
America Online 2.70 19,453,125
Lucent Technologies 2.52 18,118,500
Intel 1.93 13,938,750
Solectron 1.88 13,545,000
MediaOne Group 1.88 13,501,875
JDS Uniphase 1.85 13,350,000
For further detail about these holdings, please refer to the section entitled
"Investments in securities."
(icon of) pie chart
The 10 holdings listed here
make up 26.67% of net assets
<PAGE>
(picture of) Terry Fettig
Terry Fettig
Portfolio manager
From the Portfolio Manager
Money Market Portfolio
Short-term interest rates rose during the past six months, leading to a slight
increase in the Fund's yield over the first half of the fiscal year -- May 1999
through October 1999. For the period, the Fund generated a total return of
2.28%, and its seven-day yield was 4.93%.* (The total return figure does not
reflect expenses that apply to the variable subaccounts or to the policy.) In
keeping with its objective, the Fund maintained a net asset value of $1 per
share during this period. (An investment in the Fund is neither insured nor
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. Although the Fund seeks to preserve the value of your investment at $1
per share, it is possible to lose money by investing in the Fund.)
The economy remained healthy during the period, while unemployment remained at
historically low levels. Inflation picked up a bit during the second quarter,
causing some concern among investors that a new inflation trend might be
emerging.
Evidently, the Federal Reserve Board (the "Fed") shared that concern, as it
raised short-term interest rates a quarter point in June, then repeated the move
in August. (By way of background, the Fed typically raises interest rates to
cool off the economy and, therefore, bring down inflation.) By that time, new
data suggested that upward pressures on inflation might be lessening, so the Fed
decided to leave interest rates alone during the final two months of the period.
The ultimate impact on the Fund was that the interest rates on the types of
securities it invests in rose modestly over the final months of the period,
resulting in a higher fund yield.
Normally, I keep the average maturity of the securities in the Fund in the 40-
to 50-day range. But because I expected interest rates to rise, I brought the
maturity down -- to about 33 days at period-end. The shorter maturity allowed me
to take quicker advantage of the higher rates available on newly issued
securities, which ultimately enhanced the Fund's yield. As always, the Fund
remained invested in high-quality securities, largely top-rated commercial
paper, (short-term securities issued by banks and corporations), complemented by
U.S. government issues and bank letters of credit.
As the second half of the fiscal year begins, I continue to think we'll see
somewhat higher short-term interest rates in the months ahead, more likely after
the start of the new year. Given that outlook, I plan to keep the maturity
shorter than average, at least for the near term.
Terry Fettig
* The yield quotation more closely reflects the current earnings of the money
market fund than the total return quotation. This yield is based on the
seven-day yield as of Oct. 31, 1999.
<PAGE>
<TABLE>
<CAPTION>
Financial Statements
Statements of assets and liabilities
IDS Life Series Fund, Inc.
Equity Equity Government Income
Portfolio Income Securities Portfolio
Oct. 31, 1999 (Unaudited) Portfolio Portfolio
Assets
Investments in securities, at value (Note 1):
(identified cost: $815,865,269; $608,476, $22,094,280
<S> <C> <C> <C> <C>
and $97,118,379, respectively) $1,224,413,873 $622,186 $21,860,805 $92,873,999
Cash in bank on demand deposit -- 254,606 303,589 764,125
Receivable for investment securities sold 18,511,689 2,343 614,070 560,977
Dividends and accrued interest receivable 27,900 748 209,652 1,724,902
------ --- ------- ---------
Total assets 1,242,953,462 879,883 22,988,116 95,924,003
------------- ------- ---------- ----------
Liabilities
Disbursements in excess of cash on demand deposit 84,429 -- -- --
Dividends payable to shareholders (Note 1) -- 634 90,473 491,724
Payable for investment securities purchased 9,008,100 162,184 1,064,680 1,035,523
Accrued investment management services fee 547,904 294 12,068 52,434
Unrealized depreciation on foreign currency contracts
held at value (Notes 1 and 5) -- -- -- 3,874
Other accrued expenses 605 43 2,465 8,674
Options contracts written, at value
(premium received $1,938,907 for Equity Portfolio)(Note 6) 3,179,813 -- -- --
--------- ------ ------ -----
Total liabilities 12,820,851 163,155 1,169,686 1,592,229
---------- ------- --------- ---------
Net assets applicable to outstanding capital stock $1,230,132,611 $716,728 $21,818,430 $94,331,774
============== ======== =========== ===========
Represented by
Capital stock-- $.001 par value (Note 1) $ 35,952 $ 75 $ 2,235 $ 9,975
Additional paid-in capital 822,536,456 706,952 22,312,384 99,933,092
Undistributed (excess of distributions over)
net investment income (2,452,835) -- (10,510) 29,475
Accumulated net realized gain (loss) 2,705,338 (4,009) (252,204) (1,392,528)
Unrealized appreciation (depreciation) on
investments and on translation of assets and
liabilities in foreign currencies 407,307,700 13,710 (233,475) (4,248,240)
----------- ------ -------- ----------
Total -- representing net assets applicable to
outstanding capital stock $1,230,132,611 $716,728 $21,818,430 $94,331,774
============== ======== =========== ===========
Shares outstanding 35,951,764 75,179 2,235,194 9,974,540
---------- ------ --------- ---------
Net asset value per share of outstanding capital stock $ 34.22 $ 9.53 $ 9.76 $ 9.46
-------------- -------- ----------- -----------
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Statements of assets and liabilities (continued)
IDS Life Series Fund, Inc.
International Managed Money
Equity Portfolio Market
Oct. 31, 1999 (Unaudited) Portfolio Portfolio
Assets
Investments in securities, at value (Note 1):
(identified cost: $265,529,231; $568,006,511 and
<S> <C> <C> <C>
$59,547,908, respectively) $318,154,920 $721,083,794 $59,547,908
Cash in bank on demand deposit -- 131,402 73,147
Receivable for investment securities sold 1,303,501 4,517,156 --
Dividends and accrued interest receivable 1,370,495 820,312 --
--------- -------
Total assets 320,828,916 726,552,664 59,621,055
----------- ----------- ----------
Liabilities
Disbursements in excess of cash on demand deposit 212,460 -- --
Dividends payable to shareholders (Note 1) 207,404 3,551,956 224,205
Payable for investment securities purchased 2,732,604 1,889,862 --
Accrued investment management services fee 229,324 372,785 23,136
Other accrued expenses 4,703 5,972 32,637
Options contracts written, at value
(premium received $973,990 for Managed Portfolio) (Note 6) -- 834,375 --
------ ------- -----
Total liabilities 3,386,495 6,654,950 279,978
--------- --------- -------
Net assets applicable to outstanding capital stock $317,442,421 $719,897,714 $59,341,077
============ ============ ===========
Represented by
Capital stock-- $.001 par value (Note 1) $ 15,993 $ 35,086 59,346
Additional paid-in capital 251,695,866 554,267,154 59,281,843
Undistributed (excess of distributions over) net investment income (137,652) (241,045) 993
Accumulated net realized gain (loss) 13,240,726 12,477,336 (1,105)
Unrealized appreciation (depreciation) on investments and on
translation of assets and liabilities in foreign currencies (Note 7) 52,627,488 153,359,183 --
---------- ----------- --------
Total -- representing net assets applicable to
outstanding capital stock $317,442,421 $719,897,714 $59,341,077
============ ============ ===========
Shares outstanding 15,993,410 35,086,162 59,345,729
---------- ---------- ----------
Net asset value per share of outstanding capital stock $ 19.85 $ 20.52 $ 1.00
------------ ------------ -----------
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Statements of operations
IDS Life Series Fund, Inc.
Equity Equity Government Income
Portfolio Income Securities Portfolio
Six months ended Oct. 31, 1999 (Unaudited) Portfolio Portfolio
Investment income
Income:
<S> <C> <C> <C> <C>
Dividends $ 565,330 $ 1,357 $ -- $ --
Interest 758,237 -- 656,674 3,505,008
Less foreign taxes withheld (13,347) -- -- (229)
------- ----
Total income 1,310,220 1,357 656,674 3,504,779
--------- ----- ------- ---------
Expenses (Note 2):
Investment management and services fee 3,692,812 645 76,756 334,886
Custodian fees 30,159 -- 6,492 10,308
Audit fees 7,750 -- 4,250 5,000
Directors fees 1,443 -- 30 129
Printing and postage 30,738 -- 796 3,449
Other 1,153 78 8,120 2,660
----- -- ----- -----
Total expenses 3,764,055 723 96,444 356,432
Less expenses voluntarily reimbursed by IDS Life -- -- (8,316) --
----- --- ------ -----
3,764,055 723 88,128 356,432
Earnings credits on cash balances (Note 2) (1,000) -- (1,350) (3,563)
------ --- ------ ------
Total expenses-- net 3,763,055 723 86,778 352,869
--------- --- ------ -------
Investment income (loss)-- net (2,452,835) 634 569,896 3,151,910
---------- --- ------- ---------
Realized and unrealized gain (loss) -- net
Net realized gain (loss) on:
Security transactions (Note 3) 91,780,691 (4,009) (252,204) (408,792)
Foreign currency transactions (6,764) -- -- 336
Options contracts written (Note 6) 2,977,846 -- -- --
--------- ----- ----- -----
Net realized gain (loss) on investments 94,751,773 (4,009) (252,204) (408,456)
Net change in unrealized appreciation (depreciation)
on investments and on translation of assets and
liabilities in foreign currencies 137,950,211 13,710 (472,260) (3,897,329)
----------- ------ -------- ----------
Net gain (loss) on investments and foreign currencies 232,701,984 9,701 (724,464) (4,305,785)
----------- ----- -------- ----------
Net increase (decrease) in net assets resulting
from operations $230,249,149 $10,335 $(154,568) $(1,153,875)
============ ======= ========= ===========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Statements of operations (continued)
IDS Life Series Fund, Inc.
International Managed Money
Equity Portfolio Market
Six months ended Oct. 31, 1999 (Unaudited) Portfolio Porfolio
Investment income
Income:
<S> <C> <C> <C>
Dividends $ 2,249,700 $ 1,059,101 $ --
Interest 973,021 8,447,521 1,340,660
Less foreign taxes withheld (24,353) (7,009) --
------- ------
Total income 3,198,368 9,499,613 1,340,660
--------- --------- ---------
Expenses (Note 2):
Investment management and services fee 1,396,653 2,407,414 130,065
Custodian fees 68,440 45,228 12,620
Audit fees 6,250 7,250 3,750
Directors fees 405 927 66
Printing and postage 10,384 29,007 2,654
Other 854 517 8,277
--- --- -----
Total expenses 1,482,986 2,490,343 157,432
Earnings credits on cash balances (Note 2) (1,507) (4,741) (1,298)
------ ------ ------
Total expenses-- net 1,481,479 2,485,602 156,134
--------- --------- -------
Investment income (loss)-- net 1,716,889 7,014,011 1,184,526
--------- --------- ---------
Realized and unrealized gain (loss) -- net
Net realized gain (loss) on:
Security transactons (Note 3) 13,195,168 12,198,426 (111)
Financial futures contracts -- (378,537) --
Foreign currency transactions 104,896 (11,013) --
Options contracts written (Note 6) -- 429,879 --
------ ------- -----
Net realized gain (loss) on investments 13,300,064 12,238,755 (111)
Net change in unrealized appreciation (depreciation)
on investments and on translation of assets and
liabilities in foreign currencies 5,091,452 10,648,242 --
--------- ---------- ------
Net gain (loss) on investments and foreign currencies 18,391,516 22,886,997 (111)
---------- ---------- ----
Net increase (decrease) in net assets resulting
from operations $20,108,405 $29,901,008 $1,184,415
=========== =========== ==========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Statements of changes in net assets
IDS Life Series Fund, Inc.
Equity Income
Equity Portfolio Portfolio
Period from
Oct. 31, 1999 April 30, 1999 June 17, 1999* to
Six months ended Year ended Oct. 31, 1999
(Unaudited) (Unaudited)
Operations and distributions
<S> <C> <C> <C>
Investment income (loss)-- net $ (2,452,835) $ (2,248,262) $ 634
Net realized gain (loss) on investments 94,751,773 (88,124,536) (4,009)
Net change in unrealized appreciation
(depreciation) on investments and on translation
of assets and liabilities in foreign currencies 137,950,211 73,036,482 13,710
----------- ---------- ------
Net increase (decrease) in net assets resulting
from operations 230,249,149 (17,336,316) 10,335
----------- ----------- ------
Distributions to shareholders from:
Net investment income -- -- (634)
Net realized gain -- (139,606,605) --
------ ------------ ---
Total distributions -- (139,606,605) (634)
------ ------------ ----
Capital share transactions (Note 4)
Proceeds from sales 32,288,691 96,248,573 711,965
Reinvested distributions at net asset value -- 139,606,605 --
Payments for redemptions (21,341,869) (23,792,543) (4,938)
----------- ----------- ------
Increase (decrease) in net assets from capital share transactions 10,946,822 212,062,635 707,027
---------- ----------- -------
Total increase (decrease) in net assets 241,195,971 55,119,714 716,728
Net assets at beginning of period 988,936,640 933,816,926 --
----------- -----------
Net assets at end of period $1,230,132,611 $988,936,640 $716,728
============== ============ ========
*Commencement of operations.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Statements of changes in net assets (continued)
IDS Life Series Fund, Inc.
Government Securities Portfolio Income Portfolio
Oct. 31, 1999 April 30, 1999 Oct. 31, 1999 April 30, 1999
Six months ended Year ended Six months ended Year ended
(Unaudited) (Unaudited)
Operations and distributions
<S> <C> <C> <C> <C>
Investment income (loss)-- net $ 569,896 $ 860,744 $ 3,151,910 $ 5,993,442
Net realized gain (loss) on investments (252,204) 89,785 (408,456) (966,610)
Net change in unrealized appreciation
(depreciation) on investments and on
translation of assets and liabilities in
foreign currencies (472,260) (134,841) (3,897,329) (1,882,801)
-------- -------- ---------- ----------
Net increase (decrease) in net assets
resulting from operations (154,568) 815,688 (1,153,875) 3,144,031
-------- ------- ---------- ---------
Distributions to shareholders from:
Net investment income (576,536) (854,104) (3,146,404) (5,993,479)
Net realized gain (85,580) (130,692) -- (589,189)
------- -------- ------ --------
Total distributions (662,116) (984,796) (3,146,404) (6,582,668)
-------- -------- ---------- ----------
Capital share transactions (Note 4)
Proceeds from sales 2,683,755 9,394,678 3,844,685 17,071,293
Reinvested distributions at net asset value 662,116 984,796 3,146,404 6,582,668
Payments for redemptions (2,646,167) (2,881,530) (5,937,499) (5,410,142)
---------- ---------- ---------- ----------
Increase (decrease) in net assets from
capital share transactions 699,704 7,497,944 1,053,590 18,243,819
------- --------- --------- ----------
Total increase (decrease) in net assets (116,980) 7,328,836 (3,246,689) 14,805,182
Net assets at beginning of period 21,935,410 14,606,574 97,578,463 82,773,281
---------- ---------- ---------- ----------
Net assets at end of period $21,818,430 $21,935,410 $94,331,774 $97,578,463
=========== =========== =========== ===========
Undistributed (excess of distributions
over) net investment income $ (10,510) $ (3,870) $ 29,475 $ 23,969
----------- ----------- ----------- -----------
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Statements of changes in net assets (continued)
IDS Life Series Fund, Inc.
International Equity Portfolio Managed Portfolio
Oct. 31, 1999 April 30, 1999 Oct. 31, 1999 April 30, 1999
Six months ended Year ended Six months ended Year ended
(Unaudited) (Unaudited)
Operations and distributions
<S> <C> <C> <C> <C>
Investment income (loss)-- net $ 1,716,889 $ 2,451,845 $ 7,014,011 $ 13,435,735
Net realized gain (loss) on investments 13,300,064 5,306,165 12,238,755 7,742,665
Net change in unrealized appreciation
(depreciation) on investments and on
translation of assets and liabilities
in foreign currencies 5,091,452 13,907,417 10,648,242 44,855,676
--------- ---------- ---------- ----------
Net increase (decrease) in net assets
resulting from operations 20,108,405 21,665,427 29,901,008 66,034,076
---------- ---------- ---------- ----------
Distributions to shareholders from:
Net investment income (1,853,708) (2,272,892) (7,000,539) (13,365,384)
Net realized gain (5,453,188) (7,835,052) (7,076,700) (36,482,550)
---------- ---------- ---------- -----------
Total distributions (7,306,896) (10,107,944) (14,077,239) (49,847,934)
---------- ----------- ----------- -----------
Capital share transactions (Note 4)
Proceeds from sales 17,830,146 47,763,156 20,801,848 54,815,469
Reinvested distributions at net asset value 7,306,896 10,107,944 14,077,239 49,847,934
Payments for redemptions (3,497,369) (4,000,061) (15,959,021) (16,393,026)
---------- ---------- ----------- -----------
Increase (decrease) in net assets from
capital share transactions 21,639,673 53,871,039 18,920,066 88,270,377
---------- ---------- ---------- ----------
Total increase (decrease) in net assets 34,441,182 65,428,522 34,743,835 104,456,519
Net assets at beginning of period 283,001,239 217,572,717 685,153,879 580,697,360
----------- ----------- ----------- -----------
Net assets at end of period $317,442,421 $283,001,239 $719,897,714 $685,153,879
============ ============ ============ ============
Undistributed (excess of distributions
over) net investment income $ (137,652) $ (833) $ (241,045) $ (254,517)
------------ ------------ ------------ ------------
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Statements of changes in net assets (continued)
IDS Life Series Fund, Inc.
Money Market Portfolio
Oct. 31, 1999 April 30, 1999
Six months ended Year ended
(Unaudited)
Operations and distributions
<S> <C> <C>
Investment income (loss)-- net $ 1,184,526 $ 1,766,572
Net realized gain (loss) on investments (111) (25)
Net change in unrealized appreciation (depreciation) on investments
and on translation of assets and liabilities in foreign currencies -- --
------ ------
Net increase (decrease) in net assets resulting from operations 1,184,415 1,766,547
--------- ---------
Distributions to shareholders from:
Net investment income (1,186,633) (1,763,472)
---------- ----------
Capital share transactions (Note 4)
Proceeds from sales 20,323,329 26,717,943
Reinvested distributions at net asset value 1,186,633 1,763,472
Payments for redemptions (7,730,607) (17,293,901)
---------- -----------
Increase (decrease) in net assets from capital share transactions 13,779,355 11,187,514
---------- ----------
Total increase (decrease) in net assets 13,777,137 11,190,589
Net assets at beginning of period 45,563,940 34,373,351
---------- ----------
Net assets at end of period $59,341,077 $45,563,940
=========== ===========
Undistributed net investment income $ 993 $ 3,100
----------- -----------
See accompanying notes to financial statements.
</TABLE>
<PAGE>
Notes to Financial Statements
(Unaudited as to Oct. 31, 1999)
IDS Life Series Fund, Inc.
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
IDS Life Series Fund, Inc. is registered under the Investment Company Act of
1940 (as amended) as a diversified, open-end management investment company. Each
Fund has 10 billion authorized shares of capital stock and the primary
investments are as follows:
Equity Portfolio primarily invests in U.S. common stocks and securities
convertible into common stock;
Equity Income Portfolio primarily invests in U.S. common stocks that provide
steady dividend income;
Government Securities Portfolio primarily invests in securities issued or
guaranteed as to principal and interest by the U.S. government units;
Income Portfolio primarily invests in investment grade corporate bonds and
government securities;
International Equity Portfolio primarily invests in common stocks of foreign
issuers.
Managed Portfolio primarily invests in a combination of equity and debt
securities;
Money Market Portfolio primarily invests in high-quality, short-term debt
securities;
Shares of each 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 Fund's significant accounting policies are summarized as follows:
Use of estimates
Preparing financial statements that conform to generally accepted accounting
principles requires management to make estimates (e.g., on assets and
liabilities) that could differ from actual results.
Valuation of securities
All securities are valued at the close of each business day. Securities traded
on national securities exchanges or included in national market systems are
valued at the last quoted sales price. Debt securities are generally traded in
the over-the-counter market and are valued at a price that reflects fair value
as quoted by dealers in these securities or by an independent pricing service.
Securities for which market quotations are not readily available are valued at
fair value according to methods selected in good faith by the board. Short-term
securities in the Fund, except Money Market Portfolio, 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.
Option transactions
To produce incremental earnings, protect gains, and facilitate buying and
selling of securities for investments, the Fund, except Money Market Portfolio,
may buy and sell put or call options and write covered call options on portfolio
securities as well as write cash-secured put options. The risk in writing a call
option is that the Fund gives up the opportunity for profit if the market price
of the security increases. The risk in writing a put option is that the Fund 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 Fund pays a premium whether
or not the option is exercised.
The Fund also has the additional risk of being unable to enter into a closing
transaction if a liquid secondary market does not exist. The Fund also may write
over-the-counter options where completing the obligation depends 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 Fund will
realize a gain or loss when the option transaction expires or closes. 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
To gain exposure to or protect itself from market changes, the Fund, except
Money Market Portfolio, may buy and sell financial future contracts. Risks of
entering into future contracts and related options include the possibility of 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 Fund is 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 Fund 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 Fund recognizes a realized gain or loss when the contract is closed
or expires.
Foreign currency translations and foreign currency contracts
Securities and other assets and liabilities denominated in foreign currencies
are translated daily into U.S. dollars. 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 statements of operations, net realized
gains or losses from foreign currency transactions, if any, may arise from sales
of foreign currency, closed forward contracts, exchange gains or losses realized
between the trade date and settlement date on securities transactions, and other
translation gains or losses on dividends, interest income and foreign
withholding taxes.
The Fund, except Money Market Portfolio, 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 Fund and the resulting
unrealized appreciation or depreciation are determined using foreign currency
exchange rates from an independent pricing service. The Fund is subject to the
credit risk that the other party will not complete its contract obligations.
Illiquid securities
As of Oct. 31, 1999, investments in securities for Equity Portfolio included
issues that are illiquid which the Fund currently limits to 10% of net assets,
at market value, at the time of purchase. The aggregate value of such securities
as of Oct. 31, 1999 was $5,000,000 representing 0.4% of net assets for Equity
Portfolio. According to board guidelines, certain unregistered securities are
determined to be liquid and are not included within the 10% limitation specified
above.
Securities purchased on a when-issued basis
Delivery and payment for securities that have been purchased by the Fund 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 Fund's net assets the same as owned
securities. The Fund designates cash or liquid high-grade debt securities at
least equal to the amount of its commitment. As of Oct. 31, 1999, Government
Securities Portfolio had entered into outstanding when-issued or
forward-commitments of $449,052.
Federal income taxes
The Fund's policy is to comply with all sections of the Internal Revenue Code
that apply to regulated investment companies and to distribute all of its
taxable income to shareholders. No provision for income taxes is thus required.
Each Fund is treated as a separate entity for federal income tax purposes.
Net investment income (loss) and net realized gains (losses) may 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 Fund.
Dividends to shareholders
As of Oct. 31, 1999, dividends declared for each Fund payable Nov. 1, 1999 are
as follows:
Equity Portfolio $.000
Equity Income Portfolio $.008
Government Securities Portfolio $.040
Income Portfolio $.051
International Equity Portfolio $.013
Managed Portfolio $.101
Money Market Portfolio $.004
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 Government Securities, Income and Money Market Portfolios and declared
and distributed quarterly for the Equity, Equity Income, International Equity
and Managed Portfolios. Capital gain distributions, when available, 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 Fund. The fee is 0.70% on an annual basis for Equity, Equity
Income, Government Securities, Income, and Managed Securities Portfolios. For
International Equity Portfolio the fee is 0.95% on an annual basis. For Money
Market Portfolio the fee is 0.5% 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, Equity Income, Government Securities, Income, Managed
and Money Market 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.
In addition to paying its own management fee, the Fund also pays its taxes,
brokerage commissions and other non-advisory expenses. Expenses that relate to a
particular Fund, such as custodian fees and registration fees for shares, are
paid by that Fund. Other expenses are allocated to the Fund in an equitable
manner as determined by the Fund's board. Each Fund also pays custodian fees to
American Express Trust Company, an affiliate of IDS Life.
IDS Life has voluntarily agreed to reimburse each Fund for non-advisory expenses
which exceed 0.1% on an annual basis of average daily net assets of each Fund.
During the six months ended Oct. 31, 1999, the Funds' custodian fees were
reduced as a result of earnings credits from overnight cash balances as follows:
Fund Reduction
Equity Portfolio $1,000
Government Securities Portfolio 1,350
Income Portfolio 3,563
International Equity Portfolio 1,507
Managed Portfolio 4,741
Money Market Portfolio 1,298
3. SECURITIES TRANSACTIONS
For the six months ended Oct. 31, 1999, cost of purchases and proceeds from
sales of securities aggregated, respectively, $143,773,363 and $75,780,474 for
Money Market Portfolio. Cost of purchases and proceeds from sales of securities
(other than short-term obligations) aggregated for each Fund are as follows:
Fund Purchases Proceeds
Equity Portfolio $700,085,388 $663,894,784
Equity Income Portfolio* 649,494 37,009
Government Securities Portfolio 18,030,772 18,389,877
Income Portfolio 18,549,526 14,290,671
International Equity Portfolio 138,605,200 99,927,653
Managed Portfolio 173,184,392 148,817,789
*For the period from June 17, 1999 (commencement of operations)to Oct. 31, 1999.
Realized gains and losses are determined on an identified cost basis.
Brokerage commissions paid to brokers affiliated with IDS Life were $459, $3 and
$900 for Equity Portfolio, Equity Income Portfolio and Managed Portfolio,
respectively, for the six months ended Oct. 31, 1999.
<PAGE>
<TABLE>
<CAPTION>
4. CAPITAL SHARE TRANSACTIONS
Transactions in shares of capital stock for each Fund for the periods indicated
are as follows:
Six months ended Oct. 31, 1999
Equity Equity Government Income International Managed Money
Portfolio Income Securities Portfolio Equity Portfolio Market
Portfolio* Portfolio Portfolio Portfolio
<S> <C> <C> <C> <C> <C> <C> <C>
Sold 1,093,026 75,693 272,247 400,461 934,243 1,047,083 20,325,134
Issued for reinvested distributions -- -- 67,416 327,007 378,630 1,099,746 1,186,776
Redeemed (716,974) (514) (269,921) (619,424) (181,839) (1,185,301) (7,731,340)
-------- ---- -------- -------- -------- ---------- ----------
Net increase (decrease) 376,052 75,179 69,742 108,044 1,131,034 961,528 13,780,570
*For the period from June 17, 1999 (commencement of operations) to Oct. 31, 1999.
Year ended April 30, 1999
Equity Equity Government Income International Managed Money
Portfolio Income Securities Portfolio Equity Portfolio Market
Portfolio Portfolio Portfolio Portfolio
Sold 3,674,588 -- 914,617 1,697,801 2,679,831 2,965,062 26,720,544
Issued for reinvested distributions 5,307,274 -- 95,971 655,205 534,400 2,729,787 1,763,642
Redeemed (902,671) -- (280,555) (539,281) (219,595) (883,671) (17,295,607)
-------- -------- -------- -------- -------- -----------
Net increase (decrease) 8,079,191 -- 730,033 1,813,725 2,994,636 4,811,178 11,188,579
</TABLE>
<PAGE>
5. FOREIGN CURRENCY CONTRACTS
As of Oct. 31, 1999, Income Portfolio has foreign currency exchange contracts
that obligate it to deliver currencies at specified future dates. The unrealized
appreciation and/or depreciation on these contracts is included in the
accompanying financial statements. See "Summary of significant accounting
policies." The terms of the open contracts are as follows:
Currency to Currency to Unrealized Unrealized
Exchange date be delivered be received appreciation depreciation
Dec. 29, 1999 324,000 3,121 $-- $17
Japanese Yen U.S. Dollar
June 27, 2000 324,000 3,213 -- 16
Japanese Yen U.S. Dollar
Dec. 27, 2000 324,000 3,307 -- 21
Japanese Yen U.S. Dollar
June 27, 2001 324,000 3,401 -- 33
Japanese Yen U.S. Dollar
Dec. 27, 2001 40,324,000 436,407 -- 3,787
Japanese Yen U.S. Dollar
Total $-- $3,874
6. OPTIONS CONTRACTS WRITTEN
Contracts and premium amounts associated with options contracts written by
Equity Portfolio are as follows:
Six months ended Oct. 31, 1999
Puts Calls
Contracts Premium Contracts Premium
Balance April 30, 1999 400 $55,375 3,300 $2,143,606
Opened 4,760 1,223,167 10,885 5,284,782
Closed (2,510) (590,864) (5,000) (3,435,199)
Exercised (192) (69,709) (3,500) (1,676,694)
Expired (1,108) (315,454) (2,640) (680,103)
------ -------- ------ --------
Balance Oct. 31, 1999 1,350 $302,515 3,045 $1,636,392
See "Summary of significant accounting policies."
Contracts and premium amounts associated with options contracts written by
Managed Portfolio are as follows:
Six months ended Oct. 31, 1999
Calls
Contracts Premium
Balance April 30, 1999 -- $--
Opened 11,400 1,899,783
Closed (2,100) (576,181)
Expired (3,600) (349,612)
------ --------
Balance Oct. 31, 1999 5,700 $973,990
See "Summary of significant accounting policies."
7. STOCK INDEX FUTURES CONTRACTS
As of Oct. 31, 1999, investments in securities for Managed Portfolio included
securities valued at $1,231,026 that were pledged as collateral to cover initial
margin deposits on 44 open purchase contracts. The market value of the open
purchase contracts as of Oct. 31, 1999 was $15,138,200 with a net unrealized
gain of $142,824. See "Summary of significant accounting policies"
8. CAPITAL LOSS CARRYOVER
For federal income tax purposes, Equity Portfolio and Income Portfolio have
capital loss carryovers of $91,910,864 and $979,456, respectively, as of April
30, 1999, that will expire in 2007 for Equity Portfolio and 2007-2008 for Income
Portfolio if not offset by capital gains. It is unlikely the board will
authorize a distribution of any net realized capital gains until the available
capital loss carryover has been offset or expires.
<PAGE>
<TABLE>
<CAPTION>
9. FINANCIAL HIGHLIGHTS
The tables below show certain important financial information for evaluating
each Fund's results.
Equity Portfolio
Fiscal period ended April 30,
Per share income and capital changesa
1999b 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $27.80 $33.96 $23.52 $29.34 $20.05
Income from investment operations:
Net investment income (loss) (.07) (.06) (.08) .05 .03
Net gains (losses) (both realized and unrealized) 6.49 (1.17) 11.55 (1.34) 9.30
Total from investment operations 6.42 (1.23) 11.47 (1.29) 9.33
Less distributions:
Dividends from net investment income -- -- -- (.05) (.03)
Distributions from realized gains -- (4.93) (1.03) (4.48) (.01)
Total distributions -- (4.93) (1.03) (4.53) (.04)
Net asset value, end of period $34.22 $27.80 $33.96 $23.52 $29.34
Ratios/supplemental data
Net assets, end of period (in thousands) $1,230,133 $988,937 $933,817 $551,518 $448,412
Ratio of expenses to average daily net assetse .71%c .73% .72% .76% .76%
Ratio of net investment income (loss)
to average daily net assets (.46%)c (.26%) (.29%) .21% .15%
Portfolio turnover rate
(excluding short-term securities) 64% 130% 147% 231% 184%
Total returnd 23.09% (2.80%) 49.52% (3.66%) 46.63%
a For a share outstanding throughout the period. Rounded to the nearest cent.
b Six months ended Oct. 31, 1999 (Unaudited).
c Adjusted to an annual basis.
d Total return does not reflect the expenses that apply to the subaccounts or
the policies.
e For the six months ended Oct. 31, 1999, expense ratio is based on total
expenses of the Fund before reduction of earnings credits on cash balances.
</TABLE>
<PAGE>
Equity Income Portfolio
For the period ended Oct. 31,
Per share income and capital changesa
1999b
Net asset value, beginning of period $10.00
Income from investment operations:
Net investment income (loss) .01
Net gains (losses) (both realized and unrealized) (.47)
Total from investment operations (.46)
Less distributions:
Dividends from net investment income (.01)
Net asset value, end of period $9.53
Ratios/supplemental data
Net assets, end of period (in thousands) $717
Ratio of expenses to average daily net assetse .78%c
Ratio of net investment income (loss)
to average daily net assets .69%c
Portfolio turnover rate
(excluding short-term securities) 13%
Total returnd (4.58%)
a For a share outstanding throughout the period. Rounded to the nearest cent.
b For the period from June 17, 1999 (commencement of operatons) to Oct. 31, 1999
(Unaudited).
c Adjusted to an annual basis.
d Total return does not reflect the expenses that apply to the subaccounts or
the policies.
e For the six months ended Oct. 31, 1999, expense ratio is based on total
expenses of the Fund before reduction of earnings credits on cash balances.
<PAGE>
<TABLE>
<CAPTION>
Government Securities Portfolio
Fiscal period ended April 30,
Per share income and capital changesa
1999b 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $10.13 $10.18 $9.87 $9.98 $9.85
Income from investment operations:
Net investment income (loss) .25 .53 .56 .59 .61
Net gains (losses) (both realized and unrealized) (.32) .04 .42 (.03) .13
Total from investment operations (.07) .57 .98 .56 .74
Less distributions:
Dividends from net investment income (.26) (.53) (.56) (.59) (.61)
Distributions from realized gains (.04) (.09) (.11) (.08) --
Total distributions (.30) (.62) (.67) (.67) (.61)
Net asset value, end of period $9.76 $10.13 $10.18 $9.87 $9.98
Ratios/supplemental data
Net assets, end of period (in thousands) $21,818 $21,935 $14,607 $13,377 $12,464
Ratio of expenses to average daily net assetsd,f .80%c .80% .80% .80% .80%
Ratio of net investment income (loss)
to average daily net assets 5.20%c 5.19% 5.57% 5.88% 5.98%
Portfolio turnover rate
(excluding short-term securities) 92% 89% 82% 62% 38%
Total returne (.67%) 5.73% 10.11% 5.83% 7.45%
a For a share outstanding throughout the period. Rounded to the nearest cent.
b Six months ended Oct. 31, 1999 (Unaudited).
c Adjusted to an annual basis.
d IDS Life voluntarily limited total operating expenses to 0.80% of average
daily net assets. Had IDS Life not done so, the ratio of expenses to average
daily net assets would have been 0.88% for the six months ended Oct. 31, 1999,
0.87%, 0.89%, 0.85%, and 0.88% for the years ended April 30, 1999, 1998, 1997,
and 1996, respectively.
e Total return does not reflect the expenses that apply to the subaccounts or
the policies.
f For the six months ended Oct. 31, 1999, expense ratio is based on total
expenses of the Fund before reduction of earnings credits on cash balances.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Income Portfolio
Fiscal period ended April 30,
Per share income and capital changesa
1999b 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $9.89 $10.28 $10.03 $9.93 $9.64
Income from investment operations:
Net investment income (loss) .32 .67 .69 .68 .68
Net gains (losses) (both realized and unrealized) (.43) (.32) .29 .10 .29
Total from investment operations (.11) .35 .98 .78 .97
Less distributions:
Dividends from net investment income (.32) (.67) (.69) (.68) (.68)
Distributions from realized gains -- (.07) (.04) -- --
Total distributions (.32) (.74) (.73) (.68) (.68)
Net asset value, end of period $9.46 $9.89 $10.28 $10.03 $9.93
Ratios/supplemental data
Net assets, end of period (in thousands) $94,332 $97,578 $82,773 $66,745 $54,976
Ratio of expenses to average daily net assetse .75%c .75% .74% .80% .80%
Ratio of net investment income (loss)
to average daily net assets 6.59%c 6.65% 6.69% 6.73% 6.72%
Portfolio turnover rate
(excluding short-term securities) 16% 22% 94% 106% 36%
Total returnd (1.17%) 3.52% 9.97% 8.08% 10.03%
a For a share outstanding throughout the period. Rounded to the nearest cent.
b Six months ended Oct. 31, 1999 (Unaudited).
c Adjusted to an annual basis.
d Total return does not reflect the expenses that apply to the subaccounts or
the policies.
e For the six months ended Oct. 31, 1999, expense ratio is based on total
expenses of the Fund before reduction of earnings credits on cash balances.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
International Equity Portfolio
Fiscal period ended April 30,
Per share income and capital changesa
1999b 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $19.04 $18.33 $14.73 $16.35 $10.29
Income from investment operations:
Net investment income (loss) .11 .18 .08 .14 .11
Net gains (losses) (both realized and unrealized) 1.18 1.32 4.06 (.24) 6.08
Total from investment operations 1.29 1.50 4.14 (.10) 6.19
Less distributions:
Dividends from net investment income (.12) (.17) (.07) (.15) (.13)
Excess distributions from net investment income -- -- (.05) -- --
Distributions from realized gains (.36) (.62) (.42) (1.37) --
Total distributions (.48) (.79) (.54) (1.52) (.13)
Net asset value, end of period $19.85 $19.04 $18.33 $14.73 $16.35
Ratios/supplemental data
Net assets, end of period (in thousands) $317,442 $283,001 $217,573 $125,874 $52,061
Ratio of expenses to average daily net assetsd,f 1.01%c 1.05% 1.05% 1.05% 1.05%
Ratio of net investment income (loss)
to average daily net assets 1.17%c 1.01% .49% .73% .92%
Portfolio turnover rate
(excluding short-term securities) 37% 67% 172% 151% 172%
Total returne 6.84% 8.27% 28.41% (.54%) 60.47%
a For a share outstanding throughout the period. Rounded to the nearest cent.
b Six months ended Oct. 31, 1999 (Unaudited).
c Adjusted to an annual basis.
d IDS Life voluntarily limited total operating expenses. Had IDS Life not done
so, the ratio of expenses to average daily net assets would have been 1.06%,
1.22%, 1.32% and 1.76% for the periods ended April 30, 1998, 1997, 1996 and
1995, respectively.
e Total return does not reflect the expenses that apply to the subaccounts or
the policies.
f For the six months ended Oct. 31, 1999, expense ratio is based on total
expenses of the Fund before reduction of earnings credits on cash balances.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Managed Portfolio
Fiscal period ended April 30,
Per share income and capital changesa
1999b 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period 20.08 $19.81 $17.16 $16.49 $14.11
Income from investment operations:
Net investment income (loss) -- .41 .47 .57 .57
Net gains (losses) (both realized and unrealized) .85 1.49 3.92 1.37 2.51
Total from investment operations .85 1.90 4.39 1.94 3.08
Less distributions:
Dividends from net investment income (.20) (.41) (.47) (.57) (.57)
Distributions from realized gains (.21) (1.22) (1.27) (.70) (.13)
Total distributions (.41) (1.63) (1.74) (1.27) (.70)
Net asset value, end of period $20.52 $20.08 $19.81 $17.16 $16.49
Ratios/supplemental data
Net assets, end of period (in thousands) $719,898 $685,154 $580,697 $410,737 $316,732
Ratio of expenses to average daily net assetse .72%c .74% .72% .75% .78%
Ratio of net investment income (loss)
to average daily net assets 2.04%c 2.23% 2.60% 3.46% 3.73%
Portfolio turnover rate
(excluding short-term securities) 23% 96% 112% 100% 83%
Total returnd 4.30% 10.52% 26.70% 12.45% 22.28%
a For a share outstanding throughout the period. Rounded to the nearest cent.
b Six months ended Oct. 31, 1999 (Unaudited).
c Adjusted to an annual basis.
d Total return does not reflect the expenses that apply to the subaccounts or
the policies.
e For the six months ended Oct. 31, 1999, expense ratio is based on total
expenses of the Fund before reduction of earnings credits on cash balances.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Money Market Portfolio
Fiscal period ended April 30,
Per share income and capital changesa
1999b 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00
Income from investment operations:
Net investment income (loss) .02 .05 .05 .05 .05
Less distributions:
Dividends from net investment income (.02) (.05) (.05) (.05) (.05)
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00
Ratios/supplemental data
Net assets, end of period (in thousands) $59,341 $45,564 $34,373 $28,546 $14,318
Ratio of expenses to average daily net assetsc,f .60%d .60% .60% .60% .60%
Ratio of net investment income (loss)
to average daily net assets 4.55%d 4.72% 5.04% 4.81% 5.04%
Total returne 2.28% 4.84% 5.16% 4.91% 5.13%
a For a share outstanding throughout the period. Rounded to the nearest cent.
b Six months ended Oct. 31, 1999 (Unaudited).
c IDS Life voluntarily limited total operating expenses to 0.60% of average
daily net assets. Had IDS Life not done so, the ratio of expenses to average
daily net assets would have been 0.64%, 0.73%, 0.77% and 0.71% for the years
ended April 30, 1998, 1997, 1996 and 1995, respectively.
d Adjusted to an annual basis.
e Total return does not reflect the expenses that apply to the subaccounts or
the policies.
f For the six months ended Oct. 31, 1999, expense ratio is based on total
expenses of the Fund before reduction of earnings credits on cash balances.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Investments in Securities
IDS Life Series Fund, Inc.
Equity Portfolio
Oct. 31, 1999 (Unaudited)
(Percentages represent value of investments compared to net assets)
Common stocks (96.8%)
Issuer Shares Value(a)
Aerospace & defense (0.3%)
<S> <C> <C>
HEICO Cl A 227,500 $3,455,156
Airlines (0.2%)
Ryanair Holdings ADR 50,000(b,c) 2,062,500
Automotive & related (0.7%)
Gentex 131,500(b) 2,260,156
O'Reilly Automotive 150,000(b) 6,543,750
Total 8,803,906
Banks and savings & loans (2.3%)
Bank United Cl A 300,000 11,700,000
CompuCredit 200,000(b) 5,087,500
TCF Financial 220,000 6,490,000
UnionBanCal 105,000 4,560,938
Total 27,838,438
Communications equipment & services (11.9%)
Aironet Wireless Communications 175,000(b) 6,256,250
Amdocs 768,400(b) 21,371,125
America Online 120,000(b) 15,562,500
CapRock Communications 400,000(b) 11,525,000
CMGI 100,000(b) 10,943,750
Concentric Network 350,000(b) 8,968,750
Copper Mountain Networks 30,000(b) 2,212,500
Covad Communications Group 170,500(b) 8,184,000
Cybergold 200,000(b) 1,350,000
Data Return 200,000(b) 3,012,500
DSL.net 300,000(b) 2,887,500
InfoSpace.com 200,000(b) 11,125,000
Liberate Technologies 150,000(b) 10,218,750
Lucent Technologies 75,000 4,818,750
Natl Information Consortium 300,000(b) 9,825,000
Sycamore Networks 15,700(b) 3,375,500
Tellabs 250,000(b) 15,812,500
Total 147,449,375
Computers & office equipment (24.6%)
Agile Software 30,000(b) 2,940,000
BindView Development 500,000(b) 15,000,000
BMC Software 175,000(b) 11,232,813
Cisco Systems 315,000(b) 23,309,999
Citrix Systems 125,000(b) 8,015,625
Cysive 75,000(b) 4,317,188
E.piphany 100,000(b) 8,600,000
Edify 150,000(b) 1,940,625
EMC 85,000(b) 6,205,000
Emulex 200,000(b,d) 31,187,499
Extreme Networks 200,000(b) 16,062,500
Fiserv 500,000(b) 16,000,000
Juniper Networks 40,000(b) 11,025,000
Legato Systems 110,000(b) 5,912,500
Luminant Worldwide 100,000(b) 3,912,500
Navigant Consulting 350,000(b) 9,996,875
NetRadio 90,000(b) 714,375
NetZero 50,000(b) 1,028,125
Novell 75,000(b) 1,504,688
Pervasive Software 200,000(b) 1,950,000
Predictive Systems 125,000(b) 5,437,500
Safeguard Scientifics 126,900(b) 10,675,463
Security First Technologies 250,000(b) 10,046,875
SunGard Data Systems 590,000(b) 14,418,125
Transaction Systems Architects Cl A 250,000(b) 7,687,500
Trintech Group ADR 200,000(b) 3,525,000
USWeb 150,000(b) 5,812,500
VeriSign 300,000(b) 37,049,999
WatchGuard Technologies 170,000(b) 2,868,750
WebTrends 250,000(b) 15,437,500
Yahoo! 50,000(b) 8,953,125
Total 302,767,649
Electronics (16.8%)
Align-Rite Intl 150,000(b) 2,812,500
Altera 140,000(b) 6,807,500
Conexant Systems 50,000(b) 4,668,750
Flextronics Intl 200,000(b) 14,200,000
Foundry Networks 15,100(b) 2,861,450
Galileo Technology 380,000(b) 8,692,500
Jabil Circuit 230,000(b) 12,017,500
JDS Uniphase 300,000(b) 50,062,499
KLA-Tencor 200,000(b) 15,837,500
NETsilicon 180,000(b) 2,295,000
Novellus Systems 135,000(b) 10,462,500
PMC-Sierra 150,000(b) 14,137,500
RF Micro Devices 250,000(b) 12,906,250
Sawtek 100,000(b,d) 4,100,000
SDL 100,000(b) 12,331,250
SmartDisk 75,000(b) 4,110,938
Taiwan Semiconductor Mfg ADR 276,750(b,c) 9,582,469
Teradyne 280,000(b) 10,780,000
Vitesse Semiconductor 200,000(b) 9,175,000
Total 207,841,106
Energy (0.8%)
Apache 173,000 6,747,000
Barrett Resources 100,000(b) 3,356,250
Total 10,103,250
Financial services (2.6%)
Kansas City Southern Inds 200,000 9,487,500
Knight/Trimark Group Cl A 450,000(b) 11,728,125
LaBranche 850,000(b) 11,368,750
Total 32,584,375
Food (0.4%)
U.S. Foodservice 250,000(b) 4,796,875
Health care (4.4%)
MedImmune 75,000(b) 8,400,000
Medtronic 150,000 5,193,750
Mylan Laboratories 324,450 5,819,822
Pharmacyclics 425,000(b) 15,034,375
Priority Healthcare Cl B 450,000(b) 9,028,125
Wesley Jessen VisionCare 400,000(b) 10,750,000
Total 54,226,072
Health care services (1.0%)
Guilford Pharmaceuticals 750,000(b,c) 11,812,500
Household products (0.1%)
Seminis Cl A 205,600(b) 1,606,250
Insurance (0.8%)
Blanch (EW) Holdings 110,900 7,180,775
Quotesmith.com 250,000(b) 2,062,500
Total 9,243,275
Leisure time & entertainment (1.0%)
SFX Entertainment Cl A 350,000(b) 12,228,125
Media (7.0%)
Adelphia Communications Cl A 225,000(b) 12,290,625
Belo (AH) Cl A 250,000 5,093,750
Emmis Communications Cl A 100,000(b) 7,212,500
Houghton Mifflin 105,000 4,449,375
Scholastic 100,000(b) 4,650,000
Telewest Communications 1,330,000(b,c) 5,686,609
Univision Communications Cl A 450,000(b,d) 38,278,125
Young & Rubicam 173,500 7,937,625
Total 85,598,609
Miscellaneous (3.1%)
Acme Communications 100,000(b) 3,600,000
Akamai Technologies 12,900(b) 1,872,919
Crossroads Systems 30,700(b) 2,183,538
iGo 220,000(b) 3,107,500
InterNAP Network Services 39,800(b) 3,676,525
Intertrust Technologies 20,000(b) 1,090,000
JNI 20,000(b) 1,068,750
Loislaw.com 150,000(b) 2,625,000
MCK Communications 33,500(b) 753,750
NaviSite 100,000(b) 4,700,000
NetSolve 200,000(b) 4,774,999
Radio Unica 120,000(b) 3,435,000
ShopNow.com 77,600(b) 1,008,800
Telemate.Net Software 200,000(b) 2,550,000
Triton PCS Holdings Cl A 32,700(b) 1,152,675
Total 37,599,456
Multi-industry conglomerates (0.9%)
Electronics for Imaging 275,000(b) 11,085,938
Restaurants & lodging (0.6%)
Papa John's Intl 185,000(b,d) 6,914,375
Retail (7.8%)
99 Cents Only Stores 150,000(b) 4,481,250
American Eagle Outfitters 180,000(b,d) 7,706,250
AnnTaylor Stores 150,000(b) 6,384,375
Bed Bath & Beyond 300,000(b) 9,993,750
CVS 200,000(d) 8,687,500
EMusic.com 250,000(b) 3,421,875
Family Dollar Stores 375,000 7,734,375
Kohl's 110,000(b) 8,229,375
Linens `N Things 225,000(b) 8,943,750
Musicmaker.com 130,000(b) 991,250
Tiffany 300,000(d) 17,850,000
TJX Companies 150,000 4,068,750
Tuesday Morning 200,000(b) 4,600,000
Valley Media 200,000(b) 2,275,000
Total 95,367,500
Textiles & apparel (0.4%)
Abercrombie & Fitch Cl A 200,100(b,d) 5,452,725
Transportation (0.3%)
C.H. Robinson Worldwide 100,000 3,381,250
Utilities -- telephone (8.8%)
Allegiance Telecom 200,000(b) 13,800,000
COLT Telecom Group ADR 200,000(b,c) 23,700,000
Global TeleSystems Group 263,700(b) 6,312,319
Intermedia Communications 250,000(b) 6,500,000
MGC Communications 240,000(b) 6,600,000
Omnipoint 176,600(b) 14,591,575
RCN 260,000(b) 12,447,500
United States Cellular 50,000(b) 4,425,000
Viatel 250,000(b) 8,343,750
WinStar Communications 300,000(b) 11,643,750
Total 108,363,894
Total common stocks
(Cost: $782,261,714) $1,190,582,599
Preferred stocks & other (0.7%)
Issuer Shares
Value(a)
Mars
Cv 2,702,703(f) $5,000,000
Protein Delivery 1,200,000 3,000,000
Telewest Communications
Rights 120,909(c) 109,253
Total preferred stocks & other
(Cost: $8,000,000) $8,109,253
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Options purchased (0.1%)
Issuer Shares Exercise Expiration Value(a)
price date
Calls
Altera 50,000 $50 Dec. 1999 $193,750
Sungard Data 50,000 25 April 2000 190,625
Veeco 35,000 35 Jan. 2000 431,250
XL Capital 25,000 55 Jan. 2000 79,688
Total options purchased
(Cost: $776,982) $895,313
Short-term securities (2.0%)
Issuer Annualized Amount Value(a)
yield on date payable at
of purchase maturity
U.S. government agencies (1.7%)
Federal Home Loan Mtge Corp Disc Nt
<S> <C> <C> <C>
01-18-00 5.60% $9,800,000 $9,680,488
Federal Natl Mtge Assn Disc Nts
01-24-00 5.60 5,800,000 5,724,030
01-27-00 5.61 5,500,000 5,423,963
Total 20,828,481
Commercial paper (0.3%)
Electronic Data Systems
11-01-99 5.32 4,000,000(e) 3,998,227
Total short-term securities
(Cost: $24,826,573) $24,826,708
Total investments in securities
(Cost: $815,865,269)(g) $1,224,413,873
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Notes to investments in securities
(a) Securities are valued by procedures described in Note 1 to the financial
statements.
(b) Non-income producing.
(c) Foreign security values are stated in U.S. dollars. As of Oct. 31, 1999, the
value of foreign securities represented 4.30% of net assets.
(d) At Oct. 31, 1999, securities valued at $24,382,468 were held to cover open
call options written as follows:
Issuer Shares Exercise Expiration Value(a)
price date
<S> <C> <C> <C> <C>
Emulex 50,000 $130 Nov. 1999 $1,468,750
Emulex 25,000 160 Nov. 1999 276,563
Sawtek 100,000 35 Dec. 1999 825,000
Tiffany & Co 95,000 60 Nov. 1999 249,375
Univision Communications Cl A 21,000 90 Nov. 1999 13,781
Univision Communications Cl A 13,500 90 Dec. 1999 24,468
Total $2,857,937
At Oct. 31, 1999, cash or short-term securities were designated to cover open put options written as follows:
Issuer Shares Exercise Expiration Value(a)
price date
Abercrombie & Fitch 30,000 $25 Nov. 1999 $30,938
American Eagle Outfitters 30,000 50 Nov. 1999 236,250
CVS 50,000 35 Dec. 1999 21,875
Papa John's Intl 25,000 35 Jan. 2000 32,813
Total $321,876
(e) 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.
(f) Identifies issues considered to be illiquid as to their marketability (see
Note 1 to the financial statements). Information concerning such security
holdings at Oct. 31, 1999, is as follows:
Security Acquisition Cost
date
Mars
Cv 02-17-99 $5,000,000
(g) At Oct. 31, 1999, the cost of securities for federal income tax purposes was
approximately $815,865,000 and the approximate aggregate gross unrealized
appreciation and depreciation based on that cost was:
Unrealized appreciation $435,544,000
Unrealized depreciation (26,995,000)
-----------
Net unrealized appreciation $408,549,000
See accompanying notes to investments in securities.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Investments in Securities
IDS Life Series Fund, Inc.
Equity Income Portfolio
Oct. 31, 1999 (Unaudited)
(Percentages represent value of investments compared to net assets)
Common stocks (86.8%)
Issuer Shares Value(a)
Aerospace & defense (1.9%)
<S> <C> <C>
AlliedSignal 32 $1,822
Goodrich (BF) 163 3,861
Rockwell Intl 161 7,799
Total 13,482
Automotive & related (2.8%)
Ford Motor 158 8,670
General Motors 71 4,988
TRW 147 6,303
Total 19,961
Banks and savings & loans (10.0%)
Allied Capital 260 5,216
Bank of America 232 14,934
Bank of New York 179 7,496
Chase Manhattan 58 5,068
First Union 162 6,915
Fleet Boston 236 10,296
Mellon Financial 189 6,981
Washington Mutual 136 4,888
Wells Fargo 209 10,006
Total 71,800
Building materials & construction (1.7%)
Fluor 131 5,224
Martin Marietta Materials 180 7,008
Total 12,232
Chemicals (2.6%)
Dow Chemical 33 3,902
Du Pont (EI) de Nemours 139 8,957
Imperial Chemical Inds 88(c) 3,537
Lyondell Petrochemical 210 2,546
Total 18,942
Communications equipment & services (1.7%)
Motorola 125 12,180
Computers & office equipment (5.8%)
BMC Software 61(b) 3,915
Electronic Data Systems 58 3,393
EQUANT 43(b,c) 4,171
First Data 72 3,290
Hewlett-Packard 49 3,629
NOVA 247(b) 6,422
Solectron 114(b) 8,578
Unisys 350(b) 8,488
Total 41,886
Energy (8.7%)
Chevron 176 16,071
Conoco Cl A 327 8,972
Conoco Cl B 43 1,166
FirstEnergy 122 3,180
Mobil 163 15,730
Sunoco 210 5,066
Texaco 200 12,275
Total 62,460
Energy equipment & services (0.6%)
Halliburton 120 4,523
Financial services (8.8%)
Alliance Capital Management LP 226 6,201
Associates First Capital Cl A 180 6,570
Citigroup 400 21,650
MBNA 450 12,431
Morgan Stanley, Dean Witter, Discover & Co 145 15,995
Total 62,847
Food (2.3%)
Bestfoods 98 5,758
General Mills 59 5,144
Sara Lee 195 5,277
Total 16,179
Health care (3.4%)
American Home Products 102 5,330
Bausch & Lomb 77 4,158
Baxter Intl 77 4,995
Mylan Laboratories 276 4,951
Pharmacia & Upjohn 91 4,908
Total 24,342
Household products (1.3%)
Colgate-Palmolive 151 9,136
Industrial equipment & services (2.9%)
Caterpillar 50 2,763
Illinois Tool Works 135 9,889
Parker-Hannifin 179 8,200
Total 20,852
Insurance (5.4%)
American General 147 10,906
American Intl Group 190 19,558
Lincoln Natl 65 2,998
Marsh & McLennan 65 5,139
Total 38,601
Media (3.1%)
Adelphia Communications Cl A 43(b) 2,349
CBS 301(b) 14,692
MediaOne Group 74(b) 5,259
Total 22,300
Multi-industry conglomerates (0.5%)
Emerson Electric 55 3,303
Paper & packaging (2.8%)
American Natl Can Group 350 4,375
Intl Paper 303 15,945
Total 20,320
Retail (4.4%)
Circuit City Stores-Circuit City Group 273 11,654
CVS 170 7,384
Dayton Hudson 190 12,279
Total 31,317
Transportation (0.4%)
Teekay Shipping 179 2,685
Utilities -- electric (4.6%)
Carolina Power & Light 75 2,588
CMS Energy 133 4,904
Duke Energy 108 6,101
Edison Intl 164 4,859
New Century Energies 122 3,973
NiSource 136 2,788
Northern States Power 164 3,526
Texas Utilities 108 4,185
Total 32,924
Utilities -- gas (0.5%)
El Paso Energy 93 3,813
Utilities -- telephone (10.6%)
ALLTEL 25 2,081
AT&T 337 15,755
Bell Atlantic 154 10,000
BellSouth 187 8,415
GTE 46 3,450
MCI WorldCom 148(b) 12,700
SBC Communications 355 18,082
U S WEST Communications Group 92 5,618
Total 76,101
Total common stocks
(Cost: $608,476) $622,186
Total investments in securities
(Cost: $608,476)(d) $622,186
</TABLE>
<PAGE>
Notes to investments in securities
(a) Securities are valued by procedures described in Note 1 to the financial
statements.
(b) Non-income producing.
(c) Foreign security values are stated in U.S. dollars. As of Oct. 31, 1999, the
value of foreign securities represented 1.08% of net assets.
(d) At Oct. 31, 1999, the cost of securities for federal income tax purposes was
approximately $608,000 and the approximate aggregate gross unrealized
appreciation and depreciation based on that cost was:
Unrealized appreciation $28,000
Unrealized depreciation (14,000)
-------
Net unrealized appreciation $14,000
See accompanying notes to investments in securities.
<PAGE>
<TABLE>
<CAPTION>
Investments in Securities
IDS Life Series Fund, Inc.
Government Securities Portfolio
Oct. 31, 1999 (Unaudited)
(Percentages represent value of investments compared to net assets)
Bonds (87.4%)
Issuer Coupon Principal Value(a)
rate amount
Mortgage-backed securities (57.2%)
Federal Home Loan Mtge Corp
<S> <C> <C> <C>
06-01-12 7.00% $148,395 $148,303
01-01-13 6.00 334,005 322,660
02-01-13 6.50 225,308 221,211
09-01-14 6.00 996,590 958,626
12-01-27 6.00 279,230 261,046
05-01-28 7.00 324,881 319,095
08-01-28 7.00 177,458 174,471
09-01-29 7.00 1,398,929 1,374,014
Federal Natl Mtge Assn
02-13-04 5.13 1,125,000 1,070,673
05-01-09 5.50 471,939(b) 453,624
06-01-10 6.50 237,391 234,721
08-01-11 8.50 79,073 82,307
09-01-12 7.00 145,946 145,627
03-01-13 6.00 167,126 160,934
04-01-13 5.50 358,522 337,459
07-01-13 6.50 425,962 418,368
06-01-14 5.50 491,660 462,465
03-01-23 9.00 62,840 66,198
04-01-23 8.50 127,251 132,302
09-01-23 8.50 171,406 178,530
09-01-25 7.00 161,786 159,107
04-01-27 6.50 223,216 215,169
03-01-28 6.50 339,722 325,922
04-01-28 6.00 272,098 253,765
09-01-28 6.00 643,938 599,867
10-01-28 6.00 718,360 669,195
11-01-28 6.00 479,304 446,951
12-01-28 7.00 382,723 376,026
Govt Natl Mtge Assn
05-15-17 8.00 32,160 33,236
07-15-28 6.50 1,963,123 1,875,998
Total 12,477,870
U.S. government obligations (30.2%)
Resolution Funding Corp
10-15-19 8.13 400,000 459,797
Resolution Funding Corp
Zero Coupon
04-15-05 5.66 200,000(c) 141,456
10-15-09 7.12 460,000(c) 239,143
U.S. Treasury
11-30-00 5.63 1,000,000 999,792
08-15-01 7.88 700,000 724,119
11-30-02 5.75 500,000 497,888
02-28-03 5.50 150,000 148,108
05-15-16 7.25 300,000 323,219
11-15-16 7.50 700,000 772,215
05-15-17 8.75 950,000 1,172,709
08-15-23 6.25 725,000 709,761
11-15-24 7.50 145,000 163,979
TIPS
01-15-09 3.88 250,000(d) 245,234
Total 6,597,420
Total bonds
(Cost: $19,308,135) $19,075,290
Short-term securities (12.8%)
Issuer Annualized Amount Value(a)
yield on date payable at
of purchase maturity
U.S. government agencies
Federal Home Loan Bank Disc Nts
12-01-99 5.24% $400,000 $398,013
12-01-99 5.25 800,000 796,025
Federal Home Loan Mtge Corp Disc Nts
11-29-99 5.23 1,000,000 995,513
12-14-99 5.30 600,000 595,964
Total short-term securities
(Cost: $2,786,145) $2,785,515
Total investments in securities
(Cost: $22,094,280)(e) $21,860,805
See accompanying notes to investments in securities.
</TABLE>
<PAGE>
Notes to investments in securities
(a) Securities are valued by procedures described in Note 1 to the financial
statements.
(b) At Oct. 31, 1999, the cost of securities purchased, including interest
purchased, on a when-issued basis was $449,052.
(c) For zero coupon bonds, the interest rate disclosed represents the annualized
effective yield on the date of acquisition.
(d) U.S. Treasury inflation-protection securities (TIPS) are securities in which
the principal amount is adjusted for inflation and the semiannual interest
payments equal a fixed percentage of the inflation-adjusted principal amount.
(e) At Oct. 31, 1999, the cost of securities for federal income tax purposes was
approximately $22,094,000 and the approximate aggregate gross unrealized
appreciation and depreciation based on that cost was:
Unrealized appreciation $112,000
Unrealized depreciation (345,000)
--------
Net unrealized depreciation $(233,000)
<PAGE>
<TABLE>
<CAPTION>
Investments in Securities
IDS Life Series Fund, Inc.
Income Portfolio
Oct. 31, 1999 (Unaudited)
(Percentages represent value of investments compared to net assets)
Bonds (92.2%)
Issuer Coupon Principal Value(a)
rate amount
Government obligations (4.0%)
Govt of Russia
(Russian Ruble)
<S> <C> <C> <C>
12-15-20 6.63% 150,000(b,c) $13,727
(U.S. Dollar)
12-29-49 6.63 6,875(b,c) 776
People's Republic of China
(U.S. Dollar)
07-03-01 7.38 100,000(c) 100,769
U.S. Treasury
05-15-17 8.75 400,000 493,772
05-15-18 9.13 2,300,000 2,942,412
United Mexican States
(U.S. Dollar)
03-12-08 8.63 250,000(c) 231,875
Total 3,783,331
Mortgage-backed securities (24.1%)
Federal Home Loan Mtge Corp
06-01-09 5.50 527,721 500,015
08-01-11 6.50 1,515,164 1,488,649
03-01-13 5.50 857,401 808,501
06-15-20 8.00 107,532 109,878
Federal Natl Mtge Assn
03-15-01 5.63 600,000 596,730
04-15-03 5.75 2,000,000 1,962,656
02-15-08 5.75 500,000 470,406
06-01-10 6.50 712,174 704,162
02-01-11 6.00 1,312,684 1,269,615
09-01-13 6.00 1,738,219 1,672,845
11-01-13 6.00 1,789,559 1,720,768
05-01-26 7.00 3,584,789 3,520,945
07-01-26 7.00 1,494,472 1,467,392
12-01-27 6.00 2,343,152 2,187,015
12-01-27 6.50 1,890,754 1,816,808
10-01-28 6.50 1,909,639 1,830,866
Merrill Lynch Mtge Investors
06-15-21 7.69 118,294 108,109
Morgan Stanley Capital
Collateralized Mtge Obligation
11-15-28 6.59 446,239 444,462
Total 22,679,822
Aerospace & defense (0.6%)
BE Aerospace
Sr Sub Nts Series B
02-01-06 9.88 100,000 99,750
Goodrich (BF)
07-01-01 9.63 150,000 156,884
Newport News Shipbuilding
Sr Nts
12-01-06 8.63 75,000 74,625
Northrop-Grumman
03-01-06 7.00 250,000 243,146
Total 574,405
Airlines (0.4%)
Continental Airlines
Series 1996A
04-15-15 6.94 372,211 355,183
Automotive & related (1.4%)
Arvin Capital
Company Guaranty
02-01-27 9.50 250,000 251,147
Ford Motor Credit
07-16-04 6.70 500,000 494,793
Lear
Sr Nts
05-15-09 8.11 500,000(d) 477,725
MSX Intl
Company Guaranty
01-15-08 11.38 125,000 120,000
Total 1,343,665
Banks and savings & loans (6.6%)
Banco General
(U.S. Dollar)
08-01-02 7.70 350,000(c,d) 330,370
Bank of Singapore
(U.S. Dollar) Sub Nts
08-10-09 7.88 400,000(c,d) 404,508
Bank One
Medium-term Nts Series A
02-17-09 6.00 500,000 454,755
Capital One Bank
05-15-08 6.70 500,000 462,948
Comerica Bank
Sub Nts
10-01-08 6.00 500,000 457,087
Corp Andina de Fomento
(U.S. Dollar)
02-01-03 7.10 300,000(c) 298,076
Dao Heng Bank
(U.S. Dollar) Sub Nts
01-24-07 7.75 500,000(c,d) 455,616
Fleet Boston
Sub Nts
12-01-01 9.00 200,000 210,188
Greenpoint Capital
Company Guaranty
06-01-27 9.10 200,000 192,767
Hubco Capital Trust I
Company Guaranty Series B
02-01-27 8.98 500,000 489,387
Long Term Credit Bank Japan
(Japanese Yen)
12-27-01 1.80 40,000,000(c) 369,911
MBNA American Bank
Sub Nts
03-15-08 6.75 500,000 463,774
Norwest
Sr Medium-term Nts Series G
09-15-02 6.38 400,000 397,438
Sanwa Finance Aruba
(U.S. Dollar)
07-15-09 8.35 500,000(c) 507,853
Union Planters Bank
Sub Nts
03-15-18 6.50 500,000 463,429
Washington Mutual Capital
Company Guaranty
06-01-27 8.38 200,000 194,234
Total 6,152,341
Building materials & construction (1.7%)
Carlisle Companies
Sr Nts
01-15-07 7.25 500,000 501,586
Foster Wheeler
11-15-05 6.75 300,000 256,035
Pulte
Sr Nts
12-15-03 7.00 300,000 289,310
Southdown
Sr Sub Nts Series B
03-01-06 10.00 50,000 54,500
Tyco Intl Group
(U.S. Dollar) Company Guaranty
06-15-03 6.25 500,000(c) 484,444
Total 1,585,875
Chemicals (2.1%)
Allied Waste North America
Company Guaranty Series B
01-01-09 7.88 350,000 294,000
IMC Global
10-15-01 6.63 500,000 495,031
Lyondell Chemical
Series A
05-01-07 9.63 250,000 247,500
Rohm & Haas
07-15-04 6.95 500,000(d) 498,350
USA Waste Services
Sr Nts
10-01-07 7.13 500,000 421,167
Total 1,956,048
Commercial finance (0.1%)
Netia Holdings
(U.S. Dollar) Company Guaranty Series B
11-01-07 10.25 100,000(c) 84,500
Communications equipment & services (1.2%)
EchoStar DBS
Sr Nts
02-01-09 9.38 205,000 203,206
Jordan Telecommunications Products
Sr Nts Series B
08-01-07 9.88 250,000 235,000
KMC Telecom Holdings
Zero Coupon Sr Disc Nts
02-15-03 12.78 250,000(e) 135,000
MJD Communications
Sr Sub Nts Series B
05-01-08 9.50 100,000 90,000
NTL
Zero Coupon Sr Nts Series B
04-01-03 9.78 190,000(e) 126,350
PhoneTel Technologies
Sr Nts
12-15-06 12.00 125,000(b) 21,250
Versatel Telecom
(U.S. Dollar) Sr Nts
05-15-08 13.25 100,000(c) 100,500
Williams Communication Group
Sr Nts
10-01-09 10.88 250,000 256,875
Total 1,168,181
Computers & office equipment (0.8%)
Globix
Sr Nts
05-01-05 13.00 250,000 217,500
PSINet
Sr Nts
11-01-08 11.50 500,000 525,000
Sr Nts Series B
02-15-05 10.00 50,000 49,250
Total 791,750
Electronics (0.8%)
Hyundai Semiconductor
(U.S. Dollar) Sr Nts
05-15-07 8.63 500,000(c,d) 391,225
Thomas & Betts
01-15-06 6.50 400,000 386,331
Total 777,556
Energy (2.7%)
Gulf Canada Resources
07-01-05 9.63 500,000 508,750
Honam Oil Refinery
(U.S. Dollar)
10-15-05 7.13 250,000(c,d) 231,447
Lodestar Holdings
Company Guaranty
05-15-05 11.50 250,000 162,500
Oryx Energy
10-15-05 8.13 500,000 517,162
R & B Falcon
04-15-08 6.95 500,000 417,500
Roil
(U.S. Dollar)
12-05-02 12.78 194,000(c,d) 148,410
Trizec Hahn
Sr Nts
09-15-04 9.50 100,000 100,000
USX
03-01-08 6.85 500,000 474,739
Total 2,560,508
Energy equipment & services (1.2%)
DI Inds
Sr Nts
07-01-07 8.88 150,000 133,875
Global Marine
09-01-07 7.13 500,000 474,274
Pioneer Natural Resource
01-15-08 6.50 500,000 429,542
Pool Energy Services
Company Guaranty Series B
04-01-08 8.63 100,000 99,000
Total 1,136,691
Financial services (5.4%)
Airplanes GPA Cl D
(U.S. Dollar) Series 1
03-15-19 10.88 100,000(c) 88,800
American General Finance
Sr Nts
11-01-03 5.75 500,000 477,707
Arcadia Financial
Sr Nts
03-15-07 11.50 130,000 80,600
Associates
11-01-03 5.75 350,000 335,097
Barclays North America Capital
05-15-21 9.75 300,000 326,883
California Infrastructure-
Southern California Edison
03-25-02 6.14 419,760 420,280
Capital One Financial
08-01-08 7.13 500,000 457,222
Countrywide Home Loan
Company Guaranty
06-15-04 6.85 400,000 393,508
Duke Capital
Sr Nts
10-01-09 7.50 500,000 505,729
GMAC
11-10-03 5.75 500,000 480,825
Providian Master Trust
Series 1997-4 Cl A
06-15-07 6.25 500,000 495,559
Providian Natl Bank
Sr Nts
03-15-03 6.70 500,000 484,210
Wilmington Trust
05-01-08 6.63 500,000 471,380
Total 5,017,800
Food (0.1%)
Ameriserve Food Distributions
Company Guaranty
07-15-07 10.13 100,000 48,000
Chiquita Brands Intl
Sr Nts
01-15-04 9.63 100,000 78,000
Total 126,000
Furniture & appliances (0.1%)
Interface
Sr Sub Nts Series B
11-15-05 9.50 100,000 100,000
Health care (0.6%)
Alaris Medical Systems
Company Guaranty
12-01-06 9.75 150,000 121,500
Watson Pharmaceuticals
Sr Nts
05-15-08 7.13 500,000 476,250
Total 597,750
Health care services (2.3%)
Cardinal Health
07-15-08 6.25 500,000 465,339
Columbia/HCA Healthcare
06-15-05 6.91 100,000 90,073
HEALTHSOUTH
Sr Nts
06-15-08 7.00 500,000 401,087
Magellan Health Services
Sr Sub Nts
02-15-08 9.00 125,000 105,625
Manor Care
Sr Nts
06-15-06 7.50 250,000 247,795
Oxford Health Plans
Sr Nts
05-15-05 11.00 50,000 46,500
Paracelsus Healthcare
Sr Sub Nts
08-15-06 10.00 350,000 225,313
Service Corp Intl
03-15-20 6.30 500,000 429,861
Tenet Healthcare
Sr Sub Nts Series B
12-01-08 8.13 200,000 176,500
Total 2,188,093
Household products (0.4%)
Chattem
Company Guaranty Series B
04-01-08 8.88 250,000 225,000
Scotts
Sr Sub Nts
01-15-09 8.63 115,000(d) 109,250
Total 334,250
Industrial equipment & services (2.9%)
AGCO
Sr Sub Nts
03-15-06 8.50 250,000 234,375
ARAMARK Services
Company Guaranty
12-01-06 7.10 500,000 479,623
Case
08-01-05 7.25 400,000 387,393
Ingersoll-Rand
Sr Nts
02-15-01 6.26 500,000 498,211
Laidlaw
(U.S. Dollar)
05-15-06 7.65 500,000(c) 475,985
Motor & Gears
Sr Nts Series D
11-15-06 10.75 250,000 227,500
Terex
Company Guaranty Series D
04-01-08 8.88 250,000 233,125
Wesco Distribution
Company Guaranty Series B
06-01-08 9.13 250,000 225,000
Total 2,761,212
Insurance (2.1%)
American General Institute Capital
Company Guaranty Series A
12-01-45 7.57 250,000(d) 232,632
Americo Life
Sr Sub Nts
06-01-05 9.25 100,000 99,250
Conseco Financing Trust
Company Guaranty
11-15-26 8.70 300,000 258,859
Florida Windstorm
(MBIA Insured)
02-25-19 7.13 500,000(d,f) 466,994
Orion Capital
Company Guaranty
04-15-28 7.70 250,000 217,983
SAFECO Capital
Company Guaranty
07-15-37 8.07 500,000 443,004
Zurich Capital
(U.S. Dollar) Company Guaranty
06-01-37 8.38 250,000(c,d) 242,380
Total 1,961,102
Leisure time & entertainment (2.3%)
Coast Hotels & Casino
Company Guaranty
04-01-09 9.50 75,000 70,875
Hammons (JQ) Hotels
1st Mtge
02-15-04 8.88 250,000 228,438
Hollywood Park
Company Guaranty Series B
02-15-07 9.25 250,000 241,250
Horseshoe Gaming Holdings
Sr Sub Nts
05-15-09 8.63 250,000(d) 240,905
Mirage Resorts
02-01-08 6.75 500,000 443,014
Riviera Holdings
Company Guaranty
08-15-04 10.00 250,000 217,500
Time Warner
02-01-24 7.57 350,000 342,721
Trump Holdings & Funding
Sr Nts
06-15-05 15.50 250,000 232,500
United Artists Theatres
Series 1995A
07-01-15 9.30 93,366 68,675
Venetian Casino/LV Sands
Company Guaranty
11-15-04 12.25 95,000 75,050
Total 2,160,928
Media (5.2%)
AMFM
Company Guaranty
11-01-08 8.00 500,000 495,000
CBS
Sr Nts
05-20-05 7.15 500,000 489,940
Comcast
Sr Sub Deb
10-15-06 9.13 500,000 521,249
Comcast Cable Communications
11-15-08 6.20 300,000 276,947
Cox Enterprises
06-15-09 7.38 500,000(d) 499,430
CSC Holdings
Sr Nts Series B
07-15-09 8.13 400,000 399,500
Globo Communicacoes Participacoes
(U.S. Dollar) Sr Nts
12-05-08 10.63 275,000(c,d) 206,250
Lamar Media
Company Guaranty
12-01-06 9.63 275,000 279,125
Lenfest Communications
Sr Nts
11-01-05 8.38 250,000 256,563
MDC Communications
(U.S. Dollar) Sr Sub Nts
12-01-06 10.50 100,000(c) 100,250
Quebecor Printing Capital
Company Guaranty
01-15-07 7.25 500,000 478,113
Susquehanna Media
Sr Sub Nts
05-15-09 8.50 115,000(d) 111,263
TCI Communications
08-01-15 8.75 350,000 391,697
Telewest Communications
(U.S. Dollar) Zero Coupon Sr Disc Nts
04-15-04 9.25 125,000(c,d,e) 77,188
Time Warner Entertainment
Sr Nts
07-15-33 8.38 250,000 267,926
Total 4,850,441
Metals (0.8%)
Alcan Aluminum
(U.S. Dollar)
01-15-22 8.88 200,000(c) 212,250
Imexsa Export Trust
(U.S. Dollar)
05-31-03 10.13 158,950(c,d) 151,002
Natl Steel
1st Mtge Series D
03-01-09 9.88 250,000 247,500
Ormet
Company Guaranty
08-15-08 11.00 200,000(d) 178,000
Total 788,752
Miscellaneous (4.1%)
Adams Outdoor Advertising
Sr Nts
03-15-06 10.75 100,000 103,250
Advanced Glassfiber Yarn
Sr Sub Nts
01-15-09 9.88 185,000 168,350
Bistro Trust
Sub Nts
12-31-02 9.50 250,000(d) 235,425
California Infrastructure-
San Diego Gas & Electric
03-25-02 6.04 206,175 206,379
Delphes 2
(U.S. Dollar)
05-05-09 7.75 600,000(c,d) 565,127
Dura Operating
Company Guaranty Series B
05-01-09 9.00 250,000 232,500
Great Central Mines
(U.S. Dollar) Sr Nts
04-01-08 8.88 250,000(c) 222,500
Guangdong Enterprises
(U.S. Dollar) Sr Nts
05-22-07 8.88 200,000(b,c,d) 46,000
Hyder
(U.S. Dollar)
12-15-07 6.88 500,000(c,d) 468,238
ISG Resources
04-15-08 10.00 140,000 124,600
Jorgensen (Earle M)
Sr Nts
04-01-05 9.50 275,000 255,750
KPNQwest
(U.S. Dollar) Sr Nts
06-01-09 8.13 500,000(c,d) 476,250
NSM Steel
Company Guaranty
02-01-06 12.00 130,543(b) 7,833
Oshkosh Truck
Company Guaranty
03-01-08 8.75 250,000 240,625
Outsourcing Solutions
Sr Sub Nts Series B
11-01-06 11.00 140,000 135,800
Pierce Leahy Command
Company Guaranty
05-15-08 8.13 200,000 184,000
Stellex Inds
Sr Sub Nts Series B
11-01-07 9.50 250,000 182,188
Total 3,854,815
Multi-industry conglomerates (1.7%)
Coltec Inds
Company Guaranty
04-15-08 7.50 500,000 496,251
Hutchison Whampoa Finance
(U.S. Dollar) Company Guaranty Series A
08-01-07 6.95 250,000(c,d) 240,577
Jordan Inds
Sr Nts Series D
08-01-07 10.38 175,000 163,625
Prime Succession
Sr Sub Nts
08-15-04 10.75 65,000 26,000
USI American Holdings
Sr Nts Series B
12-01-06 7.25 425,000 405,566
Westinghouse Electric
06-01-01 8.88 250,000 255,631
Total 1,587,650
Paper & packaging (2.1%)
Ball
Company Guaranty
08-01-08 8.25 250,000 240,625
Chesapeake
05-01-03 9.88 100,000 109,099
Gaylord Container
Sr Nts
06-15-07 9.75 150,000 141,375
Sr Nts Series B
06-15-07 9.38 100,000 92,250
Intl Paper
11-15-12 5.13 85,000 68,757
Owens-Illinois
Sr Nts
05-15-07 8.10 250,000 240,362
05-15-08 7.35 250,000 228,410
Packaging Corp of America
Company Guaranty
04-01-09 9.63 500,000 497,499
Quno
(U.S. Dollar) Sr Nts
05-15-05 9.13 250,000(c) 260,625
Silgan Holdings
06-01-09 9.00 100,000 95,250
Total 1,974,252
Real estate investment trust (0.3%)
Property Trust of America
02-15-14 7.50 300,000 280,079
Restaurants & lodging (0.6%)
Domino's
Company Guaranty Series B
01-15-09 10.38 175,000 159,250
MGM Grand
02-06-08 6.88 500,000 440,503
Total 599,753
Retail (2.0%)
Kroger
Sr Nts
07-15-06 8.15 500,000 513,088
Maxim Group
Company Guaranty Series B
10-15-07 9.25 250,000 211,875
Meyer (Fred)
Company Guaranty
03-01-08 7.45 250,000 246,922
Rite Aid
12-15-01 6.70 500,000 400,000
Safeway
11-15-01 5.88 500,000 490,784
Total 1,862,669
Textiles & apparel (0.5%)
Tommy Hilfiger USA
Company Guaranty
06-01-03 6.50 500,000 480,152
Transportation (1.6%)
Enterprise Rent-A-Car USA Finance
02-15-08 6.80 200,000(d) 188,520
Medium-term Nts
12-15-99 8.75 300,000(d) 300,917
Greater Beijing First Expressways
(U.S. Dollar) Sr Nts
06-15-04 9.25 100,000(c) 49,000
Hermes Europe RailTel
(U.S. Dollar) Sr Nts
01-15-09 10.38 200,000(c) 190,000
Ryder System
Series N
05-15-01 9.25 150,000 155,017
Union Pacific
02-01-08 6.63 500,000 473,674
Zhuhai Highway
(U.S. Dollar) Sub Nts
07-01-08 11.50 250,000(c,d) 127,500
Total 1,484,628
Utilities -- electric (3.3%)
California Infrastructure-
Pacific Gas & Electric
06-25-02 6.15 582,347 583,156
Cleveland Electric Illuminating
1st Mtge Series B
05-15-05 9.50 250,000 262,618
CMS Energy
Sr Nts
05-15-02 8.13 200,000 199,608
Sr Nts Series B
11-15-00 7.38 300,000 299,211
Connecticut Light & Power
1st Mtge Series C
06-01-02 7.75 250,000 252,694
Edison Mission Energy
Sr Nts
06-15-09 7.73 500,000(d) 499,507
El Paso Electric
1st Mtge Series D
02-01-06 8.90 100,000 104,250
Houston Inds
06-01-01 9.38 150,000 155,808
Israel Electric
(U.S. Dollar) Sr Nts
12-15-06 7.25 300,000(c) 289,287
Midland Funding
Series A
07-23-05 11.75 100,000 109,250
Sithe Independence Funding
Series A
12-30-13 9.00 100,000 105,587
Western Massachusetts Electric
1st Mtge Series B
07-01-01 7.38 250,000 252,072
Total 3,113,048
Utilities -- gas (1.1%)
Columbia Gas System
Series E
11-28-10 7.32 500,000 484,172
El Paso Energy
Sr Nts
05-16-09 6.75 200,000 189,385
Sr Nts Series B
07-15-01 6.63 300,000 297,951
Southwest Gas
Series F
06-15-02 9.75 100,000 106,311
Total 1,077,819
Utilities -- telephone (5.1%)
Airtouch Communications
05-01-08 6.65 500,000 478,170
AT&T Canada
(U.S. Dollar) Sr Nts
11-01-08 10.63 200,000(c) 227,000
Cable & Wireless Communications
(U.S. Dollar)
03-06-03 6.38 500,000(c) 501,061
Call-Net Enterprises
(U.S. Dollar) Sr Nts
08-15-08 8.00 175,000(c) 155,750
GTE Florida
02-01-28 6.86 500,000 462,587
Intermedia Communications
Sr Nts Series B
11-01-07 8.88 100,000 89,500
McLeod USA
Sr Nts
03-15-08 8.38 105,000 98,963
02-15-09 8.13 250,000 231,250
MetroNet Communications
(U.S. Dollar) Zero Coupon Sr Disc Nts
06-15-03 10.03 300,000(c,e) 234,000
Primus Telecommunications Group
Sr Nts
08-01-04 11.75 200,000 196,000
Qwest Communications Intl
Sr Nts Series B
11-01-08 7.50 500,000 498,385
RSL Communications
(U.S. Dollar) Company Guaranty
11-15-06 12.25 250,000(c) 248,438
Sprint Capital
Company Guaranty
11-15-08 6.13 500,000 463,370
U S West Capital Funding
Company Guaranty
08-15-01 6.88 500,000(d) 500,000
07-15-28 6.88 500,000 441,047
Total 4,825,521
Total bonds
(Cost: $91,257,165) $86,976,570
Other (--%)
Issuer Shares
Value(a)
Bell Technology
Warrants 250 $25,000
Intermedia Communications
Warrants 100 9,238
KMC Telecom Holdings
Warrants 700 2,100
Primus Telecommunications
Warrants 200 5,000
Total other
(Cost: $4,321) $41,338
Short-term securities (6.2%)
Issuer Annualized Amount Value(a)
yield on date payable at
of purchase maturity
U.S. government agencies
Federal Home Loan Mtge Corp Disc Nts
11-30-99 5.27% $700,000 $696,634
12-10-99 5.22 1,300,000 1,292,129
Federal Natl Mtge Assn Disc Nts
11-16-99 5.20 600,000 598,443
12-02-99 5.27 1,000,000 994,797
12-17-99 5.24 700,000 695,046
01-24-00 5.60 1,600,000 1,579,042
Total short-term securities
(Cost: $5,856,893) $5,856,091
Total investments in securities
(Cost: $97,118,379)(g) $92,873,999
See accompanying notes to investments in securities.
</TABLE>
<PAGE>
Notes to investments in securities
(a) Securities are valued by procedures described in Note 1 to the financial
statements.
(b) Non-income producing. For long-term debt securities, item identified is in
default as to payment of interest and/or principal.
(c) Foreign security values are stated in U.S. dollars. For debt securities,
principal amounts are denominated in the currency indicated. As of Oct. 31,
1999, the value of foreign securities represented 10.61% of net assets.
(d) 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.
(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) The following abbreviation is used in portfolio descriptions to identify the
insurer of the issue:
MBIA -- Municipal Bond Investors Assurance
(g) At Oct. 31, 1999, the cost of securities for federal income tax purposes was
approximately $97,118,000 and the approximate aggregate gross unrealized
appreciation and depreciation based on that cost was:
Unrealized appreciation $401,000
Unrealized depreciation (4,645,000)
----------
Net unrealized depreciation $(4,244,000)
See accompanying notes to investments in securities.
<PAGE>
<TABLE>
<CAPTION>
Investments in Securities
IDS Life Series Fund, Inc.
International Equity Portfolio
Oct. 31, 1999 (Unaudited)
(Percentages represent value of investments compared to net assets)
Common stocks (91.9%)(c)
Issuer Shares Value(a)
Argentina (0.2%)
Utilities -- telephone
<S> <C> <C>
Telefonica de Argentina ADR 23,000 $589,375
Australia (3.3%)
Energy (0.3%)
Woodside Petroleum 183,000 1,103,325
Metals (1.1%)
Broken Hill Proprietary 261,000 2,698,757
Normandy Mining 877,000 665,836
Total 3,364,593
Miscellaneous (0.3%)
Telstra 312,000(b) 1,001,252
Retail (0.8%)
Woolworths 785,000 2,669,424
Transportation (0.8%)
Brambles Inds 88,000 2,475,951
Brazil (0.4%)
Banks and savings & loans
Uniao de Bancos Brasileiros GDR 52,002 1,202,546
Canada (1.2%)
Multi-industry conglomerates (0.6%)
Bombardier Cl B 99,100 1,747,635
Utilities -- telephone (0.6%)
BCE 31,800 1,915,950
France (16.8%)
Banks and savings & loans (3.0%)
Banque Natl de Paris 106,643 9,366,841
Building materials & construction (2.6%)
Lafarge 84,453 8,128,502
Computers & office equipment (1.7%)
Cap Gemini 34,983 5,298,999
Electronics (0.7%)
SGS-Thomson Microelectronics 23,971 2,105,460
Energy (5.8%)
Elf Aquitaine 57,644 8,488,999
Total Petroleum Cl B 75,474 10,201,753
Total 18,690,752
Food (0.8%)
Sodexho Alliance 15,267(b) 2,505,259
Industrial equipment & services (2.2%)
Castorama Dubois 23,488 7,036,559
Germany (9.8%)
Automotive & related (2.3%)
Bayerische Motoren Werke 232,960 7,425,031
Chemicals (2.7%)
Bayer 211,601 8,658,480
Industrial equipment & services (3.7%)
Mannesmann 72,546 11,408,512
Miscellaneous (1.1%)
Epcos 89,296(b) 3,644,500
Hong Kong (0.2%)
Communications equipment & services
China Telecom 206,000 705,361
Italy (4.3%)
Banks and savings & loans
Instituto Bancario San Paolo di Torino 496,127 6,429,510
Unicredito Italiano 1,576,837 7,381,102
Total 13,810,612
Japan (14.8%)
Automotive & related (1.7%)
Toyota Motor 154,000 5,331,991
Banks and savings & loans (0.6%)
Tokai Bank 205,000 1,789,191
Chemicals (0.8%)
Asahi Chemical Inds 405,000 2,447,130
Computers & office equipment (2.9%)
Canon 110,000 3,112,262
Fujitsu 201,000 6,053,230
Total 9,165,492
Electronics (2.2%)
Alps Electric 131,000 2,537,956
Hitachi 415,000 4,485,733
Total 7,023,689
Media (0.8%)
Sony 16,000 2,495,181
Retail (1.3%)
FamilyMart 60,000 4,172,062
Utilities -- telephone (4.5%)
Nippon Telegraph & Telephone 381 5,846,640
NTT Data 238 3,766,365
NTT Mobile Communication Network 188 4,994,581
Total 14,607,586
Mexico (1.3%)
Banks and savings & loans (0.4%)
Grupo Financiero Banamex Accival 548,000 1,367,863
Multi-industry conglomerates (0.4%)
Grupo Financiero Banorte 1,000,000(b) 1,248,050
Retail (0.5%)
Controladora Comercial Mexicana GDR 90,000 1,485,000
Netherlands (5.2%)
Industrial equipment & services (1.0%)
Philips Electronics 30,887 3,167,777
Insurance (3.1%)
Fortis 281,825(d) 9,702,862
Miscellaneous (1.1%)
United Pan-Europe Communications 47,246(b) 3,632,928
Singapore (3.0%)
Banks and savings & loans (0.5%)
Overseas Union Bank 374,576 1,622,029
Beverages & tobacco (0.5%)
Fraser & Neave 405,000(b) 1,729,416
Financial services (0.8%)
DBS Land 1,434,750 2,657,743
Transportation (1.2%)
Neptune Orient Lines 2,330,000 3,377,217
South Korea (0.9%)
Utilities -- telephone
Korea Telecom ADR 82,147(b) 2,895,682
Spain (0.7%)
Building materials & construction
Fomento de Construcciones y Contractas 93,710 2,350,978
Sweden (3.7%)
Communications equipment & services
Ericsson (LM) Cl B 284,543 11,832,893
Switzerland (2.7%)
Banks and savings & loans
UBS 29,173 8,485,752
United Kingdom (13.8%)
Communications equipment & services (2.9%)
Orange 371,781(b) 9,265,818
Leisure time & entertainment (1.8%)
EMI Group ADR 742,848 5,833,629
Multi-industry conglomerates (4.8%)
General Electric 1,100,559 11,960,632
Williams 621,664 3,115,061
Total 15,075,693
Retail (1.6%)
Great Universal Stores 306,958 2,329,871
Next 259,157 2,790,915
Total 5,120,786
Transportation (1.0%)
Stagecoach Holdings 1,091,798 3,103,126
Utilities -- gas (1.7%)
BG 999,322 5,545,131
United States (9.5%)
Chemicals (0.4%)
Du Pont (EI) de Nemours 20,800 1,340,300
Communications equipment & services (1.0%)
Lucent Technologies 49,400 3,173,950
Computers & office equipment (0.8%)
America Online 19,000(b) 2,464,063
Electronics (1.0%)
Intel 43,000 3,329,813
Energy equipment & services (0.4%)
Baker Hughes 44,000 1,229,250
Financial services (0.7%)
Citigroup 42,000 2,273,250
Health care (0.8%)
Pfizer 61,500 2,429,250
Household products (0.9%)
Colgate-Palmolive 48,000 2,904,000
Retail (1.9%)
Safeway 48,000(b) 1,695,000
Wal-Mart Stores 77,900 4,450,037
Total 6,145,037
Utilities -- telephone (1.6%)
AT&T 48,600 2,272,050
SBC Communications 52,300 2,664,031
Total 4,936,081
Total common stocks
(Cost: $240,117,248) $291,612,608
Other (1.2%)
Issuer Shares Value(a)
Italy
Banca Intesa
Warrants 884,710 $3,778,342
Total other
(Cost: $2,821,691) $3,778,342
See accompanying notes to investments in securities.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Bond (3.9%)
Issuer Coupon Principal Value(a)
rate amount
United Kingdom
United Kingdom Treasury
(British Pound)
<S> <C> <C> <C>
06-07-02 7.00% 7,300,000 $12,233,772
Total bond
(Cost: $12,056,139) $12,233,772
Short-term securities (3.3%)
Issuer Annualized Amount Value(a)
yield on date payable at
of purchase maturity
U.S. government agencies (2.9%)
Federal Home Loan Mtge Assn Disc Nt
11-10-99 5.25% $1,100,000 $1,098,079
Federal Home Loan Mtge Corp Disc Nts
12-01-99 5.28 800,000 796,150
12-15-99 5.30 1,400,000 1,390,075
Federal Natl Mtge Assn Disc Nts
11-16-99 5.20 1,400,000 1,396,367
12-02-99 5.27 600,000 596,878
12-06-99 5.25 800,000 795,440
12-15-99 5.29 300,000 297,873
01-24-00 5.60 1,300,000 1,282,972
01-28-00 5.62 1,500,000 1,476,985
Total 9,130,819
Commercial paper (0.4%)
Household Finance
11-01-99 5.32 1,400,000 1,399,379
Total short-term securities
(Cost: $10,534,153) $10,530,198
Total investments in securities
(Cost: $265,529,231)(e) $318,154,920
See accompanying notes to investments in securities.
</TABLE>
<PAGE>
Notes to investments in securities
(a) Securities are valued by procedures described in Note 1 to the financial
statements.
(b) Non-income producing.
(c) Foreign security values are stated in U.S. dollars. For debt securities,
principal amounts are denominated in the currency indicated.
(d) 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.
(e) At Oct. 31, 1999, the cost of securities for federal income tax purposes was
approximately $265,529,000 and the approximate aggregate gross unrealized
appreciation and depreciation based on that cost was:
Unrealized appreciation $64,721,000
Unrealized depreciation (12,095,000)
-----------
Net unrealized appreciation $52,626,000
<PAGE>
<TABLE>
<CAPTION>
Investments in Securities
IDS Life Series Fund, Inc.
Managed Portfolio
Oct. 31, 1999 (Unaudited)
(Percentages represent value of investments compared to net assets)
Common stocks (65.8%)
Issuer Shares Value(a)
Banks and savings & loans (3.5%)
<S> <C> <C>
Bank of America 120,000 $7,725,000
Mellon Financial 160,000 5,910,000
Wells Fargo 240,000 11,490,000
Wilshire Financial Services Group 77,199 110,974
Total 25,235,974
Communications equipment & services (6.3%)
American Tower Cl A 200,000(b) 3,812,500
Lucent Technologies 282,000 18,118,500
Nortel Networks 200,000(c) 12,387,500
Sycamore Networks 4,300(b) 924,500
Tellabs 130,000(b) 8,222,500
Williams Communications Group 60,000(b) 1,912,500
Total 45,378,000
Computers & office equipment (18.7%)
America Online 150,000(b) 19,453,125
BMC Software 160,000(b) 10,270,000
Cisco Systems 300,000(b) 22,200,000
Dell Computer 140,000(b) 5,617,500
EMC 40,000(b) 2,920,000
Fiserv 60,000(b) 1,920,000
Inktomi 40,000(b) 4,057,500
Intl Business Machines 80,000 7,870,000
Lexmark Intl Group Cl A 60,000(b) 4,683,750
Microsoft 300,000(b) 27,768,749
Sanmina 130,000(b) 11,708,125
Solectron 180,000(b) 13,545,000
Veritas Software 20,000(b) 2,157,500
Total 134,171,249
Electronics (8.5%)
Corning 150,000 1,793,750
Intel 180,000 13,938,750
Jabil Circuit 240,000(b) 12,540,000
JDS Uniphase 80,000(b) 13,350,000
Maxim Integrated Products 120,000(b) 9,472,500
Total 61,095,000
Financial services (1.8%)
Citigroup 200,000 10,825,000
Schwab (Charles) 50,000 1,946,875
Total 12,771,875
Health care (4.1%)
Boston Scientific 100,000(b) 2,012,500
Guidant 100,000 4,937,500
Medtronic 200,000 6,925,000
Pfizer 180,000 7,110,000
Schering-Plough 170,000 8,415,000
Total 29,400,000
Industrial equipment & services (0.4%)
Illinois Tool Works 40,000 2,930,000
Insurance (1.4%)
American Intl Group 100,000 10,293,750
Leisure time & entertainment (0.9%)
Harley-Davidson 110,000 6,524,375
Media (4.8%)
Adelphia Communications Cl A 100,000(b) 5,462,500
Comcast Cl A 160,000 6,080,000
Comcast Special Cl A 230,000 9,688,750
MediaOne Group 190,000(b) 13,501,875
Total 34,733,125
Miscellaneous (0.2%)
Akamai Technologies 4,900(b) 711,419
InterTrust Technologies 7,000(b) 381,500
ShopNow.com 34,900(b) 453,700
Total 1,546,619
Multi-industry conglomerates (5.2%)
Danaher 100,000 4,831,250
General Electric 180,000 24,401,250
Tyco Intl 200,000(c) 7,987,500
Total 37,220,000
Retail (4.9%)
Costco Wholesale 60,000(b) 4,818,750
CVS 170,000 7,384,375
Kohl's 80,000(b) 5,985,000
Safeway 125,000(b) 4,414,063
Wal-Mart Stores 220,000 12,567,500
Total 35,169,688
Utilities -- telephone (5.2%)
AT&T 140,000 6,545,000
MCI WorldCom 300,000(b) 25,743,750
SBC Communications 100,000 5,093,750
Total 37,382,500
Total common stocks
(Cost: $307,309,654) $473,852,155
Preferred stocks & other (0.2%)
Issuer Shares Value(a)
Bar Technologies
Warrants 500 $10,000
Bell Technology
Warrants 750 75,000
Century Maintenance
13.25% Pay-in-kind Series C 11,340(e) 1,145,340
Clearnet Communications
Warrants 990 12,375
Poland Telecom
Warrants 775(c) 42,625
Vialog
Warrants 1,075 48,375
Total preferred stocks & other
(Cost: $1,273,104) $1,333,715
See accompanying notes to investments in securities.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Bonds (26.7%)
Issuer Coupon Principal Value(a)
rate amount
Government obligations (6.5%)
Govt of Algeria
(U.S. Dollar)
<S> <C> <C> <C>
03-04-00 7.06% $22,727(c) $22,273
Govt Trust Certs Israel
11-15-01 9.25 129,172 130,586
U.S. Treasury
08-31-01 6.50 8,000,000 8,095,066
11-15-05 5.88 20,000,000 19,794,735
05-15-07 6.63 18,500,000(f) 18,978,316
Total 47,020,976
Mortgage-backed securities (7.4%)
Federal Home Loan Mtge Corp
03-01-13 5.50 857,401 808,501
11-01-22 8.00 248,181 255,239
08-01-24 8.00 247,470 252,805
07-01-28 6.00 2,350,637 2,191,241
06-01-29 7.00 4,920,518 4,832,884
Federal Natl Mtge Assn
05-14-04 5.63 5,000,000 4,843,639
02-15-08 5.75 10,000,000 9,408,119
01-01-09 5.50 1,163,436 1,101,634
06-01-10 6.50 949,566 938,883
08-01-11 8.50 608,252 633,132
09-01-13 6.00 869,110 836,423
04-01-22 8.00 84,012 85,902
04-01-23 8.50 127,251 132,302
05-01-24 6.00 1,350,740 1,270,115
06-01-24 9.00 62,595 65,900
08-01-25 7.50 386,184 387,389
09-01-25 6.50 778,562 749,848
09-01-25 7.00 550,181 541,070
12-01-25 7.00 1,423,609 1,398,254
02-01-26 7.00 565,599 555,526
04-01-26 7.00 693,921 681,563
05-01-26 7.50 1,221,123 1,224,176
09-01-26 7.50 582,818 584,095
09-01-28 6.00 2,039,666 1,900,071
09-01-28 6.50 1,894,286 1,816,723
11-01-28 6.00 2,875,825 2,681,706
11-01-28 6.00 2,915,097 2,718,682
12-01-28 6.00 3,823,515 3,561,834
12-01-28 6.50 1,943,208 1,861,826
01-01-29 6.50 2,859,960 2,743,789
Federal Natl Mtge Assn
Collateralized Mtge Obligation
09-25-08 4.50 1,500,000 1,361,744
Merrill Lynch Mtge Investors
06-15-21 7.69 186,303 170,263
Merrill Lynch Mtge Investors Cl D
Series 1996-C2
12-21-28 6.96 900,000 830,592
Total 53,425,870
Aerospace & defense (0.1%)
Northrop-Grumman
03-01-16 7.75 500,000 492,651
Airlines (0.1%)
Continental Airlines
Series 1996A
04-15-15 6.94 455,707 434,858
Automotive & related (0.3%)
Lear
Sr Nts
05-15-09 8.11 1,500,000(d) 1,433,175
MSX Intl
Company Guaranty
01-15-08 11.38 855,000 820,800
Total 2,253,975
Banks and savings & loans (0.8%)
Banco General
(U.S. Dollar)
08-01-02 7.70 750,000(c,d) 707,935
Bank of Singapore
(U.S. Dollar) Sub Nts
08-10-09 7.88 700,000(c,d) 707,888
Dao Heng Bank
(U.S. Dollar) Sub Nts
01-24-07 7.75 750,000(c,d) 683,423
Firstar Capital
Company Guaranty Series B
12-15-26 8.32 300,000 288,150
Morgan (JP)
Sr Sub Medium-term Nts Series A
02-15-12 5.88 500,000(h) 436,600
Newcourt Credit Group
02-16-05 6.88 1,000,000(d) 989,543
Norwest
Sr Medium-term Nts Series G
09-15-02 6.38 800,000 794,877
Union Planters Bank
Sub Nts
03-15-18 6.50 500,000 463,430
Union Planters Capital
Company Guaranty
12-15-26 8.20 1,000,000 930,523
Total 6,002,369
Building materials & construction (0.2%)
Foster Wheeler
11-15-05 6.75 750,000 640,087
Pulte
Sr Nts
12-15-03 7.00 500,000 482,184
Tyco Intl Group
(U.S. Dollar) Company Guaranty
01-15-29 6.88 700,000(c) 622,125
Total 1,744,396
Chemicals (0.5%)
Allied Waste North America
Company Guaranty Series B
01-01-09 7.88 700,000 588,000
Lyondell Chemical
Series A
05-01-07 9.63 1,250,000 1,237,499
Rohm & Haas
07-15-29 7.85 1,000,000(d) 1,018,416
Waste Management
Sr Nts
07-15-28 7.00 1,500,000 1,046,011
Total 3,889,926
Communications equipment & services (0.7%)
Jordan Telecommunications Products
Sr Nts Series B
08-01-07 9.88 1,000,000 940,000
NTL
Zero Coupon Sr Nts Series B
04-01-03 9.10 1,515,000(g) 1,007,475
PhoneTel Technologies
Sr Nts
12-15-06 12.00 1,000,000(b) 170,000
Price Communications Wireless
Company Guaranty Series B
12-15-06 9.13 1,000,000 1,015,000
Vialog
Company Guaranty
11-15-01 12.75 1,075,000 861,344
Worldwide Fiber
Sr Nts
08-01-09 12.00 1,000,000(d) 1,005,000
Total 4,998,819
Computers & office equipment (0.1%)
Cooperative Computing
Sr Sub Nts
02-01-08 9.00 500,000 415,000
Globix
Sr Nts
05-01-05 13.00 750,000 652,500
Total 1,067,500
Electronics (0.1%)
Reliance Electric
04-15-03 6.80 500,000 502,711
Thomas & Betts
01-15-06 6.50 400,000 386,331
Total 889,042
Energy (0.7%)
Energy Corp of America
Sr Sub Nts Series A
05-15-07 9.50 1,250,000 625,000
Enron Oil & Gas
11-15-06 6.70 1,000,000 970,606
Lodestar Holdings
Company Guaranty
05-15-05 11.50 500,000 325,000
Parker & Parsley Petroleum
Sr Nts
08-15-07 8.25 500,000 437,676
Rayovac
Sr Sub Nts Series B
11-01-06 10.25 925,000 982,813
USX
03-01-08 6.85 1,500,000 1,424,218
Total 4,765,313
Energy equipment & services (0.1%)
Northern Offshore
(U.S. Dollar) Company Guaranty Series B
05-15-05 10.00 1,250,000(c) 762,500
Financial services (0.6%)
AOA Holdings LLC
Sr Nts
06-01-06 10.38 1,500,000(d) 1,494,375
Arcadia Financial
Sr Nts
03-15-07 11.50 1,000,000 602,500
Bat-CRAVE-800
08-12-00 6.68 700,000(d) 702,102
GenAmerica Capital
Company Guaranty
06-30-27 8.52 500,000 420,606
Salomon
Sr Nts
01-15-06 6.75 500,000 483,516
Wilmington Trust
05-01-08 6.63 800,000 754,207
Total 4,457,306
Health care (0.2%)
Watson Pharmaceuticals
Sr Nts
05-15-08 7.13 1,500,000 1,428,751
Health care services (0.6%)
Paracelsus Healthcare
Sr Sub Nts
08-15-06 10.00 1,000,000 643,750
Physician Sales & Service
Company Guaranty
10-01-07 8.50 1,000,000 1,007,500
Service Corp Intl
03-15-08 6.50 1,500,000 1,103,462
Tenet Healthcare
Sr Sub Nts Series B
12-01-08 8.13 1,800,000(d) 1,588,500
Total 4,343,212
Industrial equipment & services (0.4%)
AMETEK
Sr Nts
07-15-08 7.20 1,500,000 1,366,936
Case
08-01-05 7.25 850,000 823,211
Laidlaw
(U.S. Dollar)
05-15-06 7.65 1,000,000(c) 951,969
Total 3,142,116
Insurance (0.5%)
Americo Life
Sr Sub Nts
06-01-05 9.25 600,000 595,500
New England Mutual
02-15-24 7.88 250,000(d) 253,350
Presidential Life
Sr Nts
02-15-09 7.88 750,000 694,395
Principal Mutual
03-01-44 8.00 250,000(d) 238,359
SAFECO Capital
Company Guaranty
07-15-37 8.07 1,000,000 886,009
SunAmerica
08-30-05 7.34 700,000 717,836
Total 3,385,449
Leisure time & entertainment (0.3%)
Regal Cinemas
Sr Sub Nts
12-15-10 8.88 350,000 240,625
Time Warner
Sr Nts
01-15-28 6.95 500,000 456,472
Trump Atlantic City Assn/Funding
1st Mtge Company Guaranty
05-01-06 11.25 1,000,000 815,000
United Artists Theatres
Series 1995A
07-01-15 9.30 700,246 515,066
Total 2,027,163
Media (1.6%)
AMFM
Company Guaranty
11-01-08 8.00 1,000,000 990,000
Zero Coupon Sr Disc Nts
02-01-02 7.49 1,000,000(g) 855,000
Cox Communications
06-15-25 7.63 500,000 477,031
CSC Holdings
Sr Nts
07-15-08 7.25 1,000,000 952,859
Sr Sub Nts
11-01-05 9.25 500,000 526,250
Globo Communicacoes Participacoes
(U.S. Dollar) Sr Nts
12-05-08 10.63 1,000,000(c,d) 750,000
Outdoor Systems
Company Guaranty
06-15-07 8.88 1,000,000 1,022,500
Paxson Communications
Sr Sub Nts
10-01-02 11.63 1,000,000 1,038,750
Rogers Cablesystems
(Canadian Dollar)
01-15-14 9.65 600,000(c) 432,212
Sony
(U.S. Dollar)
03-04-03 6.13 1,400,000(c) 1,372,869
TCI Communications
08-01-15 8.75 1,000,000 1,119,135
Telewest Communications
(U.S. Dollar) Zero Coupon Sr Disc Nts
04-15-04 9.25 1,400,000(c,d,g) 864,500
Time Warner Entertainment
Sr Nts
07-15-33 8.38 500,000 535,853
Turner Broadcasting
07-01-13 8.38 250,000 266,029
Total 11,202,988
Metals (0.1%)
EnviroSource
Sr Nts
06-15-03 9.75 170,000 104,338
Sr Nts Series B
06-15-03 9.75 400,000 245,500
Imexsa Export Trust
(U.S. Dollar)
05-31-03 10.13 397,374(c,d) 377,505
Total 727,343
Miscellaneous (0.9%)
Bistro Trust
Sub Nts
12-31-02 9.50 1,000,000(d) 941,700
Centaur Mining & Exploration
(U.S. Dollar) Company Guaranty
12-01-07 11.00 500,000(c) 475,000
DTE Burns Harbor LLC
(U.S. Dollar) Sr Nts
01-30-03 6.57 553,840(c,d) 534,721
Great Central Mines
(U.S. Dollar) Sr Nts
04-01-08 8.88 1,000,000(c) 890,000
ISG Resources
04-15-08 10.00 835,000 743,150
Norcal Waste Systems
Company Guaranty Series B
11-15-05 13.50 500,000 543,750
NSM Steel
Company Guaranty
02-01-06 12.00 466,225(b,d) 27,974
NTEX
(U.S. Dollar) Sr Nts
06-01-06 11.50 700,000(c) 420,000
Outsourcing Solutions
Sr Sub Nts Series B
11-01-06 11.00 1,000,000 970,000
Poland Telecom Finance
(U.S. Dollar) Company Guaranty Series B
12-01-07 14.00 775,000(c) 689,750
Total 6,236,045
Multi-industry conglomerates (0.3%)
Coltec Inds
Company Guaranty
04-15-08 7.50 1,000,000 992,500
Prime Succession
Sr Sub Nts
08-15-04 10.75 1,000,000 400,000
USI American Holdings
Sr Nts Series B
12-01-06 7.25 850,000 811,132
Total 2,203,632
Paper & packaging (0.5%)
Doman Inds
(U.S. Dollar) Sr Nts Series B
11-15-07 9.25 350,000(c) 264,250
Gaylord Container
Sr Nts Series B
06-15-07 9.38 1,000,000 922,500
Intl Paper
11-15-12 5.13 250,000 202,225
Owens-Illinois
Sr Nts
05-15-08 7.35 1,500,000 1,370,458
Repap New Brunswick
(U.S. Dollar) Sr Nts
06-01-04 9.00 600,000(c) 582,000
Total 3,341,433
Real estate investment trust (0.1%)
Property Trust of America
02-15-14 7.50 750,000 700,196
Retail (0.1%)
Meyer (Fred)
Company Guaranty
03-01-08 7.45 1,000,000 987,690
Textiles & apparel (0.3%)
Anvil Knitwear
Sr Nts Series B
03-15-07 10.88 1,500,000 960,000
Galey & Lord
Company Guaranty
03-01-08 9.13 750,000 180,000
Westpoint Stevens
Sr Nts
06-15-08 7.88 750,000 671,250
Total 1,811,250
Transportation (0.2%)
American Architectural
Company Guaranty
12-01-07 11.75 1,000,000 400,000
Enterprises Shipholding
(U.S. Dollar) Sr Nts
05-01-08 8.88 950,000(c) 570,000
Greater Beijing First Expressways
(U.S. Dollar) Sr Nts
06-15-04 9.25 200,000(c) 98,000
06-15-07 9.50 170,000(c) 79,900
Total 1,147,900
Utilities -- electric (1.1%)
Alabama Power
1st Mtge
12-01-24 9.00 300,000 319,477
California Infrastructure-
Pacific Gas & Electric Series 1997-1
09-25-05 6.32 1,000,000 991,890
Cleveland Electric Illuminating
1st Mtge Series B
05-15-05 9.50 1,000,000 1,050,474
CMS Energy
Sr Nts
11-15-04 7.63 500,000 483,343
Connecticut Light & Power
1st Mtge Series C
06-01-02 7.75 1,000,000 1,010,777
Edison Mission Energy
Sr Nts
06-15-09 7.73 1,000,000(d) 999,013
El Paso Electric
1st Mtge Series D
02-01-06 8.90 650,000 677,625
Jersey Central Power & Light
1st Mtge
11-01-25 6.75 1,000,000 883,797
Salton Sea Funding
Series C
05-30-10 7.84 300,000 299,971
Sithe Independence Funding
Series A
12-30-13 9.00 150,000 158,380
Texas-New Mexico Power
1st Mtge Series U
09-15-00 9.25 400,000 409,500
TXU Electric Capital
Company Guaranty
01-30-37 8.18 750,000 722,455
Total 8,006,702
Utilities -- telephone (1.3%)
Airtouch Communications
05-01-08 6.65 1,000,000 956,341
AT&T Canada
(U.S. Dollar) Sr Nts
11-01-08 10.63 400,000(c) 454,000
Bell Atlantic
09-01-08 6.38 70,000 66,441
Geotek Communications
Cv Sr Sub Nts
02-15-01 12.00 205,000(b) 256
Intermedia Communications
Sr Nts Series B
11-01-07 8.88 500,000 447,500
Zero Coupon Sr Disc Nts Series B
07-15-02 9.54 1,000,000(g) 690,000
ITC Deltacom
Sr Nts
03-01-08 8.88 1,150,000 1,092,500
McLeod USA
Sr Nts
02-15-09 8.13 500,000 462,500
MetroNet Communications
(U.S. Dollar) Zero Coupon Sr Disc Nts
06-15-03 9.95 1,250,000(c,g) 975,000
Mountain States Telephone & Telegraph
06-01-05 5.50 80,000 74,531
Qwest Communications Intl
Sr Nts Series B
11-01-08 7.50 1,000,000 996,770
Rogers Cantel
(U.S. Dollar)
06-01-08 9.38 450,000(c) 483,188
RSL Communications
(U.S. Dollar) Company Guaranty
11-15-08 10.50 150,000(c) 136,500
11-15-09 9.88 375,000(c,d) 327,188
Sprint Capital
Company Guaranty
05-01-09 6.38 1,000,000 941,100
U S West Capital Funding
Company Guaranty
07-15-28 6.88 1,000,000 882,094
U S WEST Communications
11-10-26 7.20 700,000 638,388
Total 9,624,297
Total bonds
(Cost: $206,035,872) $192,521,668
Short-term securities (7.4%)
Issuer Annualized Amount Value(a)
yield on date payable at
of purchase maturity
U.S. government agencies (6.6%)
Federal Home Loan Bank Disc Nt
12-01-99 5.25% $4,300,000 $4,278,636
Federal Home Loan Mtge Corp Disc Nts
11-10-99 5.25 9,000,000 8,984,279
12-03-99 5.19 1,600,000 1,591,973
12-03-99 5.28 1,700,000 1,691,323
12-10-99 5.22 2,700,000 2,683,651
Federal Natl Mtge Assn Disc Nts
11-16-99 5.20 2,500,000 2,493,512
12-06-99 5.25 2,500,000 2,485,750
12-06-99 5.27 8,300,000 8,252,690
01-21-00 5.63 13,300,000 13,131,800
06-01-29 7.00 2,136,639 2,099,248
Total 47,692,862
Commercial paper (0.8%)
BellSouth Capital Funding
11-12-99 5.29 1,300,000(i) 1,297,331
Merrill Lynch
11-30-99 5.31 1,200,000 1,194,357
Paccar Financial
11-02-99 5.30 800,000 799,529
Pfizer
11-17-99 5.30 1,000,000(i) 997,208
Windmill Funding
11-22-99 5.41 1,400,000(i) 1,394,969
Total 5,683,393
Total short-term securities
(Cost: $53,387,881) $53,376,256
Total investments in securities
(Cost: $568,006,511)(k) $721,083,794
See accompanying notes to investments in securities.
</TABLE>
<PAGE>
Notes to investments in securities
(a) Securities are valued by procedures described in Note 1 to the financial
statements.
(b) Non-income producing. For long-term debt securities, item identified is in
default as to payment of interest and/or principal.
(c) Foreign security values are stated in U.S. dollars. For debt securities,
principal amounts are denominated in the currency indicated. As of Oct. 31,
1999, the value of foreign securities represented 4.95% of net assets.
(d) 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.
(e) Pay-in-kind securities are securities in which the issuer makes interest or
dividend payments in cash or in additional securities. The securities usually
have the same terms as the original holdings.
(f) Partially pledged as initial margin deposit on the following open stock
index futures purchase contracts (see Note 7 to the financial statements):
Type of security Contracts
S&P 500 Index, Dec. 1999 44
(g) 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.
(h) Interest rate varies either based on a predetermined schedule or to reflect
current market conditions; rate shown is the effective rate on Oct. 31, 1999.
(i) 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.
(j) At Oct. 31, 1999, securities valued at $27,890,001 were held to cover open
call options written as follows:
Issuer Shares Exercise Expiration Value(a)
price date
Bank of America 70,000 $60 Dec. 1999 $437,500
Danaher 70,000 55 Dec. 1999 61,250
Illinois Tool Works 40,000 55 Dec. 1999 55,000
MediaOne Group 190,000 75 Dec. 1999 249,375
Tyco Intl 200,000 55 Nov. 1999 31,250
------- -- ---- ------
Total $834,375
(k) At Oct. 31, 1999, the cost of securities for federal income tax purposes was
approximately $568,007,000 and the approximate aggregate gross unrealized
appreciation and depreciation based on that cost was:
Unrealized appreciation $172,762,000
Unrealized depreciation (19,685,000)
-----------
Net unrealized appreciation $153,077,000
<PAGE>
<TABLE>
<CAPTION>
Investments in Securities
IDS Life Series Fund, Inc.
Money Market Portfolio
Oct. 31, 1999 (Unaudited)
(Percentages represent value of investments compared to net assets)
U.S. government agency (7.7%)
Issuer Annualized Amount Value(a)
yield on date payable at
of purchase maturity
Federal Home Loan Mtge Corp Disc Nt
<S> <C> <C> <C>
12-03-99 5.19% $4,600,000 $4,577,583
Total U.S. government agency
(Cost: $4,577,583) $4,577,583
Commercial paper (89.3%)
Automotive & related (6.4%)
Ford Motor Credit
12-17-99 5.37% $2,300,000 $2,283,654
Toyota Motor Credit
11-15-99 5.31 1,500,000 1,496,467
Total 3,780,121
Banks and savings & loans (20.8%)
ANZ (Delaware)
11-10-99 5.32 1,000,000 998,378
Bank One\First Chicago NBD
12-15-99 5.38 1,100,000 1,092,494
BBV Finance (Delaware)
11-19-99 5.33 1,700,000 1,694,985
Deutsche Bank Financial
12-17-99 5.35 2,200,000 2,184,424
Dresdner US Finance
11-10-99 5.34 1,100,000 1,098,209
Kredietbank North America Finance
01-27-00 6.09 1,500,000 1,477,750
Societe Generale North America
12-14-99 5.39 2,700,000 2,681,944
Westpac Capital
11-09-99 5.33 1,100,000 1,098,374
Total 12,326,558
Broker dealers (14.4%)
Bear Stearns
01-27-00 6.04 2,500,000 2,463,226
Goldman Sachs Group
01-18-00 6.08 2,600,000 2,565,334
Merrill Lynch
11-30-99 5.31 700,000 696,811
01-31-00 6.09 500,000 492,250
Morgan Stanley, Dean Witter, Discover & Co
01-26-00 6.08 2,400,000 2,364,859
Total 8,582,480
Communications equipment & services (1.2%)
BellSouth Capital Funding
11-12-99 5.29 700,000(b) 698,665
Energy (3.9%)
Petrofina (Delaware)
11-09-99 5.34 2,300,000 2,296,595
Financial services (18.6%)
Associates First Capital
12-02-99 5.33 2,500,000 2,487,854
CIT Group Holdings
12-16-99 5.37 2,100,000 2,085,387
Delaware Funding
11-09-99 5.33 1,200,000(b) 1,198,227
GMAC
11-29-99 5.34 2,400,000 2,389,360
Paccar Financial
11-18-99 5.30 2,200,000 2,193,858
Variable Funding Capital
11-10-99 5.38 700,000(b) 698,851
Total 11,053,537
Household products (4.0%)
Procter & Gamble
11-22-99 5.32 2,400,000 2,391,873
Insurance (5.7%)
American General
11-12-99 5.33 1,400,000 1,397,310
Pacific Life Insurance
11-24-99 5.32 2,000,000 1,992,639
Total 3,389,949
Miscellaneous (2.9%)
Thames Asset Global
11-01-99 5.40 1,700,000(b) 1,699,490
Retail (4.7%)
Wal-Mart Stores
11-30-99 5.34 2,800,000(b) 2,787,173
Utilities -- electric (6.7%)
Natl Rural Utilities
12-06-99 5.36 2,400,000 2,386,852
UBS Finance (Delaware)
12-06-99 5.34 1,600,000 1,591,219
Total 3,978,071
Total commercial paper
(Cost: $52,984,512) $52,984,512
Letter of credit (3.3%)
Issuer Annualized Amount Value(a)
yield on date payable at
of purchase maturity
Letter of credit (3.3%)
Bank of America-
AES Hawaii
12-17-99 5.32% $2,000,000 $1,985,813
Total letter of credit
(Cost: $1,985,813) $1,985,813
Total investments in securities
(Cost: $59,547,908)(c) $59,547,908
See accompanying notes to investments in securities.
</TABLE>
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) Also represents the cost of securities for federal income tax purposes at
Oct. 31, 1999.
<PAGE>
AMERICAN EXPRESS
Financial Advisors
IDS Life Series Fund, Inc.
IDS Tower 10
Minneapolis, MN 55440-0010
S-6192 N (12/99)
