IDS
Life Series
Fund, Inc.
2000 SEMIANNUAL REPORT
(icon of) money fade
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.
(icon of)ringed planet
<PAGE>
CONTENTS
From the President 2
Equity Portfolio
From the Portfolio Manager 3
The 10 Largest Holdings 3
Equity Income Portfolio
From the Portfolio Manager 4
The 10 Largest Holdings 4
Government Securities Portfolio
From the Portfolio Manager 5
Income Portfolio
From the Portfolio Manager 6
The 10 Largest Holdings 6
International Equity Portfolio
From the Portfolio Managers 7
The 10 Largest Holdings 7
Managed Portfolio
From the Portfolio Managers 8
The 10 Largest Holdings 8
Money Market Portfolio
From the Portfolio Manager 9
All Portfolios
Financial Statements 10
Notes to Financial Statements 16
Investments in Securities 24
(picture of) Richard W. Kling
Richard W. Kling
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 Funds, 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 through October 2000), please consult the portfolio managers'
letters that begin on the next page.
Sincerely,
Richard W. Kling
President
(picture of) Louis Giglio
Louis Giglio
Portfolio Manager
From the Portfolio Manager
Equity Portfolio
In a highly volatile period for stocks, especially technology-related issues,
the Fund fared relatively well, although it did experience a loss of 0.79%
during the first half of the fiscal year -- May through October 2000. (This
figure does not reflect expenses that apply to the variable subaccounts or the
policy.)
The period began with the stock market as a whole, and technology stocks in
particular, on shaky ground. What had only recently been the darlings of the
market, technology stocks were now being viewed with suspicion as they struggled
against higher interest rates and the possibility of less-robust corporate
profits in the months ahead. The result was a sharp market decline in May.
But with the remarkable resilience that has been its hallmark for several years,
the market mounted a strong summer rebound that lasted through August. By that
time, profit concerns were again on the rise and helped send the market into a
steady retreat in the fall.
Because of its substantial holdings in technology and telecommunications stocks
(well over half the investments at times), Fund performance was heavily
influenced by the ups and downs in those areas. As a whole, they generated
negative results for the six months. Some of the slack was taken up by health
care holdings, which included several biotech and drug stocks that produced good
gains. Energy-related stocks also worked well, as they benefited from higher oil
prices. Investments among retailing stocks, though, were net losers.
Continuing a strategy that I began a few years ago, I let the make-up of the
portfolio expand during the period to include more mid-size and large stocks, as
opposed to the pure small-stock orientation the Fund once had. That strategy
reflects my belief that a more diversified group of holdings makes sense in what
remains a volatile investment environment. Also,I reduced the number of holdings
somewhat to make the Fund easier to manage. In the process, I eliminated stocks
of some lower-quality companies.
As the second half of the fiscal year begins, the stock market continues to be
pushed and pulled by conflicting factors. On the positive side, the economy
appears to remain healthy and inflation has yet to become a serious threat. On
the other hand, there remain some concerns about corporate profits and the
possibility that the Federal Reserve may again raise interest rates. My view is
that the long-term outlook is still very bright, especially for stocks of
rapidly growing companies in the technology and health care sectors.
Louis Giglio
Note to shareholders: After the end of the period, Scott Mullinix was named
co-manager of Equity Portfolio.
<PAGE>
The 10 Largest Holdings
Equity Portfolio
Percent Value
(of net assets) (as of Oct. 31, 2000)
Juniper Networks 6.48% $110,467,499
PMC-Sierra 3.98 67,799,999
SDL 3.52 60,016,375
Jabil Circuit 3.08 52,583,094
Extreme Networks 2.26 38,565,937
Aeroflex 1.94 33,070,100
Emulex 1.81 30,843,750
Forest Laboratories 1.75 29,812,499
Netegrity 1.59 27,183,000
CIENA 1.54 26,281,250
For further detail about these holdings, please refer to the section entitled
"Investments in Securities."
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The 10 holdings listed here make up 27.95% of net assets
<PAGE>
(picture of) Keith Tufte
Keith Tufte
Portfolio manager
From the Portfolio Manager
Equity Income Portfolio
In a turbulent period for the market, value stocks fared relatively well,
setting the stage for a positive performance by the Fund. For the first half of
the fiscal year -- May through October 2000 -- the Fund generated a gain of
3.47%. (This figure does not reflect expenses that apply to the variable
subaccounts or the policy.)
The stock market was slumping when the period began, as higher interest rates
and concerns about the strength of future corporate profits, particularly for
technology-related companies, dampened investors' spirits. By the end of May,
though, the mood had brightened, and by summer's end the market had regained the
lost ground and was actually in positive territory. But autumn brought renewed
profit concerns, and by period-end the market was back in the loss column.
Most of the erosion came at the expense of growth stocks, as opposed to the
value stocks this Fund focuses on. In fact, value stocks gained favor with some
investors who sought to avoid the decline in the growth-stock group. That shift
in sentiment worked to the overall advantage of the Fund, especially during the
market downturn late in the period, when the Fund held up better than the market
as a whole.
Looking at the Fund's holdings, the biggest and most productive area of
investment was financial services, which includes banks and insurance companies.
They benefited from a decline in long-term interest rates. Other substantial
areas included energy-related stocks, which, thanks to higher oil prices,
provided positive performance and utility stocks, which attracted from investors
who were looking for lower investment risk. Holdings among industrial and
telecommunications stocks, on the other hand, turned out to be very poor
performers. The most notable change to the investments was an increase in
financial services stocks, which I made soon after becoming manager of the Fund
in July.
As the new fiscal year begins, the stock market continues to be tossed about as
investors try to sort out what will happen with economic growth, interest rates
and corporate profits. While only time will resolve those questions, I am
encouraged that value stocks showed improved performance during the past several
months. If the market struggles to make headway or retreats in the months ahead,
I think value stocks and, therefore, the Fund may continue to perform relatively
well.
Keith Tufte
Note to shareholders: After the end of the period, Warren Spitz was named
manager of Equity Income Portfolio.
<PAGE>
The 10 Largest Holdings
Equity Income Portfolio
Percent Value
(of net assets) (as of Oct. 31, 2000)
Citigroup 5.09% $163,910
American Intl Group 3.00 96,530
Morgan Stanley, Dean Witter,
Discover & Co. 2.81 90,512
Providian Financial 2.77 89,336
Chevron 2.61 83,932
Exxon Mobil 2.53 81,607
Bank of America 2.51 80,840
Fannie Mae 2.40 77,308
CVS 2.35 75,753
FleetBoston Financial 2.17 69,768
For further detail about these holdings, please refer to the section entitled
"Investments in Securities."
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The 10 holdings listed here make up 28.24% of net assets
<PAGE>
(picture of) Colin Lundgren
Colin Lundgren
Portfolio Manager
From the Portfolio Manager
Government Securities Portfolio
Improving conditions in the bond market and a successful investment strategy set
the stage for a productive six months for the Fund. Over the first half of the
fiscal year -- May through October 2000 -- the Fund generated a total return of
5.78%. (This figure does not reflect expenses that apply to the variable
subaccounts or the policy.)
The period got off to a weak start, as bond investors weighed economic and
inflation data and tried to anticipate the trend of Federal Reserve (Fed)
policy. (By way of background, the Fed typically raises rates to slow down the
economy and, consequently, keep inflation under control.) As it turned out, the
Fed saw enough potential for higher inflation and, consequently, raised
short-term interest rates in May. But, to the bond market's benefit, it proved
to be the last Fed move for the period.
As investors grew increasingly comfortable with the outlook for inflation and,
therefore, the possibility of no further interest-rate hikes, they increased
their bond buying. That trend pushed down intermediate and long-term interest
rates, which in turn boosted bond prices. (Interest rates and prices move in
opposite directions.) For the Fund, that meant five straight months of positive
performance.
Mortgage-backed and government agency bonds issued by "Fannie Mae" and "Freddie
Mac" performed especially well during that time. That was my hope and
expectation prior to the start of the period, and therefore I had invested
heavily in those securities. In addition, I concentrated the investments in the
short- and intermediate-term maturity range (2 to 10 years). That secondary
strategy also worked to the Fund's benefit as securities in that range enjoyed
particularly good price appreciation.
Most of the rest of the assets were invested in short- and intermediate-term
U.S. Treasury securities. Although they couldn't keep up with their
mortgage-backed and agency counterparts, they still provided the Fund with
positive results. The small remaining amount went into long-term Treasury bonds
and cash reserves.
Looking ahead to the second half of the fiscal year, the economy appears to be
slowing down somewhat and the trend toward higher oil prices seems to be
abating. Those factors should relieve upward pressure on inflation and, I think,
may persuade the Fed that additional interest-rate increases are unnecessary. If
so, that would most likely sustain a good environment for bonds.
Colin Lundgren
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(picture of) Lorraine R. Hart
Lorraine R. Hart
Portfolio Manager
From the Portfolio Manager
Income Portfolio
Bonds enjoyed a generally positive six months, as a benign interest-rate and
inflation environment provided some support for prices. For the Fund, the result
was a return of 3.73% for the first of the fiscal year -- May through October
2000. (This figure does not reflect expenses that apply to the variable
subaccounts or the policy.)
The period got off to a poor start, as an increase in short-term interest rates
by the Federal Reserve (Fed) last May set a negative tone for the bond market.
But by summer, a more positive attitude emerged as unthreatening inflation data
soothed investors' nerves regarding future Fed actions. Their hopes were
realized when the Fed left interest rates unchanged during the final five months
of the period. Against that backdrop, prices for most intermediate- and
long-term bonds enjoyed varying degrees of appreciation.
This was especially true for U.S. Treasury securities, which experienced sharp
price gains. Although they comprised only the third-largest area of investment
for the Fund, they did make a good contribution to performance. Corporate bonds,
the Fund's largest investment, generated mixed results; high-quality
"corporates" did well, while low-quality issues struggled. Mortgage-backed
bonds, the second-largest group, were moderately positive. That was also true
for U.S. government agency bonds issued by "Fannie Mae" and "Freddie Mac," the
Fund's smallest investment. I made only minor changes to the holdings over the
period, reducing investments in corporate bonds while adding to those in
mortgage-backed, Treasury and government agency issues.
To guard against the possibility of ongoing Fed interest-rate hikes driving down
bond prices, I kept a slightly short duration in the Fund. (Duration, a function
of the average maturity of the holdings, affects a portfolio's price sensitivity
to interest-rate changes. In general, the shorter the duration, the less the
sensitivity.) As it turned out, because most interest rates did not rise, the
duration strategy proved to be a small drag on performance.
With the data indicating a moderate slowdown in economic growth and, as yet, no
sign of a meaningful upturn in inflation, I think the Fed is likely to leave
short-term interest rates largely unchanged in the months ahead. If so, I expect
bonds to enjoy relatively good performance. I'm most optimistic about corporate
and mortgage-backed bonds, which appear to be in particularly good position to
rally and which continue to comprise the bulk of the Fund's investments.
Lorraine R. Hart
<PAGE>
The 10 Largest Holdings
Income Portfolio
Percent Value
(of net assets) (as of Oct. 31, 2000)
Kerr-McGee
8.13% 2005 .56% $520,539
DLJ Secured Loan Trust
10.13% 2007 .55 517,900
Deutsche Telekom Intl Finance
8.00% 2010 .55 510,650
Morgan Stanley, Dean Witter, Discover & Co
7.75% 2005 .55 510,363
United Air Lines
7.73% 2010 .55 510,015
Intl Paper
8.00% 2003 .54 508,950
Vodafone Group
7.75% 2010 .54 508,790
Abitibi-Consolidated
8.30% 2005 .54 508,630
Kroger
8.15% 2006 .54 507,289
PSA
7.13% 2005 .54 505,415
Excludes U.S. Treasury and government agency holdings.
For further detail about these holdings, please refer to the section entitled
"Investments in Securities."
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The 10 holdings listed here make up 5.46% of net assets
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(picture of) Mark Fawcett
Mark Fawcett
Portfolio manager
(picture of) Richard Leadem
Richard Leadem
Portfolio manager
(picture of) Gavin Corr
Gavin Corr
Portfolio manager
From the Portfolio Managers
International Equity Portfolio
The past six months was a difficult period for investors in foreign stocks, as
periodic concerns about inflation, interest rates and corporate profits weighed
on the markets. For the Fund, the result was a loss of 12.23% over the first
half of the fiscal year -- May through October 2000. (This figure does reflect
expenses that apply to the variable subaccounts or the policy.)
The period got off to a poor start, as a sharp decline in the U.S. market
quickly spilled over into most major foreign markets. Although stocks remained
volatile, the markets managed to get through the summer essentially unscathed.
But another slump in September and October ended the six months on a down note.
Compounding the situation for the period as a whole was a continued decline in
Europe's new common currency, the euro, and, to a much lesser degree, Japan's
yen. (A decline in a local foreign currency versus the dollar ultimately reduces
returns for U.S.-based investors.) Although a number of our investments in
Europe fared well in terms of price appreciation, much of those gains were
ultimately eroded by the euro's weakness.
Reviewing the Fund's investments, the biggest portion was in stocks of
technology/telecommunications/media companies. They were hit especially hard
during the sell-offs last spring and fall, and consequently detracted from the
Fund's performance. Picking up some of the slack were holdings in
pharmaceutical, financial services and, thanks to higher oil prices, oil-related
stocks. We increased the financial services portion late in the period.
Japan was the largest in terms of single-country investments. Holdings in the
United Kingdom, France, Germany, Italy and the Netherlands made up nearly all of
the rest and, therefore, the majority of the investments. Late in the period, we
reduced our Japanese holdings and moved more money into Europe, a reflection of
our view that Europe offers the better opportunity for gain in the months ahead.
As we look forward, global interest rates appear to be close to their peaks and
the declines in the major markets have created what we see as considerable value
among many stocks of high-quality companies. Beyond that, we think the worst is
over for the euro, and we may see some appreciation in the currency before long.
Most important, if our assessment proves reasonably correct, we would expect the
Fund to enjoy improving performance.
Mark Fawcett
Richard Leadem
Gavin Corr
<PAGE>
The 10 Largest Holdings
International Equity Portfolio
Percent Value
(of net assets) (as of Oct. 31, 2000)
Vodafone Group (United Kingdom) 4.97% $17,380,691
Tesco (United Kingdom) 3.37 11,796,946
Deutsche Bank (Germany) 3.12 10,909,029
Marconi (United Kingdom) 3.09 10,829,641
Alcatel (France) 2.89 10,109,861
ING Groep (Netherlands) 2.76 9,644,745
Aventis (France) 2.68 9,385,863
Fortis (Netherlands) 2.54 8,900,358
Glaxo Wellcome
ADR (United Kingdom) 2.47 8,637,336
San Paolo - IMI (Italy) 2.45 8,564,356
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 30.34% of net assets
<PAGE>
(picture of) Doug Guffy
Doug Guffy
Portfolio manager
(picture of) Jeannette K. Parr
Jeannette K. Parr
Portfolio manager
From the Portfolio Managers
Managed Portfolio
A late-period downturn in the stock market, particularly for technology stocks,
resulted in a loss of 3.44% for the Fund during the first half of the fiscal
year -- May through October 2000. (This figure does not reflect expenses that
apply to the variable subaccounts or the policy.)
After a poor start, the stock market and the Fund got back on track during the
summer, racking up strong gains in June and August. But by the time fall rolled
around, indications of a possible slowdown in economic growth had surfaced,
causing investors to worry that upcoming corporate profits might be less robust.
With hints of somewhat higher inflation already present, that was enough to send
stocks tumbling through much of September and October.
Most affected were stocks of technology-related companies, whose
rapid-earnings-growth prospects were most often called into question. Because
this was the largest area of investment for the Fund, the trend had a notable
effect on performance. Still, the Fund held up better than it might have, thanks
to its relatively small investments in some of the more hard-hit stocks. Also
working in the Fund's favor were its health care holdings, which enjoyed strong
performance for most of the period, and its minimal investment in retailing
stocks, which were poor performers during the six months.
Unlike stocks, the bond market enjoyed more consistent performance, as well as a
better overall environment. Thanks in large part to only one increase in
short-term interest rates by the Federal Reserve, which came at the outset of
the period, most bond sectors -- including U.S. Treasury and high-grade
corporate issues -- experienced higher prices. That was also true of the Fund's
bond holdings, and that made up for some of the periodic weakness on the stock
side.
Looking at changes to the portfolio, late in the period we added to health care
stocks, concentrating mainly on biotechnology and genomics-related issues, and
retailing stocks. On the other hand, we reduced investments in technology
slightly in light of less-promising outlooks for a few companies.
As for the second half of the fiscal year, we look for improving performance
from stocks, especially in the technology area. On the bond side, barring a
run-up in inflation, which seems unlikely, the environment continues to appear
favorable.
Doug Guffy
Jeannette K. Parr
<PAGE>
The 10 Largest Holdings
Managed Portfolio
Percent Value
(of net assets) (as of Oct. 31, 2000)
Corning 4.96% $39,015,000
Sanmina 4.51 35,436,874
Cisco Systems 3.84 30,170,000
Jabil Circuit 3.63 28,531,250
EMC 3.17 24,937,500
Tyco Intl 2.96 23,241,875
Solectron 2.80 22,000,000
JDS Uniphase 2.80 21,971,250
General Electric 2.79 21,925,000
Medtronic 2.35 18,466,250
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 33.81% 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 an
increase in the Fund's yield over the first half of the fiscal year -- May
through October 2000. For the period, the Fund generated a return of 3.13%,
while its seven-day yield was 5.70%.* (These figures do not reflect expenses
that apply to the variable subaccounts or the policy.)
In keeping with its objective, the Fund also maintained a net asset value of $1
per share during the 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 quite healthy during the period, while unemployment stayed
at historically low levels. Most important, inflation periodically showed signs
of picking up, due largely to rising oil prices. This combination of factors
caused some investors to worry that a trend toward higher inflation might be
emerging.
Evidently, the Federal Reserve Board (the Fed) shared the concern about
inflation, as it raised short-term interest rates in mid-May. (By way of
background, the Fed typically raises interest rates to cool off the economy and,
therefore, keep inflation under control.) The ultimate impact on the Fund was
that the interest rates on the types of securities it invests in also rose.
Because I expected interest rates to rise, I kept the average maturity of the
Fund's holding somewhat shorter than usual. The shorter maturity allowed me to
take quicker advantage of the higher rates that became available on newly issued
securities. Ultimately, this strategy enhanced the Fund's yield. As always, the
Fund remained invested in high-quality securities, primarily top-rated
commercial paper, (short-term securities issued by banks and corporations),
complemented by bank letters of credit.
As for the second half of the fiscal year, I anticipate little, if any, rise in
short-term interest rates as I expect no major change on the inflation front.
Still, at least for the near term, I plan to keep the Fund's maturity slightly
shorter than normal so that I can continue to readily add higher-yielding
securities that become available.
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, 2000.
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<TABLE>
<CAPTION>
Financial Statements
Statements of assets and liabilities IDS Life Series Fund, Inc.
Equity Equity Government Income
Portfolio Income Securities Portfolio
Oct. 31, 2000 (Unaudited) Portfolio Portfolio
Assets
Investments in securities, at value (Note 1):
(identified cost $1,355,418,301, $2,912,462, $17,042,736
<S> <C> <C> <C> <C> <C>
and $94,870,295, respectively) $1,725,951,246 $3,101,670 $17,100,780 $ 91,363,633
Cash in bank on demand deposit -- 5,856 159,602 120,490
Receivable for investment securities sold 2,163,360 116,730 -- 1,375,631
Dividends and accrued interest receivable 445,000 3,670 209,053 1,472,983
------- ----- ------- ---------
Total assets 1,728,559,606 3,227,926 17,469,435 94,332,737
------------- --------- ---------- ----------
Liabilities
Disbursements in excess of cash on demand deposit 2,272,504 -- -- --
Dividends payable to shareholders (Note 1) -- 6,706 85,130 630,331
Payable for investment securities purchased 19,864,806 -- -- 196,590
Accrued investment management services fee 1,077,007 1,869 10,707 57,556
Other accrued expenses 118,504 -- 5,176 4,537
Options contracts written, at value
(premium received $1,370,281
for Equity Portfolio) (Note 6) 595,646 -- -- --
- -------
Total liabilities 23,928,467 8,575 101,013 889,014
---------- ----- ------- -------
Net assets applicable to outstanding capital stock $1,704,631,139 $3,219,351 $17,368,422 $ 93,443,723
============== ========== =========== ============
Represented by
Capital stock-- $.001 par value (Note 1) $ 46,171 $ 328 $ 1,753 $ 10,192
Additional paid-in capital 1,201,542,535 3,107,738 17,658,523 101,884,524
Excess of distributions over net investment income (2,501,170) (39) (10,510) (564,142)
Accumulated net realized gain (loss) (Note 7) 134,236,023 (77,884) (339,388) (4,380,081)
Unrealized appreciation (depreciation) on investments
and on translation of assets and liabilities in
foreign currencies (Note 5) 371,307,580 189,208 58,044 (3,506,770)
- ----------- ------- ------ ----------
Total-- representing net assets applicable to
outstanding capital stock $1,704,631,139 $3,219,351 $17,368,422 $ 93,443,723
============== ========== =========== ============
Shares outstanding 46,170,912 327,957 1,753,356 10,192,451
---------- ------- --------- ----------
Net asset value per share
of outstanding capital stock $ 36.92 $ 9.82 $ 9.91 $ 9.17
-------------- ---------- ----------- ------------
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, 2000 (Unaudited) Portfolio Portfolio
Assets
Investments in securities, at value (Note 1):
(identified cost $343,175,330, $588,481,301
<S> <C> <C> <C> <C>
and $60,217,368, respectively) $342,978,850 $794,550,534 $60,217,368
Cash in bank on demand deposit 137,778 55,274 256,703
Receivable for investment securities sold 14,890,209 3,431,250 --
Unrealized appreciation on foreign currency contracts held,
at value (Notes 1 and 5) 18,154 -- --
Dividends and accrued interest receivable 564,743 3,536,571 665
------- --------- ---
Total assets 358,589,734 801,573,629 60,474,736
----------- ----------- ----------
Liabilities
Dividends payable to shareholders (Note 1) -- 6,403,972 322,916
Payable for investment securities purchased 8,262,316 8,840,918 --
Accrued investment management services fee 294,276 490,316 26,994
Unrealized depreciation on foreign currency
contracts held, at value (Notes 1 and 5) 2,775 -- --
Other accrued expenses 46,865 40,938 47,469
------ ------ ------
Total liabilities 8,606,232 15,776,144 397,379
--------- ---------- -------
Net assets applicable to outstanding capital stock $349,983,502 $785,797,485 $60,077,357
============ ============ ===========
Represented by
Capital stock-- $.001 par value (Note 1) $ 21,876 $ 36,266 $ 60,121
Additional paid-in capital 363,997,982 580,336,720 60,056,480
Undistributed (excess of distributions over) net investment income 930,478 (252,723) (37,940)
Accumulated net realized gain (loss) (Note 7) (14,721,630) (392,011) (1,304)
Unrealized appreciation (depreciation) on investments and on
translation of assets and liabilities in foreign currencies (Note 5) (245,204) 206,069,233 --
- -------- -----------
Total-- representing net assets applicable to outstanding
capital stock $349,983,502 $785,797,485 $60,077,357
============ ============ ===========
Shares outstanding 21,876,191 36,266,038 60,120,628
---------- ---------- ----------
Net asset value per share of outstanding capital stock $ 16.00 $ 21.67 $ 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, 2000 (Unaudited) Portfolio Portfolio
Investment income
Income:
<S> <C> <C> <C> <C>
Dividends $ 999,834 $ 21,205 $ -- $ 81,551
Interest 3,017,061 5,711 586,954 3,589,360
Less foreign taxes withheld (11,449) (2) -- (118)
------- -- ----
Total income 4,005,446 26,914 586,954 3,670,793
--------- ------ ------- ---------
Expenses (Note 2):
Investment management and services fee 6,269,192 9,806 63,682 331,824
Custodian fees 85,807 9,260 5,204 9,121
Audit fees 7,875 4,500 4,500 5,250
Directors fees 1,422 1 35 113
Printing and postage 145,984 1 1,174 6,021
Other 1,241 -- 791 731
----- --- ---
Total expenses 6,511,521 23,568 75,386 353,060
Less expenses reimbursed by IDS Life -- (12,356) -- --
-------
6,511,521 11,212 75,386 353,060
Earnings credits on cash balances (Note 2) (4,905) -- (2,613) (5,225)
- ------ ------ ------
Total expenses -- net 6,506,616 11,212 72,773 347,835
--------- ------ ------ -------
Investment income (loss) -- net (2,501,170) 15,702 514,181 3,322,958
---------- ------ ------- ---------
Realized and unrealized gain (loss) -- net Net realized gain (loss) on:
Security transactions (Note 3) 133,070,021 (64,228) (21,630) (1,620,565)
Foreign currency transactions 472,366 39 -- 7,328
Options contracts written (Note 6) 2,820,960 -- -- --
- ---------
Net realized gain (loss) on investments 136,363,347 (64,189) (21,630) (1,613,237)
Net change in unrealized appreciation (depreciation)
on investments and on translation of assets and
liabilities in foreign currencies (146,859,981) 150,546 512,302 1,693,852
------------ ------- ------- ---------
Net gain (loss) on investments and
foreign currencies (10,496,634) 86,357 490,672 80,615
----------- ------ ------- ------
Net increase (decrease) in net assets
resulting from operations $ (12,997,804) $102,059 $1,004,853 $ 3,403,573
============== ======== ========== ===========
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, 2000 (Unaudited) Portfolio Portfolio
Investment income
Income:
<S> <C> <C> <C>
Dividends $ 2,368,107 $ 711,047 $ --
Interest 1,316,402 8,800,558 1,992,715
Less foreign taxes withheld (199,072) (1,997) --
-------- ------
Total income 3,485,437 9,509,608 1,992,715
--------- --------- ---------
Expenses (Note 2):
Investment management and services fee 1,799,187 2,966,522 151,522
Custodian fees 64,245 28,490 1,381
Audit fees 6,500 7,500 3,875
Directors fees 185 343 1
Printing and postage 13,118 49,408 2,594
Other -- 1,925 859
----- ---
Total expenses 1,883,235 3,054,188 160,232
Earnings credits on cash balances (Note 2) (3,946) (3,152) (665)
- ------ ------ ----
Total expenses-- net 1,879,289 3,051,036 159,567
--------- --------- -------
Investment income (loss)-- net 1,606,148 6,458,572 1,833,148
--------- --------- ---------
Realized and unrealized gain (loss) -- net Net realized gain (loss) on:
Security transactions (Note 3) (12,627,503) 168,893 20
Foreign currency transactions (1,385,417) -- --
Futures contracts (221,218) -- --
--------
Net realized gain (loss) on investments (14,234,138) 168,893 20
Net change in unrealized appreciation (depreciation)
on investments and on translation of assets and l
iabilities in foreign currencies (35,293,552) (34,711,774) --
----------- -----------
Net gain (loss) on investments and foreign currencies (49,527,690) (34,542,881) 20
----------- ----------- --
Net increase (decrease) in net assets resulting from operations $ (47,921,542) $(28,084,309) $1,833,168
============= ============ ==========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Statements of changes in net assets IDS Life Series Fund, Inc.
Equity Portfolio Equity Income Portfolio
Oct. 31, 2000 April 30, 2000 Oct. 31, 2000 April 30, 2000
Six months ended Year ended Six months ended Period ended*
(Unaudited) (Unaudited)
Operations and distributions
<S> <C> <C> <C> <C>
Investment income (loss)-- net $ (2,501,170) $ (6,547,863) $ 15,702 $ 9,403
Net realized gain (loss) on investments 136,363,347 474,908,123 (64,189) (13,675)
Net change in unrealized appreciation
(depreciation) on investments and on translation of assets and
liabilities in foreign currencies (146,859,981) 248,810,072 150,546 38,662
------------ ----------- ------- ------
Net increase (decrease) in net assets
resulting from operations (12,997,804) 717,170,332 102,059 34,390
----------- ----------- ------- ------
Distributions to shareholders from:
Net investment income -- -- (15,741) (9,423)
Net realized gain (378,441,149) -- -- --
Total distributions (378,441,149) -- (15,741) (9,423)
------------ ------- ------
Capital share transactions (Note 4)
Proceeds from sales 37,559,270 66,968,738 914,577 2,431,557
Reinvested distributions at net asset value 378,441,149 -- 15,873 2,585
Payments for redemptions (34,438,035) (58,568,002) (83,759) (172,767)
----------- ----------- ------- --------
Increase (decrease) in net assets from
capital share transactions 381,562,384 8,400,736 846,691 2,261,375
----------- --------- ------- ---------
Total increase (decrease) in net assets (9,876,569) 725,571,068 933,009 2,286,342
Net assets at beginning of period 1,714,507,708 988,936,640 2,286,342 --
------------- ----------- ---------
Net assets at end of period $1,704,631,139 $1,714,507,708 $3,219,351 $2,286,342
============== ============== ========== ==========
* For the period from June 17, 1999 (commencement of operations) to April 30,
2000.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Government Securities Portfolio Income Portfolio
Oct. 31, 2000 April 30, 2000 Oct. 31, 2000 April 30, 2000
Six months ended Year ended Six months ended Year ended
(Unaudited) (Unaudited)
Operations and distributions
<S> <C> <C> <C> <C>
Investment income (loss)-- net $ 514,181 $ 1,144,859 $ 3,322,958 $ 6,380,156
Net realized gain (loss) on investments (21,630) (317,546) (1,613,237) (1,782,543)
Net change in unrealized appreciation
(depreciation) on investments and on translation
of assets and liabilities in foreign currencies 512,302 (693,043) 1,693,852 (4,849,711)
------- -------- --------- ----------
Net increase (decrease) in net assets resulting
from operations 1,004,853 134,270 3,403,573 (252,098)
--------- ------- --------- --------
Distributions to shareholders from:
Net investment income (513,326) (1,152,566) (3,388,361) (6,404,125)
Net realized gain -- (85,580) -- --
Excess distributions of net investment income -- -- -- (562,813)
--------
Total distributions (513,326) (1,238,146) (3,388,361) (6,966,938)
-------- ---------- ---------- ----------
Capital share transactions (Note 4)
Proceeds from sales 759,329 4,536,902 3,106,898 8,542,530
Reinvested distributions at net asset value 510,283 1,156,059 3,253,128 6,471,840
Payments for redemptions (2,884,054) (8,033,158) (5,282,919) (13,022,393)
---------- ---------- ---------- -----------
Increase (decrease) in net assets from
capital share transactions (1,614,442) (2,340,197) 1,077,107 1,991,977
---------- ---------- --------- ---------
Total increase (decrease) in net assets (1,122,915) (3,444,073) 1,092,319 (5,227,059)
Net assets at beginning of period 18,491,337 21,935,410 92,351,404 97,578,463
---------- ---------- ---------- ----------
Net assets at end of period $17,368,422 $18,491,337 $93,443,723 $ 92,351,404
=========== =========== =========== ============
Undistributed (excess of distributions over)
net investment income $ (10,510) $ (11,365) $ (564,142) $ (498,739)
----------- ----------- ----------- ------------
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, 2000 April 30, 2000 Oct. 31, 2000 April 30, 2000
Six months ended Year ended Six months ended Year ended
(Unaudited) (Unaudited)
Operations and distributions
<S> <C> <C> <C> <C>
Investment income (loss)-- net $ 1,606,148 $ 1,990,611 $ 6,458,572 $ 13,963,072
Net realized gain (loss) on investments (14,234,138) 60,803,021 168,893 32,297,630
Net change in unrealized appreciation
(depreciation) on investments and on translation
of assets and liabilities in foreign currencies (35,293,552) (12,487,688) (34,711,774) 98,070,066
----------- ----------- ----------- ----------
Net increase (decrease) in net assets resulting
from operations (47,921,542) 50,305,944 (28,084,309) 144,330,768
----------- ---------- ----------- -----------
Distributions to shareholders from:
Net investment income (700,215) (1,853,708) (6,403,972) (13,931,314)
Net realized gain (61,342,700) (5,453,188) (33,181,679) (7,076,700)
----------- ---------- ----------- ----------
Total distributions (62,042,915) (7,306,896) (39,585,651) (21,008,014)
----------- ---------- ----------- -----------
Capital share transactions (Note 4)
Proceeds from sales 22,311,871 52,331,244 14,584,135 37,291,932
Reinvested distributions at net asset value 62,042,916 7,306,895 36,399,284 17,790,408
Payments for redemptions (3,619,648) (6,425,606) (24,064,932) (37,010,015)
---------- ---------- ----------- -----------
Increase (decrease) in net assets from
capital share transactions 80,735,139 53,212,533 26,918,487 18,072,325
---------- ---------- ---------- ----------
Total increase (decrease) in net assets (29,229,318) 96,211,581 (40,751,473) 141,395,079
Net assets at beginning of period 379,212,820 283,001,239 826,548,958 685,153,879
----------- ----------- ----------- -----------
Net assets at end of period $349,983,502 $379,212,820 $785,797,485 $826,548,958
============ ============ ============ ============
Undistributed (excess of distributions over)
net investment income $ 930,478 $ 24,545 $ (252,723) $ (307,323)
------------ ------------ ------------ ------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Money Market Portfolio
Oct. 31, 2000 April 30, 2000
Six months ended Year ended
(Unaudited)
Operations and distributions
<S> <C> <C>
Investment income (loss)-- net $ 1,833,148 $ 2,889,306
Net realized gain (loss) on investments 20 (330)
-- ----
Net increase (decrease) in net assets resulting from operations 1,833,168 2,888,976
--------- ---------
Distributions to shareholders from:
Net investment income (1,833,148) (2,930,346)
---------- ----------
Capital share transactions (Note 4)
Proceeds from sales 17,113,802 37,333,359
Reinvested distributions at net asset value 1,783,875 2,656,704
Payments for redemptions (15,963,794) (28,369,179)
----------- -----------
Increase (decrease) in net assets from capital share transactions 2,933,883 11,620,884
--------- ----------
Total increase (decrease) in net assets 2,933,903 11,579,514
Net assets at beginning of period 57,143,454 45,563,940
---------- ----------
Net assets at end of period $60,077,357 $57,143,454
=========== ===========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
Notes to Financial Statements
(Unaudited as to Oct. 31, 2000)
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 equity securities 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 and its
agencies;
Income Portfolio primarily invests in investment grade corporate bonds and
government securities;
International Equity Portfolio primarily invests in equity securities of
foreign issuers;
Managed Portfolio primarily invests in a combination of equity and debt
securities; and
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 accounting principles generally
accepted in the United States of America 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 Funds, 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 Funds, 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 Funds, 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, 2000, investments in securities for Equity Portfolio and Managed
Portfolio included issues that are illiquid which these Funds currently limit to
10% of net assets, at market value, at the time of purchase. The aggregate value
of such securities as of Oct. 31, 2000 was $57,228,988 and $90,556 representing
3.36% and .01% of net assets for Equity Portfolio and Managed Portfolio,
respectively. 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 or forward-commitment basis
Delivery and payment for securities that have been purchased by Equity Portfolio
and Managed Portfolio on a forward-commitment or when-issued basis can take
place one month or more after the transaction date. During this period,
when-issued 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 securities at least equal to the amount of its commitment. As of Oct. 31,
2000, Equity Portfolio and Managed Portfolio had entered into outstanding
when-issued or forward-commitments of $7,052,096 and $4,933,700, respectively.
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 substantially 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, 2000, dividends declared for each Fund payable Nov. 1, 2000 are
as follows:
Equity Portfolio $.000
Equity Income Portfolio $.020
Government Securities Portfolio $.048
Income Portfolio $.062
International Equity Portfolio $.000
Managed Portfolio $.177
Money Market Portfolio $.005
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, when available, 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. EXPENSES
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 Portfolios. For International
Equity Portfolio the fee is 0.95% on an annual basis. For Money Market Portfolio
the fee is 0.50% 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 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 0.10% on an annual basis of average daily net assets of each Fund.
During the six months ended Oct. 31, 2000, the Funds' custodian fees were
reduced as a result of earnings credits from overnight cash balances as follows:
Fund Reduction
Equity Portfolio $4,905
Equity Income Portfolio --
Government Securities Portfolio 2,613
Income Portfolio 5,225
International Equity Portfolio 3,946
Managed Portfolio 3,152
Money Market Portfolio 665
3. SECURITIES TRANSACTIONS For the six months ended Oct. 31, 2000, cost of
purchases and proceeds from sales of securities aggregated, respectively,
$165,410,857 and $162,583,624 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 $1,120,494,643 $1,062,200,082
Equity Income Portfolio 2,647,304 972,237
Government Securities Portfolio 7,910,735 8,408,925
Income Portfolio 46,309,312 52,174,429
International Equity Portfolio 250,956,632 216,604,897
Managed Portfolio 245,781,408 252,613,406
Realized gains and losses are determined on an identified cost basis.
Brokerage commissions paid to brokers affiliated with IDS Life were $8 and $600
for Equity Income Portfolio and Managed Portfolio, respectively, for the six
months ended Oct. 31, 2000.
<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, 2000
Equity Equity Government IncomeInternational Managed Money
Portfolio Income Securities Portfolio Equity Portfolio Market
Portfolio Portfolio Portfolio Portfolio
<S> <C> <C> <C> <C> <C> <C> <C>
Sold 868,303 95,307 78,014 339,492 1,154,725 623,519 17,115,082
Issued for reinvested
distributions 10,165,218 1,688 52,434 355,567 3,529,656 1,588,136 1,783,703
Redeemed (792,513) (8,726) (296,172) (576,594) (189,716) (1,033,025) (15,964,989)
-------- ------ -------- -------- -------- ---------- -----------
Net increase (decrease) 10,241,008 88,269 (165,724) 118,465 4,494,665 1,178,630 2,933,796
---------- ------ -------- ------- --------- --------- ---------
Year ended April 30, 2000
Equity Equity Government IncomeInternational Managed Money
Portfolio Income Securities Portfolio Equity Portfolio Market
Portfolio* Portfolio Portfolio Portfolio
Sold 1,819,129 258,081 464,865 902,416 2,453,845 1,775,086 37,336,472
Issued for reinvested
distributions -- 275 118,811 684,750 378,331 1,162,884 2,656,668
Redeemed (1,464,937) (18,668) (830,048)(1,379,676) (313,026) (1,975,196) (28,371,467)
---------- ------- -------- ---------- -------- ---------- -----------
Net increase (decrease) 354,192 239,688 (246,372) 207,490 2,519,150 962,774 11,621,673
------- ------- -------- ------- --------- ------- ----------
* For the period from June 17, 1999 (commencement of operations) to April 30,
2000.
</TABLE>
5. FOREIGN CURRENCY CONTRACTS
As of Oct. 31, 2000, International Equity Portfolio had 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
Nov. 1, 2000 1,048,176 733,986 $17,645 $ --
U.S. Dollar British Pound
Nov. 1, 2000 81,995 143,777 -- 93
U.S. Dollar Singapore Dollar
Nov. 2, 2000 379,077 261,406 509 --
U.S. Dollar British Pound
Nov. 3, 2000 1,593,059 1,095,206 -- 2,682
U.S. Dollar British Pound
Total $18,154 $2,775
------- ------
6. OPTIONS CONTRACTS WRITTEN Contracts and premium amounts associated with
options contracts written by Equity Portfolio are as follows:
Six months ended Oct. 31, 2000
Puts Calls
Contracts Premium Contracts Premium
Balance April 30, 2000 -- $ -- -- $ --
Opened 3,370 2,631,051 6,950 3,516,893
Closed (1,470) (1,350,929) (2,150) (783,213)
Exercised (50) (21,724) (950) (1,086,990)
Expired (1,325) (874,110) (2,350) (660,697)
------ -------- ------ --------
Balance Oct. 31, 2000 525 $ 384,288 1,500 $ 985,993
--- ---- --- ----------- ----- -----------
See "Summary of significant accounting policies."
7. CAPITAL LOSS CARRY-OVER
For federal income tax purposes, Equity Income Portfolio, Government Securities
Portfolio and Income Portfolio have capital loss carry-overs of $13,419,
$317,758 and $2,761,039, respectively, as of April 30, 2000, that will expire in
2008-2009 for Equity Income Portfolio, 2008-2009 for Government Securities
Portfolio and 2007-2009 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 carry-over has been offset or expires.
<PAGE>
<TABLE>
<CAPTION>
8. 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
2000b 2000 1999 1998 1997
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $47.72 $27.80 $33.96 $23.52 $29.34
Income from investment operations:
Net investment income (loss) (.05) (.18) (.06) (.08) .05
Net gains (losses) (both realized
and unrealized) (21.26) 20.10 (1.17) 11.55 (1.34)
Total from investment operations (21.31) 19.92 (1.23) 11.47 (1.29)
Less distributions:
Dividends from net investment income -- -- -- -- (.05)
Distributions from realized gains 10.51 -- (4.93) (1.03) (4.48)
Total distributions 10.51 -- (4.93) (1.03) (4.53)
Net asset value, end of period $36.92 $47.72 $27.80 $33.96 $23.52
Ratios/supplemental data
Net assets, end of period (in thousands) $1,704,631 $1,714,508 $988,937 $933,817 $551,518
Ratio of expenses to
average daily net assetsd .73%c .72% .73% .72% .76%
Ratio of net investment income (loss)
to average daily net assets (.28%)c (.46%) (.26%) (.29%) .21%
Portfolio turnover rate (excluding
short-term securities) 62% 126% 130% 147% 231%
Total returne (.79%) 71.66% (2.80%) 49.52% (3.66%)
a For a share outstanding throughout the period. Rounded to the nearest cent.
b Six months ended Oct. 31, 2000 (Unaudited).
c Adjusted to an annual basis.
d Expense ratio is based on total expenses of the Fund before reduction of
earnings credits on cash balances.
e Total return does not reflect the expenses that apply to the subaccounts or
the policies.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Equity Income Portfolio
Fiscal period ended April 30,
Per share income and capital changesa
2000b 2000c
<S> <C> <C>
Net asset value, beginning of period $9.54 $10.00
Income from investment operations:
Net investment income (loss) .05 .05
Net gains (losses) (both realized
and unrealized) .28 (.46)
Total from investment operations .33 (.41)
Less distributions:
Dividends from net investment income (.05) (.05)
Net asset value, end of period $9.82 $ 9.54
Ratios/supplemental data
Net assets, end of period (in thousands) $3,219 $2,286
Ratio of expenses to
average daily net assetse,f .80%d .81%d
Ratio of net investment income (loss) to
average daily net assets 1.12%d 1.15%d
Portfolio turnover rate (excluding
short-term securities) 39% 20%
Total returng 3.47% (4.12%)
a For a share outstanding throughout the period. Rounded to the nearest cent.
b Six months ended Oct. 31, 2000 (Unaudited).
c For the period from June 17, 1999 (commencement of operatons) to April 30,
2000.
d Adjusted to an annual basis.
e 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 1.68%
for the six months ended Oct. 31, 2000 and 3.91% for the period ended April
30, 2000.
f Expense ratio is based on total expenses of the Fund before reduction of
earnings credits on cash balances.
g Total return does not reflect the expenses that apply to the subaccounts or
the policies.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Government Securities Portfolio
Fiscal period ended April 30,
Per share income and capital changesa
2000b 2000 1999 1998 1997
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $9.64 $10.13 $10.18 $ 9.87 $9.98
Income from investment operations:
Net investment income (loss) .28 .52 .53 .56 .59
Net gains (losses) (both realized
and unrealized) .31 (.44) .04 .42 (.03)
Total from investment operations .59 .08 .57 .98 .56
Less distributions:
Dividends from net investment income (.28) (.53) (.53) (.56) (.59)
Distributions from realized gains (.04) (.04) (.09) (.11) (.08)
Total distributions (.32) (.57) (.62) (.67) (.67)
Net asset value, end of period $9.91 $ 9.64 $10.13 $10.18 $9.87
Ratios/supplemental data
Net assets, end of period (in thousands) $17,368 $18,491 $21,935 $14,607 $13,377
Ratio of expenses to
average daily net assetsd,e .83%c .81% .80% .80% .80%
Ratio of net investment income (loss) to
average daily net assets 5.64%c 5.40% 5.19% 5.57% 5.88%
Portfolio turnover rate (excluding
short-term securities) 46% 123% 89% 82% 62%
Total returnf 5.78% .86% 5.73% 10.11% 5.83%
a For a share outstanding throughout the period. Rounded to the nearest cent.
b Six months ended Oct. 31, 2000 (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 0.87%,
0.89% and 0.85% for the years ended 1999, 1998 and 1997, respectively.
e Expense ratio is based on total expenses of the Fund before reduction of
earnings credits on cash balances.
f Total return does not reflect the expensesthat apply to the subaccounts or the
policies.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Income Portfolio
Fiscal period ended April 30,
Per share income and capital changesa
2000b 2000 1999 1998 1997
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $9.17 $9.89 $10.28 $10.03 $ 9.93
Income from investment operations:
Net investment income (loss) .33 .64 .67 .69 .68
Net gains (losses) (both realized
and unrealized) -- (.67) (.32) .29 .10
Total from investment operations .33 (.03) .35 .98 .78
Less distributions:
Dividends from net investment income (.33) (.64) (.67) (.69) (.68)
Distributions from realized gains -- -- (.07) (.04) --
Excess distributions from
net investment income -- (.05) -- -- --
Total distributions (.33) (.69) (.74) (.73) (.68)
Net asset value, end of period $9.17 $9.17 $ 9.89 $10.28 $10.03
Ratios/supplemental data
Net assets, end of period (in thousands) $93,477 $92,351 $97,578 $82,773 $66,745
Ratio of expenses to
average daily net assetsd .74%c .74% .75% .74% .80%
Ratio of net investment income (loss)
to average daily net assets 6.99%c 6.71% 6.65% 6.69% 6.73%
Portfolio turnover rate (excluding
short-term securities) 54% 50% 22% 94% 106%
Total returne 3.73% (.25%) 3.52% 9.97% 8.08%
a For a share outstanding throughout the period. Rounded to the nearest cent.
b Six months ended Oct. 31, 2000 (Unaudited).
c Adjusted to an annual basis.
d Expense ratio is based on total expenses of the Fund before reduction of
earnings credits on cash balances.
e Total return does not reflect the expenses that apply to the subaccounts or
the policies.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
International Equity Portfolio
Fiscal period ended April 30,
Per share income and capital changesa
2000b 2000 1999 1998 1997
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $21.82 $19.04 $18.33 $14.73 $16.35
Income from investment operations:
Net investment income (loss) .08 .13 .18 .08 .14
Net gains (losses) (both realized
and unrealized) (2.43) 3.13 1.32 4.06 (.24)
Total from investment operations (2.35) 3.26 1.50 4.14 (.10)
Less distributions:
Dividends from net investment income (.04) (.12) (.17) (.07) (.15)
Distributions from realized gains (3.43) (.36) (.62) (.42) (1.37)
Excess distributions from
net investment income -- -- -- (.05) --
Total distributions (3.47) (.48) (.79) (.54) (1.52)
Net asset value, end of period $16.00 $21.82 $19.04 $18.33 $14.73
Ratios/supplemental data
Net assets, end of period (in thousands) $349,984 $379,213 $283,001 $217,573 $125,874
Ratio of expenses to
average daily net assetsd,e .99%c 1.02% 1.05% 1.05% 1.05%
Ratio of net investment income (loss) to
average daily net assets .85%c .60% 1.01% .49% .73%
Portfolio turnover rate (excluding
short-term securities) 66% 124% 67% 172% 151%
Total returnf (12.23%) 17.44% 8.27% 28.41% (.54%)
a For a share outstanding throughout the period. Rounded to the nearest cent.
b Six months ended Oct. 31, 2000 (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%
and 1.22% for the years ended 1998 and 1997, respectively.
e Expense ratio is based on total expenses of the Fund before reduction of
earnings credits on cash balances.
f Total return does not reflect the expenses that apply to the subaccounts or
the policies.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Managed Portfolio
Fiscal period ended April 30,
Per share income and capital changesa
2000b 2000 1999 1998 1997
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $23.56 $20.08 $19.81 $17.16 $16.49
Income from investment operations:
Net investment income (loss) .18 .40 .41 .47 .57
Net gains (losses) (both realized
and unrealized) (.95) 3.69 1.49 3.92 1.37
Total from investment operations (.77) 4.09 1.90 4.39 1.94
Less distributions:
Dividends from net investment income (.18) (.40) (.41) (.47) (.57)
Distributions from realized gains (.94) (.21) (1.22) (1.27) (.70)
Total distributions (1.12) (.61) (1.63) (1.74) (1.27)
Net asset value, end of period $21.67 $23.56 $20.08 $19.81 $17.16
Ratios/supplemental data
Net assets, end of period (in thousands) $785,797 $826,549 $685,154 $580,697 $410,737
Ratio of expenses to
average daily net assetsd .72%c .72% .74% .72% .75%
Ratio of net investment income (loss)
to average daily net assets 1.52%c 1.87% 2.23% 2.60% 3.46%
Portfolio turnover rate (excluding
short-term securities) 30% 63% 96% 112% 100%
Total returne (3.44%) 20.79% 10.52% 26.70% 12.45%
a For a share outstanding throughout the period. Rounded to the nearest cent.
b Six months ended Oct. 31, 2000 (Unaudited).
c Adjusted to an annual basis.
d Expense ratio is based on total expenses of the Fund before reduction of
earnings credits on cash balances.
e Total return does not reflect the expenses that apply to the subaccounts or
the policies.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Money Market Portfolio
Fiscal period ended April 30,
Per share income andcapital changesa
2000b 2000 1999 1998 1997
<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) .03 .05 .05 .05 .05
Less distributions:
Dividends from net investment income (.03) (.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) $60,077 $57,143 $45,564 $34,373 $28,546
Ratio of expenses to
average daily net assetsd,e .53%c .59% .60% .60% .60%
Ratio of net investment income (loss)
to average daily net assets 6.03%c 4.99% 4.72% 5.04% 4.81%
Total returnf 3.13% 5.11% 4.84% 5.16% 4.91%
a For a share outstanding throughout the period. Rounded to the nearest cent.
b Six months ended Oct. 31, 2000 (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 0.64%
for the year ended 1997.
e Expense ratio is based on total expenses of the Fund before reduction of
earnings credits on cash balances.
f Total return does not reflect the expenses that apply to the subaccounts or
the policies.
</TABLE>
<PAGE>
Investments in Securities
IDS Life Series Fund, Inc.
Equity Portfolio
Oct. 31, 2000 (Unaudited)
(Percentages represent value of investments compared to net assets)
Common stocks (95.3%)
Issuer Shares Value(a)
Aerospace & defense (1.9%)
Aeroflex 555,800(b) $33,070,100
Airlines (2.0%)
Atlantic Coast Airlines
Holdings 339,500(b) 12,137,125
Ryanair Holdings ADR 523,500(b,c) 21,103,594
Total 33,240,719
Banks and savings & loans (3.0%)
CompuCredit 270,000(b) 8,336,250
Silicon Valley Bancshares 205,000(b) 9,481,250
Sovereign Bancorp 1,350,000 11,221,875
TCF Financial 310,000 12,535,625
WFS Financial 584,500(b) 9,205,875
Total 50,780,875
Chemicals (0.2%)
Eden Bioscience 75,000(b) 2,840,625
Communications equipment & services (10.4%)
CIENA 250,000(b) 26,281,250
DMC Stratex Networks 564,000(b) 13,042,500
Equinix 500,000(b) 4,875,000
Finisar 789,400(b) 22,744,588
JDS Uniphase 223,000(b) 18,146,625
Marvell Technology Group 129,000(b,c) 7,191,750
New Focus 260,000(b) 16,510,000
ONI Systems 108,000(b) 8,754,750
SDL 231,500(b,g) 60,016,375
Total 177,562,838
Computer software & services (5.5%)
Akamai Technologies 192,400(b) 9,812,400
Edwards (JD) & Co 350,000(b) 9,056,250
Portal Software 278,500(b) 9,799,719
SunGard Data Systems 404,500(b) 20,680,063
VeriSign 160,000(b,g) 21,120,000
Veritas Software 160,000(b) 22,562,499
Total 93,030,931
Computers & office equipment (21.8%)
Affiliated Computer
Services Cl A 165,500(b) 9,216,281
BEA Systems 283,000(b) 20,305,250
Cisco Systems 411,500(b) 22,169,563
Docent 279,893 5,765,796
Docent 500,000(b) 12,875,000
EMC 250,000(b) 22,265,625
Emulex 210,000(b,g) 30,843,750
Extreme Networks 465,000(b) 38,565,937
Gemstar-TV Guide Intl 200,000(b) 13,712,500
Genuity 350,000(b) 1,925,000
Juniper Networks 566,500(b,g) 110,467,499
McDATA Cl B 150,000(b) 12,503,906
Netegrity 348,500(b) 27,183,000
Predictive Systems 500,000(b) $6,937,500
Sanmina 182,000(b) 20,804,875
Software.com 100,000(b) 14,900,000
Total 370,441,482
Electronics (18.1%)
Active Power 200,000(b) 7,625,000
Applied Micro Circuits 250,000(b) 19,093,750
Avanex 170,700(b) 17,336,719
DDi 460,000(b) 18,371,250
Flextronics Intl 340,000(b,c) 12,920,000
Galileo Technology 87,000(b,c) 2,359,875
GlobeSpan 72,800(b) 5,601,050
Jabil Circuit 921,500(b) 52,583,094
Maxim Integrated Products 110,000(b) 7,294,375
Newport 81,600 9,318,975
Pericom Semiconductor 340,000(b) 9,010,000
PMC-Sierra 400,000(b) 67,799,999
Taiwan Semiconductor
Mfg ADR 330,000(b,c) 7,486,875
Varian Medical Systems 225,000(b) 10,996,875
Veeco Instruments 160,000(b) 10,592,500
Vitesse Semiconductor 325,000(b) 22,729,688
Waters 275,000(b) 19,954,688
Xilinx 110,000(b) 7,968,125
Total 309,042,838
Energy (3.6%)
Apache 125,000 6,914,063
Kerr-McGee 355,000 23,185,937
Newfield Exploration 110,000(b) 4,152,500
Southern Energy 315,000(b) 8,583,750
Suncor Energy 370,000(c) 7,207,163
Tosco 389,000 11,134,756
Total 61,178,169
Energy equipment & services (1.6%)
Cooper Cameron 178,000(b) 9,701,000
Diamond Offshore Drilling 300,000 10,368,750
Rowan Companies 310,000(b) 7,808,125
Total 27,877,875
Financial services (1.4%)
Lehman Brothers Holdings 130,000 8,385,000
Metris Companies 250,000 8,093,750
Mutual Risk Management 450,000(c) 8,156,250
Total 24,635,000
Health care (13.0%)
Allergan 145,000 12,189,063
Alpharma Cl A 400,000 15,523,500
ALZA 310,000(b) 25,090,625
Aviron 150,000(b) 9,806,250
Diversa 185,000(b) 4,705,938
Forest Laboratories 225,000(b,g) 29,812,499
ILEX Oncology 250,000(b) 9,062,500
Intermune Pharmaceutials 500,000(b) $25,000,000
King Pharmaceuticals 300,000(b) 13,443,750
Laboratory Corp America
Holdings 161,000(b) 21,714,875
MiniMed 222,700(b) 16,243,181
ORATEC Interventions 525,000(b) 5,250,000
Pharmacyclics 350,000(b) 18,834,375
Sepracor 100,000(b) 6,812,500
Teva Pharmaceutical
Inds ADR 150,000(c) 8,868,750
Total 222,357,806
Health care services (1.9%)
Abgenix 200,000(b) 15,775,000
Caremark Rx 200,000(b) 2,500,000
Guilford Pharmaceuticals 317,500(b) 7,838,281
PRAECIS Pharmaceuticals 223,500(b) 5,671,313
Total 31,784,594
Insurance (2.1%)
Everest Re Group 230,000(c) 13,483,750
XL Capital Cl A 300,000(c) 23,062,500
Total 36,546,250
Media (0.9%)
Univision Communications
Cl A 383,500(b) 14,668,875
Metals (0.7%)
Shaw Group 140,000(b) 11,410,000
Miscellaneous (1.7%)
CacheFlow 65,000(b) 7,020,000
Capstone Turbine 200,000(b) 11,100,000
Key Energy Group 400,000(b) 3,600,000
Network Engines 200,000(b) 6,250,000
Oplink Communications 55,000(b) 1,340,625
Total 29,310,625
Restaurants & lodging (0.6%)
Krispy Kreme Doughnuts 100,000(b) 9,856,250
Retail (2.9%)
Bed Bath & Beyond 513,500(b) 13,254,719
Dollar Tree Stores 450,500(b) 17,625,813
Kohl's 350,000(b) 18,965,624
Total 49,846,156
Textiles & apparel (0.4%)
Coach 300,000(b) 7,012,500
Utilities -- gas (0.3%)
Equitable Resources 80,000 4,640,000
Utilities -- telephone (1.3%)
Allegiance Telecom 720,500(b) 22,650,719
Total common stocks
(Cost: $1,256,739,178) $1,623,785,227
Preferred stocks & other (3.4%)
Adaytum Software 287,081(b,d) $1,799,998
Aurgin Systems
2.46% 1,371,586(b,d) 3,374,102
Bluestream
Ventures LP 5,000,000(b,d,e) 5,000,000
Covia Technologies
Cv771,730(b,d) 1,933,955
Dia Dexus
Cv Series C 477,419(b,d) 3,699,997
Egility
3.46% 1,444,043(d,h) 5,000,000
Equinix
Cv132,626(b,d) 1,034,483
Warrants 6,900 1,035,000
Fibrogen
Cv Series E 668,151(b,d) 2,999,998
FREEI.Net
8.05% 372,636(b,d,h) --
Gorp.com
5.15% Series B 873,786(b,d) 4,499,998
Mars
1.85% Cv 2,702,703(b,d) 5,000,000
MarsMusic.com
Cv3,000,000(b,d) 3,000,000
Protein Delivery
2.50% 1,200,000(b,d) 3,000,000
SignalSoft
Cv Series E 506,757(b,d) 11,528,722
Tellium 45,000(b,d) $1,350,000
Therox 438,203(b,d) 2,015,734
Vcommerce
Cv Series C 427,468(b,d) 1,992,001
Total preferred stocks & other
(Cost: $53,322,918) $58,263,988
Bond (0.3%)
Issuer Coupon Principal Value(a)
rate amount
Equinix
Sr Nts
12-01-07 13.00% $6,900,000 $5,485,500
Total bond
(Cost: $6,898,025) $5,485,500
Option purchased (--%)
Issuer Contracts Exercise Expiration Value(a)
price date
Call
SDL 150 $280 Nov. 2000 $202,500
Total option purchased
(Cost: $234,075) $202,500
Short-term securities (2.2%)(g)
Issuer Annualized Amount Value(a)
yield on date payable at
of purchase maturity
U.S. government agencies (1.6%)
Federal Home Loan Bank Disc Nts
11-24-00 6.40% $11,300,000 $11,250,401
12-15-00 6.43 6,100,000 6,051,390
Federal Home Loan Mtge Corp Disc Nts
11-07-00 6.41 2,100,000 2,097,384
11-28-00 6.44 5,100,000 5,074,593
12-14-00 6.44 3,800,000 3,769,033
Total 28,242,801
Commercial paper (0.6%)
Associates Corp North America
11-01-00 6.65 7,300,000 7,298,651
CXC
01-09-01 6.64 1,600,000(f) 1,579,311
Ford Motor Credit
12-04-00 6.52 1,100,000 1,093,268
Total 9,971,230
Total short-term securities
(Cost: $38,224,105) $38,214,031
Total investments in securities
(Cost: $1,355,418,301)(i) $1,725,951,246
See accompanying notes to investments in securities.
<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, 2000,
the value of foreign securities represented 6.56% of net assets.
(d) 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, 2000, is as follows:
Security Acquisition Cost
dates
Adaytum Software 09-15-00 $1,799,998
Aurigin Systems
2.46% 12-16-99 3,374,102
Bluestream Ventures LP 06-28-00 5,000,000
Covia Technologies
Cv 08-16-00 1,933,955
Dia Dexus
Cv Series C 04-03-00 3,699,997
Egility
3.46% 03-03-00 5,000,000
Equinix
Cv 05-19-00 2,000,000
Fibrogen
Cv Series E 05-17-00 2,999,998
FREEI.Net
8.05% 11-04-99 thru 09-28-00 2,999,992
Gorp.com
5.15% Series B 02-21-00 4,499,998
Mars
1.85% Cv 02-17-99 5,000,000
MarsMusic.com
Cv 12-01-99 $3,000,000
Protein Delivery
2.50% 05-04-99 3,000,000
SignalSoft
Cv Series E 12-15-99 3,000,001
Tellium 09-19-00 1,350,000
Therox 09-05-00 2,015,734
Vcommerce
Cv Series C 07-21-00 1,992,001
(e) The share amount for Limited Liability Companies (LLC) or Limited
Partnerships (LP) represents capital contributions. At Oct. 31, 2000, the
amount of capital committed to the LLC or LP for future investment was
$7,052,096.
(f) Commercial paper sold within terms of a private placement memorandum,
exempt from registration under Section 4(2) of the Securities Act of 1933,
as amended, and may be sold only to dealers in that program or other
"accredited investors." This security has been determined to be liquid
under guidelines established by the board.
(g) At Oct. 31, 2000, securities valued at $25,008,750 were held to cover
open call options written as follows (see Note 6 to the financial
statements):
Issuer Contracts Exercise Expiration Value(a)
price date
Emulex 10,000 $150 Nov. 2000 $135,000
Forest Laboratories 10,000 145 Dec. 2000 44,698
Forest Laboratories 10,000 140 Dec. 2000 63,448
Forest Laboratories 10,000 145 Nov. 2000 20,625
Forest Laboratories 10,000 140 Nov. 2000 34,375
Juniper Networks 80,000 270 Nov. 2000 162,500
VeriSign 20,000 200 Nov. 2000 18,125
Total value $478,771
* At Oct. 31, 2000, cash or short-term securities were designated to cover
open put options written as follows (see Note 6 to the financial
statements):
Issuer Contracts Exercise Expiration Value(a)
price date
MiniMed 12,500 $ 55 Nov. 2000 $ 4,688
MiniMed 25,000 65 Nov. 2000 43,750
SDL 15,000 210 Nov. 2000 68,437
Total value $116,875
(h) Negligible market value.
(i) At Oct. 31, 2000, the cost of securities for federal income tax purposes
was approximately $1,355,418,000 and the approximate aggregate gross
unrealized appreciation and depreciation based on that cost was:
Unrealized appreciation $ 471,033,000
Unrealized depreciation (100,500,000)
------------
Net unrealized appreciation $ 370,533,000
-------------
<PAGE>
Investments in Securities
IDS Life Series Fund, Inc.
Equity Income Portfolio
Oct. 31, 2000 (Unaudited)
(Percentages represent value of investments compared to net assets)
Common stocks (96.3%)
Issuer Shares Value(a)
Aerospace & defense (2.2%)
Boeing 704 $47,740
Goodrich (BF) 535 21,902
Total 69,642
Automotive & related (1.2%)
Ford Motor 1,435 37,489
Visteon 103 1,822
Total 39,311
Banks and savings & loans (10.1%)
Bank of America 1,682 80,840
Bank of New York 990 56,987
FleetBoston Financial 1,836 69,768
Mellon Financial 1,439 69,432
Wells Fargo 1,119 51,824
Total 328,851
Beverages & tobacco (3.1%)
Anheuser-Busch 1,072 49,044
Philip Morris 1,400 51,275
Total 100,319
Building materials & construction (0.5%)
Martin Marietta Materials 396 15,206
Communications equipment & services (1.0%)
Motorola 1,275 31,795
Computers & office equipment (4.7%)
Compaq Computer 785 23,872
Electronic Data Systems 313 14,691
Equant ADR 246(b,c) 8,349
First Data 446 22,356
Hewlett-Packard 302 14,024
Intl Business Machines 286 28,171
Solectron 900(b) 39,600
Total 151,063
Electronics (0.6%)
Agilent Technologies 1(b) 27
Natl Semiconductor 315(b) 8,190
Texas Instruments 239 11,725
Total 19,942
Energy (8.7%)
BP Amoco ADR 600(c) 30,563
Chevron 1,022 83,932
Conoco Cl A 1,827 47,159
Exxon Mobil 915 81,607
Kerr-McGee 574 37,489
Total 280,750
Energy equipment & services (0.6%)
Halliburton 489 18,124
Financial services (16.3%)
Alliance Capital Management
Holding LP 776(d) $37,248
Citigroup 3,115 163,910
Fannie Mae 1,004 77,308
Lehman Brothers Holdings 1,056 68,112
Morgan Stanley, Dean Witter,
Discover & Co 1,127 90,512
Providian Financial 859 89,336
Total 526,426
Food (2.7%)
General Mills 1,390 58,032
SUPERVALU 1,900 29,213
Total 87,245
Health care (7.1%)
American Home Products 772 49,022
Baxter Intl 577 47,422
Bristol-Myers Squibb 813 49,542
Pharmacia 806 44,330
Watson Pharmaceuticals 600(b) 37,538
Total 227,854
Household products (3.0%)
Colgate-Palmolive 816 47,948
Kimberly-Clark 757 49,962
Total 97,910
Industrial equipment & services (2.3%)
Illinois Tool Works 627 34,838
Parker-Hannifin 923 38,189
Total 73,027
Insurance (5.0%)
American Intl Group 985 96,530
Marsh & McLennan 485 63,414
Total 159,944
Leisure time & entertainment (1.6%)
Viacom Cl B 878(b) 49,936
Media (1.2%)
Adelphia Communications Cl A 235(b) 7,799
USA Networks 1,500(b) 30,375
Total 38,174
Metals (0.8%)
Alcoa 900 25,819
Miscellaneous (1.5%)
Stilwell Financial 1,100 49,294
Multi-industry conglomerates (1.2%)
Emerson Electric 200 $14,688
General Electric 450 24,665
Total 39,353
Paper & packaging (1.1%)
Intl Paper 968 35,453
Retail (5.9%)
Best Buy 500(b) 25,094
CVS 1,431 75,753
Gap 1,200 30,975
Limited 900 22,725
Target 1,280 35,360
Total 189,907
Utilities -- electric (3.1%)
Dominion Resources 513 30,556
Duke Energy 601 51,949
PPL 454 18,699
Total 101,204
Utilities -- gas (1.5%)
Coastal 418 31,533
Williams Companies 367 15,345
Total 46,878
Utilities -- telephone (9.3%)
ALLTEL 134 8,635
AT&T 1,600 37,100
AT&T - Liberty Media Group
Cl A 1,150(b) 20,700
AT&T Wireless Group 915(b) 22,818
BellSouth 1,052 50,825
Intermedia Communications 6(b) 133
SBC Communications 1,037 59,822
Telefonica de Espana ADR 112(b,c) 6,489
Telefonos de Mexico ADR Cl L 123(c) 6,634
Verizon 1,206 69,721
WorldCom 647(b) 15,366
Total 298,243
Total common stocks
(Cost: $2,912,462) $3,101,670
Total investments in securities
(Cost: $2,912,462)(e) $3,101,670
See accompanying notes to investments in securities.
<PAGE>
IDS Life Series Fund, Inc.
Equity Income Portfolio
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, 2000,
the value of foreign securities represented 1.62% of net assets.
(d) The share amount for Limited Liability Companies (LLC) or Limited
Partnerships (LP) represents capital contributions.
(e) At Oct. 31, 2000, the cost of securities for federal income tax purposes
was approximately $2,912,000 and the approximate aggregate gross
unrealized appreciation and depreciation based on that cost was:
Unrealized appreciation $ 321,000
Unrealized depreciation (131,000)
Net unrealized appreciation $ 190,000
<PAGE>
Investments in Securities
IDS Life Series Fund, Inc.
Government Securities Portfolio
Oct. 31, 2000 (Unaudited)
(Percentages represent value of investments compared to net assets)
Bonds (97.3%)
Issuer Coupon Principal Value(a)
rate amount
Mortgage-backed securities (67.1%)
Federal Home Loan Bank
08-15-05 6.88% $900,000 $911,673
Federal Home Loan Mtge Corp
06-01-12 7.00 127,419 127,091
01-01-13 6.00 299,843 289,708
02-01-13 6.50 195,715 191,897
06-01-15 7.50 390,170 393,126
12-01-27 6.00 261,774 246,224
05-01-28 7.00 284,969 279,982
08-01-28 7.00 170,165 167,232
Federal Natl Mtge Assn
04-15-03 5.75 200,000 196,913
02-13-04 5.13 1,125,000 1,083,238
08-15-04 6.50 100,000 99,891
06-01-10 6.50 194,284 192,141
03-01-13 6.00 152,209 146,808
04-01-13 5.50 327,080 308,990
07-01-13 6.50 378,412 371,274
06-01-14 6.50 500,004 490,572
09-01-14 7.00 471,523 469,198
01-01-15 6.50 584,247 572,893
03-01-15 7.00% $93,838 $93,376
03-01-23 9.00 46,298 48,103
09-01-25 7.00 144,347 142,002
04-01-27 6.50 201,067 193,887
03-01-28 6.50 306,032 294,461
04-01-28 6.00 255,639 240,241
09-01-28 6.00 592,511 556,353
10-01-28 6.00 665,823 625,718
11-01-28 6.00 442,656 415,994
12-01-28 7.00 339,892 333,444
09-01-29 6.00 493,464 462,909
05-01-30 8.50 128,493 131,311
06-01-30 8.50 106,545 108,881
07-01-30 7.50 498,773 498,080
Govt Natl Mtge Assn
05-15-17 8.00 30,249 30,873
07-15-28 6.50 969,358 936,029
Total 11,650,513
U.S. government obligations & agencies (30.2%)
Resolution Funding Corp
10-15-19 8.13 400,000 468,027
Zero Coupon
04-15-05 5.70 200,000(b) 152,892
U.S. Treasury
08-15-01 7.88 100,000 101,125
11-15-01 7.50% $830,000 $839,728
11-30-02 5.75 300,000 298,734
05-15-16 7.25 300,000 337,407
11-15-16 7.50 700,000 806,421
05-15-17 8.75 950,000 1,220,598
08-15-23 6.25 725,000 747,881
11-15-24 7.50 145,000 172,686
08-15-27 6.38 100,000 105,391
Total 5,250,890
Total bonds
(Cost: $16,843,304) $16,901,403
Short-term security (1.1%)
Issuer Annualized Amount Value(a)
yield on date payable at
of purchase maturity
U.S. government agency
Federal Home Loan Bank Disc Nt
11-17-00 6.41% $200,000 $199,377
Total short-term security
(Cost: $199,432) $199,377
Total investments in securities
(Cost: $17,042,736)(c) $17,100,780
See accompanying notes to investments in securities.
<PAGE>
Notes to investments in securities
(a) Securities are valued by procedures described in Note 1 to the financial
statements.
(b) For zero coupon bonds, the interest rate disclosed represents the
annualized effective yield on the date of acquisition.
(c) At Oct. 31, 2000, the cost of securities for federal income tax purposes was
approximately $17,043,000 and the approximate aggregate gross
unrealized appreciation and depreciation based on that cost was:
Unrealized appreciation $ 281,000
Unrealized depreciation (223,000)
--------
Net unrealized appreciation $ 58,000
---------
<PAGE>
Investments in Securities
IDS Life Series Fund, Inc.
Income Portfolio
Oct. 31, 2000 (Unaudited)
(Percentages represent value of investments compared to net assets)
Bonds (86.1%)
Issuer Coupon Principal Value(a)
rate amount
Government obligations & agencies (4.7%)
Republic of Brazil
(U.S. Dollar)
04-15-14 8.00% $369,423(c) $275,220
U.S. Treasury
05-15-17 8.75 400,000 513,936
05-15-18 9.13 2,300,000 3,067,992
United Mexican States
(U.S. Dollar)
03-12-08 8.63 250,000(c) 242,750
09-15-16 11.38 250,000(c) 282,188
Total 4,382,086
Mortgage-backed securities (38.8%)
Federal Home Loan Mtge Corp
07-15-04 6.25 3,500,000 3,468,447
06-01-09 5.50 407,211 391,355
08-01-11 6.50 1,306,294 1,285,488
03-01-13 5.50 761,255 719,953
Collateralized Mtge Obligation
06-15-20 8.00 90,672 91,879
Federal Natl Mtge Assn
04-15-03 5.75 2,000,000 1,969,134
09-15-09 6.63 500,000 497,987
06-01-10 6.50 582,853 576,423
02-01-11 6.00 1,124,243 1,092,794
09-01-13 6.00 1,488,194 1,434,278
11-01-13 6.00 1,587,283 1,529,777
04-01-14 5.50 3,000,001 2,826,541
05-01-26 7.00 3,161,093 3,108,745
07-01-26 7.00 1,346,660 1,324,359
12-01-27 6.00 2,242,328 2,108,075
12-01-27 6.50 1,787,274 1,722,895
10-01-28 6.50 1,755,258 1,689,186
06-01-29 6.50 2,773,324 2,664,998
02-01-30 7.50 2,500,644 2,498,455
08-01-30 7.50 2,000,000 1,997,220
08-01-30 8.00 3,000,000 3,037,371
Merrill Lynch Mtge Investors
06-15-21 7.60 91,767(k) 85,107
Morgan Stanley Capital
Collateralized Mtge Obligation
11-15-28 6.59 217,929 217,070
Total 36,337,537
Aerospace & defense (0.8%)
BE Aerospace
Sr Sub Nts Series B
02-01-06 9.88 50,000 50,000
Compass Aerospace
Company Guaranty Series D
04-15-05 10.13 50,000(b) 7,000
Fairchild
Company Guaranty
04-15-09 10.75% $100,000 $80,000
Northrop-Grumman
03-01-06 7.00 250,000 242,178
Roller Bearing
Company Guaranty Series B
06-15-07 9.63 200,000 178,000
Sequa
Sr Nts
08-01-09 9.00 150,000 145,500
Total 702,678
Airlines (0.9%)
Continental Airlines
Series 1996A
10-15-13 6.94 354,888 337,626
United Air Lines
07-01-10 7.73 500,000 510,015
Total 847,641
Automotive & related (0.6%)
Aftermarket Technology
Sr Sub Nts Series D
08-01-04 12.00 75,000 74,250
Ford Motor Credit
07-16-04 6.70 500,000 489,765
Total 564,015
Banks and savings & loans (3.7%)
Capital One Bank
05-15-08 6.70 500,000 450,295
Comerica Bank
Sub Nts
10-01-08 6.00 500,000 452,993
Corp Andina de Fomento
(U.S. Dollar)
02-01-03 7.10 300,000(c) 296,367
Deutsche Telekom Intl Finance
(U.S. Dollar)
06-15-10 8.00 500,000(c) 510,650
Hubco Capital Trust I
Company Guaranty Series B
02-01-27 8.98 500,000 387,339
MBNA American Bank
Sub Nts
03-15-08 6.75 500,000 451,200
Wachovia
Sr Nts
07-15-05 7.45 350,000 353,371
Washington Mutual Capital
Company Guaranty
06-01-27 8.38 200,000 175,436
Wells Fargo
Sr Medium-term Nts Series G
09-15-02 6.38% $400,000 $395,940
Total 3,473,591
Building materials & construction (1.0%)
Nortek
Sr Sub Nts
03-01-04 9.88 150,000 135,000
Pulte
Sr Nts
12-15-03 7.00 300,000 282,810
Tyco Intl Group
(U.S. Dollar) Company Guaranty
06-15-03 6.25 500,000(c) 486,035
Total 903,845
Chemicals (1.7%)
Allied Waste North America
Company Guaranty Series B
01-01-06 7.63 50,000 44,500
08-01-09 10.00 100,000 85,500
Dow Chemical
11-01-29 7.38 200,000 191,828
ISP Holdings
Sr Nts Series B
02-15-02 9.75 50,000 44,000
Lyondell Chemical
Series A
05-01-07 9.63 100,000 97,000
Rohm & Haas
07-15-04 6.95 500,000 495,100
Sovereign Specialty Chemical
03-15-10 11.88 75,000 73,875
Sterling Chemicals
Company Guaranty Series B
07-15-06 12.38 100,000 96,000
Waste Management
Sr Nts
10-01-07 7.13 500,000 454,590
Total 1,582,393
Communications equipment & services (1.8%)
360networks
(U.S. Dollar) Sr Nts
05-01-08 13.00 75,000(c) 60,000
Aether Systems
Cv
03-22-05 6.00 113,000 81,360
Aspect Communications
Zero Coupon Cv Sub Deb
08-10-18 6.00 110,000(f) 30,198
DLJ Secured Loan Trust
Sr Secured Ctfs
07-07-07 10.13 500,000(d) 517,900
Dobson/Sygnet Communications
Sr Nts
12-15-08 12.25% $100,000 $99,750
Efficient Networks
Cv Sub Nts
03-15-05 5.00 100,000 67,484
Fairpoint Communications
Sr Sub Nts Series B
05-01-08 9.50 100,000 88,000
Flag
(U.S. Dollar) Sr Nts
01-30-08 8.25 50,000(c) 41,500
KMC Telecom Holdings
Zero Coupon Sr Disc Nts
02-15-03 12.70 175,000(e) 17,500
NTL
Cv Sub Nts
12-15-09 5.75 60,000(d) 39,678
Sr Nts Series B
10-01-08 11.50 80,000 73,200
Price Communications Wireless
Company Guaranty Series B
12-15-06 9.13 300,000 300,000
Rhythms NetConnections
Sr Nts
02-15-10 14.00 50,000 24,500
Rural Cellular
Sr Sub Nts Series B
05-15-08 9.63 175,000 159,250
Spectrasite Holdings
Zero Coupon Sr Disc Nts
04-15-04 15.60 250,000(e) 128,750
Total 1,729,070
Computers & office equipment (0.4%)
Adaptec
Cv Sub Nts
02-01-04 4.75 80,000 63,504
Globix
Sr Nts
02-01-10 12.50 50,000 27,500
PSINet
Sr Nts
11-01-08 11.50 100,000 50,000
Sanmina
Zero Coupon Cv
09-12-20 4.25 260,000(d,f) 129,558
Solectron
Zero Coupon Cv
05-08-20 2.67 166,000(f) 112,082
Total 382,644
Electronics (1.2%)
Advanced Energy Industries
Cv
11-15-06 5.25 40,000 30,650
Celestica
(U.S. Dollar) Zero Coupon Cv
08-01-20 3.40 100,000(c,f) 50,750
Conexant Systems
Cv
02-01-07 4.00% $160,000 $96,600
Cv Sub Nts
02-01-07 4.00 45,000(d) 27,522
Lam Research
Cv Sub Nts
09-01-02 5.00 70,000 70,255
LSI Logic
Cv
02-15-05 4.00 160,000 133,599
SCI Systems
Cv
03-15-07 3.00 120,000 121,600
Semtech
Cv
02-01-07 4.50 35,000(d) 32,845
Thomas & Betts
01-15-06 6.50 400,000 388,471
Triquint Semiconductor
Cv Sub Nts
03-01-07 4.00 50,000 38,063
Vitesse Semiconductor
Cv
03-15-05 4.00 50,000(d) 43,250
03-15-05 4.00 50,000 43,688
Total 1,077,293
Energy (2.7%)
AES Drax Energy
(U.S. Dollar)
08-30-10 11.50 50,000(c,d) 52,500
Alberta Energy
(U.S. Dollar)
09-15-30 8.13 500,000(c) 503,235
Ashland
Medium-term Nts Series J
08-15-05 7.83 500,000 498,936
Devon Energy
Cv Deb
08-15-08 4.90 57,000 55,290
Kerr-McGee
10-15-05 8.13 500,000 520,539
Lodestar Holdings
Company Guaranty
05-15-05 11.50 250,000 40,000
Phillips Petroleum
05-25-05 8.50 200,000 210,991
Roil
(U.S. Dollar)
12-05-02 12.78 131,500(c,d) 124,268
USX
03-01-08 6.85 500,000 485,035
Total 2,490,794
Financial services (5.0%)
American General Finance
Sr Nts
11-01-03 5.75 500,000 482,340
AOA Holdings LLC
Sr Nts
06-01-06 10.38% $100,000 $96,125
Barclays North America Capital
05-15-21 9.75 300,000 315,765
Capital One Financial
08-01-08 7.13 500,000 459,055
Duke Capital
Sr Nts
10-01-09 7.50 500,000 502,159
GMAC
11-10-03 5.75 500,000 483,265
Indah Kiat Finance Mauritius
(U.S. Dollar) Company Guaranty
07-01-07 10.00 50,000(c) 20,500
LaBranche
Sr Nts
08-15-04 9.50 150,000 152,900
Sr Sub Nts
03-01-07 12.00 100,000 107,000
Morgan Stanley, Dean Witter, Discover & Co
06-15-05 7.75 500,000 510,363
Providian Financial
Cv Sr Nts
08-15-05 3.25 70,000 69,864
Providian Master Trust
Series 1997-4 Cl A
06-15-07 6.25 500,000 496,300
Providian Natl Bank
Sr Nts
03-15-03 6.70 500,000 484,620
Wilmington Trust
05-01-08 6.63 500,000 466,710
Total 4,646,966
Food (0.2%)
Aurora Foods
Sr Sub Nts Series B
02-15-07 9.88 130,000 100,100
RAB Enterprises
Company Guaranty
05-01-05 10.50 75,000 55,875
Total 155,975
Health care (0.9%)
Allergan
Zero Coupon Cv
11-01-20 2.50 120,000(d,f) 76,500
Inhale Theraptic Systems
Cv Sub Nts
10-17-07 3.50 60,000(d) 65,850
Roche Holdings
Zero Coupon Cv
01-19-15 1.48 123,000(d,f) 109,640
Teva Pharmaceuticals Finance LLC
Cv Sr Nts
10-15-05 1.50 90,000(d) 89,438
Watson Pharmaceuticals
Sr Nts
05-15-08 7.13 500,000 461,369
Total 802,797
Health care services (0.8%)
HCA-The Healthcare
06-15-05 6.91% $100,000 $94,375
09-01-10 8.75 85,000 86,063
Paracelsus Healthcare
Sr Sub Nts
08-15-06 10.00 350,000(b) 143,500
Sunrise Assisted Living
Cv Sub Nts
06-15-02 5.50 119,000 104,720
Tenet Healthcare
Sr Nts Series B
09-01-10 9.25 75,000 77,250
Sr Sub Nts Series B
12-01-08 8.13 200,000 192,750
Triad Hospitals Holdings
Company Guaranty Series B
05-15-09 11.00 50,000 52,125
Total 750,783
Industrial equipment & services (0.8%)
ARAMARK Services
Company Guaranty
12-01-06 7.10 500,000 476,609
Motor & Gears
Sr Nts Series D
11-15-06 10.75 100,000 97,000
Terex
Company Guaranty Series D
04-01-08 8.88 175,000 154,000
Total 727,609
Insurance (1.5%)
American General Institute Capital
Company Guaranty Series A
12-01-45 7.57 250,000(d) 217,805
Americo Life
Sr Sub Nts
06-01-05 9.25 130,000 121,875
Florida Windstorm
(MBIA Insured)
02-25-19 7.13 500,000(d,g) 475,920
SAFECO Capital Trust
Company Guaranty
07-15-37 8.07 500,000 395,732
Zurich Capital Trust
Company Guaranty
06-01-37 8.38 250,000(d) 236,732
Total 1,448,064
Leisure time & entertainment (1.5%)
Argosy Gaming
Company Guaranty
06-01-09 10.75 150,000 156,750
Cinemark USA
Sr Sub Nts Series B
08-01-08 9.63 250,000 105,000
Coast Hotels & Casino
Company Guaranty
04-01-09 9.50 125,000 123,125
Horseshoe Gaming Holdings
Company Guaranty
05-15-09 8.63% $250,000 $243,749
Riviera Holdings
Company Guaranty
08-15-04 10.00 100,000 88,750
Station Casinos
Sr Sub Nts
07-01-10 9.88 155,000(d) 155,388
Time Warner
02-01-24 7.57 350,000 331,838
United Artists Theatres
Series 1995A
07-01-15 9.30 91,049 63,843
Viacom
Company Guaranty
07-30-10 7.70 150,000 152,942
Total 1,421,385
Media (2.5%)
Charter Communications Holdings/Charter Capital
Sr Nts
01-15-10 10.25 100,000 97,250
Coaxial Communications/Phoenix
Company Guaranty
08-15-06 10.00 100,000 96,500
Comcast
Sr Nts
11-01-05 8.38 250,000 259,280
Comcast Cable Communications
11-15-08 6.20 300,000 275,946
Cox Enterprises
06-15-09 7.38 500,000(d) 483,410
Golden Sky Systems
Company Guaranty Series B
08-01-06 12.38 150,000 162,000
Lamar Media
Company Guaranty
12-01-06 9.63 150,000 151,125
MDC Communications
(U.S. Dollar) Sr Sub Nts
12-01-06 10.50 100,000(c) 91,000
Quebecor Printing Capital
Company Guaranty
01-15-07 7.25 500,000 465,180
Time Warner Entertainment
Sr Nts
07-15-33 8.38 250,000 260,290
Total 2,341,981
Metals (0.4%)
Alcan Aluminum
(U.S. Dollar)
01-15-22 8.88 200,000(c) 208,202
Great Lakes Carbon
Company Guaranty Pay-in-kind Series B
05-15-08 10.25 30,000(l) 13,200
Imexsa Export Trust
(U.S. Dollar)
05-31-03 10.13 122,208(c,d) 120,375
Oregon Steel Mills
1st Mtge
06-15-03 11.00% $50,000 $37,000
Total 378,777
Miscellaneous (2.2%)
Actuant
Company Guaranty
05-01-09 13.00 55,000(d) 53,350
Argo-Tech
Company Guaranty
10-01-07 8.63 100,000 81,000
Bistro Trust
12-31-02 9.50 250,000(d) 250,035
Falcon Products
Company Guaranty Series B
06-15-09 11.38 150,000 138,000
Hyder
(U.S. Dollar)
12-15-07 6.88 500,000(c,d) 436,990
ISG Resources
04-15-08 10.00 140,000 107,800
Nationwide Credit
Sr Nts Series A
01-15-08 10.25 45,000 14,850
Network Associates
Zero Coupon Cv Sub Deb
02-13-18 8.70 286,000(f) 105,234
Norcal Waste Systems
Company Guaranty Series B
11-15-05 13.50 50,000 52,000
NSM Steel
Company Guaranty
02-01-06 12.00 129,935(b,d) 5,197
Omega Cabinets
Sr Sub Nts
06-15-07 10.50 225,000 209,250
Outsourcing Solutions
Sr Sub Nts Series B
11-01-06 11.00 140,000 116,200
PSA
(U.S. Dollar)
08-01-05 7.13 500,000(c,d) 505,415
Stellex Inds
Sr Sub Nts Series B
11-01-07 9.50 250,000(b) 27,500
Total 2,102,821
Multi-industry conglomerates (1.4%)
Goodrich (BF)
Company Guaranty
04-15-08 7.50 500,000 479,104
Hutchison Whampoa Finance
(U.S. Dollar) Company Guaranty Series A
08-01-07 6.95 250,000(c,d) 241,418
Jordan Inds
Sr Nts Series D
08-01-07 10.38 175,000 162,750
Prime Succession
Sr Sub Nts
08-15-04 10.75% $65,000(b) $9,750
Spherion
Cv Sub Nts
06-01-05 4.50 76,000 48,576
USI American Holdings
Sr Nts Series B
12-01-06 7.25 425,000 409,808
Total 1,351,406
Paper & packaging (2.0%)
Abitibi-Consolidated
(U.S. Dollar)
08-01-05 8.30 500,000(c) 508,630
APP China Group
(U.S. Dollar) Sr Nts
03-15-05 14.00 200,000(c,d) 84,020
Ball
Company Guaranty
08-01-08 8.25 50,000 47,000
Chesapeake
05-01-03 9.88 100,000 102,654
Intl Paper
07-08-03 8.00 500,000(d) 508,950
11-15-12 5.13 85,000 64,535
Packaging Corp of America
Company Guaranty
04-01-09 9.63 250,000 255,625
Quno
(U.S. Dollar) Sr Nts
05-15-05 9.13 250,000(c) 257,734
Silgan Holdings
06-01-09 9.00 50,000 42,438
Total 1,871,586
Restaurants & lodging (0.6%)
MGM Mirage
02-06-08 6.88 500,000 451,165
Company Guaranty
06-01-07 9.75 115,000 119,313
Total 570,478
Retail (1.0%)
Eye Care Centers of America
Company Guaranty
05-01-08 9.13 100,000 40,000
Flooring America
Company Guaranty
10-15-07 9.25 185,000(b) 26,363
Kroger
Company Guaranty
03-01-08 7.45 250,000 242,968
Sr Nts
07-15-06 8.15 500,000 507,289
Target
08-15-10 7.50 150,000 149,147
Total 965,767
Textiles & apparel (0.4%)
Tommy Hilfiger USA
Company Guaranty
06-01-03 6.50% $500,000 $382,500
Transportation (0.4%)
Enterprise Rent-A-Car USA Finance
02-15-08 6.80 200,000(d) 186,272
Greater Beijing First Expressways
(U.S. Dollar) Sr Nts
06-15-04 9.25 100,000(b,c) 37,000
Hermes Europe RailTel
(U.S. Dollar) Sr Nts
01-15-09 10.38 200,000(c) 100,000
Zhuhai Highway
(U.S. Dollar) Sub Nts
07-01-08 11.50 250,000(b,c,d) 12,500
Total 335,772
Utilities -- electric (1.3%)
AES
Sr Nts
09-15-10 9.38 50,000 49,715
Cleveland Electric Illuminating
1st Mtge Series B
05-15-05 9.50 250,000 253,173
Connecticut Light & Power
1st Mtge Series C
06-01-02 7.75 250,000 251,913
Edison Mission Energy
Sr Nts
06-15-09 7.73 500,000 478,181
Midland Funding II
Series A
07-23-05 11.75 100,000 110,696
Sithe Independence Funding
Series A
12-30-13 9.00 100,000 101,600
Total 1,245,278
Utilities -- gas (0.8%)
Columbia Energy Group
Series E
11-28-10 7.32 500,000 469,830
El Paso Energy
Sr Nts
05-15-09 6.75 200,000 190,048
Southwest Gas
Series F
06-15-02 9.75 100,000 103,053
Total 762,931
Utilities -- telephone (4.0%)
COLT Telecom Group
(European Monetary Unit) Cv
04-03-07 2.00 140,000(c,d) 94,338
Global Crossing Holdings
(U.S. Dollar) Sr Nts
11-15-09 9.50 75,000(c) 71,625
GTE Florida
02-01-28 6.86 500,000 451,280
Intermedia Communications
Sr Nts Series B
06-01-08 8.60% $100,000 $94,250
Zero Coupon Sr Disc Nts Series B
07-15-07 13.00 275,000(e) 228,250
Level 3 Communications
Cv
03-15-10 6.00 100,000 59,177
McLeod USA
Sr Nts
02-15-09 8.13 50,000 43,250
Nextel Communications
Cv
11-15-09 9.38 150,000 144,750
PSINet
Sr Nts
12-01-06 10.50 50,000 23,875
Qwest Capital Funding
Company Guaranty
07-15-28 6.88 500,000 439,240
Qwest Communications Intl
Sr Nts Series B
11-01-08 7.50 500,000 494,530
RSL Communications
(U.S. Dollar) Company Guaranty
11-15-06 12.25 250,000(c) 45,000
United Pan-Europe Communications
(U.S. Dollar) Sr Nts Series B
02-01-10 11.25 75,000(c) 57,000
02-01-10 11.50 75,000(c) 56,625
Vodafone Group
Company Guaranty
05-01-08 6.65 500,000 478,415
(U.S. Dollar)
02-15-10 7.75 500,000(c,d) 508,790
Williams Communications Group
Sr Nts
08-01-10 11.88 50,000(d) 43,500
WorldCom
05-15-10 8.25 400,000 414,316
Total 3,748,211
Total bonds
(Cost: $83,946,258) $80,484,674
Common stocks (0.1%)
Issuer Shares Value(a)
Global Crossing 400(b,c) $28,650
Globix 3,520(b) 35,640
Intermedia Communications 45(b) 996
PhoneTel Technologies 9,500(b) 2,375
Total common stocks
(Cost: $174,685) $67,661
Preferred stocks & other (1.8%)
Asia Pulp & Paper
Warrants 200(c,d) $2
Century Maintenance
13.25% Pay-in-kind
Series C 1,360 (l) 102,170
Coastal
6.63% Cv PRIDES 2,710(j) 116,530
CSC Holdings
11.75% Cm Pay-in-kind
Series H 2,300(l) 248,400
Dominion Resources
9.50% Cv 2,370 139,386
Georgia-Pacific Group
7.50% Cv 3,470 111,257
Global Crossing
6.38% Cm Cv 530(c,d) 37,961
KMC Telecom Holdings
Warrants 700(d) 1,400
Lincoln Natl
7.75% Cm Cv 2,350 $57,869
Metlife Capital
8.00% Cm Cv 1,270 111,284
Nextel Communications
13.00% Cm Pay-in-kind
Series D 106 (l) 106,348
Paxson Communications
12.50% Cm Pay-in-kind
Exchangeable 250(l) 248,749
Pegasus Communications
12.75% Cm Pay-in-kind
Series A 213(l) 222,324
Pharmacia
6.50% Cv ACES 1,330(i) 64,089
Primus Telecommunications
Warrants 200 2,900
Wendys Financing
5.00% Cm Cv Series A 1,910 93,590
Total preferred stocks & other
(Cost: $1,599,648) $1,664,259
Short-term securities (9.8%)
Issuer Annualized Amount Value(a)
yield on date payable at
of purchase maturity
U.S. government agencies (9.3%)
Federal Home Loan Bank Disc Nts
11-03-00 6.40% $600,000 $599,680
11-15-00 6.39 2,000,000 1,994,687
11-24-00 6.48 700,000 696,990
11-28-00 6.41 1,100,000 1,094,546
Federal Home Loan Mtge Corp Disc Nts
12-19-00 6.44 1,100,000 1,090,440
Federal Natl Mtge Assn Disc Nts
11-06-00 6.41 700,000 699,253
11-22-00 6.42 600,000 597,591
12-21-00 6.45 600,000 594,324
12-28-00 6.46 1,300,000 1,285,993
Total 8,653,504
Commercial paper (0.5%)
CXC
01-09-01 6.64 500,000(h) 493,535
Total short-term securities
(Cost: $9,149,704) $9,147,039
Total investments in securities
(Cost: $94,870,295)(m) $91,363,633
See accompanying notes to investments in securities.
<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, 2000, the value of foreign securities represented 6.90% 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) For zero coupon bonds, the interest rate disclosed represents the
annualized effective yield on the date of acquisition.
(g) The following abbreviation is used in the portfolio security description
to identify the insurer of the issue:
MBIA -- Municipal Bond Investors Assurance
(h) 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.
(i) ACES (Automatically Convertible Equity Securities) are structured as
convertible preferred securities. Investors receive an enhanced yield but
based upon a specific formula, potential appreciation is limited. ACES
pay dividends, have voting rights, are noncallable for at least three
years and upon maturity, convert into shares of common stock.
(j) PRIDES (Preferred Redeemable Increased Dividend Equity Securities) are
structured as convertible preferred securities. Investors receive an
enhanced yield but based upon a specific formula, potential appreciation
is limited. PRIDES pay dividends, have voting rights, are noncallable for
three years and upon maturity, convert into shares of common stock.
(k) Interest rate varies either based on a predetermined schedule or to
reflect current market conditions; rate shown is the effective rate on
Oct. 31, 2000.
(l) 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.
(m) At Oct. 31, 2000, the cost of securities for federal income tax purposes
was approximately $94,870,000 and the approximate aggregate gross
unrealized appreciation and depreciation based on that cost was:
Unrealized appreciation $ 891,000
Unrealized depreciation (4,397,000)
Net unrealized depreciation $(3,506,000)
<PAGE>
Investments in Securities
IDS Life Series Fund, Inc.
International Equity Portfolio
Oct. 31, 2000 (Unaudited)
(Percentages represent value of investments compared to net assets)
Common stocks (89.4%)(c)
Issuer Shares Value(a)
Australia (2.0%)
Banks and savings & loans (1.0%)
Commonwealth Bank of
Australia 241,000 $3,585,358
Insurance (1.0%)
AMP 388,000 3,496,461
Canada (3.1%)
Communications equipment & services (1.2%)
Nortel Networks 91,200 4,149,600
Energy (0.9%)
Petro-Canada 150,682 3,157,090
Multi-industry conglomerates (1.0%)
Bombardier Cl B 227,400 3,565,920
France (8.8%)
Banks and savings & loans (1.2%)
BNP Paribas 48,494 4,176,116
Communications equipment & services (2.8%)
Alcatel 165,892 10,109,861
Computers & office equipment (2.1%)
Cap Gemini 45,177 7,198,899
Household products (2.7%)
Aventis 130,276 9,385,863
Germany (6.4%)
Banks and savings & loans (3.1%)
Deutsche Bank 133,373 10,909,029
Computers & office equipment (2.4%)
SAP 40,975 8,300,567
Utilities -- electric (0.9%)
E.On 44,216 2,242,228
Hong Kong (0.3%)
Communications equipment & services
China Mobile 150,000(b) 966,458
Italy (4.5%)
Banks and savings & loans (2.5%)
San Paolo - IMI 529,018 8,564,356
Insurance (1.2%)
Assicurazioni Generali 129,576 4,255,858
Utilities -- telephone (0.8%)
Telecom Italia Mobile 340,571(b) 2,892,453
Japan (18.5%)
Chemicals (0.9%)
Asahi Chemical Inds 523,000 $3,237,916
Computers & office equipment (2.7%)
Canon 87,000 3,450,041
Fujitsu 207,000 3,685,392
Hitachi Software Engineering 20,200 2,182,984
Total 9,318,417
Electronics (2.7%)
Hitachi 284,000 3,043,136
Nintendo 13,000 2,149,006
Pioneer 17,000 526,239
Rohm 15,000 3,779,192
Total 9,497,573
Furniture & appliances (1.3%)
Matsushita Electric Industrial 151,000 4,383,826
Health care (1.0%)
Takeda Chemical Inds 52,000 3,424,123
Health care services (1.1%)
Yamanouchi Pharmaceutical 83,000 3,755,106
Industrial equipment & services (1.0%)
Amada 466,000 3,627,621
Media (0.8%)
Sony 33,700 2,691,309
Miscellaneous (0.6%)
Oriental Land 37,300 2,254,602
Multi-industry conglomerates (1.0%)
Mitsubishi Materials 1,163,000 3,419,022
Retail (0.6%)
Ryohin Keikaku 44,100 2,237,513
Textiles & apparel (0.8%)
Kuraray 300,000 2,816,192
Utilities -- telephone (4.0%)
Nippon Comsys 118,000 2,269,439
Nippon Telegraph & Telephone 858 7,802,858
Nippon Television Network 747 420,739
NTT DoCoMo 147(b) 3,621,485
Total 14,114,521
Mexico (1.0%)
Utilities -- telephone
Telefonos de Mexico
ADR Cl L 67,999 3,667,696
Netherlands (7.2%)
Banks and savings & loans (1.0%)
ABN AMRO Holding 148,516 $3,436,582
Insurance (5.3%)
Fortis 291,685 8,900,358
ING Groep 140,619(b) 9,644,745
Total 18,545,103
Miscellaneous (0.9%)
VNU 70,452(b) 3,314,189
Singapore (1.5%)
Banks and savings & loans (0.9%)
Overseas Union Bank 647,576 3,135,144
Building materials & construction (0.6%)
Singapore Technologies
Engineering 1,326,000 2,137,613
Sweden (2.3%)
Communications equipment & services
Ericsson (LM) Cl B 593,682 7,880,210
Switzerland (0.9%)
Banks and savings & loans
Credit Suisse Group 16,264 3,048,200
United Kingdom (26.3%)
Aerospace & defense (0.8%)
BAE Systems 486,347 2,764,868
Communications equipment & services (3.1%)
Marconi 857,232 10,829,641
Health care (4.4%)
Glaxo Wellcome ADR 299,807 8,637,336
SmithKline Beecham 516,990 6,681,417
Total 15,318,753
Industrial equipment & services (1.0%)
Hays PLC 610,608 3,336,072
Insurance (1.5%)
Prudential 396,440 5,336,464
Leisure time & entertainment (1.8%)
EMI Group ADR 857,647 6,426,207
Miscellaneous (0.4%)
Lattice Group 623,222(b) 1,330,321
Retail (4.1%)
Next 268,227 2,669,970
Tesco 3,091,936 11,796,946
Total 14,466,916
Utilities -- gas (0.7%)
BG Group 623,222 $2,497,746
Utilities -- telephone (8.5%)
British Telecommunications 650,000 7,626,427
COLT Telecom Group 142,540(b) 4,553,610
Vodafone Group 4,174,142 17,380,691
Total 29,560,728
United States (6.9%)
Computer software & services (0.7%)
Veritas Software 18,000(b) 2,538,281
Computers & office equipment (2.9%)
Computer Sciences 50,837(b) 3,202,731
EMC 40,200(b) 3,580,312
Sun Microsystems 30,500(b) 3,381,688
Total 10,164,731
Health care (2.3%)
Pfizer 57,700 2,491,919
Schering-Plough 104,500 5,401,344
Total 7,893,263
Multi-industry conglomerates (1.0%)
General Electric 65,400 3,584,738
Total common stocks
(Cost: $312,763,619) $312,947,324
Other (0.3%)
United Kingdom
DB UK Tech Basket
Warrant 40,766 $893,272
Total other
(Cost: $1,265,638) $893,272
Short-term securities (8.3%)
Issuer Annualized Amount Value(a)
yield on date payable at
of purchase maturity
U.S. government agencies (8.1%)
Federal Home Loan Bank Disc Nts
11-03-00 6.40% $900,000 $899,520
11-17-00 6.41 5,700,000 5,682,800
Federal Home Loan Mtge Corp Disc Nts
11-30-00 6.42 4,900,000 4,872,732
12-05-00 6.43 1,300,000 1,291,924
12-26-00 6.49 5,200,000 5,147,988
Federal Natl Mtge Assn Disc Nts
11-15-00 6.40 2,800,000 2,792,556
11-22-00 6.42 4,100,000 4,083,539
12-07-00 6.44 1,400,000 1,390,406
12-12-00 6.42 1,300,000 1,290,339
12-21-00 6.45 1,000,000 990,540
Total 28,442,344
Commercial paper (0.2%)
Fleet Funding
12-01-00 6.52% $700,000(d) $695,910
Total short-term securities
(Cost: $29,146,073) $29,138,254
Total investments in securities
(Cost: $343,175,330)(e) $342,978,850
See accompanying notes to investments in securities.
<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.
(d) 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.
(e) At Oct. 31, 2000, the cost of securities for federal income tax purposes
was approximately $343,175,000 and the approximate aggregate gross
unrealized appreciation and depreciation based on that cost was:
Unrealized appreciation $ 25,351,000
Unrealized depreciation (25,547,000)
Net unrealized depreciation $ (196,000)
<PAGE>
Investments in Securities
IDS Life Series Fund, Inc.
Managed Portfolio
Oct. 31, 2000 (Unaudited)
(Percentages represent value of investments compared to net assets)
Common stocks (73.2%)
Issuer Shares Value(a)
Banks and savings & loans (1.0%)
Wells Fargo 160,000 $7,410,000
Wilshire Financial Services
Group 77,199(b) 91,674
Total 7,501,674
Communications equipment & services (14.2%)
American Tower Cl A 200,000 8,187,500
Brocade Communications
Systems 20,000(b) 4,547,500
Corning 510,000 39,015,000
Finisar 170,000(b) 4,898,125
JDS Uniphase 270,000(b) 21,971,250
Nokia ADR Cl A 280,000(c) 11,970,000
Nortel Networks 340,000(c) 15,470,000
PhoneTel Technologies 76,000(b) 19,000
Sycamore Networks 15,000(b) 948,750
Tellabs 90,000(b) 4,494,375
Vialog 10,845(b,k) 90,556
Total 111,612,056
Computer software & services (4.6%)
Akamai Technologies 40,000(b) 2,040,000
Microsoft 200,000(b) 13,775,000
Portal Software 90,000(b) 3,166,875
VeriSign 45,000(b) 5,940,000
Veritas Software 80,000(b) 11,281,250
Total 36,203,125
Computers & office equipment (17.3%)
America Online 90,000(b) 4,538,700
BEA Systems 60,000(b) 4,305,000
Cisco Systems 560,000(b) 30,170,000
Dell Computer 80,000(b) 2,360,000
EMC 280,000(b) 24,937,500
Globix 10,560(b) 106,920
Hewlett-Packard 90,000 4,179,375
Inktomi 40,000(b) 2,537,500
Juniper Networks 20,000(b) 3,900,000
Redback Networks 10,000(b) 1,064,375
Sanmina 310,000(b) 35,436,874
Solectron 500,000(b) 22,000,000
Total 135,536,244
Electronics (9.2%)
Applied Materials 40,000(b) 2,125,000
Broadcom Cl A 25,000(b) 5,559,375
Intel 270,000 12,150,000
Jabil Circuit 500,000(b) 28,531,250
Maxim Integrated Products 240,000(b) 15,915,000
PMC-Sierra 30,000(b) 5,085,000
Texas Instruments 60,000 2,943,750
Total 72,309,375
Financial services (3.9%)
Citigroup 340,000 17,892,500
Schwab (Charles) 360,000 12,645,000
Total 30,537,500
Health care (9.5%)
Amgen 60,000(b) $3,476,250
Genentech 60,000(b) 4,950,000
Guidant 210,000(b) 11,116,875
Invitrogen 120,000(b) 9,127,500
Medtronic 340,000 18,466,250
Pfizer 320,000 13,820,000
Quest Diagnostics 50,000(b) 4,812,500
Schering-Plough 170,000 8,786,875
Total 74,556,250
Insurance (2.0%)
American Intl Group 160,000 15,680,000
Leisure time & entertainment (1.3%)
Harley-Davidson 220,000 10,601,250
Media (0.9%)
Comcast Special Cl A 180,000(b) 7,335,000
Miscellaneous (0.2%)
InterTrust Technologies 40,000(b) 400,000
TyCom 40,000(b,c) 1,340,000
Total 1,740,000
Multi-industry conglomerates (5.7%)
General Electric 400,000 21,925,000
Tyco Intl 410,000(c) 23,241,875
Total 45,166,875
Retail (2.6%)
Best Buy 80,000(b) 4,015,000
Safeway 130,000(b) 7,109,375
Wal-Mart Stores 210,000 9,528,750
Total 20,653,125
Utilities -- gas (0.4%)
Enron 35,000 2,872,188
Utilities -- telephone (0.4%)
WorldCom 130,000(b) 3,087,500
Total common stocks
(Cost: $361,430,395) $575,392,162
Preferred stocks & other (0.3%)
Century Maintenance
13.25% Pay-in-kind Series C 12,892(e) $968,512
CSC Holdings
11.13% Pay-in-kind Series M 4,834(e) 514,821
Pegasus Communications
12.75% Cm Pay-in-kind
Series A 500(e) 522,500
Poland Telecom
Warrants 625(c,d,j) --
Total preferred stocks & other
(Cost: $2,325,259) $2,005,833
Bonds (23.1%)
Issuer Coupon Principal Value(a)
rate amount
Government obligations & agencies (3.6%)
Govt Trust Certs Israel
11-15-01 9.25% $81,747 $82,889
U.S. Treasury
02-15-03 6.25 4,000,000 4,025,000
05-15-07 6.63 1,000,000 1,040,940
05-15-08 5.63 3,000,000 2,957,820
11-15-08 4.75 4,000,000 3,722,480
11-15-16 7.50 1,800,000 2,073,654
05-15-17 8.75 3,000,000 3,854,520
11-15-21 8.00 6,300,000 7,786,421
08-15-27 6.38 2,600,000 2,740,166
Total 28,283,890
Mortgage-backed securities (9.7%)
Federal Home Loan Mtge Corp
03-01-13 5.50 761,255 719,953
07-01-15 7.50 3,942,218 3,972,082
11-01-22 8.00 191,284 194,691
08-01-24 8.00 225,944 229,615
07-01-28 6.00 2,189,369 2,056,650
06-01-29 7.00 4,578,667 4,493,831
Federal Natl Mtge Assn
05-14-04 5.63 5,000,000 4,861,970
08-15-04 6.50 6,000,000 5,993,448
02-15-08 5.75 10,000,000 9,513,000
01-01-09 5.50 992,796 952,919
06-01-10 6.50 777,137 768,564
08-01-11 8.50 454,255 465,431
09-01-13 6.00 744,097 717,139
03-01-14 5.50 2,194,614 2,071,379
12-01-14 5.50 5,179,172(h) 4,888,344
04-01-23 8.50 103,425 106,207
05-01-24 6.00 1,227,995 1,163,243
06-01-24 9.00 50,601 52,494
08-01-25 7.50 332,088 332,712
09-01-25 6.50 703,770 680,236
09-01-25 7.00 490,876 482,899
12-01-25 7.00 1,288,535 1,267,596
03-01-26 7.00 498,076 489,828
04-01-26 7.00 616,835 606,620
05-01-26 7.50 962,255 963,457
09-01-26 7.50 525,341 525,667
09-01-28 6.50 1,774,785 1,707,977
11-01-28 6.00 5,357,652 5,034,945
12-01-28 6.00 3,424,570 3,211,596
12-01-28 6.50 1,798,970 1,728,702
01-01-29 6.50 2,672,110 2,567,737
06-01-29 6.50 6,999,999 6,731,953
06-01-29 7.00 2,028,605 1,989,483
02-01-30 7.50 1,471,959 1,469,648
03-01-30 7.50 2,225,393 2,223,445
Merrill Lynch Mtge Investors
06-15-21 7.60% $146,829(i) $136,172
Merrill Lynch Mtge Investors Cl D
Series 1996-C2
12-21-28 6.96 900,000 851,895
Total 76,223,528
Aerospace & defense (0.2%)
BE Aerospace
Sr Sub Nts
11-01-08 9.50 250,000 247,500
Compass Aerospace
Company Guaranty Series D
04-15-05 10.13 150,000(b) 21,000
Fairchild
Company Guaranty
04-15-09 10.75 350,000 280,000
Northrop-Grumman
03-01-16 7.75 500,000 484,025
Roller Bearing
Company Guaranty Series B
06-15-07 9.63 500,000 445,000
Sequa
Sr Nts
08-01-09 9.00 250,000 242,500
Total 1,720,025
Airlines (0.1%)
Continental Airlines
Series 981A
09-15-17 6.65 947,277 873,797
Automotive & related (--%)
Aftermarket Technology
Sr Sub Nts Series D
08-01-04 12.00 200,000 198,000
Banks and savings & loans (0.5%)
FleetBoston Financial
09-15-05 7.25 1,500,000 1,507,905
MBNA America Bank
Sr Nts
09-15-05 7.75 1,500,000 1,483,935
Union Planters Capital
Company Guaranty
12-15-26 8.20 400,000 347,788
Wells Fargo
Sr Medium-term Nts Series G
09-15-02 6.38 800,000 791,880
Total 4,131,508
Building materials & construction (0.1%)
Nortek
Sr Sub Nts
03-01-04 9.88 300,000 270,000
Pulte
Sr Nts
12-15-03 7.00 500,000 471,350
Total 741,350
Chemicals (0.6%)
Allied Waste North America
Company Guaranty Series B
01-01-06 7.63% $700,000 $623,000
E.I. Du Pont De Nemours
10-15-04 6.75 1,400,000 1,392,062
ISP Holdings
Sr Nts Series B
02-15-02 9.75 300,000 264,000
Lyondell Chemical
Series A
05-01-07 9.63 250,000 242,500
Sovereign Specialty Chemical
03-15-10 11.88 400,000 394,000
Sterling Chemicals
Company Guaranty Series B
07-15-06 12.38 250,000 240,000
Waste Management
Sr Nts
07-15-28 7.00 1,500,000 1,229,351
Total 4,384,913
Communications equipment & services (0.7%)
360networks
(U.S. Dollar) Sr Nts
08-01-09 12.00 200,000(c) 158,000
DLJ Secured Loan Trust
Sr Secured Ctfs
07-09-07 11.00 1,000,000(d) 1,060,000
Dobson/Sygnet Communications
Sr Nts
12-15-08 12.25 250,000 249,375
Equinix
Sr Nts
12-01-07 13.00 675,000 536,625
Flag
(U.S. Dollar) Sr Nts
01-30-08 8.25 150,000(c) 124,500
KMC Telecom Holdings
Sr Nts
05-15-09 13.50 250,000 75,000
NTL
Sr Nts
10-01-10 11.88 500,000(d) 475,000
Price Communications Wireless
Company Guaranty Series B
12-15-06 9.13 1,000,000 1,000,000
Rural Cellular
Sr Sub Nts Series B
05-15-08 9.63 500,000 455,000
Spectrasite Holdings
Zero Coupon Sr Disc Nts
04-15-04 15.60 500,000(f) 257,500
Vialog
Company Guaranty
11-15-01 12.75 1,075,000 1,022,594
Total 5,413,594
Computers & office equipment (--%)
Globix
Sr Nts
02-01-10 12.50% $250,000 $137,500
Electronics (--%)
Thomas & Betts
01-15-06 6.50 400,000 388,472
Energy (0.7%)
AES Drax Energy
(U.S. Dollar)
08-30-10 11.50 125,000(c,d) 131,250
Ashland
Medium-term Nts Series J
08-15-05 7.83 1,500,000 1,496,808
Energy Corp of America
Sr Sub Nts Series A
05-15-07 9.50 1,250,000 962,500
Lodestar Holdings
Company Guaranty
05-15-05 11.50 500,000 80,000
Phillips Petroleum
05-25-05 8.50 1,500,000 1,582,430
USX
03-01-08 6.85 1,500,000 1,455,105
Total 5,708,093
Financial services (0.7%)
AOA Holdings LLC
Sr Nts
06-01-06 10.38 1,500,000 1,441,875
GenAmerica Capital
Company Guaranty
06-30-27 8.52 500,000(d) 470,492
LaBranche
Sr Nts
08-15-04 9.50 500,000 509,665
Merrill Lynch
02-17-09 6.00 1,500,000 1,365,263
Morgan Stanley, Dean Witter, Discover & Co
06-15-05 7.75 1,500,000 1,531,090
Total 5,318,385
Food (--%)
Aurora Foods
Sr Sub Nts Series B
02-15-07 9.88 220,000 169,400
RAB Enterprises
Company Guaranty
05-01-05 10.50 100,000 74,500
Total 243,900
Health care services (0.3%)
HCA-The Healthcare
09-01-10 8.75 170,000 172,125
Paracelsus Healthcare
Sr Sub Nts
08-15-06 10.00 1,000,000(b) 410,000
Physician Sales & Service
Company Guaranty
10-01-07 8.50% $600,000 $480,000
Tenet Healthcare
Sr Sub Nts Series B
12-01-08 8.13 1,000,000 963,750
Triad Hospitals Holdings
Company Guaranty Series B
05-15-09 11.00 250,000 260,625
Total 2,286,500
Industrial equipment & services (0.2%)
AMETEK
Sr Nts
07-15-08 7.20 1,500,000 1,374,450
Motor & Gears
Sr Nts Series D
11-15-06 10.75 250,000 242,500
Total 1,616,950
Insurance (0.5%)
Americo Life
Sr Sub Nts
06-01-05 9.25 600,000 562,500
Marsh & McLennan
Sr Nts
06-15-04 6.63 1,500,000 1,474,800
New England Mutual
02-15-24 7.88 250,000(d) 243,710
Principal Mutual
03-01-44 8.00 250,000(d) 214,178
SAFECO Capital Trust
Company Guaranty
07-15-37 8.07 1,000,000 791,464
SunAmerica
08-30-05 7.34 700,000 711,263
Total 3,997,915
Leisure time & entertainment (0.3%)
Cinemark USA
Sr Sub Nts Series B
08-01-08 9.63 895,000 375,900
Horseshoe Gaming Holdings
Company Guaranty
06-15-07 9.38 225,000 223,875
Station Casinos
Sr Sub Nts
07-01-10 9.88 510,000(d) 511,275
Trump Atlantic City Assn/Funding
1st Mtge Company Guaranty
05-01-06 11.25 200,000 138,000
United Artists Theatres
Series 1995A
07-01-15 9.30 682,871 478,822
Viacom
Company Guaranty
07-30-10 7.70 500,000 509,805
Total 2,237,677
Media (0.6%)
Charter Communications Holdings LLC
Sr Nts
04-01-09 8.63% $500,000 $452,500
Coaxial Communications/Phoenix
Company Guaranty
08-15-06 10.00 250,000 241,250
CSC Holdings
Sr Sub Nts
11-01-05 9.25 500,000 507,500
Golden Sky Systems
Company Guaranty Series B
08-01-06 12.38 500,000 540,000
Lamar Media
Company Guaranty
12-01-06 9.63 500,000 503,750
Paxson Communications
Sr Sub Nts
10-01-02 11.63 1,000,000 1,021,250
Time Warner Entertainment
03-15-23 8.38 1,500,000 1,565,895
Turner Broadcasting
07-01-13 8.38 250,000 266,355
Total 5,098,500
Metals (0.1%)
Great Lakes Acquisition
Zero Coupon Series B
05-15-03 19.90 1,000,000(f) 420,000
Great Lakes Carbon
Company Guaranty Pay-in-kind Series B
05-15-08 10.25 100,000(e) 44,000
Oregon Steel Mills
1st Mtge
06-15-03 11.00 200,000 148,000
Total 612,000
Miscellaneous (0.8%)
Actuant
Company Guaranty
05-01-09 13.00 120,000(d) 116,400
Argo-Tech
Company Guaranty
10-01-07 8.63 250,000 202,500
Bistro Trust
12-31-02 9.50 1,000,000(d) 1,000,140
DTE Burns Harbor LLC
Sr Nts
01-30-03 6.57 396,340(d) 385,659
Falcon Products
Company Guaranty Series B
06-15-09 11.38 50,000 46,000
First Union
08-01-05 7.55 1,500,000 1,508,069
ISG Resources
04-15-08 10.00 835,000 642,950
Nationwide Credit
Sr Nts Series A
01-15-08 10.25 1,000,000 330,000
Norcal Waste Systems
Company Guaranty Series B
11-15-05 13.50% $500,000 $520,000
NSM Steel
Company Guaranty
02-01-06 12.00 464,053(b,d) 18,562
Omega Cabinets
Sr Sub Nts
06-15-07 10.50 500,000 465,000
Outsourcing Solutions
Sr Sub Nts Series B
11-01-06 11.00 1,000,000 830,000
Poland Telecom Finance
(U.S. Dollar) Company Guaranty Series B
12-01-07 14.00 625,000(b,c) 6,250
Total 6,071,530
Multi-industry conglomerates (0.5%)
Goodrich (BF)
Company Guaranty
04-15-08 7.50 1,000,000 958,210
Jordan Inds
Sr Nts Series D
08-01-07 10.38 250,000 232,500
Prime Succession
Sr Sub Nts
08-15-04 10.75 1,000,000(b) 150,000
US Inds/USI America Holding
Company Guaranty
10-15-03 7.13 1,500,000 1,452,990
USI American Holdings
Sr Nts Series B
12-01-06 7.25 850,000 819,615
Total 3,613,315
Paper & packaging (0.3%)
Abitibi-Consolidated
(U.S. Dollar)
08-01-05 8.30 1,000,000(c) 1,017,260
Ball
Company Guaranty
08-01-08 8.25 200,000 188,000
Intl Paper
11-15-12 5.13 250,000 189,810
Packaging Corp of America
Company Guaranty
04-01-09 9.63 250,000 255,625
Repap New Brunswick
(U.S. Dollar) Sr Nts
06-01-04 9.00 400,000(c) 416,000
Silgan Holdings
06-01-09 9.00 250,000 212,188
Total 2,278,883
Restaurants & lodging (0.2%)
MGM Mirage
02-06-08 6.88 1,000,000 902,330
Company Guaranty
06-01-07 9.75 435,000 451,313
Total 1,353,643
Retail (0.4%)
Eye Care Centers of America
Company Guaranty
05-01-08 9.13% $150,000 $60,000
Kroger
Company Guaranty
03-01-08 7.45 1,000,000 971,870
Target
08-15-10 7.50 750,000 745,733
Wal-Mart Stores
Sr Nts
08-10-09 6.88 1,500,000 1,489,755
Total 3,267,358
Transportation (0.1%)
American Architectural
Company Guaranty
12-01-07 11.75 1,000,000 207,500
Greater Beijing First Expressways
(U.S. Dollar) Sr Nts
06-15-04 9.25 200,000(c) 74,000
06-15-07 9.50 170,000(c) 58,225
Hermes Europe RailTel
(U.S. Dollar) Sr Nts
01-15-09 10.38 300,000(c) 150,000
Total 489,725
Utilities -- electric (0.7%)
AES
Sr Nts
09-15-10 9.38 155,000 154,117
Alabama Power
1st Mtge
12-01-24 9.00 277,920 290,077
Cleveland Electric Illuminating
1st Mtge Series B
05-15-05 9.50 1,000,000 1,012,690
Connecticut Light & Power
1st Mtge Series C
06-01-02 7.75 1,000,000 1,007,650
Edison Intl
09-15-04 6.88 1,500,000 1,460,520
Jersey Central Power & Light
1st Mtge
11-01-25 6.75 1,000,000 873,950
Salton Sea Funding
Series C
05-30-10 7.84 300,000 302,718
Sithe Independence Funding
Series A
12-30-13 9.00 150,000 152,400
Total 5,254,122
Utilities -- telephone (1.2%)
BellSouth Capital Funding
02-15-30 7.88% $1,500,000 $1,528,407
CenturyTel
Sr Nts
10-15-12 7.75 1,000,000 996,940
Global Crossing Holdings
(U.S. Dollar) Sr Nts
11-15-09 9.50 100,000(c) 95,500
Intermedia Communications
Zero Coupon Sr Disc Nts Series B
07-15-02 9.53 915,000(f) 759,450
McLeod USA
Sr Nts
02-15-09 8.13 200,000 173,000
Mountain States Telephone & Telegraph
06-01-05 5.50 80,000 74,403
New England Telephone & Telegraph
09-01-08 6.38 70,000 65,241
Nextel Communications
Cv
11-15-09 9.38 500,000 482,500
Qwest
11-10-26 7.20 700,000 620,676
Qwest Communications Intl
Sr Nts Series B
11-01-08 7.50 1,000,000 989,060
Rogers Cantel
(U.S. Dollar)
06-01-08 9.38 450,000(c) 459,000
RSL Communications
(U.S. Dollar) Company Guaranty
11-15-06 12.25 1,150,000(c) 207,000
United Pan-Europe Communications
(U.S. Dollar) Sr Nts Series B
02-01-10 11.25 275,000(c) 209,000
02-01-10 11.50 425,000(c) 320,875
Vodafone Group
Company Guaranty
05-01-08 6.65 1,000,000 956,830
Williams Communications Group
Sr Nts
08-01-10 11.88 250,000(d) 217,500
WorldCom
05-15-10 8.25 1,500,000 1,553,685
Total 9,709,067
Total bonds
(Cost: $189,218,952) $181,654,140
Short-term securities (4.5%)
Issuer Annualized Amount Value(a)
yield on date payable at
of purchase maturity
U.S. government agencies (3.6%)
Federal Home Loan Bank Disc Nt
11-29-00 6.43% $7,000,000 $6,963,911
Federal Home Loan Mtge Corp Disc Nts
11-07-00 6.42 2,200,000 2,197,258
11-10-00 6.41 1,100,000 1,097,923
12-06-00 6.40 7,400,000 7,352,934
12-26-00 6.49 4,200,000 4,157,991
Federal Natl Mtge Assn Disc Nts
11-21-00 6.39 1,800,000 1,793,102
12-07-00 6.42 1,600,000 1,589,036
12-20-00 6.41 3,600,000 3,567,150
Total 28,719,305
Commercial paper (0.9%)
Amsterdam Funding
12-04-00 6.55 1,000,000(g) 993,852
Associates Corp North America
11-01-00 6.65 2,700,000 2,699,501
Preferred Receivables
12-18-00 6.55 800,000(g) 793,077
Reed Elsevier
11-09-00 6.49 500,000(g) 499,164
Variable Funding Capital
11-20-00 6.52 1,800,000(g) 1,793,500
Total 6,779,094
Total short-term securities
(Cost: $35,506,695) $35,498,399
Total investments in securities
(Cost: $588,481,301)(l) $794,550,534
See accompanying notes to investments in securities.
<PAGE>
IDS Life Series Fund, Inc.
Managed PortfolioNotes 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, 2000, the value of foreign securities represented 7.06% 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) 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.
(g) 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.
(h) At Oct. 31, 2000, the cost of securities purchased, including interest
purchased, on a when-issued basis was $4,933,700.
(i) Interest rate varies either based on a predetermined schedule or to
reflect current market conditions; rate shown is the effective rate on
Oct. 31, 2000.
(j) Negligible market value.
(k) 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, 2000, is as follows:
Security Acquisition Cost
dates
Vialog 11-13-97 thru 04-02-98 $59,420
(l) At Oct. 31, 2000, the cost of securities for federal income tax purposes
was approximately $588,481,000 and the approximate aggregate gross
unrealized appreciation and depreciation based on that cost was:
Unrealized appreciation $238,969,000
Unrealized depreciation (32,900,000)
Net unrealized appreciation $206,069,000
<PAGE>
Investments in Securities
IDS Life Series Fund, Inc.
Money Market Portfolio
Oct. 31, 2000 (Unaudited)
(Percentages represent value of investments compared to net assets)
U.S. government agency (9.3%)
Issuer Annualized Amount Value(a)
yield on date payable at
of purchase maturity
Federal Home Loan Bank Disc Nt
11-17-00 6.41% $5,600,000 $5,584,096
Total U.S. government agency
(Cost: $5,584,096) $5,584,096
Commercial paper (90.9%)
Issuer Annualized Amount Value(a)
yield on date payable at
of purchase maturity
Automotive & related (4.5%)
DaimlerChrysler North America
11-13-00 6.50% $2,200,000 $2,195,241
01-30-01 6.65 500,000 491,825
Total 2,687,066
Banks and savings & loans (18.0%)
Abbey Natl North America
01-19-01 6.61 600,000 591,415
ABN Amro NA Finance
12-15-00 6.50 1,000,000 992,117
Bank One Canada
11-02-00 6.55 1,200,000 1,199,782
BankAmerica/Nations Bank
01-05-01 6.65 1,800,000 1,800,000
Commerzbank U.S. Finance
12-01-00 6.53 3,000,000 2,983,775
Deutsche Bank Financial
01-09-01 6.63 1,100,000 1,086,190
Dresdner US Finance
01-29-01 6.62 2,200,000 2,164,593
Total 10,817,872
Broker Dealers (9.8%)
Bear Stearns
12-19-00 6.53 500,000 495,687
Goldman Sachs Group
11-15-00 6.51 600,000 598,486
11-16-00 6.52 1,000,000 997,292
Merrill Lynch
01-17-01 6.62 1,400,000 1,380,446
Salomon Smith Barney
11-08-00 6.50% $2,400,000 $2,396,971
Total 5,868,882
Commercial finance (1.0%)
CAFCO
01-11-01 6.64 600,000(b) 592,249
Communications equipment & services (7.9%)
Lucent Technologies
12-28-00 6.53 1,900,000 1,880,566
Motorola
12-29-00 6.54 2,900,000 2,869,771
Total 4,750,337
Financial services (27.2%)
AEGON Funding
12-05-00 6.51 800,000(b) 795,112
CIT Group Holdings
12-11-00 6.54 1,100,000 1,092,068
Delaware Funding
11-28-00 6.53 600,000(b) 597,075
Falcon Asset
11-30-00 6.53 600,000(b) 596,858
GMAC
11-10-00 6.50 1,500,000 1,497,566
01-18-01 6.63 1,600,000 1,577,328
Household Finance
01-26-01 6.63 2,500,000 2,461,001
John Deere Capital
01-23-01 6.63 2,500,000 2,462,361
Paccar Financial
11-02-00 6.52 2,200,000 2,199,602
Preferred Receivables
11-28-00 6.53 500,000(b) 497,563
Receivables Capital
12-06-00 6.53 600,000(b) 596,214
Sheffield Receivables
11-22-00 6.52 600,000(b) 597,725
Verizon Global Funding
12-06-00 6.53 800,000 794,952
Windmill Funding
01-25-01 6.62% $600,000(b) $590,763
Total 16,356,188
Food (3.3%)
Heinz (HJ)
11-29-00 6.53 2,000,000 1,989,889
Health care (2.0%)
Glaxo Wellcome
11-22-00 6.51 1,200,000(b) 1,195,457
Media (5.6%)
Gannett
11-21-00 6.52 2,600,000(b) 2,590,611
Reed Elsevier
11-02-00 6.48 800,000(b) 799,856
Total 3,390,467
Miscellaneous (4.0%)
Barton Capital
12-04-00 6.54 600,000(b) 596,425
USAA Capital
11-10-00 6.50 1,800,000 1,797,080
Total 2,393,505
Multi-industry conglomerates (3.3%)
GE Capital Intl Funding
11-08-00 6.51 2,000,000(b) 1,997,472
Retail (4.3%)
May Department Stores
11-14-00 6.53 2,600,000 2,593,888
Total commercial paper
(Cost: $54,633,272)$54,633,272
Total investments in securities
(Cost: $60,217,368)(c) $60,217,368
See accompanying notes to investments in securities.
<PAGE>
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, 2000.
<PAGE>
IDS Life Series Fund, Inc.
70100 AXP Financial Center
Minneapolis, MN 55474
S-6192 P (12/00)
