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SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549

FORM N-17f-2

Certificate of Accounting of Securities and Similar
Investments in the Custody of
Management Investment Companies

Pursuant to Rule 17f-2 [17 CFR 270.17f-2]

1.    Investment Company Act File Number:    Date examination completed:
 
                     811-3218                    April 22, 1998

2. State identification Number:

AL       AK       AZ       AR       CA      CO
CT       DE       DC       FL       GA      HI
ID       IL       IN       IA       KS      KY
LA       ME       MD       MA       MI      MN
MS       MO       MT       NE       NV      NH
NJ       NM       NY       NC       ND      OH
OK       OR       PA       RI       SC      SD
TN       TX       UT       VT       VA      WA
WV       WI       WY       PUERTO RICO
Other  (specify):
3. Exact name of investment company as specified in registration statement:

     IDS Life Investment Series, Inc. 

4. Name under which business is conducted, if different from above:

 
5. Address of principal place of business (number,street,city,state,zip code):

     IDS Tower 10, Minneapolis, MN 55440


INSTRUCTIONS

This Form must be completed by investment companies that have custody of 
securities or similar investments.

Investment Company

1. All items must be completed by the investment company.

2. Give this Form to the independent  public  accountant who, in compliance with
Rule 17f-2  under the Act and  applicable  state law,  examines  securities  and
similar investments in the custody of the investment company.

Accountant

3. Submit this Form to the  Securities and Exchange  Commission and  appropriate
state  securities  administrators  when  filing the  certificate  of  accounting
required by Rule 17f-2 under the Act and applicable state law. File the original
and one copy with the Securities and Exchange  Commission's  principal office in
Washington, D. C., one copy with the regional office for the region in which the
investment  company's principal business operations are conducted,  and one copy
with the appropriate state administrator(s), if applicable.

         THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT

Note:  The  estimated  average  burden hours are made solely for purposes of the
Paperwork  Reduction  Act,  and are not derived from a  comprehensive  or even a
representative  survey or study of the costs of SEC rules and forms.  Direct any
comments  concerning  the  accuracy of the  estimated  average  burden hours for
compliance  with SEC rules and forms to  Kenneth  A.  Fogash.  Duputy  Executive
Director,  U.S.  Securities  and Exchange  Commission,  450 Fifth Street,  N.W.,
Washington,  D.C. 20549 and Gary Waxman, Clearance Officer, Office of Management
and Budget, Room 3208 New Executive Office Building, Washington, D.C. 20503.



                          Independent Auditors' Report


To the Board of Directors of
IDS Life Investment Series, Inc.
and
Securities and Exchange Commission:

We have examined management's assertion, included in its representation letter,
that IDS Life Capital Resource Fund, IDS Life International Equity Fund, IDS
Life Aggressive Growth Fund, and IDS Life Growth Dimensions Fund of IDS Life
Investment Series, Inc. (the Funds) complied with the provisions of subsection
(b) and (c) of Rule 17f-2 under the Investment Company Act of 1940 as of January
31, 1998 and during the period November 30, 1997 (the date of our last
examination) through January 31, 1998. Management is responsible for the Funds'
compliance with those provisions. Our responsibility is to express an opinion on
management's assertion about the Funds' compliance based on our examination.

Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Funds' compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests
performed as of January 31, 1998 and the period from November 30, 1997 through
January 31, 1998, with respect to securities transactions, without prior notice
to management:

o    Count and inspection of all securities located in the vault, if any, of 
     American Express Trust Company, the Custodian;

o    Confirmation of all securities, if any, held by institutions in book entry
     form (Norwest Bank Minnesota, N.A., Morgan Stanley Trust Company, State
     Street Bank and Trust Company, and The Depository Trust Company);

o    Confirmation or examination of underlying documentation of all securities
     purchased but not received, hypothecated, pledged, placed in escrow, or out
     for transfer with brokers, pledgees and/or transfer agents;

o    Reconciliation of all such securities to the books and records of the 
     Funds and the Custodian; and

o    Test of selected security transactions since the date of our last report.


We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Funds' compliance with
the specified requirements.

In our opinion, management's assertion that IDS Life Investment Series, Inc. was
in compliance with the above mentioned provisions of Rule 17f-2 of the
Investment Company Act of 1940 as of January 31, 1998 and for the period from
November 30, 1997 through January 31, 1998 is fairly stated in all material
respects.

This report is intended solely for the information and use of management IDS
Life Investment Series, Inc. and the Securities and Exchange Commission and
should not be used for any other purpose.



                                             KPMG Peat Marwick LLP

Minneapolis, MN
April 22, 1998