Time series (1965-1985) of Illex illecebrosus catch and morphometric data from the Northwest Atlantic were analysed to describe geographic variability in population structure. The areas studied were NAFO sub-areas 3 to 6, which range from Newfoundland to the northeastern USA shelf. Population components, reflecting seasonal spawning groups, were identified based on analysis of length frequency data. Components 3 and 4 represent two prominent life cycles: the summer spawners and winter spawners respectively. Components 1, 2, and 5 do not represent different life cycles, but result from the capacity to shift between life cycles by prolonging (or shortening) the life span. The presence of up to five components in the southern area illustrates a life history strategy involving protracted spawning and complex population structure. There was clear geographic variability in annual catch, with fluctuations being most extreme in the most northern area. Annual catch levels in all areas were significantly correlated with the abundance of the winter-spawning component, as represented by the number of squid within samples which belong to component 4. Population structure in the most northem area was simplest and catch levels therefore were most dependent on the highly migratory winter-spawning component. This leads to greater catch variability in the most northern area than in the other areas. The advantages of good feeding conditions may compensate for the risks associated with long-range migrations, especially recruitment failure. Life history strategies involving migratory and non-migratory population components limit the risk of recruitment failure. The overall resultant life history strategy for Illex illecebrosus is one that ensures survival of the species by stabilizing recruitment in at least one (southern) area through protracted spawning, complex population structure and interaction of spawning components.