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<PAGE> PAGE 2
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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SIGNATURE LESLIE L. OGG
TITLE SECRETARY
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<NAME> AXP VP -- BOND FUND
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<NAME> AXP VP GLOBAL BOND FUND
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<TABLE> <S> <C>
<ARTICLE> 6
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<NAME> AXP VP EXTRA INCOME FUND
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<NAME> AXP VP FEDERAL INCOME FUND
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</TABLE>
EXHIBIT 77D
for AXP Variable Portfolio -- Income Series, Inc.
At Board of Directors' meeting held on September 8-9.
The following investment policy was eliminated:
Under normal market conditions, the Fund does not intend to commit more than 5%
of its total assets to when-issued securities or forward commitments.
The following investment policy was adopted:
The Fund may invest in repurchase agreements provided AEFC evaluates the
creditworthiness of each counterparty to a repurchase agreement and takes steps
that are reasonably designed to ensure that the repurchase agreement is fully
collateralized.
The following investment policy was adopted for AXP Variable Portfolio --
Federal Income Fund:
The Fund will not buy on margin, but it may make margin payments in connection
with interest rate futures contracts.
