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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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SIGNATURE LESLIE L. OGG
TITLE SECRETARY
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<NAME> AXP VP-INTERNATIONAL FUND
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<NAME> AXP VP-NEW DIMENSIONS FUND
<S> <C>
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<TABLE> <S> <C>
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<NAME> AXP VP-BLUE CHIP ADVANTAGE FUND
<S> <C>
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<NAME> AXP VP-GROWTH FUND
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<NAME> AXP VP-SMALL CAP ADVANTAGE FUND
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EXHIBIT 77D
for AXP Variable Portfolio - Investment 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.
