October 31, 2002

Securities and Exchange Commission
450 Fifth St. N.W.
Mail Stop 5-6
ATTN: Zandra Y. Bailes, Document Control - EDGAR
Washington, D.C.  20549-1004

Re:  AXP Variable Portfolio - Investment Series, Inc.
       AXP Variable Portfolio - Blue Chip Advantage Fund
       AXP Variable Portfolio - Capital Resource Fund
       AXP Variable Portfolio - Emerging Markets Fund
       AXP Variable Portfolio - Equity Select Fund
       AXP Variable Portfolio - Growth Fund
       AXP Variable Portfolio - International Fund
       AXP Variable Portfolio - New Dimensions Fund
       AXP Variable Portfolio - S&P 500 Index Fund
       AXP Variable Portfolio - Small Cap Advantage Fund
       AXP Variable Portfolio - Stock Fund
       AXP Variable Portfolio - Strategy Aggressive Fund
       File No. 2-73115/811-3218


Dear Ms. Bailes:

Registrant  certifies  that the form of  prospectus  and Statement of Additional
Information that would have been filed under paragraph (c) of Rule 497 would not
have differed from that contained in the most recent  Registration  Statement or
Amendment,  and the text of the most recent Registration  Statement or Amendment
has been filed electronically.

Sincerely,

AXP VARIABLE PORTFOLIO - INVESTMENT SERIES, INC.
       AXP Variable Portfolio - Blue Chip Advantage Fund
       AXP Variable Portfolio - Capital Resource Fund
       AXP Variable Portfolio - Emerging Markets Fund
       AXP Variable Portfolio - Equity Select Fund
       AXP Variable Portfolio - Growth Fund
       AXP Variable Portfolio - International Fund
       AXP Variable Portfolio - New Dimensions Fund
       AXP Variable Portfolio - S&P 500 Index Fund
       AXP Variable Portfolio - Small Cap Advantage Fund
       AXP Variable Portfolio - Stock Fund
       AXP Variable Portfolio - Strategy Aggressive Fund




/s/ Leslie L. Ogg
----------------
    Leslie L. Ogg
    Vice President