UNITED STATES
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 20, 2007

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:

    RiverSource Variable Portfolio Investment Series, Inc.

4. Address of principal executive office (number,street,city,state,zip code):

     50606 Ameriprise Financial Center, Minneapolis, MN 55474


          THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT


            REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors of
RiverSource Variable Portfolio - Investment Series, Inc.:

We have examined management's assertion, included in the accompanying
Management Statement Regarding Compliance with Certain Provisions of the
Investment Company Act of 1940, that RiverSource Variable Portfolio - Emerging
Markets Fund, RiverSource Variable Portfolio - Growth Fund, RiverSource
Variable Portfolio - International Opportunity Fund, RiverSource Variable
Portfolio - Large Cap Equity Fund, RiverSource Variable Portfolio - Large Cap
Value Fund, RiverSource Variable Portfolio - Mid Cap Growth Fund, RiverSource
Variable Portfolio - Mid Cap Value Fund, RiverSource Variable Portfolio - S&P
500 Index Fund, and RiverSource Variable Portfolio - Small Cap Advantage Fund
of RiverSource Variable Portfolio - 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, 2007 and during the period
from August 31, 2006 (the date of our last examination) through January 31,
2007. 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
Public Company Accounting Oversight Board (United States) 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, 2007 and the period from August
31, 2006 through January 31, 2007, with respect to securities transactions:

o     Count and inspection of all securities located in the vault, if any, of
      Ameriprise Trust Company, the Custodian, without prior notice to
      management;

o     Confirmation of all securities, if any, held by institutions in book
      entry form (Wells Fargo Bank Minnesota, N.A., The Bank of New York, 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, pledges 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 the Funds were in compliance with
the above mentioned provisions of Rule 17f-2 of the Investment Company Act of
1940 as of January 31, 2007 and for the period from August 31, 2006 through
January 31, 2007 is fairly stated in all material respects.

This report is intended solely for the information and use of management of
the Funds and the Securities and Exchange Commission and should not be used
for any other purpose and is not intended to be and should not be used by
anyone other than these specified parties.

                                          /s/ KPMG LLP


Minneapolis, MN
April 20, 2007


            MANAGEMENT STATEMENT REGARDING COMPLIANCE WITH CERTAIN
               PROVISIONS OF THE INVESTMENT COMPANY ACT OF 1940

We, as members of management of RiverSource Variable Portfolio - Emerging
Markets Fund, RiverSource Variable Portfolio - Growth Fund, RiverSource
Variable Portfolio - International Opportunity Fund, RiverSource Variable
Portfolio - Large Cap Equity Fund, RiverSource Variable Portfolio - Large Cap
Value Fund, RiverSource Variable Portfolio - Mid Cap Growth Fund, RiverSource
Variable Portfolio - Mid Cap Value Fund, RiverSource Variable Portfolio - S&P
500 Index Fund, and RiverSource Variable Portfolio - Small Cap Advantage Fund
of RiverSource Variable Portfolio - Investment Series, Inc. (the Funds) are
responsible for complying with the requirements of subsections (b) and (c) of
Rule 17f-2, Custody of Investments by Registered Management Investment
Companies, of the Investment Company Act of 1940. We are also responsible for
establishing and maintaining effective internal controls over compliance with
those requirements. We have performed an evaluation of the Funds' compliance
with the requirements of subsections (b) and (c) of Rule 17f-2 as of January
31, 2007 and from August 31, 2006 through January 31, 2007.

Based on this evaluation, we assert that the Funds were in compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment
Company Act of 1940 as of January 31, 2007 and from August 31, 2006 through
January 31, 2007, with respect to securities reflected in the investment
account of the Funds.

AMERIPRISE FINANCIAL, INC.

By: /s/ Jeffrey P. Fox
    ------------------
        Jeffrey P. Fox, Vice President-Investment Accounting