August 3, 2004

Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C.  20549-1004

ATTN:    Ms. Patsy Mengiste
         Document Control - EDGAR

RE:        AXP Income Series, Inc.
              AXP Selective Fund
           Post-Effective Amendment No. 96
           File No. 2-10700/811-499

Dear Ms. Mengiste:

Pursuant to Rule 497(j) under the Securities Act of 1933, as amended, please
accept this letter as certification that the prospectus and statement of
additional information for the above referenced fund does not differ from that
contained in the Registrant's Post-Effective Amendment No. 96 (Amendment). This
Amendment was filed electronically on July 29, 2004.

If you have any questions or concerns regarding this filing, please contact me
at (612) 671-7981 or Mary Lou Lutz at (612) 678-1762.

Sincerely,




/s/ H. Bernt von Ohlen
-----------------------
    H. Bernt von Ohlen
    Vice President and Group Counsel
    American Express Financial Corporation