AMENDMENT TO
                        ADMINISTRATIVE SERVICES AGREEMENT

The second paragraph of Part Two: COMPENSATION FOR SERVICES, section (1) of the
Administrative Services Agreement between AXP Variable Portfolio-Money Market
Series, Inc. on behalf of AXP Variable Portfolio-Cash Management Fund and
American Express Financial Corporation dated October 8, 1998, is modified as
follows. All other provisions of the agreement remain in full force and effect.

         The administrative fee for each calendar day of each year shall be
         equal to 1/365th (1/366th in each leap year) of the total amount
         computed. The computation shall be made for each day on the basis of
         net assets as of the close of business. In the case of the suspension
         of the computation of net asset value, the administrative fee for each
         day during such suspension shall be computed as of the close of
         business on the last full business day on which the net assets were
         computed. As used herein "net assets" as of the close of a full
         business day shall include all transactions in shares of the Fund
         recorded on the books of the Fund for that day.

IN WITNESS WHEREOF, the parties have executed this amendment as of the 3rd day
of June, 2002.

                                AXP VARIABLE PORTFOLIO-MONEY MARKET SERIES, INC.
                                     AXP Variable Portfolio-Cash Management Fund

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


                                AMERICAN EXPRESS FINANCIAL CORPORATION


                                By: /s/  Paula R. Meyer
                                    --------------------------------------
                                         Paula R. Meyer
                                         Vice President