While there is an increasing focus on project portfolio management in dynamic environments, the bulk of existing research focuses on control on stability, ignoring the complexity and change inherent in contemporary information systems projects. Using a longitudinal exploratory case study, this research in progress seeks to extend the field of information systems project portfolio management (IS PPM) to dynamic environments. Firstly, complex adaptive systems theory is used as a lens to identify the different attractor states in which IS PPM can exist. Secondly, by uncovering the forces and factors that enable IS PPPM to switch states as it searches for an appropriate balance between order and chaos, it will develop a CAS based approach to dynamic IS PPM. It will contribute to practice by highlighting shortcomings in existing approaches to project portfolio management and by presenting alternative approaches that can help portfolio managers to create non-linear improvements in portfolio performance and adaptiveness.