Independent Auditors' Consent
-----------------------------
The Board of Directors
IAI Investment Funds I, Inc.
IAI Investment Funds II, Inc.
IAI Investment Funds III, Inc.
IAI Investment Funds IV, Inc.
IAI Investment Funds VI, Inc.
IAI Investment Funds VII, Inc.
IAI Investment Funds VIII, Inc.:
We consent to the use of our reports dated December 17, 1999 for IAI
International Fund; January 25, 2000 for IAI Bond Fund; March 17, 2000 for IAI
Money Market Fund; and May 19, 2000 for IAI Balanced Fund, IAI Capital
Appreciation Fund, IAI Emerging Growth Fund, IAI Growth Fund, IAI Growth and
Income Fund, IAI Long Term Growth Fund (formerly IAI Value Fund), IAI Midcap
Growth Fund, and IAI Regional Fund, incorporated by reference into this combined
proxy/registration statement on Form N-14.
/s/ KPMG LLP
KPMG LLP
Minneapolis, Minnesota
June 16, 2000
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INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in the Registration Statement on
Form N-14 of IAI Funds/Federated Funds of our reports for Federated Aggressive
Growth Fund, Federated Bond Fund, Federated Capital Appreciation Fund, Federated
Growth Strategies Fund, Federated Large Cap Growth Fund and Federated Stock and
Bond Fund, Inc. dated December 17, 1999 and for Federated American Leaders Fund,
Inc. dated May 12, 2000 into the Prospectus/Proxy Statement which constitutes
part of this Registration Statement.
/s/ Deloitte & Touche LLP
-------------------------
Deloitte & Touche LLP
Boston, Massachusetts
June 16, 2000
