Federated Investment SEries Funds, Inc.,
5800 Corporate Drive
Pittsburgh, PA 15237-7000
June 16, 2000
The Trustees of
FEDERATED INVESTMENT SERIES FUNDS, INC.
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, PA 15222-3779
Gentlemen:
Federated Investment Series Funds, Inc., a Maryland Corporation
("Corporation"), proposes to issue shares of capital stock representing
interests in a separate portfolio of securities known as Bond Fund ("Shares") in
connection with the acquisition of the assets of the IAI Bond Fund, a portfolio
of IAI Investment Funds I, Inc., pursuant to the Agreement and Plan of
Reorganization ("Agreement") filed as an exhibit to the registration statement
of the Corporation filed on Form N-14 ("N-14 Registration") under the Securities
Act of 1933, as amended.
As counsel, I have participated in the organization of the Corporation,
its registration under the Investment Company Act of 1940, as amended, ("1940
Act"), the registration of its securities on Form N-1A under the 1933 Act and
its N-14 Registration. I have examined and am familiar with the Articles of
Restatement of Articles of Incorporation dated May 19, 1992 ("Articles of
Incorporation"), the Articles Supplementary dated November 15, 1996, the Bylaws
of the Corporation, the Agreement and such other documents and records deemed
relevant. I have also reviewed questions of law and consulted with counsel
thereon as deemed necessary or appropriate for the purposes of this opinion.
Based upon the foregoing, it is my opinion that:
1. The Corporation is duly organized and validly existing
pursuant to the laws of the state of Maryland and Articles of Incorporation.
2. The Shares which are currently being registered by the N-14
Registration may be legally and validly issued in accordance with the provisions
of the Agreement, the Articles of Incorporation and the Articles Supplementary
upon receipt of consideration sufficient to comply with the provisions of
Article VII of the Articles of Incorporation and subject to compliance with the
1940 Act and applicable state laws regulating the sale of securities. The
Shares, when so issued, will be fully paid and non-assessable.
I consent to your filing this opinion as an exhibit to the N-14
Registration referred to above and to any application or registration statement
filed under the securities laws of any of the states of the United States.
Very truly yours,
FEDERATED INVESTMENT SERIES FUNDS, INC.
BY: /s/ C. Grant Anderson
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C. Grant Anderson
TITLE: Assistant Secretary
