RIVERSOURCE INVESTMENT SERIES, INC. - FORM N-SAR EXHIBITS

EXHIBIT 77M

MERGER OF RIVERSOURCE VALUE FUND INTO RIVERSOURCE DIVERSIFIED EQUITY INCOME FUND

On March 17, 2008, RiverSource Value Fund (the Selling Fund), a series of
RiverSource Managers Series, Inc. merged into RiverSource Diversified Equity
Income Fund (the Buying Fund), a series of RiverSource Investment Series, Inc.

BOARD ACTION: Board members of the Selling Fund and the Buying Fund, at meetings
held on September 10-11, 2007, approved an Agreement and Plan of Reorganization
(Agreement). Each Board determined that participation in the reorganization was
in the best interests of the respective Fund and that the interests of existing
shareholders of the respective Fund would not be diluted as a result of the
reorganization.

SHAREHOLDER APPROVAL: The shareholders of the Selling Fund approved the
Agreement between the Selling Fund and the Buying Fund at a special meeting of
shareholders held on January 29, 2008.

TERMS OF THE REORGANIZATION: Under the Agreement, the Selling Fund transferred
all of its assets attributable to Class A, B, C, I and R4 shares to the Buying
Fund in exchange for corresponding Class A, B, C, I and R4 shares of the Buying
Fund. Those shares were distributed proportionately to the shareholders of the
Selling Fund. The Buying Fund assumed the liabilities of the Selling Fund. The
shareholders did not pay any sales charge in connection with the distribution of
shares. RiverSource Investments, LLC and its affiliates agreed to bear the costs
of effecting the reorganization.