SMITH BARNEY INVESTMENT FUNDS INC.
on behalf of
SMITH BARNEY HANSBERGER GLOBAL SMALL CAP VALUE FUND
Supplement dated September 14, 2000 to
Prospectus dated August 28, 2000
On September 7, 2000 the Board of Directors of Smith Barney
Investment Funds Inc., on behalf of Smith Barney Hansberger Global
Small Cap Value Fund (the "Small Cap Fund"), approved a proposed
reorganization pursuant to which Smith Barney Hansberger Global
Value Fund of Smith Barney Investment Funds Inc. (the "Global Fund")
would acquire the assets and assume the stated liabilities of the
Small Cap Fund in exchange for shares of the Global Fund. This
reorganization will allow Small Cap Fund shareholders to maintain an
investment in a fund with the same investment objective and
substantially similar investment policies.
Under the terms of the proposed reorganization Small Cap Fund
shareholders would receive shares of the Global Fund equal in value
to their investment in the Small Cap Fund in accordance with the
terms of the reorganization. Small Cap Fund shareholders would not
be charged a sales load when Global Fund shares are issued to them
and it is anticipated that no gain or loss for Federal income tax
purposes would be recognized by shareholders as a result of the
reorganization.
As of October 6, 2000 Salomon Smith Barney Inc. will no longer be
accepting investments into the Small Cap Fund.
The proposed reorganization is subject to the fulfillment of certain
conditions, including approval by the shareholders of the Small Cap
Fund. Proxy materials describing the proposed reorganization will
be mailed to Small Cap Fund shareholders of record on October 13,
2000, on or about October 23, 2000, in anticipation of a meeting of
the shareholders expected to be held on November 22, 2000. If
approved by Small Cap Fund shareholders at that time, the
reorganization will occur as soon after the shareholder meeting as
practicable.
FD 02030
