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Independent Auditors' Consent To the Shareholders and Board of Directors of Smith Barney Investment Funds Inc.: - Smith Barney Small Cap Growth Fund, Inc. We consent to the references to our firm, with respect to the Smith Barney Small Cap Growth Fund, Inc. (the "Fund") of Smith Barney Investment Funds Inc., under the headings "Synopsis" and "Agreement and Plan of Reorganization" in the Proxy Statement/Prospectus on Form N-14 for the Fund. /s/ KPMG LLP KPMG LLP New York, New York July 13, 2000
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