Registration No. 2-74288
		811-3275

U. S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF
1933

[   ]  Pre-Effective Amendment No.

[X]    Post-Effective Amendment  No. 80

REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940,
Amendment No. 82


SMITH BARNEY INVESTMENT FUNDS INC.

(Exact name of Registrant as Specified in Charter)
7 World Trade Center, New York, New York 10048
(Address of Principal Executive Offices) (Zip Code)
(800)-451-2010
(Registrant's Telephone Number, including Area Code:)
Christina T. Sydor
7 World Trade Center, 39th Floor, New York 10048
(Name and Address of Agent For Service)
Continuous
(Approximate Date of Proposed Public Offering)

It is proposed that this filing will become
effective:
[ ]	immediately upon filing pursuant to Paragraph
(b) of
Rule 485
[ ]	On (date) pursuant to paragraph (b) of Rule 485
[XX]	60 days after filing pursuant to paragraph
(a)(1) of
Rule 485
On (date) pursuant to paragraph (a)(1) of Rule 485
[  ]	75 days after filing pursuant to paragraph
(a)(2) of
Rule 485
[ ]   On (date) pursuant to paragraph (a)(2) of rule
485

If appropriate, check the following box:

[XX]	This post-effective amendment designates a new
effective date for a previously filed post-effective
amendment.

Title of Securities Being Registered: Shares of
Common
Stock

PART A - The Prospectus for Class A, Class B, Class L
and Class Y shares of the Smith Barney Premier
Selections Small Cap Growth and Value Fund of Smith
Barney Investment Funds Inc. the "Fund") is
incorporated by reference to Part A of Post-Effective
Amendment No. 77 to the Fund's Registration Statement
filed on December 5, 2000 (Accession No. 0000091155-
00-000703)

Prospectus for Smith Barney Premier Selections All
Cap Growth and Value Fund





<PAGE>

[LOGO OF SMITH BARNEY MUTUAL FUNDS]



P R O S P E C T U S



Premier Selections
All Cap Growth
and Value Fund



Class A, B, L and Y Shares
-------------------------------
June 9, 2001

-----------------------------------------------------
---------------------
INVESTMENT PRODUCTS: NOT FDIC INSURED . NO BANK
GUARANTEE . MAY LOSE VALUE
-----------------------------------------------------
---------------------

The Securities and Exchange Commission has not
approved or
disapproved these securities or determined whether
this prospectus
is accurate or complete. Any statement to the
contrary is a crime.
<PAGE>


 Contents

<TABLE>
<S>
<C>
Investments, risks and
performance..........................................
2

More on the fund's
investments..........................................
 ....   9

Management...........................................
 .......................  10

Subscription offering
period...............................................
 .  11

Choosing a class of shares to
buy...........................................  12

Comparing the fund's
classes..............................................
 ..  13

Sales
charges..............................................
 .................  14

More about deferred sales
charges...........................................
17

Buying
shares...............................................
 ................  18

Exchanging
shares...............................................
 ............  19

Redeeming
shares...............................................
 .............  20

Other things to know about share
transactions...............................  22

Dividends, distributions, and
taxes.........................................  23

Share
price................................................
 .................  24
</TABLE>
The fund is a separate series of Smith Barney
Investment Funds Inc., a Maryland
corporation


Smith Barney Mutual Funds


1
<PAGE>

 Investments, risks and performance

The Premier Selections All Cap Growth and Value Fund
is made up of a Growth
segment and a Value segment.

Investment objective
Long-term capital growth.

Principal investment strategies
Key investments
Growth segment This segment invests primarily in
common stocks of companies
that the segment manager believes are experiencing,
or will experience, growth
in earnings that exceeds the average rate of earnings
growth of the companies
which comprise the Russell 2500 Growth Index. This
segment of the fund may
invest in the securities of large, well-known
companies which offer prospects
of long-term earnings growth. However, because higher
earnings growth rates are
often achieved by small to medium-sized companies, a
significant portion of
this segment's assets are invested in the securities
of such companies.

Value segment This segment invests primarily in
common stock and common stock
equivalents, such as preferred stocks and securities
convertible into common
stocks, of companies the segment manager believes are
undervalued in the mar-
ketplace. While the segment manager selects
investments primarily for their
capital appreciation potential, secondary
consideration is given to a company's
dividend record and the potential for an improved
dividend return. This segment
of the fund generally invests in securities of large,
well-known companies but
may also invest a significant portion of its assets
in securities of small to
medium-size companies when the segment manager
believes small companies offer
more attractive value opportunities.

Both segments
Foreign investments The fund may invest up to 25% of
its assets (at the time of
investment) in foreign securities. The fund may
invest directly in foreign
issuers or invest in depositary receipts. The fund's
investments in securities
of foreign issuers involve greater risk than
investments in securities of U.S.
issuers. Because the value of a depositary receipt is
dependent upon the market
price of an underlying foreign security, depositary
receipts are subject to
most of the risks associated with investing in
foreign securities directly.
Foreign countries generally have markets that are
less

Premier Selections Funds

2
<PAGE>

liquid and more volatile than markets in the U.S. In
some foreign countries,
less information is available about foreign issuers
and markets because of less
rigorous accounting and regulatory standards than in
the U.S. Currency fluctua-
tions could erase investment gains or add to
investment losses.

Selection process The fund's strategy is to combine
the efforts of two segment
managers and to invest in the stock selections
considered most attractive in
the opinion of each segment manager. Each segment
manager builds a portfolio of
stocks which he believes will offer superior long-
term capital growth
potential. The target allocations are 50% to the
Growth segment and 50% to the
Value segment. The amount to be invested by the fund
in any particular security
will be determined by SSB Citi Fund Management LLC
(the "Manager") based on the
recommendation of the segment managers.

In order to maintain approximately the target
allocations of the fund's assets
among the two segment managers, the Manager will:

 . Divide all daily cash inflows (purchases and
reinvested distributions) and
  outflows (redemptions and expense items) between
the two segment managers, as
  appropriate

 . Rebalance the allocation of securities in the
fund's portfolio at any time
  the percentage of the fund's portfolio invested in
either segment's securi-
  ties diverges by at least 10% from the target
allocation for a period of more
  than 10 days

As a consequence of its efforts to maintain assets at
targeted percentages, the
Manager will allocate assets and rebalance when
necessary by (1) allocating
cash inflow to a segment that is below its targeted
percentage or (2) by sell-
ing securities in a segment that exceeds its targeted
percentage with proceeds
being reallocated to the segment that is below its
targeted percentage.
Reallocations may result in early recognition of
taxable gains and in addi-
tional transaction costs to the extent the sales of
securities as part of these
reallocations result in higher portfolio turnover.
The Manager will consider
these costs in determining the allocation and
reallocation of assets. Where
possible, in these instances, the Manager will seek
to avoid transaction costs.

Growth segment The Growth segment manager emphasizes
individual security selec-
tion while diversifying across industries, which may
help to reduce risk. The
Growth segment manager focuses primarily, but not


Smith Barney Mutual Funds


3
<PAGE>

exclusively, on companies that have passed their
"start-up" phase and show pos-
itive earnings and the prospect of achieving
significant profits beginning in
the two to three years after the acquisition of their
stocks. When evaluating
an individual stock, the Growth segment manager
considers whether the company
may benefit from:

 . new technologies, products or services
 . new cost reducing measures
 . changes in management
 . favorable changes in government regulations

Value segment The Value segment manager employees a
two-step stock selection
process in its search for undervalued stocks of
temporarily out of favor compa-
nies. First, the Value segment manager uses
proprietary models and fundamental
research to try to identify stocks that are
underpriced in the market relative
to their fundamental value. Next, the Value segment
manager looks for a posi-
tive catalyst in the company's near term outlook
which the Value segment man-
ager believes will accelerate earnings or improve the
value of the company's
assets. The Value segment manager also emphasizes
companies in those sectors of
the economy which the Value segment manager believes
are undervalued relative
to other sectors.

When evaluating an individual stock, the Value
segment manager looks for:

 . Low market valuations measured by the Value segment
manager's valuation mod-
  els
 . Positive changes in earnings prospects because of
factors such as:
 . New, improved or unique products and services
 . New or rapidly expanding markets for the company's
products
 . New management
 . Changes in the economic, financial, regulatory or
political environment
   particularly affecting the company
 . Effective research, product development and
marketing
 . A business strategy not yet recognized by the
marketplace


Premier Selections Funds

4
<PAGE>


Principal risks of investing in the fund
Investors could lose money on their investments in
the fund, or the fund may
not perform as well as other investments, if:

 . U.S. stock markets decline, or perform poorly
relative to other types of
  investments
 . An adverse company specific event, such as an
unfavorable earnings report,
  negatively affects the stock price of a company in
which the fund invests
 . One segment (Value or Growth) underperforms for an
extended period
 . The segment manager's judgment about the
attractiveness, growth prospects or
  potential appreciation of a particular stock proves
to be incorrect
 . A particular product or service developed by a
company in which the fund
  invests is unsuccessful, the company does not meet
earnings expectations or
  other events depress the value of the company's
stock
 . Large capitalization stocks fall out of favor with
investors
 . Medium or small capitalization stocks fall out of
favor with investors. An
  investment in the fund may be more volatile and
more susceptible to loss than
  an investment in a fund which invests solely in
large capitalization compa-
  nies. Medium and small capitalization companies may
have more limited product
  lines, markets and financial resources than large
capitalization companies.
  They may have shorter operating histories and less
mature businesses. While
  medium capitalization companies generally have more
established businesses
  than small capitalization companies, the prices of
medium capitalization com-
  pany stocks tend to be more volatile than the
prices of large capitalization
  company stocks. In addition, small capitalization
company stocks may be less
  liquid than large capitalization company stocks.
 . Key economic trends become materially unfavorable,
such as rising interest
  rates and levels of inflation or slowdown of
economic growth

Investing in foreign securities can bring added
benefits, but it may also
involve additional risks. Investors could lose money
on their investment if:

 . Foreign securities prices decline
 . Adverse governmental action or political, economic
or market instability
  affects a foreign country or region
 . The currency in which a security is priced declines
in value relative to the
  U.S. dollar
 . The segment manager's judgment about the
attractiveness, value or potential
  appreciation of a particular security proves to be
incorrect


Smith Barney Mutual Funds


5
<PAGE>


Who may want to invest The fund may be an appropriate
investment if you:

 . Are seeking to participate in the long-term growth
potential of the U.S.
  stock market
 . Are looking for an investment with potentially
greater return but higher risk
  than fixed income investments
 . Are willing to accept the risks of the stock market
 . Are looking for an investment with potentially
greater return but higher risk
  than a fund that invests primarily in large
capitalization companies
 . Are seeking to participate in the long-term
potential of small capitalization
  growth companies
 . Are willing to accept the special risks and
potential long-term rewards of
  investing in smaller companies with limited track
records
 . Are seeking diversification

Premier Selections Funds

6
<PAGE>


Performance
Because the fund was recently added as a series to
Smith Barney Investment
Funds Inc., the fund does not yet have a sufficient
operating history to gener-
ate the performance information which other Smith
Barney funds show in bar and
table form in this location of the prospectus.

Fee table
This table sets forth the fees and expenses you will
pay if you invest in fund
shares.

                                Shareholder fees
<TABLE>
<CAPTION>
(fees paid directly from your investment)       Class
A Class B Class L Class Y
<S>                                             <C>
<C>     <C>     <C>
Maximum sales charge (load) imposed on
purchases
(as a % of offering price)
5.00%    None   1.00%    None
Maximum deferred sales charge (load) (as a %
of the lower of net asset value at purchase or
redemption)
None*   5.00%   1.00%    None

                         Annual fund operating
expenses
<CAPTION>
(expenses deducted from fund assets)            Class
A Class B Class L Class Y
<S>                                             <C>
<C>     <C>     <C>
Management fee                                   [
]%   [  ]%   [  ]%   [  ]%
Distribution and service (12b-1) fees
0.25%   1.00%   1.00%    None
Other expenses**                                 [
]%   [  ]%   [  ]%   [  ]%
                                                 ----
-   -----   -----   -----
Total annual fund operating expenses             [
]%   [  ]%   [  ]%   [  ]%
</TABLE>
*You may buy Class A shares in amounts of $1,000,000
or more at net asset value
(without an initial sales charge) but if you redeem
those shares within 12
months of their purchase, you will pay a deferred
sales charge of 1.00%.
**The amounts set forth in "Other expenses" have been
estimated based on
expenses the fund expects to incur during its first
full fiscal year.


Smith Barney Mutual Funds


7
<PAGE>


Example
This example helps you compare the costs of investing
in the fund with the
costs of investing in other mutual funds. Your actual
costs may be higher or
lower. The example assumes:
 . You invest $10,000 in the fund for the period shown
 . Your investment has a 5% return each year
 . You reinvest all distributions and dividends
without a sales charge
 . The fund's operating expenses remain the same

                      Number of years you own your
shares
<TABLE>
<CAPTION>
                                       1 year 3 years
<S>                                    <C>    <C>
Class A (with or without redemption)    $      $
Class B (redemption at end of period)   $      $
Class B (no redemption)                 $      $
Class L (redemption at end of period)   $      $
Class L (no redemption)                 $      $
Class Y (with or without redemption)    $      $
</TABLE>

Premier Selections Funds

8
<PAGE>

 More on the Fund's investments

Both Segments

Derivatives and hedging techniques The fund may, but
need not, use derivative
contracts, such as futures and options on securities,
securities indices or
currencies; options on these futures; forward
currency contracts; and interest
rate or currency swaps for any of the following
purposes:

 . To hedge against the economic impact of adverse
changes in the market value
  of its securities, because of changes in stock
market prices, currency
  exchange rates or interest rates.
 . As a substitute for buying or selling securities.

A derivative contract will obligate or entitle the
fund to deliver or receive
an asset or cash payment based on the change in value
of one or more securi-
ties, currencies or indices. Even a small investment
in derivative contracts
can have a big impact on the fund's stock market,
currency and interest rate
exposure. Therefore, using derivatives can
disproportionately increase losses
and reduce opportunities for gains when stock prices,
currency rates or inter-
est rates are changing. The fund may not fully
benefit from or may lose money
on derivatives if changes in their value do not
correspond accurately to
changes in the value of the fund's holdings.

The other parties to certain derivative contracts
present the same types of
credit risk as issuers of fixed income securities.
Derivatives can also make
the fund less liquid and harder to value, especially
in declining markets.

Defensive Investing The fund may depart from its
principal investment strate-
gies in response to adverse market, economic or
political conditions by taking
temporary defensive positions in any type of money
market instruments and
short-term debt securities or cash. If the fund takes
a temporary defensive
position, it may be unable to achieve its investment
goal.

Master/feeder option The fund may in the future seek
to achieve its investment
objective by investing all of its net assets in
another investment company hav-
ing the same investment objective and substantially
the same investment poli-
cies and restrictions as those applicable to the
fund.


Smith Barney Mutual Funds


9
<PAGE>

 Management

Manager The fund's Manager is SSB Citi Fund
Management LLC, an affiliate of
Salomon Smith Barney Inc. ("Salomon Smith Barney").
The Manager's address is 7
World Trade Center, New York, New York 10048. The
Manager selects the fund's
segment managers and oversees the funds operations.
The Manager and Salomon
Smith Barney are subsidiaries of Citigroup Inc.
Citigroup businesses produce a
broad range of financial services--asset management,
banking and consumer
finance, credit and charge cards, insurance,
investments, investment banking
and trading--and use diverse channels to make them
available to consumer and
corporate customers around the world.

Richard Freeman, CFA, investment officer of the
Manager and managing director
of Salomon Smith Barney, is the segment manager
responsible for the day-to-day
management of the Growth segment of the fund. Mr.
Freeman has more than 24
years of securities business experience.

John G. Goode, investment officer of the Manager,
managing director of Salomon
Smith Barney and Chairman and Chief Investment
Officer of Davis Skaggs Invest-
ment Management, a division of the Manager, is the
segment manager responsible
for the day-to-day management of the Value segment of
the fund. Mr. Goode has
33 years of securities business experience.

The Manager will monitor the fund's investments to
ensure that the fund
complies with its investment policies. The Manager
will rebalance the alloca-
tion of securities in the fund's portfolio, whenever
the percentage of the
fund's portfolio invested in a segment's securities
deviates by at least 10%
from a segment's target allocation for a period of
more than 10 days. The Man-
ager will also monitor the fund's portfolio to ensure
that no more than 25% of
the fund's assets are concentrated in the securities
of companies in the same
industry.

Management fees The Manager will be paid advisory
fees equal to [  ]% of the
fund's average daily net assets.

Distribution plan The fund has adopted a Rule 12b-1
distribution plan for its
Class A, B and L shares. Under the plan, the fund
pays distribution and/or
service fees. These fees are an ongoing expense and,
over time, may cost you
more than other types of sales charges.

In addition, the distributor may make payments for
distribution and/or share-
holder servicing activities out of its past profits
and other available

Premier Selections Funds

10
<PAGE>

sources. The distributor may also make payments to
dealers for marketing, pro-
motional or related expenses. The amount of these
payments is determined by the
distributor and may be substantial. The Manager or an
affiliate may make simi-
lar payments under similar arrangements.

Transfer agent and shareholder servicing agent Citi
Fiduciary Trust Company
serves as the fund's transfer agent and shareholder
servicing agent (the
"transfer agent"). The transfer agent has entered
into a sub-transfer agency
and services agreement with PFPC Global Fund Services
to serve as the fund's
sub-transfer agent (the "sub-transfer agent".) The
sub-transfer agent will per-
form certain functions including shareholder record
keeping and accounting
services.

 Subscription offering period

A broker-dealer, financial intermediary, financial
institution or the distribu-
tor's financial consultants (each called a "Service
Agent") will solicit
subscriptions for shares of the fund during the
subscription offering period,
which is scheduled to end on March [ ], 2001. On the
third business day after
the end of the subscription offering period,
subscriptions for the shares will
be payable, exchanges into the fund will be
permitted, shares will be issued
and the fund will commence investment operations.

The fund will suspend the offering of shares to new
investors on [March 31,]
2001. This suspension, which is expected to last two
weeks, may be lengthened
or shortened at the fund's discretion. During the
suspension, existing share-
holders of the fund may still purchase, redeem or
exchange fund shares. After
the suspension, the fund will commence a continuous
offering of shares to the
public.

For more information on how to subscribe for fund
shares during the subscrip-
tion offering period, please contact a Service Agent.


Smith Barney Mutual Funds


11
<PAGE>

 Choosing a class of shares to buy

You can choose among four classes of shares: Classes
A, B, L and Y. Each class
has different sales charges and expenses, allowing
you to choose the class that
best meets your needs. Which class is more beneficial
to you depends on the
amount and intended length of the investment.

 . If you plan to invest regularly or in large
amounts, buying Class A shares
  may help you reduce sales charges and ongoing
expenses
 . For Class B shares, all of your purchase amount
and, for Class L shares, more
  of your purchase amount (compared to Class A
shares) will be immediately
  invested. This may help offset the higher expenses
of Class B and Class L
  shares, but only if the fund performs well
 . Class L shares have a shorter deferred sales charge
period than Class B
  shares. However, because Class B shares convert to
Class A shares, and Class
  L shares do not, Class B shares may be more
attractive to long-term investors

You may buy shares from:

 . A Service Agent
 . The fund, but only if you are investing through
certain qualified plans or
  Service Agents

All Classes of shares are not available through all
Service Agents. You should
contact your Service Agent for further information.

Investment minimums Minimum initial and additional
investment amounts vary
depending on the class of shares you buy and the
nature of your investment
account.

<TABLE>
<CAPTION>

Initial           Additional
                                       Classes A, B,
L Class Y     All Classes
<S>                                    <C>
<C>         <C>
General                                    $1,000
$15 million     $50
IRAs, Self Employed Retirement Plans,
Uniform Gift to Minor Accounts              $250
$15 million     $50
Qualified Retirement Plans*                  $25
$15 million     $25
Simple IRAs                                  $1
n/a         $1
Monthly Systematic Investment Plans          $25
n/a         $25
Quarterly Systematic Investment Plans        $50
n/a         $50
</TABLE>
* Qualified Retirement Plans are retirement plans
qualified under Section
403(b)(7) or Section 401(a) of the Internal Revenue
Code, including 401(k)
plans

Premier Selections Funds

12
<PAGE>

 Comparing the funds' classes

Your Service Agent can help you decide which class
meets your goals. The Serv-
ice Agent may receive different compensation
depending upon which class you
choose.

<TABLE>
<CAPTION>
                         Class A     Class B
Class L     Class Y
<S>                      <C>         <C>         <C>
<C>
Key features             .Initial    .No initial
 .Initial    .No initial
                          sales       sales
sales       or
                          charge      charge
charge is   deferred
                          .You may    .Deferred
lower than  sales
                          qualify     sales
Class A     charge
                          for reduc-  charge
 .Deferred   .Must
                          tion or     declines
sales       invest at
                          waiver of   over time
charge for  least $15
                          initial     .Converts
only 1      million
                          sales       to Class A
year        .Lower
                          charge      after 8
 .Does not   annual
                          .Lower      years
convert to  expenses
                          annual      .Higher
Class A     than the
                          expenses    annual
 .Higher     other
                          than Class  expenses
annual      classes
                          B and       than Class
expenses
                          Class L     A
than Class
                                                  A
-----------------------------------------------------
-------------------
Initial sales charge     Up to       None
1.00%       None
                         5.00%;
                         reduced for
                         large pur-
                         chases and
                         waived for
                         certain
                         investors.
                         No charge
                         for pur-
                         chases of
                         $1,000,000
                         or more
-----------------------------------------------------
-------------------
Deferred sales charge    1.00% on    Up to 5.00%
1.00% if    None
                         purchases   charged     you
redeem
                         of          when you
within 1
                         $1,000,000  redeem      year
of
                         or more if  shares. The
purchase
                         you redeem  charge is
                         within 1    reduced
                         year of     over time
                         purchase    and there
                                     is no
                                     deferred
                                     sales
                                     charge
                                     after 6
                                     years
-----------------------------------------------------
-------------------
Annual distribution and  0.25% of    1.00% of
1.00% of    None
service fees             average     average
average
                         daily net   daily net
daily net
                         assets      assets
assets
-----------------------------------------------------
-------------------
Exchange privilege*      Class A     Class B
Class L     Class Y
                         shares of   shares of
shares of   shares of
                         most Smith  most Smith  most
Smith  most Smith
                         Barney      Barney
Barney      Barney
                         funds       funds
funds       funds
-----------------------------------------------------
-------------------
</TABLE>
*Ask your Service Agent for the Smith Barney funds
available for exchange.


Smith Barney Mutual Funds


13
<PAGE>

 Sales charges

Class A shares
You buy Class A shares at the offering price, which
is the net asset value plus
a sales charge. You pay a lower sales charge as the
size of your investment
increases to certain levels called breakpoints. You
do not pay a sales charge
on the fund's distributions or dividends you reinvest
in additional Class A
shares.

The table below shows the rate of sales charge you
pay, depending on the amount
you purchase.

The table below also shows the amount of
broker/dealer compensation that is
paid out of the sales charge. This compensation
includes commissions and other
fees which Service Agents that sell shares of a fund
receive. The distributor
keeps up to approximately 10% of the sales charges
imposed on Class A shares.
Service Agents also will receive the service fee
payable on Class A shares at
an annual rate equal to 0.25% of the average daily
net assets represented by
the Class A shares serviced by them.

<TABLE>
<CAPTION>

Broker/Dealer

commission
                                   Sales Charge as a
% of as a % of
                                   Offering  Net
amount   offering
Amount of purchase                 price (%) invested
(%) price
<S>                                <C>       <C>
<C>
Less than $25,000                    5.00        5.26
4.50
$25,000 but less than $50,000        4.25        4.44
3.83
$50,000 but less than $100,000       3.75        3.90
3.38
$100,000 but less than $250,000      3.25        3.36
2.93
$250,000 but less than $500,000      2.75        2.83
2.48
$500,000 but less than $1,000,000    2.00        2.04
1.80
$1,000,000 or more                      0           0
up to 1.00*
</TABLE>

* The distributor pays up to 1% to a Service Agent

Investments of $1,000,000 or more You do not pay an
initial sales charge when
you buy $1,000,000 or more of Class A shares.
However, if you redeem these
Class A shares within one year of purchase, you will
pay a deferred sales
charge of 1.00%.

Qualifying for a reduced Class A sales charge There
are several ways you can
combine multiple purchases of Class A shares of Smith
Barney funds to take
advantage of the breakpoints in the sales charge
schedule.

Premier Selections Funds

14
<PAGE>

 . Accumulation privilege - lets you combine the
current value of Class A shares
  owned

 . by you, or
 . by members of your immediate family

 and for which a sales charge was paid, with the
amount of your next purchase
 of Class A shares for purposes of calculating the
initial sales charge. Cer-
 tain trustees and fiduciaries may be entitled to
combine accounts in deter-
 mining their sales charge.

 . Letter of intent - lets you purchase Class A shares
of the fund and other
  Smith Barney funds over a 13-month period and pay
the same sales charge, if
  any, as if all shares had been purchased at once.
You may include purchases
  on which you paid a sales charge made within 90
days before you sign the let-
  ter.

Waivers for certain Class A investors Class A initial
sales charges are waived
for certain types of investors, including:

 . Employees of NASD members
 . Investors participating in a fee-based program
sponsored by certain broker-
  dealers affiliated with Citigroup
 . Investors who redeemed Class A shares of a Smith
Barney fund in the past 60
  days, if the investor's Service Agent is notified

1f you want to learn about additional waivers of
Class A initial sales charges,
contact your Service Agent or consult the Statement
of Additional Information
("SAI").


Smith Barney Mutual Funds


15
<PAGE>

Class B shares
You buy Class B shares at net asset value without
paying an initial sales
charge. However, if you redeem your Class B shares
within six years of pur-
chase, you will pay a deferred sales charge. The
deferred sales charge
decreases as the number of years since your purchase
increases.

<TABLE>
<CAPTION>
                                                6th
through
Year after purchase    1st  2nd  3rd  4th  5th
8th
<S>                    <C>  <C>  <C>  <C>  <C>  <C>
Deferred sales charge    5%   4%   3%   2%   1%
0%
</TABLE>

Service Agents selling Class B shares receive a
commission of up to 4.50% of
the purchase price of the Class B shares they sell.
Service Agents also receive
a service fee at an annual rate equal to 0.25% of the
average daily net assets
represented by the Class B shares they are servicing.

Class B conversion After 8 years, Class B shares
automatically convert into
Class A shares. This helps you because Class A shares
have lower annual
expenses. Your Class B shares will convert to Class A
shares as follows:

<TABLE>
<CAPTION>
Shares issued:                          Shares
issued:     Shares issued:
At initial purchase                     On
reinvestment of Upon exchange from
                                        dividends and
another Smith
                                        distributions
Barney fund
<S>                                     <C>
<C>
Eight years after the date of purchase  In same
proportion On the date the
                                        as the number
of   shares originally
                                        Class B
shares     acquired would
                                        converting is
to   have converted
                                        total Class B
into Class A
                                        shares you
own     shares
                                        (excluding
shares
                                        issued as a
                                        dividend)
</TABLE>

Class L shares
You buy Class L shares at the offering price, which
is the net asset value plus
a sales charge of 1.00% (1.01% of the net amount
invested). In addition, if you
redeem your Class L shares within one year of
purchase, you will pay a deferred
sales charge of 1.00%. If you held Class C shares of
the fund and/or other
Smith Barney funds on June 12, 1998 you will not pay
an initial sales charge on
Class L shares you buy before June 22, 2001.

Service Agents selling Class L shares receive a
commission of up to 2.00% of
the purchase price of the Class L shares they sell.
Starting in the thirteenth
month, Service Agents also receive an annual fee of
up to 1.00% of the average
daily net assets represented by the Class L shares
held by their clients.

Premier Selections Funds

16
<PAGE>


Class Y shares
You buy Class Y shares at net asset value with no
initial sales charge and no
deferred sales charge when you redeem. You must meet
the $15,000,000 initial
investment requirement. You can use a letter of
intent to meet this requirement
by buying Class Y shares of the fund over a 13-month
period. To qualify, you
must initially invest $5,000,000.

 More about deferred sales charges

The deferred sales charge is based on the net asset
value at the time of pur-
chase or redemption, whichever is less, and
therefore, you do not pay a sales
charge on amounts representing appreciation or
depreciation.

In addition, you do not pay a deferred sales charge
on:

 . Shares exchanged for shares of another Smith Barney
fund
 . Shares representing reinvested distributions and
dividends
 . Shares no longer subject to the deferred sales
charge

Each time you place a request to redeem shares, the
fund will first redeem any
shares in your account that are not subject to a
deferred sales charge and then
the shares in your account that have been held the
longest.

If you redeemed shares of a Smith Barney fund in the
past 60 days and paid a
deferred sales charge, you may buy shares of the fund
at the current net asset
value and be credited with the amount of the deferred
sales charge, if you
notify your Service Agent.

The fund's distributor receives deferred sales
charges as partial compensation
for its expenses in selling shares, including the
payment of compensation to
your Service Agent.

Deferred sales charge waivers
The deferred sales charge for each share class will
generally be waived:

 . On payments made through certain systematic
withdrawal plans
 . On certain distributions from a retirement plan
 . For involuntary redemptions of small account
balances
 . For 12 months following the death or disability of
a shareholder

If you want to learn more about additional waivers of
deferred sales charges,
contact your Service Agent or consult the SAI.


Smith Barney Mutual Funds


17
<PAGE>


 Buying shares

     Through a   You should contact your Service
Agent to open a brokerage
 Service Agent   account and make arrangements to buy
shares.

                 If you do not provide the following
information, your order
                 will be rejected:

                 . Class of shares being bought
                 . Dollar amount or number of shares
being bought

                 Your Service Agent may charge an
annual account maintenance
                 fee.
-----------------------------------------------------
---------------------------
   Through the   Qualified retirement plans and
certain other investors who
         funds   are clients of certain Service
Agents are eligible to buy
                 shares directly from the fund.

                 . Write the fund at the following
address:
                      Smith Barney Investment Funds
Inc.
                      (Specify fund and class of
shares)
                      c/o PFPC Global Fund Services
                      P.O. Box 9699
                      Providence, RI 02940-9699

                 . Enclose a check to pay for the
shares. For initial pur-
                   chases, complete and send an
account application.
                 . For more information, call the
transfer agent at 1-800-451-
                   2010.
     Through a   You may authorize your Service Agent
or the sub-transfer
    systematic   agent to transfer funds
automatically from (i) a regular bank
    investment   account, (ii) cash held in a
brokerage account opened with a
          plan   Service Agent or (iii) certain money
market funds in order to
                 buy shares on a regular basis.

                 . Amounts transferred should be at
least: $25 monthly or $50
                   quarterly.
                 . If you do not have sufficient
funds in your account on a
                   transfer date, your Service Agent
or the sub-transfer agent
                   may charge you a fee.

                 For more information, contact your
Service Agent or the
                 transfer agent or consult the SAI.


Premier Selections Funds

18
<PAGE>


 Exchanging shares


  Smith Barney   You should contact your Service
Agent to exchange into other
      offers a   Smith Barney funds. Be sure to read
the prospectus of the
   distinctive   Smith Barney fund you are exchanging
into. An exchange is a
     family of   taxable transaction.
         funds
   tailored to   . You may exchange shares only for
shares of the same class
 help meet the     of another Smith Barney fund. Not
all Smith Barney funds
 varying needs     offer all classes.
 of both large   . Not all Smith Barney funds may be
offered in your state of
     and small     residence. Contact your Service
Agent or the transfer agent
     investors     for further information.
                 . You must meet the minimum
investment amount for each fund
                   (except systematic investment plan
exchanges).
                 . If you hold share certificates,
the sub-transfer agent must
                   receive the certificates endorsed
for transfer or with
                   signed stock powers (documents
transferring ownership of
                   certificates) before the exchange
is effective.
                 . The fund may suspend or terminate
your exchange privilege
                   if you engage in an excessive
pattern of exchanges.

     Waiver of   Your shares will not be subject to
an initial sales charge at
    additional   the time of the exchange.
 sales charges

                 Your deferred sales charge (if any)
will continue to be mea-
                 sured from the date of your original
purchase. If the fund
                 you exchange into has a higher
deferred sales charge, you
                 will be subject to that charge. If
you exchange at any time
                 into a fund with a lower charge, the
sales charge will not be
                 reduced.
-----------------------------------------------------
---------------------------
  By telephone   If you do not have a brokerage
account with a Service Agent,
                 you may be eligible to exchange
shares through the fund. You
                 must complete an authorization form
to authorize telephone
                 transfers. If eligible, you may make
telephone exchanges on
                 any day the New York Stock Exchange
is open. Call the trans-
                 fer agent at 1-800-451-2010 between
9:00 a.m. and 4:00 p.m.
                 (Eastern time).

                 You can make telephone exchanges
only between accounts that
                 have identical registrations.
-----------------------------------------------------
---------------------------
       By mail   If you do not have a brokerage
account, contact your Service
                 Agent or write to the sub-transfer
agent at the address on
                 the following page.


Smith Barney Mutual Funds


19
<PAGE>

 Redeeming shares

     Generally   Contact your Service Agent to redeem
shares of the fund.

                 If you hold share certificates, the
sub-transfer agent must
                 receive the certificates endorsed
for transfer or with signed
                 stock powers before the redemption
is effective.

                 If the shares are held by a
fiduciary or corporation, other
                 documents may be required.

                 Your redemption proceeds will be
sent within three business
                 days after your request is received
in good order. However,
                 if you recently purchased your
shares by check, your redemp-
                 tion proceeds will not be sent to
you until your original
                 check clears, which may take up to
15 days.

                 If you have a brokerage account with
a Service Agent, your
                 redemption proceeds will be placed
in your account and not
                 reinvested without your specific
instruction. In other cases,
                 unless you direct otherwise, your
redemption proceeds will be
                 paid by check mailed to your address
of record.
-----------------------------------------------------
---------------------------
       By mail   For accounts held directly at the
fund, send written requests
                 to the fund at the following
address:
                   Smith Barney Investment Funds Inc.
                   (Specify fund and class of shares)
                   c/o PFPC Global Fund Services
                   P.O. Box 9699
                   Providence, RI 02940-9699

                 Your written request must provide
the following:

                 . The account number
                 . The class of shares and the dollar
amount or number of
                   shares to be redeemed
                 . Signatures of each owner exactly
as the account is regis-
                   tered

Premier Selections Funds

20
<PAGE>

  By telephone   If you do not have a brokerage
account with a Service Agent,
                 you may be eligible to redeem shares
(except those held in
                 retirement plans) in amounts up to
$50,000 per day through
                 the fund. You must complete an
authorization form to autho-
                 rize telephone redemptions. If
eligible, you may request
                 redemptions by telephone on any day
the New York Stock
                 Exchange is open. Call the transfer
agent at 1-800-451-2010
                 between 9:00 a.m. and 4:00 p.m.
(Eastern time).

                 Your redemption proceeds can be sent
by check to your address
                 of record or by wire or electronic
transfer (ACH) to a bank
                 account designated on your
authorization form. You must sub-
                 mit a new authorization form to
change the bank account des-
                 ignated to receive wire or
electronic transfers and you may
                 be asked to provide certain other
documents. The sub-transfer
                 agent may charge a fee on an
electronic transfer (ACH).
-----------------------------------------------------
---------------------------
     Automatic   You can arrange for the automatic
redemption of a portion of
          cash   your shares on a monthly or
quarterly basis. To qualify you
    withdrawal   must own shares of the fund with a
value of at least $10,000
         plans   ($5,000 for retirement plan
accounts) and each automatic
                 redemption must be at least $50. If
your shares are subject
                 to a deferred sales charge, the
sales charge will be waived
                 if your automatic payments do not
exceed 1% per month of the
                 value of your shares subject to a
deferred sales charge.

                 The following conditions apply:

                 . Your shares must not be
represented by certificates
                 . All dividends and distributions
must be reinvested

                 For more information, contact your
Service Agent or consult
                 the SAI.


Smith Barney Mutual Funds


21
<PAGE>

 Other things to know about share transactions

When you buy, exchange or redeem shares, your request
must be in good order.
This means you have provided the following
information, without which your
request will not be processed:

 . Name of the fund
 . Account number
 . Class of shares being bought, exchanged or redeemed
 . Dollar amount or number of shares being bought,
exchanged or redeemed
 . Signature of each owner exactly as the account is
registered

The fund will employ reasonable procedures to confirm
that any telephone exchange or redemption request
is genuine, including recording calls, asking the
caller to provide certain personal identification
information, sending you a written confirmation or
requiring other confirmation procedures from time to
time.  If these procedures
are employed, neither the fund nor the transfer agent
will bear any liability
for such transactions.

Signature guarantees To be in good order, your
redemption request must include
a signature guarantee if you:

 . Are redeeming over $50,000 of shares
 . Are sending signed share certificates or stock
powers to the sub-transfer
  agent
 . Instruct the sub-transfer agent to mail the check
to an address different
  from the one on your account
 . Changed your account registration
 . Want the check paid to someone other than the
account owner(s)
 . Are transferring the redemption proceeds to an
account with a different reg-
  istration

You can obtain a signature guarantee from most banks,
dealers, brokers, credit
unions and federal savings and loan institutions, but
not from a notary public.

The fund has the right to:

 . Suspend the offering of shares
 . Waive or change minimum and additional investment
amounts
 . Reject any purchase or exchange order
 . Change, revoke or suspend the exchange privilege
 . Suspend telephone transactions

Premier Selections Funds

22
<PAGE>

 . Suspend or postpone redemptions of shares on any
day when trading on the New
  York Stock Exchange is restricted, or as otherwise
permitted by the Securi-
  ties and Exchange Commission
 . Pay redemption proceeds by giving you securities.
You may pay transaction
  costs to dispose of the securities

Small account balances If your account falls below
$500 ($250 for IRA accounts)
because of a redemption of fund shares, the fund may
ask you to bring your
account up to the applicable minimum investment
amount. If you choose not to do
so within 60 days, the fund may close your account
and send you the redemption
proceeds.

Excessive exchange transactions The Manager may
determine that a pattern of
frequent exchanges is detrimental to the fund's
performance and other share-
holders. If so, the fund may limit additional
purchases and/or exchanges by the
shareholder.

Share certificates The fund does not issue share
certificates unless a written
request signed by all registered owners is made to
the sub-transfer agent. If
you hold share certificates it will take longer to
exchange or redeem shares.

 Dividends, distributions and taxes

Dividends The fund generally pays dividends and makes
capital gain distribu-
tions, if any, once a year, typically in December.
The fund may pay additional
distributions and dividends at other times if
necessary for the fund to avoid a
federal tax. Capital gain distributions and dividends
are reinvested in addi-
tional fund shares of the same class you hold. The
fund expects distributions
to be primarily from capital gain. You do not pay a
sales charge on reinvested
distributions or dividends. Alternatively, you can
instruct your Service Agent,
the transfer agent, or the sub-transfer agent, to
have your distributions
and/or dividends paid in cash. You can change your
choice at any time to be
effective as of the next distribution or dividend,
except that any change given
to the transfer agent less than five days before the
payment date will not be
effective until the next distribution or dividend is
paid.


Smith Barney Mutual Funds


23
<PAGE>


Taxes In general, redeeming shares, exchanging shares
and receiving distribu-
tions (whether in cash or additional shares) are all
taxable events.

<TABLE>
<CAPTION>
Transaction                            Federal tax
status

<S>                                    <C>
Redemption or exchange of shares       Usually
capital gain or
                                       loss; long-
term only if
                                       shares owned
more than
                                       one year

Long-term capital gain distributions   Long-term
capital gain

Short-term capital gain distributions  Ordinary
income

Dividends                              Ordinary
income
</TABLE>

Long-term capital gain distributions are taxable to
you as long-term capital
gain regardless of how long you have owned your
shares. You may want to avoid
buying shares when the fund is about to declare a
capital gain distribution or
a dividend because it will be taxable to you even
though it may actually be a
return of a portion of your investment.

After the end of each year, the fund will provide you
with information about
the distributions and dividends you received and any
redemptions of shares dur-
ing the previous year. If you do not provide the fund
with your correct tax-
payer identification number and any required
certifications, you may be subject
to back-up withholding of 31% of your distributions,
dividends, and redemption
proceeds. Because each shareholder's circumstances
are different and special
tax rules may apply, you should consult your tax
adviser about your investment
in the fund.

 Share price

You may buy, exchange or redeem shares at their net
asset value, plus any
applicable sales charge, next determined after
receipt of your request in good
order. The fund's net asset value is the value of its
assets minus its liabili-
ties. Net asset value is calculated separately for
each class of shares. Each
fund calculates its net asset value every day the New
York Stock Exchange is
open. The New York Stock Exchange is closed on
certain holidays listed in the
SAI. This calculation is done when regular trading
closes on the New York Stock
Exchange (normally 4 p.m. Eastern time).

The fund generally values its portfolio securities
based on market prices or
quotations. The fund's currency conversions are done
when the London Stock
Exchange closes. When reliable market prices or
quotations are not readily
available, or when the value of a security has been
materially affected by
events occurring after a foreign exchange closes, the
fund may

Premier Selections Funds

24
<PAGE>

price those securities at fair value. Fair value is
determined in accordance
with procedures approved by the fund's board. A fund
that uses fair value to
price securities may value those securities higher or
lower than another fund
using market quotations to price the same securities.

International markets may be open on days when U.S.
markets are closed and the
value of foreign securities owned by the fund could
change on days when you can
not buy or redeem shares.

In order to buy, redeem or exchange shares at that
day's price, you must place
your order with your Service Agent or the fund's sub-
transfer agent before the
New York Stock Exchange closes. If the New York Stock
Exchange closes early,
you must place your order prior to the actual closing
time. Otherwise, you will
receive the next business day's price.

Service Agents must transmit all orders to buy,
exchange or redeem shares to
the fund's sub-transfer agent before the sub-transfer
agent's close of busi-
ness.


Smith Barney Mutual Funds


25
<PAGE>

                                             [LOGO OF
SMITH BARNEY MUTUAL FUNDS]

Premier Selections
All Cap Growth and Value Fund
A series of Smith Barney Investment Funds Inc.

Shareholder reports Annual and semiannual reports to
shareholders provide addi-
tional information about the fund's investments.
These reports discuss the mar-
ket conditions and investment strategies that
significantly affected the fund's
performance during its last fiscal year or period.

The fund sends only one report to a household if more
than one account has the
same address. Contact your Service Agent or the
transfer agent if you do not
want this policy to apply to you.

Statement of additional information The statement of
additional information
provides more detailed information about the fund and
is incorporated by refer-
ence into (is legally part of) this prospectus.

You can make inquiries about the fund or obtain
shareholder reports or the
statement of additional information (without charge)
by contacting your Service
Agent, by calling the fund at 1-800-451-2010, or by
writing to the fund at
Smith Barney Mutual Funds, 7 World Trade Center, 39th
Floor, New York, New York
10048.

Information about the fund (including the SAI) can be
reviewed and copied at
the Securities and Exchange Commission's (the
"Commission") Public Reference
Room in Washington D.C. In addition, information on
the operation of the Public
Reference Room may be obtained by calling the
Commission at 1-202-942-8090.
Reports and other information about the fund are
available on the EDGAR Data-
base on the Commission's Internet site at
http://www.sec.gov. Copies of this
information may be obtained for a duplicating fee by
electronic request at the
following E-mail address: publicinfo@sec.gov, or by
writing to the Commission's
Public Reference Section, Washington, D.C. 20549-
0102.

If someone makes a statement about the fund that is
not in this prospectus, you
should not rely upon that information. Neither the
fund nor the distributor is
offering to sell shares of the fund to any person to
whom the fund may not law-
fully sell its shares.

Your Serious Money. Professionally Managed. is a
service mark of Salomon Smith
Barney Inc.

(Investment Company Act file no. 811-3275)
FD [     ] 6/01









PART B - STATEMENT OF ADDITIONAL INFORMATION
The Statements of Additional Information for Class A,
Class B, Class L and Class Y shares of the Smith
Barney Premier Selections All Cap Growth and Value
Fund and Smith Barney Premier Selections Small Cap
Growth and Value Fund are incorporated by reference
to Part B of Post-Effective Amendment No. 77 to the
Fund's Registration Statement filed on December 5,
2000 (Accession No. 0000091155-00-000703)



PART C - OTHER INFORMATION

Item 23.  Exhibits

All references are to the Registrant's registration
statement on Form N-1A (the "Registration Statement")
as filed with the SEC on October 2, 1981(File Nos. 2-
74288 and 811-3275).

(a)  Articles of Restatement dated September 17, 1993
to Registrant's  Articles of  Incorporation dated
September 28, 1981, Articles of Amendment dated
October 14, 1994, Articles Supplementary, Articles
of
Amendment dated October 14, 1994, Articles
Supplementary, Articles of Amendments and
Certificates
of Correction dated November 7, 1994, are
incorporated
by reference to Post-Effective Amendment No. 37 to
the
Registration Statement filed on November 7, 1994.
Articles of Amendment dated October 23, 1997 are
incorporated by reference to Post-Effective Amendment
No. 46 filed on October 23, 1997("Post-Effective
Amendment No.46").  Articles of Amendment dated
February 27, 1998 are incorporated by reference
to Post-Effective Amendment No. 48 dated April 29,
1998.
Articles of Amendment dated June 1, 1998 are
incorporated
by reference to Post-Effective Amendment No. 49 filed
on
July
16, 1998 ("Post-Effective Amendment No. 49").

(b) Registrant's By-Laws, as amended on September 30,
1992 are incorporated by reference to Post-Effective
Amendment No. 30 to the Registration Statement filed
on April 30, 1993.

(c) Registrant's form of stock certificate for Smith
Barney Hansberger Global Value Fund ("Global Value
Fund") and Smith Barney Hansberger Global Value Small
Cap Fund ("Small Cap Fund") is incorporated by
reference to Post Effective Amendment 46.

(d)(1) Investment Advisory Agreement dated July 30,
1993, between the Registrant on behalf of Smith
Barney
Investment Grade Bond Fund, Smith Barney Government
Securities Fund and Smith Barney Special Equities
Fund and Greenwich Street Advisors is incorporated by
reference to the Registration Statement filed on Form
N-14 on September 2, 1993, File No. 33-50153.

(d)(2) Investment Advisory Agreements on behalf of
Smith Barney Growth Opportunity Fund and Smith Barney
Managed Growth Fund is incorporated by reference to
Post-Effective Amendment No. 40 filed on June 27,
1995. ("Post-Effective Amendment No.40")

(d)(3) Investment Management Agreements on behalf of
Global Value Fund and Global Small Cap Fund between
Registrant and Smith Barney Mutual Funds Management
Inc. is incorporated by reference to Post-Effective
Amendment No. 46.

(d)(4) Sub-Advisory Agreement on behalf of Global
Value Fund and Global Small Cap Fund between MMC and
Hansberger Global Investors Inc. is
incorporated by reference to Post-Effective
Amendment No. 46.

(d)(5)Investment Management Agreements on behalf of
Smith Barney Small Cap Growth Fund and Smith Barney
Small Cap Value Fund between Registrant and
Mutual Management Corp. is incorporated by reference
To Post-Effective Amendment No. 49.

(e)(1) Distribution Agreement dated July 30, 1993,
between the Registrant and Smith Barney Shearson Inc.
is incorporated by reference to the registration
statement filed on Form N-14 on September 2, 1993.
File 33-50153.

(e)(2) Form of Distribution Agreement between the
Registrant and PFS Distributors on behalf of Smith
Barney Investment Funds Inc. is incorporated by
reference to Post-Effective Amendment No. 40 filed on
June 27, 1995.

(e)(3) Form of Distribution Agreement between the
Registrant and CFBDS, Inc. is incorporated by
reference
to Post-Effective Amendment No. 49.

(e)(4) Selling Group Agreement
is incorporated by reference
to Post-Effective Amendment No.56 filed on
February 26, 1999.

(e)(5)  Form of Distribution Agreement with Salomon
Smith
Barney Inc. is incorporated by reference to Post-
Effective
Amendment No. 77 filed on December 5, 2000 ("Post-
Effective
Amendment No. 77").

(f) Not Applicable.

(g)(1) Custodian Agreement with PNC Bank, National
Association is incorporated by reference to Post -
Effective Amendment No. 44 filed on April 29, 1997.

(g)(2) Custodian Agreement with Chase Manhattan Bank
is incorporated by reference to Post-Effective
Amendment No. 46.

(h)(1)  Transfer Agency and Registrar Agreement dated
August 5, 1993 with First Data Investor Services
Group, Inc. (formerly The Shareholder Services Group,
Inc.) is incorporated by reference to Post-Effective
Amendment No. 31 as filed on December 22, 1993 (Post-
Effective Amendment No. 31").

(h)(2)Sub-Transfer Agency Agreement between the
Registrant and PFS Shareholders Services on behalf of
Smith Barney Investment Funds Inc. is incorporated by
reference to Post-Effective Amendment No. 40.

(h)(3)  Form of Transfer Agency Agreement dated
October 1, 1999 between the Registrant and Citi
Fiduciary
Trust Company (f/k/a Smith Barney Private Trust
Company)
is incorporated by reference to Post-Effective
Amendment
No. 77.

(h)(4)  Form of Sub-Transfer Agency Agreement dated
October 1, 1999 between Citi Fiduciary Trust Company
(f/k/a Smith Barney Private Trust Company) and PFPC
Global Fund Services (f/k/a First Data Investor
Services
Group, Inc.) is incorporated by reference to Post-
Effective
Amendment No. 77.

(i) Opinion of Robert A. Vegliante, Deputy General
Counsel of Smith Barney Mutual Funds Management Inc.
filed with the Registrant's rule 24-f2 Notice
(Accession No. 000091155-97-000104) is incorporated
by
reference.

(j) Auditor's consent to be filed by amendment.

(k) Not Applicable

(l)  Not Applicable

(m)(1) Amended Services and Distribution Plans
pursuant to Rule 12b-1 between the Registrant on
behalf
of Smith Barney Investment Grade Bond Fund, Smith
Barney Government Securities Fund, Smith Barney
Special
Equities Fund and Smith Barney European Fund and
Smith
Barney, Inc. ("Smith Barney") are incorporated by
reference to Post-Effective Amendment No. 37 filed on
November 3, 1994 ("Post-Effective Amendment No. 37")

(m)(2) Form of Services and Distribution Plans
pursuant to Rule 12b-1 between the Registrant on
behalf  of Smith Barney Growth Opportunity Fund and
Smith Barney Managed Growth Fund is incorporated by
reference to Post-Effective Amendment No. 40.

(m)(3) Form of Services and Distribution Plans
pursuant to Rule 12b-1 between the Registrant on
behalf of  the Global Value Fund and Small Cap Fund
is
incorporated by reference to Post-Effective Amendment
No. 46.

(m)(4) Form of Amended and Restated Shareholder
Services
and
Distribution Plan pursuant to Rule 12b-1 between
the Registrant on behalf of each of its series
is incorporated by reference to Post-Effective
Amendment
No. 49.

(m)(5)  Form of Amended and Restated Shareholder
Services and Distribution Plan pursuant to 12b-1
of Registrant is incorporated by reference to Post-
Effective Amendment No. 77.

(n) Not Applicable.

(o)  Form of Plan pursuant to Rule 18f-3 is
incorporated by
reference to Post-Effective Amendment No.50 to
Registration Statement.

(p) Revised Code of Ethics is incorporated by
reference to
Post-Effective Amendment No. 71 to the Registrant's
Registration
Statement.

Item 24.

None.

Item  25.  Indemnification

	The response to this item is incorporated by
reference to Pre-Effective Amendment No. 1 to the
registration statement filed on Form N-14 on October
8, 1993 (File No. 33-50153).

Item 26.	Business and Other Connections of
Investment Adviser

Investment Adviser - Smith Barney Fund Management LLC
(formerly known as SSB Citi Fund Management LLC)
("Smith Barney Fund Management").  Smith Barney Fund
Management was incorporated in December 1968 under
the laws of the State of Delaware and converted to a
Delaware limited liability company in 1999.  Smith
Barney Fund Management is a wholly owned subsidiary
of Salomon Smith Barney Holdings Inc., which in turn
is a wholly owned subsidiary of Citigroup Inc.

Smith Barney Fund Management is registered as an
investment adviser under the Investment Advisers Act
of 1940.  The list required by this item 26 of
officers and directors of Smith Barney Fund
Management together with information as to any other
business, profession, vocation or employment of a
substantial nature engaged in by such officers and
directors during the past two years, is incorporated
by reference to Schedules A and D of Form ADV filed
by Smith Barney Fund Management pursuant to the
Investment Advisers Act of 1940 (SEC File No. 801-
8314).



Item 27.	Principal Underwriters
(a)

Salomon Smith Barney, Inc., ("Salomon Smith Barney")
the Registrant's Distributor,
is also the distributor for the following Smith
Barney
funds: Consulting Group Capital Markets Funds,
Smith Barney Investment Series,
Greenwich Street Series Fund, Smith Barney
Adjustable Rate Government Income Fund, Smith Barney
Aggressive Growth Fund Inc., Smith Barney
Appreciation Fund
Inc., Smith Barney Arizona Municipals Fund Inc.,
Smith
Barney California Municipals Fund Inc., Smith Barney
Allocation Series Inc., Smith Barney Equity Funds,
Smith
Barney Fundamental Value Fund Inc., Smith Barney
Funds,
Inc., Smith Barney Income Funds, Smith Barney
Institutional
Cash Management Fund, Inc., Smith Barney Investment
Trust,
Smith Barney Managed Governments Fund Inc., Smith
Barney Managed
Municipals Fund Inc., Smith Barney Massachusetts
Municipals Fund,
Smith Barney Money Funds, Inc., Smith Barney Muni
Funds, Smith
Barney Municipal Money Market Fund, Inc., Smith
Barney New
Jersey Municipals Fund Inc., Smith Barney Oregon
Municipals
Fund Inc., Smith Barney Principal Return Fund,
Smith Barney Sector Series Inc., Smith Barney
Small Cap Core Fund, Inc., Smith Barney
Telecommunications
Trust, Smith Barney Variable Account Funds, Smith
Barney
World Funds, Inc., Travelers Series Fund Inc., and
various
series of unit investment trusts.

PFS Distributors, Inc., ("PFS Distributors"),
a Distributor of the Registrant, is also a
distributor for the
following Smith Barney funds:

Smith Barney Investment Series,
Smith Barney Aggressive Growth Fund Inc.,
Smith Barney Appreciation Fund Inc.,
Smith Barney Allocation Series Inc.,
Smith Barney Equity Funds,
Smith Barney Fundamental Value Fund Inc.,
Smith Barney Income Funds,
Smith Barney Investment Funds Inc.,
Smith Barney Investment Trust,
Smith Barney Managed Municipals Fund Inc.,
Smith Barney Money Funds, Inc.

In addition, Salomon Smith Barney is also the
distributor
for Centurion Funds, Inc.

(b) The information required by
this Item 27 with respect to each director, officer
and partner
of Salomon Smith Barney is incorporated by reference
to Schedule A of FORM BD filed by Salomon Smith
Barney pursuant to
the Securities Exchange Act of 1934 (SEC File No.
812-8510).

The information required by this Item 27 with respect
to each director, officer and partner of PFS
Distributors
is incorporated by reference to Schedule A of Form BD
filed by PFS Distributors  pursuant to the Securities
Exchange Act of 1934 (SEC File No. 8-37352).



(c)	Not applicable.

Item 28.  Location of Accounts and Records

(1) 	Smith Barney Investment Funds Inc.
	7 World Trade Center
	New York, New York 10048

(2)	Smith Barney Fund Management LLC
	7 World Trade Center
	New York, New York 100148

(3) PFPC Trust Company
(successor by assignment from
	PNC Bank, National Association)
	8800 Tinicum Boulevard
	Philadelphia, Pennsylvania  19153

(4)	The Chase Manhattan Bank
	Chase Metrotech Center
	Brooklyn, New York 11245

(5)	Citi Fiduciary Trust Company
	125 Broad Street
	New York, New York  10004

(6)	PFPC Global Fund Services
	P.O. Box 9699
	Providence, RI 02940-9699


Item 29. Management Services

	Not Applicable.

Item 30. Undertakings

Not applicable


SIGNATURES

Pursuant to the requirements of the Securities Act of
1933, as amended, and the Investment Company Act of
1940, as amended, the Registrant, SMITH BARNEY
INVESTMENT FUNDS INC., certifies that it meets all
the requirements for effectiveness of this
Registration Statement pursuant to Rule 485(b)
under the 1933 Act and has duly caused this Amendment
to the Registration Statement to be signed on its
behalf by the undersigned, thereunto duly authorized,
all in the City of New York, State of New York on the
10th day of April, 2001.

SMITH BARNEY INVESTMENT FUNDS INC.


By: /s/ Heath B. McLendon*
      Heath B. McLendon
      Chief Executive Officer


	WITNESS our hands on the date set forth below.

	Pursuant to the requirements of the Securities
Act of 1933, as amended, this Post-Effective
Amendment
to the Registration Statement has been signed below
by
the following persons in the capacities and on the
dates indicated.

Signature			Title
	Date

/s/ Heath B. McLendon	Chairman of the Board
	4/10/01
Heath B. McLendon		(Chief Executive Officer)

/s/ Lewis E. Daidone	 Senior Vice President
Lewis E. Daidone		 and Treasurer
	4/10/01
				(Chief Financial
				and Accounting Officer)

/s/ Paul R. Ades	*		Director
	4/10/01
Paul R. Ades

/s/ Herbert Barg*	 		Director
	4/10/01
Herbert Barg

/s/ Dwight B. Crane*		Director
	4/10/01
Dwight B. Crane

/s/ Frank Hubbard*		Director
	4/10/01
Frank Hubbard

 /s/ Jerome Miller**		Director
	4/10/01
Jerome Miller

/s/ Ken Miller*			Director
	4/10/01
Ken Miller


*Signed by Heath B. McLendon, their duly authorized
attorney-in-fact, pursuant
to power of attorney dated November 3, 1994.

**Signed by Heath B. McLendon, their duly authorized
attorney-in-fact, pursuant
to power of attorney dated April 15, 1998.


/s/ Heath B. McLendon
Heath B. McLendon