Exhibit 14
Consent of Independent Registered Public Accounting Firm
The Shareholders and Board of Directors of
the Smith Barney Appreciation Fund Inc.:
We consent to the incorporation by reference, in this Registration Statement on Form N-14, of our report dated February 13, 2004, on the statement of assets and liabilities, including the schedule of investments, of the Smith Barney Appreciation Fund Inc. (“Fund”) as of December 31, 2003, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights and our report thereon are included in the Annual Report of the Fund as filed on Form N-CSR.
We also consent to the references to our firm in Exhibit A of the combined Prospectus/Proxy statement included in this Registration Statement on Form N-14.
KPMG LLP
New York, New York
December 6, 2004
Consent of Independent Registered Public Accounting Firm
The Shareholders and Board of Directors of
Smith Barney Investment Funds Inc.:
We consent to the incorporation by reference, in this Registration Statement on Form N-14, of our report dated November 19, 2004, on the statement of assets and liabilities, including the schedule of investments, of the Smith Barney Group Spectrum Fund of Smith Barney Investment Funds Inc. (“Fund”) as of September 30, 2004, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended and the financial highlights for each of the years in the three-year period then ended and for the period from October 30, 2000 (inception date) to September 30, 2001. These financial statements and financial highlights and our report thereon are included in the Annual Report of the Fund as filed on Form N-CSR.
We also consent to the references to our firm in Exhibit A of the combined Prospectus/Proxy statement included in this Registration Statement on Form N-14.
KPMG LLP
New York, New York
December 6, 2004