SUBADVISORY AGREEMENT

Smith Barney Investment Funds Inc.

Smith Barney Multiple Discipline Funds

All Cap and International Fund

Causeway Capital Management LLC

11111 Santa Monica Boulevard

Suite 1550

Los Angeles, CA 90025

Dear Ladies and Gentlemen:

THIS AGREEMENT is made this 1st day of April, 2005, between Smith Barney Fund Management LLC (the Manager), a limited liability company organized under the laws of the State of Delaware, and Causeway Capital Management LLC (the Sub-Adviser), a limited liability company organized under the laws of the State of Delaware.

WHEREAS, the Manager represents that it is registered under the Investment Advisers Act of 1940, as amended (the Advisers Act), as an investment adviser and engages in the business of acting as an investment adviser;

WHEREAS, the Manager has entered into an investment management agreement dated as of April 1, 2005 (the Investment Management Agreement) with Smith Barney Investment Funds Inc. (the Company), an open-end management investment company registered under the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended (the 1940 Act), pursuant to which the Manager shall act as manager to the Smith Barney Multiple Discipline FundsAll Cap and International Fund (the Fund) and is authorized to appoint sub-advisers to provide investment advisory services to the Fund in the manner set forth herein;

WHEREAS, the Sub-Adviser represents that it is registered under the Advisers Act as an investment adviser and engages in the business of acting as an investment adviser;

WHEREAS, the Board of Directors of the Company (the Board) and the Manager wish to engage the Sub-Adviser to provide certain investment advisory services for the Fund, and the Sub-Adviser is willing to provide such investment advisory services for the Fund on the terms and conditions hereinafter set forth;

NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows:

1. Appointment

The Company and the Manager desire to employ and hereby appoint the Sub-Adviser to determine the securities and other investments to be purchased, held or sold for that portion of the Funds assets allocated to the International Segment of the Fund (hereinafter referred to as the International Segment) subject to (i) the oversight of the Board and the Manager, (ii) the

portfolio implementation and coordination services of the Manager described in paragraph 2(xii) of this Agreement and (iii) the other terms and conditions of this Agreement. The Sub-Adviser will be an independent contractor and will have no authority to act for or represent the Company or the Manager in any way or otherwise be deemed an agent of the Company or the Manager except as expressly authorized in this Agreement or another writing by the Company, the Manager and the Sub-Adviser. The Sub-Adviser accepts the appointment and agrees to furnish the services for the compensation set forth below.

The Sub-Adviser may cease accepting additional assets in the International Segment upon notice to the Company and the Manager of at least six months, or such longer period as may be necessary for the Manager and the Board to select, and recommend to Fund shareholders, a new sub-adviser who will accept management responsibility for additional assets in the International Segment and for Fund shareholders to approve a new sub-advisory agreement with such sub-adviser; provided, that such period may be reduced if necessary in the best interests of shareholders of the Fund.

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