EXHIBIT 99.14



                          Independent Auditors' Consent



To the Shareholders and Board of Trustees of
Smith Barney Equity Funds,

We consent to the references to our firm under the headings "Synopsis" and
"Representations and Warranties" with respect to the Smith Barney Large Cap
Blend Fund of the Smith Barney Equity Funds in the Proxy Statement/Prospectus.



                                                      /s/ KPMG LLP
                                                      --------------------------
                                                      KPMG LLP


New York, New York
September 15, 2000



                        CONSENT OF INDEPENDENT AUDITORS



We consent to the reference to our firm under the caption "Synopsis" and to the
use of our report dated December 15, 1999, which is incorporated by reference,
in this Registration Statement filed on Form N-14 on September 18, 2000 of
Smith Barney Investment Series (formerly, Concert Investment Series).



                                                /s/ ERNST & YOUNG LLP
                                                -------------------------------
                                                ERNST & YOUNG LLP


New York, New York
September 13, 2000