Waterfall is the fifth album released for the American market by the English jazz rock band If.

It was first issued in 1972 and reached #195 on the Billboard Pop Albums Chart.

[2] It is a rearranged version of If 4, containing two tracks, "Paint Your Pictures" and "Cast No Shadows", in substitution of "You in Your Small Corner" and "Svenska Soma", which had been released on IF 4.

The original recording line-up was modified to include two new members, Cliff Davies and Dave Wintour, who filled the drum and bass chairs in substitution of Dennis Elliott and Jim Richardson, respectively.

Bonus tracks on CD release from 2003: