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<PAGE> PAGE 20
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<PAGE> PAGE 21
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SIGNATURE THOMAS M REYNOLDS
TITLE CONTROLLER
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC
[SERIES]
[NUMBER] 1
[NAME] INVESTMENT GRADE BOND FUND - CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1995
[PERIOD-END] DEC-31-1995
[INVESTMENTS-AT-COST] 451,582,769
[INVESTMENTS-AT-VALUE] 511,694,750
[RECEIVABLES] 10,769,879
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 664
[TOTAL-ASSETS] 522,465,293
[PAYABLE-FOR-SECURITIES] 292,652
[SENIOR-LONG-TERM-DEBT] 3,497,562
[OTHER-ITEMS-LIABILITIES] 0
[TOTAL-LIABILITIES] 3,790,214
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 39,146
[SHARES-COMMON-STOCK] 17,084,579
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] (2,108,093)
[ACCUMULATED-NET-GAINS] (1,660,874)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 61,135,731
[NET-ASSETS] 518,675,079
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 36,631,716
[OTHER-INCOME] 0
[EXPENSES-NET] 6,252,382
[NET-INVESTMENT-INCOME] 36,379,334
[REALIZED-GAINS-CURRENT] 5,326,832
[APPREC-INCREASE-CURRENT] 102,665,123
[NET-CHANGE-FROM-OPS] 0
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 14,863,466
[DISTRIBUTIONS-OF-GAINS] 1,520,045
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1,770,474
[NUMBER-OF-SHARES-REDEEMED] 2,523,526
[SHARES-REINVESTED] 910,283
[NET-CHANGE-IN-ASSETS] 116,246,133
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] (11,316,480)
[GROSS-ADVISORY-FEES] 2,067,222
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 0
[AVERAGE-NET-ASSETS] 198,469,353
[PER-SHARE-NAV-BEGIN] 10.67
[PER-SHARE-NII] 0.83
[PER-SHARE-GAIN-APPREC] 2.80
[PER-SHARE-DIVIDEND] 0.89
[PER-SHARE-DISTRIBUTIONS] (1.05)
[RETURNS-OF-CAPITAL] 35.29
[PER-SHARE-NAV-END] 13.25
[EXPENSE-RATIO] 1.11
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC
[SERIES]
[NUMBER] 1
[NAME] INVESTMENT GRADE BOND FUND - CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1995
[PERIOD-END] DEC-31-1995
[INVESTMENTS-AT-COST] 451,582,769
[INVESTMENTS-AT-VALUE] 511,694,750
[RECEIVABLES] 10,769,879
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 664
[TOTAL-ASSETS] 522,465,293
[PAYABLE-FOR-SECURITIES] 292,652
[SENIOR-LONG-TERM-DEBT] 3,497,562
[OTHER-ITEMS-LIABILITIES] 0
[TOTAL-LIABILITIES] 3,790,214
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 39,146
[SHARES-COMMON-STOCK] 21,776,728
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] (2,108,093)
[ACCUMULATED-NET-GAINS] (1,660,874)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 61,135,731
[NET-ASSETS] 518,675,079
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 36,631,716
[OTHER-INCOME] 0
[EXPENSES-NET] 6,252,382
[NET-INVESTMENT-INCOME] 36,379,334
[REALIZED-GAINS-CURRENT] 5,326,832
[APPREC-INCREASE-CURRENT] 102,665,123
[NET-CHANGE-FROM-OPS] 0
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 19,173,040
[DISTRIBUTIONS-OF-GAINS] 75,634,724
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 5,517,802
[NUMBER-OF-SHARES-REDEEMED] 5,346,794
[SHARES-REINVESTED] 954,945
[NET-CHANGE-IN-ASSETS] 116,246,133
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] (11,316,480)
[GROSS-ADVISORY-FEES] 2,067,222
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 0
[AVERAGE-NET-ASSETS] 250,722,703
[PER-SHARE-NAV-BEGIN] 10.67
[PER-SHARE-NII] 0.77
[PER-SHARE-GAIN-APPREC] 2.80
[PER-SHARE-DIVIDEND] 0.83
[PER-SHARE-DISTRIBUTIONS] (0.99)
[RETURNS-OF-CAPITAL] 34.63
[PER-SHARE-NAV-END] 13.25
[EXPENSE-RATIO] 1.61
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC
[SERIES]
[NUMBER] 1
[NAME] INVESTMENT GRADE BOND FUND - CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1995
[PERIOD-END] DEC-31-1995
[INVESTMENTS-AT-COST] 451,582,769
[INVESTMENTS-AT-VALUE] 511,694,750
[RECEIVABLES] 10,769,879
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 664
[TOTAL-ASSETS] 522,465,293
[PAYABLE-FOR-SECURITIES] 292,652
[SENIOR-LONG-TERM-DEBT] 3,497,562
[OTHER-ITEMS-LIABILITIES] 0
[TOTAL-LIABILITIES] 3,790,214
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 39,146
[SHARES-COMMON-STOCK] 284,247
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] (2,108,093)
[ACCUMULATED-NET-GAINS] (1,660,874)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 61,135,731
[NET-ASSETS] 518,675,079
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 36,631,716
[OTHER-INCOME] 0
[EXPENSES-NET] 6,252,382
[NET-INVESTMENT-INCOME] 36,379,334
[REALIZED-GAINS-CURRENT] 5,326,832
[APPREC-INCREASE-CURRENT] 102,665,123
[NET-CHANGE-FROM-OPS] 0
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 138,159
[DISTRIBUTIONS-OF-GAINS] 991,606
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 285,851
[NUMBER-OF-SHARES-REDEEMED] 101,992
[SHARES-REINVESTED] 7,683
[NET-CHANGE-IN-ASSETS] 116,246,133
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] (11,316,480)
[GROSS-ADVISORY-FEES] 2,067,222
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 0
[AVERAGE-NET-ASSETS] 1,974,463
[PER-SHARE-NAV-BEGIN] 10.67
[PER-SHARE-NII] 0.78
[PER-SHARE-GAIN-APPREC] 2.80
[PER-SHARE-DIVIDEND] 0.83
[PER-SHARE-DISTRIBUTIONS] (0.99)
[RETURNS-OF-CAPITAL] 34.74
[PER-SHARE-NAV-END] 13.26
[EXPENSE-RATIO] 1.56
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC
[SERIES]
[NUMBER] 2
[NAME] GOVERNMENT SECURITIES FUND - CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1995
[PERIOD-END] DEC-31-1995
[INVESTMENTS-AT-COST] 753,708,213
[INVESTMENTS-AT-VALUE] 779,307,991
[RECEIVABLES] 118,098,453
[ASSETS-OTHER] 340
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 897,406,787
[PAYABLE-FOR-SECURITIES] 152,765,525
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 133,163,872
[TOTAL-LIABILITIES] 285,929,397
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 804,536,758
[SHARES-COMMON-STOCK] 46,316,287
[SHARES-COMMON-PRIOR] 52,579,944
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] (945,370)
[ACCUMULATED-NET-GAINS] (217,713,779)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 25,599,781
[NET-ASSETS] 611,477,390
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 52,587,757
[OTHER-INCOME] (2,633,226)
[EXPENSES-NET] (6,994,878)
[NET-INVESTMENT-INCOME] 42,959,653
[REALIZED-GAINS-CURRENT] 12,784,089
[APPREC-INCREASE-CURRENT] 29,027,947
[NET-CHANGE-FROM-OPS] 84,771,689
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 33,440,120
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 695,391
[NUMBER-OF-SHARES-REDEEMED] 9,230,741
[SHARES-REINVESTED] 2,271,693
[NET-CHANGE-IN-ASSETS] (44,278,335)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 3,594,874
[INTEREST-EXPENSE] 2,633,226
[GROSS-EXPENSE] 6,994,878
[AVERAGE-NET-ASSETS] 485,008,754
[PER-SHARE-NAV-BEGIN] 9.17
[PER-SHARE-NII] 0.67
[PER-SHARE-GAIN-APPREC] 0.62
[PER-SHARE-DIVIDEND] (0.69)
[PER-SHARE-DISTRIBUTIONS] (0.69)
[RETURNS-OF-CAPITAL] 13.09
[PER-SHARE-NAV-END] 9.77
[EXPENSE-RATIO] 0.94
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC
[SERIES]
[NUMBER] 2
[NAME] GOVERNMENT SECURITIES FUND - CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1995
[PERIOD-END] DEC-31-1995
[INVESTMENTS-AT-COST] 753,708,213
[INVESTMENTS-AT-VALUE] 779,307,991
[RECEIVABLES] 118,098,453
[ASSETS-OTHER] 340
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 897,406,787
[PAYABLE-FOR-SECURITIES] 152,765,525
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 133,163,872
[TOTAL-LIABILITIES] 285,929,397
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 804,536,758
[SHARES-COMMON-STOCK] 16,115,757
[SHARES-COMMON-PRIOR] 18,824,589
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] (945,370)
[ACCUMULATED-NET-GAINS] (217,713,779)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 25,599,781
[NET-ASSETS] 611,477,390
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 52,587,757
[OTHER-INCOME] (2,633,226)
[EXPENSES-NET] (6,994,878)
[NET-INVESTMENT-INCOME] 42,959,653
[REALIZED-GAINS-CURRENT] 12,784,089
[APPREC-INCREASE-CURRENT] 29,027,947
[NET-CHANGE-FROM-OPS] 84,771,689
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 10,410,611
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1,925,940
[NUMBER-OF-SHARES-REDEEMED] 5,409,406
[SHARES-REINVESTED] 774,634
[NET-CHANGE-IN-ASSETS] (44,278,335)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 3,594,874
[INTEREST-EXPENSE] 2,633,226
[GROSS-EXPENSE] 6,994,878
[AVERAGE-NET-ASSETS] 167,773,547
[PER-SHARE-NAV-BEGIN] 9.17
[PER-SHARE-NII] 0.59
[PER-SHARE-GAIN-APPREC] 0.65
[PER-SHARE-DIVIDEND] (0.60)
[PER-SHARE-DISTRIBUTIONS] (0.60)
[RETURNS-OF-CAPITAL] 12.98
[PER-SHARE-NAV-END] 9.81
[EXPENSE-RATIO] 1.45
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC
[SERIES]
[NUMBER] 2
[NAME] GOVERNMENT SECURITIES FUND - CLASS C
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1995
[PERIOD-END] DEC-31-1995
[INVESTMENTS-AT-COST] 753,708,213
[INVESTMENTS-AT-VALUE] 779,307,991
[RECEIVABLES] 118,098,453
[ASSETS-OTHER] 340
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 897,406,787
[PAYABLE-FOR-SECURITIES] 152,765,525
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 133,163,872
[TOTAL-LIABILITIES] 285,929,397
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 804,536,758
[SHARES-COMMON-STOCK] 105,691
[SHARES-COMMON-PRIOR] 70,470
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] (945,370)
[ACCUMULATED-NET-GAINS] (217,713,779)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 25,599,781
[NET-ASSETS] 611,477,390
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 52,587,757
[OTHER-INCOME] (2,633,226)
[EXPENSES-NET] (6,994,878)
[NET-INVESTMENT-INCOME] 42,959,653
[REALIZED-GAINS-CURRENT] 12,784,089
[APPREC-INCREASE-CURRENT] 29,027,947
[NET-CHANGE-FROM-OPS] 84,771,689
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 54,292
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 62,023
[NUMBER-OF-SHARES-REDEEMED] 31,879
[SHARES-REINVESTED] 5,077
[NET-CHANGE-IN-ASSETS] (44,278,335)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 3,594,874
[INTEREST-EXPENSE] 2,633,226
[GROSS-EXPENSE] 6,994,878
[AVERAGE-NET-ASSETS] 831,255
[PER-SHARE-NAV-BEGIN] 9.17
[PER-SHARE-NII] 0.60
[PER-SHARE-GAIN-APPREC] 0.65
[PER-SHARE-DIVIDEND] (0.61)
[PER-SHARE-DISTRIBUTIONS] (0.61)
[RETURNS-OF-CAPITAL] 12.98
[PER-SHARE-NAV-END] 9.81
[EXPENSE-RATIO] 1.37
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC
[SERIES]
[NUMBER] 3
[NAME] GROWTH OPPORTUNITY FUND - CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1995
[PERIOD-END] DEC-31-1995
[INVESTMENTS-AT-COST] 83,136,349
[INVESTMENTS-AT-VALUE] 94,874,389
[RECEIVABLES] 559,466
[ASSETS-OTHER] 1,004
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 95,434,859
[PAYABLE-FOR-SECURITIES] 4,153,411
[SENIOR-LONG-TERM-DEBT] 416,404
[OTHER-ITEMS-LIABILITIES] 398,63752
[TOTAL-LIABILITIES] 4,968,452
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 78,949,609
[SHARES-COMMON-STOCK] 4,028,314
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 853,540
[OVERDISTRIBUTION-NII] 564
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 220,678
[ACCUM-APPREC-OR-DEPREC] 11,738,040
[NET-ASSETS] 90,466,407
[DIVIDEND-INCOME] 576,132
[INTEREST-INCOME] 275,508
[OTHER-INCOME] 0
[EXPENSES-NET] 772,850
[NET-INVESTMENT-INCOME] 80,689
[REALIZED-GAINS-CURRENT] 5,045,316
[APPREC-INCREASE-CURRENT] 5,383,267
[NET-CHANGE-FROM-OPS] 10,428,583
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 81,128
[DISTRIBUTIONS-OF-GAINS] 3,388,456
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 6,505,849
[NUMBER-OF-SHARES-REDEEMED] 992,400
[SHARES-REINVESTED] 3,469,509
[NET-CHANGE-IN-ASSETS] 0
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 390,902
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 772,851
[AVERAGE-NET-ASSETS] 50,537,027
[PER-SHARE-NAV-BEGIN] 13.36
[PER-SHARE-NII] 0.030
[PER-SHARE-GAIN-APPREC] 0
[PER-SHARE-DIVIDEND] 0.020
[PER-SHARE-DISTRIBUTIONS] 0.930
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 14.31
[EXPENSE-RATIO] 0.865
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC
[SERIES]
[NUMBER] 3
[NAME] GROWTH OPPORTUNITY FUND - CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1995
[PERIOD-END] DEC-31-1995
[INVESTMENTS-AT-COST] 83,136,349
[INVESTMENTS-AT-VALUE] 94,874,389
[RECEIVABLES] 559,466
[ASSETS-OTHER] 1,004
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 95,434,859
[PAYABLE-FOR-SECURITIES] 4,153,411
[SENIOR-LONG-TERM-DEBT] 416,404
[OTHER-ITEMS-LIABILITIES] 398,63752
[TOTAL-LIABILITIES] 4,968,452
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 78,949,609
[SHARES-COMMON-STOCK] 2,287,229
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 853,540
[OVERDISTRIBUTION-NII] 564
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 220,678
[ACCUM-APPREC-OR-DEPREC] 11,738,040
[NET-ASSETS] 90,466,407
[DIVIDEND-INCOME] 576,132
[INTEREST-INCOME] 275,508
[OTHER-INCOME] 0
[EXPENSES-NET] 772,850
[NET-INVESTMENT-INCOME] 80,689
[REALIZED-GAINS-CURRENT] 5,045,316
[APPREC-INCREASE-CURRENT] 5,383,267
[NET-CHANGE-FROM-OPS] 10,428,583
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 1,882,868
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 6,582,175
[NUMBER-OF-SHARES-REDEEMED] 262,477
[SHARES-REINVESTED] 1,882,868
[NET-CHANGE-IN-ASSETS] 0
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 390,902
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 772,851
[AVERAGE-NET-ASSETS] 27,108,349
[PER-SHARE-NAV-BEGIN] 13.36
[PER-SHARE-NII] (0.019)
[PER-SHARE-GAIN-APPREC] 0
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0.930
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 14.27
[EXPENSE-RATIO] 1.24
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC
[SERIES]
[NUMBER] 3
[NAME] GROWTH OPPORTUNITY FUND - CLASS C
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1995
[PERIOD-END] DEC-31-1995
[INVESTMENTS-AT-COST] 83,136,349
[INVESTMENTS-AT-VALUE] 94,874,389
[RECEIVABLES] 559,466
[ASSETS-OTHER] 1,004
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 95,434,859
[PAYABLE-FOR-SECURITIES] 4,153,411
[SENIOR-LONG-TERM-DEBT] 416,404
[OTHER-ITEMS-LIABILITIES] 398,63752
[TOTAL-LIABILITIES] 4,968,452
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 78,949,609
[SHARES-COMMON-STOCK] 6,160
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 853,540
[OVERDISTRIBUTION-NII] 564
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 220,678
[ACCUM-APPREC-OR-DEPREC] 11,738,040
[NET-ASSETS] 90,466,407
[DIVIDEND-INCOME] 576,132
[INTEREST-INCOME] 275,508
[OTHER-INCOME] 0
[EXPENSES-NET] 772,850
[NET-INVESTMENT-INCOME] 80,689
[REALIZED-GAINS-CURRENT] 5,045,316
[APPREC-INCREASE-CURRENT] 5,383,267
[NET-CHANGE-FROM-OPS] 10,428,583
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 81,128
[DISTRIBUTIONS-OF-GAINS] 941
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 85,251
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 941
[NET-CHANGE-IN-ASSETS] 0
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 390,902
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 221
[AVERAGE-NET-ASSETS] 24,143
[PER-SHARE-NAV-BEGIN] 14.05
[PER-SHARE-NII] 0.936
[PER-SHARE-GAIN-APPREC] 0
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0.930
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 14.29
[EXPENSE-RATIO] 0.916
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC
[SERIES]
[NUMBER] 4
[NAME] MANAGED GROWTH FUND - CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1995
[PERIOD-END] DEC-31-1995
[INVESTMENTS-AT-COST] 499,271,326
[INVESTMENTS-AT-VALUE] 512,328,778
[RECEIVABLES] 2,057,677
[ASSETS-OTHER] 198,348
[OTHER-ITEMS-ASSETS] 603
[TOTAL-ASSETS] 514,585,406
[PAYABLE-FOR-SECURITIES] 343,750
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1,185,113
[TOTAL-LIABILITIES] 1,528,863
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 510,860,398
[SHARES-COMMON-STOCK] 137,489
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 5,290,575
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 2,093,757
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 13,057,452
[NET-ASSETS] 513,056,543
[DIVIDEND-INCOME] 2,222,287
[INTEREST-INCOME] 7,084,425
[OTHER-INCOME] 0
[EXPENSES-NET] 4,016,137
[NET-INVESTMENT-INCOME] 5,290,575
[REALIZED-GAINS-CURRENT] (10,963,695)
[APPREC-INCREASE-CURRENT] 13,057,452
[NET-CHANGE-FROM-OPS] 7,384,332
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 2,031,634
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 13,774,175
[NUMBER-OF-SHARES-REDEEMED] (591,022)
[SHARES-REINVESTED] 162,519
[NET-CHANGE-IN-ASSETS] 513,056,543
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2,022,754
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 4,016,137
[AVERAGE-NET-ASSETS] 147,441,303
[PER-SHARE-NAV-BEGIN] 12.00
[PER-SHARE-NII] 0.16
[PER-SHARE-GAIN-APPREC] 0.02
[PER-SHARE-DIVIDEND] 0.154
[PER-SHARE-DISTRIBUTIONS] 0.15
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.03
[EXPENSE-RATIO] 1.19
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC
[SERIES]
[NUMBER] 4
[NAME] MANAGED GROWTH FUND - CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1995
[PERIOD-END] DEC-31-1995
[INVESTMENTS-AT-COST] 499,271,326
[INVESTMENTS-AT-VALUE] 512,328,778
[RECEIVABLES] 2,057,677
[ASSETS-OTHER] 198,348
[OTHER-ITEMS-ASSETS] 603
[TOTAL-ASSETS] 514,585,406
[PAYABLE-FOR-SECURITIES] 343,750
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1,185,113
[TOTAL-LIABILITIES] 1,528,863
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 510,860,398
[SHARES-COMMON-STOCK] 249,906
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 5,290,575
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 2,093,757
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 13,057,452
[NET-ASSETS] 513,056,543
[DIVIDEND-INCOME] 2,222,287
[INTEREST-INCOME] 7,084,425
[OTHER-INCOME] 0
[EXPENSES-NET] 4,016,137
[NET-INVESTMENT-INCOME] 5,290,575
[REALIZED-GAINS-CURRENT] (10,963,695)
[APPREC-INCREASE-CURRENT] 13,057,452
[NET-CHANGE-FROM-OPS] 7,384,332
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 2,697,566
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 25,291,425
[NUMBER-OF-SHARES-REDEEMED] (562,757)
[SHARES-REINVESTED] 219,534
[NET-CHANGE-IN-ASSETS] 513,056,543
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2,022,754
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 4,016,137
[AVERAGE-NET-ASSETS] 276,857,287
[PER-SHARE-NAV-BEGIN] 12.00
[PER-SHARE-NII] 0.11
[PER-SHARE-GAIN-APPREC] 0.02
[PER-SHARE-DIVIDEND] 0.109
[PER-SHARE-DISTRIBUTIONS] 0.11
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.02
[EXPENSE-RATIO] 1.94
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC
[SERIES]
[NUMBER] 4
[NAME] MANAGED GROWTH FUND - CLASS C
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1995
[PERIOD-END] DEC-31-1995
[INVESTMENTS-AT-COST] 499,271,326
[INVESTMENTS-AT-VALUE] 512,328,778
[RECEIVABLES] 2,057,677
[ASSETS-OTHER] 198,348
[OTHER-ITEMS-ASSETS] 603
[TOTAL-ASSETS] 514,585,406
[PAYABLE-FOR-SECURITIES] 343,750
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1,185,113
[TOTAL-LIABILITIES] 1,528,863
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 510,860,398
[SHARES-COMMON-STOCK] 35,361
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 5,290,575
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 2,093,757
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 13,057,452
[NET-ASSETS] 513,056,543
[DIVIDEND-INCOME] 2,222,287
[INTEREST-INCOME] 7,084,425
[OTHER-INCOME] 0
[EXPENSES-NET] 4,016,137
[NET-INVESTMENT-INCOME] 5,290,575
[REALIZED-GAINS-CURRENT] (10,963,695)
[APPREC-INCREASE-CURRENT] 13,057,452
[NET-CHANGE-FROM-OPS] 7,384,332
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 381,955
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 3,667,471
[NUMBER-OF-SHARES-REDEEMED] (162,481)
[SHARES-REINVESTED] 31,113
[NET-CHANGE-IN-ASSETS] 513,056,543
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2,022,754
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 4,016,137
[AVERAGE-NET-ASSETS] 38,496,020
[PER-SHARE-NAV-BEGIN] 12.00
[PER-SHARE-NII] 0.11
[PER-SHARE-GAIN-APPREC] 0.03
[PER-SHARE-DIVIDEND] 0.109
[PER-SHARE-DISTRIBUTIONS] 0.11
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.03
[EXPENSE-RATIO] 1.91
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC
[SERIES]
[NUMBER] 4
[NAME] MANAGED GROWTH FUND - CLASS Z
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1995
[PERIOD-END] DEC-31-1995
[INVESTMENTS-AT-COST] 499,271,326
[INVESTMENTS-AT-VALUE] 512,328,778
[RECEIVABLES] 2,057,677
[ASSETS-OTHER] 198,348
[OTHER-ITEMS-ASSETS] 603
[TOTAL-ASSETS] 514,585,406
[PAYABLE-FOR-SECURITIES] 343,750
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1,185,113
[TOTAL-LIABILITIES] 1,528,863
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 510,860,398
[SHARES-COMMON-STOCK] 8,345
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 5,290,575
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 2,093,757
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 13,057,452
[NET-ASSETS] 513,056,543
[DIVIDEND-INCOME] 2,222,287
[INTEREST-INCOME] 7,084,425
[OTHER-INCOME] 0
[EXPENSES-NET] 4,016,137
[NET-INVESTMENT-INCOME] 5,290,575
[REALIZED-GAINS-CURRENT] (10,963,695)
[APPREC-INCREASE-CURRENT] 13,057,452
[NET-CHANGE-FROM-OPS] 7,384,332
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 119,697
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 824,984
[NUMBER-OF-SHARES-REDEEMED] (407)
[SHARES-REINVESTED] 9,950
[NET-CHANGE-IN-ASSETS] 513,056,543
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2,022,754
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 4,016,137
[AVERAGE-NET-ASSETS] 6,710,980
[PER-SHARE-NAV-BEGIN] 11.83
[PER-SHARE-NII] 0.04
[PER-SHARE-GAIN-APPREC] 0.32
[PER-SHARE-DIVIDEND] 0.162
[PER-SHARE-DISTRIBUTIONS] 0.16
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.03
[EXPENSE-RATIO] 0.90
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC
[SERIES]
[NUMBER] 5
[NAME] SPECIAL EQUITIES FUND - CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1995
[PERIOD-END] DEC-31-1995
[INVESTMENTS-AT-COST] 214,266,567
[INVESTMENTS-AT-VALUE] 344,191,875
[RECEIVABLES] 5,329,469
[ASSETS-OTHER] 1,067
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 349,522,411
[PAYABLE-FOR-SECURITIES] 2,871,875
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1,472,331
[TOTAL-LIABILITIES] 4,344,206
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 209,932,095
[SHARES-COMMON-STOCK] 5,234,499
[SHARES-COMMON-PRIOR] 5,289,999
[ACCUMULATED-NII-CURRENT] (3,195,629)
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 119,990,242
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 129,925,308
[NET-ASSETS] 345,178,205
[DIVIDEND-INCOME] 165,805
[INTEREST-INCOME] 810,146
[OTHER-INCOME] 0
[EXPENSES-NET] 4,171,580
[NET-INVESTMENT-INCOME] (3,195,629)
[REALIZED-GAINS-CURRENT] 21,960,199
[APPREC-INCREASE-CURRENT] 98,030,043
[NET-CHANGE-FROM-OPS] 116,794,613
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 3,547,480
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 6,906,656
[NUMBER-OF-SHARES-REDEEMED] 7,078,890
[SHARES-REINVESTED] 116,734
[NET-CHANGE-IN-ASSETS] 148,677,575
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 5,309,326
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1,276,355
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 4,717,580
[AVERAGE-NET-ASSETS] 114,764,111
[PER-SHARE-NAV-BEGIN] 19.10
[PER-SHARE-NII] (0.27)
[PER-SHARE-GAIN-APPREC] 12.37
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0.76
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 30.44
[EXPENSE-RATIO] 1.43
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC
[SERIES]
[NUMBER] 5
[NAME] SPECIAL EQUITIES FUND - CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1995
[PERIOD-END] DEC-31-1995
[INVESTMENTS-AT-COST] 214,266,567
[INVESTMENTS-AT-VALUE] 344,191,875
[RECEIVABLES] 5,329,469
[ASSETS-OTHER] 1,067
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 349,522,411
[PAYABLE-FOR-SECURITIES] 2,871,875
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1,472,331
[TOTAL-LIABILITIES] 4,344,206
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 209,932,095
[SHARES-COMMON-STOCK] 5,748,436
[SHARES-COMMON-PRIOR] 4,989,720
[ACCUMULATED-NII-CURRENT] (3,195,629)
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 119,990,242
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 129,925,308
[NET-ASSETS] 345,178,205
[DIVIDEND-INCOME] 165,805
[INTEREST-INCOME] 810,146
[OTHER-INCOME] 0
[EXPENSES-NET] 4,171,580
[NET-INVESTMENT-INCOME] (3,195,629)
[REALIZED-GAINS-CURRENT] 21,960,199
[APPREC-INCREASE-CURRENT] 98,030,043
[NET-CHANGE-FROM-OPS] 116,794,613
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 3,804,329
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 2,715,135
[NUMBER-OF-SHARES-REDEEMED] 2,085,066
[SHARES-REINVESTED] 128,647
[NET-CHANGE-IN-ASSETS] 148,677,575
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 5,309,326
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1,276,355
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 4,717,580
[AVERAGE-NET-ASSETS] 113,591,098
[PER-SHARE-NAV-BEGIN] 18.82
[PER-SHARE-NII] (0.37)
[PER-SHARE-GAIN-APPREC] 12.07
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0.76
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 29.76
[EXPENSE-RATIO] 2.04
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC
[SERIES]
[NUMBER] 5
[NAME] SPECIAL EQUITIES FUND - CLASS C
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1995
[PERIOD-END] DEC-31-1995
[INVESTMENTS-AT-COST] 214,266,567
[INVESTMENTS-AT-VALUE] 344,191,875
[RECEIVABLES] 5,329,469
[ASSETS-OTHER] 1,067
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 349,522,411
[PAYABLE-FOR-SECURITIES] 2,871,875
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1,472,331
[TOTAL-LIABILITIES] 4,344,206
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 209,932,095
[SHARES-COMMON-STOCK] 316,409
[SHARES-COMMON-PRIOR] 81,175
[ACCUMULATED-NII-CURRENT] (3,195,629)
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 119,990,242
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 129,925,308
[NET-ASSETS] 345,178,205
[DIVIDEND-INCOME] 165,805
[INTEREST-INCOME] 810,146
[OTHER-INCOME] 0
[EXPENSES-NET] 4,171,580
[NET-INVESTMENT-INCOME] (3,195,629)
[REALIZED-GAINS-CURRENT] 21,960,199
[APPREC-INCREASE-CURRENT] 98,030,043
[NET-CHANGE-FROM-OPS] 116,794,613
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 153,441
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 296,498
[NUMBER-OF-SHARES-REDEEMED] 66,546
[SHARES-REINVESTED] 5,282
[NET-CHANGE-IN-ASSETS] 148,677,575
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 5,309,326
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1,276,355
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 4,717,580
[AVERAGE-NET-ASSETS] 3,470,206
[PER-SHARE-NAV-BEGIN] 18.82
[PER-SHARE-NII] (0.42)
[PER-SHARE-GAIN-APPREC] 12.13
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0.76
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 29.77
[EXPENSE-RATIO] 2.25
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC
[SERIES]
[NUMBER] 5
[NAME] SPECIAL EQUITIES FUND - CLASS Z
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1995
[PERIOD-END] DEC-31-1995
[INVESTMENTS-AT-COST] 214,266,567
[INVESTMENTS-AT-VALUE] 344,191,875
[RECEIVABLES] 5,329,469
[ASSETS-OTHER] 1,067
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 349,522,411
[PAYABLE-FOR-SECURITIES] 2,871,875
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1,472,331
[TOTAL-LIABILITIES] 4,344,206
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 209,932,095
[SHARES-COMMON-STOCK] 176,117
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] (3,195,629)
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 119,990,242
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 129,925,308
[NET-ASSETS] 345,178,205
[DIVIDEND-INCOME] 165,805
[INTEREST-INCOME] 810,146
[OTHER-INCOME] 0
[EXPENSES-NET] 4,171,580
[NET-INVESTMENT-INCOME] (3,195,629)
[REALIZED-GAINS-CURRENT] 21,960,199
[APPREC-INCREASE-CURRENT] 98,030,043
[NET-CHANGE-FROM-OPS] 116,794,613
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 87,560
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 173,310
[NUMBER-OF-SHARES-REDEEMED] 179
[SHARES-REINVESTED] 2,986
[NET-CHANGE-IN-ASSETS] 148,677,575
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 5,309,326
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1,276,355
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 4,717,580
[AVERAGE-NET-ASSETS] 3,588,695
[PER-SHARE-NAV-BEGIN] 26.49
[PER-SHARE-NII] (0.06)
[PER-SHARE-GAIN-APPREC] 4.79
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0.76
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 30.46
[EXPENSE-RATIO] 1.10
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
