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<PAGE> PAGE 2
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
048 K020500 0.000
049 000500 N
050 000500 N
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052 000500 N
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066 B000500 Y
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068 A000500 N
068 B000500 N
069 000500 N
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070 A020500 Y
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070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
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070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
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070 I020500 N
070 J010500 Y
070 J020500 N
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<PAGE> PAGE 24
070 K020500 N
070 L010500 Y
070 L020500 N
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<PAGE> PAGE 25
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SIGNATURE THOMAS M REYNOLDS
TITLE CONTROLLER
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUND INC.
[SERIES]
[NUMBER] 3
[NAME] GROWTH OPPORTUNITIES PORTFOLIO CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 101,484,292
[INVESTMENTS-AT-VALUE] 108,849,504
[RECEIVABLES] 536,306
[ASSETS-OTHER] 269,891
[OTHER-ITEMS-ASSETS] 770
[TOTAL-ASSETS] 109,656,471
[PAYABLE-FOR-SECURITIES] 104,965
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 322,271
[TOTAL-LIABILITIES] 427,236
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 90,307,373
[SHARES-COMMON-STOCK] 4,424,810
[SHARES-COMMON-PRIOR] 4,032,164
[ACCUMULATED-NII-CURRENT] 163,704
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 11,392,946
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 7,365,212
[NET-ASSETS] 109,229,235
[DIVIDEND-INCOME] 876,544
[INTEREST-INCOME] 250,679
[OTHER-INCOME] 0
[EXPENSES-NET] 962,955
[NET-INVESTMENT-INCOME] 164,268
[REALIZED-GAINS-CURRENT] 11,613,624
[APPREC-INCREASE-CURRENT] (4,372,828)
[NET-CHANGE-FROM-OPS] 7,405,064
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 7,289,727
[NUMBER-OF-SHARES-REDEEMED] 1,525,682
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 7,405,064
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] (564)
[OVERDIST-NET-GAINS-PRIOR] (220,678)
[GROSS-ADVISORY-FEES] 503,709
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 962,955
[AVERAGE-NET-ASSETS] 63,715,491
[PER-SHARE-NAV-BEGIN] 14.31
[PER-SHARE-NII] 00.04
[PER-SHARE-GAIN-APPREC] 01.06
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 15.41
[EXPENSE-RATIO] 02.70
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUND INC.
[SERIES]
[NUMBER] 3
[NAME] GROWTH OPPORTUNITIES PORTFOLIO CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 101,484,292
[INVESTMENTS-AT-VALUE] 108,849,504
[RECEIVABLES] 536,306
[ASSETS-OTHER] 269,891
[OTHER-ITEMS-ASSETS] 770
[TOTAL-ASSETS] 109,656,471
[PAYABLE-FOR-SECURITIES] 104,965
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 322,271
[TOTAL-LIABILITIES] 427,236
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 90,307,373
[SHARES-COMMON-STOCK] 2,659,245
[SHARES-COMMON-PRIOR] 2,290,346
[ACCUMULATED-NII-CURRENT] 163,704
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 11,392,946
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 7,365,212
[NET-ASSETS] 109,229,235
[DIVIDEND-INCOME] 876,544
[INTEREST-INCOME] 250,679
[OTHER-INCOME] 0
[EXPENSES-NET] 962,955
[NET-INVESTMENT-INCOME] 164,268
[REALIZED-GAINS-CURRENT] 11,613,624
[APPREC-INCREASE-CURRENT] (4,372,828)
[NET-CHANGE-FROM-OPS] 7,405,064
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 6,389,127
[NUMBER-OF-SHARES-REDEEMED] 991,792
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 7,405,064
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] (564)
[OVERDIST-NET-GAINS-PRIOR] (220,678)
[GROSS-ADVISORY-FEES] 503,709
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 962,955
[AVERAGE-NET-ASSETS] 37,462,677
[PER-SHARE-NAV-BEGIN] 14.27
[PER-SHARE-NII] (0.01)
[PER-SHARE-GAIN-APPREC] 01.06
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 15.32
[EXPENSE-RATIO] 03.34
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUND INC.
[SERIES]
[NUMBER] 3
[NAME] GROWTH OPPORTUNITIES PORTFOLIO CLASS C
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 101,484,292
[INVESTMENTS-AT-VALUE] 108,849,504
[RECEIVABLES] 536,306
[ASSETS-OTHER] 269,891
[OTHER-ITEMS-ASSETS] 770
[TOTAL-ASSETS] 109,656,471
[PAYABLE-FOR-SECURITIES] 104,965
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 322,271
[TOTAL-LIABILITIES] 427,236
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 90,307,373
[SHARES-COMMON-STOCK] 19,369
[SHARES-COMMON-PRIOR] 6,160
[ACCUMULATED-NII-CURRENT] 163,704
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 11,392,946
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 7,365,212
[NET-ASSETS] 109,229,235
[DIVIDEND-INCOME] 876,544
[INTEREST-INCOME] 250,679
[OTHER-INCOME] 0
[EXPENSES-NET] 962,955
[NET-INVESTMENT-INCOME] 164,268
[REALIZED-GAINS-CURRENT] 11,613,624
[APPREC-INCREASE-CURRENT] (4,372,828)
[NET-CHANGE-FROM-OPS] 7,405,064
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 209,856
[NUMBER-OF-SHARES-REDEEMED] 13,472
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 7,405,064
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] (564)
[OVERDIST-NET-GAINS-PRIOR] (220,678)
[GROSS-ADVISORY-FEES] 503,709
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 962,955
[AVERAGE-NET-ASSETS] 218,128
[PER-SHARE-NAV-BEGIN] 14.29
[PER-SHARE-NII] (0.01)
[PER-SHARE-GAIN-APPREC] 01.07
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 15.35
[EXPENSE-RATIO] 01.40
[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] 1
[NAME] GRADE BOND PORTFOLIO CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 465,310,770
[INVESTMENTS-AT-VALUE] 469,081,958
[RECEIVABLES] 489,525
[ASSETS-OTHER] 9,460,738
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 479,032,221
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 3,174,614
[TOTAL-LIABILITIES] 3,174,614
[SENIOR-EQUITY] 400,927
[PAID-IN-CAPITAL-COMMON] 474,205,331
[SHARES-COMMON-STOCK] 17,142,048
[SHARES-COMMON-PRIOR] 17,084,579
[ACCUMULATED-NII-CURRENT] 15,265,045
[OVERDISTRIBUTION-NII] 2,159,670
[ACCUMULATED-NET-GAINS] (360,169)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 3,771,188
[NET-ASSETS] 475,857,188
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 18,460,512
[OTHER-INCOME] 0
[EXPENSES-NET] 3,195,467
[NET-INVESTMENT-INCOME] 15,265,045
[REALIZED-GAINS-CURRENT] 1,300,705
[APPREC-INCREASE-CURRENT] (56,340,793)
[NET-CHANGE-FROM-OPS] (39,775,043)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 6,963,524
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1,379,150
[NUMBER-OF-SHARES-REDEEMED] 1,745,299
[SHARES-REINVESTED] 423,618
[NET-CHANGE-IN-ASSETS] 947,164
[ACCUMULATED-NII-PRIOR] 30,379,334
[ACCUMULATED-GAINS-PRIOR] 5,326,832
[OVERDISTRIB-NII-PRIOR] 2,108,093
[OVERDIST-NET-GAINS-PRIOR] 6,128,106
[GROSS-ADVISORY-FEES] 1,097,872
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1,097,872
[AVERAGE-NET-ASSETS] 210,467,519
[PER-SHARE-NAV-BEGIN] 13.25
[PER-SHARE-NII] 00.40
[PER-SHARE-GAIN-APPREC] (01.38)
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 00.40
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 11.87
[EXPENSE-RATIO] 01.05
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
[NUMBER] 1
[NAME] GRADE BOND PORTFOLIO CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 465,310,770
[INVESTMENTS-AT-VALUE] 469,081,958
[RECEIVABLES] 489,525
[ASSETS-OTHER] 9,460,738
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 479,032,221
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 3,174,614
[TOTAL-LIABILITIES] 3,174,614
[SENIOR-EQUITY] 400,927
[PAID-IN-CAPITAL-COMMON] 474,205,331
[SHARES-COMMON-STOCK] 21,772,370
[SHARES-COMMON-PRIOR] 21,776,728
[ACCUMULATED-NII-CURRENT] 15,265,045
[OVERDISTRIBUTION-NII] 2,159,670
[ACCUMULATED-NET-GAINS] (360,169)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 3,771,188
[NET-ASSETS] 475,857,188
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 18,460,512
[OTHER-INCOME] 0
[EXPENSES-NET] 3,195,467
[NET-INVESTMENT-INCOME] 15,265,045
[REALIZED-GAINS-CURRENT] 1,300,705
[APPREC-INCREASE-CURRENT] (56,340,793)
[NET-CHANGE-FROM-OPS] (39,775,043)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 8,083,100
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 2,679,832
[NUMBER-OF-SHARES-REDEEMED] 3,121,093
[SHARES-REINVESTED] 436,903
[NET-CHANGE-IN-ASSETS] 947,164
[ACCUMULATED-NII-PRIOR] 30,379,334
[ACCUMULATED-GAINS-PRIOR] 5,326,832
[OVERDISTRIB-NII-PRIOR] 2,108,093
[OVERDIST-NET-GAINS-PRIOR] 6,128,106
[GROSS-ADVISORY-FEES] 1,097,872
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1,097,872
[AVERAGE-NET-ASSETS] 265,565,489
[PER-SHARE-NAV-BEGIN] 13.25
[PER-SHARE-NII] 00.37
[PER-SHARE-GAIN-APPREC] (01.38)
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 00.37
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 11.87
[EXPENSE-RATIO] 01.55
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
[NUMBER] 1
[NAME] GRADE BOND PORTFOLIO CLASS C
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 465,310,770
[INVESTMENTS-AT-VALUE] 469,081,958
[RECEIVABLES] 489,525
[ASSETS-OTHER] 9,460,738
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 479,032,221
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 3,174,614
[TOTAL-LIABILITIES] 3,174,614
[SENIOR-EQUITY] 400,927
[PAID-IN-CAPITAL-COMMON] 474,205,331
[SHARES-COMMON-STOCK] 499,173
[SHARES-COMMON-PRIOR] 284,247
[ACCUMULATED-NII-CURRENT] 15,265,045
[OVERDISTRIBUTION-NII] 2,159,670
[ACCUMULATED-NET-GAINS] (360,169)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 3,771,188
[NET-ASSETS] 475,857,188
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 18,460,512
[OTHER-INCOME] 0
[EXPENSES-NET] 3,195,467
[NET-INVESTMENT-INCOME] 15,265,045
[REALIZED-GAINS-CURRENT] 1,300,705
[APPREC-INCREASE-CURRENT] (56,340,793)
[NET-CHANGE-FROM-OPS] (39,775,043)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 155,026
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 251,666
[NUMBER-OF-SHARES-REDEEMED] 45,273
[SHARES-REINVESTED] 8,533
[NET-CHANGE-IN-ASSETS] 947,164
[ACCUMULATED-NII-PRIOR] 30,379,334
[ACCUMULATED-GAINS-PRIOR] 5,326,832
[OVERDISTRIB-NII-PRIOR] 2,108,093
[OVERDIST-NET-GAINS-PRIOR] 6,128,106
[GROSS-ADVISORY-FEES] 1,097,872
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1,097,872
[AVERAGE-NET-ASSETS] 4,904,176
[PER-SHARE-NAV-BEGIN] 13.26
[PER-SHARE-NII] 00.36
[PER-SHARE-GAIN-APPREC] (01.37)
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 00.37
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 11.88
[EXPENSE-RATIO] 01.47
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
[NUMBER] 1
[NAME] GRADE BOND PORTFOLIO CLASS Y
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 465,310,770
[INVESTMENTS-AT-VALUE] 469,081,958
[RECEIVABLES] 489,525
[ASSETS-OTHER] 9,460,738
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 479,032,221
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 3,174,614
[TOTAL-LIABILITIES] 3,174,614
[SENIOR-EQUITY] 400,927
[PAID-IN-CAPITAL-COMMON] 474,205,331
[SHARES-COMMON-STOCK] 679,127
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 15,265,045
[OVERDISTRIBUTION-NII] 2,159,670
[ACCUMULATED-NET-GAINS] (360,169)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 3,771,188
[NET-ASSETS] 475,857,188
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 18,460,512
[OTHER-INCOME] 0
[EXPENSES-NET] 3,195,467
[NET-INVESTMENT-INCOME] 15,265,045
[REALIZED-GAINS-CURRENT] 1,300,705
[APPREC-INCREASE-CURRENT] (56,340,793)
[NET-CHANGE-FROM-OPS] (39,775,043)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 114,973
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 679,128
[NUMBER-OF-SHARES-REDEEMED] 1
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 947,164
[ACCUMULATED-NII-PRIOR] 30,379,334
[ACCUMULATED-GAINS-PRIOR] 5,326,832
[OVERDISTRIB-NII-PRIOR] 2,108,093
[OVERDIST-NET-GAINS-PRIOR] 6,128,106
[GROSS-ADVISORY-FEES] 1,097,872
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1,097,872
[AVERAGE-NET-ASSETS] 3,317,212
[PER-SHARE-NAV-BEGIN] 13.03
[PER-SHARE-NII] 00.30
[PER-SHARE-GAIN-APPREC] (01.11)
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 00.35
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 11.87
[EXPENSE-RATIO] 00.71
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUND INC.
[SERIES]
[NUMBER] 4
[NAME] MANAGED GROWTH CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 728,350,310
[INVESTMENTS-AT-VALUE] 754,043,699
[RECEIVABLES] 4,330,969
[ASSETS-OTHER] 299,407
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 758,674,075
[PAYABLE-FOR-SECURITIES] 6,076,372
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 724,817
[TOTAL-LIABILITIES] 6,801,189
[SENIOR-EQUITY] 57,555
[PAID-IN-CAPITAL-COMMON] 699,645,283
[SHARES-COMMON-STOCK] 16,038,771
[SHARES-COMMON-PRIOR] 13,345,672
[ACCUMULATED-NII-CURRENT] 1,847,564
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 24,629,095
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 25,693,389
[NET-ASSETS] 751,872,886
[DIVIDEND-INCOME] 3,625,660
[INTEREST-INCOME] 3,699,795
[OTHER-INCOME] 0
[EXPENSES-NET] 5,537,614
[NET-INVESTMENT-INCOME] 1,787,841
[REALIZED-GAINS-CURRENT] 35,592,790
[APPREC-INCREASE-CURRENT] 12,635,937
[NET-CHANGE-FROM-OPS] 50,016,568
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 3,923,564
[NUMBER-OF-SHARES-REDEEMED] 1,230,465
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 238,816,343
[ACCUMULATED-NII-PRIOR] 59,723
[ACCUMULATED-GAINS-PRIOR] (10,963,695)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2,711,342
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 5,537,614
[AVERAGE-NET-ASSETS] 189,904,961
[PER-SHARE-NAV-BEGIN] 12.03
[PER-SHARE-NII] 00.07
[PER-SHARE-GAIN-APPREC] 01.00
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.10
[EXPENSE-RATIO] 01.23
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUND INC.
[SERIES]
[NUMBER] 4
[NAME] MANAGED GROWTH CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 728,350,310
[INVESTMENTS-AT-VALUE] 754,043,699
[RECEIVABLES] 4,330,969
[ASSETS-OTHER] 299,407
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 758,674,075
[PAYABLE-FOR-SECURITIES] 6,076,372
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 724,817
[TOTAL-LIABILITIES] 6,801,189
[SENIOR-EQUITY] 57,555
[PAID-IN-CAPITAL-COMMON] 699,645,283
[SHARES-COMMON-STOCK] 33,482,652
[SHARES-COMMON-PRIOR] 24,948,202
[ACCUMULATED-NII-CURRENT] 1,847,564
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 24,629,095
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 25,693,389
[NET-ASSETS] 751,872,886
[DIVIDEND-INCOME] 3,625,660
[INTEREST-INCOME] 3,699,795
[OTHER-INCOME] 0
[EXPENSES-NET] 5,537,614
[NET-INVESTMENT-INCOME] 1,787,841
[REALIZED-GAINS-CURRENT] 35,592,790
[APPREC-INCREASE-CURRENT] 12,635,937
[NET-CHANGE-FROM-OPS] 50,016,568
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 9,547,411
[NUMBER-OF-SHARES-REDEEMED] 1,012,961
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 238,816,343
[ACCUMULATED-NII-PRIOR] 59,723
[ACCUMULATED-GAINS-PRIOR] (10,963,695)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2,711,342
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 5,537,614
[AVERAGE-NET-ASSETS] 375,696,682
[PER-SHARE-NAV-BEGIN] 12.02
[PER-SHARE-NII] 00.02
[PER-SHARE-GAIN-APPREC] 01.01
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.05
[EXPENSE-RATIO] 02.00
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUND INC.
[SERIES]
[NUMBER] 4
[NAME] MANAGED GROWTH CLASS C
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 728,350,310
[INVESTMENTS-AT-VALUE] 754,043,699
[RECEIVABLES] 4,330,969
[ASSETS-OTHER] 299,407
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 758,674,075
[PAYABLE-FOR-SECURITIES] 6,076,372
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 724,817
[TOTAL-LIABILITIES] 6,801,189
[SENIOR-EQUITY] 57,555
[PAID-IN-CAPITAL-COMMON] 699,645,283
[SHARES-COMMON-STOCK] 4,554,216
[SHARES-COMMON-PRIOR] 3,536,103
[ACCUMULATED-NII-CURRENT] 1,847,564
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 24,629,095
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 25,693,389
[NET-ASSETS] 751,872,886
[DIVIDEND-INCOME] 3,625,660
[INTEREST-INCOME] 3,699,795
[OTHER-INCOME] 0
[EXPENSES-NET] 5,537,614
[NET-INVESTMENT-INCOME] 1,787,841
[REALIZED-GAINS-CURRENT] 35,592,790
[APPREC-INCREASE-CURRENT] 12,635,937
[NET-CHANGE-FROM-OPS] 50,016,568
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1,204,714
[NUMBER-OF-SHARES-REDEEMED] 186,601
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 238,816,343
[ACCUMULATED-NII-PRIOR] 59,723
[ACCUMULATED-GAINS-PRIOR] (10,963,695)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2,711,342
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 5,537,614
[AVERAGE-NET-ASSETS] 53,219,299
[PER-SHARE-NAV-BEGIN] 12.03
[PER-SHARE-NII] 00.02
[PER-SHARE-GAIN-APPREC] 01.00
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.05
[EXPENSE-RATIO] 02.01
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUND INC.
[SERIES]
[NUMBER] 4
[NAME] MANAGED GROWTH CLASS Y
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 728,350,310
[INVESTMENTS-AT-VALUE] 754,043,699
[RECEIVABLES] 4,330,969
[ASSETS-OTHER] 299,407
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 758,674,075
[PAYABLE-FOR-SECURITIES] 6,076,372
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 724,817
[TOTAL-LIABILITIES] 6,801,189
[SENIOR-EQUITY] 57,555
[PAID-IN-CAPITAL-COMMON] 699,645,283
[SHARES-COMMON-STOCK] 2,193,809
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 1,847,564
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 24,629,095
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 25,693,389
[NET-ASSETS] 751,872,886
[DIVIDEND-INCOME] 3,625,660
[INTEREST-INCOME] 3,699,795
[OTHER-INCOME] 0
[EXPENSES-NET] 5,537,614
[NET-INVESTMENT-INCOME] 1,787,841
[REALIZED-GAINS-CURRENT] 35,592,790
[APPREC-INCREASE-CURRENT] 12,635,937
[NET-CHANGE-FROM-OPS] 50,016,568
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 2,193,810
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 238,816,343
[ACCUMULATED-NII-PRIOR] 59,723
[ACCUMULATED-GAINS-PRIOR] (10,963,695)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2,711,342
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 5,537,614
[AVERAGE-NET-ASSETS] 12,065,801
[PER-SHARE-NAV-BEGIN] 12.11
[PER-SHARE-NII] 00.07
[PER-SHARE-GAIN-APPREC] 00.94
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.12
[EXPENSE-RATIO] 00.92
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUND INC.
[SERIES]
[NUMBER] 4
[NAME] MANAGED GROWTH CLASS Z
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 728,350,310
[INVESTMENTS-AT-VALUE] 754,043,699
[RECEIVABLES] 4,330,969
[ASSETS-OTHER] 299,407
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 758,674,075
[PAYABLE-FOR-SECURITIES] 6,076,372
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 724,817
[TOTAL-LIABILITIES] 6,801,189
[SENIOR-EQUITY] 57,555
[PAID-IN-CAPITAL-COMMON] 699,645,283
[SHARES-COMMON-STOCK] 1,285,258
[SHARES-COMMON-PRIOR] 834,527
[ACCUMULATED-NII-CURRENT] 1,847,564
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 24,629,095
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 25,693,389
[NET-ASSETS] 751,872,886
[DIVIDEND-INCOME] 3,625,660
[INTEREST-INCOME] 3,699,795
[OTHER-INCOME] 0
[EXPENSES-NET] 5,537,614
[NET-INVESTMENT-INCOME] 1,787,841
[REALIZED-GAINS-CURRENT] 35,592,790
[APPREC-INCREASE-CURRENT] 12,635,937
[NET-CHANGE-FROM-OPS] 50,016,568
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 465,091
[NUMBER-OF-SHARES-REDEEMED] 14,360
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 238,816,343
[ACCUMULATED-NII-PRIOR] 59,723
[ACCUMULATED-GAINS-PRIOR] (10,963,695)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2,711,342
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 5,537,614
[AVERAGE-NET-ASSETS] 13,610,404
[PER-SHARE-NAV-BEGIN] 12.03
[PER-SHARE-NII] 00.09
[PER-SHARE-GAIN-APPREC] 01.00
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.12
[EXPENSE-RATIO] 00.92
[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 CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 453,883,897
[INVESTMENTS-AT-VALUE] 600,065,356
[RECEIVABLES] 4,177,726
[ASSETS-OTHER] 963
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 604,244,045
[PAYABLE-FOR-SECURITIES] 532,000
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 687,897
[TOTAL-LIABILITIES] 1,219,897
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 438,207,630
[SHARES-COMMON-STOCK] 6,850,155
[SHARES-COMMON-PRIOR] 5,234,499
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] (2,027,394)
[ACCUMULATED-NET-GAINS] 20,662,453
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 146,181,459
[NET-ASSETS] 603,024,148
[DIVIDEND-INCOME] 97,375
[INTEREST-INCOME] 1,456,660
[OTHER-INCOME] 0
[EXPENSES-NET] 3,581,429
[NET-INVESTMENT-INCOME] (2,027,394)
[REALIZED-GAINS-CURRENT] 15,353,127
[APPREC-INCREASE-CURRENT] 16,256,151
[NET-CHANGE-FROM-OPS] 29,581,884
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 4,604,217
[NUMBER-OF-SHARES-REDEEMED] 2,988,561
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 257,845,943
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 5,309,326
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1,272,539
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 3,581,426
[AVERAGE-NET-ASSETS] 186,289,162
[PER-SHARE-NAV-BEGIN] 30.44
[PER-SHARE-NII] (0.08)
[PER-SHARE-GAIN-APPREC] 02.53
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 32.89
[EXPENSE-RATIO] 01.15
[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 CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 453,883,897
[INVESTMENTS-AT-VALUE] 600,065,356
[RECEIVABLES] 4,177,726
[ASSETS-OTHER] 963
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 604,244,045
[PAYABLE-FOR-SECURITIES] 532,000
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 687,897
[TOTAL-LIABILITIES] 1,219,897
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 438,207,630
[SHARES-COMMON-STOCK] 9,274,894
[SHARES-COMMON-PRIOR] 5,748,436
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] (2,027,394)
[ACCUMULATED-NET-GAINS] 20,662,453
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 146,181,459
[NET-ASSETS] 603,024,148
[DIVIDEND-INCOME] 97,375
[INTEREST-INCOME] 1,456,660
[OTHER-INCOME] 0
[EXPENSES-NET] 3,581,429
[NET-INVESTMENT-INCOME] (2,027,394)
[REALIZED-GAINS-CURRENT] 15,353,127
[APPREC-INCREASE-CURRENT] 16,256,151
[NET-CHANGE-FROM-OPS] 29,581,884
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 4,390,568
[NUMBER-OF-SHARES-REDEEMED] 864,110
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 257,845,943
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 5,309,326
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1,272,539
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 3,581,426
[AVERAGE-NET-ASSETS] 221,302,237
[PER-SHARE-NAV-BEGIN] 29.76
[PER-SHARE-NII] (00.19)
[PER-SHARE-GAIN-APPREC] 02.47
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 32.04
[EXPENSE-RATIO] 01.94
[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 CLASS C
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 453,883,897
[INVESTMENTS-AT-VALUE] 600,065,356
[RECEIVABLES] 4,177,726
[ASSETS-OTHER] 963
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 604,244,045
[PAYABLE-FOR-SECURITIES] 532,000
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 687,897
[TOTAL-LIABILITIES] 1,219,897
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 438,207,630
[SHARES-COMMON-STOCK] 830,244
[SHARES-COMMON-PRIOR] 316,409
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] (2,027,394)
[ACCUMULATED-NET-GAINS] 20,662,453
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 146,181,459
[NET-ASSETS] 603,024,148
[DIVIDEND-INCOME] 97,375
[INTEREST-INCOME] 1,456,660
[OTHER-INCOME] 0
[EXPENSES-NET] 3,581,429
[NET-INVESTMENT-INCOME] (2,027,394)
[REALIZED-GAINS-CURRENT] 15,353,127
[APPREC-INCREASE-CURRENT] 16,256,151
[NET-CHANGE-FROM-OPS] 29,581,884
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 589,155
[NUMBER-OF-SHARES-REDEEMED] 75,320
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 257,845,943
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 5,309,326
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1,272,539
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 3,581,426
[AVERAGE-NET-ASSETS] 16,407,583
[PER-SHARE-NAV-BEGIN] 29.77
[PER-SHARE-NII] (00.19)
[PER-SHARE-GAIN-APPREC] 02.47
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 32.05
[EXPENSE-RATIO] 01.95
[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 CLASS Y
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 453,883,897
[INVESTMENTS-AT-VALUE] 600,065,356
[RECEIVABLES] 4,177,726
[ASSETS-OTHER] 963
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 604,244,045
[PAYABLE-FOR-SECURITIES] 532,000
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 687,897
[TOTAL-LIABILITIES] 1,219,897
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 438,207,630
[SHARES-COMMON-STOCK] 1,294,674
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] (2,027,394)
[ACCUMULATED-NET-GAINS] 20,662,453
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 146,181,459
[NET-ASSETS] 603,024,148
[DIVIDEND-INCOME] 97,375
[INTEREST-INCOME] 1,456,660
[OTHER-INCOME] 0
[EXPENSES-NET] 3,581,429
[NET-INVESTMENT-INCOME] (2,027,394)
[REALIZED-GAINS-CURRENT] 15,353,127
[APPREC-INCREASE-CURRENT] 16,256,151
[NET-CHANGE-FROM-OPS] 29,581,884
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1,294,770
[NUMBER-OF-SHARES-REDEEMED] 96
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 257,845,943
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 5,309,326
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1,272,539
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 3,581,426
[AVERAGE-NET-ASSETS] 14,539,422
[PER-SHARE-NAV-BEGIN] 28.99
[PER-SHARE-NII] (00.01)
[PER-SHARE-GAIN-APPREC] 03.95
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 32.93
[EXPENSE-RATIO] 00.83
[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 CLASS Z
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 453,883,897
[INVESTMENTS-AT-VALUE] 600,065,356
[RECEIVABLES] 4,177,726
[ASSETS-OTHER] 963
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 604,244,045
[PAYABLE-FOR-SECURITIES] 532,000
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 687,897
[TOTAL-LIABILITIES] 1,219,897
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 438,207,630
[SHARES-COMMON-STOCK] 344,403
[SHARES-COMMON-PRIOR] 176,117
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] (2,027,394)
[ACCUMULATED-NET-GAINS] 20,662,453
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 146,181,459
[NET-ASSETS] 603,024,148
[DIVIDEND-INCOME] 97,375
[INTEREST-INCOME] 1,456,660
[OTHER-INCOME] 0
[EXPENSES-NET] 3,581,429
[NET-INVESTMENT-INCOME] (2,027,394)
[REALIZED-GAINS-CURRENT] 15,353,127
[APPREC-INCREASE-CURRENT] 16,256,151
[NET-CHANGE-FROM-OPS] 29,581,884
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 168,707
[NUMBER-OF-SHARES-REDEEMED] 421
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 257,845,943
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 5,309,326
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1,272,539
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 3,581,426
[AVERAGE-NET-ASSETS] 7,828,502
[PER-SHARE-NAV-BEGIN] 30.46
[PER-SHARE-NII] (00.02)
[PER-SHARE-GAIN-APPREC] 02.53
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 32.97
[EXPENSE-RATIO] 00.79
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC - CLASS A
[SERIES]
[NUMBER] 2
[NAME] GOVERNMENT SECURITIES
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 812,573,413
[INVESTMENTS-AT-VALUE] 814,463,607
[RECEIVABLES] 3,987,182
[ASSETS-OTHER] 123
[OTHER-ITEMS-ASSETS] 47,464
[TOTAL-ASSETS] 818,498,376
[PAYABLE-FOR-SECURITIES] 115,108,845
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 151,340,652
[TOTAL-LIABILITIES] 266,449,497
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 783,052,853
[SHARES-COMMON-STOCK] 43,776,552
[SHARES-COMMON-PRIOR] 46,316,287
[ACCUMULATED-NII-CURRENT] 17,115,184
[OVERDISTRIBUTION-NII] 1,738,806
[ACCUMULATED-NET-GAINS] (231,345,987)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 2,080,819
[NET-ASSETS] 552,048,879
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 23,074,933
[OTHER-INCOME] 0
[EXPENSES-NET] 5,959,749
[NET-INVESTMENT-INCOME] 17,115,749
[REALIZED-GAINS-CURRENT] (13,632,208)
[APPREC-INCREASE-CURRENT] (23,518,962)
[NET-CHANGE-FROM-OPS] (20,035,986)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 13,466,166
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 909,892
[NUMBER-OF-SHARES-REDEEMED] 4,242,945
[SHARES-REINVESTED] 793,318
[NET-CHANGE-IN-ASSETS] (59,428,511)
[ACCUMULATED-NII-PRIOR] 42,959,653
[ACCUMULATED-GAINS-PRIOR] 12,784,089
[OVERDISTRIB-NII-PRIOR] 945,370
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1,001,914
[INTEREST-EXPENSE] 2,869,913
[GROSS-EXPENSE] 5,959,749
[AVERAGE-NET-ASSETS] 423,249,143
[PER-SHARE-NAV-BEGIN] 9.77
[PER-SHARE-NII] 0.29
[PER-SHARE-GAIN-APPREC] (0.62)
[PER-SHARE-DIVIDEND] (0.30)
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 9.14
[EXPENSE-RATIO] 0.96
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC - CLASS B
[SERIES]
[NUMBER] 2
[NAME] GOVERNMENT SECURITIES
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 812,573,413
[INVESTMENTS-AT-VALUE] 814,463,607
[RECEIVABLES] 3,987,182
[ASSETS-OTHER] 123
[OTHER-ITEMS-ASSETS] 47,464
[TOTAL-ASSETS] 818,498,376
[PAYABLE-FOR-SECURITIES] 115,108,845
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 151,340,652
[TOTAL-LIABILITIES] 266,449,497
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 783,052,853
[SHARES-COMMON-STOCK] 14,507,705
[SHARES-COMMON-PRIOR] 16,115,757
[ACCUMULATED-NII-CURRENT] 17,115,184
[OVERDISTRIBUTION-NII] 1,738,806
[ACCUMULATED-NET-GAINS] (231,345,987)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 2,080,819
[NET-ASSETS] 552,048,879
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 23,074,933
[OTHER-INCOME] 0
[EXPENSES-NET] 5,959,749
[NET-INVESTMENT-INCOME] 17,115,749
[REALIZED-GAINS-CURRENT] (13,632,208)
[APPREC-INCREASE-CURRENT] (23,518,962)
[NET-CHANGE-FROM-OPS] (20,035,986)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 4,171,917
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 882,589
[NUMBER-OF-SHARES-REDEEMED] 2,751,496
[SHARES-REINVESTED] 260,855
[NET-CHANGE-IN-ASSETS] (59,428,511)
[ACCUMULATED-NII-PRIOR] 42,959,653
[ACCUMULATED-GAINS-PRIOR] 12,784,089
[OVERDISTRIB-NII-PRIOR] 945,370
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1,001,914
[INTEREST-EXPENSE] 2,869,913
[GROSS-EXPENSE] 5,959,749
[AVERAGE-NET-ASSETS] 143,467,669
[PER-SHARE-NAV-BEGIN] 9.81
[PER-SHARE-NII] 0.26
[PER-SHARE-GAIN-APPREC] (0.60)
[PER-SHARE-DIVIDEND] (0.28)
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 9.19
[EXPENSE-RATIO] 1.47
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC - CLASS C
[SERIES]
[NUMBER] 2
[NAME] GOVERNMENT SECURITIES
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 812,573,413
[INVESTMENTS-AT-VALUE] 814,463,607
[RECEIVABLES] 3,987,182
[ASSETS-OTHER] 123
[OTHER-ITEMS-ASSETS] 47,464
[TOTAL-ASSETS] 818,498,376
[PAYABLE-FOR-SECURITIES] 115,108,845
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 151,340,652
[TOTAL-LIABILITIES] 266,449,497
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 783,052,853
[SHARES-COMMON-STOCK] 121,547
[SHARES-COMMON-PRIOR] 105,691
[ACCUMULATED-NII-CURRENT] 17,115,184
[OVERDISTRIBUTION-NII] 1,738,806
[ACCUMULATED-NET-GAINS] (231,345,987)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 2,080,819
[NET-ASSETS] 552,048,879
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 23,074,933
[OTHER-INCOME] 0
[EXPENSES-NET] 5,959,749
[NET-INVESTMENT-INCOME] 17,115,749
[REALIZED-GAINS-CURRENT] (13,632,208)
[APPREC-INCREASE-CURRENT] (23,518,962)
[NET-CHANGE-FROM-OPS] (20,035,986)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 32,747
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 33,768
[NUMBER-OF-SHARES-REDEEMED] 20,535
[SHARES-REINVESTED] 2,623
[NET-CHANGE-IN-ASSETS] (59,428,511)
[ACCUMULATED-NII-PRIOR] 42,959,653
[ACCUMULATED-GAINS-PRIOR] 12,784,089
[OVERDISTRIB-NII-PRIOR] 945,370
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1,001,914
[INTEREST-EXPENSE] 2,869,913
[GROSS-EXPENSE] 5,959,749
[AVERAGE-NET-ASSETS] 1,108,080
[PER-SHARE-NAV-BEGIN] 9.81
[PER-SHARE-NII] 0.26
[PER-SHARE-GAIN-APPREC] (0.61)
[PER-SHARE-DIVIDEND] (0.28)
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 9.18
[EXPENSE-RATIO] 1.40
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC - CLASS C
[SERIES]
[NUMBER] 2
[NAME] GOVERNMENT SECURITIES
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 812,573,413
[INVESTMENTS-AT-VALUE] 814,463,607
[RECEIVABLES] 3,987,182
[ASSETS-OTHER] 123
[OTHER-ITEMS-ASSETS] 47,464
[TOTAL-ASSETS] 818,498,376
[PAYABLE-FOR-SECURITIES] 115,108,845
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 151,340,652
[TOTAL-LIABILITIES] 266,449,497
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 783,052,853
[SHARES-COMMON-STOCK] 1,879,909
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 17,115,184
[OVERDISTRIBUTION-NII] 1,738,806
[ACCUMULATED-NET-GAINS] (231,345,987)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 2,080,819
[NET-ASSETS] 552,048,879
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 23,074,933
[OTHER-INCOME] 0
[EXPENSES-NET] 5,959,749
[NET-INVESTMENT-INCOME] 17,115,749
[REALIZED-GAINS-CURRENT] (13,632,208)
[APPREC-INCREASE-CURRENT] (23,518,962)
[NET-CHANGE-FROM-OPS] (20,035,986)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 237,720
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1,879,909
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (59,428,511)
[ACCUMULATED-NII-PRIOR] 42,959,653
[ACCUMULATED-GAINS-PRIOR] 12,784,089
[OVERDISTRIB-NII-PRIOR] 945,370
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1,001,914
[INTEREST-EXPENSE] 2,869,913
[GROSS-EXPENSE] 5,959,749
[AVERAGE-NET-ASSETS] 5,912,689
[PER-SHARE-NAV-BEGIN] 9.71
[PER-SHARE-NII] 0.29
[PER-SHARE-GAIN-APPREC] (0.54)
[PER-SHARE-DIVIDEND] (0.31)
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 9.15
[EXPENSE-RATIO] 0.53
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
