<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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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 14
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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 J010500 0
048 J020500 0.000
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070 F020500 N
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070 G020500 N
070 H010500 N
070 H020500 N
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<PAGE> PAGE 24
070 J010500 Y
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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 FUNDS INC.
[SERIES]
[NUMBER] 1
[NAME] INVESTMENT GRADE BOND FUND CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 477,571,549
[INVESTMENTS-AT-VALUE] 484,083,871
[RECEIVABLES] 9,287,646
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 493,371,517
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 4,140,447
[TOTAL-LIABILITIES] 4,140,447
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 471,251,242
[SHARES-COMMON-STOCK] 16,782,817
[SHARES-COMMON-PRIOR] 17,084,579
[ACCUMULATED-NII-CURRENT] 37,275,659
[OVERDISTRIBUTION-NII] 2,691,500
[ACCUMULATED-NET-GAINS] 14,119,168
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 6,512,323
[NET-ASSETS] 489,231,070
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 37,275,659
[OTHER-INCOME] 0
[EXPENSES-NET] 6,361,829
[NET-INVESTMENT-INCOME] 30,913,830
[REALIZED-GAINS-CURRENT] 17,859,048
[APPREC-INCREASE-CURRENT] (53,599,658)
[NET-CHANGE-FROM-OPS] (4,826,780)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 1,486,010
[DISTRIBUTIONS-OF-GAINS] 876,386
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 2,058,458
[NUMBER-OF-SHARES-REDEEMED] 3,352,017
[SHARES-REINVESTED] 991,797
[NET-CHANGE-IN-ASSETS] 690,250
[ACCUMULATED-NII-PRIOR] 30,379,334
[ACCUMULATED-GAINS-PRIOR] 5,326,832
[OVERDISTRIB-NII-PRIOR] 2,108,093
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2,198,162
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 2,198,162
[AVERAGE-NET-ASSETS] 208,600,720
[PER-SHARE-NAV-BEGIN] 13.25
[PER-SHARE-NII] 00.81
[PER-SHARE-GAIN-APPREC] (00.91)
[PER-SHARE-DIVIDEND] 00.88
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.27
[EXPENSE-RATIO] 01.04
[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-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 477,571,549
[INVESTMENTS-AT-VALUE] 484,083,871
[RECEIVABLES] 9,287,646
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 493,371,517
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 4,140,447
[TOTAL-LIABILITIES] 4,140,447
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 471,251,242
[SHARES-COMMON-STOCK] 21,027,741
[SHARES-COMMON-PRIOR] 21,776,728
[ACCUMULATED-NII-CURRENT] 37,275,659
[OVERDISTRIBUTION-NII] 2,691,500
[ACCUMULATED-NET-GAINS] 14,119,168
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 6,512,323
[NET-ASSETS] 489,231,070
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 37,275,659
[OTHER-INCOME] 0
[EXPENSES-NET] 6,361,829
[NET-INVESTMENT-INCOME] 30,913,830
[REALIZED-GAINS-CURRENT] 17,859,048
[APPREC-INCREASE-CURRENT] (53,599,658)
[NET-CHANGE-FROM-OPS] (4,826,780)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 1,638,125
[DISTRIBUTIONS-OF-GAINS] 1,107,089
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 3,938,648
[NUMBER-OF-SHARES-REDEEMED] 5,704,337
[SHARES-REINVESTED] 1,016,702
[NET-CHANGE-IN-ASSETS] 690,250
[ACCUMULATED-NII-PRIOR] 30,379,334
[ACCUMULATED-GAINS-PRIOR] 5,326,832
[OVERDISTRIB-NII-PRIOR] 2,108,093
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2,198,162
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 2,198,162
[AVERAGE-NET-ASSETS] 263,327,869
[PER-SHARE-NAV-BEGIN] 13.25
[PER-SHARE-NII] 00.74
[PER-SHARE-GAIN-APPREC] (00.90)
[PER-SHARE-DIVIDEND] 00.80
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.29
[EXPENSE-RATIO] 01.54
[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 C
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 477,571,549
[INVESTMENTS-AT-VALUE] 484,083,871
[RECEIVABLES] 9,287,646
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 493,371,517
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 4,140,447
[TOTAL-LIABILITIES] 4,140,447
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 471,251,242
[SHARES-COMMON-STOCK] 546,770
[SHARES-COMMON-PRIOR] 284,247
[ACCUMULATED-NII-CURRENT] 37,275,659
[OVERDISTRIBUTION-NII] 2,691,500
[ACCUMULATED-NET-GAINS] 14,119,168
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 6,512,323
[NET-ASSETS] 489,231,070
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 37,275,659
[OTHER-INCOME] 0
[EXPENSES-NET] 6,361,829
[NET-INVESTMENT-INCOME] 30,913,830
[REALIZED-GAINS-CURRENT] 17,859,048
[APPREC-INCREASE-CURRENT] (53,599,658)
[NET-CHANGE-FROM-OPS] (4,826,780)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 43,229
[DISTRIBUTIONS-OF-GAINS] 28,626
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 362,134
[NUMBER-OF-SHARES-REDEEMED] 126,244
[SHARES-REINVESTED] 26,633
[NET-CHANGE-IN-ASSETS] 690,250
[ACCUMULATED-NII-PRIOR] 30,379,334
[ACCUMULATED-GAINS-PRIOR] 5,326,832
[OVERDISTRIB-NII-PRIOR] 2,108,093
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2,198,162
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 2,198,162
[AVERAGE-NET-ASSETS] 5,762,062
[PER-SHARE-NAV-BEGIN] 13.26
[PER-SHARE-NII] 00.74
[PER-SHARE-GAIN-APPREC] (00.89)
[PER-SHARE-DIVIDEND] 00.81
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.30
[EXPENSE-RATIO] 01.42
[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 Y
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 477,571,549
[INVESTMENTS-AT-VALUE] 484,083,871
[RECEIVABLES] 9,287,646
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 493,371,517
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 4,140,447
[TOTAL-LIABILITIES] 4,140,447
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 471,251,242
[SHARES-COMMON-STOCK] 1,479,476
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 37,275,659
[OVERDISTRIBUTION-NII] 2,691,500
[ACCUMULATED-NET-GAINS] 14,119,168
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 6,512,323
[NET-ASSETS] 489,231,070
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 37,275,659
[OTHER-INCOME] 0
[EXPENSES-NET] 6,361,829
[NET-INVESTMENT-INCOME] 30,913,830
[REALIZED-GAINS-CURRENT] 17,859,048
[APPREC-INCREASE-CURRENT] (53,599,658)
[NET-CHANGE-FROM-OPS] (4,826,780)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 133,349
[DISTRIBUTIONS-OF-GAINS] 66,405
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1,479,477
[NUMBER-OF-SHARES-REDEEMED] 1
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 690,250
[ACCUMULATED-NII-PRIOR] 30,379,334
[ACCUMULATED-GAINS-PRIOR] 5,326,832
[OVERDISTRIB-NII-PRIOR] 2,108,093
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2,198,162
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 2,198,162
[AVERAGE-NET-ASSETS] 8,061,143
[PER-SHARE-NAV-BEGIN] 13.03
[PER-SHARE-NII] 00.75
[PER-SHARE-GAIN-APPREC] (00.66)
[PER-SHARE-DIVIDEND] 00.84
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.28
[EXPENSE-RATIO] 00.69
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
[NUMBER] 2
[NAME] SMITH BARNEY GOVERNMENT SECURITIES CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 733,486,991
[INVESTMENTS-AT-VALUE] 732,039,260
[RECEIVABLES] 6,809,285
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 738,848,545
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 186,176,630
[OTHER-ITEMS-LIABILITIES] 1,105,257
[TOTAL-LIABILITIES] 187,281,887
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 770,961,009
[SHARES-COMMON-STOCK] 41,615,632
[SHARES-COMMON-PRIOR] 46,316,287
[ACCUMULATED-NII-CURRENT] 34,087,304
[OVERDISTRIBUTION-NII] 2,360,729
[ACCUMULATED-NET-GAINS] 2,608,882
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] (27,047,512)
[NET-ASSETS] 551,566,658
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 44,682,561
[OTHER-INCOME] 0
[EXPENSES-NET] 10,595,257
[NET-INVESTMENT-INCOME] 34,087,304
[REALIZED-GAINS-CURRENT] 2,068,882
[APPREC-INCREASE-CURRENT] (27,047,512)
[NET-CHANGE-FROM-OPS] 9,108,674
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 26,239,860
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 14,470,892
[NUMBER-OF-SHARES-REDEEMED] 17,248,871
[SHARES-REINVESTED] 75,644,753
[NET-CHANGE-IN-ASSETS] 9,108,674
[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] 2,287,647
[INTEREST-EXPENSE] 2,633,226
[GROSS-EXPENSE] 9,628,104
[AVERAGE-NET-ASSETS] 409,414,344
[PER-SHARE-NAV-BEGIN] 9.77
[PER-SHARE-NII] 0.59
[PER-SHARE-GAIN-APPREC] (0.42)
[PER-SHARE-DIVIDEND] 0.60
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 9.34
[EXPENSE-RATIO] 0.93
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
[NUMBER] 2
[NAME] SMITH BARNEY GOVERNMENT SECURITIES CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 733,486,991
[INVESTMENTS-AT-VALUE] 732,039,260
[RECEIVABLES] 6,809,285
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 738,848,545
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 186,176,630
[OTHER-ITEMS-LIABILITIES] 1,105,257
[TOTAL-LIABILITIES] 187,281,887
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 770,961,009
[SHARES-COMMON-STOCK] 12,991,397
[SHARES-COMMON-PRIOR] 16,115,757
[ACCUMULATED-NII-CURRENT] 34,087,304
[OVERDISTRIBUTION-NII] 2,360,729
[ACCUMULATED-NET-GAINS] 2,608,882
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] (27,047,512)
[NET-ASSETS] 551,566,658
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 44,682,561
[OTHER-INCOME] 0
[EXPENSES-NET] 10,595,257
[NET-INVESTMENT-INCOME] 34,087,304
[REALIZED-GAINS-CURRENT] 2,068,882
[APPREC-INCREASE-CURRENT] (27,047,512)
[NET-CHANGE-FROM-OPS] 9,108,674
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 7,939,370
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 14,793,615
[NUMBER-OF-SHARES-REDEEMED] 5,515,212
[SHARES-REINVESTED] 49,706,247
[NET-CHANGE-IN-ASSETS] 9,108,674
[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] 2,287,647
[INTEREST-EXPENSE] 2,633,226
[GROSS-EXPENSE] 9,628,104
[AVERAGE-NET-ASSETS] 135,759,972
[PER-SHARE-NAV-BEGIN] 9.81
[PER-SHARE-NII] 0.54
[PER-SHARE-GAIN-APPREC] (0.42)
[PER-SHARE-DIVIDEND] 0.55
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 9.38
[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] SMITH BARNEY GOVERNMENT SECURITIES CLASS C
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 733,486,991
[INVESTMENTS-AT-VALUE] 732,039,260
[RECEIVABLES] 6,809,285
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 738,848,545
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 186,176,630
[OTHER-ITEMS-LIABILITIES] 1,105,257
[TOTAL-LIABILITIES] 187,281,887
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 770,961,009
[SHARES-COMMON-STOCK] 153,878
[SHARES-COMMON-PRIOR] 105,691
[ACCUMULATED-NII-CURRENT] 34,087,304
[OVERDISTRIBUTION-NII] 2,360,729
[ACCUMULATED-NET-GAINS] 2,608,882
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] (27,047,512)
[NET-ASSETS] 551,566,658
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 44,682,561
[OTHER-INCOME] 0
[EXPENSES-NET] 10,595,257
[NET-INVESTMENT-INCOME] 34,087,304
[REALIZED-GAINS-CURRENT] 2,068,882
[APPREC-INCREASE-CURRENT] (27,047,512)
[NET-CHANGE-FROM-OPS] 9,108,674
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 72,980
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 850,795
[NUMBER-OF-SHARES-REDEEMED] 60,383
[SHARES-REINVESTED] 455,899
[NET-CHANGE-IN-ASSETS] 9,108,674
[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] 2,287,647
[INTEREST-EXPENSE] 2,633,226
[GROSS-EXPENSE] 9,628,104
[AVERAGE-NET-ASSETS] 1,218,166
[PER-SHARE-NAV-BEGIN] 9.81
[PER-SHARE-NII] 0.55
[PER-SHARE-GAIN-APPREC] (0.42)
[PER-SHARE-DIVIDEND] 0.56
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 9.38
[EXPENSE-RATIO] 1.46
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
[NUMBER] 2
[NAME] SMITH BARNEY GOVERNMENT SECURITIES CLASS Y
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 733,486,991
[INVESTMENTS-AT-VALUE] 732,039,260
[RECEIVABLES] 6,809,285
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 738,848,545
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 186,176,630
[OTHER-ITEMS-LIABILITIES] 1,105,257
[TOTAL-LIABILITIES] 187,281,887
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 770,961,009
[SHARES-COMMON-STOCK] 4,245,386
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 34,087,304
[OVERDISTRIBUTION-NII] 2,360,729
[ACCUMULATED-NET-GAINS] 2,608,882
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] (27,047,512)
[NET-ASSETS] 551,566,658
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 44,682,561
[OTHER-INCOME] 0
[EXPENSES-NET] 10,595,257
[NET-INVESTMENT-INCOME] 34,087,304
[REALIZED-GAINS-CURRENT] 2,068,882
[APPREC-INCREASE-CURRENT] (27,047,512)
[NET-CHANGE-FROM-OPS] 9,108,674
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 1,250,453
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 39,250,388
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 9,108,674
[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] 2,287,647
[INTEREST-EXPENSE] 2,633,226
[GROSS-EXPENSE] 9,628,104
[AVERAGE-NET-ASSETS] 17,619,840
[PER-SHARE-NAV-BEGIN] 9.71
[PER-SHARE-NII] 0.55
[PER-SHARE-GAIN-APPREC] (0.35)
[PER-SHARE-DIVIDEND] 0.57
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 9.34
[EXPENSE-RATIO] 0.44
[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-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 110,535,754
[INVESTMENTS-AT-VALUE] 115,692,133
[RECEIVABLES] 1,114,984
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 966
[TOTAL-ASSETS] 166,808,083
[PAYABLE-FOR-SECURITIES] 827,576
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 478,810
[TOTAL-LIABILITIES] 1,306,386
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 107,216,010
[SHARES-COMMON-STOCK] 5,231,112
[SHARES-COMMON-PRIOR] 4,028,314
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 915,530
[ACCUMULATED-NET-GAINS] 4,044,838
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 5,156,379
[NET-ASSETS] 115,501,697
[DIVIDEND-INCOME] 1,400,699
[INTEREST-INCOME] 534,480
[OTHER-INCOME] 0
[EXPENSES-NET] 2,145,468
[NET-INVESTMENT-INCOME] 210,289
[REALIZED-GAINS-CURRENT] 20,150,920
[APPREC-INCREASE-CURRENT] (6,581,661)
[NET-CHANGE-FROM-OPS] 13,358,970
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 597,178
[DISTRIBUTIONS-OF-GAINS] 9,867,398
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 919,099
[NUMBER-OF-SHARES-REDEEMED] 510,041
[SHARES-REINVESTED] 789,890
[NET-CHANGE-IN-ASSETS] 25,035,290
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 564
[OVERDIST-NET-GAINS-PRIOR] 220,678
[GROSS-ADVISORY-FEES] 1,040,355
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1,040,355
[AVERAGE-NET-ASSETS] 65,081,460
[PER-SHARE-NAV-BEGIN] 14.31
[PER-SHARE-NII] 00.01
[PER-SHARE-GAIN-APPREC] 01.85
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 02.37
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.80
[EXPENSE-RATIO] 01.78
[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-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 110,535,754
[INVESTMENTS-AT-VALUE] 115,692,133
[RECEIVABLES] 1,114,984
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 966
[TOTAL-ASSETS] 166,808,083
[PAYABLE-FOR-SECURITIES] 827,576
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 478,810
[TOTAL-LIABILITIES] 1,306,386
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 107,216,010
[SHARES-COMMON-STOCK] 3,140,115
[SHARES-COMMON-PRIOR] 2,287,229
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 915,530
[ACCUMULATED-NET-GAINS] 4,044,838
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 5,156,379
[NET-ASSETS] 115,501,697
[DIVIDEND-INCOME] 1,400,699
[INTEREST-INCOME] 534,480
[OTHER-INCOME] 0
[EXPENSES-NET] 2,145,468
[NET-INVESTMENT-INCOME] 210,289
[REALIZED-GAINS-CURRENT] 20,150,920
[APPREC-INCREASE-CURRENT] (6,581,661)
[NET-CHANGE-FROM-OPS] 13,358,970
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 43,894
[DISTRIBUTIONS-OF-GAINS] 6,082,453
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 626,244
[NUMBER-OF-SHARES-REDEEMED] 239,986
[SHARES-REINVESTED] 463,511
[NET-CHANGE-IN-ASSETS] 25,035,290
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 564
[OVERDIST-NET-GAINS-PRIOR] 220,678
[GROSS-ADVISORY-FEES] 1,040,355
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1,040,355
[AVERAGE-NET-ASSETS] 38,800,849
[PER-SHARE-NAV-BEGIN] 14.27
[PER-SHARE-NII] 00.09
[PER-SHARE-GAIN-APPREC] 01.84
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 02.28
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.74
[EXPENSE-RATIO] 02.53
[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-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 110,535,754
[INVESTMENTS-AT-VALUE] 115,692,133
[RECEIVABLES] 1,114,984
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 966
[TOTAL-ASSETS] 166,808,083
[PAYABLE-FOR-SECURITIES] 827,576
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 478,810
[TOTAL-LIABILITIES] 1,306,386
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 107,216,010
[SHARES-COMMON-STOCK] 12,619
[SHARES-COMMON-PRIOR] 6,160
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 915,530
[ACCUMULATED-NET-GAINS] 4,044,838
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 5,156,379
[NET-ASSETS] 115,501,697
[DIVIDEND-INCOME] 1,400,699
[INTEREST-INCOME] 534,480
[OTHER-INCOME] 0
[EXPENSES-NET] 2,145,468
[NET-INVESTMENT-INCOME] 210,289
[REALIZED-GAINS-CURRENT] 20,150,920
[APPREC-INCREASE-CURRENT] (6,581,661)
[NET-CHANGE-FROM-OPS] 13,358,970
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 176
[DISTRIBUTIONS-OF-GAINS] 24,454
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 16,080
[NUMBER-OF-SHARES-REDEEMED] 11,481
[SHARES-REINVESTED] 1,860
[NET-CHANGE-IN-ASSETS] 25,035,290
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 564
[OVERDIST-NET-GAINS-PRIOR] 220,678
[GROSS-ADVISORY-FEES] 1,040,355
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1,040,355
[AVERAGE-NET-ASSETS] 221,159
[PER-SHARE-NAV-BEGIN] 14.29
[PER-SHARE-NII] 00.08
[PER-SHARE-GAIN-APPREC] 01.85
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 02.28
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.78
[EXPENSE-RATIO] 02.40
[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-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 777,376,363
[INVESTMENTS-AT-VALUE] 857,270,378
[RECEIVABLES] 3,639,470
[ASSETS-OTHER] 273,169
[OTHER-ITEMS-ASSETS] 21
[TOTAL-ASSETS] 861,183,038
[PAYABLE-FOR-SECURITIES] 137,698
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1,310,348
[TOTAL-LIABILITIES] 1,448,046
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 783,307,985
[SHARES-COMMON-STOCK] 16,317,182
[SHARES-COMMON-PRIOR] 13,345,672
[ACCUMULATED-NII-CURRENT] 233,368
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (3,700,276)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 79,894,015
[NET-ASSETS] 859,734,992
[DIVIDEND-INCOME] 8,962,487
[INTEREST-INCOME] 5,975,218
[OTHER-INCOME] 0
[EXPENSES-NET] 12,333,980
[NET-INVESTMENT-INCOME] 2,523,667
[REALIZED-GAINS-CURRENT] 35,218,574
[APPREC-INCREASE-CURRENT] 66,836,563
[NET-CHANGE-FROM-OPS] 104,578,804
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 1,530,826
[DISTRIBUTIONS-OF-GAINS] 7,223,251
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 6,532,623
[NUMBER-OF-SHARES-REDEEMED] 4,213,017
[SHARES-REINVESTED] 652,504
[NET-CHANGE-IN-ASSETS] 272,404,922
[ACCUMULATED-NII-PRIOR] 5,290,575
[ACCUMULATED-GAINS-PRIOR] (10,963,695)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 6,034,652
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 12,333,980
[AVERAGE-NET-ASSETS] 198,331,550
[PER-SHARE-NAV-BEGIN] 12.03
[PER-SHARE-NII] 00.10
[PER-SHARE-GAIN-APPREC] 01.84
[PER-SHARE-DIVIDEND] 00.09
[PER-SHARE-DISTRIBUTIONS] 00.46
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.42
[EXPENSE-RATIO] 01.27
[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-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 777,376,363
[INVESTMENTS-AT-VALUE] 857,270,378
[RECEIVABLES] 3,639,470
[ASSETS-OTHER] 273,169
[OTHER-ITEMS-ASSETS] 21
[TOTAL-ASSETS] 861,183,038
[PAYABLE-FOR-SECURITIES] 137,698
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1,310,348
[TOTAL-LIABILITIES] 1,448,046
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 783,307,985
[SHARES-COMMON-STOCK] 36,151,509
[SHARES-COMMON-PRIOR] 24,948,202
[ACCUMULATED-NII-CURRENT] 233,368
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (3,700,276)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 79,894,015
[NET-ASSETS] 859,734,992
[DIVIDEND-INCOME] 8,962,487
[INTEREST-INCOME] 5,975,218
[OTHER-INCOME] 0
[EXPENSES-NET] 12,333,980
[NET-INVESTMENT-INCOME] 2,523,667
[REALIZED-GAINS-CURRENT] 35,218,574
[APPREC-INCREASE-CURRENT] 66,836,563
[NET-CHANGE-FROM-OPS] 104,578,804
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 15,832,554
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 14,235,807
[NUMBER-OF-SHARES-REDEEMED] 4,233,215
[SHARES-REINVESTED] 1,200,715
[NET-CHANGE-IN-ASSETS] 272,404,922
[ACCUMULATED-NII-PRIOR] 5,290,575
[ACCUMULATED-GAINS-PRIOR] (10,963,695)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 6,034,652
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 12,333,980
[AVERAGE-NET-ASSETS] 410,343,419
[PER-SHARE-NAV-BEGIN] 12.02
[PER-SHARE-NII] 00.01
[PER-SHARE-GAIN-APPREC] 01.84
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 00.46
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.41
[EXPENSE-RATIO] 02.03
[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-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 777,376,363
[INVESTMENTS-AT-VALUE] 857,270,378
[RECEIVABLES] 3,639,470
[ASSETS-OTHER] 273,169
[OTHER-ITEMS-ASSETS] 21
[TOTAL-ASSETS] 861,183,038
[PAYABLE-FOR-SECURITIES] 137,698
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1,310,348
[TOTAL-LIABILITIES] 1,448,046
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 783,307,985
[SHARES-COMMON-STOCK] 5,096,079
[SHARES-COMMON-PRIOR] 3,536,103
[ACCUMULATED-NII-CURRENT] 233,368
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (3,700,276)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 79,894,015
[NET-ASSETS] 859,734,992
[DIVIDEND-INCOME] 8,962,487
[INTEREST-INCOME] 5,975,218
[OTHER-INCOME] 0
[EXPENSES-NET] 12,333,980
[NET-INVESTMENT-INCOME] 2,523,667
[REALIZED-GAINS-CURRENT] 35,218,574
[APPREC-INCREASE-CURRENT] 66,836,563
[NET-CHANGE-FROM-OPS] 104,578,804
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 2,202,797
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 2,445,713
[NUMBER-OF-SHARES-REDEEMED] 1,054,014
[SHARES-REINVESTED] 168,277
[NET-CHANGE-IN-ASSETS] 272,404,922
[ACCUMULATED-NII-PRIOR] 5,290,575
[ACCUMULATED-GAINS-PRIOR] (10,963,695)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 6,034,652
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 12,333,980
[AVERAGE-NET-ASSETS] 56,739,759
[PER-SHARE-NAV-BEGIN] 12.03
[PER-SHARE-NII] 00.01
[PER-SHARE-GAIN-APPREC] 01.83
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 00.46
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.41
[EXPENSE-RATIO] 02.03
[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 Y
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 777,376,363
[INVESTMENTS-AT-VALUE] 857,270,378
[RECEIVABLES] 3,639,470
[ASSETS-OTHER] 273,169
[OTHER-ITEMS-ASSETS] 21
[TOTAL-ASSETS] 861,183,038
[PAYABLE-FOR-SECURITIES] 137,698
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1,310,348
[TOTAL-LIABILITIES] 1,448,046
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 783,307,985
[SHARES-COMMON-STOCK] 4,876,088
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 233,368
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (3,700,276)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 79,894,015
[NET-ASSETS] 859,734,992
[DIVIDEND-INCOME] 8,962,487
[INTEREST-INCOME] 5,975,218
[OTHER-INCOME] 0
[EXPENSES-NET] 12,333,980
[NET-INVESTMENT-INCOME] 2,523,667
[REALIZED-GAINS-CURRENT] 35,218,574
[APPREC-INCREASE-CURRENT] 66,836,563
[NET-CHANGE-FROM-OPS] 104,578,804
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 607,792
[DISTRIBUTIONS-OF-GAINS] 1,973,833
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 4,878,088
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 272,404,922
[ACCUMULATED-NII-PRIOR] 5,290,575
[ACCUMULATED-GAINS-PRIOR] (10,963,695)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 6,034,652
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 12,333,980
[AVERAGE-NET-ASSETS] 31,256,312
[PER-SHARE-NAV-BEGIN] 12.21
[PER-SHARE-NII] 00.12
[PER-SHARE-GAIN-APPREC] 01.69
[PER-SHARE-DIVIDEND] 00.13
[PER-SHARE-DISTRIBUTIONS] 00.46
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.43
[EXPENSE-RATIO] 00.85
[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-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 777,376,363
[INVESTMENTS-AT-VALUE] 857,270,378
[RECEIVABLES] 3,639,470
[ASSETS-OTHER] 273,169
[OTHER-ITEMS-ASSETS] 21
[TOTAL-ASSETS] 861,183,038
[PAYABLE-FOR-SECURITIES] 137,698
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1,310,348
[TOTAL-LIABILITIES] 1,448,046
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 783,307,985
[SHARES-COMMON-STOCK] 1,660,003
[SHARES-COMMON-PRIOR] 834,527
[ACCUMULATED-NII-CURRENT] 233,368
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (3,700,276)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 79,894,015
[NET-ASSETS] 859,734,992
[DIVIDEND-INCOME] 8,962,487
[INTEREST-INCOME] 5,975,218
[OTHER-INCOME] 0
[EXPENSES-NET] 12,333,980
[NET-INVESTMENT-INCOME] 2,523,667
[REALIZED-GAINS-CURRENT] 35,218,574
[APPREC-INCREASE-CURRENT] 66,836,563
[NET-CHANGE-FROM-OPS] 104,578,804
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 211,504
[DISTRIBUTIONS-OF-GAINS] 722,721
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 790,471
[NUMBER-OF-SHARES-REDEEMED] 36,475
[SHARES-REINVESTED] 71,480
[NET-CHANGE-IN-ASSETS] 272,404,922
[ACCUMULATED-NII-PRIOR] 5,290,575
[ACCUMULATED-GAINS-PRIOR] (10,963,695)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 6,034,652
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 12,333,980
[AVERAGE-NET-ASSETS] 16,660,173
[PER-SHARE-NAV-BEGIN] 12.03
[PER-SHARE-NII] 00.14
[PER-SHARE-GAIN-APPREC] 01.85
[PER-SHARE-DIVIDEND] 00.13
[PER-SHARE-DISTRIBUTIONS] 00.46
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.43
[EXPENSE-RATIO] 00.97
[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-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 625,813,340
[INVESTMENTS-AT-VALUE] 725,578,873
[RECEIVABLES] 13,601,959
[ASSETS-OTHER] 382
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 739,181,214
[PAYABLE-FOR-SECURITIES] 769,798
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 5,724,488
[TOTAL-LIABILITIES] 6,494,286
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 650,295,582
[SHARES-COMMON-STOCK] 8,445,529
[SHARES-COMMON-PRIOR] 5,234,499
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 17,374,187
[ACCUM-APPREC-OR-DEPREC] 99,756,553
[NET-ASSETS] 732,686,928
[DIVIDEND-INCOME] 196,775
[INTEREST-INCOME] 2,929,959
[OTHER-INCOME] 0
[EXPENSES-NET] 8,607,214
[NET-INVESTMENT-INCOME] 5,480,480
[REALIZED-GAINS-CURRENT] (9,712,090)
[APPREC-INCREASE-CURRENT] (30,159,775)
[NET-CHANGE-FROM-OPS] (45,352,345)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 4,302,251
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 12,518,875
[NUMBER-OF-SHARES-REDEEMED] 9,442,083
[SHARES-REINVESTED] 134,238
[NET-CHANGE-IN-ASSETS] 387,508,732
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] (21,960,199)
[OVERDISTRIB-NII-PRIOR] 3,195,629
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 3,094,925
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 3,094,925
[AVERAGE-NET-ASSETS] 209,022,927
[PER-SHARE-NAV-BEGIN] 30.44
[PER-SHARE-NII] 00.19
[PER-SHARE-GAIN-APPREC] (01.50)
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 00.28
[RETURNS-OF-CAPITAL] 00.36
[PER-SHARE-NAV-END] 28.11
[EXPENSE-RATIO] 01.17
[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-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 625,813,340
[INVESTMENTS-AT-VALUE] 725,578,873
[RECEIVABLES] 13,601,959
[ASSETS-OTHER] 382
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 739,181,214
[PAYABLE-FOR-SECURITIES] 769,798
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 5,724,488
[TOTAL-LIABILITIES] 6,494,286
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 650,295,582
[SHARES-COMMON-STOCK] 13,277,959
[SHARES-COMMON-PRIOR] 5,748,436
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 17,374,187
[ACCUM-APPREC-OR-DEPREC] 99,756,553
[NET-ASSETS] 732,686,928
[DIVIDEND-INCOME] 196,775
[INTEREST-INCOME] 2,929,959
[OTHER-INCOME] 0
[EXPENSES-NET] 8,607,214
[NET-INVESTMENT-INCOME] 5,480,480
[REALIZED-GAINS-CURRENT] (9,712,090)
[APPREC-INCREASE-CURRENT] (30,159,775)
[NET-CHANGE-FROM-OPS] (45,352,345)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 6,305,789
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 10,171,099
[NUMBER-OF-SHARES-REDEEMED] 2,843,971
[SHARES-REINVESTED] 202,395
[NET-CHANGE-IN-ASSETS] 387,508,732
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] (21,960,199)
[OVERDISTRIB-NII-PRIOR] 3,195,629
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 3,094,925
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 3,094,925
[AVERAGE-NET-ASSETS] 277,940,376
[PER-SHARE-NAV-BEGIN] 29.76
[PER-SHARE-NII] 00.41
[PER-SHARE-GAIN-APPREC] (01.43)
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 00.28
[RETURNS-OF-CAPITAL] 00.36
[PER-SHARE-NAV-END] 27.28
[EXPENSE-RATIO] 01.91
[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-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 625,813,340
[INVESTMENTS-AT-VALUE] 725,578,873
[RECEIVABLES] 13,601,959
[ASSETS-OTHER] 382
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 739,181,214
[PAYABLE-FOR-SECURITIES] 769,798
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 5,724,488
[TOTAL-LIABILITIES] 6,494,286
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 650,295,582
[SHARES-COMMON-STOCK] 970,644
[SHARES-COMMON-PRIOR] 316,409
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 17,374,187
[ACCUM-APPREC-OR-DEPREC] 99,756,553
[NET-ASSETS] 732,686,928
[DIVIDEND-INCOME] 196,775
[INTEREST-INCOME] 2,929,959
[OTHER-INCOME] 0
[EXPENSES-NET] 8,607,214
[NET-INVESTMENT-INCOME] 5,480,480
[REALIZED-GAINS-CURRENT] (9,712,090)
[APPREC-INCREASE-CURRENT] (30,159,775)
[NET-CHANGE-FROM-OPS] (45,352,345)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 611,754
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 914,248
[NUMBER-OF-SHARES-REDEEMED] 280,031
[SHARES-REINVESTED] 20,018
[NET-CHANGE-IN-ASSETS] 387,508,732
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] (21,960,199)
[OVERDISTRIB-NII-PRIOR] 3,195,629
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 3,094,925
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 3,094,925
[AVERAGE-NET-ASSETS] 22,408,275
[PER-SHARE-NAV-BEGIN] 29.77
[PER-SHARE-NII] 00.41
[PER-SHARE-GAIN-APPREC] (01.44)
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 00.28
[RETURNS-OF-CAPITAL] 00.36
[PER-SHARE-NAV-END] 27.28
[EXPENSE-RATIO] 01.90
[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 Y
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 625,813,340
[INVESTMENTS-AT-VALUE] 725,578,873
[RECEIVABLES] 13,601,959
[ASSETS-OTHER] 382
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 739,181,214
[PAYABLE-FOR-SECURITIES] 769,798
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 5,724,488
[TOTAL-LIABILITIES] 6,494,286
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 650,295,582
[SHARES-COMMON-STOCK] 3,329,629
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 17,374,187
[ACCUM-APPREC-OR-DEPREC] 99,756,553
[NET-ASSETS] 732,686,928
[DIVIDEND-INCOME] 196,775
[INTEREST-INCOME] 2,929,959
[OTHER-INCOME] 0
[EXPENSES-NET] 8,607,214
[NET-INVESTMENT-INCOME] 5,480,480
[REALIZED-GAINS-CURRENT] (9,712,090)
[APPREC-INCREASE-CURRENT] (30,159,775)
[NET-CHANGE-FROM-OPS] (45,352,345)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 1,478,152
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 3,329,725
[NUMBER-OF-SHARES-REDEEMED] 96
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 387,508,732
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] (21,960,199)
[OVERDISTRIB-NII-PRIOR] 3,195,629
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 3,094,925
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 3,094,925
[AVERAGE-NET-ASSETS] 44,877,232
[PER-SHARE-NAV-BEGIN] 29.99
[PER-SHARE-NII] 00.08
[PER-SHARE-GAIN-APPREC] (00.06)
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 00.28
[RETURNS-OF-CAPITAL] 00.36
[PER-SHARE-NAV-END] 27.21
[EXPENSE-RATIO] 00.80
[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-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 625,813,340
[INVESTMENTS-AT-VALUE] 725,578,873
[RECEIVABLES] 13,601,959
[ASSETS-OTHER] 382
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 739,181,214
[PAYABLE-FOR-SECURITIES] 769,798
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 5,724,488
[TOTAL-LIABILITIES] 6,494,286
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 650,295,582
[SHARES-COMMON-STOCK] 448,429
[SHARES-COMMON-PRIOR] 176,110
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 17,374,187
[ACCUM-APPREC-OR-DEPREC] 99,756,553
[NET-ASSETS] 732,686,928
[DIVIDEND-INCOME] 196,775
[INTEREST-INCOME] 2,929,959
[OTHER-INCOME] 0
[EXPENSES-NET] 8,607,214
[NET-INVESTMENT-INCOME] 5,480,480
[REALIZED-GAINS-CURRENT] (9,712,090)
[APPREC-INCREASE-CURRENT] (30,159,775)
[NET-CHANGE-FROM-OPS] (45,352,345)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 273,477
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 274,522
[NUMBER-OF-SHARES-REDEEMED] 10,978
[SHARES-REINVESTED] 8,768
[NET-CHANGE-IN-ASSETS] 387,508,732
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] (21,960,199)
[OVERDISTRIB-NII-PRIOR] 3,195,629
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 3,094,925
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 3,094,925
[AVERAGE-NET-ASSETS] 10,472,141
[PER-SHARE-NAV-BEGIN] 30.46
[PER-SHARE-NII] 00.08
[PER-SHARE-GAIN-APPREC] (01.48)
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 00.28
[RETURNS-OF-CAPITAL] 00.36
[PER-SHARE-NAV-END] 28.26
[EXPENSE-RATIO] 00.80
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
