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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
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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SIGNATURE THOMAS M REYNOLDS
TITLE CONTROLLER
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
[NUMBER] 1
[NAME] SB INVESTMENT GRADE BOND FUND, CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 487,794,677
[INVESTMENTS-AT-VALUE] 540,822,710
[RECEIVABLES] 10,100,680
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 550,253,525
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 669,865
[TOTAL-LIABILITIES] 669,865
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 493,135,684
[SHARES-COMMON-STOCK] 16,192,943
[SHARES-COMMON-PRIOR] 16,782,817
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 398,245
[ACCUMULATED-NET-GAINS] 446,324
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 53,028,033
[NET-ASSETS] 550,253,525
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 36,173,355
[OTHER-INCOME] 0
[EXPENSES-NET] 6,060,112
[NET-INVESTMENT-INCOME] 30,113,243
[REALIZED-GAINS-CURRENT] 490,877
[APPREC-INCREASE-CURRENT] 46,515,710
[NET-CHANGE-FROM-OPS] 77,119,830
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 13,094,121
[DISTRIBUTIONS-OF-GAINS] 4,636,271
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 2,018,307
[NUMBER-OF-SHARES-REDEEMED] 3,049,019
[SHARES-REINVESTED] 1,047,989
[NET-CHANGE-IN-ASSETS] 61,022,455
[ACCUMULATED-NII-PRIOR] 30,913,830
[ACCUMULATED-GAINS-PRIOR] 17,850,048
[OVERDISTRIB-NII-PRIOR] 7,345
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2,183,438
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 6,060,112
[AVERAGE-NET-ASSETS] 221,544,134
[PER-SHARE-NAV-BEGIN] 12.27
[PER-SHARE-NII] 00.80
[PER-SHARE-GAIN-APPREC] 01.20
[PER-SHARE-DIVIDEND] 00.80
[PER-SHARE-DISTRIBUTIONS] 00.28
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.19
[EXPENSE-RATIO] 01.02
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
[NUMBER] 1
[NAME] SB INVESTMENT GRADE BOND FUND, CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 487,794,677
[INVESTMENTS-AT-VALUE] 540,822,710
[RECEIVABLES] 10,100,680
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 550,253,525
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 669,865
[TOTAL-LIABILITIES] 669,865
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 493,135,684
[SHARES-COMMON-STOCK] 19,370,001
[SHARES-COMMON-PRIOR] 21,027,741
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 398,245
[ACCUMULATED-NET-GAINS] 446,324
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 53,028,033
[NET-ASSETS] 550,253,525
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 36,173,355
[OTHER-INCOME] 0
[EXPENSES-NET] 6,060,112
[NET-INVESTMENT-INCOME] 30,113,243
[REALIZED-GAINS-CURRENT] 490,877
[APPREC-INCREASE-CURRENT] 46,515,710
[NET-CHANGE-FROM-OPS] 77,119,830
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 14,596,014
[DISTRIBUTIONS-OF-GAINS] 5,191,085
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 2,694,477
[NUMBER-OF-SHARES-REDEEMED] 5,862,166
[SHARES-REINVESTED] 1,037,967
[NET-CHANGE-IN-ASSETS] 61,022,455
[ACCUMULATED-NII-PRIOR] 30,913,830
[ACCUMULATED-GAINS-PRIOR] 17,850,048
[OVERDISTRIB-NII-PRIOR] 7,345
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2,183,438
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 6,060,112
[AVERAGE-NET-ASSETS] 249,344,112
[PER-SHARE-NAV-BEGIN] 12.29
[PER-SHARE-NII] 00.75
[PER-SHARE-GAIN-APPREC] 01.18
[PER-SHARE-DIVIDEND] 00.75
[PER-SHARE-DISTRIBUTIONS] 00.28
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.19
[EXPENSE-RATIO] 01.51
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
[NUMBER] 1
[NAME] SB INVESTMENT GRADE BOND FUND, CLASS C
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 487,794,677
[INVESTMENTS-AT-VALUE] 540,822,710
[RECEIVABLES] 10,100,680
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 550,253,525
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 669,865
[TOTAL-LIABILITIES] 669,865
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 493,135,684
[SHARES-COMMON-STOCK] 601,448
[SHARES-COMMON-PRIOR] 546,770
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 398,245
[ACCUMULATED-NET-GAINS] 446,324
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 53,028,033
[NET-ASSETS] 550,253,525
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 36,173,355
[OTHER-INCOME] 0
[EXPENSES-NET] 6,060,112
[NET-INVESTMENT-INCOME] 30,113,243
[REALIZED-GAINS-CURRENT] 490,877
[APPREC-INCREASE-CURRENT] 46,515,710
[NET-CHANGE-FROM-OPS] 77,119,830
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 476,169
[DISTRIBUTIONS-OF-GAINS] 211,299
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 356,735
[NUMBER-OF-SHARES-REDEEMED] 174,512
[SHARES-REINVESTED] 43,331
[NET-CHANGE-IN-ASSETS] 61,022,455
[ACCUMULATED-NII-PRIOR] 30,913,830
[ACCUMULATED-GAINS-PRIOR] 17,850,048
[OVERDISTRIB-NII-PRIOR] 7,345
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2,183,438
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 6,060,112
[AVERAGE-NET-ASSETS] 10,190,295
[PER-SHARE-NAV-BEGIN] 12.30
[PER-SHARE-NII] 00.72
[PER-SHARE-GAIN-APPREC] 01.21
[PER-SHARE-DIVIDEND] 00.77
[PER-SHARE-DISTRIBUTIONS] 00.28
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.18
[EXPENSE-RATIO] 01.49
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
[NUMBER] 1
[NAME] SB INVESTMENT GRADE BOND FUND, CLASS Y
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 487,794,677
[INVESTMENTS-AT-VALUE] 540,822,710
[RECEIVABLES] 10,100,680
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 550,253,525
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 669,865
[TOTAL-LIABILITIES] 669,865
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 493,135,684
[SHARES-COMMON-STOCK] 2,193,327
[SHARES-COMMON-PRIOR] 1,479,476
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 398,245
[ACCUMULATED-NET-GAINS] 446,324
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 53,028,033
[NET-ASSETS] 550,253,525
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 36,173,355
[OTHER-INCOME] 0
[EXPENSES-NET] 6,060,112
[NET-INVESTMENT-INCOME] 30,113,243
[REALIZED-GAINS-CURRENT] 490,877
[APPREC-INCREASE-CURRENT] 46,515,710
[NET-CHANGE-FROM-OPS] 77,119,830
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 2,337,836
[DISTRIBUTIONS-OF-GAINS] 1,440,911
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 3,776,692
[NUMBER-OF-SHARES-REDEEMED] 270
[SHARES-REINVESTED] 20
[NET-CHANGE-IN-ASSETS] 61,022,455
[ACCUMULATED-NII-PRIOR] 30,913,830
[ACCUMULATED-GAINS-PRIOR] 17,850,048
[OVERDISTRIB-NII-PRIOR] 7,345
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2,183,438
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 6,060,112
[AVERAGE-NET-ASSETS] 69,104,201
[PER-SHARE-NAV-BEGIN] 12.28
[PER-SHARE-NII] 00.83
[PER-SHARE-GAIN-APPREC] 01.21
[PER-SHARE-DIVIDEND] 00.85
[PER-SHARE-DISTRIBUTIONS] 00.28
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.19
[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] SB GOVERNMENT SECURITIES FUND, CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 555,081,464
[INVESTMENTS-AT-VALUE] 564,898,629
[RECEIVABLES] 416,647,519
[ASSETS-OTHER] 42,409
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 981,588,357
[PAYABLE-FOR-SECURITIES] 405,794,201
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1,177,603
[TOTAL-LIABILITIES] 406,971,804
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 621,487,927
[SHARES-COMMON-STOCK] 37,021,826
[SHARES-COMMON-PRIOR] 41,615,632
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 874,292
[ACCUMULATED-NET-GAINS] (55,814,247)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 9,817,165
[NET-ASSETS] 574,616,553
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 38,821,596
[OTHER-INCOME] 0
[EXPENSES-NET] 5,362,375
[NET-INVESTMENT-INCOME] 33,459,221
[REALIZED-GAINS-CURRENT] 13,136,258
[APPREC-INCREASE-CURRENT] 11,264,896
[NET-CHANGE-FROM-OPS] 57,860,372
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 23,267
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1,119,519
[NUMBER-OF-SHARES-REDEEMED] 7,351,627
[SHARES-REINVESTED] 1,638,302
[NET-CHANGE-IN-ASSETS] 23,049,895
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 874,292
[OVERDIST-NET-GAINS-PRIOR] 55,814,247
[GROSS-ADVISORY-FEES] 1,901,510
[INTEREST-EXPENSE] 4,606,360
[GROSS-EXPENSE] 9,968,735
[AVERAGE-NET-ASSETS] 367,984,400
[PER-SHARE-NAV-BEGIN] 9.34
[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] 9.75
[EXPENSE-RATIO] 0.92
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
[NUMBER] 2
[NAME] SB GOVERNMENT SECURITIES FUND, CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 555,081,464
[INVESTMENTS-AT-VALUE] 564,898,629
[RECEIVABLES] 416,647,519
[ASSETS-OTHER] 42,409
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 981,588,357
[PAYABLE-FOR-SECURITIES] 405,794,201
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1,177,603
[TOTAL-LIABILITIES] 406,971,804
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 621,487,927
[SHARES-COMMON-STOCK] 10,349,123
[SHARES-COMMON-PRIOR] 12,991,397
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 874,292
[ACCUMULATED-NET-GAINS] (55,814,247)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 9,817,165
[NET-ASSETS] 574,616,553
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 38,821,596
[OTHER-INCOME] 0
[EXPENSES-NET] 5,362,375
[NET-INVESTMENT-INCOME] 33,459,221
[REALIZED-GAINS-CURRENT] 13,136,258
[APPREC-INCREASE-CURRENT] 11,264,896
[NET-CHANGE-FROM-OPS] 57,860,372
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 6,495
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1,269,885
[NUMBER-OF-SHARES-REDEEMED] 4,379,419
[SHARES-REINVESTED] 467,262
[NET-CHANGE-IN-ASSETS] 23,049,895
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 874,292
[OVERDIST-NET-GAINS-PRIOR] 55,814,247
[GROSS-ADVISORY-FEES] 1,901,510
[INTEREST-EXPENSE] 4,606,360
[GROSS-EXPENSE] 9,968,735
[AVERAGE-NET-ASSETS] 108,876,034
[PER-SHARE-NAV-BEGIN] 9.38
[PER-SHARE-NII] 0.54
[PER-SHARE-GAIN-APPREC] 0.44
[PER-SHARE-DIVIDEND] 0.57
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 9.79
[EXPENSE-RATIO] 1.44
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
[NUMBER] 2
[NAME] SB GOVERNMENT SECURITIES FUND, CLASS C
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 555,081,464
[INVESTMENTS-AT-VALUE] 564,898,629
[RECEIVABLES] 416,647,519
[ASSETS-OTHER] 42,409
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 981,588,357
[PAYABLE-FOR-SECURITIES] 405,794,201
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1,177,603
[TOTAL-LIABILITIES] 406,971,804
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 621,487,927
[SHARES-COMMON-STOCK] 236,288
[SHARES-COMMON-PRIOR] 153,878
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 874,292
[ACCUMULATED-NET-GAINS] (55,814,247)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 9,817,165
[NET-ASSETS] 574,616,553
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 38,821,596
[OTHER-INCOME] 0
[EXPENSES-NET] 5,362,375
[NET-INVESTMENT-INCOME] 33,459,221
[REALIZED-GAINS-CURRENT] 13,136,258
[APPREC-INCREASE-CURRENT] 11,264,896
[NET-CHANGE-FROM-OPS] 57,860,372
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 106
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 122,793
[NUMBER-OF-SHARES-REDEEMED] 47,246
[SHARES-REINVESTED] 6,863
[NET-CHANGE-IN-ASSETS] 23,049,895
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 874,292
[OVERDIST-NET-GAINS-PRIOR] 55,814,247
[GROSS-ADVISORY-FEES] 1,901,510
[INTEREST-EXPENSE] 4,606,360
[GROSS-EXPENSE] 9,968,735
[AVERAGE-NET-ASSETS] 1,732,413
[PER-SHARE-NAV-BEGIN] 9.38
[PER-SHARE-NII] 0.54
[PER-SHARE-GAIN-APPREC] 0.43
[PER-SHARE-DIVIDEND] 0.57
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 9.78
[EXPENSE-RATIO] 1.39
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
[NUMBER] 2
[NAME] SB GOVERNMENT SECURITIES FUND, CLASS Y
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 555,081,464
[INVESTMENTS-AT-VALUE] 564,898,629
[RECEIVABLES] 416,647,519
[ASSETS-OTHER] 42,409
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 981,588,357
[PAYABLE-FOR-SECURITIES] 405,794,201
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1,177,603
[TOTAL-LIABILITIES] 406,971,804
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 621,487,927
[SHARES-COMMON-STOCK] 11,258,233
[SHARES-COMMON-PRIOR] 4,245,386
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 874,292
[ACCUMULATED-NET-GAINS] (55,814,247)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 9,817,165
[NET-ASSETS] 574,616,553
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 38,821,596
[OTHER-INCOME] 0
[EXPENSES-NET] 5,362,375
[NET-INVESTMENT-INCOME] 33,459,221
[REALIZED-GAINS-CURRENT] 13,136,258
[APPREC-INCREASE-CURRENT] 11,264,896
[NET-CHANGE-FROM-OPS] 57,860,372
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 4,466
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 7,012,847
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 23,049,895
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 874,292
[OVERDIST-NET-GAINS-PRIOR] 55,814,247
[GROSS-ADVISORY-FEES] 1,901,510
[INTEREST-EXPENSE] 4,606,360
[GROSS-EXPENSE] 9,968,735
[AVERAGE-NET-ASSETS] 64,471,559
[PER-SHARE-NAV-BEGIN] 9.34
[PER-SHARE-NII] 0.61
[PER-SHARE-GAIN-APPREC] 0.44
[PER-SHARE-DIVIDEND] 0.63
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 9.76
[EXPENSE-RATIO] 0.58
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
[NUMBER] 3
[NAME] CONCERT PEACHTREE GROWTH FUND, CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 220,111,578
[INVESTMENTS-AT-VALUE] 225,851,950
[RECEIVABLES] 2,455,626
[ASSETS-OTHER] 179
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 228,307,755
[PAYABLE-FOR-SECURITIES] 2,750,484
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 489,759
[TOTAL-LIABILITIES] 3,240,243
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 220,410,437
[SHARES-COMMON-STOCK] 5,023,886
[SHARES-COMMON-PRIOR] 5,321,112
[ACCUMULATED-NII-CURRENT] 898,523
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 184,774
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 5,740,372
[NET-ASSETS] 225,067,512
[DIVIDEND-INCOME] 1,378,180
[INTEREST-INCOME] 989,087
[OTHER-INCOME] 0
[EXPENSES-NET] 2,350,260
[NET-INVESTMENT-INCOME] 17,007
[REALIZED-GAINS-CURRENT] 7,329,771
[APPREC-INCREASE-CURRENT] 583,993
[NET-CHANGE-FROM-OPS] 7,930,771
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 5,093,722
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 823,568
[NUMBER-OF-SHARES-REDEEMED] 1,422,997
[SHARES-REINVESTED] 392,203
[NET-CHANGE-IN-ASSETS] 109,565,815
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 3,907,187
[OVERDISTRIB-NII-PRIOR] 144,841
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1,262,626
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1,262,626
[AVERAGE-NET-ASSETS] 70,289,087
[PER-SHARE-NAV-BEGIN] 13.80
[PER-SHARE-NII] 00.03
[PER-SHARE-GAIN-APPREC] 00.65
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 01.07
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.41
[EXPENSE-RATIO] 01.67
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
[NUMBER] 3
[NAME] CONCERT PEACHTREE GROWTH FUND, CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 220,111,578
[INVESTMENTS-AT-VALUE] 225,851,950
[RECEIVABLES] 2,455,626
[ASSETS-OTHER] 179
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 228,307,755
[PAYABLE-FOR-SECURITIES] 2,750,484
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 489,759
[TOTAL-LIABILITIES] 3,240,243
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 220,410,437
[SHARES-COMMON-STOCK] 3,185,557
[SHARES-COMMON-PRIOR] 3,140,115
[ACCUMULATED-NII-CURRENT] 898,523
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 184,774
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 5,740,372
[NET-ASSETS] 225,067,512
[DIVIDEND-INCOME] 1,378,180
[INTEREST-INCOME] 989,087
[OTHER-INCOME] 0
[EXPENSES-NET] 2,350,260
[NET-INVESTMENT-INCOME] 17,007
[REALIZED-GAINS-CURRENT] 7,329,771
[APPREC-INCREASE-CURRENT] 583,993
[NET-CHANGE-FROM-OPS] 7,930,771
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 3,184,763
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 412,467
[NUMBER-OF-SHARES-REDEEMED] 615,046
[SHARES-REINVESTED] 248,022
[NET-CHANGE-IN-ASSETS] 109,565,815
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 3,907,187
[OVERDISTRIB-NII-PRIOR] 144,841
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1,262,626
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1,262,626
[AVERAGE-NET-ASSETS] 42,352,373
[PER-SHARE-NAV-BEGIN] 13.74
[PER-SHARE-NII] 00.07
[PER-SHARE-GAIN-APPREC] 00.64
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 01.07
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.24
[EXPENSE-RATIO] 02.42
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
[NUMBER] 3
[NAME] CONCERT PEACHTREE GROWTH FUND, CLASS C
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 220,111,578
[INVESTMENTS-AT-VALUE] 225,851,950
[RECEIVABLES] 2,455,626
[ASSETS-OTHER] 179
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 228,307,755
[PAYABLE-FOR-SECURITIES] 2,750,484
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 489,759
[TOTAL-LIABILITIES] 3,240,243
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 220,410,437
[SHARES-COMMON-STOCK] 15,315
[SHARES-COMMON-PRIOR] 12,619
[ACCUMULATED-NII-CURRENT] 898,523
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 184,774
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 5,740,372
[NET-ASSETS] 225,067,512
[DIVIDEND-INCOME] 1,378,180
[INTEREST-INCOME] 989,087
[OTHER-INCOME] 0
[EXPENSES-NET] 2,350,260
[NET-INVESTMENT-INCOME] 17,007
[REALIZED-GAINS-CURRENT] 7,329,771
[APPREC-INCREASE-CURRENT] 583,993
[NET-CHANGE-FROM-OPS] 7,930,771
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 13,740
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 6,939
[NUMBER-OF-SHARES-REDEEMED] 5,307
[SHARES-REINVESTED] 1,063
[NET-CHANGE-IN-ASSETS] 109,565,815
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 3,907,187
[OVERDISTRIB-NII-PRIOR] 144,841
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1,262,626
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1,262,626
[AVERAGE-NET-ASSETS] 178,194
[PER-SHARE-NAV-BEGIN] 13.78
[PER-SHARE-NII] 00.05
[PER-SHARE-GAIN-APPREC] 00.62
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 01.07
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.28
[EXPENSE-RATIO] 02.41
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
[NUMBER] 3
[NAME] CONCERT PEACHTREE GROWTH FUND, CLASS Y
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 220,111,578
[INVESTMENTS-AT-VALUE] 225,851,950
[RECEIVABLES] 2,455,626
[ASSETS-OTHER] 179
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 228,307,755
[PAYABLE-FOR-SECURITIES] 2,750,484
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 489,759
[TOTAL-LIABILITIES] 3,240,243
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 220,410,437
[SHARES-COMMON-STOCK] 8,597,965
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 898,523
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 184,774
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 5,740,372
[NET-ASSETS] 225,067,512
[DIVIDEND-INCOME] 1,378,180
[INTEREST-INCOME] 989,087
[OTHER-INCOME] 0
[EXPENSES-NET] 2,350,260
[NET-INVESTMENT-INCOME] 17,007
[REALIZED-GAINS-CURRENT] 7,329,771
[APPREC-INCREASE-CURRENT] 583,993
[NET-CHANGE-FROM-OPS] 7,930,771
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 3,267,158
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 8,609,967
[NUMBER-OF-SHARES-REDEEMED] 12,002
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 109,565,815
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 3,907,187
[OVERDISTRIB-NII-PRIOR] 144,841
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1,262,626
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1,262,626
[AVERAGE-NET-ASSETS] 13,741,497
[PER-SHARE-NAV-BEGIN] 14.86
[PER-SHARE-NII] 00.01
[PER-SHARE-GAIN-APPREC] 00.38
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 01.07
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.42
[EXPENSE-RATIO] 00.10
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
[NUMBER] 4
[NAME] SB MANAGED GROWTH FUND, CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 842,075,303
[INVESTMENTS-AT-VALUE] 952,699,820
[RECEIVABLES] 11,076,506
[ASSETS-OTHER] 80,029
[OTHER-ITEMS-ASSETS] 51,703,767
[TOTAL-ASSETS] 1,015,560,122
[PAYABLE-FOR-SECURITIES] 1,360,674
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 53,567,625
[TOTAL-LIABILITIES] 54,928,299
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 836,773,111
[SHARES-COMMON-STOCK] 16,544,137
[SHARES-COMMON-PRIOR] 16,317,182
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 427,514
[ACCUMULATED-NET-GAINS] 13,198,025
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 111,088,201
[NET-ASSETS] 960,631,823
[DIVIDEND-INCOME] 9,389,749
[INTEREST-INCOME] 8,053,894
[OTHER-INCOME] 0
[EXPENSES-NET] 16,431,807
[NET-INVESTMENT-INCOME] 1,011,836
[REALIZED-GAINS-CURRENT] 84,230,909
[APPREC-INCREASE-CURRENT] 31,194,186
[NET-CHANGE-FROM-OPS] 116,436,931
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 439,565
[DISTRIBUTIONS-OF-GAINS] 16,151,599
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 2,094,216
[NUMBER-OF-SHARES-REDEEMED] 2,945,836
[SHARES-REINVESTED] 1,078,575
[NET-CHANGE-IN-ASSETS] 100,896,831
[ACCUMULATED-NII-PRIOR] 233,268
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] (3,700,276)
[GROSS-ADVISORY-FEES] 8,127,871
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 16,431,807
[AVERAGE-NET-ASSETS] 232,658,129
[PER-SHARE-NAV-BEGIN] 13.42
[PER-SHARE-NII] 00.08
[PER-SHARE-GAIN-APPREC] 01.77
[PER-SHARE-DIVIDEND] 00.02
[PER-SHARE-DISTRIBUTIONS] 01.04
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 14.21
[EXPENSE-RATIO] 01.28
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
[NUMBER] 4
[NAME] SB MANAGED GROWTH FUND, CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 842,075,303
[INVESTMENTS-AT-VALUE] 952,699,820
[RECEIVABLES] 11,076,506
[ASSETS-OTHER] 80,029
[OTHER-ITEMS-ASSETS] 51,703,767
[TOTAL-ASSETS] 1,015,560,122
[PAYABLE-FOR-SECURITIES] 1,360,674
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 53,567,625
[TOTAL-LIABILITIES] 54,928,299
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 836,773,111
[SHARES-COMMON-STOCK] 38,789,375
[SHARES-COMMON-PRIOR] 36,151,509
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 427,514
[ACCUMULATED-NET-GAINS] 13,198,025
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 111,088,201
[NET-ASSETS] 960,631,823
[DIVIDEND-INCOME] 9,389,749
[INTEREST-INCOME] 8,053,894
[OTHER-INCOME] 0
[EXPENSES-NET] 16,431,807
[NET-INVESTMENT-INCOME] 1,011,836
[REALIZED-GAINS-CURRENT] 84,230,909
[APPREC-INCREASE-CURRENT] 31,194,186
[NET-CHANGE-FROM-OPS] 116,436,931
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 37,606,023
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 5,258,228
[NUMBER-OF-SHARES-REDEEMED] 5,169,369
[SHARES-REINVESTED] 2,549,007
[NET-CHANGE-IN-ASSETS] 100,896,831
[ACCUMULATED-NII-PRIOR] 233,268
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] (3,700,276)
[GROSS-ADVISORY-FEES] 8,127,871
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 16,431,807
[AVERAGE-NET-ASSETS] 531,222,791
[PER-SHARE-NAV-BEGIN] 13.41
[PER-SHARE-NII] 00.03
[PER-SHARE-GAIN-APPREC] 01.77
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 01.04
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 14.11
[EXPENSE-RATIO] 02.05
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
[NUMBER] 4
[NAME] SB MANAGED GROWTH FUND, CLASS C
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 842,075,303
[INVESTMENTS-AT-VALUE] 952,699,820
[RECEIVABLES] 11,076,506
[ASSETS-OTHER] 80,029
[OTHER-ITEMS-ASSETS] 51,703,767
[TOTAL-ASSETS] 1,015,560,122
[PAYABLE-FOR-SECURITIES] 1,360,674
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 53,567,625
[TOTAL-LIABILITIES] 54,928,299
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 836,773,111
[SHARES-COMMON-STOCK] 5,440,538
[SHARES-COMMON-PRIOR] 5,096,079
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 427,514
[ACCUMULATED-NET-GAINS] 13,198,025
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 111,088,201
[NET-ASSETS] 960,631,823
[DIVIDEND-INCOME] 9,389,749
[INTEREST-INCOME] 8,053,894
[OTHER-INCOME] 0
[EXPENSES-NET] 16,431,807
[NET-INVESTMENT-INCOME] 1,011,836
[REALIZED-GAINS-CURRENT] 84,230,909
[APPREC-INCREASE-CURRENT] 31,194,186
[NET-CHANGE-FROM-OPS] 116,436,931
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 5,273,054
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 908,680
[NUMBER-OF-SHARES-REDEEMED] 926,969
[SHARES-REINVESTED] 362,748
[NET-CHANGE-IN-ASSETS] 100,896,831
[ACCUMULATED-NII-PRIOR] 233,268
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] (3,700,276)
[GROSS-ADVISORY-FEES] 8,127,871
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 16,431,807
[AVERAGE-NET-ASSETS] 74,725,445
[PER-SHARE-NAV-BEGIN] 13.41
[PER-SHARE-NII] 00.03
[PER-SHARE-GAIN-APPREC] 01.78
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 01.04
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 14.12
[EXPENSE-RATIO] 02.04
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
[NUMBER] 4
[NAME] SB MANAGED GROWTH FUND, CLASS Y
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 842,075,303
[INVESTMENTS-AT-VALUE] 952,699,820
[RECEIVABLES] 11,076,506
[ASSETS-OTHER] 80,029
[OTHER-ITEMS-ASSETS] 51,703,767
[TOTAL-ASSETS] 1,015,560,122
[PAYABLE-FOR-SECURITIES] 1,360,674
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 53,567,625
[TOTAL-LIABILITIES] 54,928,299
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 836,773,111
[SHARES-COMMON-STOCK] 5,028,358
[SHARES-COMMON-PRIOR] 4,876,088
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 427,514
[ACCUMULATED-NET-GAINS] 13,198,025
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 111,088,201
[NET-ASSETS] 960,631,823
[DIVIDEND-INCOME] 9,389,749
[INTEREST-INCOME] 8,053,894
[OTHER-INCOME] 0
[EXPENSES-NET] 16,431,807
[NET-INVESTMENT-INCOME] 1,011,836
[REALIZED-GAINS-CURRENT] 84,230,909
[APPREC-INCREASE-CURRENT] 31,194,186
[NET-CHANGE-FROM-OPS] 116,436,931
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 389,942
[DISTRIBUTIONS-OF-GAINS] 7,045,107
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 2,271,061
[NUMBER-OF-SHARES-REDEEMED] 2,118,791
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 100,896,831
[ACCUMULATED-NII-PRIOR] 233,268
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] (3,700,276)
[GROSS-ADVISORY-FEES] 8,127,871
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 16,431,807
[AVERAGE-NET-ASSETS] 90,813,854
[PER-SHARE-NAV-BEGIN] 13.43
[PER-SHARE-NII] 00.16
[PER-SHARE-GAIN-APPREC] 01.77
[PER-SHARE-DIVIDEND] 00.08
[PER-SHARE-DISTRIBUTIONS] 01.04
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 14.24
[EXPENSE-RATIO] 00.90
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
[NUMBER] 4
[NAME] SB MANAGED GROWTH FUND, CLASS Z
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 842,075,303
[INVESTMENTS-AT-VALUE] 952,699,820
[RECEIVABLES] 11,076,506
[ASSETS-OTHER] 80,029
[OTHER-ITEMS-ASSETS] 51,703,767
[TOTAL-ASSETS] 1,015,560,122
[PAYABLE-FOR-SECURITIES] 1,360,674
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 53,567,625
[TOTAL-LIABILITIES] 54,928,299
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 836,773,111
[SHARES-COMMON-STOCK] 2,076,500
[SHARES-COMMON-PRIOR] 1,660,003
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 427,514
[ACCUMULATED-NET-GAINS] 13,198,025
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 111,088,201
[NET-ASSETS] 960,631,823
[DIVIDEND-INCOME] 9,389,749
[INTEREST-INCOME] 8,053,894
[OTHER-INCOME] 0
[EXPENSES-NET] 16,431,807
[NET-INVESTMENT-INCOME] 1,011,836
[REALIZED-GAINS-CURRENT] 84,230,909
[APPREC-INCREASE-CURRENT] 31,194,186
[NET-CHANGE-FROM-OPS] 116,436,931
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 154,663
[DISTRIBUTIONS-OF-GAINS] 1,945,273
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 420,890
[NUMBER-OF-SHARES-REDEEMED] 149,503
[SHARES-REINVESTED] 145,503
[NET-CHANGE-IN-ASSETS] 100,896,831
[ACCUMULATED-NII-PRIOR] 233,268
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] (3,700,276)
[GROSS-ADVISORY-FEES] 8,127,871
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 16,431,807
[AVERAGE-NET-ASSETS] 27,089,854
[PER-SHARE-NAV-BEGIN] 13.43
[PER-SHARE-NII] 00.13
[PER-SHARE-GAIN-APPREC] 01.79
[PER-SHARE-DIVIDEND] 00.07
[PER-SHARE-DISTRIBUTIONS] 01.04
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 14.24
[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] SB SPECIAL EQUITY FUNDS, CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 444,025,238
[INVESTMENTS-AT-VALUE] 552,761,070
[RECEIVABLES] 17,908,899
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 505
[TOTAL-ASSETS] 570,670,474
[PAYABLE-FOR-SECURITIES] 3,950,967
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 6,160,723
[TOTAL-LIABILITIES] 10,111,690
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 502,450,349
[SHARES-COMMON-STOCK] 6,670,017
[SHARES-COMMON-PRIOR] 8,445,529
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 14,881
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 50,612,516
[ACCUM-APPREC-OR-DEPREC] 108,735,832
[NET-ASSETS] 560,558,784
[DIVIDEND-INCOME] 491,075
[INTEREST-INCOME] 3,059,792
[OTHER-INCOME] 0
[EXPENSES-NET] 10,000,738
[NET-INVESTMENT-INCOME] 6,449,871
[REALIZED-GAINS-CURRENT] (40,421,604)
[APPREC-INCREASE-CURRENT] 8,970,299
[NET-CHANGE-FROM-OPS] 37,901,176
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 16,896,856
[NUMBER-OF-SHARES-REDEEMED] 18,672,368
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (172,128,144)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 6,962
[OVERDIST-NET-GAINS-PRIOR] 10,190,912
[GROSS-ADVISORY-FEES] 3,748,595
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 10,000,738
[AVERAGE-NET-ASSETS] 204,990,873
[PER-SHARE-NAV-BEGIN] 28.11
[PER-SHARE-NII] 00.21
[PER-SHARE-GAIN-APPREC] (01.38)
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 26.52
[EXPENSE-RATIO] 01.20
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
[NUMBER] 5
[NAME] SB SPECIAL EQUITY FUNDS, CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 444,025,238
[INVESTMENTS-AT-VALUE] 552,761,070
[RECEIVABLES] 17,908,899
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 505
[TOTAL-ASSETS] 570,670,474
[PAYABLE-FOR-SECURITIES] 3,950,967
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 6,160,723
[TOTAL-LIABILITIES] 10,111,690
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 502,450,349
[SHARES-COMMON-STOCK] 9,563,395
[SHARES-COMMON-PRIOR] 13,277,959
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 14,881
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 50,612,516
[ACCUM-APPREC-OR-DEPREC] 108,735,832
[NET-ASSETS] 560,558,784
[DIVIDEND-INCOME] 491,075
[INTEREST-INCOME] 3,059,792
[OTHER-INCOME] 0
[EXPENSES-NET] 10,000,738
[NET-INVESTMENT-INCOME] 6,449,871
[REALIZED-GAINS-CURRENT] (40,421,604)
[APPREC-INCREASE-CURRENT] 8,970,299
[NET-CHANGE-FROM-OPS] 37,901,176
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1,840,814
[NUMBER-OF-SHARES-REDEEMED] 5,555,378
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (172,128,144)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 6,962
[OVERDIST-NET-GAINS-PRIOR] 10,190,912
[GROSS-ADVISORY-FEES] 3,748,595
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 10,000,738
[AVERAGE-NET-ASSETS] 307,063,008
[PER-SHARE-NAV-BEGIN] 27.28
[PER-SHARE-NII] 00.45
[PER-SHARE-GAIN-APPREC] (01.29)
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 25.54
[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] SB SPECIAL EQUITY FUNDS, CLASS C
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 444,025,238
[INVESTMENTS-AT-VALUE] 552,761,070
[RECEIVABLES] 17,908,899
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 505
[TOTAL-ASSETS] 570,670,474
[PAYABLE-FOR-SECURITIES] 3,950,967
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 6,160,723
[TOTAL-LIABILITIES] 10,111,690
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 502,450,349
[SHARES-COMMON-STOCK] 733,259
[SHARES-COMMON-PRIOR] 970,644
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 14,881
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 50,612,516
[ACCUM-APPREC-OR-DEPREC] 108,735,832
[NET-ASSETS] 560,558,784
[DIVIDEND-INCOME] 491,075
[INTEREST-INCOME] 3,059,792
[OTHER-INCOME] 0
[EXPENSES-NET] 10,000,738
[NET-INVESTMENT-INCOME] 6,449,871
[REALIZED-GAINS-CURRENT] (40,421,604)
[APPREC-INCREASE-CURRENT] 8,970,299
[NET-CHANGE-FROM-OPS] 37,901,176
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 295,802
[NUMBER-OF-SHARES-REDEEMED] 533,187
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (172,128,144)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 6,962
[OVERDIST-NET-GAINS-PRIOR] 10,190,912
[GROSS-ADVISORY-FEES] 3,748,595
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 10,000,738
[AVERAGE-NET-ASSETS] 23,288,254
[PER-SHARE-NAV-BEGIN] 27.28
[PER-SHARE-NII] 00.45
[PER-SHARE-GAIN-APPREC] (01.29)
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 25.54
[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] SB SPECIAL EQUITY FUNDS, CLASS Y
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 444,025,238
[INVESTMENTS-AT-VALUE] 552,761,070
[RECEIVABLES] 17,908,899
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 505
[TOTAL-ASSETS] 570,670,474
[PAYABLE-FOR-SECURITIES] 3,950,967
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 6,160,723
[TOTAL-LIABILITIES] 10,111,690
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 502,450,349
[SHARES-COMMON-STOCK] 3,979,659
[SHARES-COMMON-PRIOR] 3,329,629
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 14,881
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 50,612,516
[ACCUM-APPREC-OR-DEPREC] 108,735,832
[NET-ASSETS] 560,558,784
[DIVIDEND-INCOME] 491,075
[INTEREST-INCOME] 3,059,792
[OTHER-INCOME] 0
[EXPENSES-NET] 10,000,738
[NET-INVESTMENT-INCOME] 6,449,871
[REALIZED-GAINS-CURRENT] (40,421,604)
[APPREC-INCREASE-CURRENT] 8,970,299
[NET-CHANGE-FROM-OPS] 37,901,176
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 2,450,057
[NUMBER-OF-SHARES-REDEEMED] 1,800,027
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (172,128,144)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 6,962
[OVERDIST-NET-GAINS-PRIOR] 10,190,912
[GROSS-ADVISORY-FEES] 3,748,595
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 10,000,738
[AVERAGE-NET-ASSETS] 131,341,546
[PER-SHARE-NAV-BEGIN] 28.21
[PER-SHARE-NII] 00.09
[PER-SHARE-GAIN-APPREC] (01.40)
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 26.72
[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] SB SPECIAL EQUITY FUNDS, CLASS Z
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 444,025,238
[INVESTMENTS-AT-VALUE] 552,761,070
[RECEIVABLES] 17,908,899
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 505
[TOTAL-ASSETS] 570,670,474
[PAYABLE-FOR-SECURITIES] 3,950,967
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 6,160,723
[TOTAL-LIABILITIES] 10,111,690
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 502,450,349
[SHARES-COMMON-STOCK] 535,942
[SHARES-COMMON-PRIOR] 448,429
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 14,881
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 50,612,516
[ACCUM-APPREC-OR-DEPREC] 108,735,832
[NET-ASSETS] 560,558,784
[DIVIDEND-INCOME] 491,075
[INTEREST-INCOME] 3,059,792
[OTHER-INCOME] 0
[EXPENSES-NET] 10,000,738
[NET-INVESTMENT-INCOME] 6,449,871
[REALIZED-GAINS-CURRENT] (40,421,604)
[APPREC-INCREASE-CURRENT] 8,970,299
[NET-CHANGE-FROM-OPS] 37,901,176
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 181,226
[NUMBER-OF-SHARES-REDEEMED] 93,713
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (172,128,144)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 6,962
[OVERDIST-NET-GAINS-PRIOR] 10,190,912
[GROSS-ADVISORY-FEES] 3,748,595
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 10,000,738
[AVERAGE-NET-ASSETS] 14,421,586
[PER-SHARE-NAV-BEGIN] 28.26
[PER-SHARE-NII] 00.08
[PER-SHARE-GAIN-APPREC] (01.42)
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 26.76
[EXPENSE-RATIO] 00.81
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
SMITH BARNEY INVESTMENT FUNDS INC.
10f-3 REPORT
June 1, 1997 - November 30, 1997
% of
Trade Purchase Fund
% of
Issuer Date Selling Dealer Shares
Price Assets Issue
Polo Ralph Lauren 6/11/97 Goldman Sachs 70,000
$26.000 0.26% 0.37%
RWD Technologies 6/19/97 William Blair & Co. 2,000
13.000 0.00 0.07
Hanover Compressor Co. 6/30/97 Goldman Sachs
39,100 19.500 0.11 0.60
At Home Network 7/12/97 Morgan Stanley
19,500 $10.500 0.03 0.22
Total Ent. Restaurant 7/17/97 Montgomery Securities
5,500 9.000 0.07 2.62
Monarch Dental 7/18/97 Hambrecht & Quist
5,000 13.000 0.01 0.18
Travel Services Int'l 7/22/97 Montgomery Securities
5,500 14.000 0.01 0.22
Bioreliance 7/28/97 Morgan Stanley 10,000
15.000 0.02 0.48
The Children's Place 9/18/97 Montgomery Securities
10,000 14.000 0.02 0.25
Industrial Dist. Group 9/23/97 Merrill Lynch
9,000 17.000 0.03 0.33
Logility 10/6/97 Montgomery Securities
40,000 14.500 0.10 0.45
American Italian Pasta Co. 10/8/97 Morgan Stanley Dean
Witter 8,500 18.000 0.03 0.84
USA Floral Products 10/9/97 Morgan Stanley Dean Witter
11,000 13.000 0.02 0.50
Track 'N Trail 10/10/97 BT Alex Brown 30,000
10.500 0.05 1.10
Int'l Manufacturing Service 10/21/97 Montgomery Securities
20,000 11.500 0.04 0.40
Beringer Wine Estate Holdings Inc. 10/28/97 Goldman Sachs
15,000 26.000 0.06 0.52
Transcoastal Marine Services 10/30/97 Jefferies & Co.
8,000 18.000 0.02 0.16
Pericom 10/31/97 Soundview Financial Group
100,000 9.000 0.14 4.00
Bayard Drilling Technologies 11/4/97 DLJ 31,000
23.000 0.12 0.53
Hybrid 11/11/97 Montgomery Securities
32,500 14.000 0.07 1.20
Friendly's 11/14/97 Montgomery Securities
100,000 18.000 0.30 2.00
Select 11/24/97 R. Baird 400,000
19.000 1.25 4.00
Consolidated Capital 11/26/97 Friedman Billings
200,000 20.000 0.66 0.08
To the Shareholders and Board of Directors of
Smith Barney Investment Funds Inc.:
In planning and performing our audit of the financial statements
of Concert Peachtree Growth Fund of Smith Barney Investment Funds
Inc. (the "Fund") for the year ended December 31, 1997, we
considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on the internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and not be detected. Also, projection
of any evaluation of internal control to future periods is
subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control would not necessarily
disclose all matters in the internal control that might be
material weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness
is a condition in which the design or operation of one or more of
the internal control components does not reduce to a relatively
low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned
functions. However, we noted no matters involving the internal
control and its operation, including controls for safeguarding
securities that we consider to be material weaknesses as defined
above.
This report is intended solely for the information and use of
management, the Board of Directors of the Fund, and the
Securities and Exchange Commission.
February 10, 1998
To the Shareholders and Board of Directors of
Smith Barney Investment Funds Inc.:
In planning and performing our audit of the financial statements
of Smith Barney Government Securities Fund of Smith Barney
Investment Funds Inc. (the "Fund") for the year ended December
31, 1997, we considered its internal control, including control
activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on the internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and not be detected. Also, projection
of any evaluation of internal control to future periods is
subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control would not necessarily
disclose all matters in the internal control that might be
material weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness
is a condition in which the design or operation of one or more of
the internal control components does not reduce to a relatively
low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned
functions. However, we noted no matters involving the internal
control and its operation, including controls for safeguarding
securities that we consider to be material weaknesses as defined
above.
This report is intended solely for the information and use of
management, the Board of Directors of the Fund, and the
Securities and Exchange Commission.
February 10, 1998
To the Shareholders and Board of Directors of
Smith Barney Investment Funds Inc.:
In planning and performing our audit of the financial statements
of Smith Barney Investment Grade Bond Fund of Smith Barney
Investment Funds Inc. (the "Fund") for the year ended December
31, 1997, we considered its internal control, including control
activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on the internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and not be detected. Also, projection
of any evaluation of internal control to future periods is
subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control would not necessarily
disclose all matters in the internal control that might be
material weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness
is a condition in which the design or operation of one or more of
the internal control components does not reduce to a relatively
low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned
functions. However, we noted no matters involving the internal
control and its operation, including controls for safeguarding
securities that we consider to be material weaknesses as defined
above.
This report is intended solely for the information and use of
management, the Board of Directors of the Fund, and the
Securities and Exchange Commission.
February 10, 1998
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
To the Shareholders and Board of Directors of
Smith Barney Investment Funds Inc.:
In planning and performing our audit of the financial statements
of the Smith Barney Managed Growth Fund of Smith Barney
Investment Funds Inc. (the "Fund") for the year ended December
31, 1997, we considered its internal control, including control
activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on the internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and not be detected. Also, projection
of any evaluation of internal control to future periods is
subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control would not necessarily
disclose all matters in the internal control that might be
material weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness
is a condition in which the design or operation of one or more of
the internal control components does not reduce to a relatively
low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned
functions. However, we noted no matters involving the internal
control and its operation, including controls for safeguarding
securities that we consider to be material weaknesses as defined
above.
This report is intended solely for the information and use of
management, the Board of Directors of the Fund, and the
Securities and Exchange Commission.
February 10, 1998
</TABLE>
To the Shareholders and Board of Directors of
Smith Barney Investment Funds Inc.:
In planning and performing our audit of the financial statements
of Smith Barney Special Equities Fund of Smith Barney Investment
Funds Inc. (the "Fund") for the year ended December 31, 1997, we
considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on the internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and not be detected. Also, projection
of any evaluation of internal control to future periods is
subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control would not necessarily
disclose all matters in the internal control that might be
material weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness
is a condition in which the design or operation of one or more of
the internal control components does not reduce to a relatively
low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned
functions. However, we noted no matters involving the internal
control and its operation, including controls for safeguarding
securities that we consider to be material weaknesses as defined
above.
This report is intended solely for the information and use of
management, the Board of Directors of the Fund, and the
Securities and Exchange Commission.
February 10, 1998
