SMITH BARNEY SHEARSON INVESTMENT FUNDS INC
NSAR-A, 1999-01-15
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<PAGE>      PAGE  1
000 A000000 10/31/98
000 C000000 355747
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 I000000 3.0
000 J000000 A
001 A000000 SMITH BARNEY INVESTMENT FUNDS INC.
001 B000000 811-3275
001 C000000 2128165545
002 A000000 388 GREENWICH STREET
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10013
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  2
007 C010100  1
007 C020100 SMITH BARNEY HANSBERGER GLOBAL VALUE FUND
007 C030100 N
007 C010200  2
007 C020200 SB HANSBERGER GLOBAL SMALL CAP VALUE FUND
007 C030200 N
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007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 MUTUAL MANAGEMENT CORP.
008 B00AA01 A
008 C00AA01 801-3389
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10013
008 A00AA02 HANSBERGER GLOBAL INVESTORS, INC
008 B00AA02 S
008 C00AA02 801-000000
008 D01AA02 FORT LAUDERDALE
008 D02AA02 FL
008 D03AA02 33301
010 A00AA01 MUTUAL MANAGEMENT CORP.
010 B00AA01 801-14437
010 C01AA01 NEW YORK
<PAGE>      PAGE  2
010 C02AA01 NY
010 C03AA01 10013
011 A00AA01 SMITH BARNEY INC.
011 B00AA01 8-81777
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10013
012 A00AA01 FIRST DATA INVESTOR SERVICES GROUP
012 B00AA01 84-0000000
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02109
013 A00AA01 KPMG PEAT MARWICK LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10154
015 A00AA01 CHASE MANHATTAN
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020 A000001 MERRILL LYNCH
020 B000001 13-5674085
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020 A000002 HOENIG & CO. INC.
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020 A000003 GOLDMAN SACHS
020 B000003 13-5108880
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020 A000004 ABN AMRO BANK
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020 A000005 GREDITANSTALT BANKVERIN
020 B000005 N/A
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020 A000006 J.P. MORGAN SECURITIES INC.
020 B000006 N/A
020 C000006     24
020 A000007 AUERBACH GRAYSON & CO. INC.
020 B000007 N/A
020 C000007     24
020 A000008 TIR SECURITIES INC.
020 B000008 N/A
020 C000008     22
020 A000009 SBC WARBURY DILLON READ INC.
<PAGE>      PAGE  3
020 B000009 N/A
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020 A000010 SALOMON SMITH BARNEY
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
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<PAGE>      PAGE  7
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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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SIGNATURE   IRVING P. DAVID                              
TITLE       CONTROLLER          
 


[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
   [NUMBER] 1
   [NAME] HANSBERGER GLOBAL VALUE FUND. CLASS A
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   6-MOS
[FISCAL-YEAR-END]                          APR-30-1999
[PERIOD-END]                               OCT-31-1998
[INVESTMENTS-AT-COST]                      220,548,685
[INVESTMENTS-AT-VALUE]                     189,182,856
[RECEIVABLES]                                  614,760
[ASSETS-OTHER]                                   6,775
[OTHER-ITEMS-ASSETS]                                 0
[TOTAL-ASSETS]                             189,804,391
[PAYABLE-FOR-SECURITIES]                             0
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                      375,948
[TOTAL-LIABILITIES]                            375,948
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                   221,619,420
[SHARES-COMMON-STOCK]                        2,003,077
[SHARES-COMMON-PRIOR]                                0
[ACCUMULATED-NII-CURRENT]                    2,071,355
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                              0
[OVERDISTRIBUTION-GAINS]                     2,917,173
[ACCUM-APPREC-OR-DEPREC]                  (31,348,159)
[NET-ASSETS]                               189,428,443
[DIVIDEND-INCOME]                            2,069,112
[INTEREST-INCOME]                              541,765
[OTHER-INCOME]                                       0
[EXPENSES-NET]                               1,384,614
[NET-INVESTMENT-INCOME]                      1,226,263
[REALIZED-GAINS-CURRENT]                   (2,429,359)
[APPREC-INCREASE-CURRENT]                 (39,723,695)
[NET-CHANGE-FROM-OPS]                     (40,926,791)
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                            0
[DISTRIBUTIONS-OF-GAINS]                             0
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                        298,190
[NUMBER-OF-SHARES-REDEEMED]                    409,866
[SHARES-REINVESTED]                                  0
[NET-CHANGE-IN-ASSETS]                      48,950,048
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                            0
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                          830,043
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                              1,384,614
[AVERAGE-NET-ASSETS]                        23,369,936
[PER-SHARE-NAV-BEGIN]                            12.99
[PER-SHARE-NII]                                  00.10
[PER-SHARE-GAIN-APPREC]                         (2.80)
[PER-SHARE-DIVIDEND]                                 0
[PER-SHARE-DISTRIBUTIONS]                            0
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                              10.29
[EXPENSE-RATIO]                                  01.59
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>

[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
   [NUMBER] 1
   [NAME] HANSBERGER GLOBAL VALUE FUND. CLASS B
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   6-MOS
[FISCAL-YEAR-END]                          APR-30-1999
[PERIOD-END]                               OCT-31-1998
[INVESTMENTS-AT-COST]                      220,548,685
[INVESTMENTS-AT-VALUE]                     189,182,856
[RECEIVABLES]                                  614,760
[ASSETS-OTHER]                                   6,775
[OTHER-ITEMS-ASSETS]                                 0
[TOTAL-ASSETS]                             189,804,391
[PAYABLE-FOR-SECURITIES]                             0
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                      375,948
[TOTAL-LIABILITIES]                            375,948
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                   221,619,420
[SHARES-COMMON-STOCK]                        3,437,448
[SHARES-COMMON-PRIOR]                                0
[ACCUMULATED-NII-CURRENT]                    2,071,355
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                              0
[OVERDISTRIBUTION-GAINS]                     2,917,173
[ACCUM-APPREC-OR-DEPREC]                  (31,348,159)
[NET-ASSETS]                               189,428,443
[DIVIDEND-INCOME]                            2,069,112
[INTEREST-INCOME]                              541,765
[OTHER-INCOME]                                       0
[EXPENSES-NET]                               1,384,614
[NET-INVESTMENT-INCOME]                      1,226,263
[REALIZED-GAINS-CURRENT]                   (2,429,359)
[APPREC-INCREASE-CURRENT]                 (39,723,695)
[NET-CHANGE-FROM-OPS]                     (40,926,791)
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                            0
[DISTRIBUTIONS-OF-GAINS]                             0
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                        487,033
[NUMBER-OF-SHARES-REDEEMED]                    562,853
[SHARES-REINVESTED]                                  0
[NET-CHANGE-IN-ASSETS]                      48,950,048
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                            0
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                          830,043
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                              1,384,614
[AVERAGE-NET-ASSETS]                        39,453,294
[PER-SHARE-NAV-BEGIN]                            12.96
[PER-SHARE-NII]                                  00.05
[PER-SHARE-GAIN-APPREC]                         (2.79)
[PER-SHARE-DIVIDEND]                                 0
[PER-SHARE-DISTRIBUTIONS]                            0
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                              10.22
[EXPENSE-RATIO]                                  02.34
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>

[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
   [NUMBER] 1
   [NAME] HANSBERGER GLOBAL VALUE FUND. CLASS L
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   6-MOS
[FISCAL-YEAR-END]                          APR-30-1999
[PERIOD-END]                               OCT-31-1998
[INVESTMENTS-AT-COST]                      220,548,685
[INVESTMENTS-AT-VALUE]                     189,182,856
[RECEIVABLES]                                  614,760
[ASSETS-OTHER]                                   6,775
[OTHER-ITEMS-ASSETS]                                 0
[TOTAL-ASSETS]                             189,804,391
[PAYABLE-FOR-SECURITIES]                             0
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                      375,948
[TOTAL-LIABILITIES]                            375,948
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                   221,619,420
[SHARES-COMMON-STOCK]                          912,420
[SHARES-COMMON-PRIOR]                                0
[ACCUMULATED-NII-CURRENT]                    2,071,355
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                              0
[OVERDISTRIBUTION-GAINS]                     2,917,173
[ACCUM-APPREC-OR-DEPREC]                  (31,348,159)
[NET-ASSETS]                               189,428,443
[DIVIDEND-INCOME]                            2,069,112
[INTEREST-INCOME]                              541,765
[OTHER-INCOME]                                       0
[EXPENSES-NET]                               1,384,614
[NET-INVESTMENT-INCOME]                      1,226,263
[REALIZED-GAINS-CURRENT]                   (2,429,359)
[APPREC-INCREASE-CURRENT]                 (39,723,695)
[NET-CHANGE-FROM-OPS]                     (40,926,791)
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                            0
[DISTRIBUTIONS-OF-GAINS]                             0
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                        204,789
[NUMBER-OF-SHARES-REDEEMED]                    145,885
[SHARES-REINVESTED]                                  0
[NET-CHANGE-IN-ASSETS]                      48,950,048
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                            0
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                          830,043
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                              1,384,614
[AVERAGE-NET-ASSETS]                        10,024,904
[PER-SHARE-NAV-BEGIN]                            12.96
[PER-SHARE-NII]                                  00.04
[PER-SHARE-GAIN-APPREC]                         (2.78)
[PER-SHARE-DIVIDEND]                                 0
[PER-SHARE-DISTRIBUTIONS]                            0
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                              10.22
[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] 1
   [NAME] HANSBERGER GLOBAL VALUE FUND. CLASS Y
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   6-MOS
[FISCAL-YEAR-END]                          APR-30-1999
[PERIOD-END]                               OCT-31-1998
[INVESTMENTS-AT-COST]                      220,548,685
[INVESTMENTS-AT-VALUE]                     189,182,856
[RECEIVABLES]                                  614,760
[ASSETS-OTHER]                                   6,775
[OTHER-ITEMS-ASSETS]                                 0
[TOTAL-ASSETS]                             189,804,391
[PAYABLE-FOR-SECURITIES]                             0
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                      375,948
[TOTAL-LIABILITIES]                            375,948
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                   221,619,420
[SHARES-COMMON-STOCK]                       12,055,766
[SHARES-COMMON-PRIOR]                                0
[ACCUMULATED-NII-CURRENT]                    2,071,355
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                              0
[OVERDISTRIBUTION-GAINS]                     2,917,173
[ACCUM-APPREC-OR-DEPREC]                  (31,348,159)
[NET-ASSETS]                               189,428,443
[DIVIDEND-INCOME]                            2,069,112
[INTEREST-INCOME]                              541,765
[OTHER-INCOME]                                       0
[EXPENSES-NET]                               1,384,614
[NET-INVESTMENT-INCOME]                      1,226,263
[REALIZED-GAINS-CURRENT]                   (2,429,359)
[APPREC-INCREASE-CURRENT]                 (39,723,695)
[NET-CHANGE-FROM-OPS]                     (40,926,791)
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                            0
[DISTRIBUTIONS-OF-GAINS]                             0
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                      7,716,859
[NUMBER-OF-SHARES-REDEEMED]                          0
[SHARES-REINVESTED]                                  0
[NET-CHANGE-IN-ASSETS]                      48,950,048
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                            0
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                          830,043
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                              1,384,614
[AVERAGE-NET-ASSETS]                       101,798,598
[PER-SHARE-NAV-BEGIN]                            13.00
[PER-SHARE-NII]                                  00.07
[PER-SHARE-GAIN-APPREC]                         (2.76)
[PER-SHARE-DIVIDEND]                                 0
[PER-SHARE-DISTRIBUTIONS]                            0
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                              10.31
[EXPENSE-RATIO]                                  01.18
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>

[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
   [NUMBER] 2
   [NAME] HANSBERGER GLOBAL SMALL CAP VALUE FUND. CLASS A
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   6-MOS
[FISCAL-YEAR-END]                          APR-30-1999
[PERIOD-END]                               OCT-31-1998
[INVESTMENTS-AT-COST]                       23,477,984
[INVESTMENTS-AT-VALUE]                      19,027,605
[RECEIVABLES]                                  238,422
[ASSETS-OTHER]                                       0
[OTHER-ITEMS-ASSETS]                            57,618
[TOTAL-ASSETS]                              19,323,645
[PAYABLE-FOR-SECURITIES]                             0
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                       78,181
[TOTAL-LIABILITIES]                             78,181
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                    24,086,550
[SHARES-COMMON-STOCK]                          789,762
[SHARES-COMMON-PRIOR]                                0
[ACCUMULATED-NII-CURRENT]                      254,158
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                              0
[OVERDISTRIBUTION-GAINS]                       646,537
[ACCUM-APPREC-OR-DEPREC]                   (4,448,707)
[NET-ASSETS]                                19,245,464
[DIVIDEND-INCOME]                              214,849
[INTEREST-INCOME]                               41,227
[OTHER-INCOME]                                       0
[EXPENSES-NET]                                 247,897
[NET-INVESTMENT-INCOME]                        108,179
[REALIZED-GAINS-CURRENT]                     (663,187)
[APPREC-INCREASE-CURRENT]                  (6,014,322)
[NET-CHANGE-FROM-OPS]                      (6,569,330)
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                            0
[DISTRIBUTIONS-OF-GAINS]                             0
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                        140,649
[NUMBER-OF-SHARES-REDEEMED]                    102,336
[SHARES-REINVESTED]                                  0
[NET-CHANGE-IN-ASSETS]                     (4,572,738)
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                            0
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                          114,531
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                                390,197
[AVERAGE-NET-ASSETS]                         8,439,747
[PER-SHARE-NAV-BEGIN]                            12.37
[PER-SHARE-NII]                                  00.05
[PER-SHARE-GAIN-APPREC]                         (3.15)
[PER-SHARE-DIVIDEND]                                 0
[PER-SHARE-DISTRIBUTIONS]                            0
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                              09.27
[EXPENSE-RATIO]                                  01.84
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>

[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
   [NUMBER] 2
   [NAME] HANSBERGER GLOBAL SMALL CAP VALUE FUND. CLASS B
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   6-MOS
[FISCAL-YEAR-END]                          APR-30-1999
[PERIOD-END]                               OCT-31-1998
[INVESTMENTS-AT-COST]                       23,477,984
[INVESTMENTS-AT-VALUE]                      19,027,605
[RECEIVABLES]                                  238,422
[ASSETS-OTHER]                                       0
[OTHER-ITEMS-ASSETS]                            57,618
[TOTAL-ASSETS]                              19,323,645
[PAYABLE-FOR-SECURITIES]                             0
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                       78,181
[TOTAL-LIABILITIES]                             78,181
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                    24,086,550
[SHARES-COMMON-STOCK]                          943,538
[SHARES-COMMON-PRIOR]                                0
[ACCUMULATED-NII-CURRENT]                      254,158
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                              0
[OVERDISTRIBUTION-GAINS]                       646,537
[ACCUM-APPREC-OR-DEPREC]                   (4,448,707)
[NET-ASSETS]                                19,245,464
[DIVIDEND-INCOME]                              214,849
[INTEREST-INCOME]                               41,227
[OTHER-INCOME]                                       0
[EXPENSES-NET]                                 247,897
[NET-INVESTMENT-INCOME]                        108,179
[REALIZED-GAINS-CURRENT]                     (663,187)
[APPREC-INCREASE-CURRENT]                  (6,014,322)
[NET-CHANGE-FROM-OPS]                      (6,569,330)
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                            0
[DISTRIBUTIONS-OF-GAINS]                             0
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                        114,609
[NUMBER-OF-SHARES-REDEEMED]                    111,788
[SHARES-REINVESTED]                                  0
[NET-CHANGE-IN-ASSETS]                     (4,572,738)
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                            0
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                          114,531
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                                390,197
[AVERAGE-NET-ASSETS]                        10,127,621
[PER-SHARE-NAV-BEGIN]                            12.34
[PER-SHARE-NII]                                  00.02
[PER-SHARE-GAIN-APPREC]                         (3.15)
[PER-SHARE-DIVIDEND]                                 0
[PER-SHARE-DISTRIBUTIONS]                            0
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                              09.21
[EXPENSE-RATIO]                                  02.60
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>

[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
   [NUMBER] 2
   [NAME] HANSBERGER GLOBAL SMALL CAP VALUE FUND. CLASS L
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   6-MOS
[FISCAL-YEAR-END]                          APR-30-1999
[PERIOD-END]                               OCT-31-1998
[INVESTMENTS-AT-COST]                       23,477,984
[INVESTMENTS-AT-VALUE]                      19,027,605
[RECEIVABLES]                                  238,422
[ASSETS-OTHER]                                       0
[OTHER-ITEMS-ASSETS]                            57,618
[TOTAL-ASSETS]                              19,323,645
[PAYABLE-FOR-SECURITIES]                             0
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                       78,181
[TOTAL-LIABILITIES]                             78,181
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                    24,086,550
[SHARES-COMMON-STOCK]                          201,555
[SHARES-COMMON-PRIOR]                                0
[ACCUMULATED-NII-CURRENT]                      254,158
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                              0
[OVERDISTRIBUTION-GAINS]                       646,537
[ACCUM-APPREC-OR-DEPREC]                   (4,448,707)
[NET-ASSETS]                                19,245,464
[DIVIDEND-INCOME]                              214,849
[INTEREST-INCOME]                               41,227
[OTHER-INCOME]                                       0
[EXPENSES-NET]                                 247,897
[NET-INVESTMENT-INCOME]                        108,179
[REALIZED-GAINS-CURRENT]                     (663,187)
[APPREC-INCREASE-CURRENT]                  (6,014,322)
[NET-CHANGE-FROM-OPS]                      (6,569,330)
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                            0
[DISTRIBUTIONS-OF-GAINS]                             0
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                         35,832
[NUMBER-OF-SHARES-REDEEMED]                     51,690
[SHARES-REINVESTED]                                  0
[NET-CHANGE-IN-ASSETS]                     (4,572,738)
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                            0
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                          114,531
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                                390,197
[AVERAGE-NET-ASSETS]                         2,351,972
[PER-SHARE-NAV-BEGIN]                            12.34
[PER-SHARE-NII]                                  00.02
[PER-SHARE-GAIN-APPREC]                         (3.15)
[PER-SHARE-DIVIDEND]                                 0
[PER-SHARE-DISTRIBUTIONS]                            0
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                              09.21
[EXPENSE-RATIO]                                  02.60
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>

[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
   [NUMBER] 2
   [NAME] HANSBERGER GLOBAL SMALL CAP VALUE FUND. CLASS Y
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   6-MOS
[FISCAL-YEAR-END]                          APR-30-1999
[PERIOD-END]                               OCT-31-1998
[INVESTMENTS-AT-COST]                       23,477,984
[INVESTMENTS-AT-VALUE]                      19,027,605
[RECEIVABLES]                                  238,422
[ASSETS-OTHER]                                       0
[OTHER-ITEMS-ASSETS]                            57,618
[TOTAL-ASSETS]                              19,323,645
[PAYABLE-FOR-SECURITIES]                             0
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                       78,181
[TOTAL-LIABILITIES]                             78,181
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                    24,086,550
[SHARES-COMMON-STOCK]                          148,695
[SHARES-COMMON-PRIOR]                                0
[ACCUMULATED-NII-CURRENT]                      254,158
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                              0
[OVERDISTRIBUTION-GAINS]                       646,537
[ACCUM-APPREC-OR-DEPREC]                   (4,448,707)
[NET-ASSETS]                                19,245,464
[DIVIDEND-INCOME]                              214,849
[INTEREST-INCOME]                               41,227
[OTHER-INCOME]                                       0
[EXPENSES-NET]                                 247,897
[NET-INVESTMENT-INCOME]                        108,179
[REALIZED-GAINS-CURRENT]                     (663,187)
[APPREC-INCREASE-CURRENT]                  (6,014,322)
[NET-CHANGE-FROM-OPS]                      (6,569,330)
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                            0
[DISTRIBUTIONS-OF-GAINS]                             0
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                        129,814
[NUMBER-OF-SHARES-REDEEMED]                          0 
[SHARES-REINVESTED]                                  0
[NET-CHANGE-IN-ASSETS]                     (4,572,738)
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                            0
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                          114,531
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                                390,197
[AVERAGE-NET-ASSETS]                           898,082
[PER-SHARE-NAV-BEGIN]                            12.37
[PER-SHARE-NII]                                  00.02
[PER-SHARE-GAIN-APPREC]                         (3.11)
[PER-SHARE-DIVIDEND]                                 0
[PER-SHARE-DISTRIBUTIONS]                            0
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                              09.28
[EXPENSE-RATIO]                                  01.50
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>


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