<PAGE> PAGE 1
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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 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 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 PAUL BROOK
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-31-1998
[PERIOD-END] DEC-31-1998
[INVESTMENTS-AT-COST] 563,558,154
[INVESTMENTS-AT-VALUE] 613,366,886
[RECEIVABLES] 14,405,188
[ASSETS-OTHER] 409
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 627,772,483
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 916,294
[TOTAL-LIABILITIES] 916,294
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 578,372,489
[SHARES-COMMON-STOCK] 19,282,444
[SHARES-COMMON-PRIOR] 16,800,093
[ACCUMULATED-NII-CURRENT] 2,060
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 1,322,972
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 49,808,732
[NET-ASSETS] 626,856,189
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 39,790,644
[OTHER-INCOME] 0
[EXPENSES-NET] 7,136,147
[NET-INVESTMENT-INCOME] 32,654,497
[REALIZED-GAINS-CURRENT] 15,949,183
[APPREC-INCREASE-CURRENT] 3,219,301
[NET-CHANGE-FROM-OPS] 45,384,379
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 13,813,443
[DISTRIBUTIONS-OF-GAINS] 6,847,780
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 5,233,650
[NUMBER-OF-SHARES-REDEEMED] 3,943,897
[SHARES-REINVESTED] 1,192,598
[NET-CHANGE-IN-ASSETS] 0
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2,618,948
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 7,136,147
[AVERAGE-NET-ASSETS] 239,052,292
[PER-SHARE-NAV-BEGIN] 13.19
[PER-SHARE-NII] 00.77
[PER-SHARE-GAIN-APPREC] 00.29
[PER-SHARE-DIVIDEND] 00.76
[PER-SHARE-DISTRIBUTIONS] 00.37
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.12
[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-31-1998
[PERIOD-END] DEC-31-1998
[INVESTMENTS-AT-COST] 563,558,154
[INVESTMENTS-AT-VALUE] 613,366,886
[RECEIVABLES] 14,405,188
[ASSETS-OTHER] 409
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 627,772,483
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 916,294
[TOTAL-LIABILITIES] 916,294
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 578,372,489
[SHARES-COMMON-STOCK] 19,826,536
[SHARES-COMMON-PRIOR] 18,898,019
[ACCUMULATED-NII-CURRENT] 2,060
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 1,322,972
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 49,808,732
[NET-ASSETS] 626,856,189
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 39,790,644
[OTHER-INCOME] 0
[EXPENSES-NET] 7,136,147
[NET-INVESTMENT-INCOME] 32,654,497
[REALIZED-GAINS-CURRENT] 15,949,183
[APPREC-INCREASE-CURRENT] 3,219,301
[NET-CHANGE-FROM-OPS] 45,384,379
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 13,742,821
[DISTRIBUTIONS-OF-GAINS] 7,004,239
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 4,929,844
[NUMBER-OF-SHARES-REDEEMED] 1,063,022
[SHARES-REINVESTED] 5,064,349
[NET-CHANGE-IN-ASSETS] 0
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2,618,948
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 7,136,147
[AVERAGE-NET-ASSETS] 251,522,073
[PER-SHARE-NAV-BEGIN] 13.19
[PER-SHARE-NII] 00.70
[PER-SHARE-GAIN-APPREC] 00.29
[PER-SHARE-DIVIDEND] 00.72
[PER-SHARE-DISTRIBUTIONS] 00.37
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.09
[EXPENSE-RATIO] 01.53
[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 L
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1998
[PERIOD-END] DEC-31-1998
[INVESTMENTS-AT-COST] 563,558,154
[INVESTMENTS-AT-VALUE] 613,366,886
[RECEIVABLES] 14,405,188
[ASSETS-OTHER] 409
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 627,772,483
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 916,294
[TOTAL-LIABILITIES] 916,294
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 578,372,489
[SHARES-COMMON-STOCK] 1,429,050
[SHARES-COMMON-PRIOR] 772,323
[ACCUMULATED-NII-CURRENT] 2,060
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 1,322,972
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 49,808,732
[NET-ASSETS] 626,856,189
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 39,790,644
[OTHER-INCOME] 0
[EXPENSES-NET] 7,136,147
[NET-INVESTMENT-INCOME] 32,654,497
[REALIZED-GAINS-CURRENT] 15,949,183
[APPREC-INCREASE-CURRENT] 3,219,301
[NET-CHANGE-FROM-OPS] 45,384,379
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 744,805
[DISTRIBUTIONS-OF-GAINS] 499,475
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1,130,469
[NUMBER-OF-SHARES-REDEEMED] 547,650
[SHARES-REINVESTED] 73,908
[NET-CHANGE-IN-ASSETS] 0
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2,618,948
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 7,136,147
[AVERAGE-NET-ASSETS] 13,066,395
[PER-SHARE-NAV-BEGIN] 13.18
[PER-SHARE-NII] 00.70
[PER-SHARE-GAIN-APPREC] 00.30
[PER-SHARE-DIVIDEND] 00.74
[PER-SHARE-DISTRIBUTIONS] 00.37
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.07
[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 Y
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1998
[PERIOD-END] DEC-31-1998
[INVESTMENTS-AT-COST] 563,558,154
[INVESTMENTS-AT-VALUE] 613,366,886
[RECEIVABLES] 14,405,188
[ASSETS-OTHER] 409
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 627,772,483
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 916,294
[TOTAL-LIABILITIES] 916,294
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 578,372,489
[SHARES-COMMON-STOCK] 7,300,221
[SHARES-COMMON-PRIOR] 5,255,919
[ACCUMULATED-NII-CURRENT] 2,060
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 1,322,972
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 49,808,732
[NET-ASSETS] 626,856,189
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 39,790,644
[OTHER-INCOME] 0
[EXPENSES-NET] 7,136,147
[NET-INVESTMENT-INCOME] 32,654,497
[REALIZED-GAINS-CURRENT] 15,949,183
[APPREC-INCREASE-CURRENT] 3,219,301
[NET-CHANGE-FROM-OPS] 45,384,379
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 5,238,873
[DISTRIBUTIONS-OF-GAINS] 2,515,075
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 2,044,302
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 0
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2,618,948
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 7,136,147
[AVERAGE-NET-ASSETS] 84,413,566
[PER-SHARE-NAV-BEGIN] 13.19
[PER-SHARE-NII] 00.82
[PER-SHARE-GAIN-APPREC] 00.29
[PER-SHARE-DIVIDEND] 00.82
[PER-SHARE-DISTRIBUTIONS] 00.37
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.11
[EXPENSE-RATIO] 00.70
[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-31-1998
[PERIOD-END] DEC-31-1998
[INVESTMENTS-AT-COST] 228,907,142
[INVESTMENTS-AT-VALUE] 319,552,200
[RECEIVABLES] 15,304,039
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 89,873
[TOTAL-ASSETS] 334,946,112
[PAYABLE-FOR-SECURITIES] 1,379,938
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 22,934,693
[TOTAL-LIABILITIES] 24,314,631
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 209,347,006
[SHARES-COMMON-STOCK] 5,208,205
[SHARES-COMMON-PRIOR] 6,670,017
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 1,584
[ACCUMULATED-NET-GAINS] 10,641,001
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 90,645,058
[NET-ASSETS] 310,631,481
[DIVIDEND-INCOME] 756,282
[INTEREST-INCOME] 2,266,455
[OTHER-INCOME] 0
[EXPENSES-NET] 6,627,882
[NET-INVESTMENT-INCOME] 3,605,145
[REALIZED-GAINS-CURRENT] 61,207,747
[APPREC-INCREASE-CURRENT] 18,090,774
[NET-CHANGE-FROM-OPS] 39,511,828
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 43,453,919
[NUMBER-OF-SHARES-REDEEMED] 44,915,731
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (249,927,303)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 14,881
[OVERDIST-NET-GAINS-PRIOR] 50,612,516
[GROSS-ADVISORY-FEES] 2,510,436
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 6,627,882
[AVERAGE-NET-ASSETS] 15,765,605
[PER-SHARE-NAV-BEGIN] 26.52
[PER-SHARE-NII] 00.15
[PER-SHARE-GAIN-APPREC] 02.92
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 29.29
[EXPENSE-RATIO] 01.24
[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-31-1998
[PERIOD-END] DEC-31-1998
[INVESTMENTS-AT-COST] 228,907,142
[INVESTMENTS-AT-VALUE] 319,552,200
[RECEIVABLES] 15,304,039
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 89,873
[TOTAL-ASSETS] 334,946,112
[PAYABLE-FOR-SECURITIES] 1,379,938
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 22,934,693
[TOTAL-LIABILITIES] 24,314,631
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 209,347,006
[SHARES-COMMON-STOCK] 5,291,647
[SHARES-COMMON-PRIOR] 9,563,395
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 1,584
[ACCUMULATED-NET-GAINS] 10,641,001
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 90,645,058
[NET-ASSETS] 310,631,481
[DIVIDEND-INCOME] 756,282
[INTEREST-INCOME] 2,266,455
[OTHER-INCOME] 0
[EXPENSES-NET] 6,627,882
[NET-INVESTMENT-INCOME] 3,605,145
[REALIZED-GAINS-CURRENT] 61,207,747
[APPREC-INCREASE-CURRENT] 18,090,774
[NET-CHANGE-FROM-OPS] 39,511,828
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 481,144
[NUMBER-OF-SHARES-REDEEMED] 4,752,892
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (249,927,303)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 14,881
[OVERDIST-NET-GAINS-PRIOR] 50,612,516
[GROSS-ADVISORY-FEES] 2,510,436
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 6,627,882
[AVERAGE-NET-ASSETS] 180,039,864
[PER-SHARE-NAV-BEGIN] 25.54
[PER-SHARE-NII] 00.34
[PER-SHARE-GAIN-APPREC] 02.80
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 28.00
[EXPENSE-RATIO] 01.99
[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 L
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1998
[PERIOD-END] DEC-31-1998
[INVESTMENTS-AT-COST] 228,907,142
[INVESTMENTS-AT-VALUE] 319,552,200
[RECEIVABLES] 15,304,039
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 89,873
[TOTAL-ASSETS] 334,946,112
[PAYABLE-FOR-SECURITIES] 1,379,938
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 22,934,693
[TOTAL-LIABILITIES] 24,314,631
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 209,347,006
[SHARES-COMMON-STOCK] 354,967
[SHARES-COMMON-PRIOR] 733,259
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 1,584
[ACCUMULATED-NET-GAINS] 10,641,001
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 90,645,058
[NET-ASSETS] 310,631,481
[DIVIDEND-INCOME] 756,282
[INTEREST-INCOME] 2,266,455
[OTHER-INCOME] 0
[EXPENSES-NET] 6,627,882
[NET-INVESTMENT-INCOME] 3,605,145
[REALIZED-GAINS-CURRENT] 61,207,747
[APPREC-INCREASE-CURRENT] 18,090,774
[NET-CHANGE-FROM-OPS] 39,511,828
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 69,754
[NUMBER-OF-SHARES-REDEEMED] 448,046
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (249,927,303)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 14,881
[OVERDIST-NET-GAINS-PRIOR] 50,612,516
[GROSS-ADVISORY-FEES] 2,510,436
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 6,627,882
[AVERAGE-NET-ASSETS] 12,882,101
[PER-SHARE-NAV-BEGIN] 25.54
[PER-SHARE-NII] 00.34
[PER-SHARE-GAIN-APPREC] 02.80
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 28.00
[EXPENSE-RATIO] 01.99
[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-31-1998
[PERIOD-END] DEC-31-1998
[INVESTMENTS-AT-COST] 228,907,142
[INVESTMENTS-AT-VALUE] 319,552,200
[RECEIVABLES] 15,304,039
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 89,873
[TOTAL-ASSETS] 334,946,112
[PAYABLE-FOR-SECURITIES] 1,379,938
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 22,934,693
[TOTAL-LIABILITIES] 24,314,631
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 209,347,006
[SHARES-COMMON-STOCK] 0
[SHARES-COMMON-PRIOR] 3,979,659
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 1,584
[ACCUMULATED-NET-GAINS] 10,641,001
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 90,645,058
[NET-ASSETS] 310,631,481
[DIVIDEND-INCOME] 756,282
[INTEREST-INCOME] 2,266,455
[OTHER-INCOME] 0
[EXPENSES-NET] 6,627,882
[NET-INVESTMENT-INCOME] 3,605,145
[REALIZED-GAINS-CURRENT] 61,207,747
[APPREC-INCREASE-CURRENT] 18,090,774
[NET-CHANGE-FROM-OPS] 39,511,828
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1,159,135
[NUMBER-OF-SHARES-REDEEMED] 5,138,794
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (249,927,303)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 14,881
[OVERDIST-NET-GAINS-PRIOR] 50,612,516
[GROSS-ADVISORY-FEES] 2,510,436
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 6,627,882
[AVERAGE-NET-ASSETS] 99,329,047
[PER-SHARE-NAV-BEGIN] 0
[PER-SHARE-NII] 0
[PER-SHARE-GAIN-APPREC] 0
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 0
[EXPENSE-RATIO] 0
[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-31-1998
[PERIOD-END] DEC-31-1998
[INVESTMENTS-AT-COST] 228,907,142
[INVESTMENTS-AT-VALUE] 319,552,200
[RECEIVABLES] 15,304,039
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 89,873
[TOTAL-ASSETS] 334,946,112
[PAYABLE-FOR-SECURITIES] 1,379,938
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 22,934,693
[TOTAL-LIABILITIES] 24,314,631
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 209,347,006
[SHARES-COMMON-STOCK] 0
[SHARES-COMMON-PRIOR] 535,942
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 1,584
[ACCUMULATED-NET-GAINS] 10,641,001
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 90,645,058
[NET-ASSETS] 310,631,481
[DIVIDEND-INCOME] 756,282
[INTEREST-INCOME] 2,266,455
[OTHER-INCOME] 0
[EXPENSES-NET] 6,627,882
[NET-INVESTMENT-INCOME] 3,605,145
[REALIZED-GAINS-CURRENT] 61,207,747
[APPREC-INCREASE-CURRENT] 18,090,774
[NET-CHANGE-FROM-OPS] 39,511,828
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 76,384
[NUMBER-OF-SHARES-REDEEMED] 612,326
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (249,927,303)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 14,881
[OVERDIST-NET-GAINS-PRIOR] 50,612,516
[GROSS-ADVISORY-FEES] 2,510,436
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 6,627,882
[AVERAGE-NET-ASSETS] 11,784,082
[PER-SHARE-NAV-BEGIN] 0
[PER-SHARE-NII] 0
[PER-SHARE-GAIN-APPREC] 0
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 0
[EXPENSE-RATIO] 0
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS, INC.
[SERIES]
[NUMBER] 2
[NAME] GOVERNMENT SECURITIES PORTFOLIO. CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1998
[PERIOD-END] DEC-31-1998
[INVESTMENTS-AT-COST] 627,085,764
[INVESTMENTS-AT-VALUE] 630,061,836
[RECEIVABLES] 5,915,474
[ASSETS-OTHER] 513
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 635,977,823
[PAYABLE-FOR-SECURITIES] 142,707
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 467,095
[TOTAL-LIABILITIES] 609,802
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 665,245,322
[SHARES-COMMON-STOCK] 34,863,415
[SHARES-COMMON-PRIOR] 35,708,666
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 2,303
[ACCUMULATED-NET-GAINS] 32,914,781
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 2,976,072
[NET-ASSETS] 635,368,021
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 0
[OTHER-INCOME] 0
[EXPENSES-NET] 5,508,101
[NET-INVESTMENT-INCOME] 30,951,647
[REALIZED-GAINS-CURRENT] 22,883,384
[APPREC-INCREASE-CURRENT] 6,814,093
[NET-CHANGE-FROM-OPS] 46,993,938
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 19,680
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 5,977,934
[NUMBER-OF-SHARES-REDEEMED] 9,463,412
[SHARES-REINVESTED] 1,327,067
[NET-CHANGE-IN-ASSETS] 46,993,938
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 15,649
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2,107,128
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 5,508,101
[AVERAGE-NET-ASSETS] 353,538,309
[PER-SHARE-NAV-BEGIN] 9.75
[PER-SHARE-NII] 0.51
[PER-SHARE-GAIN-APPREC] 0.26
[PER-SHARE-DIVIDEND] 0.55
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 9.97
[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] GOVERNMENT SECURITIES PORTFOLIO. CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1998
[PERIOD-END] DEC-31-1998
[INVESTMENTS-AT-COST] 627,085,764
[INVESTMENTS-AT-VALUE] 630,061,836
[RECEIVABLES] 5,915,474
[ASSETS-OTHER] 513
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 635,977,823
[PAYABLE-FOR-SECURITIES] 142,707
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 467,095
[TOTAL-LIABILITIES] 609,802
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 665,245,322
[SHARES-COMMON-STOCK] 9,231,706
[SHARES-COMMON-PRIOR] 9,014,778
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 2,303
[ACCUMULATED-NET-GAINS] 32,914,781
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 2,976,072
[NET-ASSETS] 635,368,021
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 0
[OTHER-INCOME] 0
[EXPENSES-NET] 5,508,101
[NET-INVESTMENT-INCOME] 30,951,647
[REALIZED-GAINS-CURRENT] 22,883,384
[APPREC-INCREASE-CURRENT] 6,814,093
[NET-CHANGE-FROM-OPS] 46,993,938
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 4,909
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 2,353,261
[NUMBER-OF-SHARES-REDEEMED] 3,804,979
[SHARES-REINVESTED] 334,301
[NET-CHANGE-IN-ASSETS] 46,993,938
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 15,649
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2,107,128
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 5,508,101
[AVERAGE-NET-ASSETS] 91,999,908
[PER-SHARE-NAV-BEGIN] 9.79
[PER-SHARE-NII] 0.46
[PER-SHARE-GAIN-APPREC] 0.25
[PER-SHARE-DIVIDEND] 0.71
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 9.97
[EXPENSE-RATIO] 1.43
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS, INC.
[SERIES]
[NUMBER] 2
[NAME] GOVERNMENT SECURITIES PORTFOLIO. CLASS L
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1998
[PERIOD-END] DEC-31-1998
[INVESTMENTS-AT-COST] 627,085,764
[INVESTMENTS-AT-VALUE] 630,061,836
[RECEIVABLES] 5,915,474
[ASSETS-OTHER] 513
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 635,977,823
[PAYABLE-FOR-SECURITIES] 142,707
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 467,095
[TOTAL-LIABILITIES] 609,802
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 665,245,322
[SHARES-COMMON-STOCK] 422,458
[SHARES-COMMON-PRIOR] 257,566
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 2,303
[ACCUMULATED-NET-GAINS] 32,914,781
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 2,976,072
[NET-ASSETS] 635,368,021
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 0
[OTHER-INCOME] 0
[EXPENSES-NET] 5,508,101
[NET-INVESTMENT-INCOME] 30,951,647
[REALIZED-GAINS-CURRENT] 22,883,384
[APPREC-INCREASE-CURRENT] 6,814,093
[NET-CHANGE-FROM-OPS] 46,993,938
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 151
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 337,917
[NUMBER-OF-SHARES-REDEEMED] 141,467
[SHARES-REINVESTED] 9,720
[NET-CHANGE-IN-ASSETS] 46,993,938
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 15,649
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2,107,128
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 5,508,101
[AVERAGE-NET-ASSETS] 2,814,854
[PER-SHARE-NAV-BEGIN] 9.78
[PER-SHARE-NII] 0.45
[PER-SHARE-GAIN-APPREC] 0.27
[PER-SHARE-DIVIDEND] 0.53
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 9.97
[EXPENSE-RATIO] 1.40
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS, INC.
[SERIES]
[NUMBER] 2
[NAME] GOVERNMENT SECURITIES PORTFOLIO. CLASS Y
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1998
[PERIOD-END] DEC-31-1998
[INVESTMENTS-AT-COST] 627,085,764
[INVESTMENTS-AT-VALUE] 630,061,836
[RECEIVABLES] 5,915,474
[ASSETS-OTHER] 513
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 635,977,823
[PAYABLE-FOR-SECURITIES] 142,707
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 467,095
[TOTAL-LIABILITIES] 609,802
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 665,245,322
[SHARES-COMMON-STOCK] 19,173,820
[SHARES-COMMON-PRIOR] 16,365,654
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 2,303
[ACCUMULATED-NET-GAINS] 32,914,781
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 2,976,072
[NET-ASSETS] 635,368,021
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 0
[OTHER-INCOME] 0
[EXPENSES-NET] 5,508,101
[NET-INVESTMENT-INCOME] 30,951,647
[REALIZED-GAINS-CURRENT] 22,883,384
[APPREC-INCREASE-CURRENT] 6,814,093
[NET-CHANGE-FROM-OPS] 46,993,938
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 9,138
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 7,915,587
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 46,993,938
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 15,649
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2,107,128
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 5,508,101
[AVERAGE-NET-ASSETS] 153,850,586
[PER-SHARE-NAV-BEGIN] 9.76
[PER-SHARE-NII] 0.54
[PER-SHARE-GAIN-APPREC] 0.26
[PER-SHARE-DIVIDEND] 0.59
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 9.97
[EXPENSE-RATIO] 0.59
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS, INC.
[SERIES]
[NUMBER] 4
[NAME] CONTRARIAN PORTFOLIO. CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1998
[PERIOD-END] DEC-31-1998
[INVESTMENTS-AT-COST] 472,712,294
[INVESTMENTS-AT-VALUE] 543,170,332
[RECEIVABLES] 2,121,966
[ASSETS-OTHER] 59,216,806
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 604,509,104
[PAYABLE-FOR-SECURITIES] 2,778,825
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 77,100,992
[TOTAL-LIABILITIES] 79,879,817
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 439,238,533
[SHARES-COMMON-STOCK] 8,477,978
[SHARES-COMMON-PRIOR] 16,544,137
[ACCUMULATED-NII-CURRENT] 105,339
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 14,827,377
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 70,458,038
[NET-ASSETS] 524,629,287
[DIVIDEND-INCOME] 10,406,506
[INTEREST-INCOME] 2,998,753
[OTHER-INCOME] 0
[EXPENSES-NET] 13,373,710
[NET-INVESTMENT-INCOME] 31,549
[REALIZED-GAINS-CURRENT] 23,711,092
[APPREC-INCREASE-CURRENT] 40,630,163
[NET-CHANGE-FROM-OPS] (16,887,522)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 4,722,458
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 841,540
[NUMBER-OF-SHARES-REDEEMED] 9,232,541
[SHARES-REINVESTED] 324,842
[NET-CHANGE-IN-ASSETS] (436,002,536)
[ACCUMULATED-NII-PRIOR] 33,246
[ACCUMULATED-GAINS-PRIOR] 12,803,757
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 6,552,382
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 13,373,710
[AVERAGE-NET-ASSETS] 177,781,152
[PER-SHARE-NAV-BEGIN] 14.21
[PER-SHARE-NII] 00.06
[PER-SHARE-GAIN-APPREC] 00.21
[PER-SHARE-DIVIDEND] 00.00
[PER-SHARE-DISTRIBUTIONS] 00.44
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.62
[EXPENSE-RATIO] 01.29
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS, INC.
[SERIES]
[NUMBER] 4
[NAME] CONTRARIAN PORTFOLIO. CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1998
[PERIOD-END] DEC-31-1998
[INVESTMENTS-AT-COST] 472,712,294
[INVESTMENTS-AT-VALUE] 543,170,332
[RECEIVABLES] 2,121,966
[ASSETS-OTHER] 59,216,806
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 604,509,104
[PAYABLE-FOR-SECURITIES] 2,778,825
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 77,100,992
[TOTAL-LIABILITIES] 79,879,817
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 439,238,533
[SHARES-COMMON-STOCK] 21,693,149
[SHARES-COMMON-PRIOR] 5,440,538
[ACCUMULATED-NII-CURRENT] 105,339
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 14,827,377
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 70,458,038
[NET-ASSETS] 524,629,287
[DIVIDEND-INCOME] 10,406,506
[INTEREST-INCOME] 2,998,753
[OTHER-INCOME] 0
[EXPENSES-NET] 13,373,710
[NET-INVESTMENT-INCOME] 31,549
[REALIZED-GAINS-CURRENT] 23,711,092
[APPREC-INCREASE-CURRENT] 40,630,163
[NET-CHANGE-FROM-OPS] (16,887,522)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 12,263,015
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 859,389
[NUMBER-OF-SHARES-REDEEMED] 18,802,208
[SHARES-REINVESTED] 846,593
[NET-CHANGE-IN-ASSETS] (436,002,536)
[ACCUMULATED-NII-PRIOR] 33,246
[ACCUMULATED-GAINS-PRIOR] 12,803,757
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 6,552,382
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 13,373,710
[AVERAGE-NET-ASSETS] 438,018,343
[PER-SHARE-NAV-BEGIN] 14.11
[PER-SHARE-NII] 00.05
[PER-SHARE-GAIN-APPREC] 00.20
[PER-SHARE-DIVIDEND] 00.00
[PER-SHARE-DISTRIBUTIONS] 00.44
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.42
[EXPENSE-RATIO] 02.06
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS, INC.
[SERIES]
[NUMBER] 4
[NAME] CONTRARIAN PORTFOLIO. CLASS L
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1998
[PERIOD-END] DEC-31-1998
[INVESTMENTS-AT-COST] 472,712,294
[INVESTMENTS-AT-VALUE] 543,170,332
[RECEIVABLES] 2,121,966
[ASSETS-OTHER] 59,216,806
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 604,509,104
[PAYABLE-FOR-SECURITIES] 2,778,825
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 77,100,992
[TOTAL-LIABILITIES] 79,879,817
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 439,238,533
[SHARES-COMMON-STOCK] 2,476,781
[SHARES-COMMON-PRIOR] 5,440,538
[ACCUMULATED-NII-CURRENT] 105,339
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 14,827,377
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 70,458,038
[NET-ASSETS] 524,629,287
[DIVIDEND-INCOME] 10,406,506
[INTEREST-INCOME] 2,998,753
[OTHER-INCOME] 0
[EXPENSES-NET] 13,373,710
[NET-INVESTMENT-INCOME] 31,549
[REALIZED-GAINS-CURRENT] 23,711,092
[APPREC-INCREASE-CURRENT] 40,630,163
[NET-CHANGE-FROM-OPS] (16,887,522)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 1,520,259
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 218,764
[NUMBER-OF-SHARES-REDEEMED] 3,289,378
[SHARES-REINVESTED] 106,857
[NET-CHANGE-IN-ASSETS] (436,002,536)
[ACCUMULATED-NII-PRIOR] 33,246
[ACCUMULATED-GAINS-PRIOR] 12,803,757
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 6,552,382
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 13,373,710
[AVERAGE-NET-ASSETS] 56,838,426
[PER-SHARE-NAV-BEGIN] 14.12
[PER-SHARE-NII] 00.05
[PER-SHARE-GAIN-APPREC] 00.21
[PER-SHARE-DIVIDEND] 00.00
[PER-SHARE-DISTRIBUTIONS] 00.44
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.42
[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] CONTRARIAN PORTFOLIO. CLASS Y
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1998
[PERIOD-END] DEC-31-1998
[INVESTMENTS-AT-COST] 472,712,294
[INVESTMENTS-AT-VALUE] 543,170,332
[RECEIVABLES] 2,121,966
[ASSETS-OTHER] 59,216,806
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 604,509,104
[PAYABLE-FOR-SECURITIES] 2,778,825
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 77,100,992
[TOTAL-LIABILITIES] 79,879,817
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 439,238,533
[SHARES-COMMON-STOCK] 6,192,821
[SHARES-COMMON-PRIOR] 5,028,358
[ACCUMULATED-NII-CURRENT] 105,339
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 14,827,377
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 70,458,038
[NET-ASSETS] 524,629,287
[DIVIDEND-INCOME] 10,406,506
[INTEREST-INCOME] 2,998,753
[OTHER-INCOME] 0
[EXPENSES-NET] 13,373,710
[NET-INVESTMENT-INCOME] 31,549
[REALIZED-GAINS-CURRENT] 23,711,092
[APPREC-INCREASE-CURRENT] 40,630,163
[NET-CHANGE-FROM-OPS] (16,887,522)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 2,407,861
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1,790,595
[NUMBER-OF-SHARES-REDEEMED] 626,132
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (436,002,536)
[ACCUMULATED-NII-PRIOR] 33,246
[ACCUMULATED-GAINS-PRIOR] 12,803,757
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 6,552,382
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 13,373,710
[AVERAGE-NET-ASSETS] 72,597,922
[PER-SHARE-NAV-BEGIN] 14.24
[PER-SHARE-NII] 00.13
[PER-SHARE-GAIN-APPREC] 00.23
[PER-SHARE-DIVIDEND] 00.00
[PER-SHARE-DISTRIBUTIONS] 00.44
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.70
[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] CONTRARIAN PORTFOLIO. CLASS Z
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1998
[PERIOD-END] DEC-31-1998
[INVESTMENTS-AT-COST] 472,712,294
[INVESTMENTS-AT-VALUE] 543,170,332
[RECEIVABLES] 2,121,966
[ASSETS-OTHER] 59,216,806
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 604,509,104
[PAYABLE-FOR-SECURITIES] 2,778,825
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 77,100,992
[TOTAL-LIABILITIES] 79,879,817
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 439,238,533
[SHARES-COMMON-STOCK] 0
[SHARES-COMMON-PRIOR] 2,076,500
[ACCUMULATED-NII-CURRENT] 105,339
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 14,827,377
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 70,458,038
[NET-ASSETS] 524,629,287
[DIVIDEND-INCOME] 10,406,506
[INTEREST-INCOME] 2,998,753
[OTHER-INCOME] 0
[EXPENSES-NET] 13,373,710
[NET-INVESTMENT-INCOME] 31,549
[REALIZED-GAINS-CURRENT] 23,711,092
[APPREC-INCREASE-CURRENT] 40,630,163
[NET-CHANGE-FROM-OPS] (16,887,522)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 666,843
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 265,807
[NUMBER-OF-SHARES-REDEEMED] 2,389,658
[SHARES-REINVESTED] 47,351
[NET-CHANGE-IN-ASSETS] (436,002,536)
[ACCUMULATED-NII-PRIOR] 33,246
[ACCUMULATED-GAINS-PRIOR] 12,803,757
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 6,552,382
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 13,373,710
[AVERAGE-NET-ASSETS] 0
[PER-SHARE-NAV-BEGIN] 00.00
[PER-SHARE-NII] 00.00
[PER-SHARE-GAIN-APPREC] 00.00
[PER-SHARE-DIVIDEND] 00.00
[PER-SHARE-DISTRIBUTIONS] 00.00
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 00.00
[EXPENSE-RATIO] 00.00
[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-31-1998
[PERIOD-END] DEC-31-1998
[INVESTMENTS-AT-COST] 252,665,393
[INVESTMENTS-AT-VALUE] 333,691,647
[RECEIVABLES] 654,211
[ASSETS-OTHER] 177
[OTHER-ITEMS-ASSETS] 43,530,216
[TOTAL-ASSETS] 377,876,251
[PAYABLE-FOR-SECURITIES] 474,680
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 43,859,236
[TOTAL-LIABILITIES] 44,333,916
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 249,475,362
[SHARES-COMMON-STOCK] 4,895,280
[SHARES-COMMON-PRIOR] 5,023,886
[ACCUMULATED-NII-CURRENT] 920
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 3,021,639
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 81,026,254
[NET-ASSETS] 333,542,335
[DIVIDEND-INCOME] 2,253,239
[INTEREST-INCOME] 221,377
[OTHER-INCOME] 0
[EXPENSES-NET] 3,635,206
[NET-INVESTMENT-INCOME] 1,160,590
[REALIZED-GAINS-CURRENT] 7,698,625
[APPREC-INCREASE-CURRENT] 75,2385,882
[NET-CHANGE-FROM-OPS] 81,823,917
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 630,070
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1,041,557
[NUMBER-OF-SHARES-REDEEMED] 38,891
[SHARES-REINVESTED] 1,209,054
[NET-CHANGE-IN-ASSETS] 108,474,823
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 4734
[OVERDIST-NET-GAINS-PRIOR] 1,078,563
[GROSS-ADVISORY-FEES] 2,644,062
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 3,635,206
[AVERAGE-NET-ASSETS] 71,953,043
[PER-SHARE-NAV-BEGIN] 13.41
[PER-SHARE-NII] 00.07
[PER-SHARE-GAIN-APPREC] 04.50
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 00.13
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 17.71
[EXPENSE-RATIO] 01.40
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS, INC.
[SERIES]
[NUMBER] 3
[NAME] CONCERT PEACHTREE GROWTH FUND. CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1998
[PERIOD-END] DEC-31-1998
[INVESTMENTS-AT-COST] 252,665,393
[INVESTMENTS-AT-VALUE] 333,691,647
[RECEIVABLES] 654,211
[ASSETS-OTHER] 177
[OTHER-ITEMS-ASSETS] 43,530,216
[TOTAL-ASSETS] 377,876,251
[PAYABLE-FOR-SECURITIES] 474,680
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 43,859,236
[TOTAL-LIABILITIES] 44,333,916
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 249,475,362
[SHARES-COMMON-STOCK] 3,404,171
[SHARES-COMMON-PRIOR] 3,185,557
[ACCUMULATED-NII-CURRENT] 920
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 3,021,639
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 81,026,254
[NET-ASSETS] 333,542,335
[DIVIDEND-INCOME] 2,253,239
[INTEREST-INCOME] 221,377
[OTHER-INCOME] 0
[EXPENSES-NET] 3,635,206
[NET-INVESTMENT-INCOME] 1,160,590
[REALIZED-GAINS-CURRENT] 7,698,625
[APPREC-INCREASE-CURRENT] 75,2385,882
[NET-CHANGE-FROM-OPS] 81,823,917
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 436,789
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 840,003
[NUMBER-OF-SHARES-REDEEMED] 27,496
[SHARES-REINVESTED] 648,885
[NET-CHANGE-IN-ASSETS] 108,474,823
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 4734
[OVERDIST-NET-GAINS-PRIOR] 1,078,563
[GROSS-ADVISORY-FEES] 2,644,062
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 3,635,206
[AVERAGE-NET-ASSETS] 47,019,017
[PER-SHARE-NAV-BEGIN] 13.24
[PER-SHARE-NII] 00.19
[PER-SHARE-GAIN-APPREC] 04.43
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 00.13
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 17.35
[EXPENSE-RATIO] 02.21
[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 L
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1998
[PERIOD-END] DEC-31-1998
[INVESTMENTS-AT-COST] 252,665,393
[INVESTMENTS-AT-VALUE] 333,691,647
[RECEIVABLES] 654,211
[ASSETS-OTHER] 177
[OTHER-ITEMS-ASSETS] 43,530,216
[TOTAL-ASSETS] 377,876,251
[PAYABLE-FOR-SECURITIES] 474,680
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 43,859,236
[TOTAL-LIABILITIES] 44,333,916
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 249,475,362
[SHARES-COMMON-STOCK] 12,759
[SHARES-COMMON-PRIOR] 15,315
[ACCUMULATED-NII-CURRENT] 920
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 3,021,639
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 81,026,254
[NET-ASSETS] 333,542,335
[DIVIDEND-INCOME] 2,253,239
[INTEREST-INCOME] 221,377
[OTHER-INCOME] 0
[EXPENSES-NET] 3,635,206
[NET-INVESTMENT-INCOME] 1,160,590
[REALIZED-GAINS-CURRENT] 7,698,625
[APPREC-INCREASE-CURRENT] 75,2385,882
[NET-CHANGE-FROM-OPS] 81,823,917
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 1,605
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 3,297
[NUMBER-OF-SHARES-REDEEMED] 101
[SHARES-REINVESTED] 5,954
[NET-CHANGE-IN-ASSETS] 108,474,823
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 4734
[OVERDIST-NET-GAINS-PRIOR] 1,078,563
[GROSS-ADVISORY-FEES] 2,644,062
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 3,635,206
[AVERAGE-NET-ASSETS] 188,371
[PER-SHARE-NAV-BEGIN] 13.28
[PER-SHARE-NII] 00.18
[PER-SHARE-GAIN-APPREC] 04.44
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 00.13
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 17.41
[EXPENSE-RATIO] 02.16
[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-31-1998
[PERIOD-END] DEC-31-1998
[INVESTMENTS-AT-COST] 252,665,393
[INVESTMENTS-AT-VALUE] 333,691,647
[RECEIVABLES] 654,211
[ASSETS-OTHER] 177
[OTHER-ITEMS-ASSETS] 43,530,216
[TOTAL-ASSETS] 377,876,251
[PAYABLE-FOR-SECURITIES] 474,680
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 43,859,236
[TOTAL-LIABILITIES] 44,333,916
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 249,475,362
[SHARES-COMMON-STOCK] 10,541,684
[SHARES-COMMON-PRIOR] 8,597,965
[ACCUMULATED-NII-CURRENT] 920
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 3,021,639
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 81,026,254
[NET-ASSETS] 333,542,335
[DIVIDEND-INCOME] 2,253,239
[INTEREST-INCOME] 221,377
[OTHER-INCOME] 0
[EXPENSES-NET] 3,635,206
[NET-INVESTMENT-INCOME] 1,160,590
[REALIZED-GAINS-CURRENT] 7,698,625
[APPREC-INCREASE-CURRENT] 75,2385,882
[NET-CHANGE-FROM-OPS] 81,823,917
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 1,365,555
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1,943,719
[NUMBER-OF-SHARES-REDEEMED] 101
[SHARES-REINVESTED] 5,954
[NET-CHANGE-IN-ASSETS] 108,474,823
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 4734
[OVERDIST-NET-GAINS-PRIOR] 1,078,563
[GROSS-ADVISORY-FEES] 2,644,062
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 3,635,206
[AVERAGE-NET-ASSETS] 148,178,961
[PER-SHARE-NAV-BEGIN] 13.42
[PER-SHARE-NII] 00.02
[PER-SHARE-GAIN-APPREC] 04.52
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 00.13
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 17.79
[EXPENSE-RATIO] 01.07
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</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 the Smith Barney Investment Funds Inc., consisting of the
Smith Barney Investment Grade Bond Fund, Smith Barney Special
Equities Fund, Smith Barney Contrarian Fund, Concert Peachtree
Growth Fund, and Smith Barney Government Securities Fund (the
"Funds") for the year ended December 31, 1998, 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 Funds 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
fraud 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 misstatements caused by error or fraud 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 Funds, and the
Securities and Exchange Commission.
February 8, 1999
