SMITH BARNEY SHEARSON INVESTMENT FUNDS INC
NSAR-A, 1999-10-07
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<PAGE>      PAGE  1
000 A000000 06/30/99
000 C000000 355747
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 SMITH BARNEY INVESTMENTS FUNDS INC.
001 B000000 811-3275
001 C000000 2128166556
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  5
007 C010100  1
007 C020100 INVESTMENT GRADE BOND FUND
007 C030100 N
007 C010200  2
007 C020200 GOVERNMENT SECURITIES PORTFOLIO
007 C030200 N
007 C010300  3
007 C020300 CONCERT PEACHTREE GROWTH FUND
007 C030300 N
007 C010400  4
007 C020400 SMITH BARNEY CONTRARIAN FUND
007 C030400 N
007 C010500  5
007 C020500 SPECIAL EQUITIES PORTFOLIO
007 C030500 Y
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 SSBC FUND MANAGEMENT INC.
008 B00AA01 A
008 C00AA01 801-000000
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10013
010 A00AA01 SSBC FUND MANAGEMENT INC.
010 C01AA01 NEW YORK
010 C02AA01 NY
<PAGE>      PAGE  2
010 C03AA01 10013
011 A00AA01 CFBDS, INC.
011 B00AA01 8-00000000
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02109
011 C04AA01 5408
012 A00AA01 FIRST DATA INVESTOR SERVICES GROUP, INC.
012 B00AA01 84-0000000
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02104
013 A00AA01 KPMG PEAT MARWICK LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10017
015 A00AA01 PNC BANK
015 B00AA01 C
015 C01AA01 PHILIDELPHIA
015 C02AA01 PA
015 C03AA01 19101
015 E01AA01 X
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019 C00AA00 BARNEY0000
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020 A000002 LEHMAN BROTHERS
020 B000002 13-2518466
020 C000002     81
020 A000003 JEFFERIES AND CO.
020 B000003 N/A
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020 A000004 GOLDMAN SACHS
020 B000004 13-5108880
020 C000004     60
020 A000005 WEEDEN
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020 C000006     50
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<PAGE>      PAGE  3
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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<PAGE>      PAGE  11
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<PAGE>      PAGE  12
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<PAGE>      PAGE  13
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<PAGE>      PAGE  14
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<PAGE>      PAGE  15
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<PAGE>      PAGE  16
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<PAGE>      PAGE  17
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<PAGE>      PAGE  18
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<PAGE>      PAGE  19
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062 D000400   0.0
062 E000400   0.0
062 F000400   0.0
062 G000400   0.0
062 H000400   0.0
062 I000400   0.0
062 J000400   0.0
062 K000400   0.0
062 L000400   0.0
062 M000400   0.0
062 N000400   0.0
062 O000400   0.0
062 P000400   0.0
062 Q000400   0.0
062 R000400   0.0
063 A000400   0
063 B000400  0.0
066 A000400 Y
066 D000400 Y
067  000400 N
068 A000400 N
068 B000400 N
069  000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 Y
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
<PAGE>      PAGE  20
070 K020400 Y
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 N
070 N010400 Y
070 N020400 Y
070 O010400 N
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400    201911
071 B000400    188776
071 C000400    344932
071 D000400   55
072 A000400  6
072 B000400      210
072 C000400     4699
072 D000400        0
072 E000400        0
072 F000400     1960
072 G000400        0
072 H000400        0
072 I000400       62
072 J000400       22
072 K000400        0
072 L000400        0
072 M000400       29
072 N000400       89
072 O000400        0
072 P000400        0
072 Q000400        0
072 R000400        0
072 S000400       17
072 T000400     1482
072 U000400        0
072 V000400      202
072 W000400        8
072 X000400     3871
072 Y000400        0
072 Z000400     1038
072AA000400    56638
072BB000400        0
072CC010400        0
072CC020400     7723
072DD010400        8
072DD020400       43
<PAGE>      PAGE  21
072EE000400    14828
073 A010400   0.0000
073 A020400   0.0000
073 B000400   0.1500
073 C000400   0.0000
074 A000400        1
074 B000400        0
074 C000400        0
074 D000400        0
074 E000400   444291
074 F000400        0
074 G000400        0
074 H000400        0
074 I000400        0
074 J000400       57
074 K000400        0
074 L000400        0
074 M000400     1167
074 N000400   445516
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074 P000400        0
074 Q000400        0
074 R010400        0
074 R020400        0
074 R030400        0
074 R040400      675
074 S000400        0
074 T000400   444841
074 U010400     6431
074 U020400    23951
074 V010400     0.00
074 V020400     0.00
074 W000400   0.0000
074 X000400    28855
074 Y000400        0
075 A000400        0
075 B000400   351664
076  000400     0.00
028 A010500    121700
028 A020500         0
028 A030500         0
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028 B030500         0
028 B040500    127975
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<PAGE>      PAGE  22
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028 D030500         0
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028 E040500      9062
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028 F030500         0
028 F040500     12267
028 G010500    258601
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028 G030500         0
028 G040500    369265
028 H000500    257304
029  000500 Y
030 A000500     12
030 B000500  5.00
030 C000500  0.00
031 A000500      0
031 B000500      0
032  000500     12
033  000500      0
034  000500 Y
035  000500    235
036 A000500 Y
036 B000500      0
037  000500 N
038  000500      0
039  000500 N
040  000500 Y
041  000500 Y
042 A000500   0
042 B000500   0
042 C000500   0
042 D000500   0
042 E000500   0
042 F000500   0
042 G000500 100
042 H000500   0
043  000500    845
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045  000500 Y
046  000500 N
047  000500 Y
048  000500  0.550
048 A010500        0
048 A020500 0.000
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048 B020500 0.000
<PAGE>      PAGE  23
048 C010500        0
048 C020500 0.000
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048 D020500 0.000
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048 E020500 0.000
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048 F020500 0.000
048 G010500        0
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048 I010500        0
048 I020500 0.000
048 J010500        0
048 J020500 0.000
048 K010500        0
048 K020500 0.000
049  000500 N
050  000500 N
051  000500 N
052  000500 N
053 A000500 N
062 A000500 N
062 B000500   0.0
062 C000500   0.0
062 D000500   0.0
062 E000500   0.0
062 F000500   0.0
062 G000500   0.0
062 H000500   0.0
062 I000500   0.0
062 J000500   0.0
062 K000500   0.0
062 L000500   0.0
062 M000500   0.0
062 N000500   0.0
062 O000500   0.0
062 P000500   0.0
062 Q000500   0.0
062 R000500   0.0
063 A000500   0
063 B000500  0.0
066 A000500 Y
066 C000500 Y
067  000500 N
068 A000500 N
068 B000500 N
069  000500 N
070 A010500 Y
070 A020500 Y
<PAGE>      PAGE  24
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 N
070 K020500 N
070 L010500 Y
070 L020500 N
070 M010500 Y
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500     60654
071 B000500    174664
071 C000500    262359
071 D000500   23
072 A000500  6
072 B000500      128
072 C000500      242
072 D000500        0
072 E000500        0
072 F000500      723
072 G000500      263
072 H000500        0
072 I000500      151
072 J000500       12
072 K000500        0
072 L000500       67
072 M000500       18
<PAGE>      PAGE  25
072 N000500       50
072 O000500        0
072 P000500        0
072 Q000500        0
072 R000500       13
072 S000500        7
072 T000500      845
072 U000500        0
072 V000500        0
072 W000500        7
072 X000500     2156
072 Y000500        0
072 Z000500    -1786
072AA000500    53234
072BB000500        0
072CC010500        0
072CC020500     4967
072DD010500        0
072DD020500        0
072EE000500        0
073 A010500   0.0000
073 A020500   0.0000
073 B000500   0.0000
073 C000500   0.0000
074 A000500        0
074 B000500      902
074 C000500        0
074 D000500        0
074 E000500        0
074 F000500   243510
074 G000500        0
074 H000500        0
074 I000500        0
074 J000500        0
074 K000500        0
074 L000500     4531
074 M000500        0
074 N000500   248943
074 O000500     1787
074 P000500      143
074 Q000500        0
074 R010500        0
074 R020500        0
074 R030500        0
074 R040500      566
074 S000500        0
074 T000500   246447
074 U010500     3333
074 U020500     2896
074 V010500     0.00
074 V020500     0.00
<PAGE>      PAGE  26
074 W000500   0.0000
074 X000500    29806
074 Y000500        0
075 A000500        0
075 B000500   264749
076  000500     0.00
SIGNATURE   PAUL BROOK
TITLE       CONTROLLER


WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000355747
<NAME> SMITH BARNEY INVESTMENT FUNDS INC.
<SERIES>
   <NUMBER> 1
   <NAME> INVESTMENT GRADE BOND FUND. CLASS A

<S>                             <C>
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<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               JUN-30-1999
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<OTHER-INCOME>                                       0
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<EQUALIZATION>                                       0
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<GROSS-EXPENSE>                              3,553,598
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<EXPENSE-RATIO>                                  01.02
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000355747
<NAME> SMITH BARNEY INVESTMENT FUNDS INC.
<SERIES>
   <NUMBER> 1
   <NAME> INVESTMENT GRADE BOND FUND. CLASS B

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               JUN-30-1999
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<INVESTMENTS-AT-VALUE>                     566,657,388
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<GROSS-ADVISORY-FEES>                        1,933,502
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<PER-SHARE-NAV-BEGIN>                            13.09
<PER-SHARE-NII>                                  00.33
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<EXPENSE-RATIO>                                  01.52
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000355747
<NAME> SMITH BARNEY INVESTMENT FUNDS INC.
<SERIES>
   <NUMBER> 1
   <NAME> INVESTMENT GRADE BOND FUND. CLASS L

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
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<INVESTMENTS-AT-VALUE>                     566,657,388
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<NET-CHANGE-IN-ASSETS>                    (47,002,061)
<ACCUMULATED-NII-PRIOR>                        (2,060)
<ACCUMULATED-GAINS-PRIOR>                  (1,322,972)
<OVERDISTRIB-NII-PRIOR>                              0
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<PER-SHARE-NAV-BEGIN>                            13.07
<PER-SHARE-NII>                                  00.33
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<EXPENSE-RATIO>                                  01.45
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000355747
<NAME> SMITH BARNEY INVESTMENT FUNDS INC.
<SERIES>
   <NUMBER> 1
   <NAME> INVESTMENT GRADE BOND FUND. CLASS Y

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               JUN-30-1999
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<INVESTMENTS-AT-VALUE>                     566,657,388
<RECEIVABLES>                               13,724,281
<ASSETS-OTHER>                              22,271,376
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             602,653,045
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   22,798,917
<TOTAL-LIABILITIES>                         22,798,917
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   586,930,177
<SHARES-COMMON-STOCK>                        8,255,119
<SHARES-COMMON-PRIOR>                        7,300,221
<ACCUMULATED-NII-CURRENT>                    (537,403)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                     12,891,610
<OVERDISTRIBUTION-GAINS>                             0
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<OTHER-INCOME>                                       0
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<NET-INVESTMENT-INCOME>                     16,841,831
<REALIZED-GAINS-CURRENT>                    14,214,582
<APPREC-INCREASE-CURRENT>                 (69,841,831)
<NET-CHANGE-FROM-OPS>                     (38,182,575)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    3,044,542
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        954,898
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                    (47,002,061)
<ACCUMULATED-NII-PRIOR>                        (2,060)
<ACCUMULATED-GAINS-PRIOR>                  (1,322,972)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        1,933,502
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              3,553,598
<AVERAGE-NET-ASSETS>                        97,151,946
<PER-SHARE-NAV-BEGIN>                            13.11
<PER-SHARE-NII>                                  00.38
<PER-SHARE-GAIN-APPREC>                         (1.14)
<PER-SHARE-DIVIDEND>                             00.39
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.96
<EXPENSE-RATIO>                                  00.68
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000355747
<NAME> SMITH BARNEY INVESTMENT FUNDS INC.
<SERIES>
   <NUMBER> 2
   <NAME> SMITH BARNEY GOVERNMENT SECURITIES FUND. CLASS A

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               JUN-30-1999
<INVESTMENTS-AT-COST>                      711,198,395
<INVESTMENTS-AT-VALUE>                     694,985,568
<RECEIVABLES>                              289,353,537
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             984,339,105
<PAYABLE-FOR-SECURITIES>                   301,001,268
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    6,967,992
<TOTAL-LIABILITIES>                        307,969,260
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   751,869,024
<SHARES-COMMON-STOCK>                       33,822,791
<SHARES-COMMON-PRIOR>                       34,863,415
<ACCUMULATED-NII-CURRENT>                    (774,230)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                   (58,512,122)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                  (16,212,827)
<NET-ASSETS>                               676,369,845
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                           20,534,344
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               2,989,776
<NET-INVESTMENT-INCOME>                     17,544,568
<REALIZED-GAINS-CURRENT>                  (25,597,341)
<APPREC-INCREASE-CURRENT>                 (19,188,899)
<NET-CHANGE-FROM-OPS>                     (27,241,672)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    8,605,436
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                     12,197,060
<NUMBER-OF-SHARES-REDEEMED>                 13,834,252
<SHARES-REINVESTED>                            596,568
<NET-CHANGE-IN-ASSETS>                      41,001,824
<ACCUMULATED-NII-PRIOR>                        (2,303)
<ACCUMULATED-GAINS-PRIOR>                 (32,914,781)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        1,907,861
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              2,989,776
<AVERAGE-NET-ASSETS>                       334,734,476
<PER-SHARE-NAV-BEGIN>                             9.97
<PER-SHARE-NII>                                   0.24
<PER-SHARE-GAIN-APPREC>                         (0.62)
<PER-SHARE-DIVIDEND>                              0.25
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.34
<EXPENSE-RATIO>                                   0.92
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000355747
<NAME> SMITH BARNEY INVESTMENT FUNDS INC.
<SERIES>
   <NUMBER> 2
   <NAME> SMITH BARNEY GOVERNMENT SECURITIES FUND. CLASS B

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               JUN-30-1999
<INVESTMENTS-AT-COST>                      711,198,395
<INVESTMENTS-AT-VALUE>                     694,985,568
<RECEIVABLES>                              289,353,537
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             984,339,105
<PAYABLE-FOR-SECURITIES>                   301,001,268
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    6,967,992
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<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   751,869,024
<SHARES-COMMON-STOCK>                        8,469,802
<SHARES-COMMON-PRIOR>                        9,231,706
<ACCUMULATED-NII-CURRENT>                    (774,230)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                   (58,512,122)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                  (16,212,827)
<NET-ASSETS>                               676,369,845
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                           20,534,344
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               2,989,776
<NET-INVESTMENT-INCOME>                     17,544,568
<REALIZED-GAINS-CURRENT>                  (25,597,341)
<APPREC-INCREASE-CURRENT>                 (19,188,899)
<NET-CHANGE-FROM-OPS>                     (27,241,672)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    1,996,011
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      1,232,231
<NUMBER-OF-SHARES-REDEEMED>                  2,132,547
<SHARES-REINVESTED>                            138,412
<NET-CHANGE-IN-ASSETS>                      41,001,824
<ACCUMULATED-NII-PRIOR>                        (2,303)
<ACCUMULATED-GAINS-PRIOR>                 (32,914,781)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        1,907,861
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              2,989,776
<AVERAGE-NET-ASSETS>                        86,178,516
<PER-SHARE-NAV-BEGIN>                             9.97
<PER-SHARE-NII>                                   0.21
<PER-SHARE-GAIN-APPREC>                         (0.61)
<PER-SHARE-DIVIDEND>                              0.23
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.34
<EXPENSE-RATIO>                                   1.44
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000355747
<NAME> SMITH BARNEY INVESTMENT FUNDS INC.
<SERIES>
   <NUMBER> 2
   <NAME> SMITH BARNEY GOVERNMENT SECURITIES FUND. CLASS L

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               JUN-30-1999
<INVESTMENTS-AT-COST>                      711,198,395
<INVESTMENTS-AT-VALUE>                     694,985,568
<RECEIVABLES>                              289,353,537
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<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             984,339,105
<PAYABLE-FOR-SECURITIES>                   301,001,268
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    6,967,992
<TOTAL-LIABILITIES>                        307,969,260
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   751,869,024
<SHARES-COMMON-STOCK>                          702,427
<SHARES-COMMON-PRIOR>                          442,458
<ACCUMULATED-NII-CURRENT>                    (774,230)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                   (58,512,122)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                  (16,212,827)
<NET-ASSETS>                               676,369,845
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                           20,534,344
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               2,989,776
<NET-INVESTMENT-INCOME>                     17,544,568
<REALIZED-GAINS-CURRENT>                  (25,597,341)
<APPREC-INCREASE-CURRENT>                 (19,188,899)
<NET-CHANGE-FROM-OPS>                     (27,241,672)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      145,462
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        430,768
<NUMBER-OF-SHARES-REDEEMED>                    181,440
<SHARES-REINVESTED>                             10,641
<NET-CHANGE-IN-ASSETS>                      41,001,824
<ACCUMULATED-NII-PRIOR>                        (2,303)
<ACCUMULATED-GAINS-PRIOR>                 (32,914,781)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        1,907,861
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              2,989,776
<AVERAGE-NET-ASSETS>                         6,056,933
<PER-SHARE-NAV-BEGIN>                             9.97
<PER-SHARE-NII>                                   0.22
<PER-SHARE-GAIN-APPREC>                         (0.62)
<PER-SHARE-DIVIDEND>                              0.23
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.34
<EXPENSE-RATIO>                                   1.40
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000355747
<NAME> SMITH BARNEY INVESTMENT FUNDS INC.
<SERIES>
   <NUMBER> 2
   <NAME> SMITH BARNEY GOVERNMENT SECURITIES FUND. CLASS Y

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               JUN-30-1999
<INVESTMENTS-AT-COST>                      711,198,395
<INVESTMENTS-AT-VALUE>                     694,985,568
<RECEIVABLES>                              289,353,537
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<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             984,339,105
<PAYABLE-FOR-SECURITIES>                   301,001,268
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    6,967,992
<TOTAL-LIABILITIES>                        307,969,260
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   751,869,024
<SHARES-COMMON-STOCK>                       21,832,168
<SHARES-COMMON-PRIOR>                       19,173,820
<ACCUMULATED-NII-CURRENT>                    (774,230)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                   (58,512,122)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                  (16,212,827)
<NET-ASSETS>                               676,369,845
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                           20,534,344
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               2,989,776
<NET-INVESTMENT-INCOME>                     17,544,568
<REALIZED-GAINS-CURRENT>                  (25,597,341)
<APPREC-INCREASE-CURRENT>                 (19,188,899)
<NET-CHANGE-FROM-OPS>                     (27,241,672)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    5,514,587
<DISTRIBUTIONS-OF-GAINS>                             0
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<NUMBER-OF-SHARES-SOLD>                      2,679,872
<NUMBER-OF-SHARES-REDEEMED>                     21,524
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                      41,001,824
<ACCUMULATED-NII-PRIOR>                        (2,303)
<ACCUMULATED-GAINS-PRIOR>                 (32,914,781)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        1,907,861
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              2,989,776
<AVERAGE-NET-ASSETS>                       199,503,493
<PER-SHARE-NAV-BEGIN>                             9.97
<PER-SHARE-NII>                                   0.26
<PER-SHARE-GAIN-APPREC>                         (0.62)
<PER-SHARE-DIVIDEND>                              0.27
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.34
<EXPENSE-RATIO>                                   0.58
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000355747
<NAME> SMITH BARNEY INVESTMENT FUNDS INC.
<SERIES>
   <NUMBER> 2
   <NAME> SMITH BARNEY GOVERNMENT SECURITIES FUND. CLASS Z

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               JUN-30-1999
<INVESTMENTS-AT-COST>                      711,198,395
<INVESTMENTS-AT-VALUE>                     694,985,568
<RECEIVABLES>                              289,353,537
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             984,339,105
<PAYABLE-FOR-SECURITIES>                   301,001,268
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    6,967,992
<TOTAL-LIABILITIES>                        307,969,260
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   751,869,024
<SHARES-COMMON-STOCK>                        7,566,333
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                    (774,230)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                   (58,512,122)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                  (16,212,827)
<NET-ASSETS>                               676,369,845
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                           20,534,344
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               2,989,776
<NET-INVESTMENT-INCOME>                     17,544,568
<REALIZED-GAINS-CURRENT>                  (25,597,341)
<APPREC-INCREASE-CURRENT>                 (19,188,899)
<NET-CHANGE-FROM-OPS>                     (27,241,672)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    2,054,999
<DISTRIBUTIONS-OF-GAINS>                             0
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<NUMBER-OF-SHARES-SOLD>                      8,273,242
<NUMBER-OF-SHARES-REDEEMED>                    920,895
<SHARES-REINVESTED>                            213,986
<NET-CHANGE-IN-ASSETS>                      41,001,824
<ACCUMULATED-NII-PRIOR>                        (2,303)
<ACCUMULATED-GAINS-PRIOR>                 (32,914,781)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        1,907,861
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              2,989,776
<AVERAGE-NET-ASSETS>                        73,261,811
<PER-SHARE-NAV-BEGIN>                             9.97
<PER-SHARE-NII>                                   0.25
<PER-SHARE-GAIN-APPREC>                         (0.61)
<PER-SHARE-DIVIDEND>                              0.27
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.34
<EXPENSE-RATIO>                                   0.58
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000355747
<NAME> SMITH BARNEY INVESTMENT FUNDS INC.
<SERIES>
   <NUMBER> 3
   <NAME> CONCERT PEACHTREE GROWTH FUND. CLASS A

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               JUN-30-1999
<INVESTMENTS-AT-COST>                      319,216,590
<INVESTMENTS-AT-VALUE>                     386,286,634
<RECEIVABLES>                               39,437,405
<ASSETS-OTHER>                                     416
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             425,724,455
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   39,423,950
<TOTAL-LIABILITIES>                         39,423,950
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   284,572,469
<SHARES-COMMON-STOCK>                        5,533,475
<SHARES-COMMON-PRIOR>                        4,895,280
<ACCUMULATED-NII-CURRENT>                    (996,065)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                     35,654,057
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    67,070,044
<NET-ASSETS>                               386,300,505
<DIVIDEND-INCOME>                            1,195,806
<INTEREST-INCOME>                              200,417
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               2,391,368
<NET-INVESTMENT-INCOME>                      (995,145)
<REALIZED-GAINS-CURRENT>                    35,654,812
<APPREC-INCREASE-CURRENT>                 (13,956,210)
<NET-CHANGE-FROM-OPS>                       20,703,457
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                       798,612
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      1,185,860
<NUMBER-OF-SHARES-REDEEMED>                    593,259
<SHARES-REINVESTED>                             45,594
<NET-CHANGE-IN-ASSETS>                      52,758,170
<ACCUMULATED-NII-PRIOR>                          (920)
<ACCUMULATED-GAINS-PRIOR>                    3,021,639
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        1,667,024
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              2,391,368
<AVERAGE-NET-ASSETS>                        91,863,433
<PER-SHARE-NAV-BEGIN>                            17.71
<PER-SHARE-NII>                                 (0.06)
<PER-SHARE-GAIN-APPREC>                          01.07
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                        00.15
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              18.57
<EXPENSE-RATIO>                                  01.50
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000355747
<NAME> SMITH BARNEY INVESTMENT FUNDS INC.
<SERIES>
   <NUMBER> 3
   <NAME> CONCERT PEACHTREE GROWTH FUND. CLASS B

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               JUN-30-1999
<INVESTMENTS-AT-COST>                      319,216,590
<INVESTMENTS-AT-VALUE>                     386,286,634
<RECEIVABLES>                               39,437,405
<ASSETS-OTHER>                                     416
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             425,724,455
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   39,423,950
<TOTAL-LIABILITIES>                         39,423,950
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   284,572,469
<SHARES-COMMON-STOCK>                        4,190,927
<SHARES-COMMON-PRIOR>                        3,404,171
<ACCUMULATED-NII-CURRENT>                    (996,065)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                     35,654,057
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    67,070,044
<NET-ASSETS>                               386,300,505
<DIVIDEND-INCOME>                            1,195,806
<INTEREST-INCOME>                              200,417
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               2,391,368
<NET-INVESTMENT-INCOME>                      (995,145)
<REALIZED-GAINS-CURRENT>                    35,654,812
<APPREC-INCREASE-CURRENT>                 (13,956,210)
<NET-CHANGE-FROM-OPS>                       20,703,457
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                       603,048
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      1,155,492
<NUMBER-OF-SHARES-REDEEMED>                    415,024
<SHARES-REINVESTED>                             35,288
<NET-CHANGE-IN-ASSETS>                      52,758,170
<ACCUMULATED-NII-PRIOR>                          (920)
<ACCUMULATED-GAINS-PRIOR>                    3,021,639
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        1,667,024
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              2,391,368
<AVERAGE-NET-ASSETS>                        65,273,239
<PER-SHARE-NAV-BEGIN>                            17.35
<PER-SHARE-NII>                                 (0.13)
<PER-SHARE-GAIN-APPREC>                          01.05
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                        00.15
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              18.12
<EXPENSE-RATIO>                                  02.27
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000355747
<NAME> SMITH BARNEY INVESTMENT FUNDS INC.
<SERIES>
   <NUMBER> 3
   <NAME> CONCERT PEACHTREE GROWTH FUND. CLASS L

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               JUN-30-1999
<INVESTMENTS-AT-COST>                      319,216,590
<INVESTMENTS-AT-VALUE>                     386,286,634
<RECEIVABLES>                               39,437,405
<ASSETS-OTHER>                                     416
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             425,724,455
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   39,423,950
<TOTAL-LIABILITIES>                         39,423,950
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   284,572,469
<SHARES-COMMON-STOCK>                           30,841
<SHARES-COMMON-PRIOR>                           12,759
<ACCUMULATED-NII-CURRENT>                    (996,065)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                     35,654,057
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    67,070,044
<NET-ASSETS>                               386,300,505
<DIVIDEND-INCOME>                            1,195,806
<INTEREST-INCOME>                              200,417
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<EXPENSES-NET>                               2,391,368
<NET-INVESTMENT-INCOME>                      (995,145)
<REALIZED-GAINS-CURRENT>                    35,654,812
<APPREC-INCREASE-CURRENT>                 (13,956,210)
<NET-CHANGE-FROM-OPS>                       20,703,457
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                         4,471
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         19,838
<NUMBER-OF-SHARES-REDEEMED>                      2,016
<SHARES-REINVESTED>                                260
<NET-CHANGE-IN-ASSETS>                      52,758,170
<ACCUMULATED-NII-PRIOR>                          (920)
<ACCUMULATED-GAINS-PRIOR>                    3,021,639
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        1,667,024
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              2,391,368
<AVERAGE-NET-ASSETS>                           381,216
<PER-SHARE-NAV-BEGIN>                            17.41
<PER-SHARE-NII>                                 (0.12)
<PER-SHARE-GAIN-APPREC>                          01.06
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                        00.15
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              18.20
<EXPENSE-RATIO>                                  02.14
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000355747
<NAME> SMITH BARNEY INVESTMENT FUNDS INC.
<SERIES>
   <NUMBER> 3
   <NAME> CONCERT PEACHTREE GROWTH FUND. CLASS Y

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               JUN-30-1999
<INVESTMENTS-AT-COST>                      319,216,590
<INVESTMENTS-AT-VALUE>                     386,286,634
<RECEIVABLES>                               39,437,405
<ASSETS-OTHER>                                     416
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             425,724,455
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   39,423,950
<TOTAL-LIABILITIES>                         39,423,950
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   284,572,469
<SHARES-COMMON-STOCK>                       11,070,815
<SHARES-COMMON-PRIOR>                       10,541,684
<ACCUMULATED-NII-CURRENT>                    (996,065)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                     35,654,057
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    67,070,044
<NET-ASSETS>                               386,300,505
<DIVIDEND-INCOME>                            1,195,806
<INTEREST-INCOME>                              200,417
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               2,391,368
<NET-INVESTMENT-INCOME>                      (995,145)
<REALIZED-GAINS-CURRENT>                    35,654,812
<APPREC-INCREASE-CURRENT>                 (13,956,210)
<NET-CHANGE-FROM-OPS>                       20,703,457
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                     1,616,263
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        529,131
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                      52,758,170
<ACCUMULATED-NII-PRIOR>                          (920)
<ACCUMULATED-GAINS-PRIOR>                    3,021,639
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        1,667,024
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              2,391,368
<AVERAGE-NET-ASSETS>                       194,146,454
<PER-SHARE-NAV-BEGIN>                            17.79
<PER-SHARE-NII>                                 (0.02)
<PER-SHARE-GAIN-APPREC>                          01.08
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                        00.15
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              18.70
<EXPENSE-RATIO>                                  01.01
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000355747
<NAME> SMITH BARNEY INVESTMENT FUNDS INC.
<SERIES>
   <NUMBER> 4
   <NAME> SMITH BARNEY CONTRARIAN FUND

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               JUN-30-1999
<INVESTMENTS-AT-COST>                      381,555,844
<INVESTMENTS-AT-VALUE>                     444,290,992
<RECEIVABLES>                               56,841,775
<ASSETS-OTHER>                                     937
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             501,133,704
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   56,292,349
<TOTAL-LIABILITIES>                         56,292,349
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   324,368,532
<SHARES-COMMON-STOCK>                        6,430,774
<SHARES-COMMON-PRIOR>                        8,477,978
<ACCUMULATED-NII-CURRENT>                    1,100,888
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                     56,636,787
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    62,735,148
<NET-ASSETS>                               444,841,355
<DIVIDEND-INCOME>                            4,699,854
<INTEREST-INCOME>                              209,805
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               3,870,907
<NET-INVESTMENT-INCOME>                      1,038,752
<REALIZED-GAINS-CURRENT>                    56,637,980
<APPREC-INCREASE-CURRENT>                  (7,722,890)
<NET-CHANGE-FROM-OPS>                       49,953,842
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        8,750
<DISTRIBUTIONS-OF-GAINS>                     3,120,088
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      1,026,270
<NUMBER-OF-SHARES-REDEEMED>                  3,281,862
<SHARES-REINVESTED>                            208,388
<NET-CHANGE-IN-ASSETS>                    (79,787,932)
<ACCUMULATED-NII-PRIOR>                        105,339
<ACCUMULATED-GAINS-PRIOR>                   14,827,377
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        1,959,708
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              3,870,907
<AVERAGE-NET-ASSETS>                        99,696,831
<PER-SHARE-NAV-BEGIN>                            13.62
<PER-SHARE-NII>                                  00.06
<PER-SHARE-GAIN-APPREC>                          01.60
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                         0.50
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              14.78
<EXPENSE-RATIO>                                  01.30
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000355747
<NAME> SMITH BARNEY INVESTMENT FUNDS INC.
<SERIES>
   <NUMBER> 4
   <NAME> SMITH BARNEY CONTRARIAN FUND. CLASS B

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               JUN-30-1999
<INVESTMENTS-AT-COST>                      381,555,844
<INVESTMENTS-AT-VALUE>                     444,290,992
<RECEIVABLES>                               56,841,775
<ASSETS-OTHER>                                     937
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             501,133,704
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   56,292,349
<TOTAL-LIABILITIES>                         56,292,349
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   324,368,532
<SHARES-COMMON-STOCK>                       15,661,194
<SHARES-COMMON-PRIOR>                       21,693,149
<ACCUMULATED-NII-CURRENT>                    1,100,888
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                     56,636,787
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    62,735,148
<NET-ASSETS>                               444,841,355
<DIVIDEND-INCOME>                            4,699,854
<INTEREST-INCOME>                              209,805
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               3,870,907
<NET-INVESTMENT-INCOME>                      1,038,752
<REALIZED-GAINS-CURRENT>                    56,637,980
<APPREC-INCREASE-CURRENT>                  (7,722,890)
<NET-CHANGE-FROM-OPS>                       49,953,842
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                     7,613,805
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         67,956
<NUMBER-OF-SHARES-REDEEMED>                  6,611,778
<SHARES-REINVESTED>                            511,867
<NET-CHANGE-IN-ASSETS>                    (79,787,932)
<ACCUMULATED-NII-PRIOR>                        105,339
<ACCUMULATED-GAINS-PRIOR>                   14,827,377
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        1,959,708
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              3,870,907
<AVERAGE-NET-ASSETS>                       245,839,344
<PER-SHARE-NAV-BEGIN>                            13.42
<PER-SHARE-NII>                                  00.00
<PER-SHARE-GAIN-APPREC>                          01.57
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                         0.50
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              14.49
<EXPENSE-RATIO>                                  02.07
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000355747
<NAME> SMITH BARNEY INVESTMENT FUNDS INC.
<SERIES>
   <NUMBER> 4
   <NAME> SMITH BARNEY CONTRARIAN FUND. CLASS L

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               JUN-30-1999
<INVESTMENTS-AT-COST>                      381,555,844
<INVESTMENTS-AT-VALUE>                     444,290,992
<RECEIVABLES>                               56,841,775
<ASSETS-OTHER>                                     937
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             501,133,704
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   56,292,349
<TOTAL-LIABILITIES>                         56,292,349
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   324,368,532
<SHARES-COMMON-STOCK>                        1,741,323
<SHARES-COMMON-PRIOR>                        2,476,781
<ACCUMULATED-NII-CURRENT>                    1,100,888
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                     56,636,787
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    62,735,148
<NET-ASSETS>                               444,841,355
<DIVIDEND-INCOME>                            4,699,854
<INTEREST-INCOME>                              209,805
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               3,870,907
<NET-INVESTMENT-INCOME>                      1,038,752
<REALIZED-GAINS-CURRENT>                    56,637,980
<APPREC-INCREASE-CURRENT>                  (7,722,890)
<NET-CHANGE-FROM-OPS>                       49,953,842
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                       849,631
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         34,819
<NUMBER-OF-SHARES-REDEEMED>                    828,529
<SHARES-REINVESTED>                             58,252
<NET-CHANGE-IN-ASSETS>                    (79,787,932)
<ACCUMULATED-NII-PRIOR>                        105,339
<ACCUMULATED-GAINS-PRIOR>                   14,827,377
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        1,959,708
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              3,870,907
<AVERAGE-NET-ASSETS>                        27,663,967
<PER-SHARE-NAV-BEGIN>                            13.42
<PER-SHARE-NII>                                  00.00
<PER-SHARE-GAIN-APPREC>                          01.58
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                         0.50
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              14.50
<EXPENSE-RATIO>                                  02.06
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000355747
<NAME> SMITH BARNEY INVESTMENT FUNDS INC.
<SERIES>
   <NUMBER> 4
   <NAME> SMITH BARNEY CONTRARIAN FUND. CLASS Y

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               JUN-30-1999
<INVESTMENTS-AT-COST>                      381,555,844
<INVESTMENTS-AT-VALUE>                     444,290,992
<RECEIVABLES>                               56,841,775
<ASSETS-OTHER>                                     937
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             501,133,704
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   56,292,349
<TOTAL-LIABILITIES>                         56,292,349
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   324,368,532
<SHARES-COMMON-STOCK>                        6,548,270
<SHARES-COMMON-PRIOR>                        6,192,821
<ACCUMULATED-NII-CURRENT>                    1,100,888
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                     56,636,787
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    62,735,148
<NET-ASSETS>                               444,841,355
<DIVIDEND-INCOME>                            4,699,854
<INTEREST-INCOME>                              209,805
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               3,870,907
<NET-INVESTMENT-INCOME>                      1,038,752
<REALIZED-GAINS-CURRENT>                    56,637,980
<APPREC-INCREASE-CURRENT>                  (7,722,890)
<NET-CHANGE-FROM-OPS>                       49,953,842
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       34,453
<DISTRIBUTIONS-OF-GAINS>                     3,245,045
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        355,449
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                    (79,787,932)
<ACCUMULATED-NII-PRIOR>                        105,339
<ACCUMULATED-GAINS-PRIOR>                   14,827,377
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        1,959,708
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              3,870,907
<AVERAGE-NET-ASSETS>                        90,920,410
<PER-SHARE-NAV-BEGIN>                            13.70
<PER-SHARE-NII>                                  00.09
<PER-SHARE-GAIN-APPREC>                          01.61
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                         0.50
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              14.90
<EXPENSE-RATIO>                                  00.93
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000355747
<NAME> SMITH BARNEY INVESTMENT FUNDS INC.
<SERIES>
   <NUMBER> 5
   <NAME> SMITH BARNEY SPECIAL EQUITIES FUND. CLASS A

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               JUN-30-1999
<INVESTMENTS-AT-COST>                      158,734,187
<INVESTMENTS-AT-VALUE>                     244,411,794
<RECEIVABLES>                                4,530,891
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             248,942,685
<PAYABLE-FOR-SECURITIES>                     1,786,552
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      708,818
<TOTAL-LIABILITIES>                          2,495,370
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    98,682,223
<SHARES-COMMON-STOCK>                        3,332,749
<SHARES-COMMON-PRIOR>                        5,208,205
<ACCUMULATED-NII-CURRENT>                  (1,787,492)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                     63,874,977
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    85,677,607
<NET-ASSETS>                               246,447,315
<DIVIDEND-INCOME>                              242,379
<INTEREST-INCOME>                              127,497
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               2,155,784
<NET-INVESTMENT-INCOME>                    (1,785,908)
<REALIZED-GAINS-CURRENT>                    53,233,976
<APPREC-INCREASE-CURRENT>                  (4,967,451)
<NET-CHANGE-FROM-OPS>                       46,480,617
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      8,654,568
<NUMBER-OF-SHARES-REDEEMED>                 12,280,629
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                    (64,184,166)
<ACCUMULATED-NII-PRIOR>                        (1,584)
<ACCUMULATED-GAINS-PRIOR>                   10,641,001
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          986,178
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              2,155,784
<AVERAGE-NET-ASSETS>                       125,812,262
<PER-SHARE-NAV-BEGIN>                            29.29
<PER-SHARE-NII>                                 (0.15)
<PER-SHARE-GAIN-APPREC>                          05.86
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              35.00
<EXPENSE-RATIO>                                  01.24
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000355747
<NAME> SMITH BARNEY INVESTMENT FUNDS INC.
<SERIES>
   <NUMBER> 5
   <NAME> SMITH BARNEY SPECIAL EQUITIES FUND. CLASS B

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               JUN-30-1999
<INVESTMENTS-AT-COST>                      158,734,187
<INVESTMENTS-AT-VALUE>                     244,411,794
<RECEIVABLES>                                4,530,891
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             248,942,685
<PAYABLE-FOR-SECURITIES>                     1,786,552
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      708,818
<TOTAL-LIABILITIES>                          2,495,370
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    98,682,223
<SHARES-COMMON-STOCK>                        3,651,623
<SHARES-COMMON-PRIOR>                        5,291,647
<ACCUMULATED-NII-CURRENT>                  (1,787,492)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                     63,874,977
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    85,677,607
<NET-ASSETS>                               246,447,315
<DIVIDEND-INCOME>                              242,379
<INTEREST-INCOME>                              127,497
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               2,155,784
<NET-INVESTMENT-INCOME>                    (1,785,908)
<REALIZED-GAINS-CURRENT>                    53,233,976
<APPREC-INCREASE-CURRENT>                  (4,967,451)
<NET-CHANGE-FROM-OPS>                       46,480,617
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         45,092
<NUMBER-OF-SHARES-REDEEMED>                  1,685,116
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                    (64,184,166)
<ACCUMULATED-NII-PRIOR>                        (1,584)
<ACCUMULATED-GAINS-PRIOR>                   10,641,001
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          986,178
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              2,155,784
<AVERAGE-NET-ASSETS>                       130,149,306
<PER-SHARE-NAV-BEGIN>                            28.00
<PER-SHARE-NII>                                 (0.25)
<PER-SHARE-GAIN-APPREC>                          05.57
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              33.32
<EXPENSE-RATIO>                                  02.01
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000355747
<NAME> SMITH BARNEY INVESTMENT FUNDS INC.
<SERIES>
   <NUMBER> 5
   <NAME> SMITH BARNEY SPECIAL EQUITIES FUND. CLASS L

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               JUN-30-1999
<INVESTMENTS-AT-COST>                      158,734,187
<INVESTMENTS-AT-VALUE>                     244,411,794
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<PER-SHARE-NII>                                 (0.26)
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<EXPENSE-RATIO>                                  02.05
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>


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