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<PAGE> PAGE 6
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<PAGE> PAGE 7
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SIGNATURE PAUL BROOK
TITLE CONTROLLER
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
[NUMBER] 1
[NAME] SMITH BARNEY SMALL CAP VALUE FUND. CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] SEP-30-1999
[PERIOD-END] MAR-31-1999
[INVESTMENTS-AT-COST] 105,281,293
[INVESTMENTS-AT-VALUE] 107,377,453
[RECEIVABLES] 3,225,746
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 110,603,199
[PAYABLE-FOR-SECURITIES] 1,785,477
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 211,465
[TOTAL-LIABILITIES] 2,006,942
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 107,222,257
[SHARES-COMMON-STOCK] 2,914,405
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 383,950
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (1,078,235)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 2,068,285
[NET-ASSETS] 108,596,257
[DIVIDEND-INCOME] 177,164
[INTEREST-INCOME] 374,511
[OTHER-INCOME] 0
[EXPENSES-NET] 167,725
[NET-INVESTMENT-INCOME] 383,950
[REALIZED-GAINS-CURRENT] (1,078,235)
[APPREC-INCREASE-CURRENT] 2,068,285
[NET-CHANGE-FROM-OPS] 1,374,000
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 2,932,276
[NUMBER-OF-SHARES-REDEEMED] 17,871
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 108,596,257
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 70,902
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 167,725
[AVERAGE-NET-ASSETS] 31,546,981
[PER-SHARE-NAV-BEGIN] 11.40
[PER-SHARE-NII] 00.05
[PER-SHARE-GAIN-APPREC] 00.11
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 11.56
[EXPENSE-RATIO] 01.21
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
[NUMBER] 1
[NAME] SMITH BARNEY SMALL CAP VALUE FUND. CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] SEP-30-1999
[PERIOD-END] MAR-31-1999
[INVESTMENTS-AT-COST] 105,281,293
[INVESTMENTS-AT-VALUE] 107,377,453
[RECEIVABLES] 3,225,746
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 110,603,199
[PAYABLE-FOR-SECURITIES] 1,785,477
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 211,465
[TOTAL-LIABILITIES] 2,006,942
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 107,222,257
[SHARES-COMMON-STOCK] 3,679,533
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 383,950
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (1,078,235)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 2,068,285
[NET-ASSETS] 108,596,257
[DIVIDEND-INCOME] 177,164
[INTEREST-INCOME] 374,511
[OTHER-INCOME] 0
[EXPENSES-NET] 167,725
[NET-INVESTMENT-INCOME] 383,950
[REALIZED-GAINS-CURRENT] (1,078,235)
[APPREC-INCREASE-CURRENT] 2,068,285
[NET-CHANGE-FROM-OPS] 1,374,000
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 3,687,971
[NUMBER-OF-SHARES-REDEEMED] 8,438
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 108,596,257
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 70,902
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 167,725
[AVERAGE-NET-ASSETS] 41,344,087
[PER-SHARE-NAV-BEGIN] 11.40
[PER-SHARE-NII] 00.04
[PER-SHARE-GAIN-APPREC] 00.11
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 11.55
[EXPENSE-RATIO] 01.94
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
[NUMBER] 1
[NAME] SMITH BARNEY SMALL CAP VALUE FUND. CLASS L
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] SEP-30-1999
[PERIOD-END] MAR-31-1999
[INVESTMENTS-AT-COST] 105,281,293
[INVESTMENTS-AT-VALUE] 107,377,453
[RECEIVABLES] 3,225,746
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 110,603,199
[PAYABLE-FOR-SECURITIES] 1,785,477
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 211,465
[TOTAL-LIABILITIES] 2,006,942
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 107,222,257
[SHARES-COMMON-STOCK] 2,806,473
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 383,950
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (1,078,235)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 2,068,285
[NET-ASSETS] 108,596,257
[DIVIDEND-INCOME] 177,164
[INTEREST-INCOME] 374,511
[OTHER-INCOME] 0
[EXPENSES-NET] 167,725
[NET-INVESTMENT-INCOME] 383,950
[REALIZED-GAINS-CURRENT] (1,078,235)
[APPREC-INCREASE-CURRENT] 2,068,285
[NET-CHANGE-FROM-OPS] 1,374,000
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 2,823,701
[NUMBER-OF-SHARES-REDEEMED] 17,228
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 108,596,257
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 70,902
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 167,725
[AVERAGE-NET-ASSETS] 31,790,501
[PER-SHARE-NAV-BEGIN] 11.40
[PER-SHARE-NII] 00.04
[PER-SHARE-GAIN-APPREC] 00.11
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 11.55
[EXPENSE-RATIO] 01.94
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
