[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
   [NUMBER] 5
   [NAME] SPECIAL EQUITIES FUND. CLASS B
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   6-MOS
[FISCAL-YEAR-END]                          DEC-31-1997
[PERIOD-END]                               JUN-30-1997
[INVESTMENTS-AT-COST]                      566,957,422
[INVESTMENTS-AT-VALUE]                     687,052,007
[RECEIVABLES]                                7,797,145
[ASSETS-OTHER]                              30,775,063
[OTHER-ITEMS-ASSETS]                                 0
[TOTAL-ASSETS]                             725,624,215
[PAYABLE-FOR-SECURITIES]                       911,200
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                   31,369,086
[TOTAL-LIABILITIES]                         32,280,286
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                   632,927,280
[SHARES-COMMON-STOCK]                       11,954,817
[SHARES-COMMON-PRIOR]                       13,277,959
[ACCUMULATED-NII-CURRENT]                            0
[OVERDISTRIBUTION-NII]                       3,328,051
[ACCUMULATED-NET-GAINS]                              0
[OVERDISTRIBUTION-GAINS]                    56,349,885
[ACCUM-APPREC-OR-DEPREC]                   120,094,582
[NET-ASSETS]                               693,343,929
[DIVIDEND-INCOME]                            1,697,294
[INTEREST-INCOME]                              126,200
[OTHER-INCOME]                                       0
[EXPENSES-NET]                               5,144,583
[NET-INVESTMENT-INCOME]                      3,321,089
[REALIZED-GAINS-CURRENT]                  (46,158,973)
[APPREC-INCREASE-CURRENT]                   20,329,052
[NET-CHANGE-FROM-OPS]                     (29,151,010)
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                            0
[DISTRIBUTIONS-OF-GAINS]                             0
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                      1,289,826
[NUMBER-OF-SHARES-REDEEMED]                  2,621,968
[SHARES-REINVESTED]                                  0
[NET-CHANGE-IN-ASSETS]                    (29,151,010)
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                            0
[OVERDISTRIB-NII-PRIOR]                          6,962
[OVERDIST-NET-GAINS-PRIOR]                  10,190,912
[GROSS-ADVISORY-FEES]                        1,883,667
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                              5,144,583
[AVERAGE-NET-ASSETS]                       323,528,882
[PER-SHARE-NAV-BEGIN]                            28.28
[PER-SHARE-NII]                                  00.19
[PER-SHARE-GAIN-APPREC]                         (1.02)
[PER-SHARE-DIVIDEND]                                 0
[PER-SHARE-DISTRIBUTIONS]                            0
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                              26.07
[EXPENSE-RATIO]                                  01.95
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>