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

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000355747
<NAME> SMITH BARNEY INVESTMENT FUND, INC.
<SERIES>
   <NUMBER> 1
   <NAME> SMALL CAP VALUE FUND. CLASS B

<S>                             <C>
<PERIOD-TYPE>                   8-MOS
<FISCAL-YEAR-END>                          SEP-30-1999
<PERIOD-END>                               SEP-30-1999
<INVESTMENTS-AT-COST>                      139,429,010
<INVESTMENTS-AT-VALUE>                     143,306,445
<RECEIVABLES>                                2,331,013
<ASSETS-OTHER>                                     900
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             145,638,358
<PAYABLE-FOR-SECURITIES>                     4,221,824
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      276,464
<TOTAL-LIABILITIES>                          4,498,288
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   136,384,520
<SHARES-COMMON-STOCK>                        5,032,160
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                    1,242,590
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        377,787
<OVERDISTRIBUTION-GAINS>                             0
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<DIVIDEND-INCOME>                            1,661,369
<INTEREST-INCOME>                            1,036,405
<OTHER-INCOME>                                       0
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<NET-INVESTMENT-INCOME>                      1,169,264
<REALIZED-GAINS-CURRENT>                       377,787
<APPREC-INCREASE-CURRENT>                    3,135,173
<NET-CHANGE-FROM-OPS>                        4,682,224
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      5,263,462
<NUMBER-OF-SHARES-REDEEMED>                    231,302
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                     141,140,070
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              1,528,510
<AVERAGE-NET-ASSETS>                        56,047,251
<PER-SHARE-NAV-BEGIN>                            11.40
<PER-SHARE-NII>                                  00.09
<PER-SHARE-GAIN-APPREC>                          00.56
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.05
<EXPENSE-RATIO>                                  02.08


</TABLE>