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 A
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               JUN-30-1998
<INVESTMENTS-AT-COST>                      739,043,112
<INVESTMENTS-AT-VALUE>                     804,969,837
<RECEIVABLES>                               12,286,711
<ASSETS-OTHER>                                     696
<OTHER-ITEMS-ASSETS>                        79,795,692
<TOTAL-ASSETS>                             897,052,936
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   80,603,761
<TOTAL-LIABILITIES>                         80,603,761
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   669,821,175
<SHARES-COMMON-STOCK>                       12,678,316
<SHARES-COMMON-PRIOR>                       16,544,137
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                       1,059,068
<ACCUMULATED-NET-GAINS>                     81,760,343
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    65,926,725
<NET-ASSETS>                               816,449,175
<DIVIDEND-INCOME>                            4,984,122
<INTEREST-INCOME>                            1,943,865
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               7,905,605
<NET-INVESTMENT-INCOME>                    (1,025,822)
<REALIZED-GAINS-CURRENT>                    81,815,412
<APPREC-INCREASE-CURRENT>                 (45,161,476)
<NET-CHANGE-FROM-OPS>                       35,628,114
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                     2,874,745
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        598,449
<NUMBER-OF-SHARES-REDEEMED>                  4,656,851
<SHARES-REINVESTED>                            192,581
<NET-CHANGE-IN-ASSETS>                   (144,182,648)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                   12,803,757
<OVERDISTRIB-NII-PRIOR>                         33,246
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        3,930,891
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              7,905,605
<AVERAGE-NET-ASSETS>                       222,574,610
<PER-SHARE-NAV-BEGIN>                            14.21
<PER-SHARE-NII>                                  00.04
<PER-SHARE-GAIN-APPREC>                          00.44
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                        00.23
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              14.46
<EXPENSE-RATIO>                                  01.26
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>