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-31-1998
<PERIOD-END>                               JUN-30-1998
<INVESTMENTS-AT-COST>                      534,093,674
<INVESTMENTS-AT-VALUE>                     587,463,816
<RECEIVABLES>                               11,033,913
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             598,467,729
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    6,708,641
<TOTAL-LIABILITIES>                          6,708,641
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   521,996,807
<SHARES-COMMON-STOCK>                          869,568
<SHARES-COMMON-PRIOR>                          772,323
<ACCUMULATED-NII-CURRENT>                    (694,919)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                     17,187,058
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    53,370,142
<NET-ASSETS>                               591,759,088
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                           19,146,337
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               3,442,033
<NET-INVESTMENT-INCOME>                     15,704,304
<REALIZED-GAINS-CURRENT>                    17,085,593
<APPREC-INCREASE-CURRENT>                      342,109
<NET-CHANGE-FROM-OPS>                       33,132,006
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      299,814
<DISTRIBUTIONS-OF-GAINS>                         1,198
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        299,142
<NUMBER-OF-SHARES-REDEEMED>                    218,357
<SHARES-REINVESTED>                             16,460
<NET-CHANGE-IN-ASSETS>                      41,505,563
<ACCUMULATED-NII-PRIOR>                       (14,263)
<ACCUMULATED-GAINS-PRIOR>                       62,342
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        1,816,328
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              3,442,033
<AVERAGE-NET-ASSETS>                        10,576,045
<PER-SHARE-NAV-BEGIN>                            13.18
<PER-SHARE-NII>                                  00.35
<PER-SHARE-GAIN-APPREC>                          00.41
<PER-SHARE-DIVIDEND>                             00.38
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              13.56
<EXPENSE-RATIO>                                  01.53
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>