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> 5
   <NAME> SMITH BARNEY SPECIAL EQUITIES FUND, CLASS L
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               JUN-30-1998
<INVESTMENTS-AT-COST>                      421,228,992
<INVESTMENTS-AT-VALUE>                     512,564,395
<RECEIVABLES>                                2,778,699
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                        51,974,820
<TOTAL-ASSETS>                             567,018,914
<PAYABLE-FOR-SECURITIES>                     2,637,596
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   53,670,425
<TOTAL-LIABILITIES>                         56,308,021
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   403,555,746
<SHARES-COMMON-STOCK>                          489,338
<SHARES-COMMON-PRIOR>                          733,259
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                       1,998,090
<ACCUMULATED-NET-GAINS>                     18,116,834
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    91,036,403
<NET-ASSETS>                               510,710,893
<DIVIDEND-INCOME>                              388,246
<INTEREST-INCOME>                            1,312,351
<OTHER-INCOME>                                       0
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<NET-INVESTMENT-INCOME>                    (1,983,209)
<REALIZED-GAINS-CURRENT>                    68,729,350
<APPREC-INCREASE-CURRENT>                 (17,699,429)
<NET-CHANGE-FROM-OPS>                       49,046,712
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         43,575
<NUMBER-OF-SHARES-REDEEMED>                    287,496  
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                    (49,847,891)
<ACCUMULATED-NII-PRIOR>                              0
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<OVERDIST-NET-GAINS-PRIOR>                  50,612,516
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              3,683,806
<AVERAGE-NET-ASSETS>                        15,533,753
<PER-SHARE-NAV-BEGIN>                            25.54
<PER-SHARE-NII>                                 (0.28)
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<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
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<EXPENSE-RATIO>                                  01.96
<AVG-DEBT-OUTSTANDING>                               0
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</TABLE>