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> 001
   <NAME> INVESTMENT GRADE BOND FUND

<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               DEC-31-1999
<INVESTMENTS-AT-COST>                      548,640,763
<INVESTMENTS-AT-VALUE>                     522,435,271
<RECEIVABLES>                                9,800,751
<ASSETS-OTHER>                              26,383,941
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             558,619,963
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   28,108,270
<TOTAL-LIABILITIES>                         28,108,270
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   572,425,934
<SHARES-COMMON-STOCK>                       18,818,072
<SHARES-COMMON-PRIOR>                       19,282,444
<ACCUMULATED-NII-CURRENT>                      (3,374)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                   (15,705,375)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                  (26,205,492)
<NET-ASSETS>                               530,511,693
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                           40,548,407
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               6,827,155
<NET-INVESTMENT-INCOME>                     33,721,252
<REALIZED-GAINS-CURRENT>                  (14,376,287)
<APPREC-INCREASE-CURRENT>                 (76,014,224)
<NET-CHANGE-FROM-OPS>                     (56,669,259)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                   14,047,392
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                          283,093
<NUMBER-OF-SHARES-SOLD>                      4,469,082
<NUMBER-OF-SHARES-REDEEMED>                  5,841,277
<SHARES-REINVESTED>                            907,823
<NET-CHANGE-IN-ASSETS>                    (96,344,496)
<ACCUMULATED-NII-PRIOR>                        (2,060)
<ACCUMULATED-GAINS-PRIOR>                  (1,322,972)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        3,742,179
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              6,827,155
<AVERAGE-NET-ASSETS>                       236,506,552
<PER-SHARE-NAV-BEGIN>                            13.12
<PER-SHARE-NII>                                   0.72
<PER-SHARE-GAIN-APPREC>                         (1.88)
<PER-SHARE-DIVIDEND>                              0.73
<PER-SHARE-DISTRIBUTIONS>                         0.00
<RETURNS-OF-CAPITAL>                              0.01
<PER-SHARE-NAV-END>                              11.22
<EXPENSE-RATIO>                                   1.03


</TABLE>