[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
   [NUMBER] 2
   [NAME] GOVERNMENT SECURITIES PORTFOLIO. CLASS Y
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   6-MOS
[FISCAL-YEAR-END]                          DEC-31-1997
[PERIOD-END]                               JUN-30-1997
[INVESTMENTS-AT-COST]                      695,762,371
[INVESTMENTS-AT-VALUE]                     703,342,633
[RECEIVABLES]                                5,961,871
[ASSETS-OTHER]                                       0
[OTHER-ITEMS-ASSETS]                                 0
[TOTAL-ASSETS]                             709,304,504
[PAYABLE-FOR-SECURITIES]                             0
[SENIOR-LONG-TERM-DEBT]                    176,825,000
[OTHER-ITEMS-LIABILITIES]                    1,777,054
[TOTAL-LIABILITIES]                        178,602,054
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                   600,524,743
[SHARES-COMMON-STOCK]                        6,211,740
[SHARES-COMMON-PRIOR]                        4,245,386
[ACCUMULATED-NII-CURRENT]                      347,335
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                   (77,822,256)
[OVERDISTRIBUTION-GAINS]                             0
[ACCUM-APPREC-OR-DEPREC]                     7,652,628
[NET-ASSETS]                               530,702,450
[DIVIDEND-INCOME]                                    0
[INTEREST-INCOME]                           20,074,487
[OTHER-INCOME]                                       0
[EXPENSES-NET]                               2,658,110
[NET-INVESTMENT-INCOME]                     17,416,377
[REALIZED-GAINS-CURRENT]                   (8,871,751)
[APPREC-INCREASE-CURRENT]                    9,100,359
[NET-CHANGE-FROM-OPS]                       17,644,985
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                    1,666,508
[DISTRIBUTIONS-OF-GAINS]                             0
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                      1,966,354
[NUMBER-OF-SHARES-REDEEMED]                          0
[SHARES-REINVESTED]                                  0
[NET-CHANGE-IN-ASSETS]                    (20,864,208)
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                 (68,950,505)
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                          930,991
[INTEREST-EXPENSE]                           2,596,439
[GROSS-EXPENSE]                              2,658,110
[AVERAGE-NET-ASSETS]                        48,299,379
[PER-SHARE-NAV-BEGIN]                             9.34
[PER-SHARE-NII]                                   0.32
[PER-SHARE-GAIN-APPREC]                           0.01
[PER-SHARE-DIVIDEND]                              0.31
[PER-SHARE-DISTRIBUTIONS]                            0
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                               9.36
[EXPENSE-RATIO]                                   0.58
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>