[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
   [NUMBER] 2
   [NAME] SMITH BARNEY GOVERNMENT SECURITIES FUND, CLASS Y
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   6-MOS
[FISCAL-YEAR-END]                          DEC-31-1998
[PERIOD-END]                               JUN-30-1998
[INVESTMENTS-AT-COST]                      587,297,210
[INVESTMENTS-AT-VALUE]                     596,660,344
[RECEIVABLES]                                4,448,832
[ASSETS-OTHER]                                     157
[OTHER-ITEMS-ASSETS]                                 0
[TOTAL-ASSETS]                             601,109,333
[PAYABLE-FOR-SECURITIES]                             0
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                      434,549
[TOTAL-LIABILITIES]                            434,549
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                   644,704,392
[SHARES-COMMON-STOCK]                       16,365,654
[SHARES-COMMON-PRIOR]                       11,258,233 
[ACCUMULATED-NII-CURRENT]                            0
[OVERDISTRIBUTION-NII]                     (1,681,566)
[ACCUMULATED-NET-GAINS]                              0
[OVERDISTRIBUTION-GAINS]                  (51,711,176)
[ACCUM-APPREC-OR-DEPREC]                     9,363,134
[NET-ASSETS]                               600,674,784
[DIVIDEND-INCOME]                                    0
[INTEREST-INCOME]                           18,651,926
[OTHER-INCOME]                                       0
[EXPENSES-NET]                               2,658,398
[NET-INVESTMENT-INCOME]                     15,498,589
[REALIZED-GAINS-CURRENT]                     4,103,071
[APPREC-INCREASE-CURRENT]                    1,454,031
[NET-CHANGE-FROM-OPS]                       19,147,629
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                    4,115,672 
[DISTRIBUTIONS-OF-GAINS]                             0
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                      5,107,421
[NUMBER-OF-SHARES-REDEEMED]                          0
[SHARES-REINVESTED]                                  0
[NET-CHANGE-IN-ASSETS]                      26,058,231
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                            0
[OVERDISTRIB-NII-PRIOR]                       (15,649)
[OVERDIST-NET-GAINS-PRIOR]                (55,814,247)
[GROSS-ADVISORY-FEES]                        1,013,845
[INTEREST-EXPENSE]                             494,939
[GROSS-EXPENSE]                              3,153,337
[AVERAGE-NET-ASSETS]                       131,664,782 
[PER-SHARE-NAV-BEGIN]                             9.76
[PER-SHARE-NII]                                   0.28
[PER-SHARE-GAIN-APPREC]                           0.05
[PER-SHARE-DIVIDEND]                              0.30
[PER-SHARE-DISTRIBUTIONS]                            0
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                               9.79
[EXPENSE-RATIO]                                   0.56
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>