[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS, INC.
[SERIES]
   [NUMBER] 3
   [NAME] CONCERT PEACHTREE GROWTH FUND.  CLASS B
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   YEAR
[FISCAL-YEAR-END]                          DEC-31-1998
[PERIOD-END]                               DEC-31-1998
[INVESTMENTS-AT-COST]                      252,665,393
[INVESTMENTS-AT-VALUE]                     333,691,647
[RECEIVABLES]                                  654,211
[ASSETS-OTHER]                                     177
[OTHER-ITEMS-ASSETS]                        43,530,216
[TOTAL-ASSETS]                             377,876,251
[PAYABLE-FOR-SECURITIES]                       474,680
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                   43,859,236
[TOTAL-LIABILITIES]                         44,333,916
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                   249,475,362
[SHARES-COMMON-STOCK]                        3,404,171
[SHARES-COMMON-PRIOR]                        3,185,557
[ACCUMULATED-NII-CURRENT]                          920
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                      3,021,639
[OVERDISTRIBUTION-GAINS]                             0
[ACCUM-APPREC-OR-DEPREC]                    81,026,254
[NET-ASSETS]                               333,542,335
[DIVIDEND-INCOME]                            2,253,239
[INTEREST-INCOME]                              221,377
[OTHER-INCOME]                                       0
[EXPENSES-NET]                               3,635,206
[NET-INVESTMENT-INCOME]                      1,160,590
[REALIZED-GAINS-CURRENT]                     7,698,625
[APPREC-INCREASE-CURRENT]                  75,2385,882
[NET-CHANGE-FROM-OPS]                       81,823,917
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                            0
[DISTRIBUTIONS-OF-GAINS]                       436,789
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                        840,003
[NUMBER-OF-SHARES-REDEEMED]                     27,496
[SHARES-REINVESTED]                            648,885
[NET-CHANGE-IN-ASSETS]                     108,474,823
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                            0
[OVERDISTRIB-NII-PRIOR]                           4734
[OVERDIST-NET-GAINS-PRIOR]                   1,078,563
[GROSS-ADVISORY-FEES]                        2,644,062
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                              3,635,206
[AVERAGE-NET-ASSETS]                        47,019,017
[PER-SHARE-NAV-BEGIN]                            13.24
[PER-SHARE-NII]                                  00.19
[PER-SHARE-GAIN-APPREC]                          04.43
[PER-SHARE-DIVIDEND]                                 0
[PER-SHARE-DISTRIBUTIONS]                        00.13
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                              17.35
[EXPENSE-RATIO]                                  02.21
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>