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-31-1999
<PERIOD-END>                               JUN-30-1999
<INVESTMENTS-AT-COST>                      158,734,187
<INVESTMENTS-AT-VALUE>                     244,411,794
<RECEIVABLES>                                4,530,891
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             248,942,685
<PAYABLE-FOR-SECURITIES>                     1,786,552
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      708,818
<TOTAL-LIABILITIES>                          2,495,370
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    98,682,223
<SHARES-COMMON-STOCK>                          244,386
<SHARES-COMMON-PRIOR>                          354,967
<ACCUMULATED-NII-CURRENT>                  (1,787,492)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                     63,874,977
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    85,677,607
<NET-ASSETS>                               246,447,315
<DIVIDEND-INCOME>                              242,379
<INTEREST-INCOME>                              127,497
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               2,155,784
<NET-INVESTMENT-INCOME>                    (1,785,908)
<REALIZED-GAINS-CURRENT>                    53,233,976
<APPREC-INCREASE-CURRENT>                  (4,967,451)
<NET-CHANGE-FROM-OPS>                       46,480,617
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         11,659
<NUMBER-OF-SHARES-REDEEMED>                    122,240
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                    (64,184,166)
<ACCUMULATED-NII-PRIOR>                        (1,584)
<ACCUMULATED-GAINS-PRIOR>                   10,641,001
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          986,178
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              2,155,784
<AVERAGE-NET-ASSETS>                         8,614,786
<PER-SHARE-NAV-BEGIN>                            28.00
<PER-SHARE-NII>                                 (0.26)
<PER-SHARE-GAIN-APPREC>                          05.58
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              33.32
<EXPENSE-RATIO>                                  02.05
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>