<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000355747
<NAME> SMITH BARNEY INVESTMENT FUNDS INC.
<SERIES>
   <NUMBER> 4
   <NAME> SMITH BARNEY CONTRARIAN FUND, CLASS Z
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               JUN-30-1998
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<RECEIVABLES>                               12,286,711
<ASSETS-OTHER>                                     696
<OTHER-ITEMS-ASSETS>                        79,795,692
<TOTAL-ASSETS>                             897,052,936
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   80,603,761
<TOTAL-LIABILITIES>                         80,603,761
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   669,821,175
<SHARES-COMMON-STOCK>                        1,767,900
<SHARES-COMMON-PRIOR>                        2,076,500
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                       1,059,068
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<OVERDISTRIBUTION-GAINS>                             0
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<DIVIDEND-INCOME>                            4,984,122
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<OTHER-INCOME>                                       0
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<NET-INVESTMENT-INCOME>                    (1,025,822)
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<APPREC-INCREASE-CURRENT>                 (45,161,476)
<NET-CHANGE-FROM-OPS>                       35,628,114
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
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<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        159,285
<NUMBER-OF-SHARES-REDEEMED>                    506,175
<SHARES-REINVESTED>                             38,290
<NET-CHANGE-IN-ASSETS>                   (144,182,648)
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<OVERDIST-NET-GAINS-PRIOR>                           0
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              7,905,605
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<PER-SHARE-NAV-BEGIN>                            14.24
<PER-SHARE-NII>                                  00.03
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<PER-SHARE-DIVIDEND>                                 0
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<RETURNS-OF-CAPITAL>                                 0
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<EXPENSE-RATIO>                                  00.91
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>