[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
   [NUMBER] 4
   [NAME] SMITH BARNEY CONTRARIAN FUND, CLASS Z
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   6-MOS
[FISCAL-YEAR-END]                          DEC-31-1998
[PERIOD-END]                               JUN-30-1998
[INVESTMENTS-AT-COST]                      739,043,112
[INVESTMENTS-AT-VALUE]                     804,969,837
[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
[ACCUMULATED-NET-GAINS]                     81,760,343
[OVERDISTRIBUTION-GAINS]                             0
[ACCUM-APPREC-OR-DEPREC]                    65,926,725
[NET-ASSETS]                               816,449,175
[DIVIDEND-INCOME]                            4,984,122
[INTEREST-INCOME]                            1,943,865
[OTHER-INCOME]                                       0
[EXPENSES-NET]                               7,905,605
[NET-INVESTMENT-INCOME]                    (1,025,822)
[REALIZED-GAINS-CURRENT]                    81,815,412
[APPREC-INCREASE-CURRENT]                 (45,161,476)
[NET-CHANGE-FROM-OPS]                       35,628,114
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                            0
[DISTRIBUTIONS-OF-GAINS]                       396,911
[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)
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                   12,803,757
[OVERDISTRIB-NII-PRIOR]                         33,246
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                        3,930,891
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                              7,905,605
[AVERAGE-NET-ASSETS]                        30,338,054
[PER-SHARE-NAV-BEGIN]                            14.24
[PER-SHARE-NII]                                  00.03
[PER-SHARE-GAIN-APPREC]                          00.46
[PER-SHARE-DIVIDEND]                                 0
[PER-SHARE-DISTRIBUTIONS]                        00.23
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                              14.50
[EXPENSE-RATIO]                                  00.91
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>