[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC. CLASS Y
[SERIES]
   [NUMBER] 1
   [NAME] INVESTMENT GRADE BOND
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   6-MOS
[FISCAL-YEAR-END]                          DEC-31-1997
[PERIOD-END]                               JUN-30-1997
[INVESTMENTS-AT-COST]                      453,385,406
[INVESTMENTS-AT-VALUE]                     460,106,700
[RECEIVABLES]                                9,332,051
[ASSETS-OTHER]                                       0
[OTHER-ITEMS-ASSETS]                                 0
[TOTAL-ASSETS]                             469,438,751
[PAYABLE-FOR-SECURITIES]                             0
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                    2,573,548
[TOTAL-LIABILITIES]                          2,573,548
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                   453,304,745
[SHARES-COMMON-STOCK]                        2,193,327
[SHARES-COMMON-PRIOR]                        1,479,476
[ACCUMULATED-NII-CURRENT]                      112,417
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                      6,688,389
[OVERDISTRIBUTION-GAINS]                             0
[ACCUM-APPREC-OR-DEPREC]                     6,721,294
[NET-ASSETS]                               466,865,203
[DIVIDEND-INCOME]                                    0
[INTEREST-INCOME]                           18,090,749
[OTHER-INCOME]                                       0
[EXPENSES-NET]                               2,938,180
[NET-INVESTMENT-INCOME]                     15,152,569
[REALIZED-GAINS-CURRENT]                   (4,746,624)
[APPREC-INCREASE-CURRENT]                      208,971
[NET-CHANGE-FROM-OPS]                       10,614,916
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                      793,197
[DISTRIBUTIONS-OF-GAINS]                             0
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                        713,851
[NUMBER-OF-SHARES-REDEEMED]                          0
[SHARES-REINVESTED]                                  0
[NET-CHANGE-IN-ASSETS]                       1,479,085
[ACCUMULATED-NII-PRIOR]                     30,913,830
[ACCUMULATED-GAINS-PRIOR]                   17,859,048
[OVERDISTRIB-NII-PRIOR]                        (7,345)
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                        1,046,620
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                              2,938,180
[AVERAGE-NET-ASSETS]                        22,222,922
[PER-SHARE-NAV-BEGIN]                            12.28
[PER-SHARE-NII]                                  00.42
[PER-SHARE-GAIN-APPREC]                         (0.11)
[PER-SHARE-DIVIDEND]                             00.42
[PER-SHARE-DISTRIBUTIONS]                            0
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                              12.17
[EXPENSE-RATIO]                                  00.69
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>