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> 1
   <NAME> INVESTMENT GRADE BOND FUND. CLASS Y

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               JUN-30-1999
<INVESTMENTS-AT-COST>                      586,087,644
<INVESTMENTS-AT-VALUE>                     566,657,388
<RECEIVABLES>                               13,724,281
<ASSETS-OTHER>                              22,271,376
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             602,653,045
<PAYABLE-FOR-SECURITIES>                             0
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<TOTAL-LIABILITIES>                         22,798,917
<SENIOR-EQUITY>                                      0
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<SHARES-COMMON-STOCK>                        8,255,119
<SHARES-COMMON-PRIOR>                        7,300,221
<ACCUMULATED-NII-CURRENT>                    (537,403)
<OVERDISTRIBUTION-NII>                               0
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<ACCUM-APPREC-OR-DEPREC>                  (19,430,256)
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<DIVIDEND-INCOME>                                    0
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<OTHER-INCOME>                                       0
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<REALIZED-GAINS-CURRENT>                    14,214,582
<APPREC-INCREASE-CURRENT>                 (69,841,831)
<NET-CHANGE-FROM-OPS>                     (38,182,575)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    3,044,542
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        954,898
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                    (47,002,061)
<ACCUMULATED-NII-PRIOR>                        (2,060)
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<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        1,933,502
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              3,553,598
<AVERAGE-NET-ASSETS>                        97,151,946
<PER-SHARE-NAV-BEGIN>                            13.11
<PER-SHARE-NII>                                  00.38
<PER-SHARE-GAIN-APPREC>                         (1.14)
<PER-SHARE-DIVIDEND>                             00.39
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.96
<EXPENSE-RATIO>                                  00.68
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>