[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
   [NUMBER] 3
   [NAME] CONCERT PEACHTREE GROWTH FUND, CLASS B
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   6-MOS
[FISCAL-YEAR-END]                          DEC-31-1998
[PERIOD-END]                               JUN-30-1998
[INVESTMENTS-AT-COST]                      238,788,087
[INVESTMENTS-AT-VALUE]                     277,916,200
[RECEIVABLES]                                2,840,349
[ASSETS-OTHER]                                       0
[OTHER-ITEMS-ASSETS]                                 0
[TOTAL-ASSETS]                             280,756,549
[PAYABLE-FOR-SECURITIES]                             0
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                      433,455
[TOTAL-LIABILITIES]                            433,455
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                   235,929,502
[SHARES-COMMON-STOCK]                        3,177,151
[SHARES-COMMON-PRIOR]                        3,185,557
[ACCUMULATED-NII-CURRENT]                    (546,768)
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                      5,812,247
[OVERDISTRIBUTION-GAINS]                             0
[ACCUM-APPREC-OR-DEPREC]                    39,128,113
[NET-ASSETS]                               280,323,094
[DIVIDEND-INCOME]                            1,168,684
[INTEREST-INCOME]                              114,522
[OTHER-INCOME]                                       0
[EXPENSES-NET]                               1,825,420
[NET-INVESTMENT-INCOME]                      (542,034)
[REALIZED-GAINS-CURRENT]                     6,940,944
[APPREC-INCREASE-CURRENT]                   33,387,741
[NET-CHANGE-FROM-OPS]                       39,786,651
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                            0
[DISTRIBUTIONS-OF-GAINS]                         8,883
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                        325,324
[NUMBER-OF-SHARES-REDEEMED]                    334,307
[SHARES-REINVESTED]                                577
[NET-CHANGE-IN-ASSETS]                      55,255,582
[ACCUMULATED-NII-PRIOR]                        (4,734)
[ACCUMULATED-GAINS-PRIOR]                  (1,078,563)
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                        1,271,470
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                              1,270,470
[AVERAGE-NET-ASSETS]                        45,613,489
[PER-SHARE-NAV-BEGIN]                            13.24
[PER-SHARE-NII]                                 (0.09)
[PER-SHARE-GAIN-APPREC]                          02.26
[PER-SHARE-DIVIDEND]                                 0
[PER-SHARE-DISTRIBUTIONS]                            0
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                              15.41
[EXPENSE-RATIO]                                  02.31
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>