[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS, INC.
[SERIES]
   [NUMBER] 4
   [NAME] CONTRARIAN PORTFOLIO.  CLASS L
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   YEAR
[FISCAL-YEAR-END]                          DEC-31-1998
[PERIOD-END]                               DEC-31-1998
[INVESTMENTS-AT-COST]                      472,712,294
[INVESTMENTS-AT-VALUE]                     543,170,332
[RECEIVABLES]                                2,121,966
[ASSETS-OTHER]                              59,216,806
[OTHER-ITEMS-ASSETS]                                 0
[TOTAL-ASSETS]                             604,509,104
[PAYABLE-FOR-SECURITIES]                     2,778,825
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                   77,100,992
[TOTAL-LIABILITIES]                         79,879,817
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                   439,238,533
[SHARES-COMMON-STOCK]                        2,476,781
[SHARES-COMMON-PRIOR]                        5,440,538
[ACCUMULATED-NII-CURRENT]                      105,339
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                     14,827,377
[OVERDISTRIBUTION-GAINS]                             0
[ACCUM-APPREC-OR-DEPREC]                    70,458,038
[NET-ASSETS]                               524,629,287
[DIVIDEND-INCOME]                           10,406,506
[INTEREST-INCOME]                            2,998,753
[OTHER-INCOME]                                       0
[EXPENSES-NET]                              13,373,710
[NET-INVESTMENT-INCOME]                         31,549
[REALIZED-GAINS-CURRENT]                    23,711,092
[APPREC-INCREASE-CURRENT]                   40,630,163
[NET-CHANGE-FROM-OPS]                      (16,887,522)
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                            0
[DISTRIBUTIONS-OF-GAINS]                     1,520,259
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                        218,764
[NUMBER-OF-SHARES-REDEEMED]                  3,289,378
[SHARES-REINVESTED]                            106,857
[NET-CHANGE-IN-ASSETS]                    (436,002,536)
[ACCUMULATED-NII-PRIOR]                         33,246
[ACCUMULATED-GAINS-PRIOR]                   12,803,757
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                        6,552,382
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                             13,373,710
[AVERAGE-NET-ASSETS]                        56,838,426
[PER-SHARE-NAV-BEGIN]                            14.12
[PER-SHARE-NII]                                  00.05
[PER-SHARE-GAIN-APPREC]                          00.21
[PER-SHARE-DIVIDEND]                             00.00
[PER-SHARE-DISTRIBUTIONS]                        00.44
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                              13.42
[EXPENSE-RATIO]                                  02.04
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>