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> 001
   <NAME> INVESTMENT GRADE BOND FUND

<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               DEC-31-1999
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<INVESTMENTS-AT-VALUE>                     522,435,271
<RECEIVABLES>                                9,800,751
<ASSETS-OTHER>                              26,383,941
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             558,619,963
<PAYABLE-FOR-SECURITIES>                             0
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<OTHER-ITEMS-LIABILITIES>                   28,108,270
<TOTAL-LIABILITIES>                         28,108,270
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   572,425,934
<SHARES-COMMON-STOCK>                        1,683,034
<SHARES-COMMON-PRIOR>                        1,429,050
<ACCUMULATED-NII-CURRENT>                      (3,374)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                   (15,705,375)
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<DIVIDEND-INCOME>                                    0
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<OTHER-INCOME>                                       0
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<REALIZED-GAINS-CURRENT>                  (14,376,287)
<APPREC-INCREASE-CURRENT>                 (76,014,224)
<NET-CHANGE-FROM-OPS>                     (56,669,259)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    1,063,617
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                           23,167
<NUMBER-OF-SHARES-SOLD>                        748,179
<NUMBER-OF-SHARES-REDEEMED>                    555,456
<SHARES-REINVESTED>                             61,261
<NET-CHANGE-IN-ASSETS>                    (96,344,496)
<ACCUMULATED-NII-PRIOR>                        (2,060)
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<OVERDISTRIB-NII-PRIOR>                              0
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<INTEREST-EXPENSE>                                   0
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<PER-SHARE-NAV-BEGIN>                            13.07
<PER-SHARE-NII>                                   0.67
<PER-SHARE-GAIN-APPREC>                         (1.88)
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<RETURNS-OF-CAPITAL>                              0.01
<PER-SHARE-NAV-END>                              11.19
<EXPENSE-RATIO>                                   1.46


</TABLE>