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> SB INVESTMENT GRADE BOND FUND, CLASS A
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               DEC-31-1997
<INVESTMENTS-AT-COST>                      487,794,677
<INVESTMENTS-AT-VALUE>                     540,822,710
<RECEIVABLES>                               10,100,680
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             550,253,525
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      669,865
<TOTAL-LIABILITIES>                            669,865
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   493,135,684
<SHARES-COMMON-STOCK>                       16,192,943
<SHARES-COMMON-PRIOR>                       16,782,817
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                         398,245
<ACCUMULATED-NET-GAINS>                        446,324
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    53,028,033
<NET-ASSETS>                               550,253,525
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                           36,173,355
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               6,060,112
<NET-INVESTMENT-INCOME>                     30,113,243
<REALIZED-GAINS-CURRENT>                       490,877
<APPREC-INCREASE-CURRENT>                   46,515,710
<NET-CHANGE-FROM-OPS>                       77,119,830
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                   13,094,121
<DISTRIBUTIONS-OF-GAINS>                     4,636,271
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      2,018,307
<NUMBER-OF-SHARES-REDEEMED>                  3,049,019
<SHARES-REINVESTED>                          1,047,989
<NET-CHANGE-IN-ASSETS>                      61,022,455
<ACCUMULATED-NII-PRIOR>                     30,913,830
<ACCUMULATED-GAINS-PRIOR>                   17,850,048
<OVERDISTRIB-NII-PRIOR>                          7,345
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        2,183,438
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              6,060,112
<AVERAGE-NET-ASSETS>                       221,544,134
<PER-SHARE-NAV-BEGIN>                            12.27
<PER-SHARE-NII>                                  00.80
<PER-SHARE-GAIN-APPREC>                          01.20
<PER-SHARE-DIVIDEND>                             00.80
<PER-SHARE-DISTRIBUTIONS>                        00.28
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              13.19
<EXPENSE-RATIO>                                  01.02
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>