[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
   [NUMBER] 5
   [NAME] SMITH BARNEY SPECIAL EQUITIES FUND, CLASS Z
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   6-MOS
[FISCAL-YEAR-END]                          DEC-31-1998
[PERIOD-END]                               JUN-30-1998
[INVESTMENTS-AT-COST]                      421,228,992
[INVESTMENTS-AT-VALUE]                     512,564,395
[RECEIVABLES]                                2,778,699
[ASSETS-OTHER]                                       0
[OTHER-ITEMS-ASSETS]                        51,974,820
[TOTAL-ASSETS]                             567,018,914
[PAYABLE-FOR-SECURITIES]                     2,637,596
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                   53,670,425
[TOTAL-LIABILITIES]                         56,308,021
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                   403,555,746
[SHARES-COMMON-STOCK]                          432,738 
[SHARES-COMMON-PRIOR]                          535,942
[ACCUMULATED-NII-CURRENT]                            0
[OVERDISTRIBUTION-NII]                       1,998,090
[ACCUMULATED-NET-GAINS]                     18,116,834
[OVERDISTRIBUTION-GAINS]                             0
[ACCUM-APPREC-OR-DEPREC]                    91,036,403
[NET-ASSETS]                               510,710,893
[DIVIDEND-INCOME]                              388,246
[INTEREST-INCOME]                            1,312,351
[OTHER-INCOME]                                       0
[EXPENSES-NET]                               3,683,806
[NET-INVESTMENT-INCOME]                    (1,983,209)
[REALIZED-GAINS-CURRENT]                    68,729,350
[APPREC-INCREASE-CURRENT]                 (17,699,429)
[NET-CHANGE-FROM-OPS]                       49,046,712
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                            0
[DISTRIBUTIONS-OF-GAINS]                             0
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                         48,392
[NUMBER-OF-SHARES-REDEEMED]                    151,596  
[SHARES-REINVESTED]                                  0
[NET-CHANGE-IN-ASSETS]                    (49,847,891)
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                            0
[OVERDISTRIB-NII-PRIOR]                         14,881
[OVERDIST-NET-GAINS-PRIOR]                  50,612,516
[GROSS-ADVISORY-FEES]                        1,403,004
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                              3,683,806
[AVERAGE-NET-ASSETS]                        13,988,516
[PER-SHARE-NAV-BEGIN]                            26.76
[PER-SHARE-NII]                                  00.02
[PER-SHARE-GAIN-APPREC]                          02.64
[PER-SHARE-DIVIDEND]                                 0
[PER-SHARE-DISTRIBUTIONS]                            0
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                              29.42
[EXPENSE-RATIO]                                  00.81
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>