[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS, INC.
[SERIES]
   [NUMBER] 2
   [NAME] GOVERNMENT SECURITIES PORTFOLIO. CLASS L
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   YEAR
[FISCAL-YEAR-END]                          DEC-31-1998
[PERIOD-END]                               DEC-31-1998
[INVESTMENTS-AT-COST]                      627,085,764
[INVESTMENTS-AT-VALUE]                     630,061,836
[RECEIVABLES]                                5,915,474
[ASSETS-OTHER]                                     513
[OTHER-ITEMS-ASSETS]                                 0
[TOTAL-ASSETS]                             635,977,823
[PAYABLE-FOR-SECURITIES]                       142,707
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                      467,095
[TOTAL-LIABILITIES]                            609,802
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                   665,245,322
[SHARES-COMMON-STOCK]                          422,458
[SHARES-COMMON-PRIOR]                          257,566
[ACCUMULATED-NII-CURRENT]                            0
[OVERDISTRIBUTION-NII]                           2,303
[ACCUMULATED-NET-GAINS]                     32,914,781
[OVERDISTRIBUTION-GAINS]                             0
[ACCUM-APPREC-OR-DEPREC]                     2,976,072
[NET-ASSETS]                               635,368,021
[DIVIDEND-INCOME]                                    0
[INTEREST-INCOME]                                    0
[OTHER-INCOME]                                       0
[EXPENSES-NET]                               5,508,101
[NET-INVESTMENT-INCOME]                     30,951,647
[REALIZED-GAINS-CURRENT]                    22,883,384
[APPREC-INCREASE-CURRENT]                    6,814,093
[NET-CHANGE-FROM-OPS]                       46,993,938
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                          151
[DISTRIBUTIONS-OF-GAINS]                             0
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                        337,917
[NUMBER-OF-SHARES-REDEEMED]                    141,467
[SHARES-REINVESTED]                              9,720
[NET-CHANGE-IN-ASSETS]                      46,993,938
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                            0
[OVERDISTRIB-NII-PRIOR]                         15,649
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                        2,107,128
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                              5,508,101
[AVERAGE-NET-ASSETS]                         2,814,854
[PER-SHARE-NAV-BEGIN]                             9.78
[PER-SHARE-NII]                                   0.45
[PER-SHARE-GAIN-APPREC]                           0.27
[PER-SHARE-DIVIDEND]                              0.53
[PER-SHARE-DISTRIBUTIONS]                            0
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                               9.97
[EXPENSE-RATIO]                                   1.40
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>