[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
   [NUMBER] 5
   [NAME] SB SPECIAL EQUITY FUNDS, CLASS Z
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   YEAR
[FISCAL-YEAR-END]                          DEC-31-1997
[PERIOD-END]                               DEC-31-1997
[INVESTMENTS-AT-COST]                      444,025,238
[INVESTMENTS-AT-VALUE]                     552,761,070
[RECEIVABLES]                               17,908,899
[ASSETS-OTHER]                                       0
[OTHER-ITEMS-ASSETS]                               505
[TOTAL-ASSETS]                             570,670,474
[PAYABLE-FOR-SECURITIES]                     3,950,967
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                    6,160,723
[TOTAL-LIABILITIES]                         10,111,690
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                   502,450,349
[SHARES-COMMON-STOCK]                          535,942
[SHARES-COMMON-PRIOR]                          448,429
[ACCUMULATED-NII-CURRENT]                            0
[OVERDISTRIBUTION-NII]                          14,881
[ACCUMULATED-NET-GAINS]                              0
[OVERDISTRIBUTION-GAINS]                    50,612,516
[ACCUM-APPREC-OR-DEPREC]                   108,735,832
[NET-ASSETS]                               560,558,784
[DIVIDEND-INCOME]                              491,075
[INTEREST-INCOME]                            3,059,792
[OTHER-INCOME]                                       0
[EXPENSES-NET]                              10,000,738
[NET-INVESTMENT-INCOME]                      6,449,871
[REALIZED-GAINS-CURRENT]                  (40,421,604)
[APPREC-INCREASE-CURRENT]                    8,970,299
[NET-CHANGE-FROM-OPS]                       37,901,176
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                            0
[DISTRIBUTIONS-OF-GAINS]                             0
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                        181,226
[NUMBER-OF-SHARES-REDEEMED]                     93,713
[SHARES-REINVESTED]                                  0
[NET-CHANGE-IN-ASSETS]                   (172,128,144)
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                            0
[OVERDISTRIB-NII-PRIOR]                          6,962
[OVERDIST-NET-GAINS-PRIOR]                  10,190,912
[GROSS-ADVISORY-FEES]                        3,748,595
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                             10,000,738
[AVERAGE-NET-ASSETS]                        14,421,586
[PER-SHARE-NAV-BEGIN]                            28.26
[PER-SHARE-NII]                                  00.08
[PER-SHARE-GAIN-APPREC]                        (01.42)
[PER-SHARE-DIVIDEND]                                 0
[PER-SHARE-DISTRIBUTIONS]                            0
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                              26.76
[EXPENSE-RATIO]                                  00.81
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>