SMITH BARNEY INVESTMENT FUNDS INC.

Supplement dated June 12, 1998
to the Prospectuses+ 

The following information supplements, and to the extent 
inconsistent therewith, replaces the information contained in the 
Prospectuses. 

Effective immediately, Class C shares will be renamed Class L shares. 
Effective June 15, 1998, Class L shares will be sold at net asset value 
per share plus a maximum initial sales charge of 1.00%.

Class L Share Expenses:

The following expense table lists the costs and expenses an investor will 
incur either directly or indirectly as a Class L shareholder of the Funds 
shown below, based on the maximum sales charge and maximum CDSC that may be 
incurred at the time of purchase or redemption and each Fund's operating 
expenses for its most recent fiscal year:


Concert 
Peachtree Growth 
Fund

Smith 
Barney 
Contrarian 
Fund 

Smith 
Barney 
Government 
Securities Fund

Smith 
Barney 
Investment Grade 
Bond Fund

SmithBarney 
Hansberger 
Global 
Small 
Cap
Value 
Fund

Smith 
Barney 
Hansberger 
Global 
Value 
Fund

Smith 
Barney 
Special 
Equities Fund




Shareholder Transaction Expenses


Maximum sales charge imposed 
on purchases (as a percentage  
of offering price)

1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%

Maximum CDSC
(as a percentage of original cost 
or redemption proceeds, whichever is 
lower)

1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%

Annual Fund Operating Expenses
(as a percentage of average net 
assets)

Management fees

1.00%
0.85%
0.55%
0.65%
1.05%
0.95%
0.75%

12b-1 fees *

1.00%
1.00%
0.70%
0.70%
1.00%
1.00%
1.00%

Other expenses
0.41%
0.19%
0.14%
0.14%
0.40%**
0.40%**
0.20%

TOTAL FUND OPERATING EXPENSES

2.41%
2.04%
1.39%
1.49%
2.45%
2.35%
1.95%


EXAMPLE 
 
The following example is intended to assist an investor in understanding 
the various costs that an investor in class L shares of the Funds shown 
below will bear directly or indirectly. The example assumes payment by each 
Fund of operating expenses at the levels set forth in the preceding table. 
See "Purchase of Shares," "Redemption of Shares" and "Management of the 
Company and the Fund" in the accompanying Prospectus for more information.
 

Concert 
Peachtree 
Growth Fund

Smith 
Barney 
Contrarian 
Fund

Smith 
Barney 
Government 
Securities Fund

Smith 
Barney 
Investment Grade 
Bond Fund

Smith 
Barney Hansberger 
Global 
Small 
Cap Value 
Fund

Smith 
Barney 
Hansberger 
Global Value 
Fund

Smith 
Barney 
Special 
Equities Fund

An investor would pay the following 
expenses on a $1,000 investment, assuming (1) 
5.00% annual return and (2) redemption 
at the end of each time period:



1 year

$  44
$  40
$  34
$  35
$  45
$  44
$  40

3 years

84
73
54
57
86
83
71

5 years

137
119
 85
 91
139
134
114

10 years
282
245
175
186
286
276
235

An investor would pay the following 
Expenses on the same investment, assuming the 
Same annual return and no redemption: 

1 year

$  34
$  30
$  24
$  25
$  35
$  34
$  30

3 years
 84
 73
 54
 57
 86
 83
 71

5 years
 
 137
 119
  85
  91
 139
 134
 114

10 years

 282
 245
 175
 186
 286
 276
 235

The example also provides a means for the investor to compare expense 
levels of funds with different fee structures over varying investment 
periods. To facilitate such comparison, all funds are required 
to utilize a 5.00% annual return assumption. However, each Fund's actual 
return will vary and may be greater or less than 5.00%. This example should 
not be considered a representation of past or future 
expenses and actual expenses may be greater or less than those shown. 
 											
Purchase of Shares:

Until June 25, 1999 purchases of Class L shares by investors who were 
holders of Class C shares of any Smith Barney Mutual Fund 
on June 12,1998 will not be subject to the 1% front-end sales charge.




+Prospectuses Dated:
  Concert Peachtree Growth Fund	April 30, 1998
  Smith Barney Contrarian Fund	April 30, 1998
  Smith Barney Government Securities Fund	April 30, 1998
  Smith Barney Investment Grade Bond Fund	April 30, 1998
  Smith Barney Hansberger Global Small Cap Value Fund	October 27, 1997
  Smith Barney Hansberger Global Value Fund	October 27, 1997
  Smith Barney Special Equities Fund	April 30, 1998

*Class L shares do not have a conversion feature and, therefore, are 
subject to an ongoing distribution fee. As a result, long term 
shareholders of Class L shares may pay more than the economic equivalent 
of the maximum front-end sales charge permitted by the National Association 
of Securities Dealers, Inc.
 
** Other expenses have been estimated based upon the expenses each of the 
respective Funds expected to incur during the fiscal year ended April 30, 
1998. 


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