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> 3
   <NAME> CONCERT PEACHTREE GROWTH FUND, CLASS B
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               JUN-30-1998
<INVESTMENTS-AT-COST>                      238,788,087
<INVESTMENTS-AT-VALUE>                     277,916,200
<RECEIVABLES>                                2,840,349
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             280,756,549
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      433,455
<TOTAL-LIABILITIES>                            433,455
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   235,929,502
<SHARES-COMMON-STOCK>                        3,177,151
<SHARES-COMMON-PRIOR>                        3,185,557
<ACCUMULATED-NII-CURRENT>                    (546,768)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      5,812,247
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    39,128,113
<NET-ASSETS>                               280,323,094
<DIVIDEND-INCOME>                            1,168,684
<INTEREST-INCOME>                              114,522
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               1,825,420
<NET-INVESTMENT-INCOME>                      (542,034)
<REALIZED-GAINS-CURRENT>                     6,940,944
<APPREC-INCREASE-CURRENT>                   33,387,741
<NET-CHANGE-FROM-OPS>                       39,786,651
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                         8,883
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        325,324
<NUMBER-OF-SHARES-REDEEMED>                    334,307
<SHARES-REINVESTED>                                577
<NET-CHANGE-IN-ASSETS>                      55,255,582
<ACCUMULATED-NII-PRIOR>                        (4,734)
<ACCUMULATED-GAINS-PRIOR>                  (1,078,563)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        1,271,470
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              1,270,470
<AVERAGE-NET-ASSETS>                        45,613,489
<PER-SHARE-NAV-BEGIN>                            13.24
<PER-SHARE-NII>                                 (0.09)
<PER-SHARE-GAIN-APPREC>                          02.26
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              15.41
<EXPENSE-RATIO>                                  02.31
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>