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> 4
   <NAME> SMITH BARNEY CONTRARIAN FUND, CLASS B
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               JUN-30-1998
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<OTHER-ITEMS-ASSETS>                        79,795,692
<TOTAL-ASSETS>                             897,052,936
<PAYABLE-FOR-SECURITIES>                             0
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<TOTAL-LIABILITIES>                         80,603,761
<SENIOR-EQUITY>                                      0
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<SHARES-COMMON-STOCK>                       33,076,944
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<OVERDISTRIBUTION-GAINS>                             0
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<EQUALIZATION>                                       0
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<PER-SHARE-NAV-BEGIN>                            14.11
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<EXPENSE-RATIO>                                  02.03
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</TABLE>