[ARTICLE] 6
[CIK] 0000355747
[NAME] SMITH BARNEY INVESTMENT FUNDS INC.
[SERIES]
   [NUMBER] 5
   [NAME] SPECIAL EQUITIES FUND CLASS Z
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   YEAR
[FISCAL-YEAR-END]                          DEC-31-1996
[PERIOD-END]                               DEC-31-1996
[INVESTMENTS-AT-COST]                      625,813,340
[INVESTMENTS-AT-VALUE]                     725,578,873
[RECEIVABLES]                               13,601,959
[ASSETS-OTHER]                                     382
[OTHER-ITEMS-ASSETS]                                 0
[TOTAL-ASSETS]                             739,181,214
[PAYABLE-FOR-SECURITIES]                       769,798
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                    5,724,488
[TOTAL-LIABILITIES]                          6,494,286
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                   650,295,582
[SHARES-COMMON-STOCK]                          448,429
[SHARES-COMMON-PRIOR]                          176,110
[ACCUMULATED-NII-CURRENT]                            0
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                              0
[OVERDISTRIBUTION-GAINS]                    17,374,187
[ACCUM-APPREC-OR-DEPREC]                    99,756,553
[NET-ASSETS]                               732,686,928
[DIVIDEND-INCOME]                              196,775
[INTEREST-INCOME]                            2,929,959
[OTHER-INCOME]                                       0
[EXPENSES-NET]                               8,607,214
[NET-INVESTMENT-INCOME]                      5,480,480
[REALIZED-GAINS-CURRENT]                   (9,712,090)
[APPREC-INCREASE-CURRENT]                 (30,159,775)
[NET-CHANGE-FROM-OPS]                     (45,352,345)
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                            0
[DISTRIBUTIONS-OF-GAINS]                       273,477
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                        274,522
[NUMBER-OF-SHARES-REDEEMED]                     10,978
[SHARES-REINVESTED]                              8,768
[NET-CHANGE-IN-ASSETS]                     387,508,732
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                 (21,960,199)
[OVERDISTRIB-NII-PRIOR]                      3,195,629
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                        3,094,925
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                              3,094,925
[AVERAGE-NET-ASSETS]                        10,472,141
[PER-SHARE-NAV-BEGIN]                            30.46
[PER-SHARE-NII]                                  00.08
[PER-SHARE-GAIN-APPREC]                        (01.48)
[PER-SHARE-DIVIDEND]                                 0
[PER-SHARE-DISTRIBUTIONS]                        00.28
[RETURNS-OF-CAPITAL]                             00.36
[PER-SHARE-NAV-END]                              28.26
[EXPENSE-RATIO]                                  00.80
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>