[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-31-1998
[PERIOD-END]                               DEC-31-1998
[INVESTMENTS-AT-COST]                      228,907,142
[INVESTMENTS-AT-VALUE]                     319,552,200
[RECEIVABLES]                               15,304,039
[ASSETS-OTHER]                                       0
[OTHER-ITEMS-ASSETS]                            89,873
[TOTAL-ASSETS]                             334,946,112
[PAYABLE-FOR-SECURITIES]                     1,379,938
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                   22,934,693
[TOTAL-LIABILITIES]                         24,314,631
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                   209,347,006
[SHARES-COMMON-STOCK]                         	     0
[SHARES-COMMON-PRIOR]                          535,942
[ACCUMULATED-NII-CURRENT]                            0
[OVERDISTRIBUTION-NII]                           1,584
[ACCUMULATED-NET-GAINS]                     10,641,001
[OVERDISTRIBUTION-GAINS]                             0
[ACCUM-APPREC-OR-DEPREC]                    90,645,058
[NET-ASSETS]                               310,631,481
[DIVIDEND-INCOME]                              756,282
[INTEREST-INCOME]                            2,266,455
[OTHER-INCOME]                                       0
[EXPENSES-NET]                               6,627,882
[NET-INVESTMENT-INCOME]                      3,605,145
[REALIZED-GAINS-CURRENT]                    61,207,747
[APPREC-INCREASE-CURRENT]                   18,090,774
[NET-CHANGE-FROM-OPS]                       39,511,828
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                            0
[DISTRIBUTIONS-OF-GAINS]                             0
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                         76,384
[NUMBER-OF-SHARES-REDEEMED]                    612,326
[SHARES-REINVESTED]                                  0
[NET-CHANGE-IN-ASSETS]                    (249,927,303)
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                            0
[OVERDISTRIB-NII-PRIOR]                         14,881
[OVERDIST-NET-GAINS-PRIOR]                  50,612,516
[GROSS-ADVISORY-FEES]                        2,510,436
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                              6,627,882
[AVERAGE-NET-ASSETS]                        11,784,082
[PER-SHARE-NAV-BEGIN]                                0
[PER-SHARE-NII]                                      0
[PER-SHARE-GAIN-APPREC]                              0
[PER-SHARE-DIVIDEND]                                 0
[PER-SHARE-DISTRIBUTIONS]                            0
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                                  0
[EXPENSE-RATIO]                                      0
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>