As filed with the Securities and Exchange Commission 
on September 28, 1998 
------------------------------------------------------
----------------------- 
Registration No. 2-74288 
		811-3275 
 
U. S. SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C.  20549 
 
FORM N-1A 
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 
1933	 
 
[   ]  Pre-Effective Amendment No.

[X]    Post-Effective Amendment  No. 51 

REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940, 
Amendment No. 53 
 
SMITH BARNEY INVESTMENT FUNDS INC. 
(Exact name of Registrant as Specified in Charter) 
388 Greenwich Street, New York, New York  10013 
(Address of Principal Executive Offices)  (Zip Code) 
(800)-451-2010
(Registrant's Telephone Number, including Area Code:) 
Christina T. Sydor 
388 Greenwich Street, New York, New York 10013(22nd 
Floor)
(Name and Address of Agent For Service)
Continuous
(Approximate Date of Proposed Public Offering)

It is proposed that this filing will become effective: 
_____	immediately upon filing pursuant to Paragraph (b)of Rule 485
___	On (date) pursuant to paragraph (b) of Rule 485
XXX	60 days after filing pursuant to paragraph (a)(1) of Rule 485
_____	On (date) pursuant to paragraph (a)(1) of Rule 485
_____	75 days after filing pursuant to paragraph (a)(2) of Rule 485
On (date) pursuant to paragraph (a)(2) of rule 485

If appropriate, check the following box:

	This post-effective amendment designates a new 
effective date for a previously filed post-effective amendment.

Title of Securities Being Registered: Shares of Common 
Stock

SMITH BARNEY INVESTMENT FUNDS INC. 

CONTENTS OF REGISTRATION STATEMENT 

This Registration Statement contains the following 
pages and documents 

Front Cover 

Contents Page 
 
Cross-Reference Sheet 
 
Part A - Prospectus 
 
Part B - Statement of Additional Information 
 
Part C - Other Information 
 
Signature Page 
 
Exhibits 
 
SMITH BARNEY INVESTMENT FUNDS INC. 
 
FORM  N-1A CROSS REFERENCE SHEET 
 
PURSUANT TO RULE 485(a) Under the Securities Act of 
1933, as amended 
 
Part A 
Item No.					Prospectus Caption 
 
1. Cover Page 				Cover Page 
 
2. Synopsis 				Prospectus Summary  
 
3. Condensed Financial Highlights	Financial 
Highlights Information 
 
4. General Description
of Registrant 			Cover Page;  
						Prospectus Summary 
						Investment 
Objective and  
						Management 
Policies;
Additional 
Information 
 
5. Management of the Fund		Management of the 
Fund and the Company;
						Distributor;
Additional 
Information; 
						Annual Report 
 
6. Capital Stock and Other		Investment 
Objective and  
    Securities				Management 
Policies;
Dividends, 
Distributions and 
Taxes; Additional 
Information 

7. Purchase of Securities
Being Offered			Valuation of 
Shares;
Purchase of 
Shares;
						Exchange 
Privilege;
Redemption of 
Shares; 	
						Minimum Account 
Size;
Distributor;
Additional 
Information 
 
8. Redemption
or Purchase of Shares; 			Redemption of 
Shares;
Exchange Privilege 
 
9. Pending Legal Proceedings		Not Applicable 
 
Part B 
Item No. and Caption			Statement of 
Additional Information Caption 
 
10 Cover Page				Cover page 
 
11. Table of Contents			Contents 
 
12. General Information
 and History Distributor;		Additional 
Information 
 
13. Investment Objectives
and Policies 				Investment 
Objectives
Management and 
Policies 
 
14. Management of the Fund		Management of the 
Company; Distributor 
 
15. Control Persons and 		Principal 
Management of the Company  
Holders of Securities 
 
16. Investment Advisory
and Other Services			Management of the 
Company; 
						Distributor 
 
17. Brokerage Allocation and 		Investment 
Objective and 
Other Services				Management 
Policies; Distributor 
 
18. Capital Stock and Other 		Investment 
Objective and 
Securities 					Management 
Policies;
Purchase of 
Shares;
						Redemption of 
Shares;
Taxes 
 
19. Purchase, Redemption and		Purchase of 
Shares;
Pricing of  Securities Being		Redemption of 
Shares
Offered					Valuation of 
Shares;
Distributor;
Exchange Privilege 
 
20. Tax Status				Taxes 
 
21. Underwriters				see Prospectus 
"Purchase of Shares" 
22. Calculations of Performance 	Performance Data 
 
23. Financial Statements		Financial 
Statements 

SMITH BARNEY INVESTMENT FUNDS
PART A

The Prospectuses for Class A, Class B, Class L and Class Y 
shares of the Smith Barney Small Cap Value Fund and the Smith Barney 
Small Cap Growth Fund of Smith Barney Investment Funds Inc. (the "Fund") 
is incorporated by reference to Part A of Post-Effective Amendment No. 49 
to the Fund's Registration Statement filed on July 16, 1998 
(Accession No. 91155-98-460).


PART B


The Statement of Additional Information for Class A, Class B, Class L and 
Class Y shares of the Smith Barney Small Cap Value Fund and the Smith Barney 
Small Cap Growth Fund is incorporated by reference to Part B of 
Post-Effective Amendment No.49 to the Fund's Registration Statement filed 
on July 16, 1998 (accession No. 91155-98-460).




PART C Item 24. Financial Statements and Exhibits  a)	Financial Statements:

		Included in Part A:

		       

		Included in Part B:


The Registrant's Semi-Annual Reports for series whose fiscal period 
ended June 30, 1998 are incorporated by reference to the Definitive 30b2-1 
filed on September 25, 1998 as Accession #0000091155-98-573. 

The Registrant's Annual Reports for series whose fiscal year ended 
December 31, 1997 and the Report of Independent Auditors dated February 10, 
1998 are incorporated by reference to the Definitive 30b2-1 filed on 
March 10, 1998 as Accession #0000091155-98-157. 

The Registrant's Annual Reports for series whose fiscal year ended 
April 30, 1998 and the Report of Independent Auditors dated June 12,1998 
are incorporated by reference to the Definitive 30b2-1 filed on July 9,1998 
as Accession #0000091155-98-444. 

(b) Exhibits  All references are to the Registrant's registration 
statement on Form N-1A (the "Registration Statement") 
as filed with the SEC on October 2, 1981(File Nos. 2-
74288 and 811-3275).

(1)  Articles of Restatement dated September 17, 1993 
to Registrant's  Articles of  Incorporation dated 
September 28, 1981, Articles of Amendment dated 
October 14, 1994, Articles Supplementary, Articles  of 
Amendment dated October 14, 1994, Articles 
Supplementary, Articles of Amendments and Certificates 
of Correction dated November 7, 1994, are incorporated 
by reference to Post-Effective Amendment No. 37 to the 
Registration Statement filed on November 7, 1994. 
Articles of Amendment dated October 23, 1997 are 
incorporated by reference to Post-Effective Amendment 
No. 46 dated October 23, 1997("Post-Effective 
Amendment No.46").  Articles of Amendment dated 
February 27, 1998 are incorporated by reference 
to Post-Effective Amendment No. 48 dated April 29, 1998.
Articles of Amendment dated June 1, 1998 are incorporated
by reference to Post-Effective Amendment No. 49.

(2) Registrant's By-Laws, as amended on September 30, 
1992 are incorporated by reference to Post-Effective 
Amendment No. 30 to the Registration Statement filed 
on April 30, 1993. 
 
(3) Not Applicable. 
 
(4) Registrant's form of stock certificate for Smith 
Barney Hansberger Global Value Fund ("Global Value 
Fund") and Smith Barney Hansberger Global Value Small 
Cap Fund ("Small Cap Fund") is incorporated by 
reference to Post Effective Amendment 46.
 
(5) (a) Investment Advisory Agreement dated July 30, 
1993, between the Registrant on behalf of Smith Barney 
Investment Grade Bond Fund, Smith Barney Government 
Securities Fund and Smith Barney Special Equities 
Fund and Greenwich Street Advisors is incorporated by 
reference to the Registration Statement filed on Form 
N-14 on September 2, 1993, File No. 33-50153. 
 
    (b) Investment Advisory Agreements on behalf of 
Smith Barney Growth Opportunity Fund and Smith Barney 
Managed Growth Fund is incorporated by reference to 
Post-Effective Amendment No. 40 filed on June 27, 
1995.
 
    (c) Investment Management Agreements on behalf of 
Global Value Fund and Global Small Cap Fund between 
Registrant and Smith Barney Mutual Funds Management 
Inc. is incorporated by reference to Post-Effective 
Amendment No. 46.
 
    (d) Sub-Advisory Agreement on behalf of Global 
Value Fund and Global Small Cap Fund between MMC and 
Hansberger Global Investors Inc. is 
incorporated by reference to Post-Effective 
Amendment No. 46. 
 
    (e)Investment Management Agreements on behalf of 
Smith Barney Small Cap Growth Fund and Smith Barney 
Small Cap Value Fund between Registrant and 
Mutual Management Corp. is incorporated by reference
To Post-Effective Amendment No. 49.

(6) (a) Distribution Agreement dated July 30, 1993, 
between the Registrant and Smith Barney Shearson Inc. 
is incorporated by reference to the registration 
statement filed on Form N-14 on September 2, 1993.  
File 33-50153. 
 
     (b) Form of Distribution Agreement between the 
Registrant and PFS Distributors on behalf of Smith 
Barney Investment Funds Inc. is incorporated by 
reference to Post-Effective Amendment No. 40 filed on 
June 27, 1995. 
 
     (c) Form of Distribution Agreement between the 
Registrant and CFBDS, Inc. is incorporated by reference
To Post-Effective Amendment No. 49.

(7) Not Applicable. 
 
8 (a) Custodian Agreement with PNC Bank, National 
Association is incorporated by reference to Post -
Effective Amendment No. 44 filed on April 29, 1997. 
 
   (b) Custodian Agreement with Chase Manhattan Bank 
is incorporated by reference to Post-Effective 
Amendment No. 46.
 
9 (a)  Transfer Agency and Registrar Agreement dated 
August 5, 1993 with First Data Investor Services 
Group, Inc. (formerly The Shareholder Services Group, 
Inc.) is incorporated by reference to Post-Effective 
Amendment No. 31 as filed on December 22, 1993 (Post-
Effective Amendment No. 31"). 
 
   (b)Sub-Transfer Agency Agreement between the 
Registrant and PFS Shareholders Services on behalf of  
Smith Barney Investment Funds Inc. is incorporated by 
reference to Post-Effective Amendment No. 40 filed on 
June 27, 1995. 
 
(10)  Opinion of Robert A. Vegliante, Deputy General 
Counsel of Smith Barney Mutual Funds Management Inc. 
filed with the Registrant's rule 24-f2 Notice 
(Accession No. 000091155-97-000104) is incorporated by 
reference. 
 
(11)  To be filed by amendment.
  
(12) Not Applicable 
 
(13)  Not Applicable 
 
(14)  Not Applicable 
 
(15) (a) Amended Services and Distribution Plans 
pursuant to Rule 12b-1 between the Registrant on behalf 
of Smith Barney Invest Grade Bond Fund, Smith 
Barney Government Securities Fund, Smith Barney Special 
Equities Fund and Smith Barney European Fund and Smith 
Barney, Inc. ("Smith Barney") are incorporated by 
reference to Post-Effective Amendment No. 37' 
 
    (b) Form of Services and Distribution Plans 
pursuant to Rule 12b-1 between the Registrant on 
behalf  of Smith Barney Growth Opportunity Fund and 
Smith Barney Managed Growth Fund is incorporated by 
reference to Post-Effective Amendment No. 40 filed on 
June 27, 1995. 
 
    (c) Form of Services and Distribution Plans 
pursuant to Rule 12b-1 between the Registrant on 
behalf of  the Global Value Fund and Small Cap Fund is
incorporated by reference to Post-Effective Amendment 
No. 46.
 
    (d) Form of Amended and Restated Shareholder Services and 
Distribution Plan pursuant to Rule 12b-1 between 
the Registrant on behalf of each of its series 
is incorporated by reference to Post-Effective Amendment
No. 49.

(16) Performance Data is incorporated by reference to 
Post-Effective Amendment No. 22 as filed on May 1, 
1989. 
 
(17) Not Applicable 
 
(18)  Form of Plan pursuant to Rule 18f-3 is incorporated by 
reference to Post-Effective Amendment No.50 to 
Registration Statement. 

 Item 25  Persons Controlled by or Under Common Control 
with Registrant 
 
None. 
 


Item 26.	Title of Class	Number of Record Holders

Smith Barney
Investment Grade Fund
 		Class A			12,970
		Class B			12,631
		Class C			508
		Class Y			4

Smith Barney
Government Securities Fund
		Class A			21,658
		Class B			6,124
		Class C			151
		Class Y			11

Smith Barney
Contrarian Fund
		Class A			15,981
		Class B			40,226
		Class C			4,967
		Class Y			8
		Class Z			1

Smith Barney
Special Equities Fund
		Class A			21,000
		Class B			30,564
		Class C			2,138
		Class Y			6
		Class Z			1

Concert
Peachtree Growth Fund
		Class A			123
		Class B			224
		Class C			31
		Class Y			7

Smith Barney Hansberger Global Small Cap
Value Fund
		Class A			123
		Class B			224
		Class C			31
		Class Y			7

Smith Barney Hansberger Global Value Fund
		Class A			123
		Class B			224
		Class C			31
		Class Y			7







Item  27.  Indemnification 
 
	The response to this item is incorporated by 
reference to Pre-Effective Amendment No. 1 to the 
registration statement filed on Form N-14 on October 
8, 1993 (File No. 33-50153). 
 
Item 28(a).  Business and Other Connections of 
Investment Adviser 
 
Investment Adviser -Mutual Management Corp.("MMC") 
formerly Smith Barney Mutual Funds Management Inc. 
 
MMC was incorporated in December 1968 under the laws 
of the State of Delaware.  MMC is a wholly owned 
subsidiary of Salomon Smith Barney Holdings Inc.
("Holdings")(formerly known as Smith Barney Holdings 
Inc.), which in turn is a wholly owned subsidiary of 
Travelers Group Inc. MMC is registered as an 
investment adviser under the Investment Advisers Act 
of 1940 (the "Advisers Act").The list required by this 
Item 28 of officers and directors of MMC together with 
information as to any other business, profession, 
vocation or employment of a substantial nature engaged 
in by such officers and directors during the past two 
years, is incorporated by reference to Schedules A and 
D of FORM ADV filed by MMC pursuant to the Advisers 
Act (SEC File No. 801-8314). 
 
Item 29.	Principal Underwriters 
(a) CFBDS, Inc. the Registrant's Distributor effective on
or about ______, 1998, is also the distributor for
CitiFundsSM International Growth & Income Portfolio, 
CitiFundsSM International Equity Portfolio, CitiFundsSM Large Cap Growth 
Portfolio, CitiFundsSM Intermediate Income Portfolio, 
CitiFundsSM Short-Term U.S. Government Income Portfolio, 
CitiFundsSM Emerging Asian Markets Equity Portfolio, 
CitiFundsSM U.S. Treasury Reserves, CitiFundsSM Cash Reserves, 
CitiFundsSM Premium U.S. Treasury Reserves, 
CitiFundsSM Premium Liquid Reserves, CitiFundsSM Institutional U.S. 
Treasury Reserves, CitiFundsSM Institutional Liquid Reserves,
SM Institutional Cash Reserves, CitiFundsSM Tax Free Reserves, 
CitiFundsSM Institutional Tax Free Reserves, 
CitiFundsSM California Tax Free Reserves, 
CitiFundsSM Connecticut Tax Free Reserves, 
CitiFundsSM New York Tax Free Reserves, CitiFundsSM Balanced Portfolio, 
CitiFundsSM Small Cap Value Portfolio, CitiFundsSM Growth & Income Portfolio,
CitiFundsSM Small Cap Growth Portfolio, CitiFundsSM National 
Tax Free Income Portfolio, CitiFundsSM New York Tax Free Income Portfolio, 
CitiSelect VIP Folio 200, Citiselect VIP Folio 300,
CitiSelect (VIP Folio 400, CitiSelect (VIP Folio 500, 
CitiFundsSM Small Cap Growth VIP Portfolio, CitiSelect (Folio 200, 
CitiSelect (Folio 300, CitiSelect (Folio 400, and CitiSelect (Folio 500.  
CFBDS is also the placement agent for Large Cap Value Portfolio, 
International Portfolio, Foreign Bond Portfolio, 
Intermediate Income Portfolio, Short-Term Portfolio, 
Growth & Income Portfolio, Large Cap Growth Portfolio, 
Small Cap Growth Portfolio, International Equity Portfolio, 
Balanced Portfolio, Government Income Portfolio, Emerging
Asian Markets Equity Portfolio, Tax Free Reserves Portfolio, 
Cash Reserves Portfolio and U.S. Treasury Reserves Portfolio. 

     CFBDS, Inc. will become the distributor effective
_______, 1998 for the following Smith Barney Mutual Fund
registrants: 
Consulting Group Capital Markets Funds
Global Horizons Investment Series (Cayman Islands)
Greenwich Street Series Fund
Puerto Rico Daily Liquidity Fund Inc.
Smith Barney Adjustable Rate Government Income Fund
Smith Barney Aggressive Growth Fund Inc.
Smith Barney Appreciation Fund Inc.
Smith Barney Arizona Municipals Fund Inc.
Smith Barney California Municipals Fund Inc.
Smith Barney Concert Allocation Series Inc.
Smith Barney Equity Funds
Smith Barney Fundamental Value Fund Inc.
Smith Barney Funds, Inc.
Smith Barney Income Funds
Smith Barney Institutional Cash Management Fund, Inc.
Smith Barney Investment Trust
Smith Barney Managed Governments Fund Inc.
Smith Barney Managed Municipals Fund Inc.
Smith Barney Massachusetts Municipals Fund
Smith Barney Money Funds, Inc.
Smith Barney Muni Funds
Smith Barney Municipal Money Market Fund, Inc.
Smith Barney Natural Resources Fund Inc.
Smith Barney New Jersey Municipals Fund Inc.
Smith Barney Oregon Municipals Fund Inc.
Smith Barney Principal Return Fund 
Smith Barney Small Cap Blend Fund, Inc.
Smith Barney Telecommunications Trust
Smith Barney Variable Account Funds
Smith Barney World Funds, Inc.
Smith Barney Worldwide Special Fund N.V. (Netherlands 
Antilles)
Travelers Series Fund Inc.
The USA High Yield Fund N.V.(Netherlands Antilles)
Worldwide Securities Limited  (Bermuda). 

The information required by this Item 29 with respect 
to each director, officer and partner of CFBDS, Inc.
is incorporated by reference to Schedule A of Form BD 
filed by CFBDS, Inc. pursuant to the Securities 
Exchange Act of 1934 (SEC File No. 8-32417).

Item 30.  Location of Accounts and Records 
 
(1) 	Smith Barney Investment Funds Inc. 
	388 Greenwich Street 
	New York, New York 10013 
 
(2)	Mutual Management Corp.
	388 Greenwich Street 
	New York, New York  10013 
 
(3)	PNC Bank, National Association 
	17th and Chestnut Streets 
	Philadelphia, PA 
 
(4)	The Chase Manhattan Bank 
	Chase Metrotech Center 
	Brooklyn, New York 11245 
 
(5)	First Data Investor Services Group, Inc. 
	One Exchange Place 
	Boston, Massachusetts 02109 
 
Item 31. Management Services 
 
	Not Applicable.
 
Item 32. Undertakings 

(a) Not applicable
 
(b) Not applicable
 
(c) The Registrant hereby undertakes to furnish to 
each person to whom a prospectus of any series of the 
Registrant is delivered a copy of the Registrant's 
latest annual report, upon request and without charge. 

SIGNATURES 
 
Pursuant to the requirements of the Securities Act of 
1933, as amended, and the Investment Company Act of 
1940, as amended, the Registrant, SMITH BARNEY 
INVESTMENT FUNDS INC., has duly caused this Amendment 
to the Registration Statement to be signed on its 
behalf by the undersigned, thereunto duly authorized, 
all in the City of New York, State of New York on the 
28th day of September, 1998. 

SMITH BARNEY INVESTMENT FUNDS INC. 

 
By: /s/ Heath B. McLendon* 
      Heath B. McLendon 
      Chief Executive Officer 
 
 
	WITNESS our hands on the date set forth below. 
 
	Pursuant to the requirements of the Securities 
Act of 1933, as amended, this Post-Effective Amendment 
to the Registration Statement has been signed below by
the following persons in the capacities and on the 
dates indicated. 
 
Signature			Title					Date	 
 
/s/ Heath B. McLendon	Chairman of the Board		9/28/98 
Heath B. McLendon		(Chief Executive Officer) 
 
/s/ Lewis E. Daidone	 Senior Vice President 
Lewis E. Daidone		 and Treasurer			9/28/98 
				(Chief Financial 
				and Accounting Officer) 
 
/s/ Paul R. Ades	*		Director			9/28/98 
Paul R. Ades 
 
/s/ Herbert Barg*	 		Director			9/28/98 
Herbert Barg 
 
/s/ Dwight B. Crane*		Director			9/28/98 
Dwight B. Crane 
 
/s/ Frank Hubbard*		Director			9/28/98 
Frank Hubbard 

 /s/ Jerome Miller**		Director			9/28/98 
Jerome Miller 

/s/ Ken Miller*			Director			9/28/98 
Ken Miller 
 

*Signed by Heath B. McLendon, their duly authorized 
attorney-in-fact, pursuant
to power of attorney dated November 3, 1994. 
 
**Signed by Heath B. McLendon, their duly authorized 
attorney-in-fact, pursuant
to power of attorney dated April 15, 1998. 


/s/ Heath B. McLendon 
Heath B. McLendon 

EXHIBITS


Exhibit No.			Description of Exhibit