WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001000077
<NAME> Balanced Portfolio
<SERIES>
   <NUMBER>001
   <NAME>Smith Barney Allocation Series

<S>                             <C>
<PERIOD-TYPE>                  6-MOS
<FISCAL-YEAR-END>                               Jan-31-2001
<PERIOD-END>                                    Jul-31-2000
<INVESTMENTS-AT-COST>                           476,714,911
<INVESTMENTS-AT-VALUE>                          482,938,183
<RECEIVABLES>                                     2,059,720
<ASSETS-OTHER>                                            0
<OTHER-ITEMS-ASSETS>                                      0
<TOTAL-ASSETS>                                  484,997,903
<PAYABLE-FOR-SECURITIES>                                  0
<SENIOR-LONG-TERM-DEBT>                                   0
<OTHER-ITEMS-LIABILITIES>                         3,153,567
<TOTAL-LIABILITIES>                               3,153,567
<SENIOR-EQUITY>                                           0
<PAID-IN-CAPITAL-COMMON>                        469,554,682
<SHARES-COMMON-STOCK>                             2,724,292
<SHARES-COMMON-PRIOR>                             2,688,796
<ACCUMULATED-NII-CURRENT>                         1,638,118
<OVERDISTRIBUTION-NII>                                    0
<ACCUMULATED-NET-GAINS>                           4,428,264
<OVERDISTRIBUTION-GAINS>                                  0
<ACCUM-APPREC-OR-DEPREC>                          6,223,272
<NET-ASSETS>                                    481,844,336
<DIVIDEND-INCOME>                                10,501,651
<INTEREST-INCOME>                                    66,079
<OTHER-INCOME>                                            0
<EXPENSES-NET>                                    2,537,226
<NET-INVESTMENT-INCOME>                           8,030,504
<REALIZED-GAINS-CURRENT>                          4,560,111
<APPREC-INCREASE-CURRENT>                        10,228,723
<NET-CHANGE-FROM-OPS>                            22,819,338
<EQUALIZATION>                                            0
<DISTRIBUTIONS-OF-INCOME>                           443,952
<DISTRIBUTIONS-OF-GAINS>                          1,450,226
<DISTRIBUTIONS-OTHER>                                     0
<NUMBER-OF-SHARES-SOLD>                             341,315
<NUMBER-OF-SHARES-REDEEMED>                         446,517
<SHARES-REINVESTED>                                 140,698
<NET-CHANGE-IN-ASSETS>                          (42,528,683)
<ACCUMULATED-NII-PRIOR>                           1,448,907
<ACCUMULATED-GAINS-PRIOR>                        20,482,583
<OVERDISTRIB-NII-PRIOR>                                   0
<OVERDIST-NET-GAINS-PRIOR>                                0
<GROSS-ADVISORY-FEES>                                     0
<INTEREST-EXPENSE>                                        0
<GROSS-EXPENSE>                                   2,537,226
<AVERAGE-NET-ASSETS>                             34,071,587
<PER-SHARE-NAV-BEGIN>                                12.640
<PER-SHARE-NII>                                       0.180
<PER-SHARE-GAIN-APPREC>                               0.340
<PER-SHARE-DIVIDEND>                                  0.170
<PER-SHARE-DISTRIBUTIONS>                             0.550
<RETURNS-OF-CAPITAL>                                  0.000
<PER-SHARE-NAV-END>                                  12.380
<EXPENSE-RATIO>                                        1.35



</TABLE>