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

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001000077
<NAME> Conservative Portfolio
<SERIES>
   <NUMBER>003
   <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>                           129,251,987
<INVESTMENTS-AT-VALUE>                          124,718,577
<RECEIVABLES>                                        39,626
<ASSETS-OTHER>                                      377,392
<OTHER-ITEMS-ASSETS>                                      0
<TOTAL-ASSETS>                                  125,135,595
<PAYABLE-FOR-SECURITIES>                                  0
<SENIOR-LONG-TERM-DEBT>                                   0
<OTHER-ITEMS-LIABILITIES>                           265,285
<TOTAL-LIABILITIES>                                 265,285
<SENIOR-EQUITY>                                           0
<PAID-IN-CAPITAL-COMMON>                        128,808,950
<SHARES-COMMON-STOCK>                             5,545,798
<SHARES-COMMON-PRIOR>                             6,131,481
<ACCUMULATED-NII-CURRENT>                         1,337,294
<OVERDISTRIBUTION-NII>                                    0
<ACCUMULATED-NET-GAINS>                            (742,524)
<OVERDISTRIBUTION-GAINS>                                  0
<ACCUM-APPREC-OR-DEPREC>                         (4,533,410)
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<DIVIDEND-INCOME>                                 3,569,884
<INTEREST-INCOME>                                         0
<OTHER-INCOME>                                            0
<EXPENSES-NET>                                      553,600
<NET-INVESTMENT-INCOME>                           3,016,284
<REALIZED-GAINS-CURRENT>                           (742,454)
<APPREC-INCREASE-CURRENT>                         3,140,338
<NET-CHANGE-FROM-OPS>                             5,414,168
<EQUALIZATION>                                            0
<DISTRIBUTIONS-OF-INCOME>                         1,361,019
<DISTRIBUTIONS-OF-GAINS>                          1,157,622
<DISTRIBUTIONS-OTHER>                                     0
<NUMBER-OF-SHARES-SOLD>                             572,235
<NUMBER-OF-SHARES-REDEEMED>                       1,372,945
<SHARES-REINVESTED>                                 215,027
<NET-CHANGE-IN-ASSETS>                          (17,318,566)
<ACCUMULATED-NII-PRIOR>                             832,654
<ACCUMULATED-GAINS-PRIOR>                         2,259,723
<OVERDISTRIB-NII-PRIOR>                                   0
<OVERDIST-NET-GAINS-PRIOR>                                0
<GROSS-ADVISORY-FEES>                                     0
<INTEREST-EXPENSE>                                        0
<GROSS-EXPENSE>                                     553,600
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<PER-SHARE-NAV-BEGIN>                                11.470
<PER-SHARE-NII>                                       0.280
<PER-SHARE-GAIN-APPREC>                               0.200
<PER-SHARE-DIVIDEND>                                  0.240
<PER-SHARE-DISTRIBUTIONS>                             0.210
<RETURNS-OF-CAPITAL>                                  0.000
<PER-SHARE-NAV-END>                                  11.500
<EXPENSE-RATIO>                                        0.60



</TABLE>