ADVISORY AGREEMENT



      This ADVISORY AGREEMENT ("Agreement") is made this 1st day of December,

2005, by and between Smith Barney Investment Trust, a Massachusetts Business

Trust (the "Trust") and TIMCO Asset Management, Inc., a Connecticut corporation

(the "Manager").



      WHEREAS, the Trust is registered as a management investment company under

the Investment Company Act of 1940, as amended (the "1940 Act");



      WHEREAS, the Manager is engaged primarily in rendering investment advisory

services and is registered as an investment adviser under the Investment

Advisers Act of 1940, as amended;



      WHEREAS, the Trust wishes to retain the Manager to provide investment

advisory services to the Trust with respect to the series of the Trust

designated in Schedule A annexed hereto (the "Fund"); and



      WHEREAS, the Manager is willing to furnish such services on the terms and

conditions hereinafter set forth;



      NOW THEREFORE, in consideration of the promises and mutual covenants

herein contained, it is agreed as follows:



      1. The Trust hereby appoints the Manager to act as investment adviser of

the Fund for the period and on the terms set forth in this Agreement. The

Manager accepts such appointment and agrees to render the services herein set

forth, for the compensation herein provided.



      2. The Fund shall at all times keep the Manager fully informed with regard

to the securities owned by it, its funds available, or to become available, for

investment, and generally as to the condition of its affairs. It shall furnish

the Manager with such other documents and information with regard to its affairs

as the Manager may from time to time reasonably request.



      3. (a) Subject to the supervision of the Trust's Board of Trustees (the

"Board"), the Manager shall regularly provide the Fund with investment research,

advice, management and supervision and shall furnish a continuous investment

program for the Fund's portfolio of securities and other investments consistent

with the Fund's investment objectives, policies and restrictions, as stated in

the Fund's current Prospectus and Statement of Additional Information. The

Manager shall determine from time to time what securities and other investments

will be purchased, retained, sold or exchanged by the Fund and what portion of

the assets of the Fund's portfolio will be held in the various securities and

other investments in which the Fund invests, and shall implement those

decisions, all subject to the provisions of the Trust's Declaration of Trust and

By-Laws (collectively, the "Governing Documents"), the 1940 Act, and the

applicable rules and



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regulations promulgated thereunder by the Securities and Exchange Commission

(the "SEC") and interpretive guidance issued thereunder by the SEC staff and any

other applicable federal and state law, as well as the investment objectives,

policies and restrictions of the Fund referred to above, and any other specific

policies adopted by the Board and disclosed to the Manager. The Manager is

authorized as the agent of the Trust to give instructions to the custodian of

the Fund as to deliveries of securities and other investments and payments of

cash for the account of the Fund. Subject to applicable provisions of the 1940

Act and direction from the Board, the investment program to be provided

hereunder may entail the investment of all or substantially all of the assets of

a Fund in one or more investment companies. The Manager will place orders

pursuant to its investment determinations for the Fund either directly with the

issuer or with any broker or dealer, foreign currency dealer, futures commission

merchant or others selected by it. In connection with the selection of such

brokers or dealers and the placing of such orders, subject to applicable law,

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