UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-6444

Smith Barney Investment Trust

(Exact name of registrant as specified in charter)

125 Broad Street, New York, NY 10004

(Address of principal executive offices) (Zip code)

Robert I. Frenkel, Esq.

Smith Barney Fund Management LLC

300 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-451-2010

Date of fiscal year end: May 31

Date of reporting period: August 31, 2004

ITEM 1. SCHEDULE OF INVESTMENTS

SMITH BARNEY INVESTMENT TRUST

SMITH BARNEY LARGE CAPITALIZATION

GROWTH FUND

FORM N-Q

AUGUST 31, 2004

SMITH BARNEY LARGE CAPITALIZATION GROWTH FUND

Schedule of Investments (unaudited) August 31, 2004

SHARES	SECURITY	VALUE
COMMON STOCK - 100.0%
CONSUMER DISCRETIONARY - 17.7%
Internet & Catalog Retail - 4.9%
6,000,000	Amazon.com, Inc. (a)	$	228,840,000
Media - 8.7%
11,000,000	Time Warner Inc. (a)		179,850,000
3,300,000	Viacom Inc., Class B Shares		109,923,000
5,250,000	The Walt Disney Co.		117,862,500
			407,635,500
Specialty Retail - 4.1%
5,200,000	The Home Depot, Inc.		190,112,000
	TOTAL CONSUMER DISCRETIONARY		826,587,500
CONSUMER STAPLES - 10.6%
Beverages - 3.4%
3,500,000	The Coca-Cola Co.		156,485,000
Food Products - 2.7%
2,000,000	Wm. Wrigley Jr. Co.		124,060,000
Personal Products - 4.5%
5,000,000	The Gillette Co.		212,500,000
	TOTAL CONSUMER STAPLES		493,045,000
FINANCIALS - 14.4%
Diversified Financials - 6.3%
3,300,000	Merrill Lynch & Co., Inc.		168,531,000
2,500,000	Morgan Stanley		126,825,000
			295,356,000
Insurance - 8.1%
2,200,000	American International Group, Inc.		156,728,000
2,560	Berkshire Hathaway Inc., Class A Shares (a)		222,720,000
			379,448,000
	TOTAL FINANCIALS		674,804,000
HEALTHCARE - 23.6%
Biotechnology - 12.0%
3,200,000	Amgen Inc. (a)		189,728,000
2,900,000	Biogen Idec Inc. (a)		172,057,000
4,000,000	Genentech, Inc. (a)		195,120,000
			556,905,000
Pharmaceuticals - 11.6%
2,000,000	Eli Lilly & Co.		126,900,000
2,400,000	Johnson & Johnson		139,440,000
2,500,000	Merck & Co., Inc.		112,425,000
5,000,000	Pfizer Inc.		163,350,000
			542,115,000
	TOTAL HEALTHCARE		1,099,020,000

See Notes to Schedule of Investments.

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SMITH BARNEY LARGE CAPITALIZATION GROWTH FUND

Schedule of Investments (unaudited) (continued) August 31, 2004

SHARES	SECURITY	VALUE
INDUSTRIALS - 2.8%
Industrial Conglomerates - 2.8%
4,000,000	General Electric Co.	$	131,160,000
INFORMATION TECHNOLOGY - 30.9%
Communications Equipment - 9.7%
12,000,000	CIENA Corp. (a)		21,840,000
6,100,000	Cisco Systems, Inc. (a)		114,436,000
4,800,000	Juniper Networks, Inc. (a)		109,872,000
16,000,000	Lucent Technologies Inc. (a)		50,080,000
9,500,000	Motorola, Inc.		153,425,000
			449,653,000
Computers & Peripherals - 3.7%
5,000,000	Dell Inc. (a)		174,200,000
Internet Software & Services - 2.9%
6,000,000	IAC/InterActiveCorp (a)		136,860,000
Semiconductor Equipment & Products - 8.6%
7,600,000	Intel Corp.		161,804,000
7,200,000	Texas Instruments Inc.		140,688,000
3,600,000	Xilinx, Inc.		98,748,000
			401,240,000
Software - 6.0%
6,000,000	Microsoft Corp.		163,800,000
2,500,000	Red Hat, Inc. (a)		30,650,000
5,000,000	VERITAS Software Corp. (a)		83,600,000
			278,050,000
	TOTAL INFORMATION TECHNOLOGY		1,440,003,000
	TOTAL INVESTMENTS - 100.0% (Cost - $ 4,196,669,228*)		4,664,619,500
	Liabilities in Excess of Other Assets - (0.0%)		(2,073,762	)
	TOTAL NET ASSETS - 100.0%	$	4,662,545,738

^(a) Non-income producing security.

* Aggregate cost for Federal income tax purposes is substantially the same.

See Notes to Schedule of Investments.

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Notes to Schedule of Investments (unaudited)

Note 1. Organization and Significant Accounting Policies

Smith Barney Large Capitalization Growth Fund (“Fund”), a separate investment fund of the Smith Barney Investment Trust (“Trust”), a Massachusetts business trust, is registered under the Investment Company Act of 1940, as amended, as a diversified open-end management investment company.

The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

(a) Investment Valuation. Securities traded on national securities markets are valued at the closing price on such markets. Securities listed on the NASDAQ National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price on that day, at the last sale price. Securities for which no sales price was reported are valued at the mean between bid and asked prices. When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the Fund calculates its net asset value, the Fund may value these investments at fair value as determined in accordance with the procedures approved by the Fund’s Board of Trustees. Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADR’s and futures contracts. Securities maturing within 60 days are valued at cost plus accreted discount, or minus amortized premium, which approximates value.

(b) Investment Transaction. Securities transactions are accounted for on trade date.

Note 2. Investments

At August 31, 2004, the aggregate gross unrealized appreciation and depreciation of investments for Federal income tax purposes were substantially as follows:

Gross unrealized appreciation	$	848,966,964
Gross unrealized depreciation		(381,016,692	)
Net unrealized appreciation	$	467,950,272

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ITEM 2. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are likely to materially affect the registrant’s internal control over financial reporting.

ITEM 3. EXHIBITS.

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Smith Barney Investment Trust

By	/s/ R. Jay Gerken
	R. Jay Gerken
	Chief Executive Officer

Date October 28, 2004

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ R. Jay Gerken
	R. Jay Gerken
	Chief Executive Officer

Date October 28, 2004

By	/s/ James M. Giallanza
	James M. Giallanza
	Chief Financial Officer

Date October 28, 2004