<PAGE> PAGE 1
000 A000000 09/30/97
000 C000000 357235
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 LEGG MASON VALUE TRUST INC
001 B000000 811-3380
001 C000000 4105390000
002 A000000 111 SOUTH CALVERT STREET
002 B000000 BALTIMORE
002 C000000 MD
002 D010000 21202
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
015 A000001 STATE STREET CORPORATION
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02105
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 7
019 C000000 LEGGMASONW
020 A000001 MONTGOMERY SECURITIES
020 B000001 94-1701676
020 C000001 63
020 A000002 BERNSTEIN (SANFORD C.) & CO., INC.
020 B000002 13-2625874
020 C000002 41
020 A000003 BEAR, STEARNS & CO. INC.
020 B000003 13-3299429
020 C000003 40
<PAGE> PAGE 2
020 A000004 INSTINET CORPORATION
020 B000004 13-3443395
020 C000004 33
020 A000005 MORGAN STANLEY & CO. INCORPORATED
020 B000005 13-2655998
020 C000005 29
020 A000006 BRIDGE TRADING COMPANY
020 B000006 43-1450530
020 C000006 29
020 A000007 GOLDMAN SACHS & CO.
020 B000007 13-5108880
020 C000007 25
020 A000008 DONALDSON, LUFKIN & JENERETTE SECURITIES CORP
020 B000008 13-2741729
020 C000008 24
020 A000009 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORP.
020 B000009 13-5674085
020 C000009 23
020 A000010 UBS SECURITES INC.
020 B000010 13-2932996
020 C000010 18
021 000000 522
022 A000001 PRUDENTIAL SECURITIES INCORPORATED
022 B000001 22-2347336
022 C000001 10936945
022 D000001 628
022 A000002 SMITH BARNEY, HARRIS UPHAM & CO. INCORPORATED
022 B000002 13-3371860
022 C000002 2806262
022 D000002 2159
022 A000003 LEHMAN BROTHERS INC.
022 B000003 13-2869852
022 C000003 2596932
022 D000003 0
022 A000004 MORGAN (J.P.) SECURITIES
022 B000004 13-3224016
022 C000004 333705
022 D000004 17513
022 A000005 FIRST BOSTON CORPORATION (THE)
022 B000005 13-5659485
022 C000005 350992
022 D000005 0
022 A000006 STATE STREET CORPORATION
022 B000006 04-1867445
022 C000006 258450
022 D000006 0
022 A000007 GOLDMAN SACHS & CO.
022 B000007 13-5108880
022 C000007 2717
022 D000007 31774
022 A000008 MORGAN STANLEY & CO. INCORPORATED
<PAGE> PAGE 3
022 B000008 13-2655998
022 C000008 12209
022 D000008 21178
022 A000009 BEAR, STEARNS & CO. INC.
022 B000009 13-3299429
022 C000009 11933
022 D000009 17522
022 A000010 DONALDSON, LUFKIN & JENERETTE SECURITIES CORP
022 B000010 13-2741729
022 C000010 22466
022 D000010 0
023 C000000 17383655
023 D000000 134751
024 000000 Y
028 A010000 130060
028 A020000 3
028 A030000 0
028 A040000 84261
028 B010000 134920
028 B020000 33346
028 B030000 0
028 B040000 37088
028 C010000 130022
028 C020000 -326
028 C030000 0
028 C040000 61583
028 D010000 160178
028 D020000 0
028 D030000 0
028 D040000 48715
028 E010000 148881
028 E020000 177
028 E030000 0
028 E040000 64124
028 F010000 148918
028 F020000 5
028 F030000 0
028 F040000 55682
028 G010000 852979
028 G020000 33205
028 G030000 0
028 G040000 351453
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
<PAGE> PAGE 4
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
071 A000000 459758
071 B000000 196980
071 C000000 2892785
071 D000000 7
072 A000000 6
072 B000000 7872
072 C000000 17452
072 D000000 0
072 E000000 0
072 F000000 10564
072 G000000 0
072 H000000 0
072 I000000 687
072 J000000 291
072 K000000 93
072 L000000 116
072 M000000 9
072 N000000 120
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 21
072 S000000 50
072 T000000 14013
072 U000000 0
072 V000000 0
072 W000000 41
072 X000000 26005
074 N000000 3765050
074 T000000 3752032
075 A000000 0
075 B000000 3049358
077 A000000 N
SIGNATURE MARIE K. KARPINSKI
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000357235
<NAME> LEGG MASON VALUE TRUST, INC. - PRIMARY SHARES
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 1844361
<INVESTMENTS-AT-VALUE> 3747283
<RECEIVABLES> 17602
<ASSETS-OTHER> 165
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3765049
<PAYABLE-FOR-SECURITIES> 5269
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7748
<TOTAL-LIABILITIES> 13017
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1648218
<SHARES-COMMON-STOCK> 78160
<SHARES-COMMON-PRIOR> 65562
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (958)
<ACCUMULATED-NET-GAINS> 132523
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1902922
<NET-ASSETS> 3752032
<DIVIDEND-INCOME> 17452
<INTEREST-INCOME> 7872
<OTHER-INCOME> 0
<EXPENSES-NET> 25973
<NET-INVESTMENT-INCOME> (649)
<REALIZED-GAINS-CURRENT> 132848
<APPREC-INCREASE-CURRENT> 799356
<NET-CHANGE-FROM-OPS> 931555
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2413
<DISTRIBUTIONS-OF-GAINS> 30285
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 20159
<NUMBER-OF-SHARES-REDEEMED> (8397)
<SHARES-REINVESTED> 836
<NET-CHANGE-IN-ASSETS> 1431880
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 31070
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10564
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 26005
<AVERAGE-NET-ASSETS> 2942041
<PER-SHARE-NAV-BEGIN> 34.11
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> .72
<PER-SHARE-DIVIDEND> (.04)
<PER-SHARE-DISTRIBUTIONS> (.44)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 46.33
<EXPENSE-RATIO> 1.74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000357235
<NAME> NAVIGATOR VLAUE TRUST
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 1844361
<INVESTMENTS-AT-VALUE> 3747283
<RECEIVABLES> 17602
<ASSETS-OTHER> 165
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3765049
<PAYABLE-FOR-SECURITIES> 5269
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7748
<TOTAL-LIABILITIES> 13017
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 69327
<SHARES-COMMON-STOCK> 2813
<SHARES-COMMON-PRIOR> 2442
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (958)
<ACCUMULATED-NET-GAINS> 132523
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1902922
<NET-ASSETS> 3752032
<DIVIDEND-INCOME> 17452
<INTEREST-INCOME> 7872
<OTHER-INCOME> 0
<EXPENSES-NET> 25973
<NET-INVESTMENT-INCOME> (649)
<REALIZED-GAINS-CURRENT> 132848
<APPREC-INCREASE-CURRENT> 799356
<NET-CHANGE-FROM-OPS> 931555
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 599
<DISTRIBUTIONS-OF-GAINS> 1108
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 710
<NUMBER-OF-SHARES-REDEEMED> (375)
<SHARES-REINVESTED> 36
<NET-CHANGE-IN-ASSETS> 1431880
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 31070
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10564
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 26005
<AVERAGE-NET-ASSETS> 102317
<PER-SHARE-NAV-BEGIN> 34.30
<PER-SHARE-NII> .17
<PER-SHARE-GAIN-APPREC> .80
<PER-SHARE-DIVIDEND> (.23)
<PER-SHARE-DISTRIBUTIONS> (.44)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 46.60
<EXPENSE-RATIO> .74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
