<PAGE> PAGE 1
000 A000000 09/30/98
000 C000000 357235
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 LEGG MASON VALUE TRUST INC
001 B000000 811-3380
001 C000000 4105390000
002 A000000 100 LIGHT 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
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
007 C012100 21
007 C012200 22
007 C012300 23
007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
007 C012800 28
007 C012900 29
<PAGE> PAGE 2
007 C013000 30
008 A000001 LEGG MASON FUND ADVISER, INC.
008 B000001 A
008 C000001 801-16958
008 D010001 BALTIMORE
008 D020001 MD
008 D030001 21202
010 A000001 LEGG MASON FUND ADVISER, INC.
010 B000001 801-16958
010 C010001 BALTIMORE
010 C020001 MD
010 C030001 21202
011 A000001 LEGG MASON WOOD WALKER, INCORPORATED
011 B000001 8-01-6767
011 C010001 BALTIMORE
011 C020001 MD
011 C030001 21202
012 A000001 BOSTON FINANCIAL DATA SERVICES, INC.
012 B000001 84-00896
012 C010001 BOSTON
012 C020001 MA
012 C030001 02105
013 A000001 PRICEWATERHOUSECOOPERS L.L.P.
013 B010001 BALTIMORE
013 B020001 MD
013 B030001 21202
014 A000001 LEGG MASON WOOD WALKER, INCORPORATED
014 B000001 8-01-6767
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 19
019 C000000 LEGGMASONW
020 A000001 GOLDMAN SACHS & CO.
020 B000001 13-5108880
020 C000001 502
020 A000002 MORGAN STANLEY & CO. INCORPORATED
020 B000002 13-2655998
020 C000002 143
020 A000003 DONALDSON, LUFKIN & JENERETTE SECURITIES CORP
020 B000003 13-2741729
020 C000003 131
020 A000004 THE FIRST BOSTON CORP
020 B000004 13-5659485
020 C000004 113
020 A000005 BRIDGE TRADING COMPANY
<PAGE> PAGE 3
020 B000005 43-1450530
020 C000005 109
020 A000006 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORP.
020 B000006 13-5674085
020 C000006 105
020 A000007 BERNSTEIN (SANFORD C.) & CO., INC.
020 B000007 13-2625874
020 C000007 103
020 A000008 SMITH BARNEY, HARRIS UPHAM & CO. INCORPORATED
020 B000008 13-3371860
020 C000008 100
020 A000009 COWEN & COMPANY
020 B000009 13-5616116
020 C000009 99
020 A000010 NATIONSBANC MONTGOMERY SECURITIES
020 B000010 94-1701676
020 C000010 96
021 000000 2436
022 A000001 LEHMAN BROTHERS INC.
022 B000001 13-2869852
022 C000001 41785039
022 D000001 0
022 A000002 PRUDENTIAL SECURITIES INCORPORATED
022 B000002 22-2347336
022 C000002 17542645
022 D000002 0
022 A000003 MORGAN (J.P.) SECURITIES
022 B000003 13-3224016
022 C000003 2259619
022 D000003 5761
022 A000004 SMITH BARNEY, HARRIS UPHAM & CO. INCORPORATED
022 B000004 13-3371860
022 C000004 1700841
022 D000004 0
022 A000005 STATE STREET BANK AND TRUST COMPANY
022 B000005 04-1867445
022 C000005 1251951
022 D000005 0
022 A000006 GOLDMAN SACHS & CO.
022 B000006 13-5108880
022 C000006 869219
022 D000006 131967
022 A000007 MORGAN STANLEY & CO. INCORPORATED
022 B000007 13-2655998
022 C000007 119686
022 D000007 113274
022 A000008 DONALDSON, LUFKIN & JENERETTE SECURITIES CORP
022 B000008 13-2741729
022 C000008 114639
022 D000008 0
022 A000009 BEARSTEIN (SANFORD C.) & CO., INC.
<PAGE> PAGE 4
022 B000009 13-2625874
022 C000009 89734
022 D000009 4363
022 A000010 MERRIL LYNCH, PIERCE FENNER & SMITH INCORP.
022 B000010 13-5674085
022 C000010 83254
022 D000010 3652
023 C000000 66643521
023 D000000 411982
024 000000 Y
025 A000001 BEAR STEARNS CO INC.
025 B000001 13-3299429
025 C000001 E
025 D000001 84305
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 275158
028 A020000 26
028 A030000 0
028 A040000 75083
028 B010000 245388
028 B020000 2
028 B030000 0
028 B040000 88139
028 C010000 273897
028 C020000 100156
028 C030000 0
028 C040000 122084
028 D010000 324475
028 D020000 -9
028 D030000 0
028 D040000 92415
028 E010000 245204
028 E020000 10
028 E030000 0
028 E040000 168472
<PAGE> PAGE 5
028 F010000 422435
028 F020000 12
028 F030000 0
028 F040000 123247
028 G010000 1786556
028 G020000 100198
028 G030000 0
028 G040000 669441
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 25672
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 100000
048 A020000 1.000
048 B010000 900000
048 B020000 0.750
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
<PAGE> PAGE 6
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 1000000
048 K020000 0.650
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 N
054 C000000 Y
054 D000000 Y
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 Y
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 1000
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
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
<PAGE> PAGE 7
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 Y
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
<PAGE> PAGE 8
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 1525973
071 B000000 411973
071 C000000 4966964
071 D000000 8
072 A000000 6
072 B000000 15618
072 C000000 25110
072 D000000 0
072 E000000 0
072 F000000 18895
072 G000000 0
072 H000000 0
072 I000000 1058
072 J000000 397
072 K000000 129
072 L000000 93
072 M000000 9
072 N000000 223
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 21
072 S000000 68
072 T000000 25672
072 U000000 0
072 V000000 0
072 W000000 80
072 X000000 46645
072 Y000000 40
072 Z000000 -5877
072AA000000 87603
072BB000000 0
072CC010000 0
072CC020000 530210
072DD010000 0
072DD020000 0
072EE000000 105104
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.9860
073 C000000 0.0000
074 A000000 0
074 B000000 301127
074 C000000 0
074 D000000 0
074 E000000 0
074 F000000 5179095
<PAGE> PAGE 9
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 40
074 L000000 200567
074 M000000 207
074 N000000 5681036
074 O000000 10265
074 P000000 7063
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 9459
074 S000000 0
074 T000000 5654249
074 U010000 114956
074 U020000 8693
074 V010000 45.68
074 V020000 46.33
074 W000000 0.0000
074 X000000 251410
074 Y000000 0
075 A000000 0
075 B000000 5605623
076 000000 0.00
077 A000000 N
078 000000 N
080 C000000 0
081 B000000 0
082 B000000 0
083 B000000 0
084 B000000 0
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
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-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 3687618
<INVESTMENTS-AT-VALUE> 5480222
<RECEIVABLES> 200567
<ASSETS-OTHER> 247
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5681036
<PAYABLE-FOR-SECURITIES> 10265
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16522
<TOTAL-LIABILITIES> 26787
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3780210
<SHARES-COMMON-STOCK> 114956
<SHARES-COMMON-PRIOR> 96021
<ACCUMULATED-NII-CURRENT> (5877)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 87274
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1792642
<NET-ASSETS> 5654248
<DIVIDEND-INCOME> 25110
<INTEREST-INCOME> 15618
<OTHER-INCOME> 0
<EXPENSES-NET> 46605
<NET-INVESTMENT-INCOME> (5877)
<REALIZED-GAINS-CURRENT> 87603
<APPREC-INCREASE-CURRENT> (530210)
<NET-CHANGE-FROM-OPS> (448484)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 100929
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 30043
<NUMBER-OF-SHARES-REDEEMED> (13026)
<SHARES-REINVESTED> 1918
<NET-CHANGE-IN-ASSETS> 664176
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 104685
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 18895
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 46645
<AVERAGE-NET-ASSETS> 5389920
<PER-SHARE-NAV-BEGIN> 50.10
<PER-SHARE-NII> (.06)
<PER-SHARE-GAIN-APPREC> (3.37)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.99)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 45.68
<EXPENSE-RATIO> 1.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000357235
<NAME> NAVIGATOR VALUE TRUST
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 3678618
<INVESTMENTS-AT-VALUE> 5480222
<RECEIVABLES> 200567
<ASSETS-OTHER> 247
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5681036
<PAYABLE-FOR-SECURITIES> 10265
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16522
<TOTAL-LIABILITIES> 26787
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3780210
<SHARES-COMMON-STOCK> 8693
<SHARES-COMMON-PRIOR> 3553
<ACCUMULATED-NII-CURRENT> (5877)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 87274
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1792642
<NET-ASSETS> 5654248
<DIVIDEND-INCOME> 25110
<INTEREST-INCOME> 15618
<OTHER-INCOME> 0
<EXPENSES-NET> 46605
<NET-INVESTMENT-INCOME> (5877)
<REALIZED-GAINS-CURRENT> 87603
<APPREC-INCREASE-CURRENT> (530210)
<NET-CHANGE-FROM-OPS> (448484)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 4085
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5509
<NUMBER-OF-SHARES-REDEEMED> (439)
<SHARES-REINVESTED> 70
<NET-CHANGE-IN-ASSETS> 664176
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 104685
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 18895
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 46645
<AVERAGE-NET-ASSETS> 215703
<PER-SHARE-NAV-BEGIN> 50.57
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> (3.34)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.99)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 46.33
<EXPENSE-RATIO> .73
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
