LEGG MASON TAX EXEMPT TRUST, INC.
Supplement to the Prospectus dated April 28, 2000
The following information replaces the information in the "Adviser and
Administrator" subsection of the "Management" section on page 7.
Management and Adviser:
Legg Mason Fund Adviser, Inc. ("LMFA"), 100 Light Street, Baltimore,
Maryland 21202, is the manager of the fund. As manager, LMFA is
responsible for investment management and administrative services
and for overseeing the fund's relationships with outside service
providers, such as the custodian, transfer agent, accountants and
lawyers. LMFA acts as manager or adviser to investment companies
with aggregate assets of about $18.2 billion as of March 31, 2000.
Legg Mason Trust, fsb ("LM Trust"), 100 Light Street, Baltimore,
Maryland 21202, is the investment adviser to the fund. As adviser,
LM Trust is responsible for investment management of the fund,
including the responsibility for making investment decisions and
placing orders to buy, sell or hold a particular security.
On June 1, 2000, LMFA and LM Trust replaced Legg Mason Capital
Management, Inc. ("LMCM") as manager and investment adviser for the
fund. The advisory personnel who previously managed the fund as
employees of LMCM continue to do so as employees of LM Trust. The
fund pays LMFA an advisory fee equal to an annual rate of 0.50% of
the fund's average daily net assets. LMFA pays LM Trust an advisory
fee equal to an annual rate of 0.45% of the fund's average daily net
assets. For the fiscal year ended December 31, 1999, the fund paid
LMCM a fee equal to an annual rate of 0.50% of the fund's average
daily net assets and LMCM paid LMFA an administrative fee equal to
an annual rate of 0.05% of the fund's average daily net assets.
The date of this supplement is June 1, 2000.
