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LEGG MASON INCOME TRUST, INC.
U.S. GOVERNMENT INTERMEDIATE-TERM PORTFOLIO - Primary Shares
Supplement to the Prospectus dated May 1, 1995
The following information is inserted at the end of the section captioned
"Mortgage-Related Securities" on page 8 of the Prospectus:
"The Fund may enter into mortgage "dollar roll" transactions with
selected banks and broker-dealers pursuant to which the Fund sells
mortgage-backed securities for delivery in the future (generally within 30
days) and simultaneously contracts to repurchase substantially similar
securities on a specified future date. Such transactions may be
considered borrowings and, if so, will be subject to the Fund's investment
limitation that except for temporary purposes, the Fund will not borrow
money in excess of 5% of the Fund's total assets at the time of
borrowing."
May 31, 1995
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NAVIGATOR U.S. GOVERNMENT INTERMEDIATE-TERM
PORTFOLIO
Supplement to the Prospectus dated May 1, 1995
The following information is inserted at the end of the section captioned
"Mortgage-Related Securities" on page 9 of the Prospectus:
"The Fund may enter into mortgage "dollar roll" transactions with
selected banks and broker-dealers pursuant to which the Fund sells
mortgage-backed securities for delivery in the future (generally within 30
days) and simultaneously contracts to repurchase substantially similar
securities on a specified future date. Such transactions may be
considered borrowings and, if so, will be subject to the Fund's investment
limitation that except for temporary purposes, the Fund will not borrow
money in excess of 5% of the Fund's total assets at the time of
borrowing."
May 31, 1995
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LEGG MASON INCOME TRUST, INC.
INVESTMENT GRADE INCOME PORTFOLIO
Supplement to the Prospectus dated May 1, 1995
The following information is inserted at the end of the section captioned
"Mortgage-Related Securities" on page 8 of the Prospectus:
"The Fund may enter into mortgage "dollar roll" transactions with
selected banks and broker-dealers pursuant to which the Fund sells
mortgage-backed securities for delivery in the future (generally within 30
days) and simultaneously contracts to repurchase substantially similar
securities on a specified future date. Such transactions may be
considered borrowings and, if so, will be subject to the Fund's investment
limitation that except for temporary purposes, the Fund will not borrow
money in excess of 5% of the Fund's total assets at the time of
borrowing."
May 31, 1995
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LEGG MASON INCOME TRUST, INC.:
INVESTMENT GRADE INCOME PORTFOLIO
U. S. GOVERNMENT MONEY MARKET PORTFOLIO
Supplement to the Statement of Additional Information dated May 1, 1995
The following information replaces Limitation #1 in the section captioned
"Additional Information About Investment Limitations and Policies" on page
2 of the Statement of Additional Information. The Investment Grade
Portfolio may not:
"1. Borrow money, except for temporary purposes in an aggregate
amount not to exceed 5% of the value of its total assets at the time of
borrowing;"
The following information replaces the section captioned "Reverse
Repurchase Agreements" on page 11 of the Statement of Additional
Information:
"Reverse Repurchase Agreements and Other Borrowing A reverse
repurchase agreement is a portfolio management technique in which a
Portfolio temporarily transfers the possession of a portfolio instrument
to another person, such as a financial institution or broker-dealer, in
return for cash. At the same time, the Portfolio agrees to repurchase the
instrument at an agreed upon time (normally within seven days) and price,
including interest payment. The Investment Grade Portfolio may also enter
into dollar rolls, in which the Portfolio sells a fixed income security
for delivery in the current month and simultaneously contracts to
repurchase a substantially similar security (same type, coupon and
maturity) on a specified future date. During the roll period, the
Portfolio would forgo principal and interest paid on such securities. The
Portfolio would be compensated by the difference between the current sales
price and the forward price for the future purchase, as well as by any
interest earned on the proceeds of the initial sale. A Portfolio may
engage in reverse repurchase agreements and dollar rolls (with respect to
the Investment Grade Portfolio) as a means of raising cash to satisfy
redemption requests or for other temporary or emergency purposes without
the necessity of selling portfolio securities.
When a Portfolio reinvests the proceeds of a reverse repurchase
agreement in other securities, any fluctuations in the market value of
either the securities transferred to another party or the securities in
which the proceeds are invested would affect the market value of the
Portfolio's assets. As a result, such transactions could increase
fluctuation in the Portfolio's net asset value. If a Portfolio reinvests
the proceeds of the agreement at a rate lower than the cost of the
agreement, engaging in the agreement will lower the Portfolio's yield.
While engaging in reverse repurchase agreements and dollar rolls (with
respect to the Investment Grade Portfolio), each Portfolio will maintain
cash, U.S. government securities or other high-grade, liquid debt
securities in a segregated account at its custodian bank with a value at
least equal to the Portfolio's obligation under the agreements.
The ability of each Portfolio to engage in reverse repurchase
agreements and dollar rolls (with respect to the Investment Grade
Portfolio) is subject to each Portfolio's fundamental investment
limitation concerning borrowing, i.e., that borrowing may be for temporary
purposes only and in an amount not to exceed 5% of the Portfolio's total
assets."
May 31, 1995
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THE LEGG MASON INCOME TRUST, INC.:
U. S. GOVERNMENT INTERMEDIATE-TERM PORTFOLIO
PRIMARY SHARES
NAVIGATOR SHARES
Supplement to the Statement of Additional Information dated May 1, 1995
The following information replaces Limitation #1 in the section captioned
"Additional Information About Investment Limitations and Policies" on page
2 of the Statement of Additional Information. The Fund may not:
"1. Borrow money, except for temporary purposes in an aggregate
amount not to exceed 5% of the value of its total assets at the time of
borrowing;"
The following information replaces the section captioned "Reverse
Repurchase Agreements" on page 10 of the Statement of Additional
Information:
"Reverse Repurchase Agreements and Other Borrowing A reverse
repurchase agreement is a portfolio management technique in which the Fund
temporarily transfers the possession of a portfolio instrument to another
person, such as a financial institution or broker-dealer, in return for
cash. At the same time, the Fund agrees to repurchase the instrument at
an agreed upon time (normally within seven days) and price, including
interest payment. The Fund may also enter into dollar rolls, in which the
Fund sells a fixed income security for delivery in the current month and
simultaneously contracts to repurchase a substantially similar security
(same type, coupon and maturity) on a specified future date. During the
roll period, the Fund would forgo principal and interest paid on such
securities. The Fund would be compensated by the difference between the
current sales price and the forward price for the future purchase, as well
as by any interest earned on the proceeds of the initial sale. The Fund
may engage in reverse repurchase agreements and dollar rolls as a means of
raising cash to satisfy redemption requests or for other temporary or
emergency purposes without the necessity of selling portfolio securities.
When the Fund reinvests the proceeds of a reverse repurchase
agreement in other securities, any fluctuations in the market value of
either the securities transferred to another party or the securities in
which the proceeds are invested would affect the market value of the
Fund's assets. As a result, such transactions could increase fluctuation
in the Fund's net asset value. If the Fund reinvests the proceeds of the
agreement at a rate lower than the cost of the agreement, engaging in the
agreement will lower the Fund's yield. While engaging in reverse
repurchase agreements and dollar rolls, the Fund will maintain cash, U.S.
government securities or other high-grade, liquid debt securities in a
segregated account at its custodian bank with a value at least equal to
the Fund's obligation under the agreements.
The ability of the Fund to engage in reverse repurchase agreements
and dollar rolls is subject to the Fund's fundamental investment
limitation concerning borrowing, i.e., that borrowing may be for temporary
purposes only and in an amount not to exceed 5% of the Fund's total
assets."
May 31, 1995
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LEGG MASON INCOME TRUST, INC.
LEGG MASON HIGH YIELD PORTFOLIO
Supplement to the Statement of Additional Information dated May 1, 1995
The following information replaces Limitation #1 in the section captioned
"Additional Information About Investment Limitations and Policies" on page
1 of the Statement of Additional Information. The Fund may not:
"1. Borrow money, except from banks or through reverse repurchase
agreements or dollar rolls for temporary purposes in an aggregate amount
not to exceed 5% of the value of its total assets at the time of
borrowing;"
May 31, 1995
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