LEGG MASON INCOME TRUST, INC.:
Legg Mason U.S. Government Intermediate-Term Portfolio
Legg Mason Investment Grade Income Portfolio
Legg Mason High Yield Portfolio
Legg Mason U.S. Government Money Market Portfolio
Primary Shares
Supplement to the Prospectus dated May 1, 1996 and amended November 27, 1996
Under the section entitled "Prospectus Highlights" on page 3 of the
Prospectus, the third sentence of the last paragraph is revised to read:
Each Fund pays management fees to its Manager, Legg Mason Fund Adviser, Inc.
("Manager"), and each Fund pays distribution fees with respect to Primary
Shares to its Distributor, Legg Mason, as described on pages 30-32 of this
Prospectus.
Under the section entitled "Expenses" on page 4 of the Prospectus, the
information with respect to Government Money Market in the Annual Fund
Operating Expenses table is revised to read:
Annual Fund Operating Expenses -- Primary Shares
(as a percentage of average net assets)
Government Money Market
Management fees 0.50%
12b-1 fees 0.10%C
Other expenses 0.17%
Total operating expenses 0.77%
C Effective January 10, 1997, Government Money Market will begin compensating
Legg Mason for distribution costs and services at an annual rate equal to
0.10% of its average daily net assets. The fee shown reflects
determination by Legg Mason to request payment of, and determination by the
Board to pay, less than the full amount of the authorized 12b-1 fee. If
the full amount of the fee were paid, 12b-1 fees would be 0.20% and total
operating expenses would be 0.87%.
Under the section entitled "Fund Expenses" on page 3 of the Prospectus, the
Example is revised to read:
1 Year 3 Years 5 Years 10 Years
$8 $25 $43 $95
Under the section entitled "The Funds' Distributor" on page 31 of the
Prospectus, the fourth paragraph and the first sentence of the fifth paragraph
are revised to read:
Government Money Market may pay Legg Mason a fee for its distribution
services in an amount not to exceed an annual rate of 0.20% of the Fund's
average daily net assets. Effective January 10, 1997, the Fund will begin
compensating Legg Mason for distribution costs and services at an annual rate
equal to 0.10% of its average daily net assets.
Activities for which payments may be made include, but are not limited to,
compensation to persons, including Legg Mason investment executives, who
engage in or support distribution of shares or who provide shareholder
services, printing of prospectuses and reports for persons other than existing
shareholders, advertising, preparation and distribution of sales literature,
overhead and telephone expenses.
December 24, 1996
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THE LEGG MASON INCOME TRUST, INC.:
U.S. Government Intermediate-Term Portfolio
Investment Grade Income Portfolio
High Yield Portfolio
(Primary Shares and Navigator Shares)
and
U.S. Government Money Market Portfolio
Supplement to the Statement of Additional Information dated May 1, 1996
and amended November 27, 1996
Under the section entitled "The Funds' Distributor" which begins on page 56,
the last paragraph of this section is revised to read:
Pursuant to the Plan, Government Money Market is authorized to compensate
Legg Mason for its distribution and shareholder services at an annual rate not
to exceed 0.20% of its average daily net assets. Effective January 10, 1997,
Government Money Market will begin compensating Legg Mason for distribution
costs and services at a rate of 0.10% of average daily net assets. Although
the Plan permits higher payments, Legg Mason has agreed not to request an
increase in the amount of the payments for at least two years from January 10,
1997.
December 24, 1996
