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, 1997
The first sentence of footnote A in the section entitled "Expenses" on
page 4 of the Prospectus is replaced with the following:
(A) The Manager has agreed to continue to waive fees to the extent expenses
attributable to Primary Shares (exclusive of taxes, interest, brokerage and
extraordinary expenses) exceed during any month an annual rate of 1.00% of
average daily net assets attributable to Primary Shares for such month, until
the earlier of December 31, 1997, or , with respect to Government
Intermediate, until its net assets reach $400 million, and with respect to
Investment Grade, until its net assets reach $150 million; unless extended,
the waiver will terminate on that date.
The following sentence is inserted in the second paragraph of the
section entitled "The Corporation's Board of Directors, Manager and Investment
Adviser," in place of the corresponding sentence on page 28 of the Prospectus:
The Manager has also agreed that until December 31, 1997 or when Investment
Grade reaches net assets of $150 million, whichever occurs first, it will
continue to waive fees to the extent the Fund's expenses attributable to
Primary Shares (exclusive of taxes, interest, brokerage and extraordinary
expenses) exceed during any month an annual rate of 1.00% of the Fund's
average daily net assets attributable to Primary Shares for such month.
August 4, 1997
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NAVIGATOR TAXABLE INCOME FUNDS
Navigator U.S. Government Intermediate-Term Portfolio
Navigator Investment Grade Income Portfolio
Navigator High Yield Portfolio
Supplement to the Prospectus dated May 1, 1997
The first sentence of footnote A in the section entitled "Expenses" on
page 3 of the Prospectus is replaced with the following:
(A) The Manager has agreed to continue to waive fees to the extent expenses
attributable to Navigator Shares (exclusive of taxes, interest, brokerage and
extraordinary expenses) exceed during any month an annual rate of 0.50% of
average daily net assets attributable to Navigator Shares for such month,
until the earlier of December 31, 1997, or , with respect to Government
Intermediate, until its net assets reach $400 million, and with respect to
Investment Grade, until its net assets reach $150 million; unless extended,
the waiver will terminate on that date.
The following sentence is inserted in the second paragraph of the
section entitled "The Corporation's Board of Directors, Manager and Investment
Adviser," in place of the corresponding sentence on page 21 of the Prospectus:
The Manager has also agreed that until December 31, 1997 or when Investment
Grade reaches net assets of $150 million, whichever occurs first, it will
continue to waive fees to the extent the Fund's expenses attributable to
Navigator Shares (exclusive of taxes, interest, brokerage and extraordinary
expenses) exceed during any month an annual rate of 0.50% of the Fund's
average daily net assets attributable to Navigator Shares for such month.
August 4, 1997
