LEGG MASON GLOBAL TRUST, INC.:
Legg Mason Global Government Trust
Legg Mason Global Equity Trust
Primary Shares
Supplement to the Prospectus dated October 30, 1995
The following information is inserted in the section captioned "Investment
Techniques and Risks" on page 10 of the Prospectus:
Depositary Receipts
The Funds may invest in American depositary receipts ("ADRs") or similar
non-U.S. instruments issued by foreign banks or trust companies. ADRs are
securities issued by a U.S. depositary (usually a bank) and represent a
specified quantity of underlying non-U.S. stock on deposit with a custodian
bank as collateral. ADRs may be sponsored or unsponsored. A sponsored ADR
is issued by a depositary which has an exclusive relationship with the issuer
of the underlying security. An unsponsored ADR may be issued by any number of
U.S. depositaries. The Funds may invest in either type of ADR. A foreign
issuer of the security underlying an ADR is generally not subject to the same
reporting requirements in the United States as a domestic issuer. Accordingly,
the information available to a U.S. investor will be limited to the information
the foreign issuer is required to disclose in its own country and the market
value of an ADR may not reflect undisclosed material information concerning
the issuer or the underlying security. ADRs may also be subject to exchange
rate risks if the underlying securities are denominated in foreign currency.
Some of these depositary receipts may be issued in bearer form. For purposes
of their investment policies, each Fund will treat ADRs and similar instruments
as equivalent to investment in the underlying securities.
The following information is inserted in the section captioned "Investment
Techniques and Risks" on page 10 of the Prospectus:
Securities of Other Investment Companies
Due to restrictions on direct investment by foreign entities in certain
emerging markets, or other difficulties limiting the availability of local
securities, investment in other investment companies may be the most practical
or only manner in which a Fund can invest in certain emerging markets. A Fund
may invest in the securities of other investment companies, but it will not own
more than 3% of the total outstanding voting stock of any investment company,
invest more than 5% of its total assets in any one investment company, or invest
more than 10% of its total assets in investment companies in general. Such
investments may involve the payment of substantial premiums above the net asset
value of such issuers' portfolio securities, and the total return on such
investments will be reduced by the operating expenses and fees of such
investment companies, including advisory fees. There can be no assurance that
a Fund will be able to invest in certain emerging markets. A Fund will invest
in such funds when, in the adviser's judgment, the potential benefits of such
investment justify the payment of any applicable premium or sales charge.
February 15, 1996
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LEGG MASON GLOBAL TRUST, INC.:
Legg Mason Global Government Trust
Legg Mason Global Equity Trust
Navigator Shares
Supplement to the Prospectus dated October 30, 1995
The following information is inserted in the section captioned "Investment
Techniques and Risks" on page 9 of the Prospectus:
Depositary Receipts
The Funds may invest in American depositary receipts ("ADRs") or similar
non-U.S. instruments issued by foreign banks or trust companies. ADRs are
securities issued by a U.S. depositary (usually a bank) and represent a
specified quantity of underlying non-U.S. stock on deposit with a custodian
bank as collateral. ADRs may be sponsored or unsponsored. A sponsored ADR is
issued by a depositary which has an exclusive relationship with the issuer of
the underlying security. An unsponsored ADR may be issued by any number of U.S.
depositaries. The Funds may invest in either type of ADR. A foreign issuer of
the security underlying an ADR is generally not subject to the same reporting
requirements in the United States as a domestic issuer. Accordingly, the
information available to a U.S. investor will be limited to the information the
foreign issuer is required to disclose in its own country and the market value
of an ADR may not reflect undisclosed material information concerning the issuer
or the underlying security. ADRs may also be subject to exchange rate risks if
the underlying securities are denominated in foreign currency. Some of these
depositary receipts may be issued in bearer form. For purposes of their
investment policies, each Fund will treat ADRs and similar instruments as
equivalent to investment in the underlying securities.
The following information is inserted in the section captioned "Investment
Techniques and Risks" on page 10 of the Prospectus:
Securities of Other Investment Companies
Due to restrictions on direct investment by foreign entities in certain
emerging markets, or other difficulties limiting the availability of local
securities, investment in other investment companies may be the most practical
or only manner in which a Fund can invest in certain emerging markets. A Fund
may invest in the securities of other investment companies, but it will not own
more than 3% of the total outstanding voting stock of any investment company,
invest more than 5% of its total assets in any one investment company, or invest
more than 10% of its total assets in investment companies in general. Such
investments may involve the payment of substantial premiums above the net asset
value of such issuers' portfolio securities, and the total return on such
investments will be reduced by the operating expenses and fees of such
investment companies, including advisory fees. There can be no assurance that
a Fund will be able to invest in certain emerging markets. A Fund will invest
in such funds when, in the adviser's judgment, the potential benefits of such
investment justify the payment of any applicable premium or sales charge.
February 15, 1996
