LEGG MASON GLOBAL TRUST, INC.:
Legg Mason Global Government Trust
Legg Mason International Equity Trust
Legg Mason Emerging Markets Trust
Primary Shares
Supplement to the Prospectus dated May 1, 1996
Under the section entitled "Lower-Rated Debt Securities," page 19, the second
to last sentence of the third paragraph is revised to read:
The Fund may invest in lower-rated debt securities of domestic issuers, those
issued by foreign corporations, those issued or guaranteed by foreign
governmental issuers, and those issued by domestic corporations but linked to
the performance of such foreign-issue debt.
The following is inserted immediately after that paragraph:
Although the market for lower-rated debt securities is not new, and the
market has previously weathered economic downturns, there has been in recent
years a substantial increase in the use of such securities to fund corporate
acquisitions and restructurings. Accordingly, the past performance of the
market for such securities may not be an accurate indication of its
performance during future economic downturns or periods of rising interest
rates. Although the prices of lower-rated bonds are generally less sensitive
to interest rate changes than those of higher-rated bonds, the prices of
lower-rated bonds may be more sensitive to adverse economic changes and
developments regarding the individual issuer. Issuers of lower-rated debt
securities are often highly leveraged and may not have access to more
traditional methods of financing.
As a result of the limited liquidity of high yield securities, the
valuation of these securities may require greater judgment than is necessary
with respect to securities having more active markets. In addition, their
prices have at times experienced rapid decline when a significant number of
holders of such securities decided to sell them. Widespread sales may result
from adverse publicity and investor perceptions, whether or not based on
fundamental analysis.
Debt securities may be subject to mandatory call provisions. If issuers
were to invoke these provisions during periods of declining interest rates,
the Fund would receive redemption proceeds at times when only lower-yielding
securities were available for investment by the Fund.
September 27, 1996
<PAGE>
LEGG MASON GLOBAL TRUST, INC.:
Legg Mason Global Government Trust
Legg Mason International Equity Trust
Legg Mason Emerging Markets Trust
Navigator Shares
Supplement to the Prospectus dated May 1, 1996
Under the section entitled "Lower-Rated Debt Securities," page 16, the second
to last sentence of the third paragraph is revised to read:
The Fund may invest in lower-rated debt securities of domestic issuers, those
issued by foreign corporations, those issued or guaranteed by foreign
governmental issuers, and those issued by domestic corporations but linked to
the performance of such foreign-issue debt.
The following is inserted immediately after that paragraph:
Although the market for lower-rated debt securities is not new, and the
market has previously weathered economic downturns, there has been in recent
years a substantial increase in the use of such securities to fund corporate
acquisitions and restructurings. Accordingly, the past performance of the
market for such securities may not be an accurate indication of its
performance during future economic downturns or periods of rising interest
rates. Although the prices of lower-rated bonds are generally less sensitive
to interest rate changes than those of higher-rated bonds, the prices of
lower-rated bonds may be more sensitive to adverse economic changes and
developments regarding the individual issuer. Issuers of lower-rated debt
securities are often highly leveraged and may not have access to more
traditional methods of financing.
As a result of the limited liquidity of high yield securities, the
valuation of these securities may require greater judgment than is necessary
with respect to securities having more active markets. In addition, their
prices have at times experienced rapid decline when a significant number of
holders of such securities decided to sell them. Widespread sales may result
from adverse publicity and investor perceptions, whether or not based on
fundamental analysis.
Debt securities may be subject to mandatory call provisions. If issuers
were to invoke these provisions during periods of declining interest rates,
the Fund would receive redemption proceeds at times when only lower-yielding
securities were available for investment by the Fund.
September 27, 1996
