PRO FORMA NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2000
1) DESCRIPTION OF THE FUND
Legg Mason Balanced Trust ("Balanced Trust"), a series of Investors Trust, Inc. ("Corporation"), is registered
under the Investment Company Act of 1940, as amended, as an open-end, diversified investment company.
Balanced Trust consists of three classes of shares: Financial Intermediary Class, Primary Class and Institutional
Class. All shareholders bear the common expenses of the Fund based on the daily net assets of each class,
without distinction between share classes. Dividends are declared separately for each class. Differences in per
share dividend rates are generally due to differences in separate class expenses.
2) BASIS OF PRO FORMA PRESENTATION
The accompanying PRO FORMA financial statements are presented to show the effect of the proposed
acquisition of Bartlett Basic Value Fund, ("Basic Value") a series of Bartlett Capital Trust, by Balanced Trust as if
such acquisition had taken place as of October 1, 1999.
Under the terms of the Plan of Reorganization, the combination of Basic Value and Balanced Trust will be
accounted for by a method of accounting for tax-free mergers of investment companies (sometimes referred to as
the pooling without restatement method). The acquisition would be accomplished by an acquisition of the net
assets of Basic Value in exchange for shares of Balanced Trust at net asset value. The statement of assets and
liabilities and the related statement of operations of Basic Value and Balanced Trust have been combined as of
and for the twelve months ended September 30, 2000.
The accompanying PRO FORMA financial statements should be read in conjunction with the financial statements
of Balanced Trust and Basic Value included in their respective semi-annual reports dated September 30, 2000
and June 30, 2000.
The following notes refer to the accompanying PRO FORMA financial statements as if the above-mentioned
acquisition of Basic Value by Balanced Trust ha