Notes to Financial Statements
Legg Mason Investment Trust, Inc.
(Amounts in Thousands)
1. Significant Accounting Policies:
The Legg Mason Investment Trust, Inc. ("Corporation"), consisting of the Legg Mason Opportunity Trust
("Fund"), was organized on October 8, 1999, and is registered under the Investment Company Act of 1940, as
amended, as an open-end, non-diversified investment company. The Fund had no substantive operations prior to
December 30, 1999, other than those matters related to its organization and initial registration.
The Fund consists of two classes of shares: Primary Class, offered since December 30, 1999, and Navigator
Class, offered only to certain institutional and other investors since June 26, 2000. Information about the
Navigator Class is contained in a separate report to its shareholders. The income and expense of the Fund are
allocated proportionately to the two classes of shares based on daily net assets, except for Rule 12b-1
distribution fees, which are charged only on Primary Class shares, and transfer agent and shareholder servicing
expenses, which are determined separately for each class.
Notes to Financial Statements -- Continued
Securities owned by the Fund for which market quotations are readily available are valued at current market
value. In the absence of readily available market quotations, securities are valued at fair value under procedures
established by and under the general supervision of the Board of Directors. Where a security is traded on more
than one market, which may include foreign markets, the securities are generally valued on the market considered
by the Fund's adviser to be the primary market. Bonds with remaining maturities of 60 days or less are valued at
amortized cost. The Fund will value its foreign securities in U.S. dollars on the basis of the then-prevailing
Investment Income and Distributions to Shareholders
Interest income and expenses are recorded on the accrual basis. Bond pr