LEGG MASON EQUITY FUNDS
Value Trust, Inc.
Total Return Trust, Inc.
Special Investment Trust, Inc.
American Leading Companies Trust
Balanced Trust
Supplement to the Prospectus dated July 31, 1996,
as amended February 12, 1997
Nancy T. Dennin, Senior Vice President of Legg Mason Fund Adviser, Inc.,
has assumed primary responsibility for the day-to-day management of Total
Return Trust, Inc. ("Fund"). Previously, Ms. Dennin was co-manager of the
Fund with William H. Miller, III.
May 21, 1997
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NAVIGATOR EQUITY FUNDS
Navigator Value Trust
Navigator Total Return Trust
Navigator Special Investment Trust
Navigator American Leading Companies Trust
Navigator Balanced Trust
Supplement to the Prospectus dated July 31, 1996,
as amended February 12, 1997
Nancy T. Dennin, Senior Vice President of Legg Mason Fund Adviser, Inc.,
has assumed primary responsibility for the day-to-day management of Total
Return Trust, Inc. ("Fund"). Previously, Ms. Dennin was co-manager of the
Fund with William H. Miller, III.
May 21, 1997
