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, 1997
The following information is inserted in the section entitled "How to
Purchase and Redeem Shares," which begins on page 16 of the Prospectus:
Certain institutions that have agreements with Legg Mason or the
Funds may be authorized to accept purchase and redemption orders on their
behalf. In that case, a Fund will be deemed to have received your
purchase or redemption order when the authorized institution accepts the
order, and your order will receive the next price calculated after the
order has been accepted by the institution. You should consult with your
institution to determine the time by which it must receive your order for
you to purchase or redeem Fund shares at that day's price. It is the
institution's responsibility to transmit your order to the Fund in a
timely fashion.
January 2, 1998
