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
Legg Mason Fund Adviser, Inc. ("LMFA") is the investment adviser for
Navigator Value Trust, Navigator Total Return Trust, Navigator Special
Investment Trust and Navigator American Leading Companies Trust. LMFA also
serves as investment manager for Navigator Balanced Trust.
Legg Mason Capital Management, Inc. ("LMCM"), a wholly owned subsidiary
of Legg Mason, Inc., also serves as an investment adviser to American Leading
Companies pursuant to the terms of an Investment Advisory Agreement with LMFA,
which was approved by Investors Trust's Board of Directors. LMCM may provide
the Fund with research and advisory services for which LMFA (not the Fund) may
pay LMCM a fee. Currently, LMCM is not providing any services to the Fund.
The following information is inserted in the section entitled "Adviser," which
begins on page 19 of the Prospectus and supercedes the language in the
supplement dated November 19, 1997 relating to American Leading Companies:
Effective March 9, 1998, David E. Nelson, Senior Vice President of LMFA,
has primary responsibility for the day-to-day management of American Leading
Companies. Previously, Mr. Nelson was the portfolio manager for the UAM ICM
Equity Portfolio since its inception on October 1, 1993. Mr. Nelson was
employed at Investment Counselors of Maryland from 1989 - 1998.
Additionally, the following information is inserted at the end of the same
section in the Prospectus:
LMFA is taking steps that it believes are reasonably designed to address
the potential failure of computer programs used by LMFA and each Fund's
service providers to address the Year 2000 issue. There can be no assurance
that these steps will be sufficient to avoid any adverse impact.
THE DATE OF THIS SUPPLEMENT IS MARCH 3, 1998.
