NAVIGATOR FUNDS
NAVIGATOR VALUE TRUST NAVIGATOR GLOBAL GOVERNMENT TRUST
NAVIGATOR TOTAL RETURN TRUST NAVIGATOR INTERNATIONAL EQUITY TRUST
NAVIGATOR SPECIAL INVESTMENT TRUST NAVIGATOR EMERGING MARKETS TRUST
NAVIGATOR AMERICAN LEADING COMPANIES NAVIGATOR MARYLAND TAX-FREE INCOME
TRUST TRUST
NAVIGATOR BALANCED TRUST NAVIGATOR PENNSYLVANIA TAX-FREE INCOME
NAVIGATOR U.S. GOVERNMENT INTERMEDIATE- TRUST
TERM PORTFOLIO NAVIGATOR TAX-FREE INTERMEDIATE-TERM
NAVIGATOR INVESTMENT GRADE INCOME INCOME TRUST
PORTFOLIO
NAVIGATOR HIGH YIELD PORTFOLIO
SUPPLEMENT TO THE CURRENT PROSPECTUS
Each Fund has adopted revisions to the eligibility requirements for its
Navigator Class of shares. The revised eligibility requirements are as follows:
Effective February 25, 1998, the Navigator Class of shares, as described
in the current Prospectus, is currently offered for sale only to institutional
clients of the Fairfield Group, Inc. ("Fairfield") for investment of their own
monies and monies for which they act in a fiduciary capacity, to clients of Legg
Mason Trust Company ("Trust Company") for which Trust Company exercises
discretionary investment management responsibility (such institutional investors
are referred to collectively as "Institutional Clients" and accounts of the
customers with such Institutional Clients ("Customers") are referred to
collectively as "Customer Accounts"), to qualified retirement plans managed on
a discretionary basis and having net assets of at least $200 million, and to any
qualified retirement plan of Legg Mason, Inc. or of any of its affiliates.
With respect to Navigator U.S. Government Intermediate-Term Portfolio,
Navigator Investment Grade Income Portfolio and Navigator High Yield Portfolio,
the Navigator Class of shares is also offered to clients of Bartlett & Co.
("Bartlett") who, as of December 19, 1996, were shareholders of Bartlett Short
Term Bond Fund or Bartlett Fixed Income Fund and for whom Bartlett acts as an
ERISA fiduciary.
THE DATE OF THIS SUPPLEMENT IS FEBRUARY 25, 1998.
<PAGE>
NAVIGATOR FUNDS
NAVIGATOR VALUE TRUST NAVIGATOR GLOBAL GOVERNMENT TRUST
NAVIGATOR TOTAL RETURN TRUST NAVIGATOR INTERNATIONAL EQUITY TRUST
NAVIGATOR SPECIAL INVESTMENT TRUST NAVIGATOR EMERGING MARKETS TRUST
NAVIGATOR AMERICAN LEADING COMPANIES NAVIGATOR MARYLAND TAX-FREE INCOME
TRUST TRUST
NAVIGATOR BALANCED TRUST NAVIGATOR PENNSYLVANIA TAX-FREE
NAVIGATOR U.S. GOVERNMENT INTERMEDIATE- INCOME TRUST
TERM PORTFOLIO NAVIGATOR TAX-FREE INTERMEDIATE-TERM
NAVIGATOR INVESTMENT GRADE INCOME INCOME TRUST
PORTFOLIO
NAVIGATOR HIGH YIELD PORTFOLIO
SUPPLEMENT TO THE CURRENT STATEMENT OF ADDITIONAL INFORMATION
Each Fund has adopted revisions to the eligibility requirements for its
Navigator Class of shares. The revised eligibility requirements are as
follows:
Effective February 25, 1998, the Navigator Class of shares, as described
in the current Statement of Additional Information, is currently offered for
sale only to institutional clients of the Fairfield Group, Inc. ("Fairfield")
for investment of their own monies and monies for which they act in a
fiduciary capacity, to clients of Legg Mason Trust Company ("Trust Company")
for which Trust Company exercises discretionary investment management
responsibility (such institutional investors are referred to collectively as
"Institutional Clients" and accounts of the customers with such Institutional
Clients ("Customers") are referred to collectively as "Customer Accounts"), to
qualified retirement plans managed on a discretionary basis and having net
assets of at least $200 million, and to any qualified retirement plan of Legg
Mason, Inc. or of any of its affiliates.
With respect to Navigator U.S. Government Intermediate-Term Portfolio,
Navigator Investment Grade Income Portfolio and Navigator High Yield
Portfolio, the Navigator Class of shares is also offered to clients of
Bartlett & Co. ("Bartlett") who, as of December 19, 1996, were shareholders of
Bartlett Short Term Bond Fund or Bartlett Fixed Income Fund and for whom
Bartlett acts as an ERISA fiduciary.
THE DATE OF THIS SUPPLEMENT IS FEBRUARY 25, 1998.
