LEGG MASON EQUITY FUNDS
Value Trust, Inc.
Total Return Trust, Inc.
Special Investment Trust, Inc.
American Leading Companies Trust
Balanced Trust
Primary Shares
Supplement to the Prospectus dated July 31, 1996
Under the section entitled "LMCM" on page 27 of the Prospectus, the third
paragraph is revised to read:
Effective January 1, 1997, an investment committee composed of officers
and employees of LMCM became responsible for the management of American
Leading Companies.
January 16, 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
Under the section entitled "LMCM" on page 23 of the Prospectus, the third
paragraph is revised to read:
Effective January 1, 1997, an investment committee composed of officers
and employees of LMCM became responsible for the management of American
Leading Companies.
January 16, 1997
