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STICKER DATED NOVEMBER 19, 1997
TO PROSPECTUS DATED MARCH 1, 1997
THE CRABBE HUSON SPECIAL FUND, INC. (THE "SPECIAL FUND")
CRABBE HUSON SMALL CAP FUND
CRABBE HUSON REAL ESTATE INVESTMENT FUND
(THE "REAL ESTATE FUND")
CRABBE HUSON EQUITY FUND
CRABBE HUSON ASSET ALLOCATION FUND
CRABBE HUSON OREGON TAX-FREE FUND
CRABBE HUSON INCOME FUND
CRABBE HUSON U.S. GOVERNMENT INCOME FUND
CRABBE HUSON U.S. GOVERNMENT MONEY MARKET FUND
(COLLECTIVELY, THE "FUNDS")
SHORT SALES
When the Special Fund makes a short sale, it is currently required to
deposit certain cash and United States government securities with its broker
and its custodian. Effective November 19, 1997, the Special Fund will deposit
cash and liquid securities, of any type (rather than cash and government
securities) with its broker and its custodian.
MANAGEMENT OF THE FUNDS
Effective November 18, 1997, the Subadvisory Agreement between the Real
Estate Fund and AEW Capital Management, L.P. was terminated. Management of
the Real Estate Fund will be handled on a day-to-day basis by Mr. Huson.
