CRABBE HUSON REAL ESTATE INVESTMENT FUND
Supplement to Prospectuses
John Maack is no longer a co-manager of the Fund.
CR-36/521H-0799 August 6, 1999
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CRABBE HUSON CONTRARIAN FUND
Supplement to Prospectus
(Replacing Supplement dated May 20, 1999)
John Maack and Peter P. Belton are no longer co-managers of the Fund.
CH-36/520H-0799 August 6, 1999
<PAGE>
CRABBE HUSON SMALL CAP FUND
CRABBE HUSON MANAGED INCOME
AND EQUITY FUND
THE CRABBE HUSON SPECIAL FUND
CRABBE HUSON OREGON TAX-FREE FUND
CRABBE HUSON CONTRARIAN INCOME FUND
CRABBE HUSON EQUITY FUND
Supplement to Prospectuses
(Replacing Supplement dated April 16, 1999)
Until further notice, Class B and Class C shares of Crabbe Huson Small Cap Fund
and The Crabbe Huson Special Fund are not available for purchases or exchanges.
Until further notice, Class C shares of Crabbe Huson Oregon Tax-Free Fund are
not available for purchases or exchanges.
Until further notice, Crabbe Huson Contrarian Income Fund's Class A shares are
available only for additional purchases by existing shareholders.
Peter P. Belton is no longer a co-manager of The Crabbe Huson Special Fund and
the Crabbe Huson Small Cap Fund.
John Maack is no longer a co-manager of the Crabbe Huson Equity Fund and the
Crabbe Huson Managed Income and Equity Fund.
CH-36/523H-0799 August 6, 1999
