CRABBE HUSON SMALL CAP FUND
THE CRABBE HUSON SPECIAL FUND
CRABBE HUSON EQUITY FUND
CRABBE HUSON MANAGED INCOME & EQUITY FUND
CRABBE HUSON CONTRARIAN INCOME FUND
Class A, B and C Shares
CRABBE HUSON SMALL CAP FUND
CRABBE HUSON EQUITY FUND
CRABBE HUSON MANAGED INCOME & EQUITY FUND
CRABBE HUSON CONTRARIAN INCOME FUND
Class I Shares
CRABBE HUSON CONTRARIAN INCOME FUND
Class Z Shares
Supplement to Prospectuses dated March 1, 2000
The captions "Investment Advisor" and "Portfolio Managers" are revised in their
entirety as follows:
Investment Advisor
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Crabbe Huson Group, Inc. (Crabbe Huson), located at 121 S. W. Morrison, Suite
1400, Portland, OR 97204, is the Funds' investment advisor. In its duties as
investment advisor, Crabbe Huson runs the Funds' day-to-day business, including
placing all orders for the purchase and sale of each Fund's portfolio
securities. Crabbe Huson has been an investment advisor since 1980. As of
December 31, 1999, Crabbe Huson managed over $1.8 billion in assets.
For the 1999 fiscal year, aggregate advisory fees paid to Crabbe Huson by the
Crabbe Huson Small Cap Fund, The Crabbe Huson Special Fund, Crabbe Huson Equity
Fund, Crabbe Huson Managed Income & Equity Fund and Crabbe Huson Contrarian
Income Fund amounted to 0.66%, 0.30%, 0.77%, 0.68% and 0.00% of average daily
net assets of each Fund, respectively.
Portfolio Managers
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Management of the Small Cap and Special Fund portfolios is handled on a day-to-
day basis by a team consisting of James E. Crabbe, President and John W.
Johnson CFA. Mr. Crabbe is coordinator of the team. Mr. Crabbe has served in
various management positions with Crabbe Huson since 1980 and has managed the
predecessor to the Special Fund since January 1, 1990. Prior to joining Crabbe
Huson, Mr. Johnson was a private investment banker from November, 1991 to May,
1995.
Management of the Equity and Managed Income & Equity portfolios is handled on a
day-to-day basis by a team consisting of John E. Maack, Jr. CFA, Robert E.
Anton, Garth R. Nisbet CFA, Paul C. Rocheleau and Jeffrey D. Huffman CFA. Mr.
Maack is the coordinator of the team. Mr. Maack was employed as a portfolio
and securities analyst by Crabbe Huson from 1988 to July, 1999. After being on
sabbatical, he returned to employment with Crabbe Huson in December, 1999 as
director of equities, portfolio manager and analyst. Mr. Anton joined Crabbe
Huson in June, 1995. Prior to joining Crabbe Huson, Mr. Anton served for 17
years as chief investment officer and as a portfolio manager at Financial Aims
Corporation. Mr. Nisbet, chief investment officer, joined Crabbe Huson in
April, 1995. Mr. Rocheleau joined Crabbe Huson in December, 1992. Mr. Huffman
joined Crabbe Huson in April, 2000. From January, 1995 to March, 2000, Mr.
Huffman was a vice president and senior portfolio manager of WM Advisors, Inc.
Management of the Income portfolio is handled on a day-to-day basis by a team
consisting of Messrs. Nisbet and Rocheleau.
CHF-01/578A-0400 May 5, 2000
