THE HAVEN FUND
SUPPLEMENT
to the
Statement of Additional Information
dated February 26, 1998
The Statement of Additional Information discloses on page 32
the following table regarding the combined average annual
total returns of The Haven Fund (the "Fund") and HCM
Partners, L.P., a limited partnership for which Haven
Capital Management, Inc. acted as investment adviser and
three of the Fund's Trustees acted as general partners (the
"Partnership"), for the periods ended October 31, 1997:
One Five Ten
Year Years Years
____ _____ _____
The Haven Fund and
HCM Partners, L.P. 24.9% 17.6% 15.7%
Although the Partnership was managed by the same individuals
who manage the Fund and the Fund is managed in a manner that
is in all material respects equivalent to the management of
the Partnership, the table should not be viewed as an
indication of future performance by the Fund. The table
includes information regarding the Partnership's operations
for periods before the Fund's registration statement became
effective. The Partnership was not registered under the
Investment Company Act of 1940 (the "1940 Act") and
therefore was not subject to certain investment restrictions
that are imposed by that Act. If the Partnership had been
registered under the 1940 Act, its performance might have
been adversely affected. In addition, the expenses borne by
the Fund are higher than those borne by the Partnership.
For a description of the expenses borne by the Fund, see
"Shareholder and Fund Expenses" in the Prospectus dated
February 26, 1998.
The date of the Supplement is March 27, 1998
