Sticker dated July 1, 1996
To Prospectus dated February 16, 1996
Crabbe Huson Funds
Method of Allocation of Joint Distribution of Shares
From time to time, the Fund may engage in activities
which jointly promote the sale of shares of all or other Crabbe
Huson Funds, the costs of which may not be readily identifiable as
related to any one fund. Effective July 1, 1996, the Adviser will
change the method by which it allocates such joint distribution
expenses among funds managed by the Adviser. The costs of such
joint activities that are not readily identifiable to any fund or
funds will be allocated among the funds involved on the basis of
the respective net assets value of each fund.
