Sticker dated July 1, 1996
To Prospectus dated February 28, 1996
The Crabbe Huson Special Fund, Inc. (the "Special Fund")
The Crabbe Huson Real Estate Investment Fund, Inc.
(the "Real Estate Fund")
The Crabbe Huson Equity Fund, Inc. (the "Equity Fund")
The Crabbe Huson Asset Allocation Fund, Inc.
(the "Asset Allocation Fund")
The Oregon Municipal Bond Fund, Inc.
The Crabbe Huson Income Fund, Inc.
The Crabbe Huson U.S. Government Income Fund, Inc.
The Crabbe Huson U.S. Government Money Market Fund, Inc.
(collectively, the "Funds")
Additional Portfolio Responsibilities
Garth Nisbet, a portfolio manager for the Income, U.S.
Government Income, Money Market and Oregon Bond Funds, has assumed
responsibilities for the fixed income portion of the Asset
Allocation Fund.
Method of Allocation of Joint Distribution of Shares
From time to time, the Funds 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 the Funds. 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, including the Crabbe Huson Small Cap Fund.
