Notice of Applications for Deregistration Under Section 8(f) of the Investment Company Act of 1940

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Each applicant requests an order declaring that it has ceased to be an investment company. On October 1, 1996, each applicant, an Oregon corporation, transferred its assets and liabilities to a new portfolio of Crabbe Huson Funds, a Delaware business trust, based on the relative net asset value. Each applicant thus merged into an identically named portfolio of Crabbe Huson Funds, except that the Oregon Municipal Bond Fund merged into the Crabbe Huson Tax-Exempt Fund. The approximate expenses related to each transaction, which were borne by the respective applicant, were as follows: Crabbe Huson Real Estate Fund, $14,393; Oregon Municipal Bond Fund, $13,007; Crabbe Huson Income Fund, $11,473; Crabbe Huson Equity Fund, $201,845; Crabbe Huson Asset Allocation Fund, $53,348; U.S. Government Money Market Fund, $31,382; U.S. Government Income Fund, $10,233. Filing Dates: Each application was filed on February 24, 1997, and amended on June 23, 1997. Applicants' Address: 121 S.W. Morrison, Suite 1400, Portland, Oregon 97204.