<PAGE>
SEMI-ANNUAL
REPORT
(UNAUDITED)
APRIL 30, 1995
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THE CRABBE
HUSON FAMILY OF
MUTUAL FUNDS
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The Oregon Municipal Bond Fund, Inc.
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The Crabbe Huson Special Fund, Inc.
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The Crabbe Huson Asset Allocation Fund, Inc.
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The Crabbe Huson Equity Fund, Inc.
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The Crabbe Huson Income Fund, Inc.
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The Crabbe Huson U.S. Government
Income Fund, Inc.
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The Crabbe Hunson U.S. Government
Money Market Fund, Inc.
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The Crabbe Huson Real Estate Investment Fund, Inc.
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[CRABBE HUSON LOGO]
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June 6, 1995
To Our Shareholders:
During the first six months of the fiscal year, all of the Crabbe Huson Funds
posted positive results. The returns varied according to each Fund's objective,
mix of assets, and investment strategy. Later in this report we will discuss in
more detail each Fund's return and progress during the year; however, here are
the results in summary form. Please note the Funds' returns assume all
dividends and capital gains (if any) were reinvested. For more detailed
information on each Fund, its performance and share prices, please refer to the
appropriate section of this semi-annual report.
Also, note that although we use indices to give you some feel of comparative
returns, there are some substantial differences that should be mentioned.
Indices are un-managed "baskets" of securities that do not reflect fees or other
expenses, while Fund performance is stated after the expenses outlined in this
report. Additionally, one cannot "directly" invest in an index, although it may
be possible to emulate one by investing in an index fund. These comparisons,
however, may give you an idea as to the general progress of your investment over
the past six months.
<TABLE>
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Fiscal Year-to-Date
04/30/95
<S> <C>
FUND'S TOTAL RETURN(1)
The Crabbe Huson U.S. Government Money Market Fund, Inc. 2.62%
The Crabbe Huson U.S. Government Income Fund, Inc. 3.69%
The Oregon Municipal Bond Fund, Inc. 4.98%
The Crabbe Huson Income Fund, Inc. 3.66%
The Crabbe Huson Real Estate Investment Fund, Inc. 1.27%
The Crabbe Huson Asset Allocation Fund, Inc. 6.41%
The Crabbe Huson Equity Fund, Inc. 6.50%
The Crabbe Huson Special Fund, Inc. 6.80%
STOCK MARKET INDICES
Standard & Poor's 500 Index(2) 10.47%
Dow Jones Industrials(2) 12.13%
Standard & Poor's 400 Mid-cap Index(2) 6.34%
NASDAQ/OTC Composite(2) 8.56%
Wilshire REIT Index(3) 2.10%
BOND AND MONEY MARKET INDICES
Money Market Index (IBC/Donoghue's MONEY FUND
REPORT AVERAGES-TM- -- All
Taxable(4)) 2.62%
Ryan Lab's Three Year Treasury Index(5) 4.89%
Lehman Brothers' Government/Corporate Bond Index(2) 6.96%
Lehman Brothers' Municipal Bond Index(5) 7.57%
CONSUMER PRICE INDEX 1.51%
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<FN>
(1) DATA QUOTED REPRESENTS PAST PERFORMANCE. FUTURE RETURNS AND PRINCIPAL
VALUES WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE
WORTH MORE OR LESS THEN THE ORIGINAL COST.
(2) SOURCE: SEI FUNDS EVALUATION SERVICE
(3) SOURCE: WILSHIRE ASSOCIATES
(4) SOURCE: IBC/DONOGHUE'S MONEY FUND REPORT-Registered Trademark-, A SERVICE
OF IBC/DONOGHUE, INC. HOLLISTON, MA 01746
(5) SOURCE: BLOOMBERG DATA SERVICES
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1
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INVESTMENT SUMMARY
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The markets were surprisingly strong over the last six months. We say
"surprisingly" in view of some of the major financial dislocations which
occurred during the period. The stock and bond markets wore a coat of Teflon as
they shrugged off the Mexican peso crisis, the derivative related bankruptcies
of Orange County and Barings Ltd., and a dramatic decline of the U.S. dollar
versus the Japanese yen and German Deutschemark.
Actually, most of the markets' gains occurred in the three months ending April
30, with the S&P 500 Index rising 10.11% and the Lehman Brothers Govt/Corp Bond
Index increasing 4.44%. It was during this period that investors came to the
conclusion the economy was weakening and the Federal Reserve's (Fed) policy of
increasing interest rates was concluded or at least pausing for a while. The
expectation and, subsequently, the reality of a decline in short- and long-term
interest rates created enough investor optimism to override concerns generated
by the "shock" events cited earlier.
Of course, declining interest rates generally are perceived to be positive for
stocks. Usually a rate decline signals a Fed policy reversal from one of
attempting to slow the economy to one of stimulation. Moreover, this event
often occurs after a long period of moderate to severe slowing in the economy.
Things are a bit out of sequence now. Most of the recent monthly and quarterly
economic numbers such as employment, personal income, retail sales, durable
goods orders, and gross domestic product (GDP) did not begin to show consistent
signs of weakness until the last couple of months. There is no question that
business is slowing rapidly now. However, the stock market seems to be
anticipating the economic upturn while the downturn may be in its early stages.
Clearly, investors are taking a "look-across-the-valley" stance. If this is
only a moderate slowdown of economic growth (say 1% to 2% GDP annual growth rate
for the second calendar quarter ending June 30) with a moderate upturn
thereafter, investors will be correct in their assessment. We tend to lean this
way as well. But, if the economy weakens more and moves into a recession
defined by two quarters of negative economic returns, stock market participants'
horizons will come in from the complacent one of "look-across-the-valley" to a
concerned one of "what happens after lunch?"
We believe this to be an unlikely scenario but one with a high enough
probability to factor it into our investment posture. Therefore, we are still
exercising some caution in the stock portfolios by maintaining some cash
reserves. While, in retrospect, this has been counterproductive for a good
portion of the fiscal six months, we believe most of the penalty for this
posture has probably already occurred. Our bias is definitely to the positive
side; and if good stocks come into range, we will buy them. What we will not do
is throw money at stocks that are on the run just because everyone wants to own
them. We will wait for good values to appear. That is the essence of the
contrarian approach.
Two significant forces in the stock market are the continuing flow of money into
stock-oriented mutual funds and a reduction in the supply of corporate stock
shares available to investors.
2
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Mutual fund inflows continue at a strong pace, albeit somewhat slower than we
saw in 1993 and early 1994. This has provided good support for the market as
managers have proceeded with investing these cash inflows.
Because strong corporate profits have resulted in improved liquidity,
corporations have been issuing fewer shares of new stock into the market place.
In fact, in lieu of paying dividends, some corporations have been buying back
their shares in the open market. The thinking here is that reducing the number
of shares outstanding will increase value measures such as earnings per share
and revenues per share and, in turn--hopefully--the share's price. If the share
price increases, shareholders may sell taking capital gains instead of dividends
which are taxed at a higher rate. This is the theory anyway.
[GRAPH]
Because of share repurchases, a lower pace of new stock issuance, and mergers
and acquisitions of corporations (which also tend to reduce the number of
shares), the supply of stocks has recently diminished.
[GRAPH]
While there are other elements of the supply and demand equation for stocks,
such as foreign demand and pension fund activity, the favorable recent trends
discussed have likely had a positive impact on share prices.
Will they continue? In our opinion, it's likely that the demand for stocks will
continue to be strong over the long haul because of the need for our aging
population to increase savings for retirement. Over shorter periods--three
months, six months, even five years--these trends may, and likely will, be
fickle. Demand can fall precipitously because of changes in economic or market
conditions.
The direction of supply is more certain. Economics 101 tells us that eventually
supply always equals demand, and it will. If share prices continue high and
demand continues strong, then the issuance of new shares will occur. But, this
is good. The primary function of the stock market is to act as a conduit
3
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through which investors fund productive businesses. When this process is
working, it bodes well for future economic growth as these funds are re-employed
into the economy.
Another influence on stock prices has been talk of a balanced U.S. budget by the
year 2002. The stock and bond markets have correctly perceived that this time
they are serious--they being the House and Senate Republicans and a good portion
of the Democrats as well.
Both bonds and stocks have been rising in price on this theme, and rightfully
so. Most market participants believe the $150 to $200 billion the Federal
government uses for deficit spending can be more productively used by
individuals and businesses in the private sector to increase economic growth and
jobs.
We guess a majority of Democrats and Republicans would agree with this view.
The disagreement is in how to achieve a balanced budget. The debate rages now,
and likely will continue over the next few months, on whether the goal should be
accomplished through tax policy or spending reductions or a combination. More
importantly, if there are spending reductions, who will take the hits? The
battle is apt to become increasingly nasty. To the extent stock and bond
investors are expecting too much, we believe they may be disappointed. We do
not believe the debate will be honest enough to achieve the goal without lights
and mirrors and a great deal of demagoguery on both sides. A real balanced
budget by 2002? Not likely! But, any significant progress would be welcome,
and we are likely to get that. As in most things of this nature, it is not apt
to be as good as the optimists believe nor as bad as the pessimists expect.
In spite of this, stocks may do well since they have other things going for
them, primarily a favorable supply and demand outlook. Bonds, however, may not
fare so well. To the extent bond investors expect an easy ride to a balanced
budget, we think they will be disappointed. Bond prices are beginning to
reflect recession. We believe recession is not the most probable case. Bond
investors believe inflation is going to stay subdued. We think that is
questionable. Take a look at the recent trends in the Consumer Price Index
(CPI) and prices for industrial materials.
[GRAPH] [GRAPH]
4
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If the economy slows and settles in a moderate growth groove, then interest
rates, especially on longer maturity bonds, are about where they should be. If
the economy slows briefly and then takes off, rates will likely go higher and
bond prices lower. A recession at this point, however, would drive interest
rates lower and bond prices higher. As stated previously, we believe the
recession scenario is the least probable, but we must be ready to reverse our
cautious bond policy if it appears more likely to occur.
We would have liked our results over the first half of the fiscal year to have
been a little higher, but our strategy has been one of moderate caution in a
very strong stock and bond market. Though this caution has cost the Funds some
return, we believe it was warranted. Even if the market continues higher, we
may, from time to time, exercise the same approach. Pilots will recognize the
acronym CAVU which means "ceiling and visibility unlimited." We hope, and
expect, the markets will gain altitude in the second half, but there is likely
to be some price turbulence along the route.
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FUND REVIEW AND OUTLOOK
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We are pleased to announce that Garth R. Nisbet, CFA has joined the
Crabbe Huson investment team on the fixed income side, and has assumed
the management role of the U.S. Government Money Market Fund, U.S.
Government Income Fund, Income Fund, and the Oregon Municipal Bond
Fund. Mr. Nisbet comes to us with over ten years of investment
experience including Vice President at Lincoln National Investment
Management Company where he was responsible for over $5 billion in
fixed income assets.
THE CRABBE HUSON U.S. GOVERNMENT MONEY MARKET FUND, INC.
This Fund consists of U.S. Treasury securities and those issued by agencies of
the U.S. Government. These latter securities are not, in all cases, obligations
of the U.S. Government but are generally regarded amongst the highest grade
securities available. All securities within the Fund must have a maturity of
less than one year from the date of purchase. Currently, it is invested in
securities that have a maturity of 36 days on the average.
On the heels of 1994's economic strength, 90-day Treasury bill yields continued
to drift higher during the six-month period, moving from 5.2% to 5.9% at April
30, 1995. During the same time, there was a major shift in sentiment from
expectations of a Fed increase in interest rates to one of a potential decrease.
During 1994, the federal funds rate (the rate at which commercial banks lend
funds to one another) increased from 3% to 6% as the Fed raised short rates in
the face of a strengthening economy. We can see the impact of this hike on the
economy in the currently slowing rate of the GDP.
The Fund's return will likely vary with trends in short-term interest rates.
For the six month period ending April 30, 1995, the Fund returned 2.62%. The
SEC yield at April 30, 1995, was 5.40%.
5
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THE CRABBE HUSON U.S. GOVERNMENT INCOME FUND, INC.
The U.S. Government Income Fund invests only in bonds of the U.S. Government,
its agencies, and its instrumentalities. Under terms of the prospectus, 75% of
the holdings of this Fund must have maturities of five years or less. At April
30, 1995, the average maturity of the Fund was 1.9 years.
This Fund returned 3.69% versus 4.89% for the Ryan Lab's Three Year Treasury
Index. We believe the difference is due to the slightly longer maturity posture
of the index. As interest rates fell, bond prices rose producing a somewhat
higher return for the index. While short-term rates are inherently difficult to
predict, we believe the majority of the rate increase is behind us, if not
entirely completed. Thus, in recent weeks we have increased the average
maturity of the portfolio somewhat to about 2.2 years to reflect the currently
attractive rate levels. At April 30, 1995, the SEC yield for this Fund was
5.40%.
THE CRABBE HUSON INCOME FUND, INC.
This Fund can invest in a broad cross-section of investments including, but not
limited to: bonds of the U.S. Government, its agencies and instrumentalities;
corporate bonds; mortgage bonds; convertible bonds; convertible preferred stock;
and foreign bonds.
We believe the key to the bond market's future performance will depend on
whether we are witnessing a brief pause in the economy or if we will experience
a recession. The bond market has chosen to focus on perceived signs of economic
weakness while "shrugging off" some early signs of higher inflation and wages.
We believe economic indicators suggest that the best news on inflation may be
behind us, especially if the economy begins to re-accelerate. Recent signs of
increasing retail auto and housing sales may signal a pause in economic growth
instead of the recession many bond buyers expect. While a recession may be a
possibility, our current bond posture reflects our view that the slowdown we are
now experiencing is temporary.
The Crabbe Huson Income Fund returned 3.66% in the period versus 6.96% for the
Lehman Brothers Govt/Corp Bond Index. Our current posture is somewhat more
conservative than the index. This may benefit the Fund should interest rates
rise. If it appears that interest rates will continue to decline, we are
positioned to quickly make any necessary adjustments in the portfolio. The SEC
yield at April 30, 1995, was 5.51%.
THE OREGON MUNICIPAL BOND FUND, INC.
This Fund is a diversified portfolio of municipal bonds which are exempt from
federal and, in most cases, state income tax. The Fund generally invests only
in bonds issued by the state of Oregon and political subdivisions within the
state. From time-to-time the Fund will also invest in municipal bonds issued
outside of the state that are also exempt from federal and state income tax.
The Oregon municipal bond market experienced a relatively quiet period with
light new issuance and lukewarm demand from muni bond buyers. Politically based
discussions of a federal flat tax heated up in April and caused the municipal
bond market to lag the recent taxable bond market rally. Ten-year Oregon
municipal bond yields have "cheapened" relative to taxable alternatives: the
municipal-to-taxable ratio of yields has increased from 75% to 80%. Generally,
the higher this ratio, the more attractive
6
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municipal securities are relative to taxable alternatives. The Oregon Municipal
Bond Fund returned 4.98% in the period, below the 7.57% municipal market's
return as measured by the Lehman Brothers' Municipal Bond Index. This
underperformance was likely due to the lower risk, intermediate-maturity
structure of the portfolio and a somewhat lower return on Oregon municipal bonds
in general. While this was a benefit during 1994's rising rate environment, we
have lagged in 1995 as interest rates have declined and prices have increased.
Because we believe municipal bonds to be an improved relative value, on a
selective basis we have recently increased our exposure to longer maturity
Oregon municipals. The SEC yield at April 30, 1995, was 4.04%.
THE CRABBE HUSON REAL ESTATE INVESTMENT FUND, INC.
This Fund is a diversified Fund that invests primarily in equity securities of
real estate investment trusts (REITs) and other real estate industry companies.
Under normal circumstances at least 75% of the Fund will be invested in such
shares. The goal of the Fund is to provide current income and potential capital
appreciation to its shareholders. The Fund provides investors the ability to
invest in real estate companies and to diversify their bond and stock positions
by adding this real estate option to their holdings.
Real estate investment trusts have fared poorly for nearly a year now. Fiscal
year-to-date, this Fund is up 1.27% versus the Wilshire REIT Index gain of
2.10%. Things have been slow for this area of the market to some extent, we
believe, because of the climb in interest rates in 1994. With rates having come
down in the past few months, many of these company's cost of borrowing will
decline somewhat. This should improve earnings.
Another likely favorable development is that REITs are being added to some of
the larger corporate pension plans in lieu of direct real estate holdings. We
can see the footprints of these potentially large buyers in the marketplace.
The sellers are there too: the traditional stock investor who bought these
things a few years ago and has been disappointed, in many cases, with the
returns relative to other stock market investments. Soon, we believe, the
sellers will dry up and the buyers will likely prevail, hopefully shifting the
supply and demand equation back in favor of the REITs. In the meantime, we
believe our portfolio is well diversified and will likely benefit from these
changing conditions.
THE CRABBE HUSON ASSET ALLOCATION FUND, INC.
By its nature, this Fund will, at all times, contain some mix of stocks, bonds,
and short-term reserves. As the portfolio manager, we will shift this mix to
reflect our view of changing economic and market conditions. However, this Fund
may not invest more than 75% of its assets in common stocks. On the other hand,
it will usually not contain less that 20% in stocks.
For the six months ending April 30, 1995, the Fund gained 6.41% while the Lehman
Brothers' Government Corporate Bond Index rose 6.96% and the Standard and Poor's
500 index was up 10.47%. We would be more pleased if returns had been somewhat
higher for the period. While six months is a relatively short time frame for
measuring results and strategy, it does cause us to reflect where we have been
and where we are going in a strategy and stock selection sense.
7
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Stocks have had a significant weighting in the Fund, averaging about 50% for the
period; bonds have averaged about 40% of the Fund's assets; and cash reserves
have been somewhat high, averaging about 10% of the assets. In retrospect we
could have been a bit more invested in stocks; but, overall, our asset mix has
been appropriate, in our opinion, given the potential uncertainties of the
period.
Two aspects of the portfolio that caused us to lag somewhat were stock selection
and bond structure. The stocks in this Fund were up 8.50% for the period
against S&P 500's 10.47%. This has been a difficult period for our contrarian
approach for a couple of reasons. First the contrarian style depends to some
extent on market and stock rotation. In a strong market rise over a short time
frame--such as we have experienced--we find fewer opportunities. Secondly, this
strong market has been dominated for the most part by a few groups. In this
case the dominant group has been technology. By and large, the Fund has
participated profitably in this group over the past several years. We were able
to buy into these stocks when many of them were out-of-favor and then sold
several of them when we thought they were fully valued--only to see them
continue to rise in price.
Many technology stocks are experiencing dramatic price increases as investors
rush into them individually and through mutual funds. Our experience tells us
this nearly always ends badly. The trouble is this trend could take several
months and maybe more to play out. In the meantime we need to dance a little
faster to get any potential performance out of the wallflowers.
On the bond side, the downward move in interest rates was greater in magnitude
than we had expected, and our bonds lagged the market a little. We believe that
at current levels of about 6.50% on 30-year U.S. Treasury bonds, the market
should at least pause. If additional signs of recession should appear, we stand
ready to become more aggressive. If the economy does not go into recession,
which we believe the most likely case, our present posture of about a 6-year
average maturity in the portfolio is appropriate.
THE CRABBE HUSON EQUITY FUND, INC.
This Fund may have up to 100% of its assets invested in stocks. We seek to
provide shareholders with potential long-term capital appreciation by investing
in a diversified portfolio of medium to large companies. While our bias in this
Fund is towards a significant position in stocks, we may from time-to-time
invest up to 35% of the assets in reserves.
The Equity Fund has gained 6.50% fiscal year-to-date versus 10.47% for the S&P
500. At April 30, 1995, approximately 67% of the Fund was invested in stocks.
The remaining 33% was held in cash reserves. This reserve position has
subsequently been reduced to about 25%. This somewhat high reserve position is
partially the result of the strong market increase with few corrections along
the way. Also, it reflects some caution on our part. As new cash flow comes
into the Fund, and as we receive proceeds from the sales of stocks in the Fund,
we usually wait for market dips to reinvest. In the few months prior to April
30, we did not see any significant pullbacks, but we expect to have ample
opportunities to invest as the year progresses.
As indicated in the summary of the Asset Allocation Fund, which contains
substantially the same equity holdings, stock selection has been difficult. The
stocks in the Equity Fund are up 7.69% versus 10.47% for the market. The
reasons for the lag closely parallel those previously discussed.
8
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Conditions should be changing. The fast market we have been experiencing should
slow allowing for some corrections and rotation--generally better conditions for
us. Also, we would expect the technology market craze to end soon. This may
improve demand for out-of-favor groups as many of the overweighted investors in
technology stocks (several funds have 30-45% of their assets in them) hit the
door at the same time to seek other investments. In the meantime, it continues
to be a challenge to find new ideas in this market, but we believe they are
there.
THE CRABBE HUSON SPECIAL FUND, INC.
This Fund invests, for the most part, in stocks of small- to medium-size
companies. Stocks of these companies are generally more volatile, but we
believe provide attractive potential long-term returns. This Fund may invest up
to 100% of its assets in stocks.
The return for the period was 6.24% for the quarter and 6.80% for the last six
months. This corresponds to returns of 9.22% and 6.34% respectively for the S&P
Midcap Index, 11.76% and 8.56% for the NASDAQ Composite and 8.30% and 5.36% for
the Russell 2000 Index. While our stocks have done reasonably well this year,
we have had some trouble with the short side of the portfolio. About a year and
a half ago, the Special Fund shareholders gave us permission to sell up to 25%
of the Fund's assets short. This means we can sell stock in the Fund that we
believe will go down and hope to buy that stock back at a lower price later. We
have done this during the past six months at an increasing ratio. Presently,
about 25% of the portfolio is short in stocks we believe are overvalued, all of
them related to technology. It has cost us some in absolute terms and some in
the fact that we have not had that 25% participating with the market. All in
all, it has caused us a lot of discomfort and cost the Fund a few percentage
points of return. We continue to believe, however, it is the right thing to do.
Should the general market correct or the almost obsessive desire to own
technology stocks by investors subside, we should benefit from this position.
As many of you may already know, the proposed transaction between The Crabbe
Huson Group and Prudential Insurance Company of America that would have resulted
in the acquisition of The Crabbe Huson Family of Mutual Funds by Prudential was
terminated in February of this year. After much consideration by both sides, it
was determined that the differences in size and style and ultimate goals of the
two parties were too different, and the acquisition would have prevented each
group from maintaining the culture and chemistry which had made each successful.
The agreement to terminate the transaction was both amicable and mutual.
We appreciate the opportunity to participate in your effort to achieve your
financial goals.
Sincerely,
/s/ Richard S. Huson
Richard S. Huson
President
9
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SCHEDULE OF INVESTMENTS
April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
Face Market
Value Securities Description Value
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FIXED INCOME SECURITIES - 94.9%
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<S> <C> <C>
STATE OF OREGON GENERAL
OBLIGATION BONDS - 12.2%
$555,000 State of Oregon G. O.
7.300% 03/01/98. . . . . . . . . . $ 588,300
240,000 State of Oregon G. O.
7.700% 03/01/02. . . . . . . . . . 254,700
100,000 State of Oregon G. O.
9.000% 04/01/03. . . . . . . . . . 124,250
205,000 State of Oregon G.O.
8.200% 07/01/04. . . . . . . . . . 248,306
150,000 State of Oregon G.O.
7.200% 07/01/04. . . . . . . . . . 170,438
110,000 State of Oregon G.O.
6.000% 08/01/04. . . . . . . . . . 116,188
200,000 State of Oregon G. O.
9.000% 10/01/04. . . . . . . . . . 230,250
345,000 State of Oregon G.O.
6.750% 05/01/05. . . . . . . . . . 385,969
250,000 State of Oregon G. O.
(Veterans) 7.250%
07/01/06 . . . . . . . . . . 288,125
200,000 State of Oregon G. O.
(Veterans) 8.250%
01/01/07 . . . . . . . . . . 245,500
200,000 State of Oregon G. O.
(Veterans) 7.250%
01/01/07 . . . . . . . . . . 229,500
100,000 State of Oregon G.O.
(Alt Energy)
6.400% 01/01/08. . . . . . . . . . 102,875
130,000 State of Oregon G.O.
9.200% 04/01/08. . . . . . . . . . 172,413
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3,156,814
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STATE OF OREGON REVENUE BONDS - 2.9%
545,000 Oregon State Light Rail
7.000% 06/01/04. . . . . . . . . . 609,719
125,000 Oregon State Fair & Expo
Revenue 7.375%
10/01/06 . . . . . . . . . . 128,594
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738,313
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OTHER GENERAL OBLIGATION
BONDS - 10.6%
$ 465,000 City of Portland Water G.O.
3.700% 12/01/00. . . . . . . . . . $ 467,325
330,000 Puerto Rico G.O.
7.125% 07/01/02. . . . . . . . . . 350,213
300,000 Deschutes G.O. School
District #1
5.800% 02/01/04. . . . . . . . . . 308,250
250,000 Washington County School
District # 48J
6.200% 09/01/04. . . . . . . . . . 265,313
125,000 Marion & Polk County
School District #24J
5.700% 10/01/05. . . . . . . . . . 129,531
200,000 Clackamas Community College
5.100% 12/01/05. . . . . . . . . . 196,250
1,000,000 Tri-Met Light Rail
5.900% 07/01/06. . . . . . . . . . 1,026,250
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2,743,132
-----------
OTHER REVENUE BONDS - 10.1%
200,000 City of Portland (Hydro
Electric Power) 6.500%
10/01/97 . . . . . . . . . . 201,000
295,000 Metropolitan Service District
5.750% 07/01/00. . . . . . . . . . 309,013
600,000 Clackamas County Hospital
(Sisters of Providence)
6.200% 10/01/01. . . . . . . . . . 624,750
335,000 Central Lincoln PUD
6.500% 01/01/02. . . . . . . . . . 356,775
350,000 City of Portland
(Urban Renewal)
5.700% 06/01/04. . . . . . . . . . 350,875
765,000 Salem Educational Facility
(Revenue)
6.000% 04/01/10. . . . . . . . . . 767,869
----------
2,610,282
----------
</TABLE>
10
<PAGE>
-------------------------------------------------------------------------------
THE OREGON MUNICIPAL BOND FUND, INC.
-------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
Face Market
Value Securities Description Value
---------- ----------------------------------------- ------------
<S> <C> <C>
PRE-REFUNDED BONDS - 16.9% *
$ 1,000,000 Multnomah County
School District #1
9.300% 12/15/95 . . . . . . . . . . . . . $ 1,030,000
270,000 Metropolitan Service District
6.600% 07/01/99 . . . . . . . . . . . . . 291,938
250,000 Clackamas & Washington County
School District #003
7.200% 10/01/99 . . . . . . . . . . . . . 271,875
200,000 Clackamas & Washington County
School District #003
7.250% 10/01/99 . . . . . . . . . . . . . 218,000
310,000 Emerald Peoples Utility
District 6.300%
11/01/00 . . . . . . . . . . . . . . . . . 332,863
353,000 Deschutes County (St.
Charles Medical Center)
6.750% 01/01/00 . . . . . . . . . . . . . 378,151
400,000 Metropolitan Service District
7.000% 01/01/00 . . . . . . . . . . . . . 439,000
100,000 Oregon State Department
General Services
7.200% 1/15/00. . . . . . . . . . . . . . 111,125
250,000 Oregon State Revenue
Series B 6.250%
01/01/01 . . . . . . . . . . . . . . . . . 267,813
250,000 Emerald Peoples Utility
District 6.500%
11/01/01 . . . . . . . . . . . . . . . . . 270,625
270,000 Port of Morrow (Pollution
Control) 6.375%
04/01/02 . . . . . . . . . . . . . . . . . 290,588
225,000 Marion & Polk County
School District #24-J
6.000% 10/01/02 . . . . . . . . . . . . . 237,375
210,000 Clackamas County School
District #12 6.500%
06/01/08 . . . . . . . . . . . . . . . . . 224,963
----------
4,364,316
----------
INSURED BONDS - 41.2%
250,000 Clackamas County Hospital
Facility Revenue 5.800%
03/01/02 (MBIA) . . . . . . . . . . . . . . . 260,938
$1,100,000 Portland Legacy Health
System 6.400%
05/01/02 (AMBAC). . . . . . . . . . . . . . . $1,186,625
200,000 Yamhill Clackamas Washington
School District #29J
4.800% 06/01/02 (FSA) . . . . . . . . . . 193,000
1,240,000 Hood River County
Oregon School District
6.000% 06/01/03
(AMBAC) . . . . . . . . . . . . . . . . . 1,292,700
250,000 Emerald Peoples Utility
District 5.450%
11/01/03 (AMBAC). . . . . . . . . . . . . . 255,313
260,000 Hood River County Oregon
School Dist. 6.000%
06/01/04 (AMBAC). . . . . . . . . . . . . . 270,400
500,000 Deschutes/Jefferson County
School Dist. 5.300%
06/01/04 (MBIA) . . . . . . . . . . . . . . 496,875
545,000 Jefferson County School Dist.
#509J 6.500%
06/15/04 (FSA). . . . . . . . . . . . . . . 587,919
350,000 Portland Oregon Sewer System
(Revenue) 5.750%
10/01/05 (FGIC) . . . . . . . . . . . . . . 357,875
500,000 Washington County Sewer System
(Revenue) 5.800%
10/01/05 (AMBAC). . . . . . . . . . . . . . 515,625
1,015,000 Crook County School District
4.700% 02/01/06
(FSA) . . . . . . . . . . . . . . . . . 942,681
400,000 Oregon State Facility
Series A 6.100%
09/01/06 (AMBAC). . . . . . . . . . . . . . 417,500
350,000 Washington County Sewer System
(Revenue) 5.900%
10/01/06 (AMBAC). . . . . . . . . . . . . . 360,938
1,065,000 McMinnville Sewer System
(Revenue) 4.700%
02/01/07 (FGIC) . . . . . . . . . . . . . . 975,806
1,000,000 Salem Keizer School
District #24-J 5.500%
06/01/07 (FGIC) . . . . . . . . . . . . . . 992,500
</TABLE>
11
<PAGE>
-------------------------------------------------------------------------------
THE OREGON MUNICIPAL BOND FUND, INC.
-------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
Face Market
Value Securities Description Value
----------- -------------------------------------------- ----------
<S> <C> <C>
INSURED BONDS - 41.2%(Continued)
$1,100,000 Multnomah County School
District #35.600%
12/01/07 (FGIC) . . . . . . . . . . . . . . $ 1,097,250
500,000 McMinnville Sewer System
Revenue 5.500%
02/01/14 (FGIC) . . . . . . . . . . . . . . 446,875
----------
10,650,820
----------
CERTIFICATE OF PARTICIPATION BONDS - 1.0%
250,000 City of Portland (COP)
6.950% 04/01/99 . . . . . . . . . . . . . . 267,813
----------
Total Fixed Income Securities 24,531,490
----------
SHORT-TERM INVESTMENTS - 1.6%
-----------------------------
235,000 City of Springfield G.O.
7.600% 06/01/95 . . . . . . . . . . . . . . 235,679
185,000 Clackamas County Tax Revenue
5.700% 09/01/95 . . . . . . . . . . . . . . 185,455
----------
Total Short-Term Investments 421,134
----------
Total Investments - 96.5%
(Cost $ 24,367,523) 24,952,624
Cash - 1.8% 461,330
Other Assets and (Liabilities), Net - 1.7% 429,088
------------
TOTAL NET ASSETS - 100.0% $ 25,843,042
------------
------------
<FN>
*Dates reflect pre-refunded dates.
</TABLE>
See accompanying notes to financial statements.
12
<PAGE>
-------------------------------------------------------------------------------
THE CRABBE HUSON SPECIAL FUND, INC.
-------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
Market
Shares Securities Description Value
---------- --------------------------------------- -----------
COMMON STOCK - 57.4%
---------------------------------
<S> <C> <C>
AUTOMOBILES & PRODUCTS - 1.9%
301,400 Exide Corp. . . . . . . . . . . . . . . $ 11,302,500
184,700 Federal - Mogul Corp. . . . . . . . . . 3,324,600
-----------
14,627,100
-----------
COMPUTERS & PRODUCTS - 4.5%
208,600 * 3D0 Co . . . . . . . . . . . . . . . . . 2,790,025
67,800 * Chipcom Corp . . . . . . . . . . . . . . 2,220,450
1,479,300 * Cray Research. . . . . . . . . . . . . . 29,216,175
-----------
34,226,650
-----------
CONSUMER PRODUCTS - 4.4%
787,000 Cott Corp. . . . . . . . . . . . . . . . 7,279,750
199,600 * Paragon Trade Brands, Inc. . . . . . . . 3,093,800
1,180,100 * Perrigo Co . . . . . . . . . . . . . . . 13,128,613
1,271,700 * Zenith Electronics Corp. . . . . . . . . 9,537,750
-----------
33,039,913
-----------
ELECTRONICS AND TECHNOLOGY - 0.4%
165,600 * Brooktree, Corp. . . . . . . . . . . . . 2,711,700
83,500 * Vitesse Semiconductor Corp . . . . . . . 501,000
-----------
3,212,700
-----------
ENERGY AND ENERGY SERVICES - 0.7%
108,200 Anadarko Petroleum Corp. . . . . . . . . 4,449,725
191,180 Noram Energy Corp. . . . . . . . . . . . 1,170,978
-----------
5,620,703
-----------
FINANCIAL SERVICES - 5.5%
347,000 American Premier Underwriter . . . . . . 8,588,250
544,200 * Citation Insurance Group . . . . . . . . 1,700,625
727,000 * Olympic Financial Ltd. . . . . . . . . . 8,814,875
50,000 * 20th Century Industries. . . . . . . . . 10,756,088
887,100 U.S. Bancorp . . . . . . . . . . . . . . 9,323,438
337,500 * Zurich Reinsurance Centre. . . . . . . . 2,491,575
-----------
41,674,851
-----------
FOREIGN HOLDINGS - 7.1%
715,900 Coca Cola Femsa - ADR. . . . . . . . . . 14,228,513
272,600 Grupo Casa Autrey - ADR. . . . . . . . . 4,191,225
1,504,200 Grupo Televisa SA - ADR. . . . . . . . . 29,895,971
272,600 Telefonica De Argentina - ADR. . . . . . 6,406,100
-----------
54,721,809
-----------
HEALTHCARE - 5.0%
267,300 * Amsco International, Inc . . . . . . . . 3,374,663
1,044,600 * Quantum Health Resources . . . . . . . . 16,974,750
720,800 * Sofamor Danek Group, Inc . . . . . . . . $ 17,479,400
-----------
37,828,813
-----------
MACHINERY & EQUIPMENT - 3.2%
810,800 Giddings & Lewis, Inc. . . . . . . . . . 14,695,750
1,341,500 MK Rail Corp . . . . . . . . . . . . . . 9,558,188
-----------
24,253,938
-----------
METALS & MINING - 5.2%
235,600 Asarco, Inc. . . . . . . . . . . . . . . 6,420,100
61,400 Coeur D'Alene Mines Corp . . . . . . . . 1,212,650
817,500 Oregon Steel Mills Inc,. . . . . . . . . 14,612,813
1,388,600 * Sante Fe Pacific Gold Co . . . . . . . . 17,531,075
-----------
39,776,638
-----------
MISCELLANEOUS - 5.8%
2,676,200 Morrison Knudsen Corp. . . . . . . . . . 21,075,075
35,280 * Onsite Energy Corp . . . . . . . . . . . 44,100
5,030,500 * Rollins Environmental Services . . . . . 23,266,063
-----------
44,385,238
-----------
PAPER & FOREST PRODUCTS - 0.8%
5,000 Longview Fibre Co. . . . . . . . . . . . 83,125
332,800 TJ International, Inc. . . . . . . . . . 5,657,600
-----------
5,740,725
-----------
REAL ESTATE INVESTMENT TRUST - 3.4%
1,515,800 * Catellus Development Corp. . . . . . . . 9,852,700
317,700 Crown American Realty. . . . . . . . . . 3,971,250
629,600 Prime Residential, Inc . . . . . . . . . 9,129,200
217,000 Prime Retail, Inc. . . . . . . . . . . . 2,685,375
-----------
25,638,525
-----------
RETAIL - 3.7%
420,700 * Bombay Co, Inc . . . . . . . . . . . . . 3,155,250
936,200 * Burlington Coat Factory. . . . . . . . . 10,064,150
753,100 Cato Corp CL A . . . . . . . . . . . . . 6,213,075
7,400 Michaels Stores, Inc . . . . . . . . . . 210,900
45,000 Oshkosh B Gosh, Inc Class A. . . . . . . 742,500
953,300 * Payless Cashways, Inc. . . . . . . . . . 7,507,238
-----------
27,893,113
-----------
SOFTWARE - 2.0%
175,400 * American Software Class A. . . . . . . . 723,525
372,500 * Compuware Corp . . . . . . . . . . . . . 9,778,125
175,200 * Information Resources, Inc . . . . . . . 2,463,750
93,500 * Sybase, Inc. . . . . . . . . . . . . . . 2,267,375
-----------
15,232,775
-----------
</TABLE>
13
<PAGE>
-------------------------------------------------------------------------------
THE CRABBE HUSON SPECIAL FUND, INC.
-------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
Shares
or Face Market
Value Securities Description Value
-------- ---------------------------------------------- -----------
COMMON STOCK - 57.4% (Continued)
--------------------------------
<S> <C> <C>
TELEPHONE & UTILITIES - 0.2%
373,200 * Porta Systems Corp. . . . . . . . . . . . . . $ 1,306,200
-----------
TRANSPORTATION - 3.6%
784,400 Airborne Freight Corp . . . . . . . . . . . . 15,295,800
502,600 * Alaska Air Group, Inc . . . . . . . . . . . . 8,607,025
167,400 Hunt (JB) Transportation Serv., In. . . . . . 3,159,675
-----------
27,062,500
-----------
Total Common Stock 436,242,191
-----------
PREFERRED STOCK - 0.4%
-----------------------
50,000 Olympic Financial Ltd. - Convertib. . . . . . 2,812,500
-----------
Total Preferred Stock 2,812,500
FIXED INCOME SECURITIES - 0.2%
------------------------------
CORPORATE BONDS - 0.2%
2,550,000 Eagle Hardware (Convertible)
6.250% 03/15/01 . . . . . . . . . . . . . 1,692,563
-----------
Total Fixed Income Securities 1,692,563
-----------
SHORT-TERM INVESTMENTS - 14.8% ****
-----------------------------------
7,160,000 Federal Home Loan (Disc Note)
5.950% 05/01/95 . . . . . . . . . . . . . 7,157,635
2,250,000 Federal Farm Credit (Disc Note)
5.950% 05/03/95 . . . . . . . . . . . . . 2,248,513
4,000,000 Federal Home Loan (Disc Note)
5.910% 05/03/95 . . . . . . . . . . . . . 3,997,373
2,400,000 Federal Home Loan (Disc Note)
5.920% 05/04/95 . . . . . . . . . . . . . 2,398,026
1,790,000 Federal Farm Credit (Disc Note)
5.940% 05/04/95 . . . . . . . . . . . . . 1,788,523
2,695,000 Federal Farm Credit (Disc Note)
5.970% 05/05/95 . . . . . . . . . . . . . 2,692,318
5,135,000 Federal Farm Credit (Disc Note) 5.940% 05/08/95 5,127,375
700,000 Federal Farm Credit (Disc Note) 5.950% 05/09/95 698,843
4,000,000 Federal Home Loan (Disc Note)
5.950% 05/09/95 . . . . . . . . . . . . . 3,993,389
<CAPTION>
Face Market
Value Securities Description Value
---------- --------------------------------------------- -----------
<S> <C> <C>
3,000,000 Federal Farm Credit (Disc Note)
5.920% 05/10/95 . . . . . . . . . . . . . $ 2,994,573
600,000 Federal Farm Credit (Disc Note)
5.850% 05/11/95 . . . . . . . . . . . . . 598,830
1,170,000 Federal Home Loan (Disc Note)
5.930% 05/12/95 . . . . . . . . . . . . . 1,167,495
4,400,000 Federal Home Loan (Disc Note)
5.940% 5/15/95 . . . . . . . . . . . . . 4,388,379
2,000,000 Federal Home Loan (Disc Note)
5.930% 05/16/95 . . . . . . . . . . . . . 1,994,399
3,000,000 Federal Home Loan (Disc Note)
5.850% 05/17/95 . . . . . . . . . . . . . 2,991,225
5,500,000 Federal Home Loan (Disc Note)
5.930% 05/22/95 . . . . . . . . . . . . . 5,479,179
1,735,000 Federal Home Loan (Disc Note)
5.900% 05/24/95 . . . . . . . . . . . . . 1,727,891
3,800,000 Federal Home Loan (Disc Note)
5.930% 05/30/95 . . . . . . . . . . . . . 3,780,604
180,000 Federal Farm Credit (Disc Note)
5.900% 06/02/95 . . . . . . . . . . . . . 178,997
4,795,000 Federal Home Loan (Disc Note)
5.930% 06/05/95 . . . . . . . . . . . . . 4,765,764
2,000,000 Federal Home Loan (Disc Note)
5.900% 06/06/95 . . . . . . . . . . . . . 1,987,544
2,500,000 Federal Farm Credit (Disc Note)
5.850% 06/07/95 . . . . . . . . . . . . . 2,484,156
1,220,000 Federal Farm Credit (Disc Note)
5.970% 06/08/95 . . . . . . . . . . . . . 1,211,907
4,500,000 Federal Home Loan (Disc Note)
5.990% 06/08/95 . . . . . . . . . . . . . 4,470,050
2,000,000 Federal Home Loan (Disc Note)
5.990% 06/09/95 . . . . . . . . . . . . . 1,986,356
895,000 Federal Home Loan (Disc Note)
5.990% 06/12/95 . . . . . . . . . . . . . 888,568
5,000,000 Federal Home Loan (Disc Note)
5.950% 06/14/95 . . . . . . . . . . . . . 4,961,986
3,905,000 Federal Home Loan (Disc Note)
5.990% 06/15/95 . . . . . . . . . . . . . 3,874,439
1,000,000 Federal Home Loan (Disc Note)
5.860% 06/19/95 . . . . . . . . . . . . . 991,698
4,900,000 Federal Home Loan (Disc Note)
5.950% 06/20/95 . . . . . . . . . . . . . 4,857,887
</TABLE>
14
<PAGE>
-------------------------------------------------------------------------------
THE CRABBE HUSON SPECIAL FUND, INC.
-------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
Shares
or Face Market
Value Securities Description Value
--------- --------------------------------------- -----------
SHORT-TERM INVESTMENTS - 14.8% ****
-----------------------------------
<S> <C> <C>
$2,700,000 Federal Home Loan (Disc Note)
5.930% 06/23/95 . . . . . . . . . . . . . $ 2,675,539
600,000 Federal Home Loan (Disc Note)
5.920% 06/26/95 . . . . . . . . . . . . . 594,277
5,850,000 Federal Home Loan (Disc Note)
5.940% 07/05/95 . . . . . . . . . . . . . 5,785,286
3,500,000 Federal Home Loan (Disc Note)
5.910% 07/07/95 . . . . . . . . . . . . . 3,460,354
4,000,000 Federal Home Loan (Disc Note)
5.910% 07/12/95 . . . . . . . . . . . . . 3,951,407
5,000,000 Federal Home Loan (Disc Note)
5.870% 07/18/95 . . . . . . . . . . . . . 4,934,778
3,000,000 Federal Home Loan (Disc Note)
5.920% 08/14/95 . . . . . . . . . . . . . 2,947,213
-----------
Total Short-Term Investments 112,232,776
-----------
Total Investments - 72.8%
(Cost $523,788,148) 552,980,030
Cash - 2.1% 16,207,169
Securities Sold Short (22.8%)
COMMON STOCKS
-----------------------------------------
(228,500) 3 Com Corp. . . . . . . . . . . . . . . . . . (12,796,000)
(150,000) Adobe Systems, Inc. . . . . . . . . . . . . . (8,737,500)
(225,000) Advanced Micro Devices. . . . . . . . . . . . (8,100,000)
(100,000) Alantec Corp. . . . . . . . . . . . . . . . . (3,837,500)
(183,500) Alliance Semiconductor Corp . . . . . . . . . (7,477,625)
(93,400) Autodesk, Inc . . . . . . . . . . . . . . . . (3,181,437)
(144,700) Broderbund Software . . . . . . . . . . . . . (7,162,650)
(210,300) Cisco Systems, Inc. . . . . . . . . . . . . . (8,385,713)
(363,800) Computer Assoc. Intl., Inc. . . . . . . . . . (23,419,625)
(10,100) Cypress Semiconductor Corp. . . . . . . . . . (305,525)
<CAPTION>
Market
Shares Securities Description Value
------------ ---------------------------------------------- -------------
<S> <C> <C>
(240,100) Dell Computer Corp. . . . . . . . . . . . . . $ (13,145,475)
(410,400) Hewlett Packard Co. . . . . . . . . . . . . . (27,137,700)
(332,700) Microchip Technology, Inc . . . . . . . . . . (9,398,775)
(50,000) Micron Technology . . . . . . . . . . . . . . (4,112,500)
(205,000) Oracle Systems Corp . . . . . . . . . . . . . (6,252,500)
(382,000) Tellabs, Inc. . . . . . . . . . . . . . . . . (26,358,000)
(50,000) Tencor Instruments. . . . . . . . . . . . . . (3,387,500)
-------------
Securities Sold Short - (22.8%) . . . . . . . . . . . . . . (173,196,025)
(Proceeds $164,359,073) -------------
Other Assets and (Liabilities), Net - 47.9%. . . . . . . . . 363,409,654
-------------
TOTAL NET ASSETS 100.0%. . . . . . . . . . . . . . . . . . . $ 729,400,828
-------------
-------------
<FN>
*Non-Income Producing
****Rates reflect purchase yield to maturity.
</TABLE>
See accompanying notes to financial statements.
15
<PAGE>
-------------------------------------------------------------------------------
THE CRABBE HUSON ASSET ALLOCATION FUND, INC.
-------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
Face Market
Value Securities Description Value
-------- ------------------------------------------- ----------
FIXED INCOME SECURITIES - 38.7%
-------------------------------
<S> <C> <C>
CORPORATE BONDS - 2.4%
$1,600,000 GCA 1993 GNMA PO
5.320%** 03/28/98. . . . . . . . . . . $ 1,400,000
250,000 Bear Stearns Co.
7.625% 09/15/99. . . . . . . . . . . . 248,438
500,000 GMAC
8.000% 10/01/99. . . . . . . . . . . . 508,125
725,000 GMAC
5.500% 10/15/02. . . . . . . . . . . . 762,294
-----------
2,918,857
-----------
OTHER REVENUE BONDS - 1.8%
2,085,000 Intermountain Power Agency UT
9.000% 07/01/19. . . . . . . . . . . . 2,129,306
-----------
U.S. GOVERNMENT AND AGENCY - 34.5%
4,305,000 U.S. Treasury Note
7.375% 05/15/96. . . . . . . . . . . . 4,347,576
4,970,000 U.S. Treasury Note
7.875% 07/31/96. . . . . . . . . . . . 5,054,142
5,200,000 U.S. Treasury Note
7.250% 11/30/96. . . . . . . . . . . . 5,254,184
5,500,000 U.S. Treasury Note
8.000% 01/15/97. . . . . . . . . . . . 5,629,360
390,000 International Bank Recon.
& Dev. Floater 5.890%**
08/07/97. . . . . . . . . . . . . . . . 334,051
1,100,000 U.S. Treasury Note
8.750% 10/15/97. . . . . . . . . . . . 1,150,457
1,400,000 Federal Home Loan Bank
8.220% 12/22/97. . . . . . . . . . . . 1,413,034
1,500,000 SLMA Treasury Ind. Floater
(10-Year Treasury - 180 BP)
5.820% 02/11/98. . . . . . . . . . . . 1,490,175
2,530,000 U.S. Treasury Note
5.125% 03/31/98. . . . . . . . . . . . 2,424,550
2,000,000 U.S. Treasury Note
8.000% 08/15/99. . . . . . . . . . . . 2,084,920
2,000,000 Federal Home Loan Mortgage Corp.
8.020% 10/02/01. . . . . . . . . . . . 2,002,720
<CAPTION>
Shares
or Face Market
Value Securities Description Value
--------- ---------------------------------------- -----------
<S> <C> <C>
$1,000,000 U.S. Treasury Note
7.500% 11/15/01 . . . . . . . . . . $ 1,028,350
111,220 FHLMC Pool #281037
9.250% 11/01/16 . . . . . . . . . . 114,586
1,134,905 FHLMC Pool #303033
9.000% 04/01/17 . . . . . . . . . . 1,163,198
3,900,000 U.S. Treasury Bond
8.125% 08/15/21 . . . . . . . . . . 4,193,748
3,500,000 U.S. Treasury Bond
7.625% 11/15/22 . . . . . . . . . . 3,585,435
-----------
41,270,486
-----------
Total Fixed Income Securites 46,318,649
----------
COMMON STOCK - 44.0%
--------------------
AUTOMOBILES - 1.5%
2,200 Echlin, Inc . . . . . . . . . . . . . . 80,300
36,600 General Motors Corp . . . . . . . . . . 1,651,575
-----------
1,731,875
-----------
CHEMICAL - 1.3%
16,800 Grace W.R . . . . . . . . . . . . . . . 900,900
55,600 * Uniroyal Chemical Corp. . . . . . . . . 611,600
-----------
1,512,500
-----------
COMMUNICATIONS - 2.7%
89,800 Comcast Corp Special Class A. . . . . . 1,414,350
46,504 * Cox Communications, Inc Class A . . . . 709,183
23,900 Time Warner, Inc. . . . . . . . . . . . 875,338
12,613 Times Mirror Co Class A . . . . . . . . 228,603
-----------
3,227,474
-----------
COMPUTERS & PRODUCTS - 2.0%
27,500 Apple Computers . . . . . . . . . . . . 1,051,875
41,700 * Seagate Technology, Inc . . . . . . . . 1,329,188
-----------
2,381,063
-----------
CONSUMER PRODUCTS - 2.5%
17,300 Bausch & Lomb, Inc. . . . . . . . . . . 670,375
19,600 Chiquita Brands Intl. . . . . . . . . . 262,150
23,600 CPC International, Inc. . . . . . . . . 1,383,550
6,000 McCormick & Co. . . . . . . . . . . . . 132,000
84,900 * Zenith Electronics Corp . . . . . . . . 636,750
-----------
3,084,825
-----------
</TABLE>
16
<PAGE>
-------------------------------------------------------------------------------
THE CRABBE HUSON ASSET ALLOCATION FUND, INC.
-------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
Market
Shares Securities Description Value
--------- ------------------------------- -----------
COMMON STOCK - 44.0% (Continued)
--------------------------------
<S> <C> <C>
ENERGY & ENERGY SERVICES - 4.2%
22,300 Apache Corp .................. $ 602,100
50,400 Dresser Industries, Inc ...... 1,102,500
106,600 Enserch Corp ................. 1,838,850
66,400 Occidental Petroleum Corp .... 1,527,200
----------
5,070,650
----------
FINANCIAL SERVICES - 5.8%
107,000 Ahmanson (H.F.) & Co ......... 2,247,000
32,400 Bear Stearns Cos, Inc ........ 668,250
55,650 Edwards (AG), Inc ............ 1,272,994
75,900 Equitable Companies .......... 1,802,625
24,400 Travelers, Inc ............... 1,009,550
----------
7,000,419
----------
FOREIGN HOLDINGS - 2.1%
34,100 * Asia Pulp & Paper Co LTD - ADR 387,888
57,000 Corp Bancaria De Espana - ADR 919,125
111,000 * Domtar, Inc .................. 943,500
13,100 Placer Dome, Inc ............. 311,125
----------
2,561,638
----------
HEALTHCARE - 1.1%
46,100 Allergan, Inc ................ 1,250,463
----------
MACHINERY - 1.4%
4,100 * Detroit Diesol Corp .......... 95,325
15,600 Ingersoll Rand, Inc .......... 557,700
71,100 * Navistar International Corp .. 1,004,288
----------
1,657,313
----------
METALS AND MINING - 1.7%
50,300 J & L Specialty Steel ........ 930,550
89,800 * National Steel Corp - Class B 1,144,950
----------
2,075,500
----------
MISCELLANEOUS - 1.5%
77,100 * USG Corp ..................... 1,821,488
----------
PAPER & FOREST PRODUCTS 1.2%
56,400 Louisiana Pacific Corp ....... 1,438,200
----------
REAL ESTATE INVESTMENT TRUST - 2.1%
62,100 Crown American Realty ........ $ 776,250
38,200 First Industrial Reaty Trust . 668,500
53,100 Spieker Properties ........... 1,035,450
-----------
2,480,200
-----------
RETAIL - 3.4%
74,400 Limited, Inc ................. 1,590,300
50,200 * Price/Costco, Inc ............ 734,175
29,600 Wal-Mart Stores, Inc ......... 703,000
63,600 Woolworth Corp ............... 1,017,600
-----------
4,045,075
-----------
SOFTWARE - 0.6%
45,100 * Mentor Graphics Corp ......... 761,063
-----------
TELEPHONE & UTILITIES - 0.9%
51,500 Portland General Corp ........ 1,068,625
-----------
TRANSPORTATION - 8.0%
28,700 * AMR Corp ..................... 1,933,663
21,000 Burlington Northern RR, Inc .. 1,249,500
58,400 Consolidated Freightways ..... 1,489,200
23,000 Delta Air Lines, Inc ......... 1,503,625
61,600 Ryder System ................. 1,439,900
109,800 * Southern Pacific Rail Corp ... 1,907,772
-----------
9,523,660
-----------
Total Common Stocks 52,692,031
-----------
PREFERRED STOCK - 0.1%
5,387 Times Mirror Co Class B ..... 108,421
-----------
Total Investments - 82.8%
(Cost $92,875,278) 99,119,101
Cash - 13.8% 16,458,238
Other Assets and (Liabilities), Net - 3.4% 4,062,101
-----------
TOTAL NET ASSETS - 100.0% $119,639,440
------------
------------
<FN>
*Non-income producing
**Zero-coupon bonds - rates reflect purchase yield to maturity.
</TABLE>
See accompanying notes to financial statements.
17
<PAGE>
-------------------------------------------------------------------------------
THE CRABBE HUSON EQUITY FUND, INC.
-------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
Market
Shares Securities Description Value
-------------- ----------------------------------- -------------
COMMON STOCK - 66.0%
--------------------
<S> <C> <C>
AUTOMOBILES - 2.7%
13,500 Echlin, Inc . . . . . . . . . . . . $ 492,750
155,000 General Motors Corp . . . . . . . . 6,994,375
------------
7,487,125
------------
CHEMICAL - 2.2%
67,600 Grace W.R . . . . . . . . . . . . . 3,625,050
223,600 * Uniroyal Chemical Corp. . . . . . . 2,459,600
------------
6,084,650
------------
COMMUNICATIONS - 4.4%
322,500 Comcast Corp Special Class A. . . . 5,079,375
198,319 * Cox Communications, Inc Class A . . 3,024,367
90,300 Time Warner, Inc. . . . . . . . . . 3,307,238
38,048 Times Mirror Co Class A . . . . . . 689,620
------------
12,100,600
------------
COMPUTERS & PRODUCTS - 3.4%
110,700 Apple Computers . . . . . . . . . . 4,234,275
159,200 * Seagate Technology, Inc . . . . . . 5,074,500
------------
9,308,775
------------
CONSUMER PRODUCTS - 4.3%
64,600 Bausch & Lomb, Inc. . . . . . . . . 2,503,250
70,400 Chiquita Brands Intl. . . . . . . . 941,600
96,300 CPC International, Inc. . . . . . . 5,645,588
36,600 McCormick & Co. . . . . . . . . . . 805,200
257,500 * Zenith Electronics Corp . . . . . . 1,931,250
------------
11,826,888
------------
ENERGY & ENERGY SERVICES - 7.5%
144,500 Apache Corp . . . . . . . . . . . . 3,901,500
238,000 Dresser Industries, Inc . . . . . . 5,206,250
321,200 Enserch Corp. . . . . . . . . . . . 5,540,700
258,600 Occidental Petroleum Corp . . . . . 5,947,800
------------
20,596,250
------------
FINANCIAL SERVICES - 7.6%
338,100 Ahmanson (H.F.) & Co. . . . . . . . 7,100,100
131,500 Bear Stearns Cos, Inc . . . . . . . 2,712,188
166,050 Edwards (AG), Inc . . . . . . . . . 3,798,394
193,100 Equitable Companies . . . . . . . . 4,586,125
65,500 Travelers, Inc. . . . . . . . . . . 2,710,063
------------
20,906,870
------------
FOREIGN HOLDINGS - 3.5%
147,700 * Asia Pulp & Paper Co LTD - ADR. . . 1,680,088
141,200 Corp Bancaria De Espana - ADR . . . 2,276,850
321,600 * Domtar, Inc . . . . . . . . . . . . 2,733,600
122,900 Placer Dome, Inc. . . . . . . . . . 2,918,875
------------
9,609,413
------------
HEALTHCARE - 1.2%
125,700 Allergan, Inc . . . . . . . . . . . 3,409,613
------------
MACHINERY - 2.0%
19,500 * Detroit Diesol Corp . . . . . . . . 453,375
48,400 Ingersoll Rand, Inc . . . . . . . . 1,730,300
234,800 * Navistar International Corp . . . . 3,316,500
------------
5,500,175
------------
METALS AND MINING - 2.6%
87,600 J & L Specialty Steel . . . . . . . 1,620,600
400,900 * National Steel Corp - Class B . . . 5,111,475
6,900 Nucor Corp. . . . . . . . . . . . . 331,200
------------
7,063,275
------------
MISCELLANEOUS - 2.7%
317,000 * USG Corp. . . . . . . . . . . . . . 7,489,125
------------
PAPER & FOREST PRODUCTS - 2.3%
250,300 Louisiana Pacific Corp. . . . . . . 6,382,650
------------
REAL ESTATE INVESTMENT TRUST - 2.3%
126,000 Crown American Realty . . . . . . . 1,575,000
117,900 First Industrial Reaty Trust. . . . 2,063,250
135,200 Spieker Properties. . . . . . . . . 2,636,400
------------
6,274,650
------------
RETAIL - 5.2%
234,900 Limited, Inc. . . . . . . . . . . . 5,020,988
210,300 * Price/Costco, Inc . . . . . . . . . 3,075,638
77,100 Wal-Mart Stores, Inc. . . . . . . . 1,831,125
278,800 Woolworth Corp. . . . . . . . . . . 4,460,800
------------
14,388,551
------------
SOFTWARE - 0.1%
14,400 * Mentor Graphics Corp. . . . . . . . 243,000
------------
TELEPHONE & UTILITIES - 1.3%
166,400 Portland General Corp . . . . . . . 3,452,800
------------
TRANSPORTATION - 10.7%
68,300 AMR Corp. . . . . . . . . . . . . . 4,601,713
68,400 Burlington Northern RR, Inc . . . . 4,069,800
</TABLE>
18
<PAGE>
-------------------------------------------------------------------------------
THE CRABBE HUSON EQUITY FUND, INC.
-------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
Shares
or Face Market
Value Securities Description Value
---------- ------------------------------ ------------
COMMON STOCK - 66.0% (Continued)
--------------------------------
<S> <C> <C>
TRANSPORTATION - 10.7% (Continued)
247,700 Consolidated Freightways . . . . . . $ 6,316,350
59,000 Delta Air Lines, Inc . . . . . . . . 3,857,125
168,300 Ryder System . . . . . . . . . . . . 3,934,013
376,600 * Southern Pacific Rail Corp . . . . . 6,543,425
------------
29,322,426
------------
Total Common Stocks 181,446,836
------------
PREFERRED STOCK - 0.1%
----------------------
16,252 Times Mirror Co Class B. . . . . . . 327,071
------------
SHORT-TERM INVESTMENTS - 24.4% ****
-----------------------------------
U.S. GOVERNMENT AND AGENCY - 24.4%
$2,000,000 Federal Home Loan (Disc Note)
5.850% 05/04/95. . . . . . . . . . 1,998,375
1,250,000 Federal Home Loan (Disc Note)
5.900% 05/08/95. . . . . . . . . . 1,248,156
300,000 Federal Farm Credit (Disc Note)
5.880% 05/10/95. . . . . . . . . . 299,461
570,000 Federal Farm Credit (Disc Note)
5.850% 05/11/95. . . . . . . . . . 568,889
685,000 Federal Farm Credit (Disc Note)
5.920% 05/12/95. . . . . . . . . . 683,536
3,250,000 Federal Home Loan (Disc Note)
5.990% 05/15/95. . . . . . . . . . 3,241,348
3,315,000 Federal Home Loan (Disc Note)
5.920% 05/16/95. . . . . . . . . . 3,305,728
1,000,000 Federal Home Loan (Disc Note)
5.850% 05/17/95. . . . . . . . . . 997,075
4,000,000 Federal Home Loan (Disc Note)
5.850% 05/18/95. . . . . . . . . . 3,987,650
805,000 Federal Farm Credit (Disc Note)
5.830% 05/18/95. . . . . . . . . . 802,523
3,000,000 Federal Home Loan (Disc Note)
5.930% 05/22/95. . . . . . . . . . 2,988,634
1,070,000 Federal Farm Credit (Disc Note)
5.840% 05/23/95. . . . . . . . . . 1,065,834
760,000 Federal Home Loan (Disc Note)
5.910% 05/24/95 . . . . . . . 756,879
</TABLE>
<TABLE>
<CAPTION>
Face Market
Value Securities Description Value
--------- ------------------------------ ------------
<S> <C> <C>
$1,000,000 Federal Farm Credit (Disc Note)
5.860% 05/24/95 . . . . . . . $ 995,931
6,000,000 Federal Home Loan (Disc Note)
5.870% 05/25/95 . . . . . . . 5,974,563
945,000 Federal Farm Credit (Disc Note)
5.860% 05/26/95 . . . . . . . 940,847
4,000,000 Federal Home Loan (Disc Note)
5.910% 05/30/95 . . . . . . . 3,979,656
2,150,000 Federal Home Loan (Disc Note)
5.930% 06/05/95 . . . . . . . 2,136,889
420,000 Federal Farm Credit (Disc Note)
5.880% 06/05/95 . . . . . . . 417,462
2,245,000 Federal Home Loan (Disc Note)
5.900% 06/06/95 . . . . . . . 2,231,019
110,000 Federal Farm Credit (Disc Note)
5.900% 06/07/95 . . . . . . . 109,297
1,500,000 Federal Home Loan (Disc Note)
5.880% 06/12/95 . . . . . . . 1,489,220
1,700,000 Federal Farm Credit (Disc Note)
5.870% 06/15/95 . . . . . . . 1,686,972
1,000,000 Federal Home Loan (Disc Note)
5.870% 06/26/95 . . . . . . . 990,543
1,515,000 Federal Farm Credit (Disc Note)
5.870% 06/27/95 . . . . . . . 1,500,425
3,000,000 Federal Home Loan (Disc Note)
5.920% 06/28/95 . . . . . . . 2,970,400
30,000 Federal Farm Credit (Disc Note)
5.870% 06/28/95 . . . . . . . 29,707
4,000,000 Federal Farm Credit (Disc Note)
5.860% 06/30/95 . . . . . . . 3,959,631
2,150,000 Federal Farm Credit (Disc Note)
5.940% 07/05/95 . . . . . . . 2,126,218
1,500,000 Federal Home Loan (Disc Note)
5.910% 07/07/95 . . . . . . . 1,483,009
1,000,000 Federal Home Loan (Disc Note)
5.910% 07/10/95 . . . . . . . 988,180
1,000,000 Federal Home Loan (Disc Note)
5.910% 07/12/95 . . . . . . . 987,852
4,000,000 Federal Home Loan (Disc Note)
5.860% 07/21/95 . . . . . . . 3,945,958
</TABLE>
19
<PAGE>
-------------------------------------------------------------------------------
THE CRABBE HUSON EQUITY FUND, INC.
-------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
Face Market
Value Securities Description Value
-------------- --------------------------------- ------------
SHORT-TERM INVESTMENTS - 24.4% (Continued)
------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT AND AGENCY - 24.4% (Continued)
775,000 Federal Home Loan (Disc Note)
5.890% 07/25/95. . . . . . . . $ 763,969
300,000 Federal Farm Credit (Disc Note)
5.920% 07/27/95. . . . . . . . 295,609
2,000,000 Federal Farm Credit (Disc Note)
5.890% 07/31/95. . . . . . . . 1,969,568
1,000,000 Federal Home Loan (Disc Note)
5.920% 08/14/95. . . . . . . . 982,404
1,500,000 Federal Home Loan (Disc Note)
5.880% 08/17/95. . . . . . . . 1,473,050
570,000 Federal Home Loan (Disc Note)
5.880% 08/21/95. . . . . . . . 559,430
------------
Total Short Term Investments 66,931,897
------------
Total Investments - 90.5%
(Cost $234,117,407) 248,705,804
Cash - 5.8% 15,930,156
Other Assets and (Liabilities), Net - 3.7% 10,115,996
------------
TOTAL NET ASSETS - 100.0% $274,751,956
------------
------------
<FN>
*Non-Income Producing
****Rates reflect purchase yield to maturity.
</TABLE>
See accompanying notes to financial statements.
20
<PAGE>
-------------------------------------------------------------------------------
THE CRABBE HUSON INCOME FUND, INC.
-------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
Face Market
Value Securities Description Value
--------- ------------------------------------------- -----------
<S> <C> <C>
FIXED INCOME SECURITIES - 84.9%
-------------------------------
CORPORATE BONDS - 11.2%
250,000 Bear Stearns Co
7.625% 09/15/99. . . . . . . . . . . . . . $ 248,438
100,000 GMAC
8.000% 10/01/99. . . . . . . . . . . . . . 101,625
250,000 Costco Wholesale (Convertible
to Price/Costco, Inc. Common)
5.750% 05/15/02. . . . . . . . . . . . . . 218,750
500,000 Alaska Air Group
7.720%** 04/18/06 . . . . . . . . . . . . . 224,375
-----------
793,188
-----------
INSURED BONDS - 3.1%
225,000 City of Lincoln City
5.800% 06/01/97
(AMBAC). . . . . . . . . . . . . . . . . . 220,219
-----------
OTHER REVENUE BONDS - 3.4%
235,000 Intermountain Power Agency UT
9.000% 07/01/19. . . . . . . . . . . . . . 239,994
-----------
U.S. GOVERNMENT AND AGENCY - 67.2%
235,000 U.S. Treasury Note 7.875%
07/31/96. . . . . . . . . . . . . . . . . . 238,979
1,000,000 U.S. Treasury Note 8.000%
10/15/96. . . . . . . . . . . . . . . . . . 1,020,868
260,000 U.S. Treasury Note 7.250%
11/30/96. . . . . . . . . . . . . . . . . . 262,709
1,000,000 U.S. Treasury Note 6.500%
04/30/97. . . . . . . . . . . . . . . . . . 997,960
320,000 International Bank Recon &
Dev Floater 6.170%**
08/07/97. . . . . . . . . . . . . . . . . . 274,093
250,000 U.S. Treasury Note 8.000%
08/15/99. . . . . . . . . . . . . . . . . . 260,615
300,000 Federal Home Loan
Mortgage Corp.
7.130%** 11/15/99 . . . . . . . . . . . . . 220,203
130,000 U.S. Treasury Note 7.125%
02/29/00. . . . . . . . . . . . . . . . . . 131,191
$200,000 Federal Home Loan
Mortgage Corp.
8.000% 10/02/01. . . . . . . . . . . . . $ 200,270
83,045 FNMA Pool #30333 9.250%
09/01/16 . . . . . . . . . . . . . . . . . 85,968
126,118 FHLMC Pool #302029 9.500%
10/01/16 . . . . . . . . . . . . . . . . . 130,661
194,625 FHLMC Pool #303033 9.000%
04/01/17 . . . . . . . . . . . . . . . . . 199,477
242,951 FHLMC Pool #301538 10.000%
07/01/17 . . . . . . . . . . . . . . . . . 257,037
275,000 U.S. Treasury Bond 7.500%
11/15/24. . . . . . . . . . . . . . . . . . 278,754
200,000 U.S. Treasury Bond 7.625%
02/15/25. . . . . . . . . . . . . . . . . 206,948
-----------
4,765,733
-----------
Total Fixed Income Securities 6,019,134
-----------
SHORT TERM INVESTMENTS - 2.8%
-----------------------------
100,000 Salomon, Inc.
9.000% 07/01/95. . . . . . . . . . . . . . 100,375
100,000 U.S. Treasury Note 7.625%
04/30/96. . . . . . . . . . . . . . . . . . 101,231
-----------
Total Short-Term Investments 201,606
-----------
Total Investments - 87.7%
(Cost $6,165,025) 6,220,740
Cash - 7.2% 508,253
Other Assets and (Liabilities), Net - 5.1% 362,232
-----------
TOTAL NET ASSETS - 100.0% $ 7,091,225
-----------
-----------
<FN>
* Zero-coupon bonds-rates reflect purchase yield to maturity.
</TABLE>
See accompanying notes to financial statements.
21
<PAGE>
-------------------------------------------------------------------------------
THE CRABBE HUSON U.S. GOVERNMENT INCOME FUND, INC.
-------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
Face Market
Value Securities Description Value
----------- ---------------------------- -----------
<S> <C> <C>
U.S. GOVERNMENT AND AGENCY - 80.8%
----------------------------------
$ 700,000 U.S. Treasury Note 7.375%
05/15/96............... $ 706,923
300,000 U.S. Treasury Note 6.000%
06/30/96............... 298,608
520,000 U.S. Treasury Note 7.875%
07/15/96............... 528,616
460,000 U.S. Treasury Note 7.250%
11/30/96............... 464,793
480,000 U.S. Treasury Note 8.000%
01/15/97............... 491,290
300,000 U.S. Treasury Note 6.250%
03/31/97............... 300,162
650,000 U.S. Treasury Note 6.375%
06/30/97............... 647,147
255,000 International Bank Recon
& Dev Floater 218,418
5.390%** 08/07/97 .......
800,000 U.S. Treasury Note 5.500%
09/30/97............... 779,560
800,000 U.S. Treasury Note 8.750%
10/15/97............... 836,696
750,000 U.S. Treasury Note 5.625%
01/31/98 ............... 729,405
500,000 U.S. Treasury Note 4.750%
09/30/98............... 469,345
150,000 Federal National Mortgage
Assoc. 4.950% 140,535
09/30/98 ..............
65,000 U.S. Treasury Note 7.125%
02/19/00 ............... 65,595
-----------
Total Fixed Income Securities 6,677,093
-----------
SHORT-TERM INVESTMENTS - 18.2%
------------------------------
U.S. Government and Agency - 18.2%
900,000 U.S. Treasury Note 7.625%
04/30/96............... 911,079
$ 600,000 U.S. Treasury Note 5.500%
04/30/96............... $ 595,140
-----------
Total Short Term Investments 1,506,219
-----------
Total Investments - 99.0%
(Cost $8,277,617) 8,183,312
Other Assets and (Liabilities), Net - 1.0% 85,927
-----------
TOTAL NET ASSETS - 100.0% $ 8,269,239
-----------
-----------
<FN>
**Zero-coupon bond-rate reflects purchase yield to maturity.
</TABLE>
See accompanying notes to financial statements.
22
<PAGE>
-------------------------------------------------------------------------------
THE CRABBE HUSON U.S. GOVERNMENT MONEY MARKET FUND, INC.
-------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
Face Market
Value Securities Description**** Value
----------- ---------------------------- -----------
<S> <C> <C>
U.S. GOVERNMENT AND AGENCY - 98.8%
----------------------------------
$ 535,000 Federal Home Loan Bank
(Disc Note) 5.930%
05/01/95 .............. $ 535,000
2,000,000 Federal Farm Credit
(Disc Note) 5.910%
05/02/95 .............. 1,999,672
750,000 Federal Farm Credit
(Disc Note) 5.940%
05/04/95 .............. 749,752
210,000 Federal Home Loan Bank
(Disc Note) 5.850%
05/04/95 .............. 209,896
735,000 Federal Farm Credit
(Disc Note) 5.820%
05/05/95 .............. 734,642
1,000,000 Federal Home Loan Bank
(Disc Note) 5.920%
05/08/95 .............. 999,353
1,615,000 Federal Farm Credit
(Disc Note) 5.950%
05/09/95 .............. 1,613,141
1,050,000 Federal Farm Credit
(Disc Note) 5.880%
05/10/95 .............. 1,048,612
700,000 Federal Farm Credit
(Disc Note) 5.850%
05/11/95 .............. 698,971
1,830,000 Federal Farm Credit
(Disc Note) 5.920%
05/12/95 .............. 1,827,026
815,000 Federal Home Loan Bank
(Disc Note) 5.970%
05/15/95 .............. 813,526
1,350,000 Federal Home Loan Bank
(Disc Note) 5.970%
05/15/95 .............. 1,346,866
685,000 Federal Farm Credit
(Disc Note) 5.920%
05/16/95 .............. 683,310
1,000,000 Federal Farm Credit
(Disc Note) 5.830%
05/17/95 .............. 997,409
$1,195,000 Federal Farm Credit
(Disc Note) 5.830%
05/18/95 .............. $ 1,191,710
2,000,000 Federal Farm Credit
(Disc Note) 5.850%
05/19/95 .............. 1,994,150
2,500,000 Federal Home Loan Bank
(Disc Note) 5.850%
05/22/95 .............. 2,491,448
930,000 Federal Farm Credit
(Disc Note) 5.840%
05/23/95 .............. 926,681
2,100,000 Federal Home Loan Bank
(Disc Note) 5.880%
05/24/95 .............. 2,092,111
1,055,000 Federal Farm Credit
(Disc Note) 5.860%
05/26/95 .............. 1,050,707
2,200,000 Federal Home Loan Bank
(Disc Note) 5.910%
05/30/95 .............. 2,189,527
1,820,000 Federal Farm Credit
(Disc Note) 5.900%
06/02/95 .............. 1,810,455
1,580,000 Federal Farm Credit
(Disc Note) 5.880%
06/05/95 .............. 1,570,968
555,000 Federal Home Loan Bank
(Disc Note) 5.940%
06/05/95 .............. 551,795
1,755,000 Federal Home Loan Bank
(Disc Note) 5.900%
06/06/95 .............. 1,744,646
1,890,000 Federal Farm Credit
(Disc Note) 5.900%
06/07/95 .............. 1,878,539
1,780,000 Federal Farm Credit
(Disc Note) 5.970%
06/08/95 .............. 1,768,783
2,000,000 Federal Farm Credit
(Disc Note) 5.850%
06/09/95 .............. 1,987,325
</TABLE>
23
<PAGE>
-------------------------------------------------------------------------------
THE CRABBE HUSON U.S. GOVERNMENT MONEY MARKET FUND, INC.
-------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
Face Market
Value Securities Description**** Value
----------- ---------------------------- -----------
U.S. GOVERNMENT AND AGENCY - 98.8% (continued)
----------------------------------------------
<S> <C> <C>
$ 605,000 Federal Home Loan Bank
(Disc Note) 5.880%
06/12/95 .............. $ 600,850
3,095,000 Federal Home Loan Bank
(Disc Note) 6.000%
06/15/95 .............. 3,071,773
1,300,000 Federal Home Loan Bank
(Disc Note) 5.930%
06/23/95 .............. 1,288,651
3,400,000 Federal Home Loan Bank
(Disc Note) 5.920%
06/26/95 .............. 3,368,690
1,485,000 Federal Farm Credit
(Disc Note) 5.870%
06/27/95 .............. 1,471,198
1,970,000 Federal Farm Credit
(Disc Note) 5.870%
06/28/95 .............. 1,951,369
1,225,000 Federal Home Loan Bank
(Disc Note) 5.890%
07/25/95 .............. 1,207,964
700,000 Federal Farm Credit
(Disc Note) 5.920%
07/27/95 .............. 689,985
1,430,000 Federal Home Loan Bank
(Disc Note) 5.880%
08/21/95 .............. 1,403,838
-----------
52,560,339
-----------
Total Investments - 98.8%
(Cost $52,560,339) 52,560,339
Cash - 1.1% 579,644
Other Assets and (Liabilities), Net - 0.1% 28,544
-----------
TOTAL NET ASSETS - 100.0% $53,168,527
-----------
-----------
<FN>
****Rates reflect purchase yield to maturity.
</TABLE>
See accompanying notes to financial statements.
24
<PAGE>
-------------------------------------------------------------------------------
THE CRABBE HUSON REAL ESTATE INVESTMENT FUND, INC.
-------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
Market
Shares Securities Description Value
-------------------- ---------------------------------------- ---------------
COMMON STOCK - 93.1%
---------------------
<S> <C> <C>
APARTMENT - 20.4%
12,800 Camden Property Trust ................. $ 268,800
37,900 Paragon Group, Inc .................... 653,775
60,000 Prime Residential, Inc ................ 870,000
50,000 Summit Properties, Inc ................ 831,250
58,500 Town & Country Trust .................. 833,625
9,700 Walden Residential Properties ......... 186,725
---------------
3,644,175
---------------
COMMERCIAL/INDUSTRIAL - 15.6%
33,500 First Industrial Realty Trust ......... 586,250
35,900 Carr Realty Corp ...................... 637,225
59,000 Cali Realty Corp ...................... 988,250
29,800 Spieker Properties, Inc ............... 581,100
---------------
2,792,825
---------------
DIVERSIFIED - 3.1%
14,700 Burnham Pacific Property, Inc ......... 174,563
25,000 Pacific Gulf Properties, Inc .......... 387,500
---------------
562,063
---------------
FACTORY OUTLET - 9.7%
40,200 Factory Stores of America ............. 788,925
63,000 Prime Retail, Inc ..................... 779,625
6,600 Tanger Factory Outlet Center .......... 154,275
---------------
1,722,825
---------------
MALL - 6.1%
62,100 Crown American Realty ................. 776,250
22,400 Debartolo Realty Corp ................. 310,800
---------------
1,087,050
---------------
MANUFACTURED HOUSING - 3.6%
31,900 Roc Communities, Inc .................. 641,988
---------------
NET LEASE - 9.0%
63,700 Commercial Net Lease Realty ........... 772,363
33,800 Trinet Corp. Realty Trust ............ 845,000
---------------
1,617,363
---------------
SHOPPING CENTER - 25.6%
31,850 Excel Realty Trust, Inc ............... 609,131
29,250 Glimcher Realty Trust ................. 566,719
90,100 IRT Property Co ....................... $ 855,950
42,000 Kranzco Realty Trust .................. 719,250
55,000 Malan Realty Investors, Inc ........... 756,250
48,750 Mark Centers Trust .................... 615,469
27,200 Mills Corp ............................ 462,398
---------------
4,585,167
---------------
Total Investments - 93.1% 16,653,456
(Cost $18,566,504)
Cash - 7.2% 1,279,713
Other Assets and (Liabilities), Net - (0.3%) (49,343)
---------------
TOTAL NET ASSETS 100.0% $17,883,826
---------------
---------------
</TABLE>
See accompanying notes to financial statements.
25
<PAGE>
-------------------------------------------------------------------------------
THE CRABBE HUSON
-------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
THE OREGON THE THE
MUNICIPAL CRABBE HUSON CRABBE HUSON
BOND SPECIAL ASSET ALLOCATION
FUND, INC. FUND, INC. FUND, INC.
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS
Investment securities,
at market (cost $24,367,523, $523,788,148,
$92,875,278, $234,117,407, $6,165,025,
$8,277,617, $52,560,339 and $18,566,504
respectively) $24,952,624 $552,980,030 $ 99,119,101
Cash 461,330 16,207,169 16,458,238
Deposits with brokers for securities sold short ---- 164,723,967 ----
Receivables:
Dividends and interest 431,234 779,570 973,381
Fund shares sold 5,000 4,460,505 42,151
Investment securities sold ---- 43,786,156 3,286,007
Proceeds from securities sold short ---- 164,359,073 ----
Organization expenses (less accumulated
amortization of $9,306) ---- ---- ----
Prepaid Expenses 907 193,621 31,764
------------------------------------------------------
$25,851,095 $947,490,091 $119,910,642
------------------------------------------------------
LIABILITIES
Securities sold short,
at market (proceeds $164,359,073) ---- 173,196,025 ----
Payables:
Investment securities purchased ---- 14,346,953 253,061
Short sales dividends ---- 45,804 ----
Short sales closed ---- 409,568 ----
Payable to affiliates and directors (Note 2) 776 32 1,981
Accrued liabilities 7,277 90,881 16,160
------------------------------------------------------
8,053 188,089,263 271,202
------------------------------------------------------
NET ASSETS $25,843,042 $759,400,828 $119,639,440
------------------------------------------------------
------------------------------------------------------
NET ASSETS CONSIST OF:
Capital shares 2,111 52,433 9,198
Capital paid in 25,287,179 708,873,842 109,334,202
Undistributed accumulated net
investment income ---- 3,147,256 ----
Undistributed accumulated net
realized gain (loss) on investments (31,349) 26,972,367 4,052,217
Net unrealized appreciation
(depreciation) on investments (Note 5) 585,101 20,354,930 6,243,823
------------------------------------------------------
$25,843,042 $759,400,828 $119,639,440
------------------------------------------------------
------------------------------------------------------
CAPITAL SHARES, PAR VALUE $.001
Authorized 10,000,000 100,000,000 100,000,000
Outstanding 2,111,391 52,433,014 9,198,578
------------------------------------------------------
------------------------------------------------------
NET ASSET VALUE PER SHARE $ 12.24 $ 14.48 $ 13.01
------------------------------------------------------
------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
26
<PAGE>
-------------------------------------------------------------------------------
FAMILY OF MUTUAL FUNDS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
THE THE THE CRABBE HUSON THE CRABBE HUSON THE CRABBE HUSON
CRABBE HUSON CRABBE HUSON U.S. GOVERNMENT U.S. GOVERNMENT REAL ESTATE
EQUITY INCOME INCOME MONEY MARKET INVESTMENT
FUND, INC. FUND, INC. FUND, INC. FUND, INC. FUND, INC.
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$248,705,804 $ 6,220,740 $ 8,183,312 $ 52,560,339 $ 16,653,456
15,930,156 508,253 ---- 579,644 1,279,713
---- ---- ---- ---- ----
44,214 75,691 102,387 12,001 116,928
2,609,593 5,311 ---- ---- ----
10,336,746 1,272,496 ---- ---- ----
---- ---- ---- ---- ----
---- ---- ---- ---- 94,374
68,978 11,998 12,178 27,472 16,114
--------------------------------------------------------------------------------------------
$277,695,491 $ 8,094,489 $ 8,297,877 $ 53,179,456 $ 18,160,585
--------------------------------------------------------------------------------------------
---- ---- ---- ---- ----
2,907,305 997,891 ---- ---- 269,338
---- ---- ---- ---- ----
---- ---- ---- ---- ----
33 294 295 793 776
36,197 5,079 28,343 10,136 6,645
--------------------------------------------------------------------------------------------
2,943,535 1,003,264 28,638 10,929 276,759
--------------------------------------------------------------------------------------------
$274,751,956 $ 7,091,225 $ 8,269,239 $ 53,168,527 $ 17,883,826
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
16,092 726 796 53,168 1,931
254,615,901 7,391,210 8,529,728 53,115,359 19,947,273
805,257 ---- ---- ---- ----
4,726,309 (356,426) (166,980) ---- (152,330)
14,588,397 55,715 (94,305) ---- (1,913,048)
--------------------------------------------------------------------------------------------
$274,751,956 $ 7,091,225 $ 8,269,239 $ 53,168,527 $ 17,883,826
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
100,000,000 100,000,000 100,000,000 2,000,000,000 1,000,000,000
16,091,694 726,519 795,671 53,168,527 1,931,242
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
$ 17.07 $ 9.76 $ 10.39 $ 1.00 $ 9.26
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
</TABLE>
27
<PAGE>
-------------------------------------------------------------------------------
THE CRABBE HUSON
-------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
For the six months ended April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
THE THE
THE OREGON CRABBE HUSON CRABBE HUSON
MUNICIPAL BOND SPECIAL ASSET ALLOCATION
FUND, INC. FUND, INC. FUND, INC.
----------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
Interest $ 717,689 $ 5,663,011 $1,631,530
Dividends (net of foreign taxes withheld of $0,
$0, $3,686, $9,131, $0, $0, $0 and $0 respectively) ---- 1,813,795 638,342
----------------------------------------------------------
717,689 7,476,806 2,269,872
----------------------------------------------------------
EXPENSES
Investment advisor fees (Note 2) 64,768 2,005,431 534,759
Transfer agent 11,873 176,473 30,216
Printing 6,039 103,166 16,185
Custody 1,561 14,049 7,741
Legal 1,706 33,352 8,767
Auditing 2,616 20,365 6,088
Insurance 841 11,649 3,269
Directors' fees 1,530 2,038 3,981
Registration fees 558 86,991 21,867
Amortization of organization expenses ---- ---- ----
Miscellaneous 12,876 77,556 23,281
Distribution fees (Note 2) 32,384 585,661 135,646
Short sales dividends ---- 51,894 ----
----------------------------------------------------------
136,752 3,168,625 791,800
Fees waived by investment advisor (Note 2) (9,807) (697) (996)
Expenses reimbursed by invesment advisor (Note 2) ---- ---- ----
----------------------------------------------------------
NET EXPENSES 126,945 3,167,928 790,804
----------------------------------------------------------
NET INVESTMENT INCOME 590,744 4,308,878 1,479,068
----------------------------------------------------------
REALIZED AND UNREALIZED GAIN:
Net realized gain (loss) on investments (31,349) 27,152,560 4,055,253
Net change in unrealized appreciation
or depreciation of investments 673,717 8,145,496 1,437,551
----------------------------------------------------------
NET GAIN (LOSS) ON INVESTMENTS 642,368 35,298,056 5,492,804
----------------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $1,233,112 $39,606,934 $6,971,872
----------------------------------------------------------
----------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
28
<PAGE>
-------------------------------------------------------------------------------
FAMILY OF MUTUAL FUNDS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
THE CRABBE HUSON THE CRABBE HUSON
THE THE THE CRABBE HUSON U.S. GOVERNMENT REAL ESTATE
CRABBE HUSON CRABBE HUSON U.S. GOVERNMENT MONEY MARKET INVESTMENT
EQUITY FUND, INC. INCOME FUND, INC. INCOME FUND, INC. FUND, INC. FUND, INC.
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 1,238,478 $186,442 $241,542 $1,348,574 $ 10,937
-----------------------------------------------------------------------------------------------
1,605,213 11,687 ---- ---- 803,925
2,843,691 198,129 241,542 1,348,574 814,862
-----------------------------------------------------------------------------------------------
883,164 22,766 21,947 112,321 86,578
61,823 10,286 10,329 15,854 34,410
32,641 3,438 3,380 10,412 4,345
10,239 861 826 3,404 1,950
14,475 524 791 3,504 1,420
9,609 1,723 1,864 3,406 2,245
5,163 184 290 1,242 459
2,038 550 550 1,548 1,530
44,414 9,183 9,202 21,794 11,790
---- ---- ---- ---- 5,329
33,327 3,092 3,599 10,802 3,652
238,118 7,589 10,974 56,161 21,645
---- ---- ---- ---- ----
-----------------------------------------------------------------------------------------------
1,335,011 60,196 63,752 240,448 175,353
---- (22,766) (21,947) (83,196) (45,488)
---- (12,930) (8,820) ---- ----
-----------------------------------------------------------------------------------------------
1,335,011 24,500 32,985 157,252 129,865
-----------------------------------------------------------------------------------------------
1,508,680 173,629 208,557 1,191,322 684,997
4,737,922 (64,992) (12,737) ---- (152,330)
8,756,087 136,589 126,685 ---- (362,134)
-----------------------------------------------------------------------------------------------
13,494,009 71,597 113,948 ---- (514,464)
-----------------------------------------------------------------------------------------------
$15,002,689 $245,226 $322,505 $1,191,322 $ 170,533
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
</TABLE>
29
<PAGE>
-------------------------------------------------------------------------------
THE CRABBE HUSON
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
(Unaudited)
THE OREGON THE CRABBE HUSON
MUNICIPAL BOND FUND, INC. SPECIAL FUND, INC.
--------------------------------------------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDEd
APRIL 30, 1995 OCTOBER 31, 1994 APRIL 30, 1995 OCTOBER 31, 1994
--------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS:
Net investment income $ 590,744 $ 1,335,320 $ 4,308,878 $ 396,099
Net realized gain (loss) on invest (31,349) 151,835 27,152,560 11,534,530
Net change in unrealized appreciation
or depreciation of investments 673,717 (2,209,050) 8,145,496 8,747,502
--------------------------------------------------------------------
Increase (decrease) in net assets
resulting from operations 1,233,112 (721,895) 39,606,934 20,678,131
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment income (590,744) (1,335,320) (1,107,597) ----
In excess of net investment income ---- (770) ---- ----
From net realized gain on
investments (151,835) (22,243) (11,534,530) (687,990)
In excess of net realized gain on
investments ---- ---- (176,413) ----
CAPITAL SHARE TRANSACTIONS,
NET (Note 4) (3,693,219) 1,717,846 412,801,581 276,003,800
--------------------------------------------------------------------
Total increase (decrease) in net as (3,202,686) (362,382) 439,589,975 295,993,941
FUND NET ASSETS, BEGINNING
OF PERIOD 29,045,728 29,408,110 319,810,853 23,816,912
--------------------------------------------------------------------
FUND NET ASSETS, END OF
PERIOD $25,843,042 $29,045,728 $759,400,828 $319,810,853
--------------------------------------------------------------------
--------------------------------------------------------------------
Undistributed net investment
income, end of period $ ---- $ ---- $ 3,147,256 $ 298,637
--------------------------------------------------------------------
--------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
30
<PAGE>
-------------------------------------------------------------------------------
FAMILY OF MUTUAL FUNDS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
THE CRABBE HUSON THE CRABBE HUSON
ASSET ALLOCATION FUND, INC. EQUITY FUND, INC.
---------------------------------------------------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
APRIL 30, 1995 OCTOBER 31, 1994 APRIL 30, 1995 OCTOBER 31, 1994
---------------------------------------------------------------------------
<S> <C> <C> <C>
$ 1,479,068 $ 2,402,334 $ 1,508,680 $ 940,474
4,055,253 4,008,708 4,737,922 2,406,325
1,437,551 (3,975,212) 8,756,087 1,406,726
---------------------------------------------------------------------------
6,971,872 2,435,830 15,002,689 4,753,525
(1,479,068) (2,313,253) (1,413,080) (170,079)
(20,473) ---- ---- ----
(3,984,477) (4,683,410) (2,376,723) (1,800,301)
---- ---- ---- ----
7,999,801 29,322,601 110,433,774 115,801,985
---------------------------------------------------------------------------
9,487,655 24,761,768 121,646,660 118,585,130
110,151,785 85,390,017 153,105,296 34,520,166
---------------------------------------------------------------------------
$119,639,440 $110,151,785 $274,751,956 $153,105,296
---------------------------------------------------------------------------
---------------------------------------------------------------------------
$ ---- $ ---- $ 805,257 $ 872,521
---------------------------------------------------------------------------
---------------------------------------------------------------------------
</TABLE>
31
<PAGE>
-------------------------------------------------------------------------------
THE CRABBE HUSON
-------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
Unaudited)
<TABLE>
<CAPTION>
THE CRABBE HUSON
INCOME FUND, INC.
------------------------------------------
SIX MONTHS
ENDED YEAR ENDED
APRIL 30, 1995 OCTOBER 31, 1994
------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
<S> <C> <C>
Net investment income $ 173,629 $ 288,002
Net realized gain (loss) on investments (64,992) (283,625)
Net change in unrealized appreciation
or depreciation of investments 136,589 (169,542)
------------------------------------------
Increase (decrease) in net assets
resulting from operations 245,226 (165,165)
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment income (173,629) (288,002)
In excess of net investment income (17,068) (4,622)
From net realized gain on
investments ---- (156,271)
In excess of net realized gain on
investments ---- ----
CAPITAL SHARE TRANSACTIONS,
NET (Note 4) 1,763,289 190,912
------------------------------------------
Total increase (decrease) in net
assets 1,817,818 (423,148)
FUND NET ASSETS, BEGINNING
OF PERIOD 5,273,407 5,696,555
FUND NET ASSETS, END OF
PERIOD $ 7,091,225 $ 5,273,407
------------------------------------------
------------------------------------------
Undistributed net investment
income, end of period $ ---- $ ----
------------------------------------------
------------------------------------------
<CAPTION>
THE CRABBE HUSON
U.S. GOVERNMENT INCOME FUND, INC.
------------------------------------------
SIX MONTHS
ENDED YEAR ENDED
APRIL 30, 1995 OCTOBER 31, 1994
------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
<S> <C> <C>
Net investment income $ 208,557 $ 449,352
Net realized gain (loss) on investments (12,737) (148,628)
Net change in unrealized appreciation
or depreciation of investments 126,685 (480,026)
------------------------------------------
Increase (decrease) in net assets
resulting from operations 322,505 (179,302)
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment income (208,557) (449,352)
In excess of net investment income (9,332) (3,373)
From net realized gain on
investments ---- (108,276)
In excess of net realized gain on
investments ---- ----
CAPITAL SHARE TRANSACTIONS,
NET (Note 4) (1,084,589) (1,228,397)
------------------------------------------
Total increase (decrease) in net
assets (979,973) (1,968,700)
FUND NET ASSETS, BEGINNING
OF PERIOD 9,249,212 11,217,912
------------------------------------------
FUND NET ASSETS, END OF
PERIOD $ 8,269,239 $ 9,249,212
------------------------------------------
------------------------------------------
Undistributed net investment
income, end of period ---- ----
------------------------------------------
------------------------------------------
</TABLE>
32
<PAGE>
-------------------------------------------------------------------------------
FAMILY OF MUTUAL FUNDS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
THE CRABBE HUSON
REAL ESTATE
INVESTMENT FUND, INC.
------------------------------------------
SIX MONTHS
ENDED YEAR ENDED
APRIL 30, 1995 OCTOBER 31, 1994
------------------------------------------
<S> <C> <C>
$ 1,191,322 $ 731,382
---- ----
---- ----
------------------------------------------
1,191,322 731,382
(1,191,322) (731,382)
---- ----
---- ----
---- ----
20,785,975 17,598,059
------------------------------------------
20,785,975 17,598,059
32,382,552 14,784,493
------------------------------------------
$ 53,168,527 $ 32,382,552
------------------------------------------
------------------------------------------
$ ---- $ ----
------------------------------------------
------------------------------------------
<CAPTION>
THE CRABBE HUSON
U.S. GOVERNMENT
MONEY MARKET FUND, INC.
------------------------------------------
SIX MONTHS
ENDED YEAR ENDED
APRIL 30, 1995 OCTOBER 31, 1994
------------------------------------------
<S> <C> <C>
$ 684,997 $ 598,957
(152,330) 206,890
(362,134) (1,550,914)
------------------------------------------
170,533 (745,067)
(431,479) (373,869)
---- ----
(206,890) ----
(33,913) ----
106,075 19,298,436
------------------------------------------
(395,674) 18,179,500
18,279,500 100,000
------------------------------------------
17,883,826 18,279,500
------------------------------------------
------------------------------------------
$ ---- $ ----
------------------------------------------
------------------------------------------
</TABLE>
33
<PAGE>
--------------------------------------------------------------------------------
THE CRABBE HUSON FAMILY OF MUTUAL FUNDS
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
April 30, 1995
(Unaudited)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION: The Oregon Municipal Bond Fund, Inc. is registered under the
Investment Company Act of 1940, as amended, as an open-end non-diversified
investment company. The Crabbe Huson Special Fund, Inc., The Crabbe Huson Asset
Allocation Fund, Inc., The Crabbe Huson Equity 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. and The Crabbe Huson Real
Estate Investment Fund, Inc. are registered under the Investment Company Act of
1940, as amended, as open-end diversified investment companies.
The following is a summary of significant accounting policies consistently
followed by the Funds in preparation of financial statements.
SECURITY VALUATION--THE CRABBE HUSON U.S. GOVERNMENT MONEY MARKET FUND, INC.:
In order to maintain a constant net asset value of $1.00, the Fund values its
assets using the amortized cost method by adjusting the cost of each security
for accretion of discount or amortization of premium.
SECURITY VALUATION--OTHER FUNDS: Securities listed or traded on a registered
securities exchange are valued at the last price on the date of the computation.
This includes over-the-counter securities for which last sale information is
available. Where last sale information is not available, the best bid price is
used. Securities and assets for which market quotations are not readily
available are valued at fair market value as determined in good faith by or
under the direction of the Board of Directors of the Funds.
SECURITY TRANSACTIONS AND INVESTMENT INCOME: Security transactions are
accounted for on the trade date, the date the order to buy or sell is executed.
Interest income is recorded daily on the accrual basis. Interest income
consists of interest accrued plus the accretion of original issue discount and
minus the amortization of investment premium, both calculated on an effective
interest basis. Dividend income and distributions to shareholders are recorded
on the ex-dividend date. Net realized gains and losses on investments are
computed on the first-in, first-out, method.
The majority of the dividend income recorded by The Crabbe Huson Real Estate
Investment Fund, Inc. is from Real Estate Investment Trusts (REIT's). For tax
purposes a portion of these dividends consists of capital gains and return of
capital. For financial reporting purposes, these dividends are recorded as
dividend income.
DIVIDENDS AND DISTRIBUTIONS: The Oregon Municipal Bond Fund, Inc. declares
dividends from its net investment income each business day. The net investment
income for Saturdays, Sundays and holidays is declared as a dividend on the next
business day. Declared dividends are accrued through the last business day of
each month and are distributed on that date. Net capital gains realized by the
Fund, if any, are declared and distributed on an annual basis, usually in
December.
34
<PAGE>
--------------------------------------------------------------------------------
THE CRABBE HUSON FAMILY OF MUTUAL FUNDS
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (continued)
April 30, 1995
(Unaudited)
The Crabbe Huson Special Fund, Inc. and The Crabbe Huson Equity Fund, Inc.
expect to declare and distribute to shareholders, once a year in December,
substantially all of the net investment income and net realized capital gains
(if any).
The Crabbe Huson Asset Allocation Fund, Inc. and The Crabbe Huson Real Estate
Investment Fund, Inc. expect to declare and distribute dividends from net
investment income on the last business day of each fiscal quarter. Net capital
gains realized by the Funds, if any, are declared and distributed on an annual
basis, usually in December.
The Crabbe Huson Income Fund, Inc. and The Crabbe Huson U.S. Government Income
Fund, Inc. declare and distribute dividends from net investment income on the
last business day of each month. Net capital gains realized by the Funds, if
any, are declared and distributed on an annual basis, usually in December.
The Crabbe Huson U.S. Government Money Market Fund, Inc. declares dividends from
its net investment income each business day. The net investment income for
Saturdays, Sundays and holidays is declared as a dividend on the prior business
day. Declared dividends are accrued through the last business day of each month
and are distributed on that date. Net capital gains realized by the Fund, if
any, are declared and distributed on an annual basis, usually in December.
SHORT SALES. The Crabbe Huson Special Fund intends from time to time to sell
securities short. A short sale is effected when it is believed that the price
of a particular security will decline, and involves the sale of a security which
the Fund does not own in the hope of purchasing the same security at a later
date at a lower price. To make delivery to the buyer, the Special Fund must
borrow the security. The Fund is then obligated to return the security to the
lender, and therefore it must subsequently purchase the same security.
When the Special Fund makes a short sale, it must leave the proceeds from
the short sale with the broker, and it must deposit with the broker a certain
amount of cash or government securities to collateralize its obligation to
replace the borrowed securities which have been sold. In addition, the Fund
must put in a segregated account (with the Fund's custodian) an amount of cash
or U.S. Government securities equal to the difference between the market value
of the securities sold short at the time they were sold short and any cash or
government securities deposited as collateral with the broker in connection with
the short sale (not including the proceeds from the short sale). Furthermore,
until the Fund replaces the borrowed security, it must daily maintain the
segregated account at a level so that (1) the amount deposited in it plus the
amount deposited with the broker (not including the proceeds from the short
sale) will equal the current market value of the securities sold short, (2) the
amount deposited in it plus the amount deposited with the broker (not including
the proceeds from the short sale) will not be less than the market value of the
securities at the time they were sold short. As a result of these requirements,
the Special Fund will not gain any leverage merely by selling short, except to
the extent that it earns interest on the immobilized cash or government
securities while also being subject to the possibility of gain or loss from the
securities sold short. The amount of the Fund's net assets that will at any
time be in the type of
35
<PAGE>
-------------------------------------------------------------------------------
THE CRABBE HUSON FAMILY OF MUTUAL FUNDS
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (continued)
April 30, 1995
(Unaudited)
deposits described above (that is, collateral deposits or segregated accounts)
will not exceed 25%.
ORGANIZATION COSTS: Expenses incurred in connection with the organization of
the Funds are amortized over a sixty-month period. The amortization is
calculated based upon the projected growth in net assets of the Funds. As of
April 30, 1995 organization costs for all Funds except for The Crabbe Huson Real
Estate Investment Fund, Inc. have been fully amortized. The Crabbe Huson Group,
Inc., the Fund's investment advisor, has agreed that, in the event any of the
initial shares are redeemed during the 60-month period for amortizing the Fund's
organization costs, the Fund will be reimbursed by the investment advisor for
the unamortized balances of such costs in the same proportion as the number of
shares reduced bears to the number of initial shares outstanding at the time of
redemption.
FEDERAL INCOME TAXES: It is each Fund's policy to distribute all of its taxable
income to shareholders and otherwise comply with the provisions of the Internal
Revenue Code applicable to regulated investment companies. Therefore, no
provision has been made for Federal income tax on net investment income and
realized or unrealized capital gains.
Due to the timing of dividend distributions and the differences in accounting
for income and realized gains (losses) for financial statement and federal
income tax purposes, the fiscal year in which amounts are distributed may differ
from the year in which the income and realized gains (losses) were recorded by
the funds. The differences between the income or gains distributed on a book
versus tax basis are shown as excess distributions of net investment income and
net realized gain on sales of investments in the Statement of Changes in Net
Assets.
On the Statement of Assets and Liabilities, as a result of permanent book-to-tax
differences, reclassification adjustments have been made as follows:
<TABLE>
<CAPTION>
Undistributed Undistributed
Accumulated Accumulated Net
Capital Net Investment Realized Gain on
Paid In Income Investments
-------- -------------- ----------------
<S> <C> <C> <C>
The Oregon Municipal Bond Fund, Inc. $ ---- $ ---- $ ----
The Crabbe Huson Special Fund, Inc. 532,851 (352,660) (180,191)
The Crabbe Huson Asset Allocation Fund, Inc. (8,711) 20,471 (11,760)
The Crabbe Huson Equity Fund, Inc. 174,480 (162,868) (11,612)
The Crabbe Huson Income Fund, Inc. 40,860 17,066 (57,926)
The Crabbe Huson U.S. Government Income Fund, Inc. (3,716) 9,331 (5,615)
The Crabbe Huson U.S. Government Money Market Fund, ---- ---- ----
The Crabbe Huson Real Estate Investment Fund, Inc. 258,115 (253,516) (4,599)
</TABLE>
36
<PAGE>
--------------------------------------------------------------------------------
THE CRABBE HUSON FAMILY OF MUTUAL FUNDS
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (continued)
April 30, 1995
(Unaudited)
2. INVESTMENT ADVISOR AND OTHER TRANSACTIONS WITH AFFILIATES
INVESTMENT ADVISOR: The Funds have entered into an investment advisory
agreement with Crabbe Huson Group, Inc., an affiliated company. The investment
advisory fee of each Fund is accrued daily and paid semi-monthly. The annual
investment advisory fee for each Fund is described below:
THE CRABBE HUSON ASSET ALLOCATION FUND, INC.
THE CRABBE HUSON SPECIAL FUND, INC.
THE CRABBE HUSON EQUITY FUND, INC.
THE CRABBE HUSON REAL ESTATE INVESTMENT FUND, INC.
1.00% of daily net assets up to $100,000,000
.85 of 1% of daily net assets between $100,000,000 and $500,000,000
.60 of 1% of daily net assets over $500,000,000
THE CRABBE HUSON INCOME FUND, INC.
.75 of 1% of daily net assets up to $100,000,000
.60 of 1% of daily net assets up to $500,000,000
.50 of 1% of daily nets assets over $500,000,000
THE CRABBE HUSON U.S. GOVERNMENT INCOME FUND, INC.
THE CRABBE HUSON U.S. GOVERNMENT MONEY MARKET FUND, INC.
THE OREGON MUNICIPAL BOND FUND, INC.
.50 of 1% of daily net assets up to $500,000,000
.45 of 1% of daily net assets between
$500,000,000 and $1,000,000,000
.40 of 1% of daily net assets over $1,000,000,000
The Advisor has voluntarily agreed to waive its management fee and/or reimburse
each Fund for the amount, if any, by which the total operating and management
expenses of such Fund (including the Advisor's compensation and any amounts paid
pursuant tot he participating Funds' Rule 12b-1 plan but excluding interest,
taxes, brokerage fees and commissions and extraordinary expenses) exceed certain
annual rates applied to the average daily net assets of the Funds.
The annual expense limit for each Fund is listed below:
<TABLE>
<S> <C>
The Oregon Municipal Bond Fund, Inc. .98%
The Crabbe Huson Special Fund, Inc. 1.50%
The Crabbe Huson Asset Allocation Fund, Inc. 1.50%
</TABLE>
37
<PAGE>
--------------------------------------------------------------------------------
THE CRABBE HUSON FAMILY OF MUTUAL FUNDS
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (continued)
April 30, 1995
(Unaudited)
<TABLE>
<S> <C>
The Crabbe Huson Equity Fund, Inc. 1.50%
The Crabbe Huson Income Fund, Inc. .80%
The Crabbe Huson U.S. Government Income Fund, Inc. .75%
The Crabbe Huson U.S. Government Money Market Fund, Inc. .70%
The Crabbe Huson Real Estate Investment Fund, Inc. 1.50%
</TABLE>
This informal agreement may be modified or discontinued at any time, at the
Advisor's discretion.
DISTRIBUTOR: The Funds have entered into a distribution agreement with Crabbe
Huson Securities, Inc., an affiliated company. Under the Distribution Plan,
each of the participating Funds may pay up to 1/4 of 1% of such Fund's average
daily net assets to the Distributor as reimbursement for its actual expenses
incurred in the distribution and promotion of such Fund's shares. For the
reported period ended April 30, 1995, the following are the amounts received by
Crabbe Huson Securities, Inc. for each Fund's distribution fees:
<TABLE>
<CAPTION>
Distribution Fees
Received by
Crabbe Huson
Securities, Inc.
-----------------
<S> <C>
The Oregon Municipal Bond Fund, Inc. 32,384
The Crabbe Huson Special Fund, Inc. 585,661
The Crabbe Huson Asset Allocation Fund, Inc. 135,646
The Crabbe Huson Equity Fund, Inc. 238,118
The Crabbe Huson Income Fund, Inc. 7,589
The Crabbe Huson U.S. Government Income Fund, Inc. 10,974
The Crabbe Huson U.S. Government Money Market Fund, 56,161
The Crabbe Huson Real Estate Investment Fund, Inc. 21,645
</TABLE>
DIRECTORS FEES: As of April 30, 1995, fees payable to the disinterested
directors were $776, $32, $1,981, $33, $294, $295, $793 and $776 for The Oregon
Municipal Bond Fund, Inc., The Crabbe Huson Special Fund, Inc., The Crabbe Huson
Asset Allocation Fund, Inc., The Crabbe Huson Equity 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. and The Crabbe Huson Real
Estate Investment Fund, Inc., respectively.
38
<PAGE>
--------------------------------------------------------------------------------
THE CRABBE HUSON FAMILY OF MUTUAL FUNDS
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (continued)
April 30, 1995
(Unaudited)
3. DISTRIBUTIONS TO SHAREHOLDERS
On December 13, 1994 the following distributions were declared from net realized
capital gains from investment transactions during the 1994 fiscal year. The
dividend was paid on December 13, 1994, to shareholders of record on
December 12, 1994:
<TABLE>
<CAPTION>
------------------------------- -----------------------------
PER SHARE DOLLARS
---------------- ------------ --------------- ------------
Short-Term Long-Term Short-Term Long-Term
Capital Gain Capital Gain Capital Gain Capital Gain
Distribution(1) Distribution Distribution(1) Distribution
---------------- ------------ --------------- ------------
<S> <C> <C> <C> <C>
The Oregon Municipal Bond Fund, Inc. ---- 0.0675 $ ---- $ 151,835
The Crabbe Huson Special Fund, Inc. 0.2898 0.1610 7,529,612 4,181,331
The Crabbe Huson Asset Allocation Fund, Inc. 0.0503 0.4148 430,561 3,553,916
The Crabbe Huson Equity Fund, Inc. 0.0672 0.1808 640,775 1,724,054
The Crabbe Huson Income Fund, Inc. ---- ---- ---- ----
The Crabbe Huson U.S. Government Income Fund, Inc. ---- ---- ---- ----
The Crabbe Huson Real Estate Investment Fund, Inc.(2) 0.1347 ---- 240,803 ----
<FN>
(1)Short-term capital gains are taxable to shareholders as ordinary income
dividends.
(2)The Short-term capital gains distribution for the Crabbe Huson Real Estate
Investment Fund, Inc. was declared on December 30, 1994 to shareholders of
record on December 29, 1994.
</TABLE>
39
<PAGE>
--------------------------------------------------------------------------------
THE CRABBE HUSON
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (continued)
April 30, 1995
(Unaudited)
4. CAPITAL SHARE TRANSACTIONS
Transactions in capital shares of the Funds were as follows:
<TABLE>
<CAPTION>
THE OREGON THE CRABBE HUSON
MUNICIPAL BOND FUND, INC. SPECIAL FUND, INC.
-----------------------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT
-----------------------------------------------------------------------------------------------------
Six Months Year Six Months Year Six Months Year Six Months Year
Ended Ended Ended Ended Ended Ended Ended Ended
April 30, October 31, April 30, October 31, April 30, October 31, April 30, October 31,
1995 1994 1995 1994 1995 1994 1995 1994
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Shares sold 256,453 858,058 3,063,888 10,795,284 36,251,781 23,946,462 502,959,047 318,927,086
Shares issued in
reinvestment of dividends 36,649 85,380 442,314 1,057,544 78,483 51,007 1,034,227 610,047
-----------------------------------------------------------------------------------------------------
293,102 943,438 3,506,202 11,852,828 36,330,264 23,997,469 503,993,274 319,537,133
Shares redeemed (603,369) (818,671) (7,199,421) (10,134,982) (6,606,910) (3,303,144) (91,191,693) (43,533,333)
-----------------------------------------------------------------------------------------------------
Net increase (decrease) (310,267) 124,767 (3,693,219) 1,717,846 29,723,354 20,694,325 412,801,581 276,003,800
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
THE CRABBE HUSON THE CRABBE HUSON
INCOME U.S. GOVERNMENT
FUND, INC. INCOME FUND, INC.
------------------------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT
------------------------------------------------------------------------------------------------------
Six Months Year Six Months Year Six Months Year Six Months Year
Ended Ended Ended Ended Ended Ended Ended Ended
April 30, October 31, April 30, October 31, April 30, October 31, April 30, October 31,
1995 1994 1995 1994 1995 1994 1995 1994
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Shares sold 256,931 323,868 2,468,618 3,312,857 210,666 318,425 2,162,530 3,370,107
Shares issued in
reinvestment of dividends 17,583 28,426 169,570 289,053 17,292 46,002 177,481 488,454
------------------------------------------------------------------------------------------------------
274,514 352,294 2,638,188 3,601,910 227,958 364,427 2,340,011 3,858,561
Shares redeemed (91,149) (338,813) (874,899) (3,410,998) (332,993) (480,229) (3,424,600) (5,086,958)
------------------------------------------------------------------------------------------------------
Net increase (decrease) 183,365 13,481 1,763,289 190,912 (105,035) (115,802) (1,084,589) (1,228,397)
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
</TABLE>
40
<PAGE>
--------------------------------------------------------------------------------
FAMILY OF MUTUAL FUNDS
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (continued)
April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
THE CRABBE HUSON ASSET THE CRABBE HUSON
ALLOCATION FUND, INC. EQUITY FUND, INC.
-------------------------------------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Six Months Year Six Months Year Six Months Year Six Months Year
Ended Ended Ended Ended Ended Ended Ended Ended
April 30, October 31, April 30, October 31, April 30, October 31, April 30, October 31,
1995 1994 1995 1994 1995 1994 1995 1994
-------------------------------------------------------------------------------------------------------------------
1,959,760 4,625,388 $ 24,533,881 $ 60,156,367 8,676,875 8,303,990 $141,000,589 $134,306,739
103,326 460,871 1,294,676 5,964,138 79,947 105,277 1,237,836 1,635,783
-------------------------------------------------------------------------------------------------------------------
2,063,086 5,086,259 25,828,557 66,120,505 8,756,822 8,409,267 142,238,425 135,942,522
(1,425,616) (2,842,271) (17,828,756) (36,797,904) (1,977,961) (1,243,034) (31,804,651) (20,140,537)
-------------------------------------------------------------------------------------------------------------------
637,470 2,243,988 $ 7,999,801 $ 29,322,601 6,778,861 7,166,233 $110,433,774 $115,801,985
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
THE CRABBE HUSON THE CRABBE HUSON
U.S. GOVERNMENT REAL ESTATE
MONEY MARKET FUND, INC. INVESTMENT FUND, INC.
-------------------------------------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT
-------------------------------------------------------------------------------------------------------------------
Six Months Year Six Months Year Six Months Period Six Months Period
Ended Ended Ended Ended Ended Ended Ended Ended
April 30, October 31, April 30, October 31, April 30, October 31, April 30, October 31,
1995 1994 1995 1994 1995 1994 1995 1994
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
94,230,370 99,391,599 $ 94,230,370 $ 99,391,599 335,200 2,006,502 $ 3,185,926 $20,250,921
804,683 391,037 804,683 391,037 16,438 33,284 154,730 323,473
-------------------------------------------------------------------------------------------------------------------
95,035,053 99,782,636 95,035,053 99,782,636 351,638 2,039,786 3,340,656 20,574,394
(74,249,078) (82,184,578) (74,249,078) (82,184,578) (344,925) (125,257) (3,234,581) (1,275,958)
-------------------------------------------------------------------------------------------------------------------
20,785,975 17,598,058 $ 20,785,975 $ 17,598,058 6,713 1,914,529 $ 106,075 $19,298,436
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
</TABLE>
41
<PAGE>
--------------------------------------------------------------------------------
THE CRABBE HUSON
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (continued)
April 30, 1995
(Unaudited)
5. INVESTMENT TRANSACTIONS
For the six months ended April 30, 1995, The Crabbe Huson U.S. Government
Money Market Fund, Inc. had aggregate security purchases and sales
{including maturities} of $247,957,104 and $228,937,478, respectively.
Aggregate purchases, sales and maturities and unrealized appreciation
(depreciation) of securities for the six months ended April 30, 1995
(excluding short-term securities) for the remaining Funds are as follows:
<TABLE>
<CAPTION>
THE THE
THE OREGON CRABBE HUSON CRABBE HUSON
MUNICIPAL BOND SPECIAL ASSET ALLOCATION
FUND, INC. FUND, INC. FUND, INC.
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Purchases: $ 2,665,625 $ 388,437,760 $ 45,487,251
Sales and Maturities: 7,220,952 209,013,345 44,020,607
Unrealized Appreciation (Depreciation):
Appreciation 800,450 51,013,248 7,728,047
Depreciation (215,349) (30,658,318) (1,484,224)
------------------------------------------------------
Net unrealized appreciation (depreciation) $ 585,101 $ 20,354,930 $ 6,243,823
------------------------------------------------------
------------------------------------------------------
</TABLE>
42
<PAGE>
--------------------------------------------------------------------------------
FAMILY OF MUTUAL FUNDS
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (continued)
April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
THE
THE THE THE CRABBE HUSON
CRABBE HUSON CRABBE HUSON CRABBE HUSON REAL ESTATE
EQUITY INCOME U.S. GOVERNMENT INVESTMENT
FUND, INC. FUND, INC. INCOME FUND, INC. FUND, INC.
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Purchases: $ 143,578,196 $ 6,273,496 $ 1,400,438 $ 2,692,787
Sales and Maturities: 81,834,702 4,675,831 2,259,617 3,032,368
Unrealized Appreciation (Depreciation):
Appreciation 18,650,980 79,436 32,475 20,809
Depreciation (4,062,583) (23,721) (126,780) (1,933,857)
-----------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) $ 14,588,397 $ 55,715 $ (94,305) $ (1,913,048)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
</TABLE>
43
<PAGE>
--------------------------------------------------------------------------------
THE CRABBE HUSON
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
<S> <C>
(FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD) (b) Commencement of operations - 10/3/84.
The following information should be read in conjunction with the financial (c) Computed on an annualized basis.
statements and notes thereto appearing elsewhere in this Semi-annual Report. (d) Commencement of operations - 4/9/87.
The calculations are based on average number of shares outstanding for each period. (e) Commencement of operations - 1/31/89.
(f) Commencement of operations - 4/4/94.
(a) The Fund's Fiscal Year was changed from 9/30 to 10/31, effective 10/31/87,
which represents a conformed 12-month period.
</TABLE>
<TABLE>
<CAPTION>
THE OREGON MUNICIPAL BOND FUND, INC. (Unaudited)
PERIOD PERIOD PERIOD PERIOD
ENDED ENDED ENDED ENDED
4/30/95 10/31/94 10/31/93 10/31/92
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $11.99 $12.80 $12.20 $12.14
INCOME FROM INVESTMENT OPERATIONS
---------------------------------
NET INVESTMENT INCOME 0.2693 0.5418 0.5683 0.6168
NET REALIZED & UNREALIZED
GAIN (LOSS) ON SECURITIES 0.3136 (0.8001) 0.6880 0.1521
------------ ------------ ------------ ------------
TOTAL FROM INVESTMENT OPERATIONS 0.5829 (0.2583) 1.2563 0.7689
LESS DISTRIBUTIONS
------------------
DIVIDENDS FROM NET INVESTMENT INCOME 0.2697 0.5419 0.5647 0.6168
DIVIDENDS IN EXCESS OF NET INVESTMENT INCOME 0.0000 0.0003 0.0000 0.0000
DISTRIBUTIONS FROM CAPITAL GAINS 0.0675 0.0090 0.0916 0.0921
------------ ------------ ------------ ------------
TOTAL DISTRIBUTIONS 0.3372 0.5512 0.6563 0.7089
------------ ------------ ------------ ------------
NET ASSET VALUE, END OF PERIOD $12.24 $11.99 $12.80 $12.20
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
TOTAL RETURN 4.98% -2.06% 10.71% 6.51%
RATIOS/SUPPLEMENTAL DATA
------------------------
NET ASSETS, END OF PERIOD $25,843,042 $29,045,728 $29,408,110 $20,295,896
RATIO OF EXPENSES TO AVERAGE NET ASSETS 0.98%(c) 0.98% 1.05% 1.11%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS 4.56%(c) 4.37% 4.51% 5.04%
PORTFOLIO TURNOVER RATE 10.29% 20.58% 11.62% 25.30%
RATIOS IF FEES HAD NOT BEEN WAIVED AND/OR REIMBURSED
----------------------------------------------------
RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.06%(c) 1.08% 1.09% 1.13%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS 4.49%(c) 4.26% 4.46% 5.01%
</TABLE>
44
<PAGE>
--------------------------------------------------------------------------------
FAMILY OF MUTUAL FUNDS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERIOD PERIOD PERIOD PERIOD PERIOD PERIOD PERIOD PERIOD
ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED
10/31/91 10/31/90 10/31/89 10/31/88 10/31/87 (a) 9/30/87 9/30/86 9/30/85 (b)
------------ ------------ ------------ ------------ ----------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
$11.74 $11.72 $11.72 $11.08 $12.15 $11.93 $10.43 $10.00
0.6385 0.6316 0.6794 0.6386 0.7311 0.7319 0.7720 0.7428
0.4831 0.0522 0.0842 0.6411 (0.9983) (0.8051) 1.5265 0.4284
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
1.1216 0.6838 0.7636 1.2797 (0.2672) (0.0732) 2.2985 1.1712
0.6562 0.6401 0.6711 0.6386 0.7311 0.7319 0.7720 0.7428
0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
0.0654 0.0237 0.0925 0.0000 0.0760 0.0760 0.0255 0.0000
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
0.7216 0.6638 0.7636 0.6386 0.8071 0.8079 0.7975 0.7428
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
$12.14 $11.74 $11.72 $11.72 $11.08 $11.05 $11.93 $10.43
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
9.85% 6.00% 6.67% 12.02% -1.95% -0.95% 22.83% 12.05%(c)
$18,382,636 $18,766,449 $19,173,145 $20,058,295 $14,276,600 $14,165,161 $8,861,258 $3,390,500
1.21% 1.38% 1.04% 1.21% 1.14% 1.31% 1.06% 0.78%(c)
5.36% 5.41% 5.82% 5.53% 5.66% 6.43% 6.34% 7.29%(c)
53.40% 58.52% 45.25% 31.44% 19.18% 18.73% 24.20% 43.21%
1.24% 1.55% 1.16% 1.32% ---- ---- ---- ----
5.34% 5.23% 5.71% 5.42% ---- ---- ---- ----
</TABLE>
45
<PAGE>
--------------------------------------------------------------------------------
THE CRABBE HUSON
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
(Continued)
<TABLE>
<CAPTION>
THE CRABBE HUSON SPECIAL FUND, INC. (Unaudited)
PERIOD PERIOD PERIOD PERIOD
ENDED ENDED ENDED ENDED
4/30/95 10/31/94 10/31/93 10/31/92
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $14.08 $11.82 $8.36 $12.05
INCOME FROM INVESTMENT OPERATIONS
---------------------------------
NET INVESTMENT INCOME 0.1242 0.0513 (0.0774) (0.0211)
NET REALIZED & UNREALIZED
GAIN (LOSS) ON SECURITIES 0.7674 2.3026 3.5374 (1.6211)
------------ ------------ ------------ ------------
TOTAL FROM INVESTMENT OPERATIONS 0.8916 2.3539 3.4600 (1.6422)
LESS DISTRIBUTIONS
------------------
DIVIDENDS FROM NET INVESTMENT INCOME 0.0401 0.0000 0.0000 0.0260
DISTRIBUTIONS FROM CAPITAL GAINS 0.4440 0.0892 0.0000 2.0218
DISTRIBUTIONS IN EXCESS OF NET CAPITAL GAINS 0.0068 0.0000 0.0000 0.0000
------------ ------------ ------------ ------------
TOTAL DISTRIBUTIONS 0.4909 0.0892 0.0000 2.0478
------------ ------------ ------------ ------------
NET ASSET VALUE, END OF PERIOD $14.48 $14.08 $11.82 $8.36
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
TOTAL RETURN 6.80% 22.40% 41.39% 8.11%
RATIOS/SUPPLEMENTAL DATA
------------------------
NET ASSETS, END OF PERIOD $759,400,828 $319,810,853 $23,816,912 $5,857,434
RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.34%(c) 1.44% 1.57% 1.74%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS 1.83%(c) 0.39% -0.73% -0.25%
PORTFOLIO TURNOVER RATE 66.39% 146.44% 73.29% 102.27%
RATIOS IF FEES HAD NOT BEEN WAIVED AND/OR REIMBURSED
----------------------------------------------------
RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.34%(c) 1.54% 1.59% 2.18%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS 1.83%(c) 0.29% -0.75% -0.69%
</TABLE>
46
<PAGE>
--------------------------------------------------------------------------------
FAMILY OF MUTUAL FUNDS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERIOD PERIOD PERIOD PERIOD PERIOD
ENDED ENDED ENDED ENDED ENDED
10/31/91 10/31/90 10/31/89 10/31/88 10/31/87 (d)
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
$8.78 $11.49 $9.69 $8.13 $10.00
0.0353 0.1546 0.2100 (0.0515) (0.0409)
4.0155 (1.4317) 1.5900 1.6115 (1.8300)
------------ ------------ ------------ ------------ ------------
4.0508 (1.2771) 1.8000 1.5600 (1.8709)
0.1453 0.2240 0.0000 0.0000 0.0000
0.6355 1.2089 0.0000 0.0000 0.0000
0.0000 0.0000 0.0000 0.0000 0.0000
------------ ------------ ------------ ------------ ------------
0.7808 1.4329 0.0000 0.0000 0.0000
------------ ------------ ------------ ------------ ------------
$12.05 $8.78 $11.49 $9.69 $8.13
------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------
49.58% -10.90% 18.68% 19.63% -30.32%(c)
$3,541,797 $2,926,457 $3,356,417 $4,392,920 $1,892,038
1.92% 2.00% 2.00% 3.94% 2.60%(c)
0.32% 1.55% 1.96% 3.34% 0.05%(c)
256.68% 314.73% 275.62% 155.12% 3.90%
2.40% 2.86% 2.44%(c) ---- ----
-15.00% 0.70% 1.53%(c) ---- ----
</TABLE>
47
<PAGE>
--------------------------------------------------------------------------------
THE CRABBE HUSON
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
(Continued)
<TABLE>
<CAPTION>
THE CRABBE HUSON ASSET ALLOCATION FUND, INC. (Unaudited)
PERIOD PERIOD PERIOD
ENDED ENDED ENDED
4/30/95 10/31/94 10/31/93
------------ ------------ ------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $12.87 $13.52 $11.68
INCOME FROM INVESTMENT OPERATIONS
---------------------------------
NET INVESTMENT INCOME 0.1680 0.2990 0.2323
NET REALIZED & UNREALIZED
GAIN (LOSS) ON SECURITIES 0.6043 (0.0817) 2.0889
------------ ------------ ------------
TOTAL FROM INVESTMENT OPERATIONS 0.7723 0.2173 2.3212
LESS DISTRIBUTIONS
------------------
DIVIDENDS FROM NET INVESTMENT INCOME 0.1651 0.2879 0.2373
DIVIDENDS IN EXCESS OF NET INVESTMENT INCOME 0.0023 0.0000 0.0000
DISTRIBUTIONS FROM CAPITAL GAINS 0.4651 0.5829 0.2439
------------ ------------ ------------
TOTAL DISTRIBUTIONS 0.6325 0.8708 0.4812
------------ ------------ ------------
NET ASSET VALUE, END OF PERIOD $13.01 $12.87 $13.52
------------ ------------ ------------
------------ ------------ ------------
TOTAL RETURN 6.41% 2.66% 20.93%
RATIOS/SUPPLEMENTAL DATA
------------------------
NET ASSETS, END OF PERIOD $119,639,440 $110,151,785 $85,390,017
RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.46%(c) 1.44% 1.46%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS 2.72%(c) 2.30% 1.85%
PORTFOLIO TURNOVER RATE 43.98% 149.19% 116.10%
RATIOS IF FEES HAD NOT BEEN WAIVED AND/OR REIMBURSED
----------------------------------------------------
RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.46%(c) 1.52% 1.54%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS 2.72%(c) 2.22% 1.77%
</TABLE>
48
<PAGE>
--------------------------------------------------------------------------------
FAMILY OF MUTUAL FUNDS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERIOD PERIOD PERIOD PERIOD
ENDED ENDED ENDED ENDED
10/31/92 10/31/91 10/31/90 10/31/89 (e)
------------ ------------ ------------ ------------
<S> <C> <C> <C>
$11.00 $9.24 $10.69 $10.00
0.3468 0.4143 0.4561 0.3990
0.8175 1.8208 (1.1200) 0.2910
------------ ------------ ------------ ------------
1.1643 2.2351 (0.6639) 0.6900
0.3463 0.4335 0.7159 0.0000
0.0000 0.0000 0.0000 0.0000
0.1380 0.0415 0.0702 0.0000
------------ ------------ ------------ ------------
0.4843 0.4750 0.7861 0.0000
------------ ------------ ------------ ------------
$11.68 $11.00 $9.24 $10.69
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
11.25% 24.55% -6.40% 9.30%(c)
$55,098,981 $23,892,664 $13,173,923 $12,577,962
1.52% 1.76% 1.90% 1.91%(c)
3.02% 3.97% 4.51% 5.02%(c)
155.26% 157.89% 161.72% 88.14%
1.62% 1.79% 1.93% 1.93%(c)
2.92% 3.94% 4.49% 5.00%(c)
</TABLE>
49
<PAGE>
--------------------------------------------------------------------------------
THE CRABBE HUSON
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
(Continued)
<TABLE>
<CAPTION>
THE CRABBE HUSON EQUITY FUND, INC. (Unaudited)
PERIOD PERIOD PERIOD
ENDED ENDED ENDED
4/30/95 10/31/94 10/31/93
------------ ------------ ------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $16.44 $16.08 $13.03
INCOME FROM INVESTMENT OPERATIONS
---------------------------------
NET INVESTMENT INCOME 0.1257 0.1900 0.0981
NET REALIZED & UNREALIZED
GAIN (LOSS) ON SECURITIES 0.9029 0.5668 3.4476
------------ ------------ ------------
TOTAL FROM INVESTMENT OPERATIONS 1.0286 0.7568 3.5457
LESS DISTRIBUTIONS
------------------
DIVIDENDS FROM NET INVESTMENT INCOME 0.1458 0.0344 0.1099
DISTRIBUTIONS FROM CAPITAL GAINS 0.2489 0.3638 0.3858
------------ ------------ ------------
TOTAL DISTRIBUTIONS 0.3947 0.3982 0.4957
------------ ------------ ------------
NET ASSET VALUE, END OF PERIOD $17.07 $16.44 $16.08
------------ ------------ ------------
------------ ------------ ------------
TOTAL RETURN 6.50% 7.89% 29.90%
RATIOS/SUPPLEMENTAL DATA
------------------------
NET ASSETS, END OF PERIOD $274,751,956 $153,105,296 $34,520,166
RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.40%(c) 1.45% 1.49%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS 1.58%(c) 1.18% 0.67%
PORTFOLIO TURNOVER RATE 55.63% 106.49% 114.38%
RATIOS IF FEES HAD NOT BEEN WAIVED AND/OR REIMBURSED
----------------------------------------------------
RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.40%(c) 1.56% 1.64%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS 1.58%(c) 1.06% 0.52%
</TABLE>
50
<PAGE>
--------------------------------------------------------------------------------
FAMILY OF MUTUAL FUNDS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERIOD PERIOD PERIOD PERIOD
ENDED ENDED ENDED ENDED
10/31/92 10/31/91 10/31/90 10/31/89 (e)
------------ ------------ ------------ ------------
<S> <C> <C> <C>
$12.57 $8.54 $10.50 $10.00
0.1980 0.1861 0.2533 0.3146
0.9186 4.1511 (1.6764) 0.1854
------------ ------------ ------------ ------------
1.1166 4.3372 (1.4231) 0.5000
0.0937 0.3072 0.3918 0.0000
0.5629 0.0000 0.1451 0.0000
------------ ------------ ------------ ------------
0.6566 0.3072 0.5369 0.0000
------------ ------------ ------------ ------------
$13.03 $12.57 $8.54 $10.50
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
12.48% 52.44% -14.97% 6.72%(c)
$13,429,315 $5,929,590 $2,944,344 $5,018,337
1.55% 1.84% 1.93% 1.69%(c)
1.57% 1.60% 2.56% 3.98%(c)
180.72% 171.82% 265.25% 90.54%
1.93% 2.41% 2.66% 1.97%(c)
1.18% 1.03% 1.83% 3.68%(c)
</TABLE>
51
<PAGE>
--------------------------------------------------------------------------------
THE CRABBE HUSON
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
(Continued)
<TABLE>
<CAPTION>
THE CRABBE HUSON INCOME FUND, INC. (Unaudited)
PERIOD PERIOD PERIOD
ENDED ENDED ENDED
4/30/95 10/31/94 10/31/93
------------ ------------ ------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $9.71 $10.75 $10.90
INCOME FROM INVESTMENT OPERATIONS
---------------------------------
NET INVESTMENT INCOME 0.2707 0.4995 0.4637
NET REALIZED & UNREALIZED
GAIN (LOSS) ON SECURITIES 0.0784 (0.7669) 0.3265
------------ ------------ ------------
TOTAL FROM INVESTMENT OPERATIONS 0.3491 (0.2674) 0.7902
LESS DISTRIBUTIONS
------------------
DIVIDENDS FROM NET INVESTMENT INCOME 0.2708 0.4995 0.4879
DIVIDENDS IN EXCESS OF NET INVESTMENT INCOME 0.0266 0.0080 0.0000
DISTRIBUTIONS FROM CAPITAL GAINS 0.0000 0.2710 0.4523
------------ ------------ ------------
TOTAL DISTRIBUTIONS 0.2974 0.7785 0.9402
------------ ------------ ------------
NET ASSET VALUE, END OF PERIOD $9.76 $9.71 $10.75
------------ ------------ ------------
------------ ------------ ------------
TOTAL RETURN 3.66% -2.71% 7.73%
RATIOS/SUPPLEMENTAL DATA
------------------------
NET ASSETS, END OF PERIOD $7,091,225 $5,273,407 $5,696,555
RATIO OF EXPENSES TO AVERAGE NET ASSETS 0.80%(c) 0.80% 0.81%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS 5.71%(c) 4.92% 4.34%
PORTFOLIO TURNOVER RATE 88.52% 306.79% 260.22%
RATIOS IF FEES HAD NOT BEEN WAIVED AND/OR REIMBURSED
----------------------------------------------------
RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.98%(c) 2.16% 1.96%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS 4.54%(c) 3.56% 3.19%
</TABLE>
52
<PAGE>
--------------------------------------------------------------------------------
FAMILY OF MUTUAL FUNDS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERIOD PERIOD PERIOD PERIOD
ENDED ENDED ENDED ENDED
10/31/92 10/31/91 10/31/90 10/31/89 (e)
------------ ------------ ------------ ------------
<S> <C> <C> <C>
$10.63 $10.01 $10.27 $10.00
0.6583 0.7038 0.6869 0.5545
0.3569 0.6218 (0.2407) 0.2761
------------ ------------ ------------ ------------
1.0152 1.3256 0.4462 0.8306
0.6588 0.7056 0.6840 0.5606
0.0000 0.0000 0.0000 0.0000
0.0864 0.0000 0.0222 0.0000
------------ ------------ ------------ ------------
0.7452 0.7056 0.7062 0.5606
------------ ------------ ------------ ------------
$10.90 $10.63 $10.01 $10.27
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
9.74% 13.51% 4.43% 10.43%(c)
$5,634,372 $5,485,830 $2,123,203 $1,356,008
0.90% 0.98% 1.51% 1.15%(c)
6.09% 6.82% 6.89% 7.23%(c)
227.45% 115.76% 73.76% 86.60%
1.94% 2.42% 3.07% 4.56%(c)
5.06% 5.38% 5.33% 3.81%(c)
</TABLE>
53
<PAGE>
--------------------------------------------------------------------------------
THE CRABBE HUSON
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
(Continued)
<TABLE>
<CAPTION>
THE CRABBE HUSON U.S. GOVERNMENT INCOME FUND, INC.
(Unaudited)
PERIOD PERIOD PERIOD
ENDED ENDED ENDED
4/30/95 10/31/94 10/31/93
------------ ------------ ------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $10.27 $11.04 $10.91
INCOME FROM INVESTMENT OPERATIONS
---------------------------------
NET INVESTMENT INCOME 0.2395 0.4648 0.4755
NET REALIZED & UNREALIZED
GAIN (LOSS) ON SECURITIES 0.1387 (0.6515) 0.2159
------------ ------------ ------------
TOTAL FROM INVESTMENT OPERATIONS 0.3782 (0.1867) 0.6914
LESS DISTRIBUTIONS
------------------
DIVIDENDS FROM NET INVESTMENT INCOME 0.2433 0.4647 0.4848
DIVIDENDS IN EXCESS OF NET INVESTMENT INCOME 0.0109 0.0035 0.0000
DISTRIBUTIONS FROM CAPITAL GAINS 0.0000 0.1120 0.0766
------------ ------------ ------------
TOTAL DISTRIBUTIONS 0.2542 0.5802 0.5614
------------ ------------ ------------
NET ASSET VALUE, END OF PERIOD $10.39 $10.27 $11.04
------------ ------------ ------------
------------ ------------ ------------
TOTAL RETURN 3.69% -1.78% 6.71%
RATIOS/SUPPLEMENTAL DATA
------------------------
NET ASSETS, END OF PERIOD $8,269,239 $9,249,212 $11,217,912
RATIO OF EXPENSES TO AVERAGE NET ASSETS 0.75%(c) 0.75% 0.75%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS 4.75%(c) 4.39% 4.33%
PORTFOLIO TURNOVER RATE 16.70% 76.09% 81.74%
RATIOS IF FEES HAD NOT BEEN WAIVED AND/OR REIMBURSED
----------------------------------------------------
RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.45%(c) 1.47% 1.26%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS 4.05%(c) 3.66% 3.81%
</TABLE>
54
<PAGE>
--------------------------------------------------------------------------------
FAMILY OF MUTUAL FUNDS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERIOD PERIOD PERIOD PERIOD
ENDED ENDED ENDED ENDED
10/31/92 10/31/91 10/31/90 10/31/89 (e)
------------ ------------ ------------ ------------
<S> <C> <C> <C>
$10.69 $10.24 $10.28 $10.00
0.5801 0.6722 0.6768 0.5637
0.2921 0.4542 (0.0326) 0.2852
------------ ------------ ------------ ------------
0.8722 1.1264 0.6442 0.8489
0.5839 0.6746 0.6736 0.5689
0.0000 0.0000 0.0000 0.0000
0.0683 0.0018 0.0106 0.0000
------------ ------------ ------------ ------------
0.6522 0.6764 0.6842 0.5689
------------ ------------ ------------ ------------
$10.91 $10.69 $10.24 $10.28
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
8.70% 11.17% 6.40% 11.15%(c)
$8,958,757 $3,748,244 $2,069,435 $1,717,128
0.80% 0.96% 1.42% 1.14%(c)
5.35% 6.44% 6.72% 7.35%(c)
105.52% 114.81% 87.71% 40.42%
1.52% 2.15% 2.84% 3.40%(c)
4.63% 5.25% 5.31% 5.09%(c)
</TABLE>
55
<PAGE>
--------------------------------------------------------------------------------
THE CRABBE HUSON
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
(Continued)
<TABLE>
<CAPTION>
THE CRABBE HUSON U.S. GOVERNMENT MONEY MARKET FUND, INC.
(Unaudited)
PERIOD PERIOD PERIOD
ENDED ENDED ENDED
4/30/95 10/31/94 10/31/93
------------ ------------ ------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $1.00 $1.00 $1.00
INCOME FROM INVESTMENT OPERATIONS
---------------------------------
NET INVESTMENT INCOME 0.0263 0.0339 0.0250
NET REALIZED & UNREALIZED
GAIN (LOSS) ON SECURITIES 0.0000 0.0000 0.0000
------------ ------------ ------------
TOTAL FROM INVESTMENT OPERATIONS 0.0263 0.0339 0.0250
LESS DISTRIBUTIONS
------------------
DIVIDENDS FROM NET INVESTMENT INCOME 0.0263 0.0339 0.0250
DISTRIBUTIONS FROM CAPITAL GAINS 0.0000 0.0000 0.0000
------------ ------------ ------------
TOTAL DISTRIBUTIONS 0.0263 0.0339 0.0250
------------ ------------ ------------
NET ASSET VALUE, END OF PERIOD $1.00 $1.00 $1.00
------------ ------------ ------------
------------ ------------ ------------
TOTAL RETURN 2.63% 3.28% 2.53%
RATIOS/SUPPLEMENTAL DATA
------------------------
NET ASSETS, END OF PERIOD $53,168,527 $32,382,552 $14,784,493
RATIO OF EXPENSES TO AVERAGE NET ASSETS 0.70%(c) 0.70% 0.70%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS 5.30%(c) 3.39% 2.51%
RATIOS IF FEES HAD NOT BEEN WAIVED AND/OR REIMBURSED
----------------------------------------------------
RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.07%(c) 1.29% 1.32%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS 4.93%(c) 2.81% 1.88%
</TABLE>
56
<PAGE>
--------------------------------------------------------------------------------
FAMILY OF MUTUAL FUNDS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERIOD PERIOD PERIOD PERIOD
ENDED ENDED ENDED ENDED
10/31/92 10/31/91 10/31/90 10/31/89 (e)
------------ ------------ ------------ ------------
<S> <C> <C> <C>
$1.00 $1.00 $1.00 $1.00
0.0332 0.0576 0.0737 0.0633
0.0000 0.0000 0.0000 0.0000
------------ ------------ ------------ ------------
0.0332 0.0576 0.0737 0.0633
0.0332 0.0576 0.0737 0.0633
0.0000 0.0000 0.0000 0.0000
------------ ------------ ------------ ------------
0.0332 0.0576 0.0737 0.0633
------------ ------------ ------------ ------------
$1.00 $1.00 $1.00 $1.00
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
3.36% 13.76% 7.62% 10.05%(c)
$12,395,326 $14,906,733 $21,405,713 $10,735,032
0.75% 0.81% 0.80% 0.60%(c)
3.32% 5.76% 7.57% 8.43%(c)
1.09% 1.18% 1.33% 1.34%(c)
2.98% 5.38% 7.04% 7.69%(c)
</TABLE>
57
<PAGE>
--------------------------------------------------------------------------------
THE CRABBE HUSON FAMILY OF MUTUAL FUNDS
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
(Continued)
<TABLE>
<CAPTION>
THE CRABBE HUSON REAL ESTATE INVESTMENT FUND, INC.
(Unaudited)
PERIOD PERIOD
ENDED ENDED
4/30/95 10/31/94 (f)
------------ ------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $9.50 $10.00
INCOME FROM INVESTMENT OPERATIONS
---------------------------------
NET INVESTMENT INCOME 0.3664 0.3664
NET REALIZED & UNREALIZED
LOSS ON SECURITIES (0.2381) (0.6394)
------------ ------------
TOTAL FROM INVESTMENT OPERATIONS 0.1283 (0.2730)
LESS DISTRIBUTIONS
------------------
DIVIDENDS FROM NET INVESTMENT INCOME 0.2314 0.2287
DISTRIBUTIONS FROM CAPITAL GAINS 0.1157 0.0000
DISTRIBUTIONS IN EXCESS OF NET CAPITAL GAINS 0.0190 0.0000
------------ ------------
TOTAL DISTRIBUTIONS 0.3661 0.2287
------------ ------------
NET ASSET VALUE, END OF PERIOD $9.26 $9.50
------------ ------------
------------ ------------
TOTAL RETURN 1.27% -3.25%
RATIOS/SUPPLEMENTAL DATA
------------------------
NET ASSETS, END OF PERIOD $17,883,826 $18,279,500
RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.50%(c) 1.01%(c)
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS 7.91%(c) 6.30%(c)
PORTFOLIO TURNOVER RATE 15.97% 43.30%
RATIOS IF FEES HAD NOT BEEN WAIVED AND/OR REIMBURSED
----------------------------------------------------
RATIO OF EXPENSES TO AVERAGE NET ASSETS 2.02%(c) 2.03%(c)
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS 7.38%(c) 5.28%(c)
</TABLE>
58
<PAGE>
MAILING ADDRESS
The Crabbe Hudson Family of Mutual Funds
P.O. Box 8413
Boston, MA 02266-8413
INVESTMENT ADVISOR
Crabbe Huson Group, Inc.
121 S.W. Morrison, Suite 1400
Portland, OR 97204
DISTRIBUTOR
Crabbe Huson Securities, Inc.
121 S.W. Morrison, Suite 1410
Portland, OR 97204
LEGAL COUNSEL
Davis Wright Tremaine
1300 S.W. Fifth Avenue, Suite 2300
Portland, OR 97201
INDEPENDENT AUDITORS
KPMG Peat Marwick
1211 S.W. Fifth Avenue, Suite 2000
Portland, OR 97204
TRANSFER AGENT &
INVESTOR SERVICES
State Street Bank and Trust Company
P.O. Box 8413
Boston, MA 02266-8413
FUND DIRECTORS
William W. Wyatt Jr.
Louis Scherzer
Richard P. Wollenberg
Bob L. Smith
Gary L. Capps
Richard S. Huson
James E. Crabbe
Craig P. Stuvland
[CRABBE HUSON LOGO]
