|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: PUTNAM INVESTMENT GRADE MUNICIPAL TRUST, NSAR-A, 1996-07-29 |
Next: YES CLOTHING CO, DEF 14A, 1996-07-29 |
THE CROWLEY PORTFOLIO GROUP, INC.
The Crowley Growth and Income Portfolio
The Crowley Income Portfolio
The Crowley Diversified Management Portfolio
Semi-Annual Report
Dated May 31, 1996
Dear Shareholder:
Enclosed is the Semi-Annual Report for The Crowley Portfolio Group, Inc. The
combined Portfolios have asset levels exceeding 17 million dollars and, as of
May 31, 1996, there were 409 active accounts. The combined assets of the three
Portfolios increased over 6% for the six month period ending May 31, 1996.
The Portfolios have both performed well during the last six months. During the
period from December 1, 1995 through May 31, 1996, The Crowley Growth and Income
Portfolio had a net asset value change from $11.37 per share to $10.87 per share
and a year-end distribution of $.82 per share. The total return of The Crowley
Growth and Income Portfolio was approximately 3.0% for the six month period.
During the same period, The Crowley Income Portfolio had a net asset value
change from $11.08 per share to $10.43 per share and had year-end distributions
of $.62 per share. The Crowley Income Portfolio was approximately unchanged
(negative .3%) during the six month period ending May 31, 1996.
The Crowley Diversified Management Portfolio had a net asset value change from
$10.71 per share to $11.72 per share and had year end distributions of $.04 per
share. The total return of The Crowley Diversified Management Portfolio was
approximately 9.8% during the same six month period.
Interest rates have started to increase during the first half of 1996 and the
overall markets have become more volatile. The Fund's Adviser continues to
monitor economic conditions and invest the Fund's assets to achieve each
Portfolio's respective long term financial objectives. The Adviser remains very
confident with respect to the long term success of each of the Portfolios.
Sincerely,
Robert A. Crowley, CFA
President
July 26, 1996
<PAGE>
THE CROWLEY PORTFOLIO GROUP, INC.
FINANCIAL STATEMENTS
(Unaudited)
May 31, 1996
<PAGE>
The Crowley Growth and Income Portfolio
PORTFOLIO OF INVESTMENTS
(Unaudited)
May 31, 1996
<TABLE>
<CAPTION>
Number of Percent of Market Value
Shares Investments Net Assets (Note 1-A)
<C> <S> <C> <C>
Common Stocks
Aerospace/Defense -
4000 Watkins-Johnson 1.77% $122,500
---- --------
Automotive -
3000 General Motors 2.40 165,375
---- --------
Automotive Parts -
2000 ITT Industries .79 54,750
---- --------
Broadcasting/Cable T.V. -
2000 Media General 1.09 75,000
---- --------
Cement & Aggregate -
4000 Medusa 1.77 122,500
3000 Vulcan Materials 2.50 172,500
---- --------
4.27 295,000
---- --------
Chemicals (Diversified) -
3000 Eastman Chemical 2.91 201,000
2000 First Mississippi .72 49,500
---- --------
3.63 250,500
---- --------
Chemicals (Specialty) -
4000 Park Electochemical 1.40 96,500
---- --------
Diversified Company -
2000 Hillenbrand 1.09 75,000
---- --------
</TABLE>
See accompanying notes to financial statements
-3-
<PAGE>
The Crowley Growth and Income Portfolio
PORTFOLIO OF INVESTMENTS
(Continued)
(Unaudited)
May 31, 1996
<TABLE>
<CAPTION>
Number of Percent of Market Value
Shares Investments Net Assets (Note 1-A)
<C> <S> <C> <C>
Common Stocks
Drug -
4000 Merck & Company 3.75% $258,500
2000 Pfizer 2.05 141,500
2000 Schering Plough 1.70 117,250
----- --------
7.50 517,250
----- --------
Electrical Equipment -
1000 Franklin Electric .52 36,250
2000 General Signal 1.11 76,500
----- --------
1.63 112,750
----- --------
Electronics -
3000 Rogers 1.06 73,125
3150 Vishay Inter Technology* 1.26 87,019
----- --------
2.32 160,144
----- --------
Foreign Telecommunications -
3000 Vodafone 1.72 118,875
----- --------
Household Products -
1000 Kimberly Clark 1.06 72,875
----- --------
Industrial Services -
3000 Equifax 1.08 74,250
----- --------
Insurance (Life) -
6000 Washington National 2.30 159,000
----- --------
Insurance (Diversified) -
5000 Pioneer Financial Services 1.18 81,250
----- --------
Insurance (Prop/Cas) -
2000 ITT Hartford Group 1.50 103,500
----- --------
</TABLE>
See accompanying notes to financial statements
-4-
<PAGE>
The Crowley Growth and Income Portfolio
PORTFOLIO OF INVESTMENTS
(Continued)
(Unaudited)
May 31, 1996
<TABLE>
<CAPTION>
Number of Percent of Market Value
Shares Investments Net Assets (Note 1-A)
<C> <S> <C> <C>
Common Stocks
Machinery -
3307 Raymond* .85% $ 58,699
---- --------
Medical Services -
3000 Value Health 1.18 81,750
---- --------
Natural Gas -
1000 Tenneco .78 53,750
---- --------
Precision Instrument -
2000 KLA Instrument* .78 54,000
4000 Summit Technology* .99 68,500
---- --------
1.77 122,500
---- --------
Railroad (Integrated) -
2000 Burlington N. Sante Fe 2.45 169,500
1500 CSX 1.08 74,250
3000 Canadian Pacific Limited .89 61,500
6000 Illinois Central 2.60 179,250
---- --------
7.02 484,500
---- --------
Recreation -
4000 Disney (Walt) Co.
3.52 243,000
---- --------
</TABLE>
See accompanying notes to financial statements
-5-
<PAGE>
The Crowley Growth and Income Portfolio
PORTFOLIO OF INVESTMENTS
(Continued)
(Unaudited)
May 31, 1996
<TABLE>
<CAPTION>
Number of Percent of Market Value
Shares Investments Net Assets (Note 1-A)
<C> <S> <C> <C>
Common Stocks
SemiConductor -
5000 Integrated Device Tech* .93% $ 64,375
2000 Novellus Systems* 1.42 98,000
----- ----------
2.35 162,375
----- ----------
Technology -
10000 Stratordyne* .00 50
----- ----------
Telecommunications Equipment -
1000 DSC Communications* .44 30,125
----- ----------
Telecommunications Service -
4000 AT&T 3.61 249,500
2000 Bell Atlantic 1.81 124,750
----- ----------
5.42 374,250
----- ----------
Thrift Industry -
6000 Great Western Financial 2.00 138,000
----- ----------
Total Common Stocks 62.06% $4,283,518
(cost $4,232,091) ----- ----------
Preferred Stocks
10000 Hartford Capital Ser A 3.51 242,500
(cost $4,232,091) ----- ----------
Total Preferred Stocks 3.51% $ 242,500
(cost $250,000) ----- ----------
</TABLE>
See accompanying notes to financial statements
-6-
<PAGE>
The Crowley Growth and Income Portfolio
PORTFOLIO OF INVESTMENTS
(Continued)
(Unaudited)
May 31, 1996
<TABLE>
<CAPTION>
Number of Percent of Market Value
Shares Investments Net Assets (Note 1-A)
<C> <S> <C> <C>
Corporate Bonds & Notes
119,000 Citicorp, Note
10.500%, 02-01-16 1.78% $ 122,607
100,000 General Electric Capital
8.650%, 05-01-18 1.44 99,203
300,000 Wisconsin Power & Light,
Note
9.300%, 12-01-25 4.59 316,452
---- -----------
Total Corporate Bonds & Notes
(cost $551,422) 7.81% $ 538,262
---- -----------
</TABLE>
See accompanying notes to financial statements
-7-
<PAGE>
The Crowley Growth and Income Portfolio
PORTFOLIO OF INVESTMENTS
(Continued)
(Unaudited)
May 31, 1996
<TABLE>
<CAPTION>
Par Percent of Market Value
Value Investments Net Assets (Note 1-A)
<C> <S> <C> <C>
U.S. Government Agency
$ 200,000 Federal National Mtg.
7.920%, 03-30-05 2.93% $ 202,188
------ -----------
Total Government Agency
(cost $211,200) 2.93 202,188
------ -----------
U.S. Government Securities
1,000,000 U.S. Treasury Note
5.875%, 04-30-98 14.40 994,062
------ -----------
Total U.S. Government Securities
(cost $997,500) 14.40 $ 994,062
------ -----------
Total Investments
(cost $6,242,213) (A) 90.71 6,260,530
Other Assets Less Liabilities 9.29 641,285
------ -----------
Net Assets 100.00% $ 6,901,815
====== ===========
<FN>
(A) Aggregate cost for federal income tax purposes is $6,242,213.
At May 31, 1996 unrealized appreciation (depreciation) of securities for
federal income tax purposes is as follows:
Unrealized appreciation $ 288,952
Unrealized depreciation (270,635)
--------
Net unrealized appreciation $ 18,317
========
* Non-income Producing Security
</FN>
</TABLE>
See accompanying notes to financial statements
-8-
<PAGE>
The Crowley Income Portfolio
PORTFOLIO OF INVESTMENTS
(Unaudited)
May 31, 1996
<TABLE>
<CAPTION>
Par Percent of Market Value
Value Investments Net Assets (Note 1-A)
<C> <S> <C> <C>
Corporate Bonds & Notes
Auto & Truck -
40,000 Ford Holdings
9.250%, 07-15-97 .44% $ 41,244
100,000 Ford Motor Company 1993-A
Pass Thru 5.78%, 01-01-99 1.05 97,468
60,000 Ford Motor Credit Co. Note
8.720%, 07-22-99 .71 66,180
30,000 Ford Motor Credit Co. Note
8.000%, 01-15-99 .33 30,862
50,000 General Motors Acceptance
Corp. Deb. 7.750%, 04-15-97 .55 50,641
40,000 General Motors Acceptance
Corp. Note 8.000%, 10-01-96 .43 40,300
50,000 General Motors Acceptance
Corp. Note 9.625%, 12-01-00 .59 54,719
300,000 General Motors Acceptance
Corp. Note 7.700%, 04-15-16 3.19 295,920
------ --------
7.29 677,334
------ --------
Banking -
60,000 BankAmerica
Corp. Note 7.750%, 07-15-02 .66 61,697
30,000 BankAmerica
Corp. Note 7.875%, 12-01-02 .33 31,017
80,000 Bankers Trust New York
Corp. Note 9.500%, 06-14-00 .93 86,512
20,000 Bankers Trust New York
Corp. Note 9.400%, 03-01-01 .23 21,678
40,000 Barclays American
Corp. Note 7.875%, 08-15-98 .44 40,925
20,000 Chase Manhattan Corp.
Note 10.125%, 11-01-00 .24 22,284
80,000 Citicorp
Note 10.500%, 02-01-16 .89 82,425
</TABLE>
See accompanying notes to financial statements
-9-
<PAGE>
The Crowley Income Portfolio
PORTFOLIO OF INVESTMENTS
(Continued)
(Unaudited)
May 31, 1996
<TABLE>
<CAPTION>
Par Percent of Market Value
Value Investments Net Assets (Note 1-A)
<C> <S> <C> <C>
Corporate Bonds & Notes
Banking - continued
$40,000 First Union Corp.
Note 9.450%, 06-15-99 .46% $ 42,806
100,000 First Union Corp.
Note 9.890%, 03-13-01 1.19 110,327
20,000 Heller Financial Inc.
Note 8.000%, 12-15-98 .22 20,578
50,000 Societe Nat. Elf Aquitaine
Note 7.750%, 05-01-99 .55 51,373
50,000 Wells Fargo & Co.
Note 8.200%, 11-01-96 .55 50,453
------ --------
6.69 622,075
------ --------
Broadcasting & Cable T.V. -
50,000 Cox Communications, Inc.
Note 8.875%, 03-01-01 .58 53,484
------ --------
Chemical (Basic) -
30,000 DuPont E. I. Note 8.450%
10-15-96 .32 30,290
------ --------
Chemical (Diversified) -
80,000 ICI Wilmington
Note 9.500%, 11-15-00 .93 86,694
------ --------
</TABLE>
See accompanying notes to financial statements
-10-
<PAGE>
The Crowley Income Portfolio
PORTFOLIO OF INVESTMENTS
(Continued)
(Unaudited)
May 31, 1996
<TABLE>
<CAPTION>
Par Percent of Market Value
Value Investments Net Assets (Note 1-A)
<C> <S> <C> <C>
Corporate Bonds & Notes
Diversified Company -
$ 70,000 ITT Corp.
Note 9.875%, 04-15-97 .77% $ 71,957
30,000 ITT Corp.
Deb. 10.125%, 04-05-99 .35 32,212
---- -------
1.12 104,169
---- -------
Electric Equipment -
50,000 General Electric Capital
Corp. Note 8.750%, 11-26-96 .55 50,703
---- -------
</TABLE>
See accompanying notes to financial statements
-11-
<PAGE>
The Crowley Income Portfolio
PORTFOLIO OF INVESTMENTS
(Continued)
(Unaudited)
May 31, 1996
<TABLE>
<CAPTION>
Par Percent of Market Value
Value Investments Net Assets (Note 1-A)
<C> <S> <C> <C>
Corporate Bonds & Notes
Electric Utility -
$ 50,000 Alabama Power Company
1st Mortgage
8.300%, 07-01-22 .54% $ 50,148
50,000 Duke Power Company
1st Ref & Mortgage
8.625%, 03-01-22 .56 51,907
250,000 Iowa Electric Light
1st Mortgage
6.25%, 09-01-96 2.69 250,000
206,000 Iowa Electric Light
1st Ref & Mortgage
7.625%, 05-01-02 2.20 204,455
35,000 Mississippi Power & Light Co.
General Ref Mortgage
8.500%, 01-05-23 .41 37,642
100,000 Ohio Power Co.
Note 6.875%, 06-01-03 1.05 97,316
65,000 Southern Calif. Edison Co.
1st Mortgage
8.875%, 06-01-24 .74 68,400
70,000 Teco Energy
Note 9.220%, 10-15-97 .78 72,667
245,000 Wisconsin Pwr & Lt Company
1st Mortgage
7.750%, 01-15-23 2.57 239,906
100,000 Wisconsin Pwr & Light Company
1st Mortgage
9.300%, 12-01-25 1.14 105,484
----- ---------
12.68 1,177,925
----- ---------
</TABLE>
See accompanying notes to financial statements
-12-
<PAGE>
The Crowley Income Portfolio
PORTFOLIO OF INVESTMENTS
(Continued)
(Unaudited)
May 31, 1996
<TABLE>
<CAPTION>
Par Percent of Market Value
Value Investments Net Assets (Note 1-A)
<C> <S> <C> <C>
Corporate Bonds & Notes
Food Processing -
$ 100,000 Quaker Oats Co.
Medium-Term
Note 9.000%, 12-17-01 1.16% $ 108,009
---- -------
Insurance (Diversified) -
40,000 Aetna Life & Casualty Co.
Note 8.625%, 03-01-98 .44 41,244
80,000 Cigna Corp.
Note 8.000%, 09-01-96 .87 80,412
---- -------
1.31 121,656
---- -------
Machinery (Construction &
Mining) -
200,000 Caterpillar Inc.
Note 6.810%, 08-24-99 2.15 199,766
250,000 Deere & Co.
Note 8.250%, 06-01-96 2.69 250,000
---- -------
4.84 449,766
---- -------
Metals & Mining (Diversified) -
50,000 Alcan Aluminum Ltd
Deb. 9.700%, 10-15-96 .55 50,648
---- -------
Natural Gas Industry -
100,000 British Gas Co.
Note 8.750%, 03-15-98 1.11 103,468
---- -------
Office Equipment & Supplies -
195,000 Xerox Corp. Note
9.200%, 07-15-99 2.11 195,760
---- -------
</TABLE>
See accompanying notes to financial statements
-13-
<PAGE>
The Crowley Income Portfolio
PORTFOLIO OF INVESTMENTS
(Continued)
(Unaudited)
May 31, 1996
<TABLE>
<CAPTION>
Par Percent of Market Value
Value Investments Net Assets (Note 1-A)
<C> <S> <C> <C>
Corporate Bonds & Notes
Paper and Forest Products -
$ 50,000 International Paper Company
Deb. 9.700%, 03-15-00 .59% $ 54,437
---- -------
Petroleum (Integrated) -
70,000 Pennzoil Co. Note 9.625%
11-15-99 .80 74,605
---- -------
Precision Instrument Industry -
25,000 Eastman Kodak Companies
Note 10.000%, 06-15-01 .27 25,027
---- -------
Retail Store Industry -
50,000 Dayton Hudson Corp. Note
10.000%, 12-01-00 .59 55,015
100,000 Sears Roebuck Accept
9.600%, 05-21-97 1.22 113,050
30,000 Sears Roebuck & Co. Note
9.250%, 08-01-97 .33 30,994
30,000 Wal Mart Stores Note
9.100%, 07-15-00 .35 32,325
---- -------
2.49 231,384
---- -------
</TABLE>
See accompanying notes to financial statements
-14-
<PAGE>
The Crowley Income Portfolio
PORTFOLIO OF INVESTMENTS
(Continued)
(Unaudited)
May 31, 1996
<TABLE>
<CAPTION>
Par Percent of Market Value
Value Investments Net Assets (Note 1-A)
<C> <S> <C> <C>
Corporate Bonds & Notes
Securities Brokerage Industry -
$ 35,000 Bear Stearns Companies Note
9.375%, 06-01-01 .41% $ 38,123
50,000 Lehman Bros Holdings Inc Note
7.625%, 06-15-97 .54 50,617
100,000 Lehman Bros Inc Sr Sub Note
7.000%, 05-15-97 1.08 100,546
200,000 Lehman Bros Holding Inc Note
8.500%, 05-01-07 2.24 208,500
50,000 Morgan Stanley Group Note
8.000%, 10-15-96 .54 50,375
40,000 Morgan Stanley Group Note
7.875%, 12-15-98 .44 40,811
30,000 Morgan Stanley Group Note
8.100%, 06-24-02 .34 31,294
100,000 Salomon Inc. Note
9.500%, 07-01-97 1.11 103,055
100,000 Salomon Inc. Note
7.05%, 01-15-98 1.12 104,050
40,000 Salomon Inc. Note
9.100%, 03-15-98 .46 41,385
100,000 Salomon Inc. Note
7.250%, 01-15-00 1.07 99,859
---- -------
9.35 868,615
---- -------
</TABLE>
See accompanying notes to financial statements
-15-
<PAGE>
The Crowley Income Portfolio
PORTFOLIO OF INVESTMENTS
(Continued)
(Unaudited)
May 31, 1996
<TABLE>
<CAPTION>
Par Percent of Market Value
Value Investments Net Assets (Note 1-A)
<C> <S> <C> <C>
Corporate Bonds & Notes
Semiconductor -
$150,000 Texas Instruments Note
9.000%, 07-15-99 1.62% $ 150,562
----- -----------
Telecommunications Services
Industry -
150,000 GTE North Inc, Note
7.625%, 05-15-06 1.63 151,693
50,000 General Telephone Co. Florida
1st Mortgage
7.500%, 08-01-02 .53 49,445
200,000 GTE Hawaiian Telephone, Inc.
1st Mortgage
9.000%, 12-01-00 2.18 203,000
103,000 General Telephone Co Kentucky
1st Mortgage
7.750%, 06-01-03 1.13 104,545
100,000 Illinois Bell Telephone Co.
Deb. 8.500%, 04-22-26 1.11 102,203
250,000 U.S. West Capital Funding,
Inc., Note
6.750%, 10-01-05 2.53 235,507
----- -----------
9.11 846,393
----- -----------
Tobacco -
40,000 Philip Morris Note
8.875%, 07-01-96 .43 40,094
30,000 Philip Morris Note
8.750%, 12-01-96 .33 30,413
130,000 Philip Morris Note
7.750%, 05-01-99 1.43 132,843
----- -----------
2.19 203,350
----- -----------
Total Corporate Bonds & Notes
(cost $6,439,178) 67.66% $ 6,286,354
----- -----------
</TABLE>
See accompanying notes to financial statements
-16-
<PAGE>
The Crowley Income Portfolio
PORTFOLIO OF INVESTMENTS
(Continued)
(Unaudited)
May 31, 1996
<TABLE>
<CAPTION>
Par Percent of Market Value
Value Investments Net Assets (Note 1-A)
<C> <S> <C> <C>
Corporate Bonds & Notes
U.S. Government Agency
$ 200,000 Federal Home Loan Bank 2.16% $ 200,500
8.23%, 07-19-04
200,000 Federal Home Loan Mtge. Corp.
6.29, 02-07-06 1.99 184,880
80,000 Federal Home Loan Mtge. Corp.
8.325%, 07-15-09 .87 80,648
200,000 Federal Natl. Mtge. Assn. Deb.
8.400%, 10-25-04 2.19 203,880
200,000 Federal Natl. Mtge. Assn. Deb.
7.920%, 03-30-05 2.18 202,188
------ -----------
Total U.S. Government Agency
(cost $909,400) 9.39 872,096
------ -----------
U.S. Government Securities
1,000,000 U.S. Treasury Notes
5,875%, 04-30-98 10.70 994,060
------ -----------
Total U.S. Government Securities
(cost $997,500)
Total Investments
(cost $8,758,578) (A) 92.04 8,551,573
Other Assets Less Liabilities 7.96 739,242
------ -----------
Net Assets 100.00% $ 9,290,815
====== ===========
<FN>
(A) Aggregate cost for federal income tax purposes is
$8,758,578. At May 31, 1996, unrealized appreciation
(depreciation) of securities for federal income tax
purposes is as follows:
Unrealized appreciation $ 41,990
Unrealized depreciation (248,995)
----------
Net unrealized depreciation $ (207,005)
==========
</FN>
</TABLE>
See accompanying notes to financial statements
-17-
<PAGE>
The Crowley Income Portfolio
PORTFOLIO OF INVESTMENTS
(Continued)
(Unaudited)
May 31, 1996
<TABLE>
<CAPTION>
Number of Percent of Market Value
Shares Investments Net Assets (Note 1-A)
<C> <S> <C> <C>
Preferred Stocks
8000 Hartford Capital Ser. A 2.09% $ 194,000
8500 Pacific Telesis Preferred
7.56% 2.20 205,063
---- ---------
Total Preferred Stocks
(cost $412,500) 4.29% $ 399,063
==== =========
</TABLE>
See accompanying notes to financial statements
-18-
<PAGE>
The Crowley Diversified Management Portfolio
PORTFOLIO OF INVESTMENTS
(Unaudited)
May 31, 1996
<TABLE>
<CAPTION>
Number of Percent of Market Value
Shares Investments Net Assets (Note 1-A)
<C> <S> <C> <C>
General Equity Funds
Aggressive Growth -
1422 Strong Opportunity 4.20% $ 51,517
1749 Twentieth Century Ultra 4.16 50,999
1920 Wasatch Aggressive Equity 4.26 52,200
----- -------
12.62 154,716
----- -------
Balanced -
1061 Columbia Balanced 1.78 21,847
498 Dodge & Cox Balanced 2.32 28,443
----- -------
4.10 50,290
----- -------
Corporate High Yield -
4130 Federated High Yield Trust 3.02 37,003
2246 Fidelity Capital & Income 1.72 21,022
----- -------
4.74 58,025
----- -------
Growth -
945 Fidelity Stock Selection 1.85 22,745
844 Gabelli Asset 1.94 23,776
1597 Harbor Capital Appreciation 3.32 40,699
1248 Long Leaf Partners 2.39 29,252
396 Nicholas 2.03 24,835
1088 Oakmark 2.85 34,918
1492 Soundshore 2.55 31,293
1276 Steinroe Special 2.78 34,030
----- -------
19.71 241,548
----- -------
Growth/Income -
988 Babson Value 2.84 34,769
332 Dodge & Cox Stock 2.03 24,852
757 Mutual Beacon 2.46 30,196
1169 Neuberger & Berman Guardian 2.36 28,869
1588 Pelican 1.95 23,906
----- -------
11.64 142,592
----- -------
</TABLE>
See accompanying notes to financial statements
-19-
<PAGE>
The Crowley Diversified Management Portfolio
PORTFOLIO OF INVESTMENTS
(Continued)
(Unaudited)
May 31, 1996
<TABLE>
<CAPTION>
Number of Percent of Market Value
Shares Investments Net Assets (Note 1-A)
<C> <S> <C> <C>
General Equity Funds - continued
Income -
2026 Berwyn Income 2.10% $ 25,686
903 Linder Dividend 2.11 25,904
----- -------
4.21 51,590
----- -------
Small Company -
1286 Columbia Special 2.67 32,749
1275 Heartland Value 3.36 41,171
1068 Meridian 2.86 35,002
1625 PBHG Growth 3.80 46,601
1022 Parkstone Small Cap.
Series "B" 2.89 35,449
1449 Warburg Pincus Emerging
Growth 4.10 50,182
----- -------
19.68 241,154
----- -------
</TABLE>
See accompanying notes to financial statements
-20-
<PAGE>
The Crowley Diversified Management Portfolio
PORTFOLIO OF INVESTMENTS
(Continued)
(Unaudited)
May 31, 1996
<TABLE>
<CAPTION>
Number of Percent of Market Value
Shares Investments Net Assets (Note 1-A)
<C> <S> <C> <C>
International Equity Funds -
Foreign Equity -
841 Managers International
Equity 2.90% $ 35,486
4333 Twentieth Century
International Equity 2.91 35,749
------ -----------
5.81 71,235
------ -----------
Global Equity -
1651 Founders Worldwide Growth 3.00 36,815
1199 Janus Worldwide Fund 3.27 40,047
------ -----------
6.27 76,862
------ -----------
International Bond -
3062 T. Rowe Price Inter. Bond 2.52 30,897
2991 Scudder Intern. Bond 2.68 32,840
------ -----------
5.20 63,737
------ -----------
Pacific Equity -
3799 T. Rowe Price - New Asia 2.82 34,499
------ -----------
Total Mutual Funds
(cost $1,067,152) 96.80 1,186,248
------ -----------
Total Investments
(cost $1,067,152) (A) 96.80 1,186,248
------ -----------
Other Assets Less Liabilities 3.20 39,168
------ -----------
Net Assets 100.00% $ 1,225,416
====== ===========
</TABLE>
See accompanying notes to financial statements
-21-
<PAGE>
The Crowley Diversified Management Portfolio
PORTFOLIO OF INVESTMENTS
(Continued)
(Unaudited)
May 31, 1996
<TABLE>
<CAPTION>
Number of Percent of Market Value
Shares Investments Net Assets (Note 1-A)
<C> <S> <C> <C>
(A) Aggregate cost for federal income tax purposes is
$1,067,152.
At May 31, 1996 unrealized appreciation (depreciation)
of securities for federal income tax purposes is as follows:
Unrealized appreciation $ 120,421
Unrealized depreciation (1,325)
---------
Net unrealized appreciation $ 119,096
---------
</TABLE>
See accompanying notes to financial statements
-22-
<PAGE>
The Crowley Portfolio, Inc.
STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
May 31, 1996
<TABLE>
<CAPTION>
GROWTH INCOME DIVERSIFIED
PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C>
ASSETS $6,260,530 $8,551,573 $1,186,248
Investments at market value
(Identified cost $6,242,213,
$8,758,578 and $1,067,152,
respectively)
Cash 612,337 587,491 39,181
Received for:
Interest 26,372 157,127 --
Dividends 7,617 -- --
Investment securities sold -- -- --
---------- ---------- ----------
Total assets 6,906,856 9,296,191 1,225,429
---------- ---------- ----------
LIABILITIES
Investment Securities Payable -- -- --
Accrued expenses 5,041 5,376 13
---------- ---------- ----------
Total Liabilities 5,041 5,376 13
---------- ---------- ----------
NET ASSETS (500 million shares
of $.01 par value common stock
authorized; 635,221, 890,777
and 104,535 shares outstanding,
respectively) $6,901,815 $9,290,815 $1,225,416
---------- ---------- ----------
</TABLE>
See accompanying notes to financial statements
-23-
<PAGE>
The Crowley Portfolio Group, Inc.
STATEMENT OF ASSETS AND LIABILITIES
(Continued)
(Unaudited)
May 31, 1996
<TABLE>
<CAPTION>
GROWTH INCOME DIVERSIFIED
PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C>
Net asset value, offering and
redemption price per share
(Net assets/shares
outstanding) $ 10.87 $ 10.43 $ 11.72
=========== =========== ===========
At May 31, 1996 net assets consisted of:
Paid-in capital $ 6,496,090 $ 9,413,642 $ 1,076,823
Accumulated undistributed net
investment income 35,019 150,481 (4,245)
Accumulated undistributed net
realized gains (losses) 352,389 (66,303) 33,742
Net unrealized appreciation
(depreciation) of
investments 18,317 (207,005) 119,096
----------- ----------- -----------
$ 6,901,815 $ 9,290,815 $ 1,225,416
=========== =========== ===========
</TABLE>
See accompanying notes to financial statements
-24-
<PAGE>
The Crowley Portfolio Group, Inc.
STATEMENT OF OPERATIONS
(Unaudited)
For the Six Months Ended May 31, 1996
<TABLE>
<CAPTION>
GROWTH INCOME DIVERSIFIED
PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C>
INVESTMENT INCOME
Interest income $ 83,967 $ 312,130 $ 791
Dividend income 32,250 5,071 10,244
Other income -- -- 175
--------- --------- ---------
Total investment income 116,217 317,201 $ 11,210
--------- --------- ---------
Expenses
Expenses 31,875 36,674 6,438
Investment advisory fees 33,888 28,056 5,270
(Note 2)
Total expenses 65,763 64,730 11,708
--------- --------- ---------
Net investment income 50,454 252,471 (498)
--------- --------- ---------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS
Net realized gain (loss
from security
transactions 352,389 (66,303) 33,742
Increase (decrease) in
unrealized appreciation
of investments (209,795) (217,221) 70,148
--------- --------- ---------
Net gain (loss) on investments 142,594 (283,524) 103,890
--------- --------- ---------
Net increase (decrease) in net
assets resulting from
operations $ 193,048 $ (31,053) $ 103,392
--------- --------- ---------
</TABLE>
See accompanying notes to financial statements
-25-
<PAGE>
The Crowley Portfolio Group, Inc.
CROWLEY GROWTH AND INCOME PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For Six Year Ended
Months 11-30-95
Ended
05-31-96
<S> <C> <C>
OPERATIONS
Net investment income $ 50,454 $ 183,314
Net realized gain from security
transactions 352,389 283,957
Net increase (decrease) in
unrealized appreciation of investments (209,795) 212,856
----------- -----------
Net increase in net assets resulting
from operations 193,048 680,127
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net investment
income ($.32 and $.12 per share) (183,435) (61,711)
Distributions from net realized gains
on investment ($.50 and $.40 per (286,617) (205,702)
share)
CAPITAL SHARE TRANSACTIONS (a)
Increase in net assets resulting from
capital share transactions 633,894 635,837
----------- -----------
Total increase in net assets 356,890 1,048,551
NET ASSETS
Beginning of period 6,544,925 5,496,374
----------- -----------
End of period (including undistributed
net investment income of $35,019 and
$171,102) $ 6,901,815 $ 6,544,925
----------- -----------
</TABLE>
See accompanying notes to financial statements
-26-
<PAGE>
(a) Summary of capital share activity follows:
<TABLE>
<CAPTION>
Six Months Ended Year Ended
05-31-96 11-30-95
Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Shares sold 31,539 $ 338,893 81,977 $ 881,682
Shares issued on
reinvestment of
distributions 44,303 470,052 26,529 267,413
Shares redeemed (16,040) (175,051) (47,196) (513,258)
--------- --------- --------- ---------
Net increase 59,802 $ 633,894 61,310 $ 635,837
--------- --------- --------- ---------
</TABLE>
See accompanying notes to financial statements
-27-
<PAGE>
The Crowley Portfolio Group, Inc.
CROWLEY INCOME PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For Six Year Ended
Months Ended 11-30-95
05-31-96
<S> <C> <C>
OPERATIONS
Net investment income $ 252,471 $ 501,522
Net realized gain (loss) from security
transactions (66,303) (28,399)
Net increase (decrease) in
unrealized appreciation of
investments (217,221) 278,509
----------- -----------
Net increase in net assets resulting
from operations (31,053) 751,632
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net investment
income ($.62 and $.63 per share) (502,187) (385,139)
Distributions from net realized gains
on investment ($.00 and $.00 per (--) (--)
share)
CAPITAL SHARE TRANSACTIONS (a)
Increase in net assets resulting from
capital share transactions 883,597 1,919,980
----------- -----------
Total increase in net assets 350,357 2,286,473
NET ASSETS
Beginning of period 8,940,458 6,653,985
----------- -----------
End of period (including undistributed
net investment income of $150,481 and
$464,696) $ 9,290,815 $ 8,940,458
----------- -----------
</TABLE>
See accompanying notes to financial statements
-28-
<PAGE>
(a) Summary of capital share activity follows:
<TABLE>
<CAPTION>
Six Months Ended Year Ended
05-31-96 11-30-95
Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Shares sold 94,235 $ 1,006,229 237,444 $ 2,505,734
Shares issued on
reinvestment of
distributions 47,646 502,187 38,170 385,139
Shares redeemed (58,138) (624,819) (91,003) (970,893)
----------- ----------- ----------- -----------
Net increase 83,743 $ 883,597 184,611 $ 1,919,980
----------- ----------- ----------- -----------
</TABLE>
See accompanying notes to financial statements
-29-
<PAGE>
The Crowley Portfolio Group, Inc.
CROWLEY DIVERSIFIED MANAGEMENT PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For Six For Eight
Months Ended Months Ended
05-31-96 11-30-95
<S> <C> <C>
OPERATIONS
Net investment income $ (498) $ (396)
Net realized gain (loss) from security
transactions 33,742 159
Net increase (decrease) in
unrealized appreciation of investments 70,148 48,948
----------- -----------
Net increase (decrease) in net assets
resulting from operations 103,392 48,711
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net investment
income ($.04 and $.00 per share) (3,512) --
Distributions from net realized gains
on investment ($.00 and $.00 per -- --
share)
CAPITAL SHARE TRANSACTIONS (a)
Increase in net assets resulting from
capital share transactions 163,398 913,427
----------- -----------
Total increase in net assets 263,278 962,138
NET ASSETS
Beginning of period 962,138 --
----------- -----------
End of period $ 1,225,416 $ 962,138
=========== ===========
</TABLE>
See accompanying notes to financial statements
-30-
<PAGE>
(a) Summary of capital share activity follows:
<TABLE>
<CAPTION>
Eighth Months Ended Six Months Ended
11-30-95 05-31-96
Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Shares sold 91,820 $ 933,857 16,420 $ 182,169
Shares Reinvested -- -- 325 3,512
Shares issued on
reinvestment of
distributions -- --
Shares redeemed (1,961) (20,430) (2,069) (22,283)
--------- --------- --------- ---------
Net increase 89,859 $ 913,427 14,676 $ 163,398
========= ========= ========= =========
</TABLE>
See accompanying notes to financial statements
-31-
<PAGE>
The Crowley Portfolio Group, Inc.
Crowley Growth and Income Portfolio
Financial Highlights
<TABLE>
<CAPTION>
Six Months
11-30-95 12-01-94 12-01-93
to to to
05-31-96 11-30-95 11-30-94
<S> <C> <C> <C>
Net asset value
Beginning of period $ 11.37 $ 10.69 $ 10.45
---------- ---------- ----------
Income from investment operations
Net investment income .10 .32 .12
Net gains or losses on
securities .22 .88 .63
---------- ---------- ----------
(both realized & unrealized)
Total from investment operations .32 1.20 .75
---------- ---------- ----------
Less Distributions
Dividends (from net investment
income) (.32) (.12) (.11)
Distributions (from realized
capital gains) (.50) (.40) (.40)
Return of capital (--) (--) (--)
---------- ---------- ----------
Total distributions (.82) (.52) (.51)
Net asset value $ 10.87 $ 11.37 $ 10.69
---------- ---------- ----------
End of period
Total return 2.99% 11.85% 7.41%
Ratios/supplemental data:
Net assets end of period
(000 omitted) 6,902 6,545 5,496
Ratio of expenses to average
net assets 1.96% 1.93% 1.85%
(b)
Ratio of Net
investment income to average
net assets 1.50% 3.00% 1.10%
(b)
Portfolio turnover rate 182.76% 118.08% 107.37%
<FN>
(a) Effective date of the Fund's initial registration under
the Securities Act of 1933, as amended
(b) Annualized.
(c) The ratio of operation expenses and net income before
reimbursement of expenses by the advisor were 2.00% and
3.49%, respectively.
</FN>
</TABLE>
See accompanying notes to financial statements
-32-
<PAGE>
The Crowley Portfolio Group, Inc.
Crowley Growth and Income Portfolio
Financial Highlights
<TABLE>
<CAPTION>
12-01-92 12-01-91 12-01-90 12-06-89(a)
to to to to
11-30-93 11-30-92 11-30-91 11-30-90
<S> <C> <C> <C> <C>
Net asset value
Beginning of period $ 10.19 $ 9.94 $ 9.39 $ 10.00
---------- ---------- ---------- ----------
Income from investment
operations
Net investment income .11 .17 .33 .32
Net gains or losses
on securities(both
realized &
unrealized) .18 .32 1.06 (.61)
---------- ---------- ---------- ----------
Total from investment
operations .29 .49 1.39 (.29)
---------- ---------- ---------- ----------
Less Distributions
Dividends (from net
investment income) (.03) (.17) (.33) (.32)
Distributions (from
realized capital
gains) (--) (.07) (.50) (--)
Return of capital (--) (--) (.01) (--)
---------- ---------- ---------- ----------
Total distributions (.03) (.24) (.84) (.32)
Net asset value
End of period $ 10.45 $ 10.19 $ 9.94 $ 9.39
========== ========== ========== ==========
Total return 2.85% 4.93% 14.85% (2.90%)
Ratios/supplemental data:
Net assets end of
period (000 omitted) 4,583 4,440 3,283 1,653
Ratio of expenses to
average net assets 1.61% 1.52% 1.89% 1.00%
(b)(c)
Ratio of Net
investment income to
average net assets 1.00% 1.72% 3.64% 4.49%
(b)(c)
Portfolio turnover rate 243.85% 178.78% 74.86% 110.61%
<FN>
(a) Effective date of the Fund's initial registration under
the Securities Act of 1933, as amended.
(b) Annualized.
(c) The ratio of operation expenses and net income before
reimbursement of expenses by the advisor were 2.00% and
3.49%, respectively.
</FN>
</TABLE>
See accompanying notes to financial statements
-33-
<PAGE>
The Crowley Portfolio Group, Inc.
Crowley Income Portfolio
Financial Highlights
<TABLE>
<CAPTION>
Six Months
11-30-95 12-01-94 12-01-93
to to to
05-31-96 11-30-95 11-30-94
<S> <C> <C> <C>
Net asset value
Beginning of period $ 11.08 $ 10.69 $ 11.57
---------- ---------- ----------
Income from investment operations
Net investment income .29 .65 .61
Net gains (losses)
on securities (both
realized & unrealized) (.32) .37 (.76)
---------- ---------- ----------
Total from investment operations (.03) 1.02 (.15)
---------- ---------- ----------
Less Distributions
Dividends (from net investment
income) (.62) (.63) (.66)
Distributions (from realized
capital gains) (--) (--) (.07)
Return of capital (--) (--) (--)
---------- ---------- ----------
Total distributions (.62) (.63) (.73)
Net asset value
End of period $ 10.43 $ 11.08 $ 10.69
========== ========== ==========
Total return (.33)% 10.12% (1.43)%
Ratios/supplemental data:
Net assets end of period
(000 omitted) 9,291 8,940 6,654
Ratio of expenses to
average net assets 1.42% 1.43% 1.37%
(b)
Ratio of Net
investment income to
average net assets 5.54% 6.43% 6.28%
(b)
Portfolio turnover rate 57.45% 31.60% 14.45%
<FN>
(a) Effective date of the Fund's initial registration under
the Securities Act of 1933, as amended.
(b) Annualized.
(c) The ratio of operation expenses and net income before
reimbursement of expenses by the advisor were 1.37% and
6.49%, respectively for 1991 and 1.61% and 6.48%,
respectively for 1990.
</FN>
</TABLE>
See accompanying notes to financial statements
-34-
<PAGE>
The Crowley Portfolio Group, Inc.
Crowley Income Portfolio
Financial Highlights
<TABLE>
<CAPTION>
12-01-92 12-01-91 12-01-90 12-06-89(a)
to to to to
11-30-93 11-30-92 11-30-91 11-30-90
<S> <C> <C> <C> <C>
Net asset value
Beginning of period $ 10.58 $ 10.48 $ 10.19 $ 10.00
---------- ---------- ---------- ----------
Income from investment
operations
Net investment income .65 .61 .67 .58
Net gains or losses
on securities(both
realized &
unrealized) .40 .22 .43 .23
---------- ---------- ---------- ----------
Total from investment
operations 1.05 .83 1.10 .81
---------- ---------- ---------- ----------
Less Distributions
Dividends (from net
investment income) (.06) (.61) (.67) (.58)
Distributions (from
realized capital
gains) (--) (.12) (.13) (.04)
Return of capital (--) (--) (.01) (--)
---------- ---------- ---------- ----------
Total distributions (.06) (.73) (.81) (.62)
Net asset value
End of period $ 11.57 $ 10.58 $ 10.48 $ 10.19
========== ========== ========== ==========
Total return 9.97% 7.96% 10.88% 8.10%
Ratios/supplemental data:
Net assets end of
period (000 omitted) 5,423 4,133 2,865 1,397
Ratio of expenses to
average net assets 1.23% 1.20% 1.09% .99%
(c) (b)(c)
Ratio of Net
investment income to
average net assets 6.27% 6.11% 6.78% 7.10%
(c) (b)(c)
Portfolio turnover rate 19.17% 45.00% 79.36% 48.74%
<FN>
(a) Effective date of the Fund's initial registration under
the Securities Act of 1933, as amended.
(b) Annualized.
(c) The ratio of operation expenses and net income before
reimbursement of expenses by the advisor were 1.37% and
6.49% respectively for 1991 and 1.61% and 6.48%,
respectively for 1990.
</FN>
</TABLE>
See accompanying notes to financial statements
-35-
<PAGE>
The Crowley Portfolio Group, Inc.
Crowley Diversified Management Portfolio
Financial Highlights
<TABLE>
<CAPTION>
Six Months Eight Months
11-30-95 04-01-95(a)
to to
05-31-96 11-30-95
<S> <C> <C>
Net asset value
Beginning of period $ 10.71 $ 10.00
---------- --------
Income from investment operations
Net investment income -- --
Net gains (losses)
on securities (both
realized & unrealized) 1.05 .71
---------- --------
Total from investment operations 1.05 .71
---------- --------
Less Distributions
Dividends (from net
investment income) (.04) --
Distributions (from realized
capital gains) -- --
Total distributions -- --
Net asset value
End of period $ 11.72 $ 10.71
========== ========
Total return 9.84% 7.1%
Ratios/supplemental data:
Net assets end of period
(000 omitted) 1,225 962
Ratio of expenses to
average net assets 2.14% 2.06%
(b) (b)
Ratio of Net
investment income to
average net assets (.09)% (.09)%
(b) (b)
Portfolio turnover rate -- --
<FN>
(a) Effective date of the Portfolio's initial registration
under the Securities Act of 1933, as amended.
(b) Annualized.
</FN>
</TABLE>
See accompanying notes to financial statements
-36-
<PAGE>
The Crowley Portfolio Group, Inc.
NOTES TO FINANCIAL STATEMENTS
May 31, 1996
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Crowley Portfolio Group, Inc. (the "Fund"), is an open-end diversified
investment company currently offering three series of shares: The Crowley Growth
and Income Portfolio, The Crowley Income Portfolio, and The Crowley Diversified
Management Portfolio (each a "Portfolio").
The objective of The Crowley Growth and Income Portfolio is a long-term
growth of capital for investors, with the secondary objective being current
income. The objective of The Crowley Income Portfolio is to maximize current
income, consistent with prudent risk, i.e. reasonable risk to principal. The
objective of The Crowley Diversified Management Portfolio is high total return
consistent with reasonable risk. The Portfolios will use a variety of investment
strategies in an effort to balance portfolio risks and to hedge market risks.
There can be no assurance that the objectives of the Portfolios will be
achieved.
(A) SECURITY VALUATION
Portfolio securities, which are fixed income securities, are valued by
using market quotations, prices provided by market- makers or
estimates of market values obtained from yield data relating to
instruments or securities with similar characteristics, in accordance
with procedures established in good faith by the Board of Directors.
Securities listed on an exchange or quoted on a national market system
are valued at the last sales price. Investments in regulated
investment companies are valued at the net asset value per share as
quoted by the National Association of Securities Dealers. Money market
securities with remaining maturities of less than 60 days are valued
on the amortized cost basis as reflecting fair value. All other
securities are valued at their fair value as determined in good faith
by the Board of Directors.
(B) FEDERAL INCOME TAXES
The Portfolios intend to comply with the requirements of the Internal
Revenue Code necessary to qualify as regulated investment companies
and as such will not be subject to federal income taxes on otherwise
taxable income (including net realized capital gains) which is
distributed to shareholders. At November 30, 1995, the Income
Portfolio had a capital loss carryforward for Federal Income Tax
purposes of approximately $64,500, of which $36,100 expires in the
year 2002 and $28,400 in 2003.
-37-
<PAGE>
The Crowley Portfolio Group, Inc.
NOTES TO FINANCIAL STATEMENTS
(Continued)
May 31, 1996
(C) SECURITY TRANSACTIONS, INVESTMENT INCOME AND DISTRIBUTIONS TO
SHAREHOLDERS
As is common in the industry, security transactions are accounted for
on the trade date (the date the securities are purchased or sold).
Interest income is recorded on the accrual basis. Bond premiums and
discounts are amortized in accordance with Federal Income Tax
regulations. Dividend income and distributions to shareholders are
recorded on the ex-dividend date.
(D) USE OF ESTIMATES IN FINANCIAL STATEMENTS
In preparing financial statements in conformity with generally
accepted accounting principles, management makes estimates and
assumptions that affect the reported amounts of assets and liabilities
at the date of the financial statements, as well as the reported
amounts of revenues and expenses during the reported period. Actual
results could differ from those estimates.
NOTE 2 - INVESTMENT MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Crowley & Crowley Corp. provides the Fund with management and
administrative services pursuant to a management agreement.
-38-
<PAGE>
The Crowley Portfolio Group, Inc.
NOTES TO FINANCIAL STATEMENTS
(Continued)
May 31, 1996
As compensation for its services, the Advisor receives a fee, computed
daily and payable monthly, at the annualized rate of 1% of the average daily net
assets of The Crowley Growth and Income Portfolio, .60% of the average daily net
assets of The Crowley Income Portfolio and 1% of the average daily not assets of
The Crowley Diversified Management Portfolio. The Advisor pays all expenses
incurred by it in rendering management services to the Fund including the costs
of accounting, bookkeeping and data processing services provided in its role as
administrator. The Portfolios bear their costs of operations, which include, but
are not limited to: advisory fees; taxes; brokerage fees; accounting fees; legal
fees; custodian and auditing fees; and printing and other expenses which are not
expressly assumed by the Advisor under the Management Contracts.
The Crowley Financial Group, Inc. ("TCFG") serves as the portfolio
shareholders' servicing agent. As shareholder service agent, TCFG, will act as
the Transfer, Dividend Disbursing and Redemption Agent to the Portfolios. As
compensation for its services, TCFG receives a fee computed daily and payable
monthly, at the annualized rate of .40% of the average daily net assets of each
Portfolio. During the period December 1, 1995 to May 31, 1996, TCFG earned fees
of $13,555, $18,572 and $2,108 from the Growth and Income Portfolio, Income
Portfolio and Diversified Management Portfolio, respectively.
Crowley securities serves as distributor of the Fund's shares. Effective
August 1, 1994, the sales load was eliminated on the sale of all shares.
Certain officers and directors of the Fund are also officers of Crowley &
Crowley Corp. and The Crowley Financial Group, Inc.
NOTE 3 - PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities, other than short-term investments,
aggregated $6,209,975 and $6,504,267, respectively, in the Growth and Income
Portfolio, $2,794,014 and $2,618,352, respectively, in the Income Portfolio and
$233,986 and $0, respectively, in the Crowley Diversified Management Portfolio.
-39-
|
|