THE CROWLEY PORTFOLIO GROUP, INC.
The Crowley Growth Portfolio
The Crowley Income Portfolio
The Crowley Diversified Management Portfolio
Annual Report Dated
November 30, 1995
Dear Shareholder:
We are pleased to present you with the Annual Report for The Crowley Portfolio
Group, Inc. for the fiscal year ending November 30, 1995. The Portfolios have
just completed their sixth year of operations and have combined assets in excess
of 16.4 million dollars, an increase of 35% over the previous fiscal year.
At year end there were 396 active accounts, up from 304 accounts one year
earlier. The Portfolios performed very well during the most recent fiscal year.
The Crowley Growth Portfolio had a total return of 11.85% for the period
November 30, 1994 through November 30, 1995. The Crowley Growth Portfolio
continued to be invested conservatively with the common stock positions at
approximately 43% at fiscal year end. The remaining assets in the portfolio were
invested in a combination of cash, corporate and government bonds. The Crowley
Income Portfolio had a very good year. The total return was 10.12% during the
period November 30, 1994 through November 30, 1995. The weighted average
maturity of the Portfolio at November 30, 1995 was 5.8 years. The Crowley
Diversified Management Portfolio had a total return 7.10% from its inception on
April 3, 1995 through November 30, 1995. The Diversified Management Portfolio is
designed to be the most aggressive of the three portfolios and is primarily
invested in other mutual funds.
The Portfolios had modest distributions during the fiscal period. The Crowley
Growth Portfolio had a year end distribution as of the year ended December 31,
1994 of $.52 per share ($.12 ordinary and $.40 capital gains) and The Crowley
Income Portfolio had a year end distribution of $.63 per share ($.63 ordinary
and $.00 capital gains).
The enclosed report has been audited by the Funds' Independent Accountants and
contains a list of the Funds' investments as of November 30, 1995. The
Portfolios continue to be managed conservatively. We look forward to continued
success.
Sincerely,
Robert A. Crowley, CFA
President
January 22, 1996
<PAGE>
THE CROWLEY PORTFOLIO GROUP, INC.
FINANCIAL STATEMENTS
November 30, 1995
<PAGE>
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Shareholders and Board of Directors
The Crowley Portfolio Group, Inc.
We have audited the accompanying statements of assets and liabilities of
The Crowley Growth Portfolio, The Crowley Income Portfolio and The Crowley
Diversified Management Portfolio, each a series of shares of common stock of The
Crowley Portfolio Group, Inc., including the portfolios of investments as of
November 30, 1995, and the related statements of operations for the year or
period then ended and the statements of changes in net assets, and the financial
highlights for periods indicated thereon. These financial statements and
financial highlights are the responsibility of the Portfolios' management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
November 30, 1995 by correspondence with the custodian and brokers. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of The
Crowley Growth Portfolio, The Crowley Income Portfolio and The Crowley
Diversified Management Portfolio as of November 30, 1995, the results of their
operations for the year or period then ended and changes in their net assets,
and the financial highlights for the period referred to above, in conformity
with generally accepted accounting principles.
Philadelphia, Pennsylvania
December 15, 1995
<PAGE>
The Crowley Growth Portfolio
PORTFOLIO OF INVESTMENTS
November 30, 1995
<TABLE>
<CAPTION>
Number of Percent of Market Value
Shares Investments Net Assets (Note 1-A)
<C> <S> <C> <C>
Common Stocks
Aerospace/Defense -
1000 Watkins-Johnson .69% $ 45,375
---- --------
Automotive -
2000 General Motors 1.48 97,000
---- --------
Bank -
2000 First Tennessee National 1.85 121,000
---- --------
Broadcasting/Cable T.V. -
2000 Multimedia* 1.38 90,250
---- --------
Chemicals (Basic) -
3000 E. I. Du Pont 3.05 199,500
4000 Georgia Gulf 2.17 142,500
---- --------
5.22 342,000
---- --------
Chemicals (Diversified) -
1000 Potash 1.06 69,125
1500 Vigoro 1.24 81,188
---- --------
2.30 150,313
---- --------
Chemicals (Specialty) -
3200 Park Electrochemical 1.49 97,200
---- --------
Computer/Peripherals -
5000 EMC* 1.37 89,375
1000 Hewlett-Packard 1.27 83,000
2000 International Business
Machines 2.95 193,250
4000 Western Digital* .93 61,000
---- --------
6.52 426,625
---- --------
Computers Software & Services -
1000 Autodesk .54 35,250
---- --------
</TABLE>
See accompanying notes to financial statements
<PAGE>
The Crowley Growth Portfolio
PORTFOLIO OF INVESTMENTS
(Continued)
November 30, 1995
<TABLE>
<CAPTION>
Number of Percent of Market Value
Shares Investments Net Assets (Note 1-A)
<C> <S> <C> <C>
Common Stocks
Diversified Company -
2000 Hillenbrand 1.00% $ 65,500
1500 ITT* 2.81 183,937
---- -------
3.81 249,437
---- -------
Drug -
1000 Bristol-Myers 1.23 80,250
1000 Merck & Company .94 61,875
---- -------
2.17 142,125
---- -------
Electrical Equipment -
1000 Franklin Electric .47 30,625
2000 General Signal .98 64,500
---- -------
1.45 95,125
---- -------
Foreign Telecommunications -
2000 Vodafone 1.10 72,000
---- -------
Insurance (Life) -
6000 Washington National 2.27 148,500
---- -------
Insurance (Diversified) -
5000 Pioneer Financial Services 1.27 83,125
4000 Lincoln National 2.86 187,000
---- -------
4.13 270,125
---- -------
Machinery -
3150 Raymond* 1.00 65,363
---- -------
Petroleum (Integrated) -
6000 Sun 2.54 166,500
---- -------
</TABLE>
See accompanying notes to financial statements
<PAGE>
The Crowley Growth Portfolio
PORTFOLIO OF INVESTMENTS
(Continued)
November 30, 1995
<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.* 1.30% $ 85,000
1000 Novellus Systems* .95 62,000
----- ---------
2.25 147,000
----- ---------
Technology -
10000 Stratordyne* .00 50
----- ---------
Telecommunication Equipment -
1000 Andrew* .66 43,250
1000 DSC Communications* .61 39,625
----- ---------
1.27 82,875
----- ---------
Total Common Stocks
(cost $2,627,604) 43.46 2,844,113
----- ---------
Corporate Bonds & Notes
$ 200,000 Bear Stearns, Note
5.875%, 01-15-96 3.05 199,968
197,000 Citicorp, Note
10.500%, 02-01-16 3.16 206,633
100,000 General Electric Capital
8.650%, 05-01-18 1.54 101,078
300,000 Wisconsin Power & Light,
Note
9.300%, 12-01-25 4.86 317,952
----- ---------
Total Corporate Bonds & Notes
(cost $838,705) 12.61 825,631
----- ---------
</TABLE>
See accompanying notes to financial statements
<PAGE>
The Crowley Growth Portfolio
PORTFOLIO OF INVESTMENTS
(Continued)
November 30, 1995
<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 Home Loan Mtg.
6.75%, 05-06-99 3.09% $ 202,140
200,000 Federal Home Loan Bank
9.12%, 01-23-05 3.07 200,940
200,000 Federal National Mtg.
7.92%, 03-30-05 3.28 214,750
----- ---------
Total U.S. Government Agency
(cost $612,012) 9.44 617,830
----- ---------
U. S. Government Securities
1,000,000 U.S. Treasury Note
5.625%, 01-31-98 15.35 1,004,375
700,000 U.S. Treasury Note
5.500%, 02-28-99 10.71 701,094
400,000 U.S. Treasury Note
5.875%, 02-15-04 6.16 403,250
----- ---------
Total U.S. Government Securities
(cost $2,089,859) 32.22 $2,108,719
----- ---------
Total Investments
(cost $6,168,180) (A) 97.73 6,396,293
Other Assets Less Liabilities 2.27 148,632
----- ---------
Net Assets 100.00% $6,544,925
====== ==========
</TABLE>
(A) Aggregate cost for federal income tax purposes is $6,168,180.
At November 30, 1995 unrealized appreciation (depreciation) of securities
for federal income tax purposes is as follows:
<TABLE>
<S> <C>
Unrealized appreciation $ 326,701
Unrealized depreciation ( 98,589)
---------
Net unrealized appreciation $ 228,112
=========
</TABLE>
* Non - Income Producing Security
See accompanying notes to financial statements
<PAGE>
The Crowley Income Portfolio
PORTFOLIO OF INVESTMENTS
November 30, 1995
<TABLE>
<CAPTION>
Par Percent of Market Value
Value Investments Net Assets (Note 1-A)
<C> <S> <C> <C>
Corporate Bonds & Notes
Aerospace/Defense -
$230,000 Boeing Co. Note 8.375%,
03-01-96 2.59% $ 231,725
---- -------
Auto & Truck -
40,000 Ford Holdings
9.250%, 07-15-97 .47 42,112
30,000 Ford Motor Credit Co. Note
8.250%, 05-15-96 .34 30,309
100,000 Ford Motor Company 1993-A
Pass Thru 5.78%, 01-01-99 1.11 99,515
60,000 Ford Motor Credit Co. Note
8.720%, 07-22-99 .74 66,180
30,000 Ford Motor Credit Co. Note
8.000%, 01-15-99 .35 31,711
50,000 General Motors Acceptance
Corp. Deb. 7.750%, 04-15-97 .57 50,844
40,000 General Motors Acceptance
Corp. Note 8.000%, 10-01-96 .46 40,687
50,000 General Motors Acceptance
Corp. Note 9.625%, 12-01-00 .64 57,273
---- -------
4.68 418,631
---- -------
Banking -
60,000 BankAmerica
Corp. Note 7.750%, 07-15-02 .72 64,650
30,000 BankAmerica
Corp. Note 7.875%, 12-01-02 .36 32,573
80,000 Bankers Trust New York
Corp. Note 9.500%, 06-14-00 1.01 90,074
20,000 Bankers Trust New York
Corp. Note 9.400%, 03-01-01 .25 22,621
40,000 Barclays American
Corp. Note 7.875%, 08-15-98 .47 41,762
20,000 Chemical Banking Corp.
Note 10.125%, 11-01-00 .26 23,075
132,000 Citicorp
Note 10.500%, 02-01-16 1.55 138,455
</TABLE>
See accompanying notes to financial statements
<PAGE>
The Crowley Income Portfolio
PORTFOLIO OF INVESTMENTS
(continued)
November 30, 1995
<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 .49% $ 44,300
100,000 First Union Corp.
Note 9.890%, 03-13-01 1.30 116,369
20,000 Heller Financial Inc.
Note 8.000%, 12-15-98 .24 21,125
200,000 Morgan J.P. & Co.
Note 9.625%, 12-15-98 2.24 200,186
50,000 Societe Nat. Elf Aquitaine
Note 7.750%, 05-01-99 .59 52,766
50,000 Wells Fargo & Co.
Note 8.200%, 11-01-96 .57 50,992
----- --------
10.05 898,948
----- --------
Broadcasting & Cable T.V.
50,000 Cox Communications, Inc.
Note 8.875%, 03-01-01 .62 55,828
----- --------
Chemical (Basic) -
30,000 DuPont E. I. Note 8.450%,
10-15-96 .34 30,717
----- --------
Chemical (Diversified) -
80,000 ICI Wilmington
Note 9.500%, 11-15-00 1.02 91,090
----- --------
</TABLE>
See accompanying notes to financial statements
<PAGE>
The Crowley Income Portfolio
PORTFOLIO OF INVESTMENTS
(Continued)
November 30, 1995
<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 .82% $ 73,380
30,000 ITT Corp.
Deb. 10.125%, 04-05-99 .37 33,459
50,000 ITT Corp.
Deb. 9.375%, 12-15-01 .64 56,984
50,000 United Technology Corp.
Note 9.625%, 05-15-99 .57 50,977
---- -------
2.40 214,800
---- -------
Drug -
30,000 Merck & Company
Note 7.750%, 05-01-96 .34 30,248
---- -------
Electric Equipment -
50,000 General Electric Capital
Corp. Note 8.750%,
11-26-96 .58 51,430
---- -------
</TABLE>
See accompanying notes to financial statements
<PAGE>
The Crowley Income Portfolio
PORTFOLIO OF INVESTMENTS
(Continued)
November 30, 1995
<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 .59% $ 52,781
50,000 Duke Power Company
1st Ref & Mortgage
8.625%, 03-01-22 .61 54,547
250,000 Iowa Electric Light
1st Mortgage
6.25%, 09-01-96 2.80 250,037
206,000 Iowa Electric Light
1st Ref & Mortgage
7.625%, 05-01-02 2.35 210,151
35,000 Mississippi Power & Light Co.
General Ref Mortgage
8.500%, 01-05-23 .45 39,837
100,000 Ohio Power Co.
Note 6.875%, 06-01-03 1.16 103,459
65,000 Southern Calif. Edison Co.
1st Mortgage
8.875%, 06-01-24 .76 68,400
70,000 Teco Energy
Note 9.220%, 10-15-97 .83 74,227
100,000 Virginia Electric & Power Co.
Note 9.45%, 05-20-96 1.18 105,569
100,000 Wisconsin Pwr & Lt Company
1st Mortgage
9.30%, 12-01-25 1.18 105,984
----- ---------
11.91 1,064,992
----- ---------
</TABLE>
See accompanying notes to financial statements
<PAGE>
The Crowley Income Portfolio
PORTFOLIO OF INVESTMENTS
(Continued)
November 30, 1995
<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 1.27% $ 113,594
---- ---------
Insurance (Diversified) -
40,000 Aetna Life & Casualty Co.
Note 8.625%, 03-01-98 .47 42,200
80,000 Cigna Corp.
Note 8.000%, 09-01-96 .91 81,162
200,000 CIT Group Holdings Inc.
Note 5.875%, 12-01-95 2.24 200,000
---- -------
3.62 323,362
---- -------
Machinery (Construction &
Mining) -
200,000 Caterpillar Inc.
Note 6.810%, 08-24-99 2.29 205,044
250,000 Deere & Co.
Note 8.250%, 06-01-96 2.83 252,970
---- -------
5.12 458,014
---- -------
Metals & Mining (Diversified)-
50,000 Alcan Aluminum Ltd
Deb. 9.700%, 10-15-96 .58 51,633
---- -------
Natural Gas Industry -
100,000 British Gas Co.
Note 8.750%, 03-15-98 1.19 106,093
---- -------
Office Equipment & Supplies -
195,000 Xerox Corp. Note
9.200%, 07-15-99 2.23 199,448
---- -------
</TABLE>
See accompanying notes to financial statements
<PAGE>
The Crowley Income Portfolio
PORTFOLIO OF INVESTMENTS
(Continued)
November 30, 1995
<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 .64% $ 56,859
---- -------
Petroleum (Integrated) -
70,000 Pennzoil Co. Note 9.625%,
11-15-99 .88 78,203
---- -------
Precision Instrument Industry -
25,000 Eastman Kodak Companies
Note 10.000%, 06-15-01 .29 25,637
---- -------
Retail Store Industry -
50,000 Dayton Hudson Corp. Note
10.000%, 12-01-00 .65 57,930
100,000 Sears Roebuck Accept
9.600%, 05-21-97 1.26 113,050
30,000 Sears Roebuck & Co. Note
9.250%, 08-01-97 .35 31,617
30,000 Wal Mart Stores Note
9.100%, 07-15-00 .38 33,801
30,000 Wal Mart Stores Note
8.000%, 05-01-96 .34 30,276
---- -------
2.98 266,674
---- -------
</TABLE>
See accompanying notes to financial statements
<PAGE>
The Crowley Income Portfolio
PORTFOLIO OF INVESTMENTS
(Continued)
November 30, 1995
<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 .45% $ 40,004
50,000 Lehman Bros Holdings Inc Note
7.625%, 06-15-97 .57 51,085
100,000 Lehman Bros Inc Sr Sub Note
7.000%, 05-15-97 1.13 101,265
200,000 Lehman Bros Holding Inc. Note
8.500%, 05-01-07 2.49 222,468
50,000 Morgan Stanley Group Note
8.000%, 10-15-96 .57 50,852
40,000 Morgan Stanley Group Note
7.875%, 12-15-98 .47 41,977
30,000 Morgan Stanley Group Note
8.100%, 06-24-02 .37 32,883
30,000 Salomon Inc. Note
8.600%, 05-15-96 .34 30,295
100,000 Salomon Inc. Note
9.500%, 07-01-97 1.17 104,604
100,000 Salomon Inc. Note
7.05%, 01-15-98 1.16 104,050
40,000 Salomon Inc. Note
9.100%, 03-15-98 .47 42,197
100,000 Salomon Inc. Note
7.250%, 01-15-00 1.14 101,593
----- -------
10.33 923,273
----- -------
</TABLE>
See accompanying notes to financial statements
<PAGE>
The Crowley Income Portfolio
PORTFOLIO OF INVESTMENTS
(Continued)
November 30, 1995
<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 1.71% $ 153,140
---- ---------
Telecommunications Service
Industry -
50,000 General Telephone Co. Florida
1st Mortgage,
7.500%, 08-01-02 .57 50,906
200,000 GTE Hawaiian Telephone, Inc.
1st Mortgage,
9.000%, 12-01-00 2.28 203,250
103,000 General Telephone Co Kentucky
1st Mortgage,
7.750, 06-01-03 1.17 104,802
100,000 Illinois Bell Telephone Co.
Deb. 8.500%, 04-22-26 1.17 104,890
250,000 U.S. West Capital Funding,
Inc., Note,
6.750%, 10-01-05 2.84 254,062
---- --------
8.03 717,910
---- --------
Tobacco -
40,000 Philip Morris Note
8.875%, 07-01-96 .45 40,650
30,000 Philip Morris Note
8.750%, 12-01-96 .34 30,806
130,000 Philip Morris Note
7.750%, 05-01-99 1.54 137,089
---- --------
2.33 208,545
---- --------
Total Corporate Bonds & Notes
(cost $6,786,170) 75.73 6,770,794
----- ---------
</TABLE>
See accompanying notes to financial statements
<PAGE>
The Crowley Income Portfolio
PORTFOLIO OF INVESTMENTS
(Continued)
November 30, 1995
<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 Home Loan Bank
8.23%, 07-19-04 2.29% $ 204,560
200,000 Federal Home Loan Bank
9.12%, 01-23-05 2.25 200,940
200,000 Federal Home Loan Mtge. Corp.
6.75%, 05-06-96 2.26 202,140
100,000 Federal Home Loan Mtge. Corp.
8.07%, 04-12-02 1.13 100,859
80,000 Federal Home Loan Mtge. Corp.
8.325%, 07-15-09 .96 85,872
200,000 Federal Natl. Mtge. Assn. Deb.
8.400%, 10-25-04 2.42 216,820
200,000 Federal Natl. Mtge. Assn. Deb.
7.920%, 03-30-0S 2.40 214,750
------ ----------
Total U.S. Government Agency
(cost $1,210,212) 13.71 1,225,941
------ ----------
U.S. Government Securities
650,000 U.S. Treasury Notes
5.875%, 02-15-04 7.33 655,285
------ ----------
Total U.S. Government Securities
(cost $645,422)
Total Investments
(cost $8,641,804) (A) 96.77 8,652,020
Other Assets Less Liabilities 3.23 288,438
------ ----------
Net Assets 100.00% $8,940,458
====== ==========
</TABLE>
<TABLE>
(A) Aggregate cost for federal income tax
purposes is $8,641,804.
At November 30, 1995, unrealized appreciation
(depreciation) of securities for federal income
tax purposes is as follows:
<S> <C>
Unrealized appreciation $ 124,916
Unrealized depreciation ( 114,700)
---------
Net unrealized appreciation $ 10,216
---------
</TABLE>
See accompanying notes to financial statements
<PAGE>
The Crowley Diversified Management Portfolio
PORTFOLIO OF INVESTMENTS
November 30, 1995
<TABLE>
<CAPTION>
Number of Percent of Market Value
Shares Investments Net Assets (Note 1-A)
<C> <S> <C> <C>
General Equity Funds
Aggressive Growth -
1084 Strong Opportunity 3.83% $ 36,889
1336 Twentieth Century Ultra 3.93 37,808
1514 Wasatch Aggressive Equity 3.77 36,228
----- -------
11.53 110,925
----- -------
Balanced -
1005 Columbia Balanced 2.15 20,643
479 Dodge & Cox Balanced 2.75 26,484
----- -------
4.90 47,127
----- -------
Corporate - High Yield -
2860 Federated High Yield Trust 2.65 25,535
2155 Fidelity Capital & Income 2.05 19,656
----- -------
4.70 45,191
----- -------
Growth -
858 Fidelity Stock Selection 2.22 21,361
783 Gabelli Asset 2.22 21,381
1181 Harbor Capital Appreciation 2.90 27,943
1221 Longleaf Partners 2.82 27,159
360 Nicholas 2.31 22,209
739 Oakmark 2.32 22,317
1358 Soundshore 2.76 26,563
831 Steinroe Special 2.19 21,029
----- -------
19.74 189,962
----- -------
Growth/Income -
682 Babson Value 2.25 21,668
316 Dodge & Cox Stock 2.28 21,966
705 Mutual Beacon 2.79 26,791
1123 Neuberger & Berman Guardian 2.81 27,063
1525 Pelican 2.26 21,734
----- -------
12.39 119,222
----- -------
</TABLE>
See accompanying notes to financial statements
<PAGE>
The Crowley Diversified Management Portfolio
PORTFOLIO OF INVESTMENTS
November 30, 1995
<TABLE>
<CAPTION>
Number of Percent of Market Value
Shares Investments Net Assets (Note 1-A)
<C> <S> <C> <C>
General Equity Funds - continued
Income -
1909 Berwyn Income 2.44% $ 23,503
867 Lindner Dividend 2.45 23,558
---- ------
4.89 47,061
---- ------
Small Company -
1139 Columbia Special 2.82 27,124
888 Heartland Value 2.69 25,866
1044 Meridian 3.26 31,332
1277 PBHG Growth 3.09 29,719
899 Parkstone Small Cap.
Series "B" 2.81 27,072
1069 Warburg Pincus Emerging
Growth 3.41 32,850
----- -------
18.08 173,963
----- -------
</TABLE>
See accompanying notes to financial statements
<PAGE>
The Crowley Diversified Management Portfolio
PORTFOLIO OF INVESTMENTS
(Continued)
November 30, 1995
<TABLE>
<CAPTION>
Number of Percent of Market Value
Shares Investments Net Assets (Note 1-A)
<C> <S> <C> <C>
International Equity Funds
Foreign Equity -
568 Managers International
Equity 2.44% $ 23,485
3077 Twentieth Century
International Equity 2.40 23,110
------ ---------
4.84 46,595
------ ---------
Global Equity -
1156 Founders Worldwide Growth 2.43 23,344
844 Janus Worldwide Fund 2.49 23,989
------ ---------
4.92 47,333
------ ---------
International Bond -
1981 T. Rowe Price Intern. Bond 2.15 20,678
2011 Scudder Intern. Bond 2.38 22,925
------ ---------
4.53 43,603
------ ---------
Pacific Equity -
2662 T. Rowe Price - New Asia 2.20 21,132
------ ---------
Total Mutual Funds
(cost $843,166) 92.72% $ 892,114
------ ---------
Total Investments
(cost $843,166) (A) 92.72% $ 892,114
------ ---------
Other Assets Less Liabilities 7.28 70,024
------ ---------
Net Assets 100.00% $ 962,138
====== =========
</TABLE>
See accompanying notes to financial statements
<PAGE>
The Crowley Diversified Management Portfolio
PORTFOLIO OF INVESTMENTS
(Continued)
November 30, 1995
<TABLE>
<CAPTION>
Number of Percent of Market Value
Shares Investments Net Assets (Note 1-A)
<S> <C>
International Equity Funds - continued
(A) Aggregate cost for federal income tax purposes is $843,166.
At November 30, 1995 unrealized appreciation
(depreciation) of securities for federal income
tax purposes is as follows:
Unrealized appreciation $ 50,854
Unrealized depreciation ( 1,906)
-------
Net unrealized appreciation $ 48,948
========
</TABLE>
See accompanying notes to financial statements
<PAGE>
The Crowley Portfolio Group, Inc.
STATEMENT OF ASSETS AND LIABILITIES
November 30, 1995
<TABLE>
<CAPTION>
GROWTH INCOME DIVERSIFIED
ASSETS PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C>
Investments at market value $6,396,293 $8,652,020 $ 892,114
(Identified cost $6,168,180,
$8,641,804 and $843,166,
respectively)
Cash 301,026 93,022 70,027
Receivable for:
Interest 71,353 196,198 --
Dividends 3,910 -- --
---------- ---------- ----------
Total assets 6,772,582 8,941,240 962,141
---------- ---------- ----------
LIABILITIES
Investment Securities Payable 226,790 -- --
Accrued expenses 867 782 3
---------- ---------- ----------
Total liabilities 227,657 782 3
---------- ---------- ----------
NET ASSETS (500 million shares
of $.01 par value common stock
authorized; 575,419, 807,034 and
89,859 shares outstanding,
respectively) $6,544,925 $8,940,458 $ 962,138
========== ========== ==========
</TABLE>
See accompanying notes to financial statements
<PAGE>
The Crowley Portfolio Group, Inc.
STATEMENT OF ASSETS AND LIABILITIES
(Continued)
November 30, 1995
<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) $ 11.37 $ 11.08 $ 10.71
=========== =========== ===========
At November 30, 1995 net assets
consisted of:
Paid-in capital $ 5,862,196 $ 8,530,045 $ 913,427
Accumulated undistributed net
investment income (loss) 171,102 464,696 (396)
Accumulated undistributed net
realized gains (losses) 283,515 (64,499) 159
Net unrealized appreciation
of investments 228,112 10,216 48,948
----------- ----------- -----------
$ 6,544,925 $ 8,940,458 $ 962,138
=========== =========== ===========
</TABLE>
See accompanying notes to financial statements
<PAGE>
The Crowley Portfolio Group, Inc.
STATEMENT OF OPERATIONS
For the Year or Period Ended November 30, 1995
<TABLE>
<CAPTION>
GROWTH INCOME DIVERSIFIED
PORTFOLIO PORTFOLIO PORTFOLIO*
<S> <C> <C> <C>
INVESTMENT INCOME
Interest income $ 249,349 $ 611,468 $ 5,500
Dividend income 51,610 -- 3,007
Other income -- 1,559 575
--------- --------- ---------
Total investment income 300,959 613,027 $ 9,082
--------- --------- ---------
Expenses
Investment advisory fees (Note 2) 60,261 46,815 4,534
Custodian fees 4,900 5,321 --
Legal and audit fees 19,411 19,711 1,000
Reports to shareholders 716 539 --
Registration 1,650 2,830 1,500
Insurance 1,200 1,443 --
Directors expenses 3,000 3,000 --
Miscellaneous expenses -- -- 303
Transfer agent fees (Note 2) 26,507 31,846 2,141
--------- --------- ---------
Total expenses 117,645 111,505 9,478
--------- --------- ---------
Net investment income 183,314 501,522 (396)
--------- --------- ---------
REALIZED AND UNREALIZED GAIN(LOSS)
ON INVESTMENTS
Net realized gain (loss) from
security transactions 283,957 (28,399) 159
Increase in unrealized
appreciation of investments 212,856 278,509 48,948
--------- --------- ---------
Net gain on investments 496,813 250,110 49,107
--------- --------- ---------
Net increase in net
assets resulting from
operations $ 680,127 $ 751,632 $ 48,711
========= ========= =========
</TABLE>
* Commencement of operations was April 3, 1995
See accompanying notes to financial statements
<PAGE>
The Crowley Portfolio Group, Inc.
CROWLEY GROWTH PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Year Ended Year Ended
11-30-95 11-30-94
<S> <C> <C>
OPERATIONS
Net investment income $ 183,314 $ 55,064
Net realized gain from
security transactions 283,957 206,538
Net increase in unrealized
appreciation of investments 212,856 93,745
----------- -----------
Net increase in net assets
resulting from operations 680,127 355,347
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net investment income
($.12 and $.11 per share) (61,711) (48,175)
Distributions from net realized gains on
investments ($.40 and $.40 per share) (205,702) (175,180)
CAPITAL SHARE TRANSACTIONS (a)
Increase in net assets resulting
from capital share transactions 635,837 781,846
----------- -----------
Total increase in net assets 1,048,551 913,838
NET ASSETS
Beginning of period 5,496,374 4,582,536
----------- -----------
End of period (including undistributed
net investment income of $171,102 and
$49,499) $ 6,544,925 $ 5,496,374
=========== ===========
</TABLE>
(a) Summary of capital share activity follows:
<TABLE>
<CAPTION>
Year Ended Year Ended
11-30-95 11-30-94
Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Shares sold 81,977 $ 881,682 79,596 $ 827,304
Shares issued on
reinvestment of
distributions 26,529 267,413 21,897 223,355
Shares redeemed (47,196) (513,258) (25,844) ( 268,813)
------- -------- ------- ---------
Net increase 61,310 $ 635,837 75,649 $ 781,846
====== ========= ====== =========
</TABLE>
See accompanying notes to financial statements
<PAGE>
The Crowley Portfolio Group, Inc.
CROWLEY INCOME PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Year Ended Year Ended
11-30-95 11-30-94
<S> <C> <C>
OPERATIONS
Net investment income $ 501,522 $ 373,872
Net realized loss from
security transactions (28,399) (36,099)
Net increase(decrease) in
unrealized appreciation of
investments 278,509 (426,418)
----------- -----------
Net increase (decrease) in net assets
resulting from operations 751,632 (88,645)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net investment income
($.63 and $.66 per share) (385,139) (312,989)
Distributions from net realized gains on
investments ($.07 per share) ( - ) (31,705)
CAPITAL SHARE TRANSACTIONS (a)
Increase in net assets
resulting from capital share
transactions 1,919,980 1,664,792
----------- -----------
Total increase in net assets 2,286,473 1,231,453
NET ASSETS
Beginning of period 6,653,985 5,422,532
----------- -----------
End of period (including undistributed
net investment income of $464,696 and
$348,313) $8,940,458 $6,653,985
========== ==========
</TABLE>
(a) Summary of capital share activity follows:
<TABLE>
<CAPTION>
Year Ended Year Ended
11-30-95 11-30-94
Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Shares sold 237,444 $ 2,505,734 155,350 $ 1,680,042
Shares issued on
reinvestment of
distributions 38,170 385,139 31,565 344,694
Shares redeemed (91,003) (970,893) (33,129) (359,944)
------- -------- ------- --------
Net increase 184,611 $ 1,919,980 153,786 $ 1,664,792
======= =========== ======= ===========
</TABLE>
See accompanying notes to financial statements
<PAGE>
The Crowley Portfolio Group, Inc.
CROWLEY DIVERSIFIED MANAGEMENT PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For Eight Months
Ended 11-30-95*
<S> <C>
OPERATIONS
Net investment loss $ (396)
Net realized gain(loss)from
security transactions 159
Net increase in unrealized
appreciation of investments 48,948
---------
Net increase (decrease) in net assets
resulting from operations 48,711
CAPITAL SHARE TRANSACTIONS (a)
Increase in net assets resulting
from capital share transactions 913,427
---------
Total increase in net assets 962,138
NET ASSETS
Beginning of period --
End of period (including accumulated
net investment loss of 396) $ 962,138
=========
</TABLE>
(a) Summary of capital share activity follows:
<TABLE>
<CAPTION>
Eight Months Ended
11-30-95
Shares Amount
<S> <C> <C>
Shares sold 91,820 $ 933,857
Shares redeemed (1,961) (20,430)
------ -------
Net increase 89,859 913,427
====== =======
</TABLE>
*Commencement of operations was April 3, 1995
See accompanying notes to financial statements
<PAGE>
The Crowley Portfolio Group, Inc.
Crowley Growth Portfolio
Financial Highlights
<TABLE>
<CAPTION>
12-01-94 12-01-93
to to
11-30-95 11-30-94
<S> <C> <C>
Net asset value
Beginning of period $ 10.69 $ 10.45
------------ ------------
Income from investment
operations
Net investment income .32 .12
Net gains
on securities (both
realized & unrealized) .88 .63
------------ ------------
Total from investment
operations 1.20 .75
------------ ------------
Less Distributions
Dividends (from net
investment income) (.12) (.11)
Distributions (from
realized capital gains) (.40) (.40)
Return of capital ( - ) ( - )
------------ ------------
Total distributions (.52) (.51)
Net asset value
End of period $ 11.37 $ 10.69
============ ============
Total return 11.85% 7.41%
Ratios/supplemental data:
Net assets end of period
(000 omitted) 6,545 5,496
Ratio of expenses to
average net assets 1.93% 1.85%
(b)
Ratio of net
investment income to
average net assets 3.00% 1.10%
(b)
Portfolio turnover rate 118.08% 107.37%
</TABLE>
See accompanying notes to financial statements
<PAGE>
The Crowley Portfolio Group, Inc.
Crowley Growth 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
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 operating 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
<PAGE>
The Crowley Portfolio Group, Inc.
Crowley Income Portfolio
Financial Highlights
<TABLE>
<CAPTION>
12-01-94 12-01-93
to to
11-30-95 11-30-94
<S> <C> <C>
Net asset value
Beginning of period $10.69 $11.57
------ ------
Income from investment
operations
Net investment income .65 .61
Net gains (losses)
on securities (both
realized & unrealized) .37 (.76)
------ ------
Total from investment
operations 1.02 (.15)
------ ------
Less Distributions
Dividends (from net
investment income) (.63) (.66)
Distributions (from
realized capital gains) ( - ) (.07)
Return of capital ( - ) ( - )
------ ------
Total distributions (.63) (.73)
Net asset value
End of period $11.08 $10.69
====== ======
Total return 10.12% (1.43)%
Ratios/supplemental data:
Net assets end of period
(000 omitted) 8,940 6,654
Ratio of expenses to
average net assets 1.43% 1.37%
(b)
Ratio of net
investment income to
average net assets 6.43% 6.28%
(b)
Portfolio turnover rate 31.60% 14.45%
</TABLE>
See accompanying notes to financial statements
<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 (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 operating 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
<PAGE>
The Crowley Portfolio Group, Inc.
Crowley Diversified Management Portfolio
Financial Highlights
<TABLE>
<CAPTION>
Eight Months
04-01-95(a)
to
11-30-95
<S> <C>
Net asset value
Beginning of period $10.00
------
Income from investment
operations
Net investment income --
Net gains (losses)
on securities (both
realized & unrealized) .71
------
Total from investment
operations .71
------
Less Distributions
Dividends (from net
investment income) --
Distributions (from
realized capital gain --
Return of capital --
Total distributions --
Net asset value
End of period $10.71
======
Total return 7.1%
Ratios/supplemental data:
Net assets end of period
(000 omitted) 962
Ratio of expenses to
average net assets 2.06%
(b)
Ratio of net
investment loss
to average net assets (.09)%
(b)
Portfolio turnover rate --
<FN>
(a) Effective date of Portfolio's initial registration statement under the
Securities Act of 1933, as amended.
(b) Annualized.
</FN>
</TABLE>
See accompanying notes to financial statements
<PAGE>
The Crowley Portfolio Group, Inc.
NOTES TO FINANCIAL STATEMENTS
November 30, 1995
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 Portfolio, The Crowley Income
Portfolio, and The Crowley Diversified Management Portfolio (each
a "Portfolio").
The objective of The Crowley Growth Portfolio is 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.
<PAGE>
The Crowley Portfolio Group, Inc.
NOTES TO FINANCIAL STATEMENTS
(Continued)
November 30, 1995
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 maturates 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 2002 and $28,400 in 2003.
(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.
<PAGE>
The Crowley Portfolio Group, Inc.
NOTES TO FINANCIAL STATEMENTS
(Continued)
November 30, 1995
(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
reporting 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.
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 Portfolio, .60% of
the average daily net assets of The Crowley Income Portfolio and 1% of
the average daily net assets of Th 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.
<PAGE>
The Crowley Portfolio Group, Inc.
NOTES TO FINANCIAL STATEMENTS
(continued)
November 30, 1995
The Crowley Financial Group, Inc. ("TCFG") serves as the
portfolio shareholders' servicing agent. As shareholder servicing
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, 1994 to November 30, 1995,
TCFG earned fees of $26,507, $31,846 and $2,141 from the Growth,
Income, and Diversified Management Portfolios, 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 $6,817,577 and $5,036,836, respectively, in
the Growth Portfolio, $5,008,574 and $2,308,883, respectively, in the
Income Portfolio and $843,166 and no sales, respectively, in the
Crowley Diversified Management Portfolio.
