THE CROWLEY PORTFOLIO GROUP, INC.

                       Supplement dated September 8, 1997
                                       to
                        Prospectus dated March 30, 1997

The address of the Fund was changed to 3201-B Millcreek Road, Wilmington,
Delaware 19808, effective September 2, 1997. All purchase orders, redemption
requests, shareholder inquiries and other correspondence to the Fund should be
mailed to this new address. Additionally, the Fund's telephone number has been
changed to (302) 994-4700. The Fund's Investment Adviser and Distributor have
the same address and telephone number as the Fund.



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