<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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SIGNATURE ROBERT A. CROWLEY
TITLE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> THE CROWLEY GROWTH & INCOME PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-END> MAY-31-1998
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<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
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<EXPENSES-NET> 0
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<REALIZED-GAINS-CURRENT> 0
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
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</TABLE>
<TABLE> <S> <C>
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<LEGEND>
This schedule contains summary financial information for The Crowley Income
Portfolio for the May 31, 1998 Semi-Annual Report.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> THE CROWLEY INCOME PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 10,554,850
<INVESTMENTS-AT-VALUE> 10,704,272
<RECEIVABLES> 175,681
<ASSETS-OTHER> 862,978
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,742,931
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,558
<TOTAL-LIABILITIES> 10,558
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,629,227
<SHARES-COMMON-STOCK> 1,104,170
<SHARES-COMMON-PRIOR> 851,801
<ACCUMULATED-NII-CURRENT> 58,291
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,015
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 149,422
<NET-ASSETS> 11,732,373
<DIVIDEND-INCOME> 45,900
<INTEREST-INCOME> 273,720
<OTHER-INCOME> 0
<EXPENSES-NET> 66,623
<NET-INVESTMENT-INCOME> 252,997
<REALIZED-GAINS-CURRENT> 12,015
<APPREC-INCREASE-CURRENT> 18,399
<NET-CHANGE-FROM-OPS> 283,411
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 569,758
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 275,319
<NUMBER-OF-SHARES-REDEEMED> 77,787
<SHARES-REINVESTED> 54,837
<NET-CHANGE-IN-ASSETS> 2,645,366
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (254,742)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 29
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 67
<AVERAGE-NET-ASSETS> 11,732
<PER-SHARE-NAV-BEGIN> 11.00
<PER-SHARE-NII> .30
<PER-SHARE-GAIN-APPREC> .01
<PER-SHARE-DIVIDEND> .68
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 10.63
<EXPENSE-RATIO> 1.36
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information for The Crowley Diversified
Management Portfolio for the May 31, 1998 Semi-Annual Report.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> THE CROWLEY DIVERSIFIED MANAGEMENT PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 2,919,251
<INVESTMENTS-AT-VALUE> 3,260,955
<RECEIVABLES> 0
<ASSETS-OTHER> 3,212,476
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,473,431
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,200
<TOTAL-LIABILITIES> 1,200
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,006,630
<SHARES-COMMON-STOCK> 471,676
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (11,253)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 135,144
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 341,704
<NET-ASSETS> 6,472,231
<DIVIDEND-INCOME> 30,893
<INTEREST-INCOME> 817
<OTHER-INCOME> 34
<EXPENSES-NET> 29,739
<NET-INVESTMENT-INCOME> 2,005
<REALIZED-GAINS-CURRENT> 135,144
<APPREC-INCREASE-CURRENT> 64,761
<NET-CHANGE-FROM-OPS> 201,910
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13,884
<DISTRIBUTIONS-OF-GAINS> 55,535
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 300,650
<NUMBER-OF-SHARES-REDEEMED> 8,469
<SHARES-REINVESTED> 5,514
<NET-CHANGE-IN-ASSETS> 4,099,871
<ACCUMULATED-NII-PRIOR> (11,253)
<ACCUMULATED-GAINS-PRIOR> 56,161
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 15
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 30
<AVERAGE-NET-ASSETS> 3,244
<PER-SHARE-NAV-BEGIN> 12.87
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> 1.24
<PER-SHARE-DIVIDEND> .08
<PER-SHARE-DISTRIBUTIONS> .32
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 13.72
<EXPENSE-RATIO> 1.83
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Response to Sub-Item 77D to Form N-SAR for The Crowley Portfolio Group, Inc.
(the "Registrant" or "Fund"):
Description of any material change which has occurred in the investment
policy of the Registrant with respect to each of the following matters that has
not been approved by shareholders.
(a) The type of securities (e.g., bonds, preferred stocks, common stocks)
in which it may invest, indicating the proportion of the assets in which it may
be invested in each type of security.
- ------------------------
The Board of Directors approved of a change in the investment policies of
the Fund, based on the recommendation of the Fund's investment advisor, Crowley
& Crowley Corp. (the "Advisor"). On May 8, 1998, a supplement to the Fund's
Prospectus was filed pursuant to Rule 497(e).
Each of the Portfolios may now each invest up to 35% of their respective
net assets in fixed-income securities that are rated medium investment-grade or
lower by Moody's Investors Service, Inc. ("Moody's") or Standard & Poor's Corp.
("S & P") or are judged to be of comparable quality by the Advisor. Previously,
only up to 5% of each Portfolio's assets could be invested in medium
investment-grade fixed income securities. Medium investment-grade is defined as
a rating of Baa or lower as determined by Moody's or BBB or lower by S&P. The
Portfolios intend to invest in such securities in order to take advantage of
additional investment opportunities that come to the attention of the Advisor
from time to time. Any additional investments in fixed-income securities must be
rated A or better by Moody's and S&P, or deemed to be of comparable quality,
which means they are high investment-grade or better. Fixed-income securities
that are rated Baa by Moody's or BBB by S&P or, if unrated, are of comparable
quality, have speculative characteristics.
The Portfolios will not invest in fixed-income securities which are rated
lower than C by S&P, Ca by Moody's or similarly by another rating agency, or, if
uncrated, are considered to be of a lower quality than such ratings. However,
the Portfolios may retain a fixed-income security whose rating drops below the
minimal acceptable rating after being purchased.
