<PAGE> PAGE 1
000 B000000 11/30/98
000 C000000 855049
000 D000000 N
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000 J000000 A
001 A000000 THE CROWLEY PORTFOLIO GROUP, INC.
001 B000000 811-05875
001 C000000 3029944700
002 A000000 3201B MILLCREEK ROAD
002 B000000 WILMINGTON
002 C000000 DE
002 D010000 19808
003 000000 N
004 000000 N
005 000000 N
006 000000 N
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007 C030100 Y
007 C010200 2
007 C020200 THE CROWLEY INCOME PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 THE CROWLEY DIVERSIFIED MANAGEMENT PORTFOLIO
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
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011 A00AA01 CROWLEY SECURITIES
011 B00AA01 8-33202
011 C01AA01 WILMINGTON
011 C02AA01 DE
011 C03AA01 19808
012 A00AA01 THE CROWLEY FINANCIAL GROUP, INC.
012 B00AA01 84-5456
<PAGE> PAGE 2
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012 C02AA01 DE
012 C03AA01 19808
013 A00AA01 TAIT, WELLER & BAKER
013 B01AA01 PHILADELPHIA
013 B02AA01 PA
013 B03AA01 19103
014 A00AA01 CROWLEY SECURITIES
014 B00AA01 8-33202
015 A00AA01 WILMINGTON TRUST COMPANY
015 B00AA01 C
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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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SIGNATURE ROBERT A. CROWLEY
TITLE PRESIDENT
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
The Board of Directors
The Crowley Portfolio Group, Inc.
Wilmington, Delaware
In planning and performing our audit of the financial statements of The Crowley
Portfolio Group, Inc. (comprising, respectively, The Crowley Income Portfolio
and The Crowley Diversified Management Portfolio) for the year ended November
30, 1998, we considered its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to comply with
the requirements of Form N-SAR, not to provide assurance on the internal control
structure.
The management of the Funds is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition, and that transactions are executed in
accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors or
fraud may occur and not be detected. Also, projection of any evaluation of the
structure to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving the
internal control structure, including procedures for safeguarding securities,
that we consider to be material weaknesses, as defined above, as of November 30,
1998.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission, and should not be used for any other
purpose.
Philadelphia, Pennsylvania
December 18, 1998
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
</LEGEND>
<CIK> 0000855049
<NAME> THE CROWLEY PORTFOLIO GROUP, INC.
<SERIES>
<NUMBER> 1
<NAME> THE CROWLEY INCOME PORTFOLIO
<MULTIPLIER> 1
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> NOV-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 11,088,372
<INVESTMENTS-AT-VALUE> 11,342,742
<RECEIVABLES> 196,803
<ASSETS-OTHER> 564,030
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12,103,575
<PAYABLE-FOR-SECURITIES> 100,733
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22,958
<TOTAL-LIABILITIES> 123,691
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,411,157
<SHARES-COMMON-STOCK> 1,083,896
<SHARES-COMMON-PRIOR> 851,801
<ACCUMULATED-NII-CURRENT> 554,985
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (240,628)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 254,370
<NET-ASSETS> 11,979,884
<DIVIDEND-INCOME> 92,693
<INTEREST-INCOME> 663,737
<OTHER-INCOME> 0
<EXPENSES-NET> 144,899
<NET-INVESTMENT-INCOME> 611,531
<REALIZED-GAINS-CURRENT> 14,114
<APPREC-INCREASE-CURRENT> 123,347
<NET-CHANGE-FROM-OPS> 748,992
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 569,758
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 287,143
<NUMBER-OF-SHARES-REDEEMED> 109,884
<SHARES-REINVESTED> 54,837
<NET-CHANGE-IN-ASSETS> 2,427,296
<ACCUMULATED-NII-PRIOR> 513,212
<ACCUMULATED-GAINS-PRIOR> (254,742)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 64
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 145
<AVERAGE-NET-ASSETS> 10,733
<PER-SHARE-NAV-BEGIN> 11.00
<PER-SHARE-NII> 0.59
<PER-SHARE-GAIN-APPREC> 0.14
<PER-SHARE-DIVIDEND> (0.68)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.05
<EXPENSE-RATIO> 1.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
</LEGEND>
<CIK> 0000855049
<NAME> THE CROWLEY PORTFOLIO GROUP, INC.
<SERIES>
<NUMBER> 2
<NAME> THE CROWLEY DIVERSIFIED MANAGEMENT PORTFOLIO
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