THE CROWLEY PORTFOLIO GROUP, INC.
SEMI-ANNUAL REPORT
(UNAUDITED)
MAY 31, 2000
CROWLEY INCOME PORTFOLIO
Portfolio of Investments
Statement of Assets and Liabilities
Statement of Operations
Statement of Changes in Net Assets
Financial Highlights
Notes to Financial Statements
Crowley Diversified Management Portfolio
Portfolio of Investments
Statement of Assets and Liabilities
Statement of Operations
Statement of Changes in Net Assets
Financial Highlights
Notes to Financial Statements
THE CROWLEY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
May 31, 2000 (Unaudited)
Market
Percent of Value
Par Value Net Assets (Note 1-A)
--------- ---------- ----------
CORPORATE BONDS & NOTES
-----------------------
Auto & Truck
$ 500,000 Ford Holdings
7.350%, 11/07/11 4.55% $ 481,850
300,000 General Motors
7.700%, 04/15/16 2.83 300,000
------- -------------
7.38 781,850
------- -------------
Banking
60,000 BankAmerica
7.750%, 07/15/02 .57 60,056
30,000 BankAmerica
7.875%, 12/01/02 .28 30,070
20,000 Bankers Trust New York
9.400%, 03/01/01 .19 20,259
95,000 Banque Paribas New York
6.875%, 03/01/09 .87 92,103
100,000 First Union Corp.
9.890%, 03/13/01 .96 101,824
------- -------------
2.87 304,312
------- -------------
Broadcasting & Cable T.V.
50,000 Cox Communications, Inc.
8.875%, 03/01/01 .48 50,382
------- -------------
Chemical (Basic)
400,000 DuPont E.I.
8.250%, 1/15/22 3.92 415,000
------- -------------
Computers & Periphals
100,000 Unisys Corp.
7.875%, 04/01/08 .93 98,000
------- -------------
Diversified Company
171,000 American Standard, Inc.
9.250%, 12/01/16 1.60 169,717
107,000 Mark IV Industries
7.500%, 09/01/07 .92 97,745
------- -------------
2.52 267,462
------- -------------
Drug
200,000 ICN Pharmaceutical,
9.250%, 08/15/05 1.86 197,000
------- -------------
Electric Utility
510,000 Appalachian Power Company
8.500%, 12/01/22 4.96 524,790
250,000 Duquesne Lighting Company
7.625%, 04/15/23 2.41 255,625
217,000 Houston Lighting & Power
7.750%, 03/15/23 2.09 221,340
245,000 Wisconsin Electric Power
1st Mortgage, 7.750%, 01/15/23 2.24 237,650
400,000 Wisconsin Power & Light Company
1st Mortgage, 9.300%, 12/01/25 3.96 419,060
------- --------------
15.66 1,658,465
------- -------------
Entertainment
300,000 Paramount Communications
7.500%, 07/15/23 2.80 297,000
100,000 Walt Disney Co.
6.500%, 05/27/14 .88 93,000
------- -------------
3.68 390,000
------- -------------
Financial Services
180,000 Advanta Medium Term Note
7.000%, 05/01/01 1.65 175,050
250,000 Franchise Finance Corp.
6.860%, 06/15/07 2.22 235,000
100,000 Leucadia Capital Trust I,
8.650%, 01/15/27 .78 82,750
250,000 Leucadia National Corp.
7.750%, 08/15/13 2.36 250,250
200,000 Source One Mortgage Services Corp.,
9.000%, 06/01/12 2.11 223,600
200,000 Trenwick Capital Trust,
8.820%, 02/01/37 1.68 177,200
------- -------------
10.80 1,143,850
------- -------------
Food Processing
100,000 Quaker Oats Co.
9.000%, 12/17/01 .97 102,322
------- -------------
Grocery Store
350,000 Great Atlantic & Pacific Tea
7.750%, 04/15/07 3.06 323,750
------- -------------
Hotel/Gaming Industry
250,000 HMH Properties, Inc., Series B
7.875%, 08/01/08 2.15 227,500
------- -------------
Insurance (Diversified)
185,000 Aetna Services, Inc.
7.625%, 08/15/26 1.70 180,098
------- -------------
Life/Health Insurance
130,000 Amerus Capital I Bond
8.850%, 02/01/27 1.11 117,000
------- -------------
Office Equipment & Supplies
87,000 Ikon Office Solutions, Inc.
6.750%, 12/01/25 .76 80,040
------- -------------
Paper and Forest Products
100,000 Pope & Talbot
8.375%, 06/01/13 .89 94,650
------- -------------
Retail Building Supply Industry
300,000 Loews Corp.
7.625%, 06/01/23 2.88 305,250
------- -------------
Retail Store Industry
200,000 K Mart Corp., Medium Term Notes
8.850%, 12/15/11 1.95 206,000
100,000 K Mart Corp.
Pass Thru Sec K-1 8.990%, 07/05/10 .99 105,200
------- -------------
2.94 311,200
------- -------------
Savings & Loan Industry
200,000 Great Western Financial
8.206%, 02/01/27 1.92 203,500
------- -------------
Securities Brokerage Industry
200,000 Bear Stearns Companies
7.000%, 04/02/18 1.69 178,500
200,000 Lehman Bros Holding Inc.
8.500%, 08/01/07 1.92 202,800
30,000 Morgan Stanley Group
8.100%, 06/24/02 .28 30,234
------- -------------
3.89 411,534
------- -------------
Telecommunications Service Industry
150,000 AT&T Corp.
8.125%, 07/15/24 1.44 153,000
150,000 GTE North, Inc.
7.625%, 05/15/26 1.37 144,600
100,000 ITT
6.250%, 11/15/00 .93 98,720
250,000 Media One Group
6.750%, 10/01/05 2.29 242,500
------- -------------
6.03 638,820
------- -------------
Trucking/Transportation Leasing
100,000 Interpool, Inc.
7.200%, 08/01/07 .83 87,400
------- -------------
Total Corporate Bonds
& Notes (Cost $8,657,466) 79.23 8,389,385
------- -------------
See accompanying notes to financial statements
May 31, 2000 (Unaudited)
Number
of
Shares
-------
PREFERRED STOCKS
----------------
4,000 AT&T Capital, 8.25% .89% $ 94,752
3,800 Canadian Occidental Petroleum, 9.75% .82 87,164
4,000 Conseco, 8.70% .44 47,000
4,000 Georgia Power, Series 7.75% .86 90,752
8,000 Hartford Capital, Series A, 7.70% 1.69 178,504
10,000 Hercules Trust I, 9.42% 1.90 201,250
6,000 Lincoln National Capital, Series 8.75% 1.35 143,250
4,000 Nova Chemical, Ltd., 9.50% .78 82,500
10,000 Pacific Telesis, 7.56% 2.11 223,750
10,000 Pacificorp Capital, 8.25% 2.20 232,500
6,000 Transcanada Pipe Line Ltd., 8.25% 1.23 129,750
------- -------------
Total Preferred Stocks
(Cost $1,745,168) 14.27 1,511,172
------- -------------
See accompanying notes to financial statements
May 31, 2000 (Unaudited)
Market
Percent of Value
Par Value Net Assets (Note 1-A)
--------- ---------- ----------
U.S. GOVERNMENT AGENCY
----------------------
$ 575,000 Federal Home Loan Bank
Zero Coupon, 07/07/17 1.37% $ 144,612
1,000,000 Federal Home Loan Bank
Zero Coupon, 07/28/17 2.39 253,000
------- -------------
Total U.S. Government Agency
(Cost $394,033) 3.76 397,612
------- -------------
Total Investments (Cost $10,796,667) (a) 97.26% 10,298,169
Other Assets Less Liabilities 2.74% 289,740
------- -------------
Net Assets 100.00% $ 10,587,909
======= =============
(a) Aggregate cost for federal income tax purposes is $10,796,667.
At May 31, 2000, unrealized appreciation (depreciation)
of securities for federal income tax purposes is as follows:
Unrealized appreciation $ 46,682
Unrealized depreciation (545,180)
-----------
Net unrealized depreciation $ (498,498)
===========
See accompanying notes to financial statements
THE CROWLEY DIVERSIFIED MANAGEMENT PORTFOLIO
PORTFOLIO OF INVESTMENTS
May 31, 2000 (Unaudited)
Number Market
of Percent of Value
Shares Net Assets (Note 1-A)
-------- ---------- ----------
GENERAL EQUITY FUNDS
--------------------
Aggressive Growth
5,862 Invesco Small Company Growth 1.29% $ 95,193
5,926 Strong Opportunity 3.88 285,239
7,009 Twentieth Century Ultra 3.99 293,871
------- ------------
9.16 674,303
------- ------------
Balanced
8,728 Columbia Balanced 2.97 218,823
2,778 Dodge & Cox Balanced 2.47 181,828
12,103 Janus Balanced 3.73 274,506
------- ------------
9.17 675,157
------- ------------
Growth
4,603 Columbia Growth 3.10 228,400
7,710 Dreyfus Disciplined 4.35 320,500
5,420 Harbor Capital Appreciation 3.62 266,309
13,333 Invesco Blue Chip Growth 1.32 97,067
7,054 Janus Mercury 3.93 289,477
2,004 Nicholas 2.23 164,638
2,762 Strong Growth 1.33 97,707
5,923 T. Rowe Price Blue Chip 2.95 216,960
6,931 T. Rowe Price Mid Cap 3.87 284,869
6,308 Vanguard U.S. Growth 3.60 265,128
8,850 Warburg Capital Appreciation 3.50 257,438
1,419 White Oak Growth 1.32 96,863
------- ------------
35.12 2,585,356
------- ------------
Growth/Income
7,689 American Century Growth & Income 3.39 249,736
2,969 Dodge & Cox Stock 4.03 296,619
6,275 Vanguard Growth & Income 2.95 217,413
------- ------------
10.37 763,768
------- ------------
Health Care
927 Vanguard Health Care 1.37 100,519
------- ------------
Technology
2,000 Invesco Telecommunications 1.33 97,760
5,306 T. Rowe Price Science & Technology 4.02 296,075
------- ------------
5.35 393,835
------- ------------
See accompanying notes to financial statements
May 31, 2000 (Unaudited)
Number Market
of Percent of Value
Shares Net Assets (Note 1-A)
-------- ---------- ----------
INTERNATIONAL EQUITY FUNDS
--------------------------
Foreign Equity
4,974 Managers International Equity 3.66% $ 269,536
15,938 Twentieth Century International Equity 2.97 218,197
------- ------------
6.63 487,733
------- ------------
Global Equity
9,053 Founders Worldwide Growth 2.77 204,057
3,984 Gabelli Global Telecommunications 1.35 99,084
4,101 Janus Worldwide 4.12 303,428
2,940 Scudder Greater Europe 1.34 99,000
------- ------------
9.58 705,569
------- ------------
Total Investments (Cost $5,622,441) (a) 86.75% 6,386,240
Other Assets Less Liabilities 13.25% 975,014
------- ------------
Net Assets 100.00% $ 7,361,254
======= ============
(a) Aggregate cost for federal income tax purposes is $5,622,441.
At May 31, 2000 unrealized appreciation (depreciation)
of securities for federal income tax purposes is as follows:
Unrealized appreciation $ 781,124
Unrealized depreciation (17,325)
----------
Net unrealized appreciation $ 763,799
==========
See accompanying notes to financial statements
THE CROWLEY PORTFOLIO GROUP, INC.
STATEMENT OF ASSETS AND LIABILITIES
May 31, 2000 (Unaudited)
Diversified
Income Management
Portfolio Portfolio
--------- ------------
ASSETS
Investments at market value
(Identified cost $10,796,667 and $5,622,441)(Note 1) $ 10,298,169 $ 6,386,240
Cash 84,173 986,386
Dividends and interest receivable 219,813 -
------------- -----------
Total assets 10,602,155 7,372,626
------------- -----------
LIABILITIES
Accrued expenses 14,246 11,372
------------- -----------
NET ASSETS
(500 million shares of $.01 par value common stock
authorized; 1,058,983 and 500,553 shares issued
and outstanding, respectively) $ 10,587,909 $ 7,361,254
============= ===========
NET ASSET VALUE, OFFERING AND REPURCHASE
PRICE PER SHARE
($10,587,909 / 1,058,983 shares)
($7,361,254 / 500,553 shares) $10.00 $14.71
====== ======
NET ASSETS
At May 31, 2000, net assets consisted of:
Paid-in capital $ 11,134,475 $ 6,378,723
Undistributed (accumulated) net investment income (loss) 268,135 (70,070)
Accumulated net realized gain (loss) on investments (316,203) 288,802
Net unrealized appreciation (depreciation) (498,498) 763,799
------------- ------------
$ 10,587,909 $ 7,361,254
============= ============
See accompanying notes to financial statements
THE CROWLEY PORTFOLIO GROUP, INC.
STATEMENT OF OPERATIONS
Six Months Ended May 31, 2000 (Unaudited)
Diversified
Income Management
Portfolio Portfolio
--------- ------------
INVESTMENT INCOME
Interest income $ 348,252 $ 32,041
Dividends 83,750 33,564
---------- ----------
Total income 432,002 65,605
---------- ----------
EXPENSES
Investment advisory fees (Note 2) 32,929 37,531
Transfer agent fees (Note 2) 25,481 14,866
Professional fees 11,552 12,252
Custody fees 1,659 -
Directors' fees 352 740
Miscellaneous 3,019 4,894
----------- ----------
Total expenses 74,992 70,283
---------- ----------
Net investment income (loss) 357,010 (4,678)
---------- ----------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized loss from security transactions (22,848) (10,127)
Capital gain distributions from
regulated investment companies - 300,561
Change in unrealized appreciation
(depreciation) of investments (177,877) 29,851
---------- ----------
Net gain (loss) on investments (200,725) 320,285
---------- ----------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $ 156,285 $ 315,607
========== ==========
See accompanying notes to financial statements
THE CROWLEY PORTFOLIO GROUP, INC.
THE CROWLEY
INCOME PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS
Six
Months Ended Year Ended
May 31, 2000 November 30,
(Unaudited) 1999
---------------- ------------
INCREASE (DECREASE) IN NET ASSETS FROM
Operations
Net investment income $ 357,010 $ 739,003
Net realized loss on investments (22,848) (52,727)
Change in unrealized depreciation of investments (177,877) (574,991)
------------- -------------
Net increase in net assets resulting from operations 156,285 111,285
Distributions to shareholders
Net investment income
($0.70 and $0.59 per share, respectively) (744,290) (638,573)
Capital share transactions (a)
Decrease in net assets resulting from capital
share transactions (137,158) (139,524)
------------- -------------
Total decrease in net assets (725,163) (666,812)
NET ASSETS
Beginning of period 11,313,072 11,979,884
------------- -------------
End of period
(Including undistributed net investment income of
$268,135 and $655,415, respectively) $ 10,587,909 $ 11,313,072
============= =============
(a) Summary of capital share activity follows:
Six Months Ended
May 31, 2000 Year Ended
(Unaudited) November 30, 1999
--------------------------- ---------------------
Shares Value Shares Value
------ ----- ------ -----
Shares sold 10,754 $ 104,993 55,154 $ 580,801
Shares issued in reinvestment
of distributions 75,697 741,071 60,643 638,573
--------- ----------- ---------- ------------
86,451 846,064 115,797 1,219,374
Shares redeemed (98,788) (983,222) (128,373) (1,358,898)
---------- ----------- ---------- ------------
Net decrease (12,337) $ (137,158) (12,576) $ (139,524)
========== =========== ========== ============
See accompanying notes to financial statements
THE CROWLEY PORTFOLIO GROUP, INC.
THE CROWLEY DIVERSIFIED
MANAGEMENT PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS
Six
Months Ended Year Ended
May 31, 2000 November 30,
(Unaudited) 1999
---------------- ------------
INCREASE (DECREASE) IN NET ASSETS FROM
Operations
Net investment income (loss) $ (4,678) $ 38,398
Net realized loss on investments (10,127) (230,665)
Capital gain distributions from regulated
investment companies 300,561 317,139
Change in unrealized appreciation of investments 29,851 792,579
------------- ------------
Net increase in net assets resulting from operations 315,607 917,451
Distributions to shareholders
Net investment income
($0.16 and $0.13 per share, respectively) (78,738) (61,879)
Net realized gains on investments
($0.18 and $0.45 per share, respectively) (88,580) (214,198)
Capital share transactions (a)
Increase in net assets resulting from capital
share transactions 103,678 223,129
------------- ------------
Total increase in net assets 251,967 864,503
NET ASSETS
Beginning of period 7,109,287 6,244,784
------------- ------------
End of period
(Including undistributed (accumulated)
net investment income (loss) of
$(70,070) and $13,346, respectively) $ 7,361,254 $ 7,109,287
============= ============
(a) Summary of capital share activity follows:
Six Months Ended
May 31, 2000 Year Ended
(Unaudited) November 30, 1999
--------------------------- ---------------------
Shares Value Shares Value
------ ----- ------ -----
Shares sold 13,961 $ 210,873 16,896 $ 226,794
Shares issued in
reinvestment of distributions 11,088 167,318 21,237 276,077
-------- ----------- --------- -----------
25,049 378,191 38,133 502,871
Shares redeemed (18,301) (274,513) (20,662) (279,742)
-------- ----------- --------- -----------
Net increase 6,748 $ 103,678 17,471 $ 223,129
======== =========== ========= ===========
See accompanying notes to financial statements
THE CROWLEY PORTFOLIO GROUP, INC.THE
CROWLEY
INCOME PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout each period)
Six Months Ended Year Ended November 30,
May 31, 2000 ---------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
--------------- ---- ---- ---- ---- ----
NET ASSET VALUE
Beginning of period $ 10.56 $11.05 $11.00 $10.90 $11.08 $10.69
------- ------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS
Net investment income .50 .69 .59 .69 .59 .65
Net gains (losses) on securities
(both realized and unrealized) (.36) (.59) .14 .06 (.15) .37
------- ------ ------ ------ ------ ------
Total from investment operations .14 .10 .73 .75 .44 1.02
------- ------ ------ ------ ------ ------
LESS DISTRIBUTIONS
Dividends (from net investment income) (.70) (.59) (.68) (.65) (.62) (.63)
------- ------ ------ ------ ------ ------
NET ASSET VALUE
End of period $ 10.00 $10.56 $11.05 $11.00 $10.90 $11.08
======= ====== ====== ====== ====== ======
TOTAL RETURN 1.47% .92% 7.03% 7.34% 4.16% 10.12%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $10,588 $11,313 $11,980 $9,373 $9,529 $8,940
Ratio of expenses to average net assets 1.37%* 1.36% 1.35% 1.39% 1.39% 1.43%
Ratio of net investment income to
average net assets 6.53%* 6.17% 5.70% 6.22% 5.62% 6.43%
Portfolio turnover rate 1.35% 27.13% 44.77% 22.81% 66.18% 31.60%
* Annualized
See accompanying notes to financial statements
THE CROWLEY PORTFOLIO GROUP, INC.THE
CROWLEY DIVERSIFIED
MANAGEMENT PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout each period)
Period
Apri1,1995
Six Months Ended Year Ended November 30, To
May 31, 2000 ----------------------------- November 30,
(Unaudited) 1999 1998 1997 1996 1995
--------------- ---- ---- ---- ---- ------------
NET ASSET VALUE
Beginning of period $ 14.40 $13.11 $12.87 $12.15 $10.71 $10.00
------- ------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) (.01) .08 .16 .17 .05 -
Net gains on securities
(both realized and unrealized) .66 1.79 .48 1.17 1.43 .71
------- ------ ------ ------ ------ ------
Total from investment operations .65 1.87 .64 1.34 1.48 .71
------- ------ ------ ------ ------ ------
LESS DISTRIBUTIONS
Dividends (from net investment income) (.16) (.13) (.08) (.18) (.04) -
Distributions (from realized capital gains) (.18) (.45) (.32) (.44) - -
------- ------ ------ ------ ------ ------
Total distributions (.34) (.58) (.40) (.62) (.04) -
------- ------ ------ ------ ------ ------
NET ASSET VALUE
End of period $ 14.71 $14.40 $13.11 $12.87 $12.15 $10.71
======= ====== ====== ====== ====== ======
TOTAL RETURN 4.45% 14.74% 5.10% 11.64% 13.87% 7.10%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $7,361 $7,109 $6,245 $2,240 $1,500 $962
Ratio of expenses to average net assets 1.88%* 1.82% 1.88% 1.87% 2.22% 2.06%*
Ratio of net investment income
(loss) to average net assets (.13)%* .57% 1.11% 1.08% .46% (.09)%*
Portfolio turnover rate 16.60% 23.81% 4.51% - 20.69% -
* Annualized.
(a)Effective date of the
Portfolio’s initial registration under the Securities Act of 1933, as
amended.
See accompanying notes to financial statements
THE CROWLEY PORTFOLIO GROUP, INC.
NOTES TO FINANCIAL STATEMENTS
May 31, 2000 (Unaudited)
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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The Crowley Portfolio Group, Inc. (the "Fund") is an open-end diversified investment company currently
offering two series of shares: The Crowley Income Portfolio, and The Crowley Diversified Management
Portfolio (each a "Portfolio").
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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.
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SECURITY VALUATION
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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, Inc. 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.
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FEDERAL INCOME TAXES
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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,
1999, the Income Portfolio had a capital loss carryforward for Federal income
tax purposes of approximately $293,400, of which $22,000 expires in the year
2002, $28,400 in 2003, $143,200 in 2004, $47,000 in 2005 and $52,800 in 2006.
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SECURITY TRANSACTIONS, INVESTMENT INCOME AND DISTRIBUTIONS TO
SHAREHOLDERS
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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.
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USE OF ESTIMATES IN FINANCIAL STATEMENTS
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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.
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(2) INVESTMENT MANAGEMENT FEE AND OTHER
TRANSACTIONS WITH AFFILIATES
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Crowley & Crowley Corp. (the "Advisor") provides the Fund with management and administrative services
pursuant to a Management Agreement.
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As compensation for its services, the Advisor receives a fee,
computed daily and payable monthly, at the annualized rate of .60% of the
average daily net assets of The Crowley Income Portfolio and 1% of the average
daily net 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 Agreement.
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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 six months ended May 31, 2000, TCFG earned fees of $25,481
and $14,866 from the Income Portfolio and Diversified Management Portfolio,
respectively.
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Crowley Securities serves as distributor of the Fund's shares.
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Certain officers and directors of the Fund are also officers of Crowley Crowley Corp., Crowley
Securities and The Crowley Financial Group, Inc.
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(3) PURCHASES AND SALES OF SECURITIES
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Purchases and sales of securities, other than short-term
investments, aggregated $143,750 and $481,770, respectively, in the Income
Portfolio and $1,707,701 and $977,612, respectively, in the Diversified
Management Portfolio.
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