UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
811-5875
(Investment Company Act File Number)
THE CROWLEY PORTFOLIO GROUP, INC.
(Exact Name of Registrant as Specified in Charter)
3201-B Millcreek Road, Wilmington, DE 19808
(Address of Principal Executive Offices)
(302) 994-4700
(Registrant's Telephone Number)
Robert A. Crowley, President Copy to:
The Crowley Portfolio Group, Inc. Bruce G. Leto, Esq.
3201-B Millcreek Road Stradley, Ronon, Stevens & Young, LLP
Wilmington, DE 19808 2600 One Commerce Square
(Name and Address of Agent for Service) Philadelphia, PA 19103-7098
Fiscal Year End: November 30
Date of Reporting Period: Semi-Annual Fiscal Period ended May 31, 2005
ITEM 1: REPORT TO STOCKHOLDERS.
THE CROWLEY PORTFOLIO GROUP, INC.
THE CROWLEY INCOME PORTFOLIO
THE CROWLEY DIVERSIFIED MANAGEMENT PORTFOLIO
SEMI-ANNUAL REPORT DATED
MAY 31, 2005
Dear Shareholder:
We are pleased to present you with the Semi-Annual Report for The Crowley
Portfolio Group, Inc. The report contains information regarding both The Crowley
Diversified Management Portfolio and The Crowley Income Portfolio. The
Portfolios had combined assets of approximately 16.2 million dollars as of May
31, 2005. There are currently 289 active accounts.
The Crowley Diversified Management Portfolio had a net asset value of $10.75 per
share as of May 31, 2005 and had a total return of 1.70% for the period November
30, 2004 through May 31, 2005. The Crowley Diversified Management Portfolio had
approximately 5.5 million dollars in net assets as of May 31, 2005. As of May
31, 2005, approximately 99.1% of The Crowley Diversified Management Portfolio
was invested in a portfolio of 21 mutual funds diversified over 7 different
investment classifications. The largest portion of the Portfolio's assets was
invested in funds included in the Growth category (36.21%), followed by
Growth/Income (20.04%), Aggressive Growth (11.87%), International/Foreign Equity
(10.81%), Balanced (9.95%), Health Care (7.42%) and Global Equity (2.84%).
Management currently intends to invest the Portfolio's assets with a greater
allocation to equities, while continuing to use mutual funds as the Portfolio's
primary investment vehicle. Management continues to believe that equity
investing will produce superior results in 2006 and 2007 compared to investment
alternatives.
The Crowley Income Portfolio had a net asset value of $9.93 per share as of May
31, 2005 and had a total return of 0.26% for the period November 30, 2004
through May 31, 2005. As of May 31, 2005, The Crowley Income Portfolio had
investments in 44 individual issues. No individual investment comprised more
than 5% of the Portfolio, while corporate bonds and notes comprised 85.05% of
the overall portfolio. The remaining assets were invested in Government Agency
Bonds (2.80%) and the balance in cash and cash equivalents (12.15%). The Crowley
Income Portfolio continues to be invested in a manner that seeks to maximize
current income, consistent with prudent risk. Management believes that interest
rates will continue to increase during the remainder of 2005. If management is
correct, total returns should remain positive, but at modest levels. Current
income as reflected in the December 31, 2004 year-end distribution was 0.48
cents per share.
The enclosed report contains a list of each Portfolio's investments as of May
31, 2005.
Sincerely,
Robert A. Crowley, CFA
President
July 29, 2005
THE CROWLEY PORTFOLIO GROUP, INC.
SEMI-ANNUAL REPORT TO SHAREHOLDERS
MAY 31, 2005
(UNAUDITED)
SECTOR ALLOCATION
The SEC adopted a requirement that all funds present their categories of
portfolio holdings in a table, chart, or graph format in their annual and
semiannual reports to shareholders, regardless whether a schedule of investments
is included in the reports. The following table lists the categories of
portfolio holdings as a percent of total net assets and is provided in
compliance with such requirement.
The Crowley Income Portfolio
As depicted in the table below, corporate bonds and notes comprised 85.05% of
the overall portfolio for The Crowley Income Portfolio:
Sector Percentage of Net Assets
Corporate Bonds and Notes 85.05%
Auto and Truck 14.07%
Banking 0.94%
Chemical (Basic) 1.44%
Computer Services 4.53%
Consumer Products 0.97%
Cruise Lines 2.94%
Diversified Company 2.99%
Diversified Media Company 1.32%
Electronics Distribution 1.46%
Financial Services 11.00%
Hotel/Gaming Industry 4.95%
Insurance (Diversified) 5.73%
Medical Supplies & Savings 5.11%
Miscellaneous Manufacturer 1.92%
Oil Industry 5.42%
Pharmaceutical Industry 2.61%
Retail Store Industry 8.23%
Telecommunications Service Industry 9.42%
Government Agency Bonds 2.80%
Cash and Cash Equivalents 12.15%
Crowley Diversified Management Portfolio
As of May 31, 2005, The Crowley Diversified Management Portfolio had investments
in 21 mutual funds in 7 different fund categories or "sectors." The categories
of investment companies in which The Crowley Diversified Management Portfolio
was invested as of that date are listed in the table below.
Sector Percentage of Net Assets
Aggressive Growth 11.87%
Balanced 9.95%
Foreign Equity 10.81%
Global Equity 2.84%
Growth 36.21%
Growth and Income 20.04%
Healthcare 7.42%
Cash and Cash Equivalents 0.86%
DISCLOSURE OF PORTFOLIO (FUND) EXPENSES
It is important for you to understand the impact of costs on your investment.
Like all mutual funds, the Portfolios each have operating expenses. As a
shareholder of a Portfolio, you incur ongoing costs, which include costs for
portfolio management, administrative services and shareholder reports (such as
this Semi-Annual Report), among other types of expenses. Operating expenses,
which are deducted from a Portfolio's gross income, directly reduce the
investment return of a Portfolio.
A Portfolio's expenses are expressed as a percentage of its average net assets.
This figure is known as the expense ratio. The following examples are intended
to help you understand the ongoing costs (in dollars) of investing in your fund
and to compare these costs with those of other mutual funds. The examples are
based on an investment of $1,000 made at the beginning of the period shown and
held for the entire period.
The table below illustrates your fund's costs in two ways:
o Based on actual return. This section helps you to estimate the actual
expenses that you paid over the period. The "Ending Account Value"
shown is derived from the Portfolio's actual return, and the third
column shows the dollar amount that would have been paid by an
investor who started with $1,000 in the Portfolio. You may use the
information here, together with the amount you invested, to estimate
the expenses that you paid over the period.
To do so, simply divide you account value by $1,000 (for example, an
$8,600 account value divided by $1,000 = 8.6), then multiply the
result by the number given for your Portfolio under the heading
"Expenses Paid During Period."
o Based on hypothetical 5% yearly return. This section is intended to
help you compare a Portfolio's costs with those of other mutual funds.
It assumes that the Portfolio had a yearly return of 5% before
expenses, but that the expense ratio is unchanged. In this
case--because the return used is not the Portfolio's actual
return--the results do not apply to your investment. Because the
Securities and Exchange Commission requires all mutual funds to
calculate expenses based on a 5% return, the hypothetical 5% return
example is useful in making comparisons between a Portfolio and other
mutual funds.
Expense information as of the six months ended on May 31, 2005:
- -------------------------------- --------------------- ---------------------- -----------------------
The Crowley Income Beginning Account Ending Account Value Expenses Paid During
Portfolio Value Nov. 30, 2004 May 31, 2005 Period
- -------------------------------- --------------------- ---------------------- -----------------------
Based on Actual Fund Return $1,000.00 $1,002.60 $7.24
- -------------------------------- --------------------- ---------------------- -----------------------
Based on Hypothetical 5% Yearly
Return $1,000.00 $1,008.85 $7.29
- -------------------------------- --------------------- ---------------------- -----------------------
- -------------------------------- --------------------- ---------------------- -----------------------
The Crowley Diversified Beginning Account Ending Account Value Expenses Paid During
Management Portfolio Value Nov. 30, 2004 May 31, 2005 Period
- -------------------------------- --------------------- ---------------------- -----------------------
Based on Actual Fund Return $1,000.00 $1,017.00 $9.96
- -------------------------------- --------------------- ---------------------- -----------------------
Based on Hypothetical 5%
Yearly Return $1,000.00 $1,015.06 $9.95
- -------------------------------- --------------------- ---------------------- -----------------------
The calculations are based on expenses incurred in the most recent six-month
period. The Crowley Income Portfolio's annualized six-month expense ratio for
that period is 1.45% and The Crowley Diversified Management Portfolio's
annualized six-month expense ratio for that period is 1.98%. The dollar amounts
shown as "Expenses Paid" are equal to the annualized expense ratio multiplied by
the average account value over the period, multiplied by the number of days in
the most recent six-month period, then divided by the number of days in the most
recent 12-month period. You can assess a Portfolio's costs by comparing this
hypothetical example with the hypothetical examples that appear in shareholder
reports of other mutual funds.
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
In December 2004, the Board of Directors of the Fund renewed the Investment
Management Agreements (the "Agreements") between the Adviser and the Fund on
behalf of the Income Portfolio and the Diversified Management Portfolio,
respectively. The Board determined that the continuance of the Investment
Management Agreements with the Adviser was in the best interest of each
Portfolio's shareholders.
The independent members of the Board, in the exercise of their fiduciary duties,
gave consideration to materials that they received from management at Board
meetings throughout the year, as well as to materials prepared specifically for
the meeting in connection with the renewal of the Agreements. The independent
directors met separately with counsel to the independent directors during the
course of the meeting to discuss the materials and deliberate concerning the
renewal of the Agreements. In evaluating the selection of the Adviser for the
Portfolios, as well as approving the Agreements, the Board considered the
following factors, among others: (i) the nature, extent and quality of the
services provided by the Adviser; (ii) the investment performance of the Fund
and the Adviser; (iii) the costs of the services to be provided and profits to
be realized by the Adviser and its affiliates from the relationship with the
Fund; (iv) the extent to which economies of scale would be realized as the Fund
grows; and (v) whether fee levels reflect these economies of scale for the
benefit of Fund investors.
Nature, Extent and Quality of Services. The Board considered the nature, extent,
quality and breadth of services that the Adviser provides to the Fund. The
Directors reviewed and considered the information that had been furnished to
them in connection with their evaluation of the Agreements, including the
Adviser's Form ADV and the explanation by management of its advisory business.
The Board reviewed the experience of the Adviser, and of Mr. Robert A. Crowley
in particular, in managing the assets of the Fund. The Board also evaluated the
overall portfolio management process. In addition to the investment advisory
services provided to the Fund, the Board also considered and evaluated the
administrative services provided to the Fund by the Adviser in accordance with
the Agreements. The Board concluded, after considering the information described
above, that the nature and extent of the services provided to the Fund were
generally of high quality.
Investment Performance. The Board gave consideration to the performance
information which it receives at other Board meetings throughout the year, and
also evaluated the calendar and fiscal year-to-date Fund performance information
for 2004. The Board also evaluated the Fund's performance relative to
comparative performance data of similar funds, as well as performance of
relevant market indexes over various time periods. The Board determined that the
performance results of the Portfolios were reasonable as compared with relevant
performance standards, comparative funds and appropriate market indexes and that
the Portfolios' performance supported the renewal of the Agreements.
Management Fees and Other Expenses. The Board reviewed and discussed the fees,
expenses and expense ratios of each Portfolio, including data comparing the fees
and expenses of each Portfolio to the fees and expenses of other mutual funds
over a several-year period. The Directors determined that the management fees
and total expenses of the Portfolios, as a percentage of net assets, over
various periods, were reasonable in relation to other funds in each Portfolio's
peer group. Because the Adviser does not provide comparable investment
management services to any other accounts, comparisons to such accounts were not
available. The Board concluded that the management fees were fair, both on an
absolute basis and in comparison with those of other funds in the peer groups
and with the industry at large.
Profitability. The Adviser presented the Board with a profitability analysis.
The analysis described the level of profits generated by the Adviser's
relationship with the Fund as compared to the Adviser's expenses in managing the
Portfolios. The Board also noted that an affiliate of the Adviser serves as the
Fund's shareholder servicing agent and that the Fund compensates the shareholder
servicing agent for these services separately. The Board considered the cost of
the services provided to the Portfolios by the Adviser (and its affiliate) and
the profits earned by the Adviser (and its affiliate) in connection with the
management and servicing of the Fund. The Board determined that the Adviser's
profits, as described to them by management at the meeting, were reasonable in
relation to the nature, extent and quality of the services provided.
Economies of Scale. The Board considered the extent to which economies of scale
might be realized as the assets of the Portfolios increase and whether there
should be changes in the management fee rate or structure in order to enable the
Portfolios to participate in these economies of scale. The Board noted that the
Portfolio's current management fee schedule does not include breakpoints that
would reduce the management fee rate as the assets of the Portfolios increase
above certain levels. The Board also noted that the Portfolios' respective asset
levels have been fairly stable for several years and determined that the current
management fee schedule of each Portfolio is appropriate, given its current
size. The Board noted that it would consider the addition of breakpoints if the
Portfolios increased to a level where economies of scale were realized.
Conclusion. Based on all of the factors discussed above, the entire Board,
including a majority of the independent directors, approved the renewal of the
Agreements, concluding that renewal of the Agreements was in the best interests
of the shareholders.
THE CROWLEY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
May 31, 2005 (Unaudited)
- --------------------------------------------------------------------------------
Market
Percent of Value
Par Value Net Assets (Note 1-A)
CORPORATE BONDS & NOTES
Auto & Truck
Daimler Chrysler Corp. Note
$ 250,000 4.75%, 01/15/08 2.32% $ 249,375
Ford Holdings
500,000 7.350%, 11/07/11 4.29 460,750
200,000 7.375%, 10/28/09 1.85 198,500
General Motors Corp.
200,000 7.200%, 01/15/11 1.69 182,000
General Motors Nora Financial
450,000 6.850%, 10/15/08 3.92 420,750
----- ----------
14.07 1,511,375
----- ----------
Banking
Banque Paribas New York
95,000 6.875%, 03/01/09 .94 101,460
----- ----------
Chemical (Basic)
Union Carbide Corp. Note
150,000 6.700%, 4/01/09 1.44 155,100
----- ----------
Computer Services
Electronic Data Systems Corp.
450,000 7.125%, 10/15/09 4.53 486,000
----- ----------
Consumer Products
American Greetings Corp.
100,000 6.10%, 08/01/28 .97 103,780
----- ----------
Cruise Lines
Royal Caribbean Cruises
300,000 7.000%, 10/15/07 2.94 315,600
----- ----------
Diversified Company
American Standard, Inc.
100,000 7.375%, 02/01/08 .99 106,010
Raychem Corp. Note
200,000 8.200%, 10/15/08 2.00 214,710
----- ----------
2.99 320,720
----- ----------
Diversified Media Company
150,000 Clear Channel Communication Note
4.400%, 05/15/11 1.32 141,225
----- ----------
THE CROWLEY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS - (Continued)
May 31, 2005 (Unaudited)
- --------------------------------------------------------------------------------
Market
Percent of Value
Par Value Net Assets (Note 1-A)
CORPORATE BONDS & NOTES
Electronics Distribution
Avnet Inc.
$ 150,000 8.000%, 11/15/06 1.46% $ 157,200
----- ----------
Financial Services
200,000 CIT Group Inc. Medium Term Note
4.750%, 12/15/10 1.89 202,450
Duke Capital Corp.
275,000 7.500%, 10/01/09 2.85 306,487
Household Finance Corp.
200,000 6.500%, 11/15/08 1.97 211,600
International Lease Finance Corp.
200,000 5.875%, 05/01/13 1.99 214,000
250,000 3.500%, 04/01/09 2.30 246,625
----- ----------
11.00 1,181,162
----- ----------
Hotel/Gaming Industry
ITT Corp.
200,000 6.750%, 11/15/05 1.86 200,400
Harris Operating Company
150,000 8.000%, 02/01/11 1.59 170,775
Hilton Hotels Corp.
150,000 7.950%, 04/15/07 1.50 161,025
----- ----------
4.95 532,200
----- ----------
Insurance (Diversified)
American Financial Group
121,000 7.125%, 04/15/09 1.20 129,288
Marsh & McLeannan Inc. Note
100,000 6.250%, 03/15/12 .99 106,350
Stancorp Financial Group Note
110,000 6.875%, 10/01/12 1.13 121,275
Unitrin, Inc. Senior Note
250,000 5.750%, 07/01/07 2.41 259,250
----- ----------
5.73 616,163
----- ----------
THE CROWLEY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS - (Continued)
May 31, 2005 (Unaudited)
- --------------------------------------------------------------------------------
Market
Percent of Value
Par Value Net Assets (Note 1-A)
CORPORATE BONDS & NOTES
Medical Supplies & Savings
Bausch & Lomb, Inc.
$ 250,000 6.950%, 11/15/17 2.47% $ 265,000
Medco Health Solutions, Inc. Senior Note
250,000 7.250%, 08/15/13 2.64 283,875
----- ----------
5.11 548,875
----- ----------
Miscellaneous Manufacturer
Acuity Brands
200,000 6.000%, 02/01/09 1.92 206,000
----- ----------
Oil Industry
Enron Oil & Gas Note
155,000 6.500%, 12/01/07 1.51 162,208
National Fuel Gas
100,000 6.000%, 03/01/09 .98 104,900
Seacor Smit Inc. Note
98,000 7.200%, 09/15/09 .96 103,341
Velero Logistics
200,000 6.050%, 03/15/13 1.97 211,900
----- ----------
5.42 582,349
----- ----------
Pharmaceutical Industry
American Home Products Note
250,000 6.950%, 03/15/11 2.61 280,312
----- ----------
Retail Store Industry
Fortune Brands Inc.
150,000 6.250%, 04/01/08 1.48 159,225
Sears Roebuck Acceptance Corp. Note
150,000 6.700%, 11/15/06 1.42 152,550
100,000 6.125%, 01/15/06 .95 101,220
250,000 6.250%, 05/01/09 2.38 255,875
100,000 7.500%, 12/15/12 .99 106,300
Tricon Global Restaurants
100,000 7.650%, 05/15/08 1.01 108,450
----- ----------
8.23 883,620
----- ----------
THE CROWLEY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS - (Continued)
May 31, 2005 (Unaudited)
- --------------------------------------------------------------------------------
Market
Percent of Value
Par Value Net Assets (Note 1-A)
CORPORATE BONDS & NOTES
Telecommunications Service Industry
Ametek, Inc.
$ 95,000 7.200%, 07/15/08 .95% $ 101,860
GTE North, Inc.
250,000 6.375%, 02/15/10 2.51 269,050
Motorola, Inc.
150,000 7.625%, 11/15/10 1.59 171,000
New England Telephone & Telegraph
250,000 5.875%, 04/15/09 2.43 260,813
New York Telephone Co.
200,000 6.000%, 04/15/08 1.94 208,440
----- ----------
9.42 1,011,163
----- ----------
Total Corporate Bonds & Notes 85.05 9,134,304
(Cost $9,104,616) ----- ----------
Government Agency Bonds
300,000 Federal Home Loan Mortgage Corporation
5.310%, 03/24/14 2.80 300,375
----- ----------
Total Government Agency Bonds 2.80 300,375
(Cost $300,000) ----- ----------
Total Investments (Cost $9,404,616) (a) 87.85 9,434,679
Other Assets Less Liabilities 12.15 1,304,368
----- ----------
Net Assets 100.00% $10,739,047
====== ==========
(a) Aggregate cost for federal income tax purposes is $9,481,534.
At May 31, 2005 unrealized appreciation (depreciation) of
securities for federal income tax purposes is as follows:
Unrealized appreciation $ 141,185
Unrealized depreciation (188,040)
----------
Net unrealized depreciation $ (46,855)
==========
THE CROWLEY DIVERSIFIED MANAGEMENT PORTFOLIO
PORTFOLIO OF INVESTMENTS
May 31, 2005 (Unaudited)
- --------------------------------------------------------------------------------
Market
Number Percent of Value
of Shares Net Assets (Note 1-A)
GENERAL EQUITY FUNDS
Aggressive Growth
7,962 American Century Ultra 4.10% $ 225,724
9,362 Wells Fargo Opportunity 7.77 427,638
----- ----------
11.87 653,362
----- ----------
Balanced
11,660 Columbia Balanced 4.42 243,335
3,853 Dodge & Cox Balanced 5.53 304,454
----- ----------
9.95 547,789
----- ----------
Growth
10,404 Credit Suisse Capital Appreciation 3.05 167,921
5,122 Dreyfus Disciplined 2.97 163,594
10,160 Harbor Capital Appreciation 5.34 294,024
2,654 Nicholas 2.98 163,890
6,202 Wells Fargo Growth 2.11 116,408
9,633 T. Rowe Price Dividend Growth 3.95 217,317
10,777 T. Rowe Price Blue Chip 5.92 325,675
7,646 T. Rowe Price Mid Cap 6.92 380,719
5,257 White Oak Growth 2.97 163,747
----- ----------
36.21 1,993,295
----- ----------
Growth/Income
8,279 American Century Growth & Income 4.60 253,084
3,931 Dodge & Cox Stock 9.22 507,554
11,218 Vanguard Growth & Income 6.22 342,475
----- ----------
20.04 1,103,113
----- ----------
Healthcare
3,093 Vanguard Healthcare 7.42 408,353
----- ----------
THE CROWLEY DIVERSIFIED MANAGEMENT PORTFOLIO
PORTFOLIO OF INVESTMENTS)
May 31, 2005 (Unaudited)
- --------------------------------------------------------------------------------
Market
Number Percent of Value
of Shares Net Assets (Note 1-A)
INTERNATIONAL EQUITY FUNDS
Foreign Equity
19,104 American Century International Equity 3.05 167,737
5,564 Managers International Equity 4.56 250,782
6,551 Scudder Greater Europe 3.20 175,906
----- ----------
10.81 594,425
----- ----------
Global Equity
9,556 Gabelli Global Telecommunications 2.84% $ 156,526
----- ----------
Total Investments (Cost $5,684,644) (a) 99.14 5,456,863
Other Assets Less Liabilities .86 47,522
----- ----------
Net Assets 100.00% $5,504,385
====== ==========
(a) Aggregate cost for federal income tax purposes is $5,684,644.
At May 31, 2005 unrealized appreciation (depreciation) of
securities for federal income tax purposes is as follows:
Unrealized appreciation $ 464,126
Unrealized depreciation (691,907)
----------
Net unrealized depreciation $(227,781)
==========
THE CROWLEY PORTFOLIO GROUP, INC.
STATEMENT OF ASSETS AND LIABILITIES
May 31, 2005 (Unaudited)
- --------------------------------------------------------------------------------
Diversified
Income Management
Portfolio Portfolio
ASSETS
Investments at market value
(Identified cost $9,404,616 and $5,684,644
respectively) (Note 1) $ 9,434,679 $ 5,456,863
Cash 1,190,945 47,682
Dividends and interest receivable 113,564 -
---------- -----------
Total assets 10,739,188 5,504,545
---------- -----------
LIABILITIES
Accrued expenses 141 160
---------- ----------
NET ASSETS
(500 million shares of $.01 par value common stock
authorized; 1,081,317 and 511,933 shares issued
and outstanding, respectively) $ 10,739,047 $ 5,504,385
=========== ===========
NET ASSET VALUE, OFFERING AND REPURCHASE
PRICE PER SHARE
($10,739,047 / 1,081,317 shares) $9.93
=====
($5,504,385 / 511,933 shares) $10.75
======
NET ASSETS
At May 31, 2005 net assets consisted of:
Paid-in capital $ 11,093,019 $ 6,359,027
Undistributed net investment income 142,864 8,782
Accumulated net realized loss on investments (526,899) (635,643)
Net unrealized appreciation (depreciation) 30,063 (227,781)
---------- ----------
$ 10,739,047 $ 5,504,385
=========== ===========
THE CROWLEY PORTFOLIO GROUP, INC.
STATEMENT OF OPERATIONS
For the six months ended May 31, 2005 (Unaudited)
- --------------------------------------------------------------------------------
Diversified
Income Management
Portfolio Portfolio
INVESTMENT INCOME
Interest income $ 303,330 $ 733
Dividends - 62,659
--------- ---------
Total income 303,330 63,392
--------- ---------
EXPENSES
Investment advisory fees (Note 3) 32,935 27,643
Transfer agent fees (Note 3) 21,957 11,057
Professional fees 12,750 8,310
Custody fees 4,500 600
Directors' fees 4,000 4,000
Miscellaneous 524 1,000
Insurance 1,666 1,000
Registration 1,000 1,000
--------- ---------
Total expenses 79,332 54,610
--------- ---------
Net investment income (loss) 223,998 8,782
--------- ---------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized gain (loss) from security transactions 8,475 (42,243)
Capital gain distributions from - 12,838
regulated investment companies
Change in unrealized appreciation (depreciation) (199,882) 115,257
of investments --------- ---------
Net gain (loss) on investments (191,407) 85,852
--------- ---------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ 32,591 $ 94,634
========= =========
THE CROWLEY PORTFOLIO GROUP, INC.
INCOME PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
Six
Months Ended Year Ended
May 31, 2005 November 30,
(Unaudited) 2004
INCREASE (DECREASE) IN NET ASSETS FROM
Operations
Net investment income $ 223,998 $ 491,822
Net realized gain (loss) on investments 8,475 (154,664)
Net change in unrealized appreciation/depreciation (199,882) 84,729
of investments ----------- -----------
Net increase in net assets resulting from operations 32,591 421,887
Distributions to shareholders
Net investment income
($.48 and $.50 per share, respectively) (517,438) (553,665)
Capital share transactions (a)
Decrease in net assets resulting from capital (44,375) (58,567)
share transactions ----------- -----------
Total decrease in net assets (529,222) (190,345)
NET ASSETS
Beginning of period 11,268,269 11,458,614
----------- -----------
End of period
(Including undistributed net investment income
of $142,864 and $436,304, respectively) $10,739,047 $11,268,269
=========== ===========
(a) Summary of capital share activity follows:
Six Months Ended
May 31, 2005 Year Ended
(Unaudited) November 30, 2004
Shares Value Shares Value
Shares sold 636 $ 6,291 21,570 $ 226,319
Shares issued in reinvestment 51,575 515,232 54,699 551,366
of distributions ------ ------- ------ ---------
52,211 521,523 76,269 777,685
Shares redeemed (56,333)(565,898) (81,933) (836,252)
------ ------- ------ ---------
Net decrease (4,122)$(44,375) (5,664) $(58,567)
====== ======= ====== =========
THE CROWLEY PORTFOLIO GROUP, INC.
DIVERSIFIED MANAGEMENT PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
Six
Months Ended Year Ended
May 31, 2005 November 30,
(Unaudited) 2004
INCREASE (DECREASE) IN NET ASSETS FROM
Operations
Net investment income (loss) $ 8,782 $ (70,388)
Net realized loss on investments (42,243) (235,249)
Capital gain distributions from 12,838 6,514
regulated investment companies
Net change in unrealized depreciation 115,257 802,399
of investments ----------- -----------
Net increase in net assets resulting from operations 94,634 503,276
Capital share transactions (a)
Increase (decrease) in net assets resulting
from capital share transactions (202,232) (125,802)
----------- -----------
Total increase (decrease) in net assets (107,598) 377,474
NET ASSETS
Beginning of period 5,611,983 5,234,509
----------- -----------
End of period $5,504,385 $ 5,611,983
(Including undistributed net investment income =========== ===========
of $8,782 and $-, respectively)
(a) Summary of capital share activity follows:
Six Months Ended
May 31, 2005 Year Ended
(Unaudited) November 30, 2004
Shares Value Shares Value
Shares sold 658 $ 7,000 43,553 $ 438,251
Shares redeemed (19,666) (209,232) (58,132) (564,053)
------ ------- ------ ---------
Net decrease (19,008)$(202,232) (14,579) $(125,802)
====== ======= ====== =========
THE CROWLEY PORTFOLIO GROUP, INC.
INCOME PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout each period)
- --------------------------------------------------------------------------------
Six Months Ended
May 31,
(Unaudited)
Year Ended November 30,
2005 2004 2003 2002 2001 2000
NET ASSET VALUE
Beginning of period $10.38 $10.50 $10.17 $10.68 $10.38 $10.56
------ ------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS
OPERATIONS
Net investment income .21 .44 .51 .58 .65 .71
Net gains (losses) on securities
(both realized and unrealized) (.18) (.06) .38 (.43) .34 (.19)
------ ------ ------ ------ ------ ------
Total from investment operations .03 .38 .89 .15 .99 .52
------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS
Dividends (from net investment income) (.48) (.50) (.56) (.66) (.69) (.70)
Distributions (from realized - - - - - -
capital gains) ------ ------ ------ ------ ------ ------
Total Distributions (.48) (.50) (.56) (.66) (.69) (.70)
------ ------ ------ ------ ------ ------
NET ASSET VALUE
End of period $ 9.93 $ 10.38 $ 10.50 $ 10.17 $ 10.68 $ 10.38
====== ====== ====== ====== ====== ======
TOTAL RETURN .26% 3.76% 9.19% 1.45% 10.08% 5.32%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period $10,739 $11,268 $11,459 $11,101 $11,242 $10,724
(000 omitted)
Ratio of expenses to average 1.45%(1) 1.47% 1.43% 1.41% 1.39% 1.37%
net assets
Ratio of net investment income
To average net assets 4.08%(1) 4.68% 4.85%** 5.65% 6.20% 6.79%
Portfolio turnover rate 11.72% 34.71% 51.07% 32.28% 30.12% 1.38%
(1) Annualized
** As required, effective December 1, 2001, the Fund has adopted the
provisions of the AICPA Audit and Accounting Guide for Investment Companies
and began amortizing discount and premium on debt securities. Had the Fund
not amortized discount and premium on debt securities as adjustments to
interest income, the net investment income per share would have been $.57
and the ratio of net investment income to average net assets would have
been 5.59%. Per share and ratios prior to December 1, 2001 have not been
restated to reflect this change in presentation.
THE CROWLEY PORTFOLIO GROUP, INC.
DIVERSIFIED MANAGEMENT PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout each period)
- --------------------------------------------------------------------------------
Six Months Ended
May 31,
(Unaudited)
Year Ended November 30,
2005 2004 2003 2002 2001 2000
NET ASSET VALUE
Beginning of period $10.57 $ 9.60 $8.30 $10.20 $13.21 $14.40
------ ------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) .02 (.05) (.10) (.09) .12 .06
Net gains (losses) on securities
(both realized and unrealized) .16 1.10 1.40 (1.81) (2.39) (.91)
------ ------ ------ ------ ------ ------
Total from investment operations .18 .97 1.30 (1.90) (2.27) (.85)
------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS
Dividends (from net investment income) - - - - (.15) (.16)
Distributions (from realized - - - - (.59) (.18)
capital gains) ------ ------ ------ ------ ------ ------
Total distributions - - - - (.74) (.34)
------ ------ ------ ------ ------ ------
NET ASSET VALUE
End of period $10.75 $10.57 $9.60 $8.30 $10.20 $13.21
====== ====== ====== ====== ====== ======
TOTAL RETURN 1.70% 10.10% 15.66% (18.63%) (18.31%) (6.20%)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of Period
(000 omitted) $5,504 $5,612 $5,235 $4,651 $5,495 $6,573
Ratio of expenses to
average net assets 1.98%(1) 2.10% 2.01% 1.89% 1.81% 1.86%
Ratio of net investment income (loss)
to average net assets .32%(1) (1.30)% (1.19)% (1.06%) .98% .39%
Portfolio turnover rate 1.38% 11.60% 3.76% 1.75% 6.81% 15.36%
(1) Annualized
THE CROWLEY PORTFOLIO GROUP, INC.
NOTES TO FINANCIAL STATEMENTS
May 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Crowley Portfolio Group, Inc. (the "Fund") was organized as a Maryland
corporation on August 15, 1989, and 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").
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.
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. 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.
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, 2004, The Crowley Income Portfolio had a
capital loss carry-forward for Federal income tax purposes of $506,501 of
which $47,021 expires in 2005, $53,119 expires in 2006, $24,748 expires in
2008, $12,666 expires in 2009, $51,551 expires in 2010, $184,731 expires in
2011 and $132,665 expires in 2012. At November 30, 2004, the Crowley
Diversified Management had a capital loss carry forward for Federal income
tax purposes of $606,238 of which $74,524 expires in 2009, $134,207 expires
in 2010, $168,772 expires in 2011, and $228,735 expires in 2012.
SECURITY TRANSACTIONS, INVESTMENT INCOME AND
DISTRIBUTIONS TO SHAREHOLDERS
As is common in the industry, investment and shareholder transactions are
recorded on trade date. The Fund determines the gain or loss recorded on
trade date. The Fund determines the gain or loss realized from the
investment transactions by comparing the cost of the security lot sold with
the net sales proceeds. Dividend income is recognized on the ex-dividend
date or as soon as information is available to the Fund. Interest income is
recognized on an accrual basis. Discounts and premiums on securities
purchased are amortized over the life of the respective security.
USE OF ESTIMATES IN FINANCIAL STATEMENTS
In preparing financial statements in conformity with accounting principles
generally accepted in the United States of America, 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.
RESTRICTIONS REGARDING CASH ASSETS
Other than those restrictions imposed on the Fund pursuant to the
Investment Company Act of 1940, as amended (the "1940 Act"), there are no
restrictions with respect to cash assets held by the Portfolios. Any
investment of such cash assets by a Portfolio is subject to the Portfolio's
investment objective, investment strategies and investment restrictions.
(2) DISTRIBUTION TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL
The tax character of distributions paid during the year ended November 30,
2004:
2004
Income Portfolio
Distributions from ordinary income $553,665
Distributions from long-term capital gains $ -
Diversified Management Portfolio
Distribution from ordinary income $ -
Distribution from long-term capital gains $ -
In order to comply with certain provisions of the Internal Revenue Code of
1986, as amended, and to avoid imposition of the excise tax applicable to
regulated investment companies, the Fund intends to declare as dividends,
in each calendar year, at least 98% of the Fund's net realized capital
gains plus undistributed amounts, if any, from prior years.
As of November 30, 2004, the components of distributable earnings on a tax
basis were as follows:
Income Portfolio
Undistributed ordinary income $ 478,505
Capital loss carryforwards (506,501)
Unrealized appreciation (depreciation) of securities 158,871
----------
$ 130,875
==========
Diversified Portfolio
Undistributed ordinary income $ -
Capital loss carryforwards (606,238)
Unrealized appreciation (depreciation) of securities (343,038)
----------
$(949,276)
==========
The difference between book basis and tax basis unrealized appreciation is
attributable primarily to amortization of premium/discount on bonds for The
Crowley Income Portfolio.
(3) INVESTMENT MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Crowley & Crowley Corp. (the "Advisor") 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 .60% of the average
monthly net assets of The Crowley Income Portfolio and 1% of the average
monthly 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.
The Crowley Financial Group, Inc. ("TCFG") serves as the Portfolios'
shareholder servicing agent. As shareholder servicing agent, TCFG acts 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. In addition, TCFG receives nominal per account
fees in the amount of $2.50 per account per quarter and $2.00 per
distribution (e.g., capital gain distribution). During the year ended
November 30, 2004, TCFG earned fees of $21,957 and $11,057 from The Crowley
Income Portfolio and Diversified Management Portfolio, respectively.
Crowley Securities serves as distributor of the Fund's shares. Certain
officers and directors of the Fund are also officers of Crowley & Crowley
Corp., Crowley Securities and The Crowley Financial Group, Inc.
(4) PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities, other than short-term investments,
aggregated $763,173 and $1,740,258 respectively, in The Crowley Income
Portfolio and $75,497 and $194,914, respectively, in The Crowley
Diversified Management Portfolio.
BOARD OF DIRECTORS
(unaudited)
The Board of Directors of the Fund consists of six individuals, four of whom are
not "interested persons" of the Fund as than term is defined in the Investment
Company Act of 1940, as amended (the "1940 Act"). The Directors review the
actions of the officers and decide on general policy. The Directors are
fiduciaries for the Fund's shareholders and are governed by the laws of the
state of Maryland in this regard.
Directors who are deemed to be "interested persons" of the Fund, i.e., those
Directors who are affiliated with the Investment Advisor or the Distributor, do
not receive any compensation from the Fund. The names, addresses and
occupational history of the Directors and principal executive officers are
listed below.
Interested Directors (1)
- ------------------------- ------------- ------------ ----------------------------------------- ------------
Number of
Term of Portfolios
Office(2) in Fund
and Length Complex
Position(s) of Time Overseen
Name, Address and (Date Held With Served Principal Occupation During Past Five by Director
of Birth) Fund Years
- ------------------------- ------------- ------------ ----------------------------------------- ------------
Robert A. Crowley(1) President, Since Vice President, Crowley & Crowley Corp. 2
3201-B Millcreek Road Treasurer, Inception (financial planning and registered
Wilmington, DE 19808 and Director investment advisor) (formerly Crowley
(March 15, 1958) Planning & Management Corp.) from
November, 1986 until present; Vice
President, The Crowley
Financial Group, Inc. (financial
management firm and transfer agent)
from February, 1990 to present; Vice
President, Crowley Real Estate
Services, Inc. from September, 1986
until present; General Partner, Crowley
Securities (registered broker-dealer)
from February, 1985 until present;
Partner, Crowley Insurance, (insurance
brokerage) July, 1986 until present.
- ------------------------- ------------- ------------ ----------------------------------------- ------------
Frederick J. Crowley, Vice Since President, Crowley & Crowley Corp. 2
Jr.(1) President, Inception (financial planning and registered
3201-B Millcreek Road Secretary investment advisor) (formerly Crowley
Wilmington, DE 19808 and Director Planning and Management Corp.) from
(March 30, 1956) November, 1986 until present; President
and Treasurer, The Crowley Financial
Group, Inc. (financial management firm
and transfer agent) from February, 1990
to present; Vice President, Crowley
Real Estate Services, Inc. (real estate
brokerage) from September, 1986 until
present; General Partner, Crowley
Securities (registered broker-dealer)
from February, 1985 until present;
Partner, Crowley Insurance (insurance
brokerage) July, 1985 until present.
- ------------------------- ------------- ------------ ----------------------------------------- ------------
Independent Directors
- ------------------------- ------------- ------------ ----------------------------------------- ------------
Number of
Term of Portfolios
Office(2) in Fund
and Length Complex
Position(s) of Time Overseen
Name, Address and Date Held With Served Principal Occupation During Past Five by Director
of Birth Fund Years
- ------------------------- ------------- ------------ ----------------------------------------- ------------
William O. Cregar Director Since Retired. Formerly Security Director, 2
4556 Simon Road Inception E.I. duPont de Nemours & Co.
Wilmington, DE 19803 (manufacturer of chemicals and related
(May 2, 1925) products), until December, 1990.
- ------------------------- ------------- ------------ ----------------------------------------- ------------
Bruce A. Humphries Director Since Operations Senior Manager, Dade 2
33 Stonewold Way Inception Behring, Inc. (manufacture of clinical
Greenville, DE 19807 diagnostic instruments), 1998 to
(August 28, 1947) Present; Operations Planning Manager
for Virology Business, E.I. duPont de
Nemours & Co. (manufacturer of
chemicals and related products), 1986
to 1997.
- ------------------------- ------------- ------------ ----------------------------------------- ------------
Daniel J. Piscitello Director Since Assistant Vice President of Creative 2
3933 Branches Lane Inception Services, Lenox Collections
Doylestown, PA 18901 (manufacturer of tableware and
(November 5, 1941) collectibles), 1996 to Present.
- ------------------------- ------------- ------------ ----------------------------------------- ------------
Peter Veenema Director Since Senior Research Engineer, E.I. duPont 2
1211 Norbee Drive Inception de Nemours (manufacturer of chemicals
Wilmington, DE 19803 and related products), 1996 to Present.
(May 25, 1949)
- ------------------------- ------------- ------------ ----------------------------------------- ------------
(1) Robert A. Crowley and Frederick J. Crowley are brothers and each is
considered to be an "interested person" of the Fund under the 1940 Act due to
their positions as officers of Crowley and Crowley Corp., which is the Fund's
investment advisor, and General Partners of Crowley Securities, which is the
Fund's distributor.
(3) Each Director and officer shall hold office until his or her successor is
elected and qualified.
FOR MORE INFORMATION
This Semi-Annual Report is intended for the Fund's shareholders. It may not be
distributed to prospective investors unless it is preceded or accompanied by the
current Fund Prospectus. To receive a free copy of the Prospectus of Statement
of Additional Information, or to request additional information about the Fund,
please contact us at (302) 994-4700.
The Fund's Prospectus sets forth details about charges, expenses, investment
objectives, and operating policies of the Fund. You should read the Prospectus
carefully before you invest. The figures in this Annual Report represent past
results, which are not a guarantee of future results. The return and principal
value of an investment in the Fund will fluctuate so that shares, when redeemed,
may be worth more or less than their original cost.
You can review and copy information about the Fund at the Public Reference Room
of the U.S. Securities and Exchange Commission ("SEC") in Washington, D.C. To
find out about this public service, call the SEC at (202) 942-8090. Information
about the Fund is also available on the SEC's website, www.sec.gov.
Disclosure of Portfolio Securities and Proxy Voting Policies
The Fund files its complete schedule of portfolio holdings with the SEC for the
first and third quarters of each fiscal year on Form N-Q. A copy of the Fund's
Form N-Q, as well as a description of the Fund's proxy voting policies and
procedures: (i) is available without charge, upon request, by calling (collect)
(302) 994-4700; and (ii) is available on the SEC's website at www.sec.gov. In
addition, you may obtain a free report on how the Fund voted the proxies for
securities it owned during the 12 months ended on June 30 by calling the Fund
(collect) at (302) 994-4700 or by logging on to the SEC's website at
www.sec.gov.
ITEM 2: CODE OF ETHICS. This item is not applicable when filing a semi-annual
report to shareholders.
ITEM 3: AUDIT COMMITTEE FINANCIAL EXPERT. This item is not applicable when
filing a semi-annual report to shareholders.
ITEM 4: PRINCIPAL ACCOUNTANT FEES AND SERVICES. This item is not applicable when
filing a semi-annual report to shareholders.
ITEM 5: AUDIT COMMITTEE OF LISTED REGISTRANTS. This item is not applicable to
Registrant, which is an open-end management investment company.
ITEM 6: SCHEDULE OF INVESTMENTS. The Schedule of Investments is included as part
of the report to shareholders filed under Item 1 of this Form.
ITEM 7: DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES. This item is not applicable to Registrant,
which is an open-end management investment company.
ITEM 8: PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. This
item is not applicable to Registrant, which is an open-end management investment
company.
ITEM 9: PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS. This item is not applicable to Registrant,
which is an open-end management investment company.
ITEM 10: SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. There were no
material changes to the procedures by which shareholders may recommend nominees
to the Registrant's Board of Directors.
ITEM 11: CONTROLS AND PROCEDURES.
(a) The Registrant's President/Chief Executive Officer and Treasurer/Chief
Financial Officer reviewed the Registrant's disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the
"Act")) as of a date within 90 days of the filing of this report. Based on their
review, the Registrant's President/Chief Executive Officer and Treasurer/Chief
Financial Officer determined that the disclosure controls and procedures are
effective in ensuring that material information required to be disclosed by the
Registrant in this report is appropriately recorded, processed, summarized,
reported and made known to him by others within the Registrant and by the
Registrant's service providers.
(b) There were no changes in the Registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred
during the Registrant's second fiscal quarter of the period covered by this
report that have materially affected, or were reasonably likely to materially
affect, the Registrant's internal control over financial reporting.
ITEM 12: EXHIBITS.
(a) The certifications required by Rule 30a-2 under the Investment Company
Act of 1940, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 are
filed herewith.
(b) The certifications required by Section 906 of the Sarbanes-Oxley Act of
2002 are furnished herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: The Crowley Portfolio Group, Inc.
By: /s/Robert A. Crowley
Name: Robert A. Crowley
Title: President
Date: July 29, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the Registrant and in the capacities and on the
dates indicated.
Registrant: The Crowley Portfolio Group, Inc.
By: /s/Robert A. Crowley
Name: Robert A. Crowley
Title: President (Principal Executive Officer)
Date: July 29, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the Registrant and in the capacities and on the
dates indicated.
Registrant: The Crowley Portfolio Group, Inc.
By: /s/Robert A. Crowley
Name: Robert A. Crowley
Title: Treasurer (Principal Financial Officer)
Date: July 29, 2005
