THE HENLOPEN FUND
ANNUAL REPORT JUNE 30, 1996
MANAGED BY LANDIS ASSOCIATES, INC. (302) 654-3131
To My Fellow Shareholders:
We are pleased to report that the Fund posted a strong 38.4% return for the
fiscal year ended June 30, 1996. This performance compares favorably to the
26.0% and 20.7% returns of the S&P 500 and Lipper Growth Fund Index,
respectively. The average annual compounded rate of return of the Fund was 23.8%
for the period from December 2, 1992 (the effective date of the Fund's
registration statement) through June 30, 1996.
The Fund was successful in outperforming the market by adhering rigorously to
its time-tested fundamental research discipline. Our priority continues to be
the search for individual businesses that will excel in terms of growth and
profitability regardless of the overall level of economic activity. That
philosophy served our shareholders particularly well during a fiscal year
characterized by slowing economic growth and increased market volatility.
The portfolio continues to be very well diversified with more than 90 stocks,
none accounting for more than 5% of total assets. The portfolio is represented
by diverse industries as a sample of top holdings shows: Action Performance, a
fast grower capitalizing on the popularity of the NASCAR racing circuit (up 103%
since purchase); Flores & Rucks, a successful oil and gas producer (up 109%);
Markel Corp., a specialty insurer (up 50%) and Osicom Technologies, an
innovative participant in the networking area (up 216%). These companies are
good examples of our eclectic growth approach to investing.
Last May the Fund reached the $25 million asset milestone, which allowed the
Fund to be listed by NASDAQ under the symbol HENLX. National newspapers now
carry our NAV quotations on a daily basis.
To ensure continuation of our profitable growth, we strengthened our management
team with the addition of William Dugdale, who joined from Jennison Associates,
a New York based investment firm with $30 billion under management, and Lorenzo
Villalon, who came from Friess Associates, a $9 billion investment firm.
We are particularly pleased to report that Morningstar awarded the Fund its top
five star rating based on its three-year performance. We were ranked among a
universe of 1,848 equity funds, of which only 10% received the five star
designation.
The Board of Trustees has declared a distribution of $1.5228 from short-term
realized capital gains which will be treated as ordinary income, and $0.2591
from long-term realized capital gains. Your distribution confirmation is
enclosed.
We thank you for your continued confidence and support and look forward to
another successful year.
Sincerely yours,
/s/ Michael L. Hershey
Michael L. Hershey
President
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN
The Henlopen Fund, S&P 500 Index and Lipper Growth Fund Index*<F1>
THE HENLOPEN FUND S&P 500 INDEX LIPPER GROWTH FUND INDEX
12/2/92*<F1> $10,000 $10,000 $10,000
12/31/92 10,010 10,162 10,204
3/31/93 10,821 10,600 10,507
6/30/93 11,562 10,643 10,661
9/30/93 12,450 10,928 11,173
12/31/93 12,999 11,183 11,426
3/31/94 12,760 10,754 11,084
6/30/94 12,126 10,792 10,841
9/30/94 12,853 11,330 11,373
12/31/94 12,644 11,325 11,246
3/31/95 13,583 12,432 12,059
6/30/95 15,493 13,600 13,350
9/30/95 17,819 14,693 14,562
12/31/95 17,453 15,576 14,855
3/31/96 19,233 16,413 15,590
6/30/96 21,442 17,140 16,109
*<F1>assumes equal $10,000 investments made on inception date of
December 2, 1992.
Past performance is not predictive of future performance. Investment return and
principal value will fluctuate, and redemption value may be more or less than
original cost.
STATEMENT OF NET ASSETS
JUNE 30, 1996
PRINCIPAL AMOUNT OR QUOTED
SHARES COST MARKET VALUE
------ ------ ------------
LONG-TERM INVESTMENTS -- 95.0% (A)<F3>
COMMON STOCKS -- 94.6% (A)<F3>
ADVERTISING -- 2.0%
30,000 National Media Corp.*<F2> $458,425 $528,750
AIRLINES & RELATED -- 0.7%
3,500 Atlas Air, Inc.*<F2> 119,632 201,250
COMMUNICATIONS -- 1.6%
17,500 Celeritek, Inc.*<F2> 192,500 192,500
15,000 Centigram Communications
Corp.*<F2> 228,120 238,125
---------- ----------
420,620 430,625
CONSUMER DURABLES -- 1.8%
15,000 Fedders Corp. 65,671 106,875
13,125 Fedders Corp. Class A 52,104 77,109
37,000 Phoenix Gold
International, Inc.*<F2> 365,500 316,831
---------- ----------
483,275 500,815
ELECTRONICS/EQUIPMENT MANUFACTURING -- 16.7%
20,000 Advanced Technology
Materials, Inc.*<F2> 265,625 270,000
45,000 Aeroflex Inc.*<F2> 284,519 275,625
8,000 Benchmark Electronics, Inc.*<F2> 245,812 232,000
12,000 Checkpoint Systems, Inc.*<F2> 220,788 412,500
20,000 Del Global Technologies Corp.*<F2> 210,000 195,000
25,000 FEI Co.*<F2> 442,375 315,625
10,000 Galileo Electro-Optics Corp.*<F2> 155,550 240,000
20,000 GenRad, Inc.*<F2> 327,015 330,000
10,000 II-VI Inc.*<F2> 148,750 161,250
25,000 Integrated Packaging
Assembly Corp.*<F2> 190,000 234,375
20,000 Interpoint Corp.*<F2> 109,200 280,000
20,000 Opal, Inc.*<F2> 283,750 255,000
40,000 Patriot Scientific Corp.*<F2> 128,984 98,752
10,000 Praegitzer Industries, Inc.*<F2> 95,000 107,500
12,000 PRI Automation, Inc.*<F2> 298,500 366,000
15,000 Quickturn Design Systems*<F2> 151,500 217,500
15,000 Quickturn Rights 01/10/2006*<F2> 0 0
15,000 REMEC, Inc.*<F2> 271,375 266,250
13,000 Semiconductor Packaging
Materials Co., Inc.*<F2> 120,654 139,750
7,000 Teradyne, Inc.*<F2> 191,520 120,750
---------- ----------
4,140,917 4,517,877
ENGINEERING & CONSTRUCTION -- 1.3%
10,000 Apogee Enterprises, Inc. 331,250 342,500
FINANCE/SAVINGS & LOANS -- 0.7%
10,000 Roosevelt Financial Group, Inc. 182,500 192,500
FINANCIAL SERVICES -- 8.1%
5,500 Capital One Financial Corp. 133,705 156,750
5,000 First USA, Inc. 267,800 275,000
10,000 First Financial Caribbean Corp. 185,625 205,000
44,500 Mego Financial Corp.*<F2> 348,145 344,875
20,000 Olympic Financial Ltd.*<F2> 350,000 460,000
15,000 Pioneer Group, Inc. 306,550 401,250
12,500 RAC Financial Group, Inc.*<F2> 318,710 353,125
---------- ----------
1,910,535 2,196,000
FOOD & BEVERAGES -- 1.0%
4,900 Seneca Foods Corp. Class A*<F2> $63,075 $78,400
4,900 Seneca Foods Corp. Class B 63,075 78,400
5,000 Smithfield Foods, Inc.*<F2> 151,000 126,250
---------- ----------
277,150 283,050
FURNITURE -- 0.5%
12,500 Open Plan Systems, Inc.*<F2> 125,000 150,000
HEALTHCARE SERVICES -- 3.5%
20,000 Community Care of
America, Inc.*<F2> 248,750 240,000
35,000 MedPlus, Inc.*<F2> 343,750 503,125
15,000 Unison HealthCare
Corporation*<F2> 165,000 209,070
---------- ----------
757,500 952,195
INSURANCE -- 5.0%
11,000 Conseco, Inc. 357,142 440,000
5,000 Markel Corp.*<F2> 309,875 465,000
23,000 Philadelphia Consolidated
Holding Corp.*<F2> 427,376 448,500
---------- ----------
1,094,393 1,353,500
LEISURE/ENTERTAINMENT -- 3.5%
47,500 Action Performance Cos. Inc.*<F2> 342,055 694,687
17,000 Ambassadors
International, Inc.*<F2> 219,750 238,000
---------- ----------
561,805 932,687
MARKETING -- 1.0%
20,000 Multiple Zones
International, Inc.*<F2> 243,750 265,000
MISCELLANEOUS MANUFACTURING -- 1.3%
5,000 AGCO Corp. 146,550 138,750
15,000 Ultralife Batteries, Inc.*<F2> 277,969 213,750
---------- ----------
424,519 352,500
MEDICAL PRODUCTS/SUPPLIES -- 8.4%
10,000 Advanced Technology
Laboratories, Inc.*<F2> 241,250 365,000
21,500 Applied Biometrics, Inc.*<F2> 394,184 341,313
30,000 Bio-Vascular, Inc.*<F2> 269,063 240,000
30,000 Cholestech Corp.*<F2> 196,875 157,500
30,000 Electroscope, Inc.*<F2> 315,000 300,000
13,000 Fresenius USA, Inc.*<F2> 312,780 279,500
15,000 Laser Industries Ltd.*<F2> 217,150 232,500
6,000 Nellcor Puritan Bennett Inc.*<F2> 305,000 291,000
10,000 Quest Medical, Inc.*<F2> 110,000 70,000
---------- ----------
2,361,302 2,276,813
MEDICAL SERVICES -- 1.3%
15,000 Physician Support
Systems, Inc.*<F2> 313,750 339,375
METALS -- 0.7%
15,000 Maverick Tube Corp.*<F2> 174,375 176,250
MINING -- 1.0%
20,000 Royal Gold, Inc.*<F2> 244,375 260,000
NETWORKING
45,000 Builders Warehouse
Association, Inc.*<F2> 511,062 669,375
25,000 Computer Network
Technology Corp.*<F2> 190,625 178,125
30,000 Osicom Technologies, Inc.*<F2> 155,625 491,250
---------- ----------
857,312 1,338,750
OIL, GAS & CHEMICALS -- 9.8%
50,000 Basin Exploration, Inc.*<F2> 291,206 325,000
5,000 Diamond Offshore
Drilling, Inc.*<F2> 237,925 286,250
30,000 Flores & Rucks, Inc.*<F2> 495,339 1,035,000
45,000 Lone Star Technologies, Inc.*<F2> 524,068 506,250
30,000 Nabors Industries, Inc.*<F2> 331,500 487,500
---------- ----------
1,880,038 2,640,000
PHARMACEUTICALS -- 2.4%
50,000 Cortex Pharmaceuticals, Inc.*<F2> 328,749 218,750
5,000 Gilead Sciences, Inc.*<F2> 176,250 126,250
30,000 Integra LifeSciences Corp.*<F2> 253,120 292,500
---------- ----------
758,119 637,500
PUBLISHING -- 1.0%
35,000 IVI Publishing, Inc.*<F2> 298,750 258,125
RESTAURANTS -- 0.8%
50,000 Pizza Inn, Inc.*<F2> 253,150 212,500
SEMICONDUCTORS -- 1.9%
10,000 ANADIGICS, Inc.*<F2> 288,750 291,250
20,000 Integrated Circuit
Systems, Inc.*<F2> 315,876 215,000
---------- ----------
604,626 506,250
SERVICE COMPANIES -- 4.6%
40,000 4Front Software
International, Inc.*<F2> 232,500 245,000
10,000 Computer Task Group, Inc. 235,500 282,500
30,000 ICTS International N.V.*<F2> 211,250 213,750
8,500 National Education Corp.*<F2> 170,510 121,125
20,000 National Health
Enhancement Systems, Inc.*<F2> 188,126 150,000
15,000 Systems & Computer
Technology Corp.*<F2> 240,000 217,500
---------- ----------
1,277,886 1,229,875
SOFTWARE -- 4.3%
30,000 Alydaar Software Corporation*<F2> 287,688 326,250
35,000 Analogy, Inc.*<F2> 281,250 253,750
100,000 Communication
Intelligence Corp.*<F2> 335,582 550,000
5,000 Effective Management
Systems, Inc.*<F2> 31,875 34,375
---------- ----------
936,395 1,164,375
SPECIALTY RETAILING -- 3.0%
10,000 Black Box Corp.*<F2> 227,500 237,500
16,000 Insight Enterprises, Inc.*<F2> 212,500 372,000
17,000 Schultz Sav-O Stores, Inc. 212,813 212,500
---------- ----------
652,813 822,000
MISCELLANEOUS TECHNOLOGY -- 1.7%
45,000 Photran Corporation*<F2> 496,875 450,000
---------- ----------
Total common stocks 22,641,037 25,511,062
PREFERRED STOCKS -- 0.4% (A)<F3>
2,500 AMC Entertainment Inc.
$1.75 Cum. Conv. Pfd.
$0.66 2/3 par 62,500 119,063
---------- ----------
Total long-term
investments 22,703,537 25,630,125
---------- ----------
SHORT-TERM INVESTMENTS -- 7.6% (A)<F3>
VARIABLE RATE DEMAND NOTES
$1,000,000 Johnson Controls, Inc. 1,000,000 1,000,000
1,057,185 Wisconsin Electric Power
Company 1,057,185 1,057,185
---------- ----------
Total short-term
investments 2,057,185 2,057,185
---------- ----------
Total investments $24,760,722 27,687,310
----------
----------
Liabilities, less cash and
receivables (2.6%) (a)<F3> (715,508)
----------
NET ASSETS $26,971,802
----------
----------
Net Asset Value Per Share
($0.01 par value, unlimited
shares authorized), offering
and redemption price
($26,971,802 / 1,544,031
shares outstanding) $17.47
------
------
*<F2>Non-income producing security.
(a)<F3>Percentages for the various classifications relate to net assets.
The accompanying notes to financial statements are an integral part of this
statement.
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED JUNE 30, 1996
INCOME:
Dividends $52,959
Interest 38,938
---------
Total income 91,897
---------
EXPENSES:
Investment management fees 181,554
Administrative services 36,311
Registration fees 25,557
Transfer agent fees 22,435
Professional fees 19,588
Custodian fees 11,860
Amortization of organizational expenses 11,193
Printing and postage expense 6,541
Other expenses 8,903
---------
Total expenses 323,942
---------
NET INVESTMENT LOSS (232,045)
---------
NET REALIZED GAIN ON INVESTMENTS 4,302,445
NET INCREASE IN UNREALIZED APPRECIATION ON INVESTMENTS 1,769,703
---------
NET GAIN ON INVESTMENTS 6,072,148
---------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $5,840,103
---------
---------
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED JUNE 30, 1996 AND 1995
1996 1995
-------- --------
OPERATIONS:
Net investment loss $(232,045) $(112,976)
Net realized gain on investments 4,302,445 1,260,401
Net increase in unrealized appreciation
on investments 1,769,703 1,267,108
---------- ----------
Net increase in net assets resulting
from operations 5,840,103 2,414,533
---------- ----------
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net realized gains
($2.26126 and $0.188 per share, respectively) (2,150,393) (139,259)
---------- ----------
Total distributions (2,150,393)*<F4>(139,259)**<F5>
---------- ----------
FUND SHARE ACTIVITIES:
Proceeds from shares issued
(639,567 and 226,243 shares, respectively) 10,090,946 2,781,299
Net asset value of shares issued in
distributions (148,396 and 11,661
shares, respectively) 2,133,156 139,116
Cost of shares redeemed (39,690 and
24,581 shares, respectively) (627,391) (307,817)
---------- ----------
Net increase in net assets derived from
Fund share activities 11,596,711 2,612,598
---------- ----------
TOTAL INCREASE 15,286,421 4,887,872
NET ASSETS AT THE BEGINNING OF THE YEAR 11,685,381 6,797,509
---------- ----------
NET ASSETS AT THE END OF THE YEAR $26,971,802 $11,685,381
---------- ----------
---------- ----------
*<F4>Total distributions include $1,994,634 of ordinary income, of which 3%
is eligible for the corporate dividends received deduction.
**<F5>Total distributions include $10,370 of ordinary income, of which 5% is
eligible for the corporate dividends received deduction.
The accompanying notes to financial statements are an integral part of these
statements.
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR EACH SHARE OF THE FUND OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE YEARS ENDED FROM 12/2/92*<F6>
---------------------------------------------
6/30/96 6/30/95 6/30/94 to 6/30/93
----------- ---------- ------------ --------------
<S> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $14.68 $11.67 $11.55 $10.00
Income from investment operations:
Net investment loss (0.05) (0.11) (0.07) (0.02)
Net realized and unrealized gains
on investments 5.10 3.31 0.64 1.58
------- ------- ------- -------
Total from investment operations 5.05 3.20 0.57 1.56
Less distributions:
Dividend from net investment income - 0 - - 0 - - 0 - (0.01)
Distributions from net realized gains (2.26) (0.19) (0.45) - 0 -
------- ------- ------- -------
Total from distributions (2.26) (0.19) (0.45) (0.01)
------- ------- ------- -------
Net asset value, end of period $17.47 $14.68 $11.67 $11.55
------- ------- ------- -------
------- ------- ------- -------
TOTAL INVESTMENT RETURN 38.4% 27.8% 4.9% 28.5%**<F7>
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's $) 26,972 11,685 6,798 1,062
Ratio of expenses (after reimbursement)
to average net assets***<F8> 1.8% 2.0% 2.0% 2.0%**<F7>
Ratio of net investment loss to
average net assets****<F9> (1.3)% (1.2)% (1.3)% (0.7)%**<F7>
Portfolio turnover rate 177.5% 147.8% 63.0% 54.0%
*<F6>Commencement of Operations.
**<F7>Annualized.
***<F8>Computed after giving effect to adviser's expense limitation
undertaking. If the Fund had paid all of its expenses, the ratio would have
been 3.0% for the year ended June 30, 1994 and 11.5%** for the period ended
June 30, 1993.
****<F9>The ratio of net investment loss prior to the adviser's expense
limitation undertaking to average net assets would have been (2.2%) for the
year ended June 30, 1994 and (10.2%)** for the period ended June 30, 1993.
The accompanying notes to financial statements are an integral part of this
statement.
</TABLE>
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1996
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES --
The following is a summary of significant accounting policies of The Henlopen
Fund (the "Fund"), which was organized as a Delaware Business Trust on
September 17, 1992 and is registered as an open-end management company under
the Investment Company Act of 1940. The Fund commenced operations on December
2, 1992. The investment objective of the Fund is long-term capital
appreciation.
(a) Each security, excluding short-term investments, is valued at the
last sale price reported by the principal security exchange on which the
issue is traded, or if no sale is reported, the latest bid price.
Securities which are traded over-the-counter are valued at the latest bid
price. Securities for which quotations are not readily available are
valued at fair value as determined by the investment adviser under the
supervision of the Board of Trustees. Short-term investments are valued at
cost which approximates quoted market value. Investment transactions are
recorded no later than the first business day after the trade date. Cost
amounts, as reported on the statement of net assets, are the same for
Federal income tax purposes.
(b) Net realized gains and losses on common stock are computed on the
basis of the cost of specific certificates.
(c) Provision has not been made for Federal income taxes since the Fund
has elected to be taxed as a "regulated investment company" and intends to
distribute substantially all income to its shareholders and otherwise
comply with the provisions of the Internal Revenue Code applicable to
regulated investment companies.
(d) Dividend income is recorded on the ex-dividend date. Interest income
is recorded on the accrual basis.
(e) The Fund has investments in short-term variable rate demand notes,
which are unsecured instruments. The Fund may be susceptible to credit
risk with respect to these notes to the extent the issuer defaults on its
payment obligation. The Fund's policy is to monitor the creditworthiness
of the issuer and does not anticipate nonperformance by these
counterparties.
(f) Generally accepted accounting principles require that permanent
financial reporting and tax differences for overdistributed net investment
income be reclassified to capital stock.
(g) The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from these
estimates.
(2) INVESTMENT ADVISER AND MANAGEMENT AGREEMENT AND TRANSACTIONS WITH RELATED
PARTIES --
The Fund has a management agreement with Landis Associates, Inc. (the
"Adviser"), with whom certain officers and directors of the Fund are
affiliated, to serve as investment adviser and manager. Under the terms of
the agreement, the Fund will pay the Adviser a monthly management fee at the
annual rate of 1% on the daily net assets of the Fund.
(3) DISTRIBUTION TO SHAREHOLDERS --
Net investment income and net realized gains, if any, are distributed to
shareholders. On July 29, 1996, the Fund distributed $2,462,781 from net
short-term realized gains ($1.5228 per share) and $419,018 ($0.2591 per
share) from long-term realized gains. The distributions were paid on July 30,
1996, to shareholders of record on July 26, 1996. The percentage of this
ordinary income distribution which is eligible for the corporate dividend
received deduction is 1%.
(4) DEFERRED EXPENSES --
Organizational expenses were deferred and are being amortized on a straight-
line basis over a period of five years beginning with the date of sales of
shares to the public. These expenses were advanced by the Adviser who will be
reimbursed by the Fund over a period of five years. The proceeds of any
redemption of the initial shares by the original shareholder will be reduced
by a pro-rata portion of any then unamortized deferred expenses in the same
proportion as the number of initial shares being redeemed bears to the number
of initial shares outstanding at the time of such redemption. The unamortized
organizational expenses at June 30, 1996 were $15,856.
(5) INVESTMENT TRANSACTIONS --
For the year ended June 30, 1996, purchases and proceeds of sales of
investment securities (excluding short-term securities) were $39,536,711 and
$31,506,177, respectively.
(6) ACCOUNTS PAYABLE AND ACCRUED LIABILITIES --
As of June 30, 1996, liabilities of the Fund included the following:
Payable to brokers for investments purchased $1,116,245
Payable to the Adviser for management fees
and deferred expenses 38,227
Other liabilities 23,853
(7) SOURCES OF NET ASSETS --
As of June 30, 1996, the sources of net assets were as follows:
Fund shares issued and outstanding $21,163,415
Net unrealized appreciation on investments 2,926,588
Undistributed net realized gains and losses 2,881,799
----------
$26,971,802
----------
----------
Aggregate net unrealized appreciation as of June 30, 1996, consisted of the
following:
Aggregate gross unrealized appreciation $4,344,848
Aggregate gross unrealized depreciation (1,418,260)
----------
Net unrealized appreciation $2,926,588
----------
----------
REPORT OF INDEPENDENT ACCOUNTANTS
3100 Multifoods Tower
33 South Sixth Street
Minneapolis, MN 55402
Telephone 612 332 7000
(PRICE WATERHOUSE LLP LOGO)
July 26, 1996
To the Shareholders and Trustees
of The Henlopen Fund
In our opinion, the accompanying statement of net assets and the related
statements of operations and of changes in net assets and the financial
highlights present fairly, in all material respects, the financial position of
The Henlopen Fund (the "Fund") at June 30, 1996, the results of its operations
for the year then ended, the changes in its net assets for each of the two years
in the period then ended and the financial highlights for each of the three
years in the period then ended and for the period from December 2, 1992
(commencement of operations) through June 30, 1993, in conformity with generally
accepted accounting principles. These financial statements and financial
highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with generally accepted
auditing standards which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at June 30, 1996 by
correspondence with the custodian, provide a reasonable basis for the opinion
expressed above.
/s/ Price Waterhouse LLP
BOARD OF TRUSTEES
ROBERT J. FAHEY, JR. MICHAEL L. HERSHEY
Director of Real Estate Investment Banking Chairman, Landis Associates, Inc.
Cushman &Wakefield of Pennsylvania, Inc. Wilmington, Delaware
Philadelphia, Pennsylvania
STEPHEN L. HERSHEY, M.D. P. COLEMAN TOWNSEND, JR.
President, President/CEO, Townsends, Inc.
First State Orthopaedic Consultants, P.A. Millsboro, Delaware
Newark, Delaware
Investment Adviser Independent Accountants
LANDIS ASSOCIATES, INC. PRICE WATERHOUSE LLP
Custodian, Transfer Agent Legal Counsel
Firstar Trust Company FOLEY & LARDNER
THE HENLOPEN FUND
SUITE 100
400 WEST NINTH STREET
WILMINGTON, DELAWARE 19801
This report is not authorized for use as an offer of sale or a solicitation of
an offer to buy shares of The Henlopen Fund unless accompanied or preceded by
the Fund's current prospectus.
