THE HENLOPEN FUND
ANNUAL REPORT
JUNE 30, 1998
To My Fellow Shareholders:
The Henlopen Fund has completed another successful year, appreciating 32.8%
since June 30, 1997. While the short-term is important, our goal is to produce
superior LONG-TERM results for our shareholders. In that regard The Henlopen
Fund has generated 3 year, 5 year and since inception (December 2, 1992)
annualized returns of 24.5%, 20.9% and 21.7%. This investment performance
continues to support our belief that a strategy of investing in market-leading
growth companies, consistently and judiciously applied, is one of the most
effective ways to increase capital.
The year ending June 30, 1998 was both eventful and profitable for equity
investors in spite of the seemingly endless debate about valuation levels. As
has been the case for several years, the backdrop to equity investment continues
to be quite positive. Over the last twelve months long-term interest rates in
the U.S. have dropped 100 basis points (1%), employment has expanded, inflation
remains quiescent and the dollar has gained strength. This latter element has
been a direct result of many Far East investors fleeing their own markets and
currencies with the U.S. financial and investment markets becoming the
destination of choice. The flow of funds into the stock markets, regardless of
the source, remains strong.
While the economic environment remains generally positive, the work of finding
and investing in attractive securities is as challenging as ever. Domestic GDP
growth is still positive, but the rate of growth has slowed as the U.S. adapts
to both Asian financial turmoil and cyclical adjustments in many of our
important industries. As many companies and industries slow from their recent
rates of expansion, the concomitant volatility to stock prices is dramatic as
investors attempt to assess and value the changing circumstances.
On the following pages, you will see listed the companies currently in the
portfolio. We seek market-leading companies within industries as old as
insurance, retailing and manufacturing and as new as the Internet, solar power
and electronic commerce. Our target investments can be large companies
addressing large opportunities, such as Lucent (communications equipment) or
Pfizer (new drug discovery), or small companies addressing smaller but rapidly
growing opportunities such as AstroPower (solar power) or Steiner Leisure (spa
management). We feel broad diversity, by industry and size, combined with our
concentration on growth will continue to achieve strong results over time,
regardless of the ever-changing environment.
Sincerely yours,
/s/ Michael L. Hershey
Michael L. Hershey
President
ONE YEAR COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN
The Henlopen Fund, S&P 500 Index and Lipper Growth Fund Index
Lipper Growth
The Henlopen Fund S&P 500 Index Fund Index
6/30/97 $10,000 $10,000 $10,000
9/30/97 $12,476 $10,749 $11,025
12/31/97 $11,533 $11,102 $11,099
3/31/98 $13,847 $12,600 $12,473
6/30/98*<F1> $13,278 $13,015 $12,827
*<F1>Ending value represents increases of 32.78%, 30.15% and 28.27%,
respectively.
Managed by Landis Associates, Inc.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
Fiscal 1998 was a profitable period in which to be invested in growth equities.
For the year ending 6/30/98, the Fund appreciated +32.8%, while over the last
three years the Fund has appreciated at an annual compounded rate of +24.5%.
The financial and economic backdrop for this performance was positive and
included rising domestic GDP, falling interest rates and improving corporate
earnings. While international financial shocks, especially in the Far East,
provided unsettling news from time to time, these events actually boosted
domestic returns as foreign investors sought the strong currency and robust
equity markets of the United States.
Closer to home, money flows into mutual funds continued to be a positive
stimulant to equity prices. Much of this money flowed into funds that invest in
large capitalization, liquid, growth stocks resulting in historically high
valuations for many securities. Such valuations not only reflect the supply-
demand characteristics of the current market but also reflect the current low
level of inflation and the falling interest rates of the past year. While
recognizing the valuation risks inherent in the current environment, the Fund
continues to be able to find strongly growing companies at reasonable prices.
The Fund seeks to invest in market-leading growth companies that are generating
strong revenue and earnings growth, have strong management teams and highly
competitive products. Relying on internal research and judgement, the Fund
avoids artificial capitalization restraints so that large, intermediate and
small capitalization issues are normally included in the portfolio. The goal is
to be fully invested and to maintain a balanced, diversified portfolio of such
companies spread among many industries and market sectors. The Fund's investment
approach is based on the conviction that capital is created as a business grows
and, therefore, owning the common stocks of growing businesses is the best way
for an investor to increase capital.
SINCE INCEPTION COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN
The Henlopen Fund, S&P 500 Index and Lipper Growth Fund Index
AVERAGE ANNUAL TOTAL RETURN
1-Year 32.8%
5-Year 20.9%
Since inception 12/2/92 21.7%
Lipper Growth
The Henlopen Fund S&P 500 Index Fund Index
12/2/92*<F2> $10,000 $10,000 $10,000
6/30/93 $11,562 $10,643 $10,661
6/30/94 $12,126 $10,792 $10,841
6/30/95 $15,493 $13,600 $13,350
6/30/96 $21,442 $17,140 $16,109
6/30/97 $22,519 $23,088 $19,916
6/30/98 $29,908 $30,081 $25,942
*<F2> December 2, 1992 inception date
Past performance is not predictive of future performance
STATEMENT OF NET ASSETS
June 30, 1998
Quoted
Shares Cost Market Value
------ ---- ------------
LONG-TERM INVESTMENTS -- 97.1% (A)<F3>
COMMON STOCKS -- 97.1% (A)<F3>
APPAREL & SHOES -- 1.0%
28,000 Ashworth, Inc.* <F4> $ 421,999 $ 388,500
AUTO & TRUCK RELATED -- 3.3%
6,500 General Motors Corp. 461,890 434,284
18,000 Keystone Automotive
Industries, Inc.*<F4> 390,250 416,250
9,000 Lear Corp.*<F4> 507,206 461,817
---------- ----------
1,359,346 1,312,351
BASIC RESOURCES -- 2.2%
6,000 Aluminum Co. of America 424,860 395,628
9,000 USG Corp.*<F4> 444,357 487,125
---------- ----------
869,217 882,753
BUSINESS SERVICES -- 2.9%
24,000 AlphaNet Solutions, Inc.*<F4> 316,000 273,000
15,000 CKS Group, Inc.*<F4> 337,500 270,000
70,000 TeleSpectrum Worldwide Inc.*<F4> 463,950 612,500
---------- ----------
1,117,450 1,155,500
COMMUNICATIONS -- 3.9%
5,000 Cisco Systems Inc.*<F4> 310,000 460,315
8,000 Lucent Technologies Inc. 368,694 665,504
10,000 Tekelec*<F4> 452,575 447,500
---------- ----------
1,131,269 1,573,319
COMPUTER SYSTEMS -- 7.7%
10,000 Compaq Computer Corp. 365,600 283,750
110,000 Concurrent Computer Corp.*<F4> 441,487 415,910
10,000 EMC Corporation (Mass.)*<F4> 335,390 448,130
10,000 Sun Microsystems, Inc.*<F4> 450,625 434,380
53,500 Unisys Corp.*<F4> 631,454 1,511,375
---------- ----------
2,224,556 3,093,545
DISTRIBUTION -- 1.7%
32,500 D & K Healthcare
Resources, Inc.*<F4> 282,031 698,750
ELECTRONICS/EQUIPMENT MANUFACTURING -- 1.8%
50,000 Checkpoint Systems, Inc.*<F4> 827,056 706,250
ENERGY/SERVICES -- 6.7%
40,000 AstroPower, Inc.*<F4> 240,000 332,520
8,000 Cooper Cameron Corp.*<F4> 441,405 408,000
21,000 Core Laboratories N.V.*<F4> 474,278 454,125
12,000 Montana Power Co. 371,220 417,000
8,000 Smith International, Inc.*<F4> 413,785 278,504
50,000 Willbros Group, Inc.*<F4> 734,624 781,250
---------- ----------
2,675,312 2,671,399
FINANCIAL SERVICES -- 13.0%
20,000 Allied Capital Corp. 452,500 490,000
7,000 First Virginia Banks, Inc. 352,948 357,875
8,000 First Union Corp. (N.C.) 387,000 466,000
10,000 Hambrecht & Quist Group* 333,100 363,130
9,000 Markel Corp.*<F4> 797,042 1,602,000
5,000 Mellon Bank Corp. 353,737 348,125
60,000 Philadelphia Consolidated
Holding Corp.*<F4> 798,089 1,260,000
10,000 Provident Bankshares Corp. 315,000 295,000
---------- ----------
3,789,416 5,182,130
FOOD & BEVERAGES -- 1.8%
55,000 Cott Corp. 346,698 398,750
10,000 Smithfield Foods, Inc.*<F4> 313,750 305,000
---------- ----------
660,448 703,750
HEALTHCARE PRODUCTS -- 10.8%
40,000 Endosonics Corp.*<F4> 367,800 240,000
100,000 IGEN International, Inc.*<F4> 769,326 4,087,500
---------- ----------
1,137,126 4,327,500
LEISURE/ENTERTAINMENT -- 6.3%
15,000 Dover Downs Entertainment, Inc. 269,025 465,000
68,062 Steiner Leisure Ltd.* <F4> 557,172 2,058,876
---------- ----------
826,197 2,523,876
MISCELLANEOUS MANUFACTURING -- 8.8%
42,200 AIM Safety Company, Inc.*<F4> 525,331 330,848
55,000 Arguss Holdings, Inc.*<F4> 723,377 921,250
30,000 Harmon Industries, Inc. 528,269 712,500
16,000 Hussmann International, Inc. 320,960 297,008
35,000 Morrison Knudsen Corp.*<F4> 444,872 492,205
15,000 MotivePower Industries, Inc.*<F4> 285,900 367,500
15,000 Westinghouse Air Brake Co. 386,638 393,750
---------- ----------
3,215,347 3,515,061
PHARMACEUTICALS -- 1.1%
4,000 Pfizer Inc. 386,490 434,752
RESTAURANTS -- 2.0%
19,500 Logan's Roadhouse, Inc.*<F4> 422,188 404,625
70,000 Pizza Inn, Inc. 342,750 389,410
---------- ----------
764,938 794,035
RETAILING -- 2.8%
18,000 Family Dollar Stores, Inc. 266,742 333,000
40,000 The Sportsmans Guide, Inc.*<F4> 260,000 180,000
12,000 TJX Companies, Inc. 296,235 289,500
15,000 Value City Dept. Stores Inc.*<F4> 318,969 315,000
---------- ----------
1,141,946 1,117,500
SEMICONDUCTORS/RELATED -- 6.0%
10,000 Applied Materials, Inc.*<F4> 321,250 295,000
10,000 ASM Lithography Holding N.V.*<F4> 363,750 290,630
15,000 Asyst Technologies, Inc.*<F4> 391,249 189,375
8,000 Du Pont Photomasks, Inc.*<F4> 362,000 276,000
20,000 Electroglas, Inc.*<F4> 361,000 261,260
9,000 KLA-Tencor Corp.*<F4> 362,812 249,192
15,000 Kulicke & Soffa Industries, Inc.*<F4> 374,219 255,000
9,000 Teradyne, Inc.*<F4> 358,853 240,750
10,000 Xilinx, Inc.*<F4> 366,250 340,000
---------- ----------
3,261,383 2,397,207
SOFTWARE & RELATED SERVICES -- 11.0%
77,500 Alydaar Software Corp.*<F4> 867,877 983,320
44,000 ANSYS, Inc.*<F4> 424,253 434,500
250,000 Communication
Intelligence Corp.*<F4> 347,662 257,750
45,000 CyberGuard Corp.*<F4> 406,001 433,125
5,000 Excite, Inc.*<F4> 248,438 467,500
40,000 Level 8 Systems, Inc.*<F4> 469,181 360,000
6,000 Lycos, Inc.*<F4> 258,375 452,250
11,000 Sterling Commerce, Inc.*<F4> 374,660 533,500
3,000 Yahoo! Inc.*<F4> 248,000 472,500
---------- ----------
3,644,447 4,394,445
TRANSPORTATION -- 2.3%
20,000 International
Shipholding Corp. 341,200 321,260
100,000 RailAmerica, Inc.*<F4> 551,808 612,500
---------- ----------
893,008 933,760
---------- ----------
Total common stocks 30,628,982 38,806,383
---------- ----------
Total long-term investments 30,628,982 38,806,383
Principal
Amount
---------
SHORT-TERM INVESTMENTS -- 1.9% (A)<F3>
VARIABLE RATE DEMAND NOTE
$769,015 Firstar Bank U.S.A., N.A. 769,015 769,015
---------- ----------
Total short-term investments 769,015 769,015
---------- ----------
Total investments $31,397,997 39,575,398
----------
----------
Cash and receivables, less
liabilities -- 1.0% (A)<F3> 390,125
----------
NET ASSETS $39,965,523
----------
----------
Net Asset Value Per Share
(No par value, unlimited
shares authorized), offering
and redemption price
($39,965,523 / 2,345,259
shares outstanding) $ 17.04
----------
----------
*<F4> 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, 1998
INCOME:
Dividends $114,137
Interest 191,405
---------
Total income 305,542
---------
EXPENSES:
Investment management fees 358,623
Administrative services 65,837
Transfer agent fees 33,977
Professional fees 23,745
Registration fees 22,845
Custodian fees 10,987
Printing and postage expense 9,891
Amortization of organizational expenses 4,663
Other expenses 17,242
---------
Total expenses 547,810
---------
NET INVESTMENT LOSS (242,268)
---------
NET REALIZED GAIN ON INVESTMENTS 3,547,239
NET INCREASE IN UNREALIZED APPRECIATION ON INVESTMENTS 6,145,527
---------
NET GAIN ON INVESTMENTS 9,692,766
---------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $9,450,498
---------
---------
STATEMENTS OF CHANGES IN NET ASSETS
For the Years Ended June 30, 1998 and 1997
1998 1997
---------- ----------
OPERATIONS:
Net investment loss $ (242,268) $(213,538)
Net realized gain on investments 3,547,239 2,692,198
Net increase (decrease) in unrealized
appreciation on investments 6,145,527 (894,714)
---------- ----------
Net increase in net assets
resulting from operations 9,450,498 1,583,946
---------- ----------
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net realized gains
($3.3103 and $2.14451 per share, respectively) (6,305,849) (3,623,419)
---------- ----------
Total distributions (6,305,849)*<F5>(3,623,419)
---------- ----------
FUND SHARE ACTIVITIES:
Proceeds from shares issued (345,853 and
381,696 shares, respectively) 5,911,257 5,709,834
Net asset value of shares issued in
distributions (411,192 and 256,417
shares, respectively) 6,072,409 3,537,970
Cost of shares redeemed (242,335 and
351,595 shares, respectively) (4,141,813) (5,201,112)
---------- ----------
Net increase in net assets derived
from Fund share activities 7,841,853 4,046,692
---------- ----------
TOTAL INCREASE 10,986,502 2,007,219
NET ASSETS AT THE BEGINNING OF THE YEAR 28,979,021 26,971,802
---------- ----------
NET ASSETS AT THE END OF THE YEAR $39,965,523 $28,979,021
---------- ----------
---------- ----------
*<F5> See Note 8.
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>
For the
Period From
For the Years Ended June 30, 12/2/92*<F6>
---------------------------------------------------
1998 1997 1996 1995 1994 to 6/30/93
-------- -------- -------- -------- -------- -----------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $ 15.83 $ 17.47 $ 14.68 $ 11.67 $ 11.55 $ 10.00
Income from investment operations:
Net investment loss (a)<F9> (0.03) (0.08) (0.05) (0.11) (0.07) (0.02)
Net realized and unrealized
gains on investments 4.55 0.58 5.10 3.31 0.64 1.58
------ ------ ------ ------ ------ ------
Total from investment operations 4.52 0.50 5.05 3.20 0.57 1.56
Less distributions:
Dividend from net investment income -- -- -- -- -- (0.01)
Distributions from net realized gains (3.31) (2.14) (2.26) (0.19) (0.45) --
------ ------ ------ ------ ------ ------
Total from distributions (3.31) (2.14) (2.26) (0.19) (0.45) (0.01)
------ ------ ------ ------ ------ ------
Net asset value, end of period $ 17.04 $ 15.83 $ 17.47 $ 14.68 $ 11.67 $ 11.55
------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------
TOTAL INVESTMENT RETURN 32.8% 5.0% 38.4% 27.8% 4.9% 15.6%***<F8>
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's $) 39,966 28,979 26,972 11,685 6,798 1,062
Ratio of expenses (after reimbursement)
to average net assets (b)<F10> 1.5% 1.6% 1.8% 2.0% 2.0% 2.0%**<F7>
Ratio of net investment loss to
average net assets (c)<F11> (0.7)% (0.7)% (1.3)% (1.2)% (1.3)% (0.7)%**<F7>
Portfolio turnover rate 116.3% 140.6% 177.5% 147.8% 63.0% 54.0%
</TABLE>
*<F6> Commencement of Operations.
**<F7> Annualized.
***<F8> Not Annualized.
(a)<F9> Net investment loss per share is calculated using ending balances
prior to consideration of adjustments for permanent book and tax differences.
(b)<F10> 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%**<F7>for the period ended June
30, 1993.
(c)<F11> 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%)**<F7> for the period ended June 30, 1993.
The accompanying notes to financial statements are an integral part of this
statement.
NOTES TO FINANCIAL STATEMENTS
June 30, 1998
(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. The Fund has $1,044,039 of post-October
losses, which may be used to offset capital gains in future years to the
extent provided by tax regulations.
(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 be reclassified to paid-in
capital.
(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.
(4) DEFERRED EXPENSES --
Organizational expenses were deferred and were amortized on a straight-line
basis over a period of five years. These expenses were advanced by the
Adviser who was reimbursed by the Fund. Organizational expenses were fully
amortized at June 30, 1998.
(5) INVESTMENT TRANSACTIONS --
For the year ended June 30, 1998, purchases and proceeds of sales of
investment securities (excluding short-term securities) were $41,406,869 and
$37,796,926, respectively.
(6) ACCOUNTS PAYABLE AND ACCRUED LIABILITIES --
As of June 30, 1998, liabilities of the Fund included the following:
Payable to brokers for investments purchased $ 85,500
Payable to the Adviser for management fees 31,943
Other liabilities 20,911
(7) SOURCES OF NET ASSETS --
As of June 30, 1998, the sources of net assets were as follows:
Fund shares issued and outstanding 32,832,161
Net unrealized appreciation on investments 8,177,401
Accumulated net realized loss (1,044,039)
----------
$39,965,523
----------
----------
Aggregate net unrealized appreciation as of June 30, 1998, consisted of the
following:
Aggregate gross unrealized appreciation $10,609,813
Aggregate gross unrealized depreciation (2,432,412)
----------
Net unrealized appreciation $8,177,401
----------
----------
(8) REQUIRED FEDERAL INCOME TAX DISCLOSURES (UNAUDITED) --
In early 1998, shareholders received information regarding all distributions
paid to them by the Fund during the fiscal year ended June 30, 1998. The Fund
hereby designates the following amounts as long-term capital gains
distributions.
Capital gains taxed at 20% $ 624,208
Capital gains taxed at 28% 2,718,218
----------
Total long-term capital gains $3,342,426
----------
----------
The percentage of ordinary income which is eligible for the corporate
dividend received deduction for the fiscal year ended
June 30, 1998 was 4%.
REPORT OF INDEPENDENT ACCOUNTANTS
3100 Multifoods Tower Telephone 612 332 7000
33 South Sixth Street
Minneapolis, MN 55402
(PricewaterhouseCoopers LLP logo)
July 24, 1998
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, 1998, 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 five 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, 1998 by correspondence with the
custodian, provide a reasonable basis for the opinion expressed above.
/s/ PricewaterhouseCoopers 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. Kennett Square, Pennsylvania
Philadelphia, Pennsylvania
STEPHEN L. HERSHEY, M.D. P. COLEMAN TOWNSEND, JR.
President, President/CEO, Townsends, Inc.
First State Orthopaedic Consultants, P.A. Wilmington, Delaware
Newark, Delaware
Investment Adviser Independent Accountants
LANDIS ASSOCIATES, INC. PRICEWATERHOUSECOOPERS LLP
Custodian, Transfer Agent Legal Counsel
FIRSTAR TRUST COMPANY FOLEY & LARDNER
THE HENLOPEN FUND
LONGWOOD CORPORATE CENTER
SUITE 213
415 MCFARLAN ROAD
KENNETT SQUARE, PENNSYLVANIA 19348
(610-925-0400)
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.
