Report of Independent Accountants
To the Board of Trustees and Shareholders
of The Henlopen Fund
In planning and performing our audit of the financial
statements of The Henlopen Fund (the
"Fund") for the year ended June 30, 2000, we
considered its internal control, including control
activities for safeguarding securities, in order to
determine our auditing procedures for the
purpose of expressing our opinion on the financial
statements and to comply with the
requirements of Form N-SAR, not to provide assurance
on internal control.
The management of the Fund is responsible for
establishing and maintaining internal control. In
fulfilling this responsibility, estimates and
judgments by management are required to assess the
expected benefits and related costs of controls.
Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing
financial statements for external purposes that are
fairly presented in conformity with generally
accepted accounting principles. Those controls
include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control,
errors or fraud may occur and not be detected.
Also, projection of any evaluation of internal
control to future periods is subject to the risk that
controls may become inadequate because of changes in
conditions or that the effectiveness of
their design and operation may deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in internal control
that might be material weaknesses under standards
established by the American Institute of
Certified Public Accountants. A material weakness is
a condition in which the design or
operation of one or more of the internal control
components does not reduce to a relatively low
level the risk that misstatements caused by error or
fraud in amounts that would be material in
relation to the financial statements being audited
may occur and not be detected within a timely
period by employees in the normal course of
performing their assigned functions. However, we
noted no matters involving internal control and its
operation, including controls for safeguarding
securities, that we consider to be material
weaknesses as defined above as of June 30, 2000.
This report is intended solely for the information
and use of the Board of Trustees, management
and the Securities and Exchange Commission and is not
intended to be and should not be used by
anyone other than these specified parties.
July 28, 2000
