THE HENLOPEN FUND
SUPPLEMENT TO THE STATEMENT OF
ADDITIONAL INFORMATION
DATED OCTOBER 29, 1999
Effective March 28, 2000 Landis Associates, Inc., the investment
adviser to The Henlopen Fund, converted to a limited liability company, Landis
Associates LLC. Landis Associates LLC is controlled by Michael L. Hershey. Mr.
Hershey is the President, Treasurer and Secretary of Landis Associates LLC and
is the trustee of the Michael L. Hershey Revocable Trust U/A/D/ 5-7-98, which
owns 90% of the outstanding membership interests of Landis Associates LLC. Mr.
Hershey is also Chairman, President, Treasurer and a trustee of The Henlopen
Fund.
See pages 9 and 10 of the Statement of Additional Information for
additional information concerning the investment advisory agreement between The
Henlopen Fund and Landis Associates LLC.
The date of this Supplement is June 9, 2000.
