Notice of Applications for Deregulation under Section 8(f) of the Investment Company Act of 1940

Resumen

Applicant seeks an order declaring that it has ceased to be an investment company. On May 3, 1999, applicant transferred its assets to The Berwyn Funds (the ``acquiring Fund'') based on net asset value. Expenses of $75,000 incurred in connection with the reorganization were paid by the Acquiring Fund. Filing Dates: the application was filed on August 27, 1999, and amended on September 10, 1999, and November 12, 1999. Applicant's Address: 1189 Lancaster Avenue, Berwyn, Pennsylvania 19312.