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

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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.