Exhibit 13
SUBSCRIPTION AGREEMENT
The Henlopen Fund
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Gentlemen:
The undersigned hereby subscribes to 10,000 shares of beneficial
interest, no par value, of The Henlopen Fund, in consideration for which
the undersigned agrees to transfer to you upon demand cash in the amount
of $100,000.
It is understood that upon receipt by you of payment therefor,
said shares shall be issued and shall be deemed to be fully paid and
nonassessable.
The undersigned agrees that the shares are being purchased for
investment with no present intention of reselling or redeeming said
shares.
Dated and effective as of this ____ day of November, 1992.
By: _________________________________
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ACCEPTANCE
The foregoing subscription is hereby accepted. Dated and
effective as of this ____ day of November, 1992.
THE HENLOPEN FUND
By: _________________________________
President
Attest: ___________________________
Secretary