SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
ACETO CORPORATION
(Name of Issuer)
Common Stock
(Title of Class of Securities)
004446100
(CUSIP Number)
as of March 31, 2003
Check the appropriate box to designate the rule pursuant to which
this
Schedule is filed:
[ x ] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
The information required in the remainder of this cover page
shall not
be deemed to be filed for the purpose of Section 18 of the Securities
Exchange
Act of 1934 (Act) or otherwise subject to the liabilities of that
section of the
Act but shall be subject to all other provisions of the Act.
CUSIP No.004446100
1) Names of Reporting Persons
Delphi Management, Inc
IRS Identification Nos. of Above Persons
04-27762-76
2) Check the appropriate box if a Member of a Group
(a) [ ]
3) SEC use only
4) Citizenship
Massachusetts, USA
Number of shares beneficially owned by each reporting person with:
(5) Sole Voting Power
440,300
(6) Shared Voting Power
0
(7) Sole Dispositive Power
440,300
(8) Shared Dispositive Power
0
9) Aggregate Amount Beneficially Owned by Each Reporting Person
440,300
10) Check if the Aggregate Amount in Row (9) Excludes Certain shares
Not applicable
11) Percent of Class Represented by Amount in Row 9
4.46%
12) Type of Reporting Person
Investment Adviser (IA)
Item 1 (a): Name of issuer:
Aceto Corporation
Item 1 (b): Address of issuer's principal executive offices:
One Hollow Lane, Suite 201
Lake Success, NY 11042
Item 2 (a): Name of person filing:
Delphi Management, Inc.
ITEM 2 (b): Address of principal business office:
50 Rowes Wharf, Suite 540
Boston, MA 02110
ITEM 2 (c): Citizenship:
Massachusetts Corporation
ITEM 2 (d): Title of class of securities:
Common Shares
ITEM 2 (e): Cusip number:
004446100
ITEM 3: If this statement is filed pursuant to Rule 13d-1(b) or
Rule 13d-2(b) or (c), check whether the person filing is a:
ITEM 3 (a) [ ] Broker or dealer registered under section 15 of the
Act
ITEM 3 (b) [ ] Bank as defined in section 3(a)(6) of the Act
ITEM 3 (c) [ ] Insurance company as defined in section 3(a)(19) of
the Act
ITEM 3 (d) [ ] Investment company registered under section 8 of the
Investment Company Act of 1940
ITEM 3 (e) [ x ] An investment adviser in accordance with Rule 13d -
1(b)(1)(ii)(E)
ITEM 3 (f) [ ] An employee benefit plan or endowment fund in
accordance with Rule 13d-1(b)(1)(ii)(F)
ITEM 3 (g) [ ] A parent holding company or control person in
accordance with Rule 13d-1(b)(1)(ii)(G)
ITEM 3 (h) [ ] A savings associations as defined in Section 3(b) of
the Federal Deposit Insurance Act
ITEM 3 (i) [ ] A church plan that is excluded from the definition
of an investment company under section 3(c)(14) of the Investment
Company Act of 1940
ITEM 3 (j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
ITEM 4. Ownership:
ITEM 4 (a) Amount beneficially owned:
440,300
ITEM 4 (b) Percent of class:
4.46 %
ITEM 4 (c) Number of shares as to which the person has:
ITEM 4 (c) (i) Sole power to vote or to direct the vote:
440,300
ITEM 4 (c) (ii) Shared power to vote or to direct the vote:
0
ITEM 4 (c) (iii) Sole power to dispose or to direct the disposition
of:
440,300
ITEM 4 (c) (iv) Shared power to dispose or to direct the disposition
of:
0
ITEM 5 Ownership of Five Percent or Less of a Class:
If this statement is being filed to report the fact that as of the
date hereof the reporting person has ceased to be the beneficial
owner of more than five percent of the class of securities, check
the following [ x ].
ITEM 6 Ownership of More than Five Percent on Behalf of Another
Person:
Not Applicable
ITEM 7 Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the
Parent Holding Company or Control Person:
Not Applicable
ITEM 8 Identification and Classification of Members of the Group:
Not Applicable
ITEM 9 Notice of Dissolution of Group:
Not Applicable
ITEM 10 Certification
By signing below I certify that, to the best of my
knowledge and belief, the securities referred to above were acquired and
are held in the ordinary course of business and were not acquired and
are not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were not
acquired and are not held in connection with or as a participant in any
transaction having that purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge
and belief, I certify that the information set forth in this statement
is true, complete and correct.
April 16, 2003 / Date
Jim Bussone / Signature
Analyst / Title