SHEPMYERS INVESTMENT COMPANY
SEMI-ANNUAL REPORT TO SHAREHOLDERS
June 30, 1996
P.O. Box 339
Hanover, Pennsylvania 17331
<PAGE>
SHEPMYERS INVESTMENT COMPANY
P.O. BOX 339
HANOVER, PENNSYLVANIA 17331
August 15, 1996
Dear Shareholder:
We are pleased to send you the Semi-Annual Report, which reflects the company's
financial position as of June 30, 1996.
The first six months of 1996 have witnessed a dramatic shift in investor
sentiment. As recently as January, the Federal Reserve reduced both the federal
funds and the discount rates in anticipation of a slowdown in the U.S. economy.
Instead, virtually all segments of the economy have shown more strength than the
Federal Reserve was predicting early in the year. Despite stronger than expected
growth, there has not been any material increase in inflationary pressures. With
no evidence of higher inflation the Federal Reserve has been content to leave
short-term rates unchanged. However, the financial markets have reacted to signs
of a stronger economy by pushing interest rates higher. The yield on the
Municipal Bond Buyer Index has risen from 5.44% at year-end 1995 to 5.97% as of
June 30, 1996. Longer term, the effect of somewhat higher interest rates will
tend to slow the pace of economic growth.
We continue our focus on maintaining a very high quality, nationally diversified
portfolio of municipal securities. As of June 30, 1996 our portfolio had an
average maturity of 5.34 years with the longest maturity being 13 years. In
addition, over 79% of the assets were rated "AA-" or higher by either Standard
and Poor's or Moody's Investor Services, Inc. Only one of the 53 issues in the
portfolio received less than an "A" rating by both of the two rating agencies
and this issue is due to mature in November, 1996.
We appreciate the confidence you have shown in the Board and welcome your
comments.
Sincerely,
/s/Paul E. Spears
- -----------------------------
President
PES/sk
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
SHEPMYERS INVESTMENT COMPANY
JUNE 30, 1996
(unaudited)
ASSETS
Investments at market value - (cost $14,766,235) $15,215,072
Cash 1,000
Accrued interest receivable 246,367
Prepaid expenses 2,415
-----------
TOTAL ASSETS 15,464,854
-----------
LIABILITIES
Dividends declared - Note 2 230,471
Accrued liabilities - Note 3 35,292
-----------
TOTAL LIABILITIES 265,763
-----------
NET ASSETS at market, applicable to
768,238 outstanding common shares,
equivalent to $19.78 a share - Note 5 $15,199,091
===========
See notes to financial statements.
<PAGE>
INVESTMENTS
SHEPMYERS INVESTMENT COMPANY
JUNE 30, 1996
(unaudited)
<TABLE>
<CAPTION>
Principal
Amount Description Market Value
- --------- ----------- ------------
HIGHWAY CONSTRUCTION BONDS - 2.72%
<S> <C> <C>
$210,000 Kansas State Highway Bonds, 9.00%, due
7/1/96, callable 7/1/94 at 100 (MBIA) $ 210,000
200,000 Illinois Toll Highway Bonds, 6.35%, due
1/1/00, callable 1/1/96 at 102 203,500
----------
TOTAL HIGHWAY CONSTRUCTION BONDS 413,500
----------
HOUSING FINANCE AGENCY BONDS - 9.31%
150,000 New Jersey Housing and Mortgage Finance
Authority, 4.80%, due 11/1/96 150,240
100,000 Connecticut State Housing Finance Authority,
6.60%, due 11/15/96 100,820
140,000 Minnesota Housing Finance Agency, 6.80%, due
1/1/99, callable 1/1/96 at 102 144,550
190,000 Massachusetts Housing Finance Agency, 6.75%,
due 6/1/99, callable 12/1/96 at 102 196,175
300,000 Virginia State Housing Authority, 7.15%, due
7/1/99 309,750
100,000 Oregon State Housing and Community Service
Department, Single Family Mortgage, 4.20%,
due 7/1/99 98,640
400,000 Pennsylvania Housing Finance System, Single
Family Mortgage, Series S, 7.25%, due
10/1/03 417,000
----------
TOTAL HOUSING FINANCE AGENCY BONDS 1,417,175
----------
GENERAL OBLIGATION BONDS - 51.45%
350,000 Los Angeles Certificates of Participation,
Multiple Cap Facilities, 5.50%, due
11/1/96 351,365
200,000 Connecticut State, 5.25%, due 3/15/97 201,340
300,000 New Mexico State Severance, 5.20%, due
7/1/01 callable, 7/1/99 at 100 303,420
200,000 Vermont Muni Bond Bank, 6.50%, due 12/1/97 206,040
200,000 Port Corpus Christi, Texas, 4.40%, due
2/1/98 199,640
400,000 Pittsburgh, Pennsylvania, 6.875%, due 3/1/98
(FGIC) 413,400
</TABLE>
See notes to financial statements.
-2-
<PAGE>
INVESTMENTS - CONTINUED
SHEPMYERS INVESTMENT COMPANY
JUNE 30, 1996
(unaudited)
<TABLE>
<CAPTION>
Principal
Amount Description Market Value
------ ----------- ------------
GENERAL OBLIGATION BONDS - 51.45% - Continued
<C> <C> <C>
$175,000 Birmingham, Alabama, 7.00%, due 7/1/98 $183,557
500,000 Pembroke Pines, Florida, Public Improvement
Bond, 6.90%, due 10/1/98, callable 10/1/96
at 102 (AMBAC) 511,800
200,000 Dade County, Florida, Public Improvement,
Series 1, 6.80%, due 7/1/99, callable
7/1/89 at 102.75 (MBIA) 205,340
300,000 New Hampshire, 6.50%, due 10/1/99 317,220
300,000 Dauphin County, Pennsylvania, 4.90%, due
3/15/00 302,280
250,000 Wisconsin, 6.40%, due 5/1/00, callable
5/1/98 at 101 263,400
640,000 Commonwealth of Pennsylvania, First Series,
6.60%, due 6/1/01 679,616
215,000 Utah State Municipal Finance Coop, Salt
Lake, 6.90% due 3/1/02, callable 3/1/00 at
100 (LOC - Government Revenue Pool) 233,146
155,000 Cambria County Pennsylvania, 5.20%, due
8/15/02 (FGIC) 157,046
550,000 Maricopa County, Arizona, 6.80%, due 7/1/03 567,875
350,000 Erie County Pennsylvania, 4.90%, due 7/1/04 345,695
500,000 Washington Suburban Sanitation District,
Maryland Water Supply, 6.80%, due 6/1/05,
callable 6/1/01 at 102 547,750
510,000 Indiana Municipal Bond Bank, 6.75%, due
1/1/06 (LOC Sumitoma Bank, Ltd.), callable
1/1/01 at 102 543,966
200,000 Pleasant Valley Pennsylvania School
District, 6.00%, due 3/15/07, callable
3/15/00 at 100 (MBIA) 207,220
350,000 Montgomery County Pennsylvania, 5.20%, due
10/15/07, callable 10/15/00 at 100 343,245
225,000 Wilkes-Barre Pennsylvania School District,
(Luzerne County), 6.00%, due 4/1/08,
callable 10/1/04 at 100 (FGIC) 230,310
200,000 Seneca Valley Pennsylvania School District,
5.50%, due 2/15/09, callable 8/15/05 at
100 196,800
</TABLE>
See notes to financial statements.
-3-
<PAGE>
INVESTMENTS - CONTINUED
SHEPMYERS INVESTMENT COMPANY
JUNE 30, 1996
(unaudited)
<TABLE>
<CAPTION>
Principal
Amount Description Market Value
- --------- ----------- ------------
GENERAL OBLIGATION BONDS - 51.45% - Continued
<S> <C> <C>
$300,000 Haverford Township Pennsylvania School
District, (Delaware County), 6.00%, due
6/1/09, callable 6/1/04 at 100 (FGIC) $ 316,650
----------
TOTAL GENERAL OBLIGATION BONDS 7,828,121
----------
SPECIAL OBLIGATION BONDS - 3.49%
225,000 Connecticut State Special Tax Obligation, 6.80%,
due 10/1/97 232,087
300,000 Pennsylvania Intergovernmental Coop Authority (City
of Philadelphia), Special Tax Revenue, 4.70%, due
6/15/01 298,500
----------
TOTAL SPECIAL OBLIGATION BONDS 530,587
----------
REVENUE BONDS - 29.10%
250,000 Lancaster County, Pennsylvania, Solid Waste,
7.00%, due 12/15/96 251,225
200,000 Harrisburg Authority, Dauphin County Lease
Revenue, 5.80%, due 6/1/97 202,800
150,000 Memphis Airport Authority, Shelby County
Tennessee, 4.25%, due 2/15/98 149,385
245,000 Kenton County Kentucky, School District
Finance Corporation School Buildings,
4.25%, due 7/1/98 243,922
275,000 Fort Wayne, Indiana, Hospital Revenue Bond,
6.60%, due 7/1/98, callable 7/1/96 at 102 279,868
500,000 Hillsborough County Florida Aviation
Authority, (Tampa International Airport),
4.25%, due 10/1/98 497,650
300,000 West Chester Pennsylvania Area School
District, 3.55%, due 12/1/98 292,080
230,000 Intermountain Power Agency, Utah, 6.80%, due
7/1/02, callable 1/1/97 at 102 236,325
300,000 Pennsylvania State Certificates of
Participation, Lease Revenue, 4.90%, due
7/1/02 299,250
</TABLE>
See notes to financial statements.
-4-
<PAGE>
INVESTMENTS - CONTINUED
SHEPMYERS INVESTMENT COMPANY
JUNE 30, 1996
(unaudited)
<TABLE>
<CAPTION>
Principal
Amount Description Market Value
------ ----------- ------------
REVENUE BONDS - 29.10% - Continued
<S> <C> <C>
$250,000 Kane County, Illinois Public Buildings,
Elgin College, 6.80%, due 12/1/02,
callable 12/1/99 at 100 $ 266,600
325,000 Knoxville, Tennessee Water Revenue, 6.70%,
due 11/1/03, callable 11/1/97 at 102 340,373
350,000 District of Columbia, Georgetown University,
6.90%, due 4/1/04 371,210
450,000 Chester County Pennsylvania Health and
Educational Authority, Main Line Facility
Health System Revenue, 4.90%, due 5/15/04 437,355
175,000 State Public Schools Pennsylvania College
Revenue (Harrisburg Community), 5.10%, due
4/1/06 (MBIA) 171,255
250,000 Lancaster County Pennsylvania Vo-Tech School
Authority, 6.50%, due 2/15/07, callable
2/15/04 at 100 264,775
125,000 Fleetwood Pennsylvania Area School
Authority, 5.40%, due 4/1/08 (FGIC) 123,275
----------
TOTAL REVENUE BONDS 4,427,348
----------
INDUSTRIAL REVENUE BONDS - 2.17%
200,000 Montgomery County Pennsylvania Redevelopment
Authority, (Gwynedd-Oxford Project), due
8/1/07, mandatory put 12/1/96 at 100 201,500
130,000 Chester County Pennsylvania Industrial
Development Authority, Glenn Avenue
Associates, 4.375%, due 11/15/98
(Guaranteed by Provident Mutual Life) 129,350
----------
TOTAL INDUSTRIAL REVENUE BONDS 330,850
----------
</TABLE>
See notes to financial statements.
-5-
<PAGE>
INVESTMENTS - CONTINUED
SHEPMYERS INVESTMENT COMPANY
JUNE 30, 1996
(unaudited)
<TABLE>
<CAPTION>
Principal
Amount Description Market Value
- --------- ----------- ------------
SHORT-TERM INVESTMENTS - at cost, approximating market - 1.76%
Shares
- ------
<S> <C> <C>
267,491 Muni Fund Portfolio of Municipal Funds for
Temporary Investment $ 267,491
-----------
TOTAL SHORT-TERM INVESTMENTS 267,491
-----------
TOTAL INVESTMENTS -100.00% (cost
$14,766,235) $15,215,072
===========
</TABLE>
See notes to financial statements.
-6-
<PAGE>
STATEMENT OF OPERATIONS
SHEPMYERS INVESTMENT COMPANY
FOR THE SIX MONTHS ENDED JUNE 30, 1996
(unaudited)
<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME
Interest $ 445,345
EXPENSES
Investment advisory fees - Note 3 12,500
Custodian fees 3,912
Transfer and dividend disbursing agent fees 2,076
Legal and professional fees - Note 3 15,850
Officers' salaries and directors' fees - Note 3 14,800
Capital stock tax 1,400
Clerical 1,250
Insurance 1,200
Miscellaneous 5,338
---------
58,326
---------
NET INVESTMENT INCOME 387,019
---------
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS - NOTE 4
Net unrealized depreciation of investments (264,073)
NET LOSS ON INVESTMENTS (264,073)
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $ 122,946
=========
</TABLE>
See notes to financial statements.
-7-
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
SHEPMYERS INVESTMENT COMPANY
<TABLE>
<CAPTION>
For the Six For the Year
Months Ended Ended
June 30, 1996 December 31,
(unaudited) 1995
<S> <C> <C>
CHANGES RESULTING FROM OPERATIONS
Net investment income $ 387,019 $ 784,475
Net realized (loss)/gain from investment
transactions - ( 2,632)
Net unrealized appreciation/(depreciation)
of investments (264,073) 518,238
----------- -----------
Net increase in net assets
resulting from operations 122,946 1,300,081
DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (668,367) (775,921)
----------- -----------
Total increase/(decrease) in net assets (545,421) 524,160
NET ASSETS
Beginning of year 15,744,512 15,220,352
----------- -----------
End of period/year (including undistri-
buted net investment income of
$39,821 and $321,168, respectively) $15,199,091 $15,744,512
=========== ===========
</TABLE>
See notes to financial statements.
-8-
<PAGE>
FINANCIAL HIGHLIGHTS
SHEPMYERS INVESTMENT COMPANY
<TABLE>
<CAPTION>
For the Six
Month Period For the Year Ended December 31,
Ended ----------------------------------------------------------------
June 30, 1996 1995 1994 1993 1992 1991
------------- ---- ---- ---- ---- ----
(unaudited)
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA (for a share
outstanding throughout the
indicated year/period)
Net asset value, beginning of year $20.49 $19.81 $20.82 $20.82 $20.65 $20.22
Income from operations:
Investment income .58 1.16 1.15 1.19 1.27 1.34
Expenses .08 .14 .15 .14 .14 .14
------ ------ ------ ------ ------ ------
Net investment income .50 1.02 1.00 1.05 1.13 1.20
Net realized and unrealized
gain/(loss) on investments (.34) .67 (.95) .11 .26 .47
------- ------ ------- ------ ------ ------
Total from investment operations .16 1.69 .05 1.16 1.39 1.67
------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net investment
income (.87) (1.01) (1.06) (1.13) (1.21) (1.22)
Distributions from net realized
investment transactions -- -- -- ( .03) (.01) (.02)
------ ------ ------ ------ ------ -------
Total distributions (.87) (1.01) (1.06) (1.16) (1.22) (1.24)
------- ------ ------ ------ ------ -------
Net asset value, end of year/period $19.78 $20.49 $19.81 $20.82 $20.82 $20.65
====== ====== ====== ====== ====== ======
TOTAL RETURN BASED ON NET ASSET
VALUE (1) 4.14% 8.58% .10% 5.57% 6.73% 8.31%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of year/period
(in thousands) $15,199 $15,745 $15,220 $15,994 $15,993 $15,862
Ratio of expenses to average
net assets .38% .72% .73% .67% .66% .69%
Ratio of net investment income
to average net assets 2.51% 5.10% 5.02% 5.14% 5.55% 6.02%
Portfolio turnover rate .82% 11.00% 12.68% 14.92% 13.09% 14.09%
Number of shares outstanding at
end of year/period 768,238 768,238 768,238 768,238 768,238 768,238
</TABLE>
(1) Total return based on market price has not been disclosed due to lack of
market price information.
See notes to financial statements.
-9-
PHTRANS:123999_1.WP5
<PAGE>
NOTES TO FINANCIAL STATEMENTS
SHEPMYERS INVESTMENT COMPANY
JUNE 30, 1996
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Company is registered under the Investment Company Act of 1940, as amended,
as a diversified, closed-end management company and intends to meet the
requirements of a regulated investment company as defined under Subchapter M of
the Internal Revenue Code. The following is a summary of significant accounting
policies followed by the Company in the preparation of its financial statements.
The Company's investment objective is to seek a high level of income and capital
gains, net of federal income tax as is consistent with the preservation of
capital. The Company will invest primarily in tax-exempt obligations, but may
also own taxable obligation, preferred stock (including convertible preferred
stock), other fixed-income securities and common stocks (including warrants and
rights to purchase common stock). The relative proportions of the types of the
Company's portfolio securities will vary from time to time but not less than 50%
of the portfolio will be invested in obligations issued by states, territories,
and possessions of the United States and the District of Columbia, and their
political subdivisions, duly constituted authorities and corporations, the
interest on which is exempt from federal income tax in the opinion of bond
counsel to the issuers.
Valuation of Investments: Investments are valued based on prices furnished by an
independent pricing service. This service determines the valuations based on
valuations for normal institutional size trading units of debt securities. In
most instances, these valuations represent the mean between the most recently
quoted bid and ask prices. In the event that market quotations are not readily
available, securities are valued at their fair value by the investment advisor
under the supervision and responsibility of the Company's Board of Directors.
These valuations are believed to accurately reflect the fair market value of
such securities.
Recording of Transactions: Security transactions are accounted for on
the date the securities are purchased or sold (trade date). Dividends
and distributions to shareholders are recorded on the declaration
date.
Determination of Realized Gains or Losses from Investment Transactions: Realized
gains or losses from investment transactions are calculated on the identified
cost basis.
-10-
<PAGE>
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SHEPMYERS INVESTMENT COMPANY
JUNE 30, 1996
Federal Income Tax: It is the Company's policy to comply with the requirements
of the Internal Revenue Code applicable to regulated investment companies and to
distribute substantially all of its net investment income and realized net gain
from investment transactions to its shareholders and, accordingly, no provision
has been made for Federal income taxes.
Investment Income: The Company records interest income on the accrual basis. In
computing net investment income, the Company amortizes premium over the life of
the security, unless said premium is in excess of any call price, in which case
the excess is amortized to the earliest call date. Original issue discount is
accredited over the life of the security.
NOTE 2 - DIVIDENDS
On both April 26 and June 3, 1996 the Board of Directors declared a cash
dividend from net investment income of $.15 per share. The dividends are payable
on July 1, 1996 and October 1, 1996 to shareholders of record on June 3, 1996
and September 2, 1996, respectively.
NOTE 3 - INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Investment Advisory agreement provides that the Company will pay to the
Investment Advisor, as compensation for services provided, a fee at an annual
rate of $25,000. At June 30, 1996, $6,250 is payable.
An officer of the Company is a partner in a law firm that provides legal
services to the Company. Fees for these services aggregated $8,500 for the six
months ended June 30, 1996, of which $4,250 is payable at June 30, 1996.
The Board of Directors has resolved that each director be paid $250 per meeting
attended plus an annual fee of $600, and that the Chairman of the Board be paid
an annual consulting fee of $15,000 and other officers an annual salary of $100
from the income of the Company as compensation for their services. Directors and
officers are reimbursed by the Company for out-of-pocket expenses incurred in
attending meetings of the Board of Directors.
-11-
<PAGE>
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SHEPMYERS INVESTMENT COMPANY
JUNE 30, 1996
NOTE 4 - COST, PURCHASES, AND SALES OF SECURITY INVESTMENTS
Cost of purchases and proceeds from sales and maturities of investment
securities, other than short-term investments, aggregated $124,619 and $125,000,
respectively, during the six months ended June 30, 1996.
At June 30, 1996, the cost of investment securities owned is the same for
financial reporting and federal income tax purposes. Net unrealized appreciation
of investment securities is $448,837 (aggregate gross unrealized appreciation of
$474,922 less aggregate gross unrealized depreciation of $26,085).
NOTE 5 - COMPONENTS OF NET ASSETS
The components of net assets at June 30, 1996 are as follows:
Common Stock--par value $.50 per share,
768,238 shares issued and
outstanding, (2,000,000 shares
authorized); and capital paid-in $14,723,326
Undistributed net investment income 39,821
Undistributed net realized losses on
investment transactions (12,893)
Net unrealized appreciation of
investments 448,837
-----------
NET ASSETS $15,199,091
===========
-12-
<PAGE>
MATTERS SUBMITTED TO A VOTE OF SHAREHOLDERS
The matters described below were submitted to a vote of
shareholders of Shepmyers Investment Company (the "Company") at an Annual
Meeting of Shareholders held on April 26, 1996 (the "Meeting"):
Matter 1 - Election of Directors: At the Meeting, Paul E.
Spears, Gordon P. King, Lawrence S. DeVan, John M. Fuss, Ralph E. Lemmon, Jr.,
Robert P. Myers, Paul Frey Spears, John F. Thompson, III and C. Daniel Weber,
constituting the entire Board of Directors, were elected to hold office until
the next Annual Meeting of Shareholders and until his successor is elected and
qualified.
The following shares were voted for, against or abstained in
the election of directors:
For Against Abstain
Paul E. Spears 699,972 0 0
Gordon P. King 699,972 0 0
Lawrence S. DeVan 637,856 62,116 0
John M. Fuss 699,972 0 0
Ralph E. Lemmon, Jr. 699,972 0 0
Robert P. Myers 699,972 0 0
Paul Frey Spears 699,972 0 0
John F. Thompson, III 699,972 0 0
C. Daniel Weber 699,972 0 0
Matter 2 - Approval of Proposed Advisory Agreement between the
Company and Rittenhouse Financial Services, Inc. until April 30, 1997:
Rittenhouse Financial Services, Inc. ("RFS") served as the Company's investment
advisor under an investment advisory agreement dated April 30, 1985 (the
"Advisory Agreement").
At a meeting of the Company's Board of Directors held on
January 29, 1996, the Company's directors, including a majority of the Company's
disinterested directors, voted to approve a proposed advisory agreement between
RFS and the Company until April 30, 1997 and to recommend its approval by the
shareholders of the Company at the Meeting.
The terms and conditions of the Advisory Agreement and the
proposed advisory agreement are the same, except that the proposed advisory
agreement does not contain the provision in the Advisory Agreement requiring RFS
to furnish the Company's Board of Directors within 60 days after the end of each
of RFS's fiscal years copies of its financial statements (including a statement
of operations and a balance sheet) for the prior fiscal year audited by
independent certified public accountants.
<PAGE>
The number of shares cast for the resolution approving the
proposed advisory agreement was 699,316. The number of votes cast against such
resolution was zero. The number of votes abstaining was 656.
Matter 3 - Ratification of Selection of Ernst & Young, LLP
("Ernst & Young") as the Company's Independent Certified Public Accountants for
the Year Ending December 31, 1996: Ernst & Young, the Company's auditors
beginning in 1978, were selected as independent certified public accountants for
the Company for the year ending December 31, 1996 by a majority of the members
of the Company's Board of Directors who are not "interested persons" of the
Company (as defined in the Investment Company Act of 1940). The ratification of
the selection of independent certified public accountants was submitted to the
Company's shareholders at the Meeting.
The number of shares cast for the resolution ratifying the
Board's selection of Ernst & Young as the Company's independent certified public
accountants was 699,972. The number of shares cast against such resolution was
zero. The number of shares abstaining was zero.
-2-
<PAGE>
CORPORATE DIRECTORY
DIRECTORS AND OFFICERS
P.E. Spears*
President and Chairman of the Board
G.P. King*
Vice President and Treasurer
W.B. McConnel, III
Secretary
L.S. DeVan*
J.M. Fuss*
R.E. Lemmon, Jr.*
R.P. Myers*
P.F. Spears*
J.F. Thompson, III*
C.D. Weber*
*Director
AUDITOR
Ernst & Young, LLP
Reading, Pennsylvania
COUNSEL
Drinker Biddle & Reath
Philadelphia, Pennsylvania
INVESTMENT ADVISOR
Rittenhouse Financial Services, Inc.
Radnor, Pennsylvania
CUSTODIAN, TRANSFER AGENT, REGISTRAR & DIVIDEND DISBURSING AGENT
Investors Trust Company
Wyomissing, Pennsylvania
