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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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SIGNATURE PAUL E. SPEARS
TITLE PRESIDENT
<PAGE>
Signature Page
This report is signed on behalf of registrant in the City of Hanover and
Commonwealth of Pennsylvania on the 20th day of August, 1997.
SHEPMYERS INVESTMENT COMPANY
Witness: /s/ W. Bruce McConnel, III By: /s/ Paul E. Spears
-------------------------- ------------------
W. Bruce McConnel, III Paul E. Spears
Secretary President
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Legend: This schedule contains summary financial information extracted from the
6/30/97 N-SAR and is qualified in its entirety by reference to such N-SAR.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 15,236
<INVESTMENTS-AT-VALUE> 15,717
<RECEIVABLES> 242
<ASSETS-OTHER> 4
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15,963
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<TOTAL-LIABILITIES> 717
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<PAID-IN-CAPITAL-COMMON> 14,723
<SHARES-COMMON-STOCK> 768
<SHARES-COMMON-PRIOR> 768
<ACCUMULATED-NII-CURRENT> 23
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<REALIZED-GAINS-CURRENT> 15
<APPREC-INCREASE-CURRENT> (50)
<NET-CHANGE-FROM-OPS> 336
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 645
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 0
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (309)
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<PER-SHARE-NAV-BEGIN> 20.25
<PER-SHARE-NII> .48
<PER-SHARE-GAIN-APPREC> (.04)
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<PER-SHARE-DISTRIBUTIONS> 0.000
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<PER-SHARE-NAV-END> 19.85
<EXPENSE-RATIO> .39
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
