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SIGNATURE PAUL E. SPEARS
TITLE PRESIDENT
INDEPENDENT AUDITOR'S REPORT
Shareholders and Board of Directors
Shepmyers Investment Company
We have audited the accompanying statement of assets and liabilities of
Shepmyers Investment Company, including the schedule of investments, as of
December 31, 1999, and the related statements of operations and changes in net
assets and the financial highlights for the year then ended. These financial
statements and financial highlights are the responsibility of the Company's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audit. The statement of
changes in net assets for the year ended December 31, 1998 and the financial
highlights for each of the years ended December 31, 1995 through
December 31, 1998 were audited by other auditors whose report dated January 29,
1999, expressed an unqualified opinion on those statements and financial
highlights.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of December 31, 1999, by correspondence with the custodian
and broker. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Shepmyers Investment Company as of December 31, 1999, the results of its
operations for the year then ended, the changes in its net assets for the
year then ended, and the financial highlights for the year then ended, in
conformity with generally accepted accounting principles.
/s/ Beard & Company, Inc.
----------------------------------------
Beard & Company, Inc.
Harrisburg, Pennsylvania
January 31, 2000
<PAGE>
SIGNATURE PAGE
This report is signed on behalf of registrant in the City of Abbottstown
and Commonwealth of Pennsylvania on the 21st day of January, 2000.
SHEPMYERS INVESTMENT COMPANY
Witness:
By: /s/ W. Bruce McConnel, III /s/ Paul E. Spears
---------------------------- -----------------------------------
W. Bruce McConnel, III Paul E. Spears
Secretary President
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from the 12/31/99 N-SAR
and is qualified in its entirety by reference
to such N-SAR.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JUL-01-1999
<PERIOD-END> DEC-31-1999
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</TABLE>
