2004

2003

Revenues:

  Net unrealized appreciation (depreciation) of publicly held affiliates and unrealized and realized gains (losses) on proprietary trading

$ 1,800,433

$ (223,406)

  Management, distribution and other fees

402,705

336,882

  Dividends, interest and other

2,448

38,647

2,205,586

152,123

Expenses:

  General and administrative

191,170

181,763

  Marketing

118,068

99,633

  Expense reimbursements to the Funds

39,223

38,538

  Professional fees

21,000

17,000

  Depreciation and amortization

18,642

17,059

388,103

353,993

Income (loss) before income taxes

1,817,483

(201,870)

Income taxes (credit) provision

728,400

(89,800)

Net Income (loss)

$ 1,089,083

$ (112,070)

Per share net income:

  Basic

$ 0.73

$ (0.07)

  Diluted

$ 0.72

$ (0.07)

Average Shares Outstanding:

  Basic

1,499,136

1,588,820

  Diluted

1,517,577

1,588,820