2003

2002

Revenues:

  Management, distribution and other fees

$ 1,459,747

$ 1,469,731

  Realized and unrealized gains from investments

1,211,157

161,794

  Dividends, interest and other

29,649

179,243

2,700,553

1,810,768

Expenses:

  General and administrative

725,016

772,827

  Marketing

441,876

493,405

  Expense reimbursements to the Funds

153,001

179,716

  Professional fees

76,500

92,035

  Depreciation and amortization

67,962

57,159

1,464,355

1,595,142

Income before income taxes

1,236,198

215,626

Income taxes

505,582

78,300

Net Income

$ 730,616

$ 137,326

Per Share Data:

  Basic

    Net income

$ .46

$ .08

  Diluted

    Net income

$ .45

$ .08

Average Shares Outstanding:

  Basic

1,596,946

1,638,403

  Diluted

1,631,344

1,649,129