CONDENSED CONSOLIDATED BALANCE SHEET

June 30, 2004

(Unaudited)

ASSETS

Current Assets:

  Cash and cash equivalents

$ 1,800,433

  Marketable securities

997,240

  Securities - restricted

303,299

   Management, distribution, and other fees receivable

102,131

  Other receivables

98,681

  Prepaid expenses and other current assets

        94,252

      Total Current Assets

   2,675,887

  Securities - restricted

5,631,973

  Equipment, furniture and fixtures, net

64,057

  Intangible assets, net

554,796

  Other Assets

      335,955

   6,586,781

      Total Assets

$9,262,668

Current Liabilities:

  Accrued professional fees

$65,627

  Accrued payroll and other related costs

16,000

  Accrued other expenses

143,051

  Other current liabilities

1,567

  Deferred income tax

___66,733

       Total Current Liabilities

    292,978

Deferred Income Taxes

    539,737

Shareholders' Equity:

  Common Stock, $0.1 par value

  Class A, 10,000,000 shares authorized;

  1,509,867 shares issued and outstanding

15,098

  Class B, 20,000 shares authorized;

  20,000 shares issued and outstanding

200

  Additional paid-in capital

5,813,864

  Retained earnings

   2,600,791

      Total Shareholders' Equity

   8,429,953

      Total Liabilities and Shareholders' Equity

$9,262,668

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(Unaudited)

            Three Months

        Three Months

           Ended June 30,

       Ended June 30,

2004

2003

2004

2003

Revenues:

  Management, distribution, and other fees

 $ 363,716

 $ 333,638

$ 766,421

$670,520

  Dividends, interest, and other

       3,944

     40,739

6,392

   79,386

  Net unrealized appreciation (depreciation) of publicly

     held affiliates and unrealized and

     realized gains (losses) on proprietary trading

(1,349,791)

   872,038

  450,642

  648,631

  (982,131)

1,246,415

1,223,455

1,398,537

Expenses:

  General and administrative

    203,128

  169,647

394,298

  351,409

  Marketing

    123,474

  102,798

241,542

  202,431

  Expense reimbursements to the Funds

      41,316

    38,549

80,539

   77,087

  Professional fees

      32,016

    17,000

53,016

   34,000

  Amortization and

depreciation

21,050

17,129

 39,692

    34,188

     420,984

 345,123

 809,087

  699,115

Income (loss) before income taxes

 (1,403,115)

 901,292

414,368

  699,422

Income taxes (credit) provision

(534,328)

369,400

194,072

  279,600

Net Income (loss)

 $(868,787)

$531,892

$220,296

$419,822

Per share net income (loss):

   Basic

     $(0.58)

    $0.33

$0.15

     $0.26

   Diluted

     $(0.58)

    $0.32

$0.14

     $0.26

Average shares outstanding:

   Basic

 1,509,867

1,608,520

1,504,502

1,608,520

   Diluted

 1,509,867 

1,643,652

1,523,055

1,633,033

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

                                   Six Months

                                Ended June 30,

          2004

 2003

Cash from Operating Activities

Net Income

     $ 220,296

 $ 419,822

Adjustments to reconcile net income to net cash provided

  by (used in) operating activities:

  Depreciation and amortization and

         39,692

       33,432

  Increase in deferred income taxes

       147,270

     261,000

  (Increase) in cash value of life insurance

       (16,414)

       (16,530)

  Net unrealized (appreciation) of publicly held

  affiliates and on proprietary securities trading

(450,642)

     (654,404)

Other

         (2,206)

(Increase) decrease in:

  Management, distribution, and other 

   fees receivable

 19,682

        21,595

  Dividends, interest and other receivables 

125,675

          (1,157)

  Prepaid expenses and other assets 

 54,204

        30,978

(Increase) decrease in:

  Accounts payable 

        (1)

         (9,584)

  Accrued professional fees 

 (31,447)

        (22,125)

  Accrued payroll and other related costs 

   (9,000)

        (25,000)

  Accrued other expenses 

  66,699

        17,860

Total adjustments

           (54,282)

      (366,141)

  Net cash provided by operating activities 

 166,014

        53,681

Cash Flows from Investing Activities:

  Proprietary securities trading sales

           76,367

        28,378

  Proprietary securities trading purchases

         (192,525)

       (69,481)

  Capital expenditures 

    (7,613)

         (6,844)

   Net cash used for investing activities 

(123,771)

       (47,947)

Cash Flows from Financing Activities:

  Issuance of stock

           70,263

                -

  Purchase of treasury stock

         (140,648)

                -

  Repayment of notes receivable 

         -

        14,392

  Net cash provided by (used for) financing activities 

  (70,385)

        14,392

  Net (decrease) increase in cash and cash financing

    activities 

  (28,142)

        20,126

Cash and Cash Equivalents

  At beginning of period

      1,108,426

    1,254,528

  At end of period

    $1,174,258

  $1,274,654