CONDENSED CONSOLIDATED BALANCE SHEET

September 30, 2004

(Unaudited)

ASSETS

Current Assets:

  Cash and cash equivalents

$ 1,608,842

  Marketable securities

385,133

  Securities - restricted

1,136,277

  Management, distribution, and other fees receivable

112,371

  Other receivables

140,949

  Other assets

      103,339

       Total Current Assets

   3,486,911

  Securities - restricted

4,685,048

  Equipment, furniture and fixtures, net

59,642

  Intangible assets, net

541,296

Other assets

      359,956

   5,645,942

           Total Assets

$9,132,853

Current Liabilities:

  Accrued professional fees

$78,333

  Accrued payroll and other related costs

28,000

  Accrued other expenses

228,486

  Other current liabilities

2,751

  Deferred income tax

___68,360

       Total Current Liabilities

    405,930

Deferred income taxes

    385,040

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

   2,512,721

      Total Shareholders' Equity

   8,341,883

      Total Liabilities and Shareholders' Equity

$9,132,853

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(Unaudited)

          Three Months

         Nine Months

    Ended September 30,

   Ended September 30,

2004

2003

2004

2003

Revenues:

  Management, distribution, and other fees

 $ 368,939

 $ 359,221

$1,135,360

$1,029,741

  Dividends, interest, and other

       4,849

     39,093

      11,241

   118,479

  Net unrealized appreciation (depreciation) of publicly

     held affiliates and unrealized and

     realized gains (losses) on proprietary trading

  (196,381)

    414,635

     254,261

  1,063,266

177,407 

 812,949

1,400,862

  2,211,486

Expenses:

  General and administrative

    177,530

    220,277

571,828

  571,686

  Marketing

95,943

    124,895

337,485

  327,326

  Expense reimbursements to the Funds

      32,002

     39,378

112,541

   116,465

  Professional fees

      20,430

      5,000

73,446

   39,000

  Amortization and depreciation

18,608

17,800

58,300

   51,988

     344,513

 407,350

 1,153,600

  1,106,465

Income (loss) before income taxes

(167,106)

 405,599

247,262

  1,105,021

Income taxes (credit) provision

(78,971)

167,946

115,101

  447,546

Net Income (loss)

$ (88,135)

$ 237,653

$ 132,161

$ 657,475

Per share net income (loss):

   Basic

   $ (0.06)

     $ 0.15

$ 0.09

     $ 0.41

   Diluted

   $ (0.06)

     $ 0.14

$ 0.09

     $ 0.39

Average shares outstanding:

   Basic

 1,509,867

 1,607,848

   1,495,384

1,608,251

   Diluted

 1,509,867 

 1,710,287

   1,512,650

1,668,106

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

                   Nine Months

                     Ended September 30,

    2004

2003

Cash Flows from Operating Activities

Net income

           $ 132,161

 $ 657,475

Adjustments to reconcile net income to net cash 

     provided 

  by (used in) operating activities:

  Depreciation and amortization 

       58,300

       51,989

  Increase (decrease) in deferred income taxes

         (5,800)

      422,000

  (Increase) in cash value of life insurance

       (24,664)

       (24,780)

  Net unrealized (appreciation) of publicly held

     affiliates and on proprietary securities trading

             (254,261)

  (1,063,266)

(Increase) decrease in:

  Management, distribution, and other 

    fees receivable

 18,442

      (11,396)

  Dividends, interest, and other receivables 

253,062

       10,845

  Other assets 

 27,043

     176,615

(Increase) decrease in:

  Accounts payable 

    1,182

          (740)

  Accrued professional fees 

 (18,741)

      (14,209)

  Accrued payroll and other related costs 

   3,000

       17,250

  Accrued other expenses 

 152,134

       19,558

Total adjustments

         209,697

     (416,134)

  Net cash provided by operating activities 

 341,858

      241,341

Cash Flows from Investing Activities:

  Proprietary securities trading sales

          588,187

        65,103

  Proprietary securities trading purchases

         (351,631)

      (104,681)

  Capital expenditures 

    (7,613)

        (10,323)

   Net cash used for investing activities 

(228,943)

       (49,901)

Cash Flows from Financing Activities:

  Issuance of stock

           70,263

                -

  Purchase of treasury stock

         (140,648)

        (50,000)

  Repayment of notes receivable 

         -

        23,409

  Net cash provided by (used for) financing activities 

 (70,385)

        (26,591)

  Net (decrease) increase in cash and cash financing

    activities 

500,416

      164,849

Cash and Cash Equivalents

  At beginning of period

      1,108,426

    1,254,528

  At end of period

    $1,608,842

  $1,419,377