CONDENSED CONSOLIDATED BALANCE SHEET

ASSETS

                                                  December 31, 2004

Current Assets:

  Cash and cash equivalents

$ 1,683,748

  Marketable securities

423,949

  Securities - restricted

1,289,381

  Management, distribution, and other fees receivables

116,126

  Dividends, interest and other receivables

130,269

  Prepaid expenses and other current assets

123,431

  Refundable income taxes

      20,815

       Total Current Assets

   3,787,719

  Securities - restricted

4,303,481

  Equipment, furniture and fixtures, net

71,348

  Intangible assets, net

527,796

  Other assets

      367,230

   5,269,855

           Total Assets 

$9,057,574

Current Liabilities:

  Accrued professional fees

$95,861

  Accrued payroll and other related costs

66,920

  Accrued other expenses

253,761

  Deferred income tax 

50,700

  Other current liabilities

___15,751

       Total Current Liabilities

    482,993

Deferred income taxes

    308,300

Shareholders' Equity:

  Common Stock, $.01 par value

  Class A, 10,000,000 shares authorized;

     1,509,867 shares issued 

15,098

  Class B, 20,000 shares authorized;

     20,000 shares issued and outstanding

200

  Additional paid-in capital

5,813,864

  Other comprehensive income

   415

  Retained earnings

   2,436,704

      Total Shareholders' Equity

   8,266,281

      Total Liabilities and Shareholders' Equity 

$9,057,574

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

                                                                                                           Years Ended December 31,

             2004

        2003

Revenues:

  Management, distribution, and other fees

$1,524,067

$1,459,747

  Realized and unrealized gains from investments

8,209

1,211,157

  Dividends, interest and other

        49,029

        29,649

__1,581,305

__2,700,553

Expenses:

  General and administrative

768,435

725,016

  Marketing

410,288

441,876

  Expense reimbursements to the Funds

139,764

153,001

  Professional fees

94,592

76,500

  Depreciation and amortization 

         77,991

         67,962

    1,491,070

    1,464,355

Income before income taxes

90,235

1,236,198

Income taxes 

     __34,025

   __505,582

Net Income

$56,210

$730,616

Per Share Data:

   Basic

      Net Income

$.04

$.46

   Diluted

      Net Income

$.04

$.45

Average Shares Outstanding:

   Basic

1,499,025

1,596,946

   Diluted

1,507,667

1,631,344

CONSOLIDATED STATEMENTS OF CASH FLOWS

                           Years Ended December 31

                        2004

        2003

Cash Flows from Operating Activities:

Net income

             $  56,210

        $ 730,616

Adjustments to reconcile net income to net cash 

     provided by (used in) operating activities:

  Depreciation and amortization 

                     77,991

            67,962

  Increase (decrease) in deferred income taxes

                  (100,200)

          481,200

  Increase in cash value of life insurance

                    (31,939)

           (32,193)

  Net unrealized appreciation of publicly held

     affiliates and on proprietary securities trading

              (8,209)

      (1,211,157)

(Increase) decrease in:

  Management, distribution, and other 

    fees receivable

                5,687

             (7,597)

  Dividends, interest, and other receivables 

             (34,269)

           (39,525)

  Prepaid expenses and other current assets 

             13,369

           (36,712)

  Refundable income taxes 

            (13,445)

          165,924

  Other assets 

                    -

             8,058

(Increase) decrease in:

  Accounts payable 

                   -

          (12,585)

  Accrued professional fees 

           (1,214)

                 -

  Accrued expenses 

          52,410

           (1,949)

  Accrued payroll and other related costs 

          41,920

                  -

  Accrued income taxes 

        125,000

          51,847

  Other current liabilities 

          14,183

         (54,735)

Total adjustments

                141,311

        (621,462)

  Net cash provided by operating activities 

        197,521

        109,154

Cash Flows from Investing Activities:

  Capital expenditures

               (30,324)

          (20,476)

  Proprietary securities trading sales

              818,544

          68,908

  Proprietary securities trading purchases 

      (340,034)

          (57,191)

        Net cash provided by (used in) investing  

        activities 

      448,186

            (8,759)

Cash Flows from Financing Activities:

  Repayments of notes receivable

                      -

         620,316

  Issuance of stock

               70,263

         335,875

  Purchase of treasury stock 

                 (140,648)

      (1,202,688)

      Net cash used in financing activities 

       (70,385)

        (246,497)

        Net increase (decrease) in cash and cash 

        equivalents

             575,322

    (146,102)

Cash and Cash Equivalents

  Beginning of year

           1,108,426

      1,254,528

  End of year

         $1,683,748

    $1,108,426