CONDENSED CONSOLIDATED BALANCE SHEET

March 31, 2005

(Unaudited)

ASSETS

Current Assets:

  Cash and cash equivalents

$ 1,718,026

  Marketable securities

407,424

  Securities - restricted

1,156,858

  Management, distribution, and other fees receivable

112,037

  Other receivables

74,074

  Prepaid expenses and other current assets

        95,291

      Total Current Assets

   3,563,710

  Securities - restricted

4,099,574

  Equipment, furniture and fixtures, net

66,818

  Intangible assets, net

514,297

  Other Assets

      375,480

   5,056,169

      Total Assets

$8,619,879

Current Liabilities:

  Accrued professional fees

$97,558

  Accrued payroll and other related costs

12,000

  Accrued other expenses

245,635

  Other current liabilities

15,750

  Deferred income tax

___84,009

       Total Current Liabilities

    454,952

Deferred income tax

    122,991

Shareholders' Equity:

  Common Stock, $0.1 par value

  Class A, 10,000,000 shares authorized;

  1,519,867 shares issued and outstanding

15,198

  Class B, 20,000 shares authorized;

  20,000 shares issued and outstanding

200

  Additional paid-in capital

5,828,764

  Retained earnings

   2,197,774

      Total Shareholders' Equity

   8,041,936

      Total Liabilities and Shareholders' Equity

$8,619,879

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(Unaudited)

            Three Months        

         Ended March 31,     

  2005

2004

Revenues:

  Management, distribution, and other fees

   $ 366,039 

$ 402,705 

  Dividends, interest, and other

        7,670

     2,448

  Net unrealized appreciation (depreciation) of publicly

     held affiliates and unrealized and

     realized gains (losses) on proprietary trading

       (370,021)  

   1,800,433  

                  3,688  

          2,205,586  

Expenses:

  General and administrative

               229,186 

           191,170 

  Marketing

               104,921 

           118,068 

  Expense reimbursements to the Funds

         28,107 

      39,223 

  Professional fees

         18,089 

             21,000 

  Amortization and depreciation

                 19,885  

        18,642  

                400,188  

             388,103  

Income (loss) before income taxes

              (396,500)  

          1,817,483  

Income taxes (credit) provision

              (156,127)

            728,400

Net Income (loss)

$(240,373)

$1,089,083

Per share net income (loss):

   Basic

                $(0.16)   

                 $0.73   

   Diluted

             $(0.16)   

                 $0.72   

Average shares outstanding:

   Basic

             1,518,755 

         1,499,136 

   Diluted

             1,518,755 

         1,517,577 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

                                   Three Months

                                 Ended March 31,

Cash Flows from Operating Activities:

          2005

      2004

  Management, distribution, and other 

   fees receivable

  4,089

        3,307

  Dividends, interest and other receivables 

 56,337

       16,009

  Prepaid expenses and other current assets 

 48,954

        47,858

  Other assets

          (1,397)

       14,807

 Increase (decrease) in:

  Accrued professional fees 

   1,697

       (47,339)

  Accrued payroll and other related costs 

 (54,920)

     100,125

  Accrued other expenses 

  (8,125)

       22,949

Total adjustments

       276,291

     (913,525)

  Net cash provided by operating activities 

 35,918

     175,558

Cash Flows from Investing Activities:

  Proprietary securities trading sales

           3,000

         5,327

  Proprietary securities trading purchases

         (19,640)

       (40,339)

  Capital expenditures 

          -

         (6,039)

   Net cash used for investing activities 

(16,640)

       (41,051)

Cash Flows from Financing Activities:

  Issuance of stock

          15,000

       70,263

  Purchase of treasury stock

                -

      (138,938)

  Repayment of notes receivable 

         -

                -

  Net cash provided by (used for) financing activities 

  15,000

       (68,675)

  Net increase in cash and cash equivalents

    activities 

 34,278

        65,832

Cash and Cash Equivalents

  At beginning of period

     1,683,748

    1,108,426

  At end of period

$1,718,026

$1,174,258