CONSOLIDATED BALANCE SHEET

September 30, 2005

(Unaudited)

ASSETS

Current Assets:

  Cash and cash equivalents

$ 1,627,476

  Securities - restricted 

1,393,846

  Marketable securities

170,114

  Management and distribution fees receivable

108,520

  Other receivables

217,409

  Prepaid expenses and other current assets

        66,871

      Total Current Assets

   3,584,236

  Securities - restricted

6,383,989

  Equipment, furniture and fixtures, net

57,758

  Intangible assets, net

487,298

  Other Assets

      391,980

   7,321,025

      Total Assets

 $10,905,261

Current Liabilities:

  Accounts payable and accrued expenses

$347,271

  Accrued professional fees

90,596

  Accrued compensation costs

56,360

  Deferred income taxes

__29,300

       Total Current Liabilities

    523,527

Deferred Income Taxes

    1,045,100

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

   3,492,472

      Total Shareholders' Equity

   9,336,634

      Total Liabilities and Shareholders' Equity

$10,905,261

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

            Three Months

         Nine Months

      Ended September 30,

   Ended September 30,

2005

2004

  2005

    2004

Revenues:

  Management, distribution, and other fees

 $ 359,387

 $ 368,939

$1,075,169

$1,135,360

  Dividends and interest

       7,669

 4,849

    22,848

   11,241

  Realized and unrealized gain (loss) 

     from investments

 1,142,945

   (196,381)

1,984,230

  254,261

 1,510,001

    177,407

3,082,247

1,400,862

Expenses:

  General and administrative

   284,498

   177,530

737,306

  571,828

  Marketing

     80,650

    95,943

270,266

  337,485

  Expense reimbursement to affiliated mutual fund

     27,401

 32,002

83,214

   112,541

  Professional fees

     48,581

 20,430

98,092

   73,446

  Amortization and depreciation  

   18,940

     18,608

 54,088

    58,300

  460,070

    344,513

 1,242,966

  1,153,600

Income (loss) before income taxes

1,049,931

(167,106)

1,839,281

  247,262

Income tax expense (benefit) 

 456,475

  (78,971)

784,593

  115,101

Net Income (loss)

 $593,456

 $(88,135)

$1,054,688

$132,161

Per share net income (loss):

   Basic

  $  0.39

$(0.06)

$0.69

     $0.09

   Diluted

  $  0.38

$(0.06)

$0.69

     $0.09

Average shares outstanding:

   Basic

1,519,867

 1,509,867

1,519,647

1,495,384

   Diluted

1,543,546 

 1,509,867

1,523,358

1,512,650

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

                                     Nine Months

                                Ended September 30,

          2005

 2004

Cash Flows from Operating Activities:

Net Income

      $ 1,054,688

$ 132,161

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

  Depreciation and amortization 

              54,088

     58,300

  Realized and unrealized gain on investments

         (1,984,230)

   (254,261)

  Increase in cash value of life insurance

             (24,750)

     (24,664)

  Increase (decrease) in deferred income taxes

   715,400

      (5,800)

(Increase) decrease  in receivables and other assets

      (2,159)

    298,547

Increase in accrued expenses and

   other liabilities

                    61,934

     137,575

  Net cash (used in) provided by operating activities 

                 (125,029)

     341,585

Cash Flows from Investing Activities:

  Proceeds from sale of investments

            291,625

     588,187

  Cost of purchases of investments

                 (237,868)

     (351,631)

  Capital expenditures 

         -

        (7,613)

    Net cash used in investing activities 

                   53,757

     228,943

Cash Flows from Financing Activities:

  Issuance of stock

           15,000

       70,263

  Purchase of treasury stock 

         -

     (140,648)

  Net cash provided by (used in) financing activities 

   15,000

      (70,385)

    Net decrease in cash and cash equivalents

   (56,272)

            500,416      

Cash and Cash Equivalents

  Beginning of period

       1,683,748

    1,108,426

  End of period

     $1,627,476

  $1,608,842