<SUBMISSION>
<ACCESSION-NUMBER>0000720672-00-000019
<TYPE>11-K
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>19991231
<FILING-DATE>20000628
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>STIFEL FINANCIAL CORP
<CIK>0000720672
<ASSIGNED-SIC>6211
<IRS-NUMBER>431273600
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>11-K
<ACT>34
<FILE-NUMBER>001-09305
<FILM-NUMBER>663155
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>ONE FINANCIAL PLAZA
<STREET2>501 N BROADWAY
<CITY>ST. LOUIS
<STATE>MO
<ZIP>63102-2102
<PHONE>3143422000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>ONE FINANCIAL PLAZA
<STREET2>501 N BROADWAY
<CITY>ST. LOUIS
<STATE>MO
<ZIP>63102-2102
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>0001.htm
<DESCRIPTION>FORM 11K; DATED DECEMBER 31,1999
<TEXT>

<HTML>
<HEAD>
</HEAD>
<BODY>


<B><P ALIGN="center">UNITED STATES</P>
<P ALIGN="center">SECURITIES AND EXCHANGE COMMISSION</P>
</B><FONT SIZE=3><P ALIGN="center">WASHINGTON, D.C. 20549</P>
<P ALIGN="center"></P>
<P ALIGN="center">&nbsp;</P>
<P ALIGN="center">&nbsp;</P>
</FONT><B><FONT SIZE=4><P ALIGN="center">FORM 11-K</P>
</B></FONT><FONT SIZE=3><P ALIGN="center"></P>
<P ALIGN="center">&nbsp;</P>
<P ALIGN="center">&nbsp;</P>
<P ALIGN="center">&nbsp;</P>
	<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
       (Mark One)</P><DIR>
<DIR>
<DIR>
<DIR>

<P>[X] ANNUAL REPORT PURSUANT TO SECTION 15(d)
<BR>      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OF THE SECURITIES EXCHANGE ACT OF 1934</P></DIR>
</DIR>
</DIR>
</DIR>

<P ALIGN="center">For the fiscal period ended December 31, 1999</P>
<P ALIGN="center"></P>
<P ALIGN="center">OR</P>
<P ALIGN="center"></P><DIR>
<DIR>
<DIR>
<DIR>

<P>[ ] TRANSITION REPORT PURSUANT TO SECTION
15(d)<BR>        &nbsp;&nbsp;&nbsp;&nbsp; OF THE SECURITIES EXCHANGE ACT OF 1934</P></DIR>
</DIR>
</DIR>
</DIR>

<P ALIGN="center">For the transition period from __________ to ____________</P>
<P>&nbsp;</P>

</FONT><P ALIGN="center">Commission file number 1-9305</P>
<FONT SIZE=3>
<P>&nbsp;</P>
<OL TYPE="A">

<LI>Full title of the plan and the address of the plan,
    if different from that of the issuer named below:
</FONT><B><P ALIGN="center"></P>
<P ALIGN="center">STIFEL, NICOLAUS PROFIT SHARING 401(k) PLAN</P>
</B><FONT SIZE=3><P ALIGN="center"></P>
<P ALIGN="center">&nbsp;</P>
<LI>Name of issuer of the securities held pursuant to the plan and the address of its principal executive offices: </LI></OL>

<B><P ALIGN="center">STIFEL FINANCIAL CORP.</P>
</B><P ALIGN="center">One Financial Plaza</P>
<P ALIGN="center">501 N. Broadway </P>
<P ALIGN="center">St. Louis, Missouri 63102-2188</P>
<P ALIGN="center"></P>
<P ALIGN="center">Issuer's telephone number, including area code 314-342-2000</P></FONT>
<TABLE BORDER =1 CELLSPACING=1 WIDTH=518>
<TR><TD WIDTH="4%" VALIGN="top">
<FONT SIZE=3><P></FONT></P></TD>
<TD WIDTH="89%" VALIGN="top"><DIR>
<DIR>


<TR><TD WIDTH="4%" VALIGN="top">
<FONT SIZE=3><P> </FONT></P></TD>
<TD WIDTH="89%" VALIGN="top">
<B><I><FONT SIZE=7><P>Stifel, Nicolaus Profit Sharing 401(k)
Plan</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Financial Statements as
of <BR>
December 31, 1999 and 1998 and for the <BR>
Year Ended December 31, 1999 and <BR>
Supplemental Schedule as of <BR>
December 31, 1999 and<BR>
Independent Auditors'
                        Report</I></FONT></P></TD>
<TD WIDTH="7%" VALIGN="top">&nbsp;</TD>
</TR>
</TABLE>

<FONT SIZE=3>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
</FONT><B><FONT FACE="Arial" SIZE=4><P>STIFEL, NICOLAUS PROFIT
SHARING 401(k) PLAN</P>
</FONT><FONT FACE="Arial" SIZE=3><P>TABLE OF CONTENTS</P>
<P ALIGN="right"></P>
</B></FONT><FONT SIZE=3><P> Independent
            Auditors' Report</P>
<P>FINANCIAL STATEMENTS AS OF DECEMBER 31, 1999 AND 1998<BR>
  AND FOR THE YEAR ENDED DECEMBER 31, 1999:</P>
<P>Statements of Net Assets Available for Benefits</P>
<P>Statements of Changes in Net Assets Available for
Benefits</P>
<P>Notes to Financial Statements</P>
<P>SUPPLEMENTAL SCHEDULE AS OF DECEMBER 31, 1999:</P>
<P>Item 27a - Schedule of Assets Held for Investment
Purposes</P>
<P>The following schedules required by the Department of Labor
Regulations are omitted because of the absence of conditions
under which they are required:</P>
<P>Item 27b - Schedule of Loans in Default </P>
<P>Item 27c - Schedule of Leases in Default </P>
<P>Item 27d - Schedule of Reportable Transactions</P>
<P>Item 27e - Schedule of Nonexempt Transactions </P>

<FONT SIZE=2>
</FONT><P>&nbsp;</P>
<B><P ALIGN="center">SIGNATURES</P>
</B>
<P ALIGN="justify">The Plan, Pursuant to the requirements of Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned
thereunto duly authorized. Stifel, Nicolaus Profit Sharing 401(K) Plan (Name of Plan)</P>
<P ALIGN="justify"></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>Date: <U>June 28, 2000</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By<U>/s/ Bernard N.
            Burkemper<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
            Bernard N. Burkemper
            <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
            (Controller/Review Committee) </P><DIR>
<DIR><P>                           &nbsp; </P>
<FONT SIZE=2></DIR>

</FONT>

<B><FONT FACE="Arial" SIZE=3><P ALIGN="center">[Deloitte &amp; Touche letterhead]</P>


</FONT><B><FONT FACE="Arial" SIZE=3><P>INDEPENDENT AUDITORS'
REPORT</P>
</B></FONT><FONT SIZE=3><P>To the Administrative Committee and
Trustees of<BR>
Stifel, Nicolaus Profit Sharing 401(k) Plan<BR>
St. Louis, Missouri:</P>
<P>We have audited the accompanying statements of net assets
available for benefits of Stifel, Nicolaus Profit Sharing 401(k)
Plan (the &quot;Plan&quot;) as of December 31, 1999 and 1998, and
the related statement of changes in net assets available for
benefits for the year ended December 31, 1999.  These financial
statements are the responsibility of the Plan's management.  Our
responsibility is to express an opinion on these financial
statements based on our audits.</P>
<P>We conducted our audits in accordance with auditing standards
generally accepted in the United States of America.  Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are
free of material misstatement.  An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in
the financial statements.  An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation.  We believe that our audits provide a reasonable
basis for our opinion.</P>
<P>In our opinion, such financial statements present fairly, in
all material respects, the net assets available for benefits of
the Plan as of December 31, 1999 and 1998, and the changes in net
assets available for benefits for the year ended December 31,
1999 in conformity with accounting principles generally accepted
in the United States of America. </P>
<P>Our audits were conducted for the purpose of forming an
opinion on the basic financial statements taken as a whole.  The
supplemental schedule of assets held for investment purposes as
of December 31, 1999 is presented for the purpose of additional
analysis and is not a required part of the basic financial
statements, but is supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of
1974.  This schedule is the responsibility of the Plan's
management.  Such supplemental schedule has been subjected to the
auditing procedures applied in our audit of the basic 1999
financial statements and, in our opinion, is fairly stated in all
material respects when considered in relation to the basic
financial statements taken as a whole.</P>
</FONT>
<FONT SIZE=3>
<P>/s/ Deloitte &amp; Touche LLP</P></FONT>
<FONT SIZE=3>
<P>June 2, 2000</P></FONT><P>&nbsp;</P>
<TABLE BORDER =1 CELLSPACING=1 CELLPADDING=2 WIDTH=648>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=4><P>STIFEL, NICOLAUS PROFIT SHARING
401(k) PLAN</B></FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=22><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=22><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=22><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=22><P></P></TD>
</TR>
<TR><TD VALIGN="top" COLSPAN=3 HEIGHT=18>
<B><FONT FACE="Arial" SIZE=3><P>STATEMENTS OF NET ASSETS
AVAILABLE FOR BENEFITS</B></FONT></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=3><P>YEARS ENDED DECEMBER 31, 1999 AND
1998</B></FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=18><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=18><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=3><P ALIGN="center">1999</B></FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=3><P ALIGN="center">1998</B></FONT></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P>ASSETS:</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P>  Cash</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">  $          4,043  </FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">  $          4,043  </FONT></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P>  Investments, at fair value</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">      46,643,093  </FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">      37,056,871  </FONT></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P>  Employee loans receivable</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">          684,273  </FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">          596,783  </FONT></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P>  Accrued interest on employee loans</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">               1,518  </FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">              1,121  </FONT></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P>  Employer's contribution receivable</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">                828  </FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">              1,052  </FONT></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=17>
<FONT SIZE=3><P>  Participants' contribution
receivable</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=17>
<U><FONT SIZE=3><P ALIGN="right">            32,108
</U></FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=17>
<U><FONT SIZE=3><P ALIGN="right">            32,250
</U></FONT></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">      47,365,863  </FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">      37,692,120  </FONT></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=17>
<FONT SIZE=3><P>LIABILITIES - Excess contributions
refundable</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=17>
<U><FONT SIZE=3><P ALIGN="right">               -
</U></FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=17>
<U><FONT SIZE=3><P ALIGN="right">              4,755
</U></FONT></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=17>
<FONT SIZE=3><P>NET ASSETS AVAILABLE FOR BENEFITS</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=17>
<U><FONT SIZE=3><P ALIGN="right">  $  47,365,863
</U></FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=17>
<U><FONT SIZE=3><P ALIGN="right">  $  37,687,365
</U></FONT></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P>See notes to financial statements.</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
</TABLE>

<FONT SIZE=3>
<P>&nbsp;</P>
<P>&nbsp;</P></FONT>
<TABLE BORDER =1 CELLSPACING=1 CELLPADDING=2 WIDTH=649>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=4><P>STIFEL, NICOLAUS PROFIT SHARING
401(k) PLAN </B></FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=22><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=22><P></P></TD>
</TR>
<TR><TD VALIGN="top" COLSPAN=2 HEIGHT=18>
<B><FONT FACE="Arial" SIZE=3><P>STATEMENT OF CHANGES IN NET
ASSETS AVAILABLE FOR BENEFITS</B></FONT></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=3><P>YEAR ENDED DECEMBER 31,
1999</B></FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P>ADDITIONS TO NET ASSETS:</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P>  Net appreciation in fair value of
investments</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">  $    8,863,952  </FONT></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P>  Interest and dividend income</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">          392,882  </FONT></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P>  Employer's contributions</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">          175,067  </FONT></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P>  Participants' contributions</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">        3,486,358  </FONT></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=17>
<FONT SIZE=3><P>  Other</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=17>
<U><FONT SIZE=3><P ALIGN="right">              2,538
</U></FONT></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P>           Total additions</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">      12,920,797  </FONT></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P>DEDUCTIONS:</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">                       </FONT></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P>  Benefits paid to participants</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">      (3,186,463) </FONT></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=17>
<FONT SIZE=3><P>  Other</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=17>
<U><FONT SIZE=3><P ALIGN="right">          (55,836)
</U></FONT></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=17>
<FONT SIZE=3><P>           Total deductions</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=17>
<U><FONT SIZE=3><P ALIGN="right">      (3,242,299)
</U></FONT></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P>           Net increase</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">        9,678,498  </FONT></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=17>
<FONT SIZE=3><P>NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF
YEAR</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=17>
<U><FONT SIZE=3><P ALIGN="right">      37,687,365
</U></FONT></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=17>
<FONT SIZE=3><P>NET ASSETS AVAILABLE FOR BENEFITS, END OF
YEAR</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=17>
<U><FONT SIZE=3><P ALIGN="right">  $  47,365,863
</U></FONT></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P>See notes to financial statements.</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
</TABLE>

<FONT SIZE=3>
</FONT><B><FONT FACE="Arial" SIZE=4><P>&nbsp;</P>
<P>STIFEL, NICOLAUS PROFIT SHARING 401(k) PLAN</P>
</FONT><FONT FACE="Arial" SIZE=3><P>NOTES TO FINANCIAL
STATEMENTS</P>
<P>YEARS ENDED DECEMBER 31, 1999 AND 1998</P><DIR>

</FONT><FONT SIZE=3><P>1. DESCRIPTION OF THE PLAN</P>
</B><P>The following description of the Stifel, Nicolaus Profit
Sharing 401(k) Plan (the &quot;Plan&quot;) (formerly the Stifel,
Nicolaus Profit Sharing Fund) provides only general information.
Participants should refer to the Summary Plan Description for a
more complete description of the Plan's provisions.</P>
<B><I><P>General</B></I> -<B><I> </B></I>The Plan is a defined contribution
            plan covering all employees of Stifel, Nicolaus &amp; Company,
            Incorporated (the &quot;Company&quot;) and affiliates who meet the
            eligibility provisions of the Plan. CG Trust Company serves as the
            Plan trustee and custodian. CIGNA Retirement &amp; Investment
            Services (&quot;CIGNA&quot;) serves as the Plan administrator. The
            Plan meets the requirements of a 401(k) plan under the Internal
            Revenue Code of 1954, as amended. It is subject to the provisions of
            the Employee Retirement Income Security Act of 1974 (ERISA).</P>
<B><I><P>Contributions</B></I> -<B><I> </B></I>Employees are eligible to
            contribute up to 15% of their eligible compensation in increments of
            1%.</P>
<B><I><P>Eligible Participants</B></I> -<B> </B>Employees are eligible to participate in
            the Plan as of the first day of the calendar month following the
            later of the date of attainment of age 21, or the date six months
            after the date of employment.</P>
<B><I><P>Loans to Participants</B></I> -<B><I> </B></I>The Plan has a
            provision to make loans to participants of the Plan whereby the
            Trustees shall determine whether a participant qualifies for such
            loan. The loans are limited to the lesser of $50,000 or 50% of the
            vested portion of the participant's accounts under the Plan. The
            repayment period shall not exceed five years, unless such loan is
            used to acquire a dwelling unit which will be used as the principal
            residence of the participant, in which case the repayment period
            shall not exceed ten years, and interest is charged at prime rate
            plus one percent. The borrowing participants are charged an initial
            processing fee and a monthly service charge for each month the loan
            is outstanding.</P>
<B><I><P>Investment Options</B></I> - Upon enrollment
            in the Plan, a participant may direct contributions in 1% increments
            in any of the following investment options:</P>
<P>The investment options as of December 31, 1999 are as
follows:</P></DIR>


<UL>
<LI>CIGNA Charter Actively Managed Fixed
                Income Fund

<LI>CIGNA Lifetime 60 Fund

<LI>CIGNA Lifetime 50 Fund

<LI>CIGNA Lifetime 40 Fund

<LI>CIGNA Lifetime 30 Fund

<LI>CIGNA Lifetime 20 Fund

<LI>CIGNA Charter Large Co. Stock Index Fund


<LI>AIM Value Fund

<LI>Templeton Foreign Fund

<LI>Stifel Financial Corp. Stock

<LI>CIGNA Direct Fund

<LI>CIGNA Charter Guaranteed Income Fund

<LI>CIGNA Charter Large Company Stock-Growth


<LI>CIGNA Charter Small Company Stock-Growth


<LI>Invesco Dynamics Fund

<LI>Lazard Equity Fund

<LI>CIGNA Charter Small Company Stock-Value I Fund</LI></UL>
<DIR>

<P>Investment options added during the period January 1, 1998
through December 31, 1999 are as follows:</P></DIR>


<UL>
<LI>CIGNA Charter Large Company Stock-Growth
                effective May 1, 1998

<LI>CIGNA Charter Small Company Stock-Growth
                effective May 1, 1998

<LI>Invesco Dynamics Fund effective June 1,
                1999

<LI>Lazard Equity Fund effective June 1,
                1999

<LI>CIGNA Charter Small Company Stock-Value I Fund effective June
1, 1999</LI></UL>
<DIR>

<P>Investment options disposed of during the period January 1,
1998 through December 31, 1999 are as follows:</P></DIR>


<UL>
<LI>CIGNA Charter Short-Term Fixed Income
                Fund effective May 1, 1998

<LI>SEI Capital Appreciation Fund effective
                May 1, 1998

<LI>SEI Small Cap Growth Fund effective May
                1, 1998

<LI>Neuberger &amp; Berman Guardian Trust
                Fund effective July 1, 1999

<LI>PBHG Growth Fund effective July 1, 1999</LI></UL>
<DIR>

<P>For more information regarding the Plan's investment
alternatives and fund performance, participants should refer to
the Plan agreement and published information provided by such
funds.</P>
<B><I><P>Participant Accounts</B></I> - Participants
            are given the options to change their deferral percentages, change
            investment elections for future contributions and may transfer any
            existing balances among the offered funds at any time. </P>
<B><I><P>Vesting</B></I> -<B>
            </B>The vesting period for Company contributions is based on a four
            year cliff vesting schedule. Participants are fully vested in their
            individual contributions at all times. </P>
<B><I><P>Company Contributions</B></I> - The Plan
            includes a matching contribution by the Company which is determined
            at the beginning of each plan year by the Board of Directors of the
            Company. The matching contribution for the plan year is 50% of the
            first $500 contributed by the participant.</P>
<P>In addition, each year the Company may make a discretionary
contribution based on profitability.  Discretionary contributions
are allocated to the participants employed on the last day of the
Plan year using a combination of two methods:  on a per capita
basis and on the basis of participants' contributions.  </P>
<B><I>
            <P>Payment of Benefits</B></I> -<B><I> </B></I>Retiring participants,
            participants leaving the employment of the Company due to disabling
            illness or injury, and participants whose employment is terminated
            prior to retirement, disability, or death will receive the vested
            balance in their individual account in a lump sum, net of any
            outstanding loan balance. Upon death, a participant's account is
            paid in a lump sum to the designated beneficiary.</P>
<B><I><P>Forfeited Plan Assets</B></I> - If a
            participant forfeits any unvested balances in their account, these
            Plan assets are reallocated, on the last day of the Plan year, first
            to restore forfeited Plan accounts of former participants who are
            reemployed and become a participant again prior to incurring five
            consecutive one-year breaks-in-service then to active participants
            in equal amounts. </P>
<B><P>2. SIGNIFICANT ACCOUNTING POLICIES</P>
<I><P>Basis of Accounting</B></I> - The financial
            statements of the Plan are prepared on an accrual basis.</P>
<B><I><P>Investment Valuation</B></I> - All
            investments are stated at fair value based upon quoted market
            prices.</P>
<B><I><P>Other</B></I> - The Plan presents in the
            statement of changes in net assets, the net
            appreciation/(depreciation) in the fair value of its investments,
            which consist of the realized gains or losses and the unrealized
            appreciation/(depreciation) on those investments.</P>
<B><I><P>Use of Estimates</B></I> - The preparation
            of financial statements in conformity with accounting principles
            generally accepted in the United States of America requires
            management to make estimates and assumptions that affect the
            reported amounts of assets and liabilities and disclosure of
            contingent assets and liabilities at the date of the financial
            statements and the reported amounts of additions and deductions
            during the reporting period. Actual results could differ from those
            estimates. </P>
<B><I><P>Excess Contribution Payable</B></I> - At
            December 31, 1998, a payable of $4,755 was recorded for amounts
            refundable by the Plan to participants for contributions made in
            excess of amounts allowed by the Internal Revenue Service. There was
            no liability at December 31, 1999.</P>
<B><I><P>Reclassifications</B></I> - The Plan has adopted
Statement of Position 99-3, <I>Accounting and Reporting of
Certain Defined Contribution Plan Investments and Other
Disclosure Matters</I>. As a result, the
            reclassification of the prior year financial statements has been
            made to eliminate the by- fund disclosures. In addition, certain
            prior year balances have been reclassified to conform with current
            year presentation.</P>
<B><P>3. RIGHT TO TERMINATE THE PLAN</P>
</B><P>Although the Company has not expressed any intent to do
so, the Company has the right to terminate the Plan at any time,
subject to the provisions of ERISA.  In the event of Plan
termination, all participants become 100% vested in their
accounts and the assets are distributed to the participants on
the basis of the value of each participant's account as of the
date of termination.</P>
<B><P>4. TRANSACTIONS WITH PARTIES-IN-INTEREST</P>
</B><P>Certain Plan investments are shares of mutual funds
managed by the Plan administrator.  Stifel Financial Corp., the
Parent Company, common stock is also an investment option.  The
Company pays all administrative expenses related to the Plan.
</P>
<B><P>5. INVESTMENTS </P>
</B><P>The fair value of individual investments that represent
five percent or more of the Plan's net assets available for plan
benefits are as follows:</P></DIR></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=2 WIDTH=611>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="center">1999</B></FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="center">1998</B></FONT></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P>Neuberger &amp; Berman Guardian Trust
Fund</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">  $          -       </FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">  $  6,922,448  </FONT></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P>AIM Value Fund</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">    11,366,688  </FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">      7,290,199  </FONT></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P>Templeton Foreign Fund</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">      3,843,032  </FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">      2,915,269  </FONT></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P>CIGNA Direct Fund</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">      4,223,007  </FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">      3,013,498  </FONT></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P>CIGNA Guaranteed Income Fund</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">      5,640,197  </FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">      5,882,071  </FONT></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P>CIGNA Charter Large Company Stock -
Growth</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">      6,373,119  </FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">      4,173,135  </FONT></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P>CIGNA Charter Small Company Stock -
Growth</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">      5,869,911  </FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">      3,289,010  </FONT></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P>Lazard Equity Fund</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">      5,355,857  </FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">             -       </FONT></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
</TABLE>

<FONT SIZE=3><DIR>

<P>During 1999, the Plan's investments (including gains and
losses on investments bought and sold, as well as held during the
year) appreciated in value by $8,863,952 as follows:</P></DIR>
</FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=2 WIDTH=612>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=2><P>Net Appreciation in Fair
Value</B></FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="center">1999</B></FONT></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P>Mutual funds</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">  $  8,176,252  </FONT></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P>Common stock</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=3><P ALIGN="right">              263  </FONT></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=17>
<FONT SIZE=3><P>Self-directed fund</FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=17>
<U><FONT SIZE=3><P ALIGN="right">        687,437
</U></FONT></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=17>
<U><FONT SIZE=3><P ALIGN="right">  $  8,863,952  </U></FONT></P></TD>
</TR>
<TR><TD WIDTH="84%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
</TABLE>

<FONT SIZE=3><DIR>

<B><P>6. INCOME TAX STATUS </P>
</B><P>The Internal Revenue Service has ruled, as of the most
recent determination letter dated August 15, 1995, that the Plan
qualifies under Section 401(a) of the Internal Revenue Code and
is, therefore, not subject to tax under present income tax laws.
The Plan has been amended since receiving the determination
letter.  However, the Company believes that the Plan is designed
and is currently being operated in compliance with the applicable
requirements of the Internal Revenue Code.</P>
<P ALIGN="center">* * * * *</P>

<P>&nbsp;</P></DIR>
</FONT>
<TABLE BORDER =1 CELLSPACING=1 CELLPADDING=2 WIDTH=646>
<TR><TD WIDTH="82%" VALIGN="top" COLSPAN=4 HEIGHT=22>
<B><FONT FACE="Arial" SIZE=1><P>STIFEL, NICOLAUS PROFIT SHARING
401(k) PLAN</B></FONT></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=22><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=21><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=21><P></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=21><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=21><P></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=21><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=21><P></P></TD>
</TR>
<TR><TD VALIGN="top" COLSPAN=6 HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P>ITEM 27a - SCHEDULE OF ASSETS
HELD FOR INVESTMENT PURPOSES</B></FONT></P></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="top" COLSPAN=2 HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P>DECEMBER 31, 1999</B></FONT></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=18><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=18><P></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=18><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="center">(a)</B></FONT></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="center">(b)</B></FONT></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=18><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="center">(c)</B></FONT></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=18><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="center">(d)</B></FONT></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=18><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=18><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="center">Description of
Investment</B></FONT></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=18><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=18><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=18><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="center">Including Maturity
Date,</B></FONT></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=18><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=18><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="center">Identity of Issue,
Borrower,</B></FONT></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=18><P></P></TD>
<TD WIDTH="31%" VALIGN="top" COLSPAN=2 HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="center">Rate of Interest,
Collateral,</B></FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="center">Fair</B></FONT></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=18><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="center">Lessor or Similar
Party</B></FONT></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=18><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="center">Par or Maturity
Value</B></FONT></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=18><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="center">Value</B></FONT></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P ALIGN="center">*</FONT></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>CIGNA Charter Actively Managed Fixed </FONT></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>  Income Fund</FONT></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>Mutual Fund (6,954 shares)</FONT></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P ALIGN="right">  $      885,860  </FONT></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=8><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P ALIGN="center">*</FONT></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>CIGNA Lifetime 60 Fund</FONT></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>Mutual Fund (267 shares)</FONT></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P ALIGN="right">              4,739  </FONT></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=8>
<FONT SIZE=1><P>  </FONT></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=8><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P ALIGN="center">*</FONT></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>CIGNA Lifetime 50 Fund</FONT></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>Mutual Fund (14,723 shares)</FONT></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P ALIGN="right">          303,979  </FONT></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=8><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P ALIGN="center">*</FONT></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>CIGNA Lifetime 40 Fund</FONT></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>Mutual Fund (3,749 shares)</FONT></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P ALIGN="right">            82,794  </FONT></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=8><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P ALIGN="center">*</FONT></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>CIGNA Lifetime 30 Fund</FONT></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>Mutual Fund (2,662 shares)</FONT></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P ALIGN="right">            61,171  </FONT></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=8><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P ALIGN="center">*</FONT></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>CIGNA Lifetime 20 Fund</FONT></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>Mutual Fund (2,775 shares)</FONT></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P ALIGN="right">            66,553  </FONT></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=8>
<FONT SIZE=1><P>  </FONT></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=8><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P ALIGN="center">*</FONT></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>CIGNA Charter Large Co. Stock Index
Fund</FONT></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>Mutual Fund (17,661 shares)</FONT></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P ALIGN="right">        1,390,970  </FONT></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=8>
<FONT SIZE=1><P>  </FONT></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=8><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>AIM Value Fund</FONT></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>Mutual Fund (173,129 shares)</FONT></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P ALIGN="right">                   11,366,688
</FONT></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=8>
<FONT SIZE=1><P> </FONT></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=8><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>Templeton Foreign Fund </FONT></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>Mutual Fund (251,242 shares)</FONT></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P ALIGN="right">                     3,843,032
</FONT></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=8>
<FONT SIZE=1><P>  </FONT></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=8><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P ALIGN="center">*</FONT></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>Stifel Financial Corp. Stock</FONT></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>Common Stock (35,861 shares)</FONT></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P ALIGN="right">                        354,130
</FONT></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=8>
<FONT SIZE=1><P>  </FONT></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=8><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P ALIGN="center">*</FONT></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>CIGNA Direct Fund</FONT></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>Self-directed</FONT></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P ALIGN="right">                     4,223,007
</FONT></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=8><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P ALIGN="center">*</FONT></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>CIGNA Charter Guaranteed Income Fund</FONT></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>Mutual Fund (190,144 shares)</FONT></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P ALIGN="right">        5,640,197  </FONT></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=8>
<FONT SIZE=1><P>  </FONT></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=8><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P ALIGN="center">*</FONT></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>CIGNA Charter Large Company Stock-
Growth</FONT></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>Mutual Fund (358,894 shares)</FONT></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P ALIGN="right">        6,373,119  </FONT></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=8>
<FONT SIZE=1><P>  </FONT></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=8><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P ALIGN="center">*</FONT></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>CIGNA Charter Small Company Stock-
Growth</FONT></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>Mutual Fund (332,633 shares)</FONT></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P ALIGN="right">        5,869,911  </FONT></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=8>
<FONT SIZE=1><P>  </FONT></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=8><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>Invesco Dynamics Fund</FONT></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>Mutual Fund (14,713 shares)</FONT></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P ALIGN="right">          551,022  </FONT></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=8><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>Lazard Equity Fund</FONT></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>Mutual Fund (185,018 shares)</FONT></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P ALIGN="right">        5,355,857  </FONT></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=8><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P ALIGN="center">*</FONT></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>CIGNA Charter Small Company Stock -</FONT></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=17><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=17>
<FONT SIZE=1><P>  Value I Fund</FONT></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=17><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=17>
<FONT SIZE=1><P>Mutual Fund (23,858 shares)</FONT></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=17>
<U><FONT SIZE=1><P ALIGN="right">          270,064
</U></FONT></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=8><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P ALIGN="right">      46,643,093  </FONT></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=8><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=8><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="31%" VALIGN="top" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P>Promissory notes, interest rates </FONT></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>Employee loans receivable</FONT></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="48%" VALIGN="top" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P>  from 8.75% to 10.0%; maturity </FONT></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=17><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=17><P></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=17><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=17>
<FONT SIZE=1><P>  dates through May, 2009</FONT></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=17>
<U><FONT SIZE=1><P ALIGN="right">          684,273
</U></FONT></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=17><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=17>
<FONT SIZE=1><P>Total</FONT></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=17><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=17><P></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=17>
<U><FONT SIZE=1><P ALIGN="right">  $  47,327,366
</U></FONT></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=16>
<FONT SIZE=1><P>* Represents party-in-interest
transactions.</FONT></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=18><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=18><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=18><P></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=18><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="top" HEIGHT=18><P></P></TD>
<TD WIDTH="46%" VALIGN="top" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="top" HEIGHT=18><P></P></TD>
<TD WIDTH="30%" VALIGN="top" HEIGHT=18><P></P></TD>
<TD WIDTH="1%" VALIGN="top" HEIGHT=18><P></P></TD>
<TD WIDTH="16%" VALIGN="top" HEIGHT=18><P></P></TD>
</TR>
</TABLE>

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