Introduction:

T.H. Lehman & Co., Incorporated (referred to as the "Company or Registrant"), was organized in March, 1983 as a S Development Company ("SBDC") and was an SBDC until April, 1988. From April, 1988 to August, 1990 it operated through subsidiaries as a broker/dealer and investment advisor. Although it is no longer an SBDC and has sold its broker/dealer and investment advisory business, the Company continues to maintain certain of its investments.

Medical Financial Services:

The Company in August 1992 began operations in the area of medical financial...