EFTA00195210

OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN,IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

## What’s In This Statement

Financial Summary 3

Your Portfolio Holdings ... 4

Transaction Detail ... 5

Fund Activity 5





# EPSTEIN INTERESTS

DTD 12/26/91

JEFFERY E EPSTEIN & MARK L

* EPSTEIN & WILLIAM ELKUS TTEES

457 MADISON AVENUE 4TH FLR

NEW YORK NY 10022-6843



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



## Your Portfolio at a Glance

<table border="1"><tr><td>NET CREDIT BALANCE</td><td>3,458</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>819,858</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$823,316</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>822,709</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>607</td></tr><tr><td colspan="2">*This portfolio includes one or more unpriced securities that are not reflected in the Total Value of Securities and the Net Equity This Period.</td></tr></table>

There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account.

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

| LAST STATEMENT | April 30, 2004 |

| :--- | :--- |

TAXPAYER NUMBER On File

EPSTEIN INTERESTS

ACCOUNT NUMBER

STATEMENT PERIOD May 1, 2004

Market Value of Your Portfolio

THROUGH May 28, 2004

Please report any difference or non-receipt of checks or stocks, indicated as delivered to you, to Client Services at 800-634-1428; or write to Client Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3859.

This summary is for informational purposes only. It is not intended as a tax document. This statement should be retained for your records. See reverse side for important information.

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CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY


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Bear, Steams Securities Corp.
One Metrotech Center North
Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

STATEMENT BACKER IS PRINTED ON THIS PAGE

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STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

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## Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$3,458.06</td></tr><tr><td>Money Fund</td><td>606.99</td></tr><tr><td>Amount Credited</td><td>$606.99</td></tr><tr><td>Money Fund</td><td>-606.99</td></tr><tr><td>Amount Debited</td><td>$-606.99</td></tr><tr><td>ClosingBalance</td><td>$3,458.06</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>3,458.06</td><td>3,458.06</td></tr><tr><td>Net Cash Balance</td><td>$3,458.06</td><td>$3,458.06</td></tr></table>

Income Summary

<table border="1"><tr><td></td><th>THIS PERIOD</th><th>YEAR TO DATE</th></tr><tr><td>Dividends</td><td>606.99</td><td>2,507.22</td></tr><tr><td>Total</td><td>$606.99</td><td>$2,507.22</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>823,316</td></tr><tr><td>Total</td><td>$823,316</td></tr></table>

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

Bear, Steams Securities Corp.
One Metrotech Center North
Brooklyn, New York 11201-3859

STATEMENT PERIOD May 1, 2004

EPSTEIN INTERESTS

THROUGH May 28, 2004



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | April 30, 2004 |

| :--- | :--- |

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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

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## Your Portfolio Holdings

## CASH & CASH EQUIVALENTS

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th><th>ESTIMATED ANNUAL INCOME</th><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>3,458</td><td></td><td></td></tr><tr><td>BEAR STEARNS PRIME MONEY FUND<br>DIVIDEND REINVESTED<br>EST. 30 DAY AVG YIELD .9100%</td><td>BSMXX</td><td>819,858.46</td><td>1.0000</td><td>819,858</td><td>7,379</td><td>0.9000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$823,316</td><td>$7,379</td><td></td></tr></tbody></table>

## EQUITIES

## Equities & Options

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>ACCT TYPE</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th><th>ESTIMATED ANNUAL INCOME</th><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>BANPAIS SA-SPONSORED ADR REPSTG 6 SER L SHS</td><td>BPIBY</td><td>CASH</td><td>20,000</td><td>Unpriced</td><td></td><td></td><td></td></tr><tr><td>Total Equities &amp; Options</td><td></td><td></td><td></td><td></td><td>$0</td><td>$0</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$0</td><td>$0</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$7,379</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$823,316</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

STATEMENT PERIOD May 1, 2004

THROUGH May 28, 2004

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | April 30, 2004 |

| :--- | :--- |

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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



**5 of 5**

EPSTEIN INTERESTS



Transaction Detail


STATEMENT PERIOD May 1, 2004

## MONEY FUND ACTIVITY

THROUGH May 28, 2004

TAXPAYER NUMBER On File

| LAST STATEMENT | April 30, 2004 |

| :--- | :--- |

<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>05/01/04</td><td></td><td>OPENINGBALANCE</td><td></td><td>819,251.47</td><td></td><td></td><td></td></tr></tbody></table>

<table><thead><tr><th>05/03/04</th><th>DIVIDEND</th><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y<br>RECORD 04/30/04 PAY 04/30/04</td><td>073921819</td><td></td><td></td><td>606.99</td></tr></thead><tbody><tr><td>05/03/04</td><td>REINVEST</td><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y<br>REINVEST PRICE $ 1,00</td><td>073921819</td><td>606.99</td><td></td><td>606.99</td></tr><tr><td>05/03/04</td><td>FUND</td><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y<br>CUSIP CHANGE</td><td>073921819</td><td>-606.99</td><td></td><td></td></tr><tr><td>05/03/04</td><td>EXCHANGE</td><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y<br>A000886 TO A000942<br>CUSIP CHANGE</td><td>073921819</td><td>-819,251.47</td><td></td><td></td></tr><tr><td>05/03/04</td><td>JOURNAL</td><td>BEAR STEARNS PRIME MONEY FUND<br>CUSIP CHANGE</td><td>BSMXX</td><td>606.99</td><td></td><td></td></tr><tr><td>05/03/04</td><td>EXCHANGE</td><td>BEAR STEARNS PRIME MONEY FUND<br>A000942 FROM A000886<br>CUSIP CHANGE</td><td>BSMXX</td><td>819,251.47</td><td></td><td></td></tr><tr><td>05/28/04</td><td></td><td>CLOSINGBALANCE</td><td></td><td>819,858.46</td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td>-606.99</td><td>$606.99</td></tr></tbody></table>





******* End of Statement*******


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