EFTA00195220

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

Your Messages 6





# 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

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

*This portfolio includes one or more unpriced securities that are not reflected in the Total Value of Securities and the Net Equity This Period.

<table border="1"><tr><td>NET CREDIT BALANCE</td><td>3,458</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>818,610</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$822,068</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>846,460</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-24,392</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

| LAST STATEMENT | February 27, 2004 |

| :--- | :--- |

Market Value of Your Portfolio

EPSTEIN INTERESTS

STATEMENT PERIOD February 28, 2004

ACCOUNT NUMBER

TAXPAYER NUMBER On File

THROUGH March 31, 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.

027 04/01/04:12:55 001

V829

EFTA00195221



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY




2 of 6


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

EPSTEIN INTERESTS

STATEMENT BACKER IS PRINTED ON THIS PAGE

027

EFTA00195222



BEAR
STEARNS


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

3 of 6

## 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>25,608.09</td></tr><tr><td>Amount Credited</td><td>$25,608.09</td></tr><tr><td>Money Fund</td><td>-608.09</td></tr><tr><td>Funds Withdrawn</td><td>-25,000.00</td></tr><tr><td>Amount Debited</td><td>$-25,608.09</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><td>THIS PERIOD</td><td>YEAR TO DATE</td></tr><tr><td>Dividends</td><td>608.09</td><td>1,258.85</td></tr><tr><td>Total</td><td>$608.09</td><td>$1,258.85</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>822,068</td></tr><tr><td>Total</td><td>$822,068</td></tr></table>

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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

EPSTEIN INTERESTS

<table><tr><td>ACCOUNT NUMBER</td><td></td></tr><tr><td>TAXPAYER NUMBER</td><td>On File</td></tr><tr><td>LAST STATEMENT</td><td>February 27, 2004</td></tr></table>

Unshaded portions denote debit balance and/or short market values. The allocation percentage is derived from the absolute market value of your portfolio.

EFTA00195223



BEAR
STEARNS


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

4 of 6

## 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<br>MARKET PORTFOLIO CLY<br>DIVIDEND REINVESTED</td><td>BSMXX</td><td>818,610.09</td><td>1.0000</td><td>818,610</td><td>7,449</td><td>0.9100</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$822,068</td><td>$7,449</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>$7,449</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$822,068</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 February 28, 2004

THROUGH March 31, 2004

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | February 27, 2004 |

| :--- | :--- |

027



04/01/04;12:55 001


V829

EFTA00195224



BEAR
STEARNS


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



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



**5 of 6**



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



EPSTEIN INTERESTS



Transaction Detail


DEPOSITS AND WITHDRAWALS

STATEMENT PERIOD February 28, 2004

THROUGH March 31, 2004



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | February 27, 2004 |

| :--- | :--- |

## MONEY FUND ACTIVITY

<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>02/28/04</td><td></td><td>OPENINGBALANCE</td><td></td><td>843,002</td><td></td><td></td><td></td></tr></tbody></table>

<table><thead><tr><th>03/01/04</th><td>DIVIDEND</td><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y<br>RECORD 02/27/04 PAY 02/27/04</td><td colspan="3">BSMXX</td><td>608.09</td></tr></thead><tbody><tr><td>03/01/04</td><td>REINVEST</td><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y<br>REINVEST PRICE $ 1,00</td><td>BSMXX</td><td>608.09</td><td></td><td>608.09</td></tr><tr><td>03/17/04</td><td>SOLD</td><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y</td><td>BSMXX</td><td>-25,000</td><td>1.0000</td><td></td><td>25,000.00</td></tr><tr><td>03/31/04</td><td></td><td>CLOSINGBALANCE</td><td></td><td>818,610.09</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td>$-608.09</td><td>$25,608.09</td></tr></tbody></table>

027



04/01/04;12:55 001


EFTA00195225



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

6 of 6

Bear, Steams Securities Corp.

One Mebrotech Center North

Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

Excess SIPC Account Protection Update

Effective February 16, 2004, the commercial insurer through which Bear, Stearns Securities Corp. obtains excess SIPC protection changed to Customer Asset Protection Company ("CAPCO"), a New York licensed insurance company. CAPCO has an A+ financial strength rating from Standard and Poor's.

## Your messages



The Firm believes it is of the utmost importance that clients who purchase or hold mutual funds fully understand the intricacies of the pricing structures and rules which govern these investments. Recently, a joint Industry/NASD Task Force collaborated to create a Disclosure Statement to address these issues. We are providing this Disclosure Statement to you for the purpose of reinforcing these concepts and to initiate the opportunity for further discussion of these issues to the extent you have questions. You are encouraged to contact your financial professional with any questions you have regarding your investments. Additionally, you may review this information online at the following NASD web site: http://www.nasdr.com/breakpoints_statement.asp



| STATEMENT PERIOD | February 28, 2004 |

| :--- | :--- |

| THROUGH | March 31, 2004 |



Bear, Stearns Securities Corp, Net Capital and Net Capital Requirements:

At November 30, 2003 and January 31, 2004, the Company's net capital of approximately $3.3 billion and $3.2 billion was approximately 7% and 7% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $930.3 million and $967.8 million by approximately $2.4 billion and $2.2 billion, all respectively.

A complete copy of the Bear, Stearns Securities Corp. Statement of Financial Condition is available on the web site www.bearstearns.com. Alternatively, to request a free printed copy please call - toll free 1-866-299-9331.



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


027



04/01/04;12:55 001


V829