EFTA00197329

OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167

| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN,IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

## What’s In This Statement

Your Portfolio Holdings ... 4

Transaction Detail ... 5

Fund Activity 5







CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



<table><tr><td>HEALTH &amp; SCIENCE INTERESTS II</td></tr><tr><td>TRUST JEFFREY E EPSTEIN TTEE</td></tr><tr><td>DTD 8/18/93</td></tr><tr><td>6100 RED HOOK QUARTER STE B-3</td></tr><tr><td>ST THOMAS VI 00802</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

HEALTH & SCIENCE INTERESTS II

TAXPAYER NUMBER On File

## Your Portfolio at a Glance

| LAST STATEMENT | June 29, 2001 |

| :--- | :--- |

ACCOUNT NUMBER

STATEMENT PERIOD June 30, 2001

THROUGH July 27, 2001

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

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>11,606,000</td></tr><tr><td>NET CREDIT BALANCE</td><td>27,004</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>10,304,392</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$21,937,396</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>22,016,924</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-79,528</td></tr></table>

Market Value of Your Portfolio

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

HEALTH & SCIENCE INTERESTS II

STATEMENT BACKER IS PRINTED ON THIS PAGE

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EFTA00197331



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167

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Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$135,709.93</td></tr><tr><td>Securities Sold</td><td>3,598,144.17</td></tr><tr><td>Money Fund</td><td>4,391.84</td></tr><tr><td>Dividends/Interest</td><td>9,744.64</td></tr><tr><td>Amount Credited</td><td>$3,612,280.65</td></tr><tr><td>Money Fund</td><td>-3,604,391.84</td></tr><tr><td>Funds Withdrawn</td><td>-116,595.00</td></tr><tr><td>Amount Debited</td><td>$-3,720,986.84</td></tr><tr><td>Net Cash Activity</td><td>-108,706.19</td></tr><tr><td>Closing Balance</td><td>$27,003.74</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>135,709.93</td><td>27,003.74</td></tr><tr><td>Net Cash Balance</td><td>$135,709.93</td><td>$27,003.74</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>12,960.90</td><td>149,049.74</td></tr><tr><td>Credit Balance Int.</td><td>1,175.58</td><td>10,738.83</td></tr><tr><td>Total</td><td>$14,136.48</td><td>$159,788.57</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>10,331,396</td></tr><tr><td>Equities</td><td>11,606,000</td></tr><tr><td>Total</td><td>$21,937,396</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

HEALTH & SCIENCE INTERESTS II

STATEMENT PERIOD June 30, 2001

THROUGH July 27, 2001



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | June 29, 2001 |

| :--- | :--- |

Your Portfolio Allocation

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

EFTA00197332



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167

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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></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>27,004</td><td></td></tr><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICCX</td><td>10,304,391.84</td><td>1.0000</td><td>10,304,392</td><td>422,480</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$10,331,396</td><td>$422,480</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>LIMITED INC</td><td>LTD</td><td>CASH</td><td>700,000</td><td>16.5800</td><td>11,606,000</td><td>210,000</td><td>1.8094</td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$11,606,000</td><td>$210,000</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$11,606,000</td><td>$210,000</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$632,480</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$21,937,395</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

HEALTH & SCIENCE INTERESTS II

STATEMENT PERIOD June 30, 2001

THROUGH July 27, 2001

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | June 29, 2001 |

| :--- | :--- |

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EFTA00197333



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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

**5 of 6**

HEALTH & SCIENCE INTERESTS II



Transaction Detail


INVESTMENT ACTIVITY

<table><thead><tr><th>SETTLEMENT DATE</th><th>TRADE DATE</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>07/18/01</td><td>07/13/01</td><td>SOLD</td><td>MEDTRONIC INC WITH RIGHTS TO PURCHASE PREFRD STK UNDER CERTAIN CIRCUMSTANCE UNSOLICITED</td><td>MDT</td><td>-63,320</td><td>46.09630</td><td></td><td>2,914,918.72</td></tr><tr><td>07/18/01</td><td>07/13/01</td><td>SOLD</td><td>PNC FINANCIAL SVCS GROUP INC UNSOLICITED</td><td>PNC</td><td>-10,267</td><td>64.00280</td><td></td><td>656,476.32</td></tr><tr><td>07/18/01</td><td>07/13/01</td><td>SOLD</td><td>TYCO INTERNATIONAL LTD UNSOLICITED</td><td>TYC</td><td>-521</td><td>51.44440</td><td></td><td>26,749.13</td></tr><tr><td colspan="8">TOTAL</td><td>$3,598,144.17</td></tr></tbody></table>

## DEPOSITS AND WITHDRAWALS



## MONEY FUND ACTIVITY

<table><thead><tr><th>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>06/30/01</td><td></td><td>OPENINGBALANCE</td><td></td><td>6,700,000</td><td></td><td></td><td></td></tr><tr><td>07/02/01</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND</td><td>DICCX</td><td></td><td></td><td></td><td>4,391.84</td></tr><tr><td>07/02/01</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVESTED</td><td>DICCX</td><td>4,391.84</td><td></td><td>4,391.84</td><td></td></tr></tbody></table>

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EFTA00197334



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859



6 of 6

HEALTH & SCIENCE INTERESTS II

## **Transaction Detail** (continued)

STATEMENT PERIOD June 30, 2001

THROUGH July 27, 2001

MONEY FUND ACTIVITY (continued)



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | June 29, 2001 |

| :--- | :--- |

<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>07/24/01</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES BUY FD</td><td>DICCX</td><td>3,600,000</td><td>1.0000</td><td>3,600,000.00</td><td></td></tr><tr><td>07/27/01</td><td></td><td>CLOSINGBALANCE</td><td></td><td>10,304,391.84</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-3,604,391.84</td><td>$4,391.84</td></tr></tbody></table>

## DIVIDENDS

<table><thead><tr><th>DATE</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>RATE ($)</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>07/24/01</td><td>PNC FINANCIAL SVCS GROUP INC<br>REC 07/13/01 PAY 07/24/01</td><td>PNC</td><td>10,267</td><td>0.4800</td><td></td><td>4,928.16</td></tr><tr><td>07/27/01</td><td>MEDTRONIC INC<br>REC 07/06/01 PAY 07/27/01</td><td>MDT</td><td>63,320</td><td>0.0575</td><td></td><td>3,640.90</td></tr><tr><td colspan="6">TOTAL</td><td>$8,569.06</td></tr></tbody></table>



INTEREST


<table><thead><tr><th>DATE</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>RATE (%)</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>07/23/01</td><td>INTEREST ON CREDIT BALANCE<br>AT 3 1/2% 06/21 THRU 06/26</td><td></td><td></td><td>3.5000</td><td></td><td>125.09</td></tr><tr><td>07/23/01</td><td>INTEREST ON CREDIT BALANCE<br>AT 3 1/4% 06/27 THRU 07/20</td><td></td><td></td><td>3.2500</td><td></td><td>1,050.49</td></tr><tr><td colspan="6">TOTAL</td><td>$1,175.58</td></tr></tbody></table>

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