EFTA00197400

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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Fund Activity ... 6

Trades Not Yet Settled ... 8





# HEALTH & SCIENCE INTERESTS II

TRUST JEFFREY E EPSTEIN TTEE

DTD 8/18/93

6100 RED HOOK QUARTER STE B-3

ST THOMAS VI 00802

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

TAXPAYER NUMBER On File

HEALTH & SCIENCE INTERESTS II

| LAST STATEMENT | July 26, 2002 |

| :--- | :--- |

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

STATEMENT PERIOD July 27, 2002

ACCOUNT NUMBER

THROUGH August 30, 2002

## Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>35,777,000</td></tr><tr><td>NET CREDIT BALANCE</td><td>14,730,650</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>226,404,999</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$276,912,649</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>267,330,234</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>9,582,415</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.



SIPC 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




2 of 8


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

STATEMENT BACKER IS PRINTED ON THIS PAGE

HEALTH & SCIENCE INTERESTS II

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EFTA00197402



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

3 of 8

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$213,482.54</td></tr><tr><td>Securities Sold</td><td>34,444,028.43</td></tr><tr><td>Money Fund</td><td>28,428,249.18</td></tr><tr><td>Dividends/Interest</td><td>4,838.81</td></tr><tr><td>Amount Credited</td><td>$62,877,116.42</td></tr><tr><td>Securities Bought</td><td>-27,931,700.00</td></tr><tr><td>Money Fund</td><td>-20,428,249.18</td></tr><tr><td>Amount Debited</td><td>$-48,359,949.18</td></tr><tr><td>Net Cash Activity</td><td>14,517,167.24</td></tr><tr><td>Closing Balance</td><td>$14,730,649.78</td></tr></table>

Same day transfers of cash between account types are not included in this section; such transfers, as well as details for all other transactions this period, appear in Transaction Detail.

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>213,482.54</td><td>4,730,649.78</td></tr><tr><td>Margin</td><td>0.00</td><td>10,000,000.00</td></tr><tr><td>Net Cash Balance</td><td>$213,482.54</td><td>$14,730,649.78</td></tr></table>

Income Summary

<table><thead><tr><th></th><th>THIS PERIOD</th><th>YEAR TO DATE</th></tr></thead><tbody><tr><td>Dividends</td><td>428,249.18</td><td>1,909,747.67</td></tr><tr><td>Credit Balance Int.</td><td>4,838.81</td><td>20,554.84</td></tr><tr><td>Total</td><td>$433,087.99</td><td>$1,930,302.51</td></tr></tbody></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>241,135,649</td></tr><tr><td>Equities</td><td>35,777,000</td></tr><tr><td>Total</td><td>$276,912,649</td></tr></table>

027



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 July 27, 2002

THROUGH August 30, 2002



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | July 26, 2002 |

| :--- | :--- |

Your Portfolio Allocation



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

EFTA00197403



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

4 of 8

## 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>14,730,650</td><td></td><td></td></tr><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST. 30 DAY AVG YIELD 1,7300%</td><td>DICXX</td><td>126,160,136.91</td><td>1.0000</td><td>126,160,137</td><td>2,144,722</td><td>1.7000</td></tr><tr><td>BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y DIVIDEND REINVESTED</td><td>BSMXX</td><td>100,244,862.49</td><td>1.0000</td><td>100,244,862</td><td>1,704,163</td><td>1.7000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$241,135,649</td><td>$3,848,885</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>AUTONATION INC DEL</td><td>AN</td><td>CASH</td><td>100,000</td><td>13.2000</td><td>1,320,000</td><td></td><td></td></tr><tr><td>BANK ONE CORP</td><td>ONE</td><td>CASH</td><td>100,000</td><td>40.9500</td><td>4,095,000</td><td>84,000</td><td>2.0513</td></tr><tr><td>BEAR STEARNS COMPANIES INC</td><td>BSC</td><td>CASH</td><td>100,000</td><td>63.9300</td><td>6,393,000</td><td>60,000</td><td>0.9385</td></tr><tr><td>INTERNATIONAL BUSINESS MACHINES CORP</td><td>IBM</td><td>CASH</td><td>50,000</td><td>75.3800</td><td>3,769,000</td><td>30,000</td><td>0.7960</td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>CASH</td><td>1,000,000</td><td>20.2000</td><td>20,200,000</td><td>280,000</td><td>1.3861</td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$35,777,000</td><td>$454,000</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$35,777,000</td><td>$454,000</td><td></td></tr></tbody></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 July 27, 2002

| THROUGH | August 30, 2002 |

| :--- | :--- |

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | July 26, 2002 |

| :--- | :--- |

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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 Meterotech Center North Brooklyn, New York 11201-3859

5 of 8

HEALTH & SCIENCE INTERESTS II

STATEMENT PERIOD July 27, 2002

## Your Portfolio Holdings (continued)

THROUGH August 30, 2002



ACCOUNT NUMBER



TAXPAYER NUMBER On File

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$4,302,885</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$276,912,648</td></tr></table>

| LAST STATEMENT | July 26, 2002 |

| :--- | :--- |



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>08/01/02</td><td>07/29/02</td><td>BOUGHT</td><td>INTERNATIONAL BUSINESS MACHINES CORP AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED</td><td>IBM</td><td>200,000</td><td>69.16530</td><td>13,845,062.50</td><td></td></tr><tr><td>08/20/02</td><td>08/15/02</td><td>BOUGHT</td><td>AOL TIME WARNER INC AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED</td><td>AOL</td><td>500,000</td><td>12.12000</td><td>6,090,002.50</td><td></td></tr><tr><td>08/20/02</td><td>08/15/02</td><td>BOUGHT</td><td>TYCO INTERNATIONAL LTD AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED</td><td>TYC</td><td>500,000</td><td>13.30040</td><td>6,680,202.50</td><td></td></tr><tr><td>08/26/02</td><td>08/21/02</td><td>BOUGHT</td><td>AUTONATION INC DEL UNSOLICITED AS OF 08/21/02</td><td>AN</td><td>100,000</td><td>13.10430</td><td>1,316,432.50</td><td></td></tr></tbody></table>

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EFTA00197405



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



6 of 8

HEALTH & SCIENCE INTERESTS II

## **Transaction Detail** (continued)

STATEMENT PERIOD July 27, 2002

THROUGH August 30, 2002

INVESTMENT ACTIVITY (continued)

TAXPAYER NUMBER On File

| LAST STATEMENT | July 26, 2002 |

| :--- | :--- |

<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>08/28/02</td><td>08/23/02</td><td>SOLD</td><td>AOL TIME WARNER INC<br>AVG PRICE SHOWN-DETAILS ON REQ<br>ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED</td><td>AOL</td><td>-500,000</td><td>12.88580</td><td></td><td>6,412,703.56</td></tr><tr><td>08/28/02</td><td>08/23/02</td><td>SOLD</td><td>INTERNATIONAL BUSINESS<br>MACHINES CORP<br>AVG PRICE SHOWN-DETAILS ON REQ<br>ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED</td><td>IBM</td><td>-250,000</td><td>80.25990</td><td></td><td>20,049,368.54</td></tr><tr><td>08/28/02</td><td>08/23/02</td><td>SOLD</td><td>TYCO INTERNATIONAL LTD<br>AVG PRICE SHOWN-DETAILS ON REQ<br>ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED</td><td>TYC</td><td>-500,000</td><td>16.02440</td><td></td><td>7,981,956.33</td></tr></tbody></table>

TOTAL

<table><tr><td>$-27,931,700.00</td><td>$34,444,028.43</td></tr></table>

## 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>07/27/02</td><td></td><td>OPENINGBALANCE</td><td></td><td>233,976,750.22</td><td></td><td></td><td></td></tr><tr><td>07/30/02</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-13,800,000</td><td>1.0000</td><td></td><td>13,800,000.00</td></tr><tr><td>08/01/02</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND</td><td>DICXX</td><td></td><td></td><td></td><td>276,700.19</td></tr><tr><td>08/01/02</td><td>DIVIDEND</td><td>BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y RECORD 07/31/02 PAY 07/31/02</td><td>BSMXX</td><td></td><td></td><td></td><td>151,548.99</td></tr><tr><td>08/01/02</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVESTED</td><td>DICXX</td><td>276,700.19</td><td></td><td>276,700.19</td><td></td></tr></tbody></table>

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EFTA00197406



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 Metratech Center North
Brooklyn, New York 11201-3859


7 of 8

HEALTH & SCIENCE INTERESTS II

STATEMENT PERIOD July 27, 2002

## **Transaction Detail** (continued)

## MONEY FUND ACTIVITY (continued)

THROUGH August 30, 2002

TAXPAYER NUMBER On File

| LAST STATEMENT | July 26, 2002 |

| :--- | :--- |

<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>08/01/02</td><td>REINVEST</td><td>BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CLY REINVEST PRICE $ 1,00</td><td>BSMXX</td><td>151,548.99</td><td></td><td>151,548.99</td><td></td></tr><tr><td>08/16/02</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-12,800,000</td><td>1.0000</td><td></td><td>12,800,000.00</td></tr><tr><td>08/22/02</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-1,400,000</td><td>1.0000</td><td></td><td>1,400,000.00</td></tr><tr><td>08/29/02</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>20,000,000</td><td>1.0000</td><td>20,000,000.00</td><td></td></tr></tbody></table>

<table border="1"><tr><td>08/30/02</td><td>CLOSINGBALANCE</td><td>226,404,999.40</td><td></td></tr><tr><td>TOTAL</td><td></td><td>-20,428,249.18</td><td>$28,428,249.18</td></tr></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>08/21/02</td><td>INTEREST ON CREDIT BALANCE AT 1 1/4% 07/21 THRU 08/20</td><td></td><td></td><td>1.2500</td><td></td><td>4,838.81</td></tr><tr><td colspan="6">TOTAL</td><td>$4,838.81</td></tr></tbody></table>

## MISCELLANEOUS

<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>08/29/02</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td>10,000,000.00</td><td></td></tr><tr><td>08/29/02</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td></td><td>10,000,000.00</td></tr><tr><td>TOTAL</td><td></td><td></td><td>-10,000,000.00</td><td>$10,000,000.00</td></tr></tbody></table>

027



08/31/02;13:23 001


EFTA00197407



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

CLEARED THROUGH ITS
WINOLLY OWNED SUBSIDIARY

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

8 of 8

HEALTH & SCIENCE INTERESTS II

## Trades Executed Pending Settlement

<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>09/03/02</td><td>08/28/02</td><td>SOLD</td><td>BANK ONE CORP<br>UNSOLICITED<br>SEE NOTE "S" ON BACK</td><td>ONE</td><td>-100,000.00</td><td>40.3280</td><td></td><td>4,026,676.11</td></tr><tr><td>09/03/02</td><td>08/28/02</td><td>SOLD</td><td>BEAR STEARNS COMPANIES INC<br>AVG PRICE SHOWN-DETAILS ON REQ<br>ACTUAL CONFIRM TO YOUR AGENT<br>UNSOLICITED</td><td>BSC</td><td>-100,000.00</td><td>63.1482</td><td></td><td>6,308,627.42</td></tr><tr><td>09/03/02</td><td>08/28/02</td><td>SOLD</td><td>INTERNATIONAL BUSINESS<br>MACHINES CORP<br>UNSOLICITED</td><td>IBM</td><td>-50,000.00</td><td>76.6680</td><td></td><td>3,830,282.11</td></tr><tr><td>09/03/02</td><td>08/28/02</td><td>SOLD</td><td>MBNA CORP<br>UNSOLICITED</td><td>KRB</td><td>-60,000.00</td><td>19.7500</td><td></td><td>1,181,361.83</td></tr><tr><td>09/03/02</td><td>08/28/02</td><td>SOLD</td><td>MARRIOTT INTERNATIONAL INC NEW<br>CL A<br>UNSOLICITED<br>SHORT<br>SEE NOTE "S" ON BACK</td><td>MAR</td><td>-500,000.00</td><td>33.9500</td><td></td><td>16,944,486.55</td></tr><tr><td colspan="8">TOTAL</td><td>$0.00</td><td>$32,291,434.02</td></tr></tbody></table>

The above trades do not appear in any other section of this statement.



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


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