EFTA00197505

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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN, IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

<table><tr><td>Financial Summary</td><td>3</td></tr><tr><td>Your Portfolio Holdings</td><td>4</td></tr><tr><td>Transaction Detail</td><td>5</td></tr><tr><td>Fund Activity</td><td>5</td></tr><tr><td>Your Messages</td><td>6</td></tr></table>

## What’s In This Statement





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

# HERITAGE INTERESTS

FINANCIAL TRUST CO TTEE

DTD 7-30-91 \*

ATTN JEANIE BRENNAN

6100 RED HOOK QUARTER STE B-3

ST THOMAS VI 00802

HERITAGE INTERESTS

ACCOUNT NUMBER

THROUGH June 29, 2001

STATEMENT PERIOD May 26, 2001

TAXPAYER NUMBER On File

| LAST STATEMENT | May 25, 2001 |

| :--- | :--- |

## Your Portfolio at a Glance

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>11,207,455</td></tr><tr><td>NET CREDIT BALANCE</td><td>1,333,463</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>6,600,000</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$19,140,918</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>12,321,002</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>6,819,916</td></tr></table>

Market Value of Your Portfolio

## Important Message

Please note: You may find more than one statement in this envelope. Beginning this month, all statements with the same Address and Social Security number / Taxpayer Identification number are being mailed in one envelope. For further details, please contact your account executive.

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




2 of 6


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

HERITAGE INTERESTS

STATEMENT BACKER IS PRINTED ON THIS PAGE

027

EFTA00197507



BEAR
STEARNS


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

3 of 6

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$1,329,456.21</td></tr><tr><td>Funds Deposited</td><td>6,600,000.00</td></tr><tr><td>Dividends/Interest</td><td>4,006.84</td></tr><tr><td>Amount Credited</td><td>$6,604,006.84</td></tr><tr><td>Money Fund</td><td>-6,600,000.00</td></tr><tr><td>Amount Debited</td><td>$-6,600,000.00</td></tr><tr><td>Net Cash Activity</td><td>4,006.84</td></tr><tr><td>ClosingBalance</td><td>$1,333,463.05</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>8,704.67</td><td>8,765.37</td></tr><tr><td>Margin</td><td>10,669.30</td><td>56,397.30</td></tr><tr><td>Short</td><td>1,310,082.24</td><td>1,268,300.38</td></tr><tr><td>Net Cash Balance</td><td>$1,329,456.21</td><td>$1,333,463.05</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>0.00</td><td>77,950.42</td></tr><tr><td>Credit Balance Int.</td><td>60.70</td><td>23,612.74</td></tr><tr><td>Total</td><td>$60.70</td><td>$101,563.16</td></tr></table>

Portfolio Composition

<table border="1"><tr><td></td><td>SHORT</td><td>LONG</td></tr><tr><td>Cash/Cash Equivalent</td><td></td><td>7,933,463</td></tr><tr><td>Equities</td><td>1,477,400</td><td>12,684,855</td></tr><tr><td>Total</td><td>$1,477,400</td><td>$20,618,318</td></tr></table>



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


Bear, Steams Securities Corp.

One Metratech Center North Brooklyn, New York 11201-3859

HERITAGE INTERESTS

<table><thead><tr><th>STATEMENT PERIOD</th><td>May 26, 2001</td></tr></thead><tbody><tr><td>THROUGH</td><td>June 29, 2001</td></tr><tr><td>ACCOUNT NUMBER</td><td></td></tr><tr><td>TAXPAYER NUMBER</td><td>On File</td></tr><tr><td>LAST STATEMENT</td><td>May 25, 2001</td></tr></tbody></table>

Your Portfolio Allocation

EFTA00197508



BEAR
STEARNS


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

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></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>1,333,463</td><td></td></tr><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICCX</td><td>6,600,000</td><td>1.0000</td><td>6,600,000</td><td>303,600</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$7,933,463</td><td>$303,600</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>MEDTRONIC INC</td><td>MDT</td><td>CASH</td><td>113,961</td><td>46.0100</td><td>5,243,346</td><td>26,211</td><td>0.4999</td></tr><tr><td>PNC FINANCIAL SVCS GROUP INC</td><td>PNC</td><td>CASH</td><td>53,067</td><td>65.7900</td><td>3,491,278</td><td>101,889</td><td>2.9184</td></tr><tr><td>PNC FINANCIAL SVCS GROUP INC</td><td>PNC</td><td>MRGN</td><td>9,405</td><td>65.7900</td><td>618,755</td><td>18,058</td><td>2.9184</td></tr><tr><td>PNC FINANCIAL SVCS GROUP INC</td><td>PNC</td><td>SHRT</td><td>-10,000</td><td>65.7900</td><td>-657,900</td><td>-19,200</td><td>2.9184</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>TYC</td><td>CASH</td><td>61,128</td><td>54.5000</td><td>3,331,476</td><td>3,056</td><td>0.0917</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>TYC</td><td>SHRT</td><td>-11,000</td><td>54.5000</td><td>-599,500</td><td>-550</td><td>0.0917</td></tr><tr><td>CALL TYCO INTL OCT 055**** EXP 10/20/2001</td><td>TYCJ55</td><td>CASH</td><td>-500</td><td>4.4000</td><td>-220,000</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$11,207,455</td><td>$129,464</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$11,207,455</td><td>$129,464</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$433,064</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$19,140,918</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859

STATEMENT PERIOD May 26, 2001

THROUGH June 29, 2001

HERITAGE INTERESTS

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | May 25, 2001 |

| :--- | :--- |

027



06/30/01;23:28 001


EFTA00197509



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 Metrotech Center North

Brooklyn, New York 11201-3859

**5 of 6**

HERITAGE INTERESTS



Transaction Detail


## DEPOSITS AND WITHDRAWALS

STATEMENT PERIOD May 26, 2001

THROUGH June 29, 2001

ACCOUNT NUMBER

TAXPAYER NUMBER On File

<table><thead><tr><th>DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>06/25/01</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM CTC NJ</td><td></td><td>6,600,000.00</td></tr><tr><td colspan="4">TOTAL</td><td>$6,600,000.00</td></tr></tbody></table>

| LAST STATEMENT | May 25, 2001 |

| :--- | :--- |

## 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>05/26/01</td><td></td><td>OPENINGBALANCE</td><td></td><td>0.00</td><td></td><td></td><td></td></tr><tr><td>06/25/01</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES BUY FD</td><td>DICCX</td><td>6,600,000</td><td>1.0000</td><td>6,600,000.00</td><td></td></tr><tr><td>06/29/01</td><td></td><td>CLOSINGBALANCE</td><td></td><td>6,600,000</td><td></td><td></td><td></td></tr><tr><td colspan="4">TOTAL</td><td></td><td></td><td>$-6,600,000.00</td><td></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>06/21/01</td><td>INTEREST ON CREDIT BALANCE AT 3 1/2% 05/21 THRU 06/20</td><td></td><td></td><td>3.5000</td><td></td><td>60.70</td></tr><tr><td>06/21/01</td><td>SHT ACCT FEE 05/21-06 20 01</td><td></td><td></td><td></td><td></td><td>3,946.14</td></tr><tr><td colspan="6">TOTAL</td><td>$4,006.84</td></tr></tbody></table>

027



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EFTA00197510



BEAR
STEARNS


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

6 of 6

## **Transaction Detail** (continued)

## MISCELLANEOUS

<table border="1"><tr><td>MO/DAY</td><td>TRANSACTION</td><td>DESCRIPTION</td><td>DEBIT AMOUNT</td><td>CREDIT AMOUNT</td></tr><tr><td>05/29/01</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>5,667.00</td><td></td></tr><tr><td>05/29/01</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>5,667.00</td></tr><tr><td>06/04/01</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>5,850.00</td><td></td></tr><tr><td>06/04/01</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>5,850.00</td></tr><tr><td>06/11/01</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>17,649.00</td></tr><tr><td>06/11/01</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>17,649.00</td><td></td></tr><tr><td>06/18/01</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>25,680.00</td></tr><tr><td>06/18/01</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>25,680.00</td><td></td></tr><tr><td>06/25/01</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>13,916.00</td></tr><tr><td>06/25/01</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>13,916.00</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-68,762.00</td><td>$68,762.00</td></tr></table>

## Your messages



Confirmation:

Unless we hear from you to the contrary, It is our understanding that any free credit balances in your account are being maintained to facilitate your intention to invest such amounts through us.



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

STATEMENT PERIOD May 26, 2001

HERITAGE INTERESTS



THROUGH June 29, 2001

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | May 25, 2001 |

| :--- | :--- |



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


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06/30/01;23:28 001