Financial Summary	3
Your Portfolio Holdings	4
Transaction Detail	5
Your Messages	7

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY # INSTITUTIONAL INTERESTS A/C #2 C/O FINANCIAL TRUST COMPANY ATTN LARRY KEMP 6100 RED HOOK QUARTER SUITE B-3 ST THOMAS VI 00802 Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 Your Portfolio at a Glance There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account.

TOTAL VALUE OF SECURITIES THIS PERIOD	19,718,175
NET CREDIT BALANCE	797,400
NET EQUITY THIS PERIOD	$20,515,575
NET EQUITY LAST STATEMENT	21,270,943
CHANGE SINCE LAST STATEMENT	-755,368

ACCOUNT NUMBER | LAST STATEMENT | August 31, 2001 | | :--- | :--- | TAXPAYER NUMBER On File Market Value of Your Portfolio STATEMENT PERIOD September 1, 2001 THROUGH September 28, 2001 INSTITUTIONAL INTERESTS A/C #2 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 09/29/01;11:41 001 V500 EFTA00197629 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 INSTITUTIONAL INTERESTS A/C #2 027 EFTA00197630 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 245 Park Avenue New York, New York 10167 3 of 8 ## Cash Flow Analysis

	THIS PERIOD
OpeningBalance	$138,743.05
Securities Sold	619,099.29
Dividends/Interest	39,557.98
Amount Credited	$658,657.27
Net Cash Activity	658,657.27
ClosingBalance	$797,400.32

Cash Balance Summary

	OPENING	CLOSING
Cash	138,743.05	797,400.32
Net Cash Balance	$138,743.05	$797,400.32

Income Summary

	THIS PERIOD	YEAR TO DATE
Dividends	39,010.00	229,480.00
Credit Balance Int.	547.98	7,601.96
Total	$39,557.98	$237,081.96

Portfolio Composition

Cash/Cash Equivalent	797,400
Equities	19,718,175
Total	$20,515,575

CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 INSTITUTIONAL INTERESTS A/C #2 | STATEMENT PERIOD | September 1, 2001 | | :--- | :--- | | THROUGH | September 28, 2001 | ACCOUNT NUMBER TAXPAYER NUMBER On File Your Portfolio Allocation | LAST STATEMENT | August 31, 2001 | | :--- | :--- | 09/29/01;11:41 001 Unshaded portions denote debit balance and/or short market values. The allocation percentage is derived from the absolute market value of your portfolio. EFTA00197631 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 245 Park Avenue New York, New York 10167 4 of 8 ## Your Portfolio Holdings CASH & CASH EQUIVALENTS

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
CASH BALANCE				797,400
TOTAL CASH & CASH EQUIVALENTS				$797,400

## EQUITIES Equities & Options

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
AMERICAN HOME PRODUCTS CORP	AHP	CASH	24,000	58.2500	1,398,000	22,080	1.5794
AMERICAN INTERNATIONAL GROUP INC	AIG	CASH	20,000	78.0000	1,560,000	3,360	0.2154
BANK OF AMER CORP	BAC	CASH	25,000	58.4000	1,460,000	56,000	3.8356
BRISTOL MYERS SQUIBB CO	BMY	CASH	25,000	55.5600	1,389,000	27,500	1.9798
GOLDMAN SACHS GROUP INC	GS	CASH	10,000	71.3500	713,500	4,800	0.6727
INTERNATIONAL BUSINESS MACHINES CORP	IBM	CASH	10,000	92.3000	923,000	5,600	0.6067
JP MORGAN CHASE & CO	JPM	CASH	37,500	34.1500	1,280,625	51,000	3.9824
JOHNSON& JOHNSON	JNJ	CASH	50,000	55.4000	2,770,000	36,000	1.2996
MBNA CORP	KRB	CASH	70,000	30.2900	2,120,300	25,200	1.1885
PFIZER INC	PFE	CASH	75,000	40.1000	3,007,500	33,000	1.0973
PROCTER & GAMBLE CO	PG	CASH	25,000	72.7900	1,819,750	38,000	2.0882
VIACOM INC-CL B	VIAB	CASH	37,000	34.5000	1,276,500
Total Equities& Options					$19,718,175	$302,540
TOTAL EQUITIES					$19,718,175	$302,540

CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 INSTITUTIONAL INTERESTS A/C #2 STATEMENT PERIOD September 1, 2001 THROUGH September 28, 2001 AGCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | August 31, 2001 | | :--- | :--- | 027 09/29/01;11:41 001 EFTA00197632 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 245 Park Avenue New York, New York 10167 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 5 of 8 Bear, Steams Securities Corp. One Meterotech Center North Brooklyn, New York 11201-3859 INSTITUTIONAL INTERESTS A/C #2 STATEMENT PERIOD September 1, 2001 ## Your Portfolio Holdings (continued) THROUGH September 28, 2001 ACCOUNT NUMBER

YOUR TOTAL ESTIMATED ANNUAL INCOME	$302,540
YOUR PRICED PORTFOLIOHOLDINGS	$20,515,575

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
09/10/01	09/05/01	SOLD	MORGAN STANLEY DEAN WITTER & CO AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT	MWD	-12,000	51.90010		619,099.29
TOTAL								$619,099.29

## DIVIDENDS

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE ($)	DEBIT AMOUNT	CREDIT AMOUNT
09/04/01	AMERICAN HOME PRODUCTS CORP REC 08/13/01 PAY 09/01/01	AHP	24,000	0.2300		5,520.00
09/06/01	PFIZER INC REC 08/17/01 PAY 09/06/01	PFE	75,000	0.1100		8,250.00

027 09/29/01;11:41 001 EFTA00197633 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 8 INSTITUTIONAL INTERESTS A/C #2 ## **Transaction Detail** (continued) STATEMENT PERIOD September 1, 2001 DIVIDENDS (continued) THROUGH September 28, 2001 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | August 31, 2001 | | :--- | :--- |

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE ($)	CREDIT AMOUNT
09/10/01	INTERNATIONAL BUSINESS MACHINES CORP REC 08/10/01 PAY 09/10/01	IBM	10,000	0.1400	1,400.00
09/11/01	JOHNSON & JOHNSON REC 08/21/01 PAY 09/11/01	JNJ	50,000	0.1800	9,000.00
09/14/01	AMERICAN INTERNATIONAL GROUP INC REC 08/09/01 PAY 09/14/01	AIG	20,000	0.0420	840.00
09/28/01	BANK OF AMER CORP REC 09/07/01 PAY 09/28/01	BAC	25,000	0.5600	14,000.00
TOTAL					$39,010.00

INTEREST

DATE	DESCRIPTION	RATE (%)	CREDIT AMOUNT
09/21/01	INTEREST ON CREDIT BALANCE AT 0 1/2% 09/19 THRU 09/20	0.5000	21.75
09/21/01	INTEREST ON CREDIT BALANCE AT 1 1/2% 09/17 THRU 09/18	1.5000	65.24
09/21/01	INTEREST ON CREDIT BALANCE AT 2,000% 08/21 THRU 09/16	2.0000	460.99
TOTAL			$547.98

027 09/29/01;11:41 001 EFTA00197634 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 245 Park Avenue New York, New York 10167 7 of 8 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY This statement is provided to explain Bear, Stearns & Co., Inc.'s ("BSC") payment for order flow practices. ## Your messages BSC routes a majority of orders for customer securities transactions to the primary market for such securities. Orders may also be routed to other market service vendors that assure executions pursuant to complex mathematical formulas at better than the national best bid or best offer (NBBO). BSC receives no cash payment or other consideration for such order routing other than favorable executions or executions of limit orders at no additional charge. Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 Beginning October 31, 2001, you may request the identity of the venue to which any of your orders were routed for execution (if the order was within the six months prior to the request or July 2, 2001, whichever is a later date), whether the order was directed by you to that venue, and the time of the executions, if any, that resulted from such orders. INSTITUTIONAL INTERESTS A/C #2 STATEMENT PERIOD September 1, 2001 THROUGH September 28, 2001 AGCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | August 31, 2001 | | :--- | :--- | 027 09/29/01;11:41 001 V500 EFTA00197635 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 8 of 8 ## Bear, Stearns Securities Corp, Net Capital and Net Capital Requirements: At May 25, 2001 and July 27, 2001, the Company's net capital of $2.7 billion and $2.7 billion was approximately 8.9% and 9.2% of aggregate debit items and exceeded the minimum regulatory net capital requirement of $605.5 million and $585.5 million by $2.1 billion and $2.1 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 TAXPAYER NUMBER On File STATEMENT PERIOD September 1, 2001 INSTITUTIONAL INTERESTS A/C #2 | LAST STATEMENT | August 31, 2001 | | :--- | :--- | THROUGH September 28, 2001 ACCOUNT NUMBER Securities and other assets in your account are the firm's collateral for any margin loan made to you. If the securities and other assets in your account decline in value, so does the value of the collateral supporting your loan, and, as a result, the firm can take action, such as issue a margin call and/or sell securities or other assets in any of your accounts held with the member, in order to maintain the required equity in the account. It is important that you fully understand the risks involved in trading securities on margin. These risks include the following: You can lose more funds than you deposited in the margin account. The firm can force the sale of securities or other assets in your account(s). The firm can sell your securities or other assets without contacting you. You are not entitled to choose which securities or other assets in your account(s) are liquidated or sold to meet a margin call. The firm can increase it's "house" maintenance requirements at any time and is not required to provide you advance written notice. You are not entitled to an extension of time on a margin ******* End of Statement******* 027 09/29/01;11:41 001