EFTA00197661

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

| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | GREENBERG,ALAN C. |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

## What’s In This Statement

<table border="1"><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></table>







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, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



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



INSTITUTIONAL INTERESTS A/C #2



Your Portfolio at a Glance

| STATEMENT PERIOD | March 31, 2001 |

| :--- | :--- |

| THROUGH | April 27, 2001 |

TAXPAYER NUMBER On File

ACCOUNT NUMBER

| LAST STATEMENT | March 30, 2001 |

| :--- | :--- |

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>21,224,275</td></tr><tr><td>NET CREDIT BALANCE</td><td>949,950</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$22,174,225</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>20,621,077</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>1,553,147</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



INSTITUTIONAL INTERESTS A/C #2


STATEMENT BACKER IS PRINTED ON THIS PAGE

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EFTA00197663



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>$195,687.36</td></tr><tr><td>Securities Sold</td><td>740,279.60</td></tr><tr><td>Dividends/Interest</td><td>13,982.80</td></tr><tr><td>Amount Credited</td><td>$754,262.40</td></tr><tr><td>Net Cash Activity</td><td>754,262.40</td></tr><tr><td>ClosingBalance</td><td>$949,949.76</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>195,687.36</td><td>949,949.76</td></tr><tr><td>Net Cash Balance</td><td>$195,687.36</td><td>$949,949.76</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>13,380.00</td><td>87,470.00</td></tr><tr><td>Credit Balance Int.</td><td>602.80</td><td>4,778.58</td></tr><tr><td>Total</td><td>$13,982.80</td><td>$92,248.58</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>949,950</td></tr><tr><td>Equities</td><td>21,224,275</td></tr><tr><td>Total</td><td>$22,174,225</td></tr></table>



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



INSTITUTIONAL INTERESTS A/C #2



<table><thead><tr><th>STATEMENT PERIOD</th><td>March 31, 2001</td></tr></thead><tbody><tr><td>THROUGH</td><td>April 27, 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>March 30, 2001</td></tr></tbody></table>

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.

EFTA00197664



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 border="1"><tr><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>QUANTITY</td><td>PRICE</td><td>MARKET VALUE</td><td>ESTIMATED ANNUAL INCOME</td></tr><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>949,950</td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$949,950</td><td></td></tr></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>AMERICAN HOME PRODUCTS CORP</td><td>AHP</td><td>CASH</td><td>20,000</td><td>57.5200</td><td>1,150,400</td><td>18,400</td><td>1.5994</td></tr><tr><td>AMERICAN INTERNATIONAL GROUP INC</td><td>AIG</td><td>CASH</td><td>20,000</td><td>80.7000</td><td>1,614,000</td><td>2,960</td><td>0.1834</td></tr><tr><td>BANK OF AMER CORP</td><td>BAC</td><td>CASH</td><td>25,000</td><td>56.9200</td><td>1,423,000</td><td>56,000</td><td>3.9353</td></tr><tr><td>BRISTOL MYERS SQUIBB CO</td><td>BMY</td><td>CASH</td><td>20,000</td><td>57.7500</td><td>1,155,000</td><td>22,000</td><td>1.9048</td></tr><tr><td>INTERNATIONAL BUSINESS MACHINES CORP</td><td>IBM</td><td>CASH</td><td>10,000</td><td>116.2000</td><td>1,162,000</td><td>5,600</td><td>0.4819</td></tr><tr><td>JP MORGAN CHASE &amp; CO</td><td>JPM</td><td>CASH</td><td>37,500</td><td>49.8500</td><td>1,869,375</td><td>51,000</td><td>2.7282</td></tr><tr><td>JOHNSON &amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>25,000</td><td>95.3800</td><td>2,384,500</td><td>32,000</td><td>1.3420</td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>CASH</td><td>70,000</td><td>36.2000</td><td>2,534,000</td><td>25,200</td><td>0.9945</td></tr><tr><td>MORGAN STANLEY DEAN WITTER &amp; CO</td><td>MWD</td><td>CASH</td><td>20,000</td><td>65.3000</td><td>1,306,000</td><td>18,400</td><td>1.4089</td></tr><tr><td>PFIZER INC</td><td>PFE</td><td>CASH</td><td>75,000</td><td>43.1200</td><td>3,234,000</td><td>33,000</td><td>1.0204</td></tr><tr><td>PROCTER &amp; GAMBLE CO</td><td>PG</td><td>CASH</td><td>25,000</td><td>59.8300</td><td>1,495,750</td><td>35,000</td><td>2.3400</td></tr><tr><td>VIACOM INC-CL B</td><td>VIAB</td><td>CASH</td><td>37,000</td><td>51.2500</td><td>1,896,250</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$21,224,275</td><td>$299,560</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$21,224,275</td><td>$299,560</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



Bear, Steams Securities Corp.

One Meterotech Center North Brooklyn, New York 11201-3859



INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD March 31, 2001

THROUGH April 27, 2001



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | March 30, 2001 |

| :--- | :--- |

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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 6

Bear, Steams Securities Corp.

One Meterotech Center North Brooklyn, New York 11201-3859



INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD March 31, 2001

## Your Portfolio Holdings (continued)

THROUGH April 27, 2001



ACCOUNT NUMBER



<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$299,560</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$22,174,224</td></tr></table>

TAXPAYER NUMBER On File

| LAST STATEMENT | March 30, 2001 |

| :--- | :--- |



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>04/19/01</td><td>04/18/01</td><td>SOLD</td><td>MBNA CORP<br>NEXT DAY</td><td>KRB</td><td>-2,000</td><td>36.91000</td><td></td><td>73,180.20</td></tr><tr><td>04/23/01</td><td>04/18/01</td><td>SOLD</td><td>MORGAN STANLEY DEAN WITTER &amp; CO<br>AS OF 04/18/01</td><td>MWD</td><td>-10,000</td><td>67.09150</td><td></td><td>667,099.40</td></tr></tbody></table>

<table border="1"><tr><td>TOTAL</td><td>$740,279.60</td></tr></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>04/02/01</td><td>MBNA CORP<br>REC 03/15/01 PAY 04/01/01</td><td>KRB</td><td>72,000</td><td>0.0900</td><td></td><td>6,480.00</td></tr></tbody></table>

027



04/28/01;17:05 001


EFTA00197666



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



6 of 6



INSTITUTIONAL INTERESTS A/C #2



## **Transaction Detail** (continued)

STATEMENT PERIOD March 31, 2001



DIVIDENDS (continued)



THROUGH April 27, 2001



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | March 30, 2001 |

| :--- | :--- |

<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>04/27/01</td><td>MORGAN STANLEY DEAN WITTER &amp; CO<br>REC 04/06/01 PAY 04/27/01</td><td>MWD</td><td>30,000</td><td>0.2300</td><td></td><td>6,900.00</td></tr><tr><td colspan="6">TOTAL</td><td>$13,380.00</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>04/23/01</td><td>INTEREST ON CREDIT BALANCE AT 3,000% 04/18 THRU 04/20</td><td></td><td></td><td>3.0000</td><td></td><td>62.74</td></tr><tr><td>04/23/01</td><td>INTEREST ON CREDIT BALANCE AT 3 1/2% 03/21 THRU 04/17</td><td></td><td></td><td>3.5000</td><td></td><td>540.06</td></tr><tr><td colspan="6">TOTAL</td><td>$602.80</td></tr></tbody></table>





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



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