Financial record, 2002-07

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| ACCOUNT EXECUTIVE | GREENBERG,ALAN C. |¶

| TELEPHONE | |¶

| VISIT OUR WEBSITE | www.bearstearns.com |¶

What’s In This Statement¶

Financial Summary	3
Your Portfolio Holdings	4
Transaction Detail	5
Fund Activity	6

Your Portfolio at a Glance¶

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

Market Value of Your Portfolio¶

TOTAL VALUE OF SECURITIES THIS PERIOD	14,636,568
NET CREDIT BALANCE	1,035,294
MONEY MARKET FUND BALANCE	2,001,964
NET EQUITY THIS PERIOD	$17,673,826
NET EQUITY LAST STATEMENT	20,316,814
CHANGE SINCE LAST STATEMENT	-2,642,988

INSTITUTIONAL INTERESTS A/C #2¶

| STATEMENT PERIOD | June 29, 2002 |¶

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| THROUGH | July 26, 2002 |¶

| LAST STATEMENT | June 28, 2002 |¶

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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., 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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STATEMENT BACKER IS PRINTED ON THIS PAGE¶

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Cash Flow Analysis¶

	THIS PERIOD
OpeningBalance	$207,043.26
Securities Sold	822,177.88
Money Fund	1,964.40
Dividends/Interest	6,072.88
Amount Credited	$830,215.16
Money Fund	-1,964.40
Amount Debited	$-1,964.40
Net Cash Activity	828,250.76
Closing Balance	$1,035,294.02

Cash Balance Summary¶

	OPENING	CLOSING
Cash	207,043.26	1,035,294.02
Net Cash Balance	$207,043.26	$1,035,294.02

Income Summary¶

	THIS PERIOD	YEAR TO DATE
Dividends	7,964.40	155,571.90
Credit Balance Int.	72.88	2,129.36
Total	$8,037.28	$157,701.26

Portfolio Composition¶

Cash/Cash Equivalent	3,037,258
Equities	14,636,568
Total	$17,673,826

CLEARED THROUGH ITS¶

WHOLLY OWNED SUBSDIARY¶

STATEMENT PERIOD June 29, 2002¶

INSTITUTIONAL INTERESTS A/C #2¶

THROUGH July 26, 2002¶

ACCOUNT NUMBER¶

Your Portfolio Allocation¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | June 28, 2002 |¶

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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.¶

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BEAR STEARNS¶

OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc.¶

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Your Portfolio Holdings¶

CASH & CASH EQUIVALENTS¶

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
CASH BALANCE				1,035,294
BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y DIVIDEND REINVESTED	BSMXX	2,001,964.40	1.0000	2,001,964	35,435	1.7700
TOTAL CASH & CASH EQUIVALENTS				$3,037,258	$35,435

EQUITIES¶

Equities & Options¶

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURREN YIELD (%)
AMERICAN INTERNATIONAL GROUP INC	AIG	CASH	20,000	56.8200	1,136,400	3,760	0.3309
BANK OF AMER CORP	BAC	CASH	25,000	61.6500	1,541,250	60,000	3.8929
CITIGROUP INC	C	CASH	27,375	30.7400	841,508	19,710	2.3422
GOLDMAN SACHS GROUP INC	GS	CASH	12,000	69.5800	834,960	5,760	0.6899
INTERNATIONAL BUSINESS MACHINES CORP	IBM	CASH	10,000	66.4000	664,000	6,000	0.9036
JOHNSON& JOHNSON	JNJ	CASH	50,000	49.6100	2,480,500	41,000	1.6529
MBNA CORP	KRB	CASH	90,000	17.2500	1,552,500	25,200	1.6232
PFIZER INC	PFE	CASH	75,000	29.4600	2,209,500	39,000	1.7651
PROCTER & GAMBLE CO	PG	CASH	25,000	84.2000	2,105,000	41,000	1.9477
VIACOM INC-CL B	VIAB	CASH	37,000	34.3500	1,270,950
Total Equities& Options					$14,636,568	$241,430
TOTAL EQUITIES					$14,636,568	$241,430

CLEARED THROUGH ITS¶

WHOLLY OWNED SUBSDIARY¶

INSTITUTIONAL INTERESTS A/C #2¶

STATEMENT PERIOD June 29, 2002¶

THROUGH July 26, 2002¶

AGCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | June 28, 2002 |¶

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BEAR STEARNS¶

OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc.¶

CLEARED THROUGH ITS¶

CLEARLY WOUNDED SUBSIDIARY¶

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INSTITUTIONAL INTERESTS A/C #2¶

STATEMENT PERIOD June 29, 2002¶

Your Portfolio Holdings (continued)¶

YOUR TOTAL ESTIMATED ANNUAL INCOME	$276,865
YOUR PRICED PORTFOLIOHOLDINGS	$17,673,826

THROUGH July 26, 2002¶

ACCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | June 28, 2002 |¶

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INVESTMENT ACTIVITY¶

Transaction Detail¶

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
07/12/02	07/09/02	SOLD	WYETH COM AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT DISCRETIONARY ORDER	WYE	-12,000	39.72150		474,243.65
07/19/02	07/16/02	BOUGHT	MBNA CORP STK SPLIT ON 60000 SHS REC 07/01/02 PAY 07/15/02	KRB	30,000
07/24/02	07/19/02	SOLD	WYETH COM AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT	WYE	-12,000	29.24540		347,934.23
TOTAL								$822,177.88

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc.¶

CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY¶

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INSTITUTIONAL INTERESTS A/C #2¶

Transaction Detail (continued)¶

STATEMENT PERIOD June 29, 2002¶

THROUGH July 26, 2002¶

MONEY FUND ACTIVITY¶

| LAST STATEMENT | June 28, 2002 |¶

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TAXPAYER NUMBER On File¶

DATE MO/DAY	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
06/29/02		OPENINGBALANCE		2,000,000
07/01/02	DIVIDEND	BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y RECORD 06/28/02 PAY 06/28/02	BSMXX				1,964.40
07/01/02	REINVEST	BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y REINVEST PRICE $ 1,00	BSMXX	1,964.40		1,964.40
07/26/02		CLOSINGBALANCE		2,001,964.40
TOTAL						-1,964.40	$1,964.40

DIVIDENDS¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE ($)	DEBIT AMOUNT	CREDIT AMOUNT
07/01/02	MBNA CORP	KRB	60,000	0.1000		6,000.00
	REC 06/14/02 PAY 07/01/02
TOTAL							$6,000.00

INTEREST¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE (%)	DEBIT AMOUNT	CREDIT AMOUNT
07/22/02	INTEREST ON CREDIT BALANCE AT 0 1/4% 06/21 THRU 07/20			0.2500		72.88
TOTAL							$72.88

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