## Statements

EFTA00197769

| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | GREENBERG,ALAN C. |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

## What’s In This Statement

Financial Summary 3

Transaction Detail ... 3

Fund Activity ... 5

Your Messages 8





# INSTITUTIONAL INTERESTS A/C #2

C/O FINANCIAL TRUST COMPANY

ATTN LARRY KEMP

6100 RED HOOK QUARTER

SUITE B-3

ST THOMAS VI 00802



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY







INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD November 29, 2003

ACCOUNT NUMBER

## Your Portfolio at a Glance

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

THROUGH December 31, 2003

TAXPAYER NUMBER On File

| LAST STATEMENT | November 28, 2003 |

| :--- | :--- |

<table border="1"><tr><td>NET EQUITY THIS PERIOD</td><td>0</td></tr><tr><td></td><td></td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>21,616,835</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-21,616,835</td></tr></table>

Market Value of Your Portfolio

## Important Message

If any information regarding 2003 interest, dividends, miscellaneous income, gross proceeds or original issue discount is required to be reported to the IRS for this account, a Consolidated Form 1099 will be mailed to you by February 2, 2004 or a 1042S by March 15, 2004.

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.

027 01/01/04:12:54 001

EFTA00197770



2 of 8




INSTITUTIONAL INTERESTS A/C #2


STATEMENT BACKER IS PRINTED ON THIS PAGE

027

EFTA00197771

3 of 8

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$9,694.17</td></tr><tr><td>Securities Sold</td><td>21,372,449.58</td></tr><tr><td>Money Fund</td><td>21,486,999.99</td></tr><tr><td>Dividends/Interest</td><td>28,853.18</td></tr><tr><td>Amount Credited</td><td>$42,888,302.75</td></tr><tr><td>Money Fund</td><td>-21,382,225.14</td></tr><tr><td>Dividends/Interest Charged</td><td>-1.53</td></tr><tr><td>Miscellaneous</td><td>-21,515,770.25</td></tr><tr><td>Amount Debited</td><td>$-42,897,996.92</td></tr><tr><td>Net Cash Activity</td><td>-9,694.17</td></tr><tr><td>Closing Balance</td><td>$0.00</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>9,694.17</td><td>0.00</td></tr><tr><td>Net Cash Balance</td><td>$9,694.17</td><td>$0.00</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>33,204.12</td><td>316,229.46</td></tr><tr><td>Credit Balance Int.</td><td>1.65</td><td>6,267.07</td></tr><tr><td>Total</td><td>$33,205.77</td><td>$322,496.53</td></tr></table>



Transaction Detail


## INVESTMENT ACTIVITY



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY







INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD November 29, 2003

<table border="1"><tr><td>SETTLEMENT DATE</td><td>TRADE DATE</td><td>TRANSACTION</td><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>QUANTITY</td><td>PRICE</td><td>DEBIT AMOUNT</td><td>CREDIT AMOUNT</td></tr><tr><td>12/01/03</td><td>11/25/03</td><td>SOLD</td><td>AMERICAN INTERNATIONAL GROUP INC UNSOLICITED AS OF 11/25/03</td><td>AIG</td><td>-25,000</td><td>57.45000</td><td></td><td>1,428,087.56</td></tr></table>

| THROUGH | December 31, 2003 |

| :--- | :--- |



ACCOUNT NUMBER



| LAST STATEMENT | November 28, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File

027



01/01/04;12:54 001


EFTA00197772



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


4 of 8





INSTITUTIONAL INTERESTS A/C #2



## **Transaction Detail** (continued)

STATEMENT PERIOD November 29, 2003

## INVESTMENT ACTIVITY (continued)

THROUGH December 31, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | November 28, 2003 |

| :--- | :--- |

<table><thead><tr><th>SETTLEMENT DATE</th><th>TRADE DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>12/01/03</td><td>11/25/03</td><td>SOLD</td><td>BANK OF AMER CORP<br>AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED</td><td>BAC</td><td>-40,000</td><td>74.82540</td><td></td><td>2,976,864.73</td></tr><tr><td>12/01/03</td><td>11/25/03</td><td>SOLD</td><td>CITIGROUP INC<br>AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED<br>SEE NOTE &#39;S&#39; ON BACK</td><td>C</td><td>-27,375</td><td>46.87010</td><td></td><td>1,275,478.72</td></tr><tr><td>12/01/03</td><td>11/25/03</td><td>SOLD</td><td>FREDDIE MAC-VOTING COMMON (FORMERLY FEDERAL HOME LOAN MORTGAGE CORP)<br>AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED</td><td>FRE</td><td>-30,000</td><td>54.74270</td><td></td><td>1,632,899.05</td></tr><tr><td>12/01/03</td><td>11/25/03</td><td>SOLD</td><td>FANNIE MAE (FEDERAL NATL MTG ASSN) UNSOLICITED</td><td>FNM</td><td>-5,000</td><td>69.55000</td><td></td><td>345,685.25</td></tr><tr><td>12/01/03</td><td>11/25/03</td><td>SOLD</td><td>INTERNATIONAL BUSINESS MACHINES CORP<br>AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED</td><td>IBM</td><td>-20,000</td><td>89.53200</td><td></td><td>1,781,111.76</td></tr><tr><td>12/01/03</td><td>11/25/03</td><td>SOLD</td><td>JOHNSON &amp; JOHNSON<br>AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED</td><td>JNJ</td><td>-60,000</td><td>50.86400</td><td></td><td>3,034,341.12</td></tr><tr><td>12/01/03</td><td>11/25/03</td><td>SOLD</td><td>MBNA CORP<br>AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED</td><td>KRB</td><td>-100,000</td><td>24.19960</td><td></td><td>2,403,223.60</td></tr><tr><td>12/01/03</td><td>11/25/03</td><td>SOLD</td><td>PFIZER INC WITH RIGHTS TO PURCHASE PREFRD STR UNDER CERTAIN CIRCUIMSTANCE AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED</td><td>PFE</td><td>-75,000</td><td>33.40130</td><td></td><td>2,489,313.66</td></tr></tbody></table>

027



01/01/04;12:54 001


EFTA00197773

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



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY






5 of 8





INSTITUTIONAL INTERESTS A/C #2



## **Transaction Detail** (continued)

STATEMENT PERIOD November 29, 2003

## INVESTMENT ACTIVITY (continued)

THROUGH December 31, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | November 28, 2003 |

| :--- | :--- |

<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>12/01/03</td><td>11/25/03</td><td>SOLD</td><td>PROCTER &amp; GAMBLE CO<br>AVG PRICE SHOWN-DETAILS ON REQ<br>ACTUAL CONFIRM TO YOUR AGENT<br>UNSOLICITED<br>SEE NOTE "S" ON BACK</td><td>PG</td><td>-25,000</td><td>96.92600</td><td></td><td>2,410,434.82</td></tr><tr><td>12/01/03</td><td>11/25/03</td><td>SOLD</td><td>TIME WARNER INC<br>NEW<br>UNSOLICITED</td><td>TWX</td><td>-100,000</td><td>16.08000</td><td></td><td>1,595,009.31</td></tr></tbody></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>11/29/03</td><td></td><td>OPENINGBALANCE</td><td></td><td>100,420.73</td><td></td><td></td><td></td></tr></tbody></table>

<table><thead><tr><th>12/01/03</th><td>BOUGHT</td><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y</td><td>BSMXX</td><td>21,382,143.75</td><td>1.0000</td><td>21,382,143.75</td><td></td></tr></thead><tbody><tr><td>12/01/03</td><td>DIVIDEND</td><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y<br>RECORD 11/28/03 PAY 11/28/03</td><td>BSMXX</td><td></td><td></td><td></td><td>81.39</td></tr><tr><td>12/01/03</td><td>REINVEST</td><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y<br>REINVEST PRICE $ 1,00</td><td>BSMXX</td><td>81.39</td><td></td><td>81.39</td><td></td></tr><tr><td>12/09/03</td><td>SOLD</td><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y</td><td>BSMXX</td><td>-21,482,645.87</td><td>1.0000</td><td></td><td>21,482,645.87</td></tr><tr><td>12/09/03</td><td>DIVIDEND</td><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y<br>DIV</td><td>BSMXX</td><td></td><td></td><td></td><td>4,272.73</td></tr></tbody></table>

027



01/01/04;12:54 001


EFTA00197774



BEAR
STEARNS


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



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY




6 of 8



INSTITUTIONAL INTERESTS A/C #2



## Transaction Detail (continued)

STATEMENT PERIOD November 29, 2003

THROUGH December 31, 2003

MONEY FUND ACTIVITY (continued)



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | November 28, 2003 |

| :--- | :--- |

<table border="1"><tr><td>DATE MO/DAY</td><td>TRANSACTION</td><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>QUANTITY</td><td>PRICE</td><td>DEBIT AMOUNT</td><td>CREDIT AMOUNT</td></tr><tr><td>12/31/03</td><td></td><td>CLOSINGBALANCE</td><td></td><td>0.00</td><td></td><td></td><td></td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td></td><td>-21,382,225.14</td><td>$21,486,999.99</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>12/04/03</td><td>PFIZER INC<br>REC 11/14/03 PAY 12/04/03<br>CHG VS A/O &amp; CXL TRADES</td><td>PFE</td><td>75,000</td><td>0.1500</td><td></td><td>11,250.00</td></tr><tr><td>12/09/03</td><td>JOHNSON &amp; JOHNSON<br>REC 11/18/03 PAY 12/09/03</td><td>JNJ</td><td>60,000</td><td>0.2400</td><td></td><td>14,400.00</td></tr><tr><td>12/10/03</td><td>INTERNATIONAL BUSINESS<br>MACHINES CORP<br>REC 11/10/03 PAY 12/10/03</td><td>IBM</td><td>20,000</td><td>0.1600</td><td></td><td>3,200.00</td></tr><tr><td colspan="6">TOTAL</td><td>$28,850.00</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>12/12/03</td><td>INTEREST ON CREDIT BALANCE<br>CR INT CALCULATED<br>11/21-12/1103</td><td></td><td></td><td></td><td></td><td>1.53</td></tr><tr><td>12/22/03</td><td>INTEREST ON CREDIT BALANCE<br>ADJ 12/22/03 CRINT VS 12/12/03<br>ENTRY</td><td></td><td></td><td></td><td>1.53</td><td></td></tr></tbody></table>

027



01/01/04;12:54 001


EFTA00197775



BEAR
STEARNS


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



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



7 of 8





INSTITUTIONAL INTERESTS A/C #2



## **Transaction Detail** (continued)



INTEREST (continued)



STATEMENT PERIOD November 29, 2003

THROUGH December 31, 2003

<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>12/22/03</td><td>INTEREST ON CREDIT BALANCE<br>ACCT 049-51880<br>AT 00,50000% 11/21 - 12/20</td><td></td><td></td><td></td><td></td><td>1.65</td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td>-1.53</td><td>$3.18</td></tr></tbody></table>

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | November 28, 2003 |

| :--- | :--- |

## 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>12/09/03</td><td>JOURNAL</td><td>TO PER LOA</td><td>21,512,570.05</td><td></td></tr><tr><td>12/15/03</td><td>JOURNAL</td><td>TO TO COMP</td><td>3,200.08</td><td></td></tr><tr><td>12/30/03</td><td>JOURNAL</td><td>ADJUST BALANCE</td><td>0.12</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-21,515,770.25</td><td></td></tr></tbody></table>

027



01/01/04;12:54 001


EFTA00197776



BEAR
STEARNS


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

8 of 8



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



## Your messages

As part of the National Association of Securities Dealer's (NASD) Investor Education Program, you may obtain information on the NASD's Public Disclosure Program by contacting the NASD at telephone number (800) 289-9999 or via the internet address which is www.nasdr.com. In addition, a brochure explaining the Public Disclosure Program is available from the NASD upon request.





INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD November 29, 2003



THROUGH December 31, 2003

| LAST STATEMENT | November 28, 2003 |

| :--- | :--- |

Excess SIPC Account Protection Update

Bear, Stearns Securities Corp. ("BSSC"), a member of the Securities Investor Protection Corporation ("SIPC"), provides account protection for the net equity of a customer's funds and securities positions. SIPC provides $500,000 of primary net equity protection, including $100,000 for claims for cash ("SIPC Coverage"). Visit www.sipc.org for more information about SIPC Coverage.

BSSC provides the additional protection ("Excess SIPC") through a commercial insurer. Effective February 16, 2004, the commercial insurer for Excess SIPC will change to Customer Asset Protection Company ("CAPCO"), a licensed New York insurance company. Account protection applies when a SIPC member firm fails financially and is unable to meet its obligations to its securities customers, but does not apply to losses from the rise or fall in the market value of investments or to SIPC ineligible assets such as options, futures, foreign exchange transactions, or any investment contracts that are not registered as securities.



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


027



01/01/04;12:54 001