EFTA00197786 | | | | :--- | :--- | | 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 # INSTITUTIONAL INTERESTS A/C #2 C/O FINANCIAL TRUST COMPANY ATTN LARRY KEMP 6100 RED HOOK QUARTER SUITE B-3 ST THOMAS VI 00802 Your Portfolio at a Glance CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

TOTAL VALUE OF SECURITIES THIS PERIOD	21,172,075
NET CREDIT BALANCE	328,765
MONEY MARKET FUND BALANCE	112,926
NET EQUITY THIS PERIOD	$21,613,766
NET EQUITY LAST STATEMENT	20,934,613
CHANGE SINCE LAST STATEMENT	679,153

There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account. | LAST STATEMENT | September 30, 2003 | | :--- | :--- | AGCOUNT NUMBER Market Value of Your Portfolio TAXPAYER NUMBER On File INSTITUTIONAL INTERESTS A/C #2 THROUGH October 31, 2003 STATEMENT PERIOD October 1, 2003 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. | SIPC | 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 | 11/01/03;14:02 001 | EFTA00197787 2 of 7 INSTITUTIONAL INTERESTS A/C #2 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 EFTA00197788 3 of 7 ## Cash Flow Analysis

	THIS PERIOD
OpeningBalance	$93,684.50
Securities Sold	974,146.37
Money Fund	84.27
Dividends/Interest	10,039.17
Amount Credited	$984,269.81
Securities Bought	-749,105.41
Money Fund	-84.27
Amount Debited	$-749,189.68
Net Cash Activity	235,080.13
Closing Balance	$328,764.63

Cash Balance Summary

	OPENING	CLOSING
Cash	93,684.50	328,764.63
Net Cash Balance	$93,684.50	$328,764.63

Income Summary

	THIS PERIOD	YEAR TO DATE
Dividends	10,084.27	261,982.37
Credit Balance Int.	39.17	6,152.50
Total	$10,123.44	$268,134.87

Portfolio Composition

Cash/Cash Equivalent	441,691
Equities	21,172,075
Total	$21,613,766

CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY INSTITUTIONAL INTERESTS A/C #2 STATEMENT PERIOD October 1, 2003 | THROUGH | October 31, 2003 | | :--- | :--- | ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | September 30, 2003 | | :--- | :--- | 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. EFTA00197789 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 4 of 7 ## Your Portfolio Holdings ## CASH & CASH EQUIVALENTS

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENТ YIELD (%)
CASH BALANCE				328,765
BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CLY DIVIDEND REINVESTED	BSMXX	112,926.19	1.0000	112,926	1,028	0.9103
TOTAL CASH & CASH EQUIVALENTS				$441,691	$1,028

## EQUITIES ## Equities & Options

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
AMERICAN INTERNATIONAL GROUP INC	AIG	CASH	25,000	60.8300	1,520,750	6,500	0.4274
BANK OF AMER CORP	BAC	CASH	40,000	75.7300	3,029,200	128,000	4.2255
CITIGROUP INC	C	CASH	27,375	47.4000	1,297,575	38,325	2.9536
FREDDIE MAC-VOTING COMMON (FORMERLY FEDERAL HOME LOAN MORTGAGE CORP)	FRE	CASH	30,000	56.1300	1,683,900	31,200	1.8528
INTERNATIONAL BUSINESS MACHINES CORP	IBM	CASH	20,000	89.4800	1,789,600	12,800	0.7152
JOHNSON & JOHNSON	JNJ	CASH	60,000	50.3300	3,019,800	57,600	1.9074
MBNA CORP	KRB	CASH	100,000	24.7500	2,475,000	40,000	1.6162
PFIZER INC	PFE	CASH	75,000	31.6000	2,370,000	45,000	1.8987
PROCTER & GAMBLE CO	PG	CASH	25,000	98.2900	2,457,250	45,500	1.8517

CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY INSTITUTIONAL INTERESTS A/C #2 STATEMENT PERIOD October 1, 2003 THROUGH October 31, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | September 30, 2003 | | :--- | :--- | 027 11/01/03;14:02 001 EFTA00197790 OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 5 of 7 ## Your Portfolio Holdings (continued) Equities & Options (continued)

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME
TIME WARNER INC NEW	TWX	CASH	100,000	15.2900	1,529,000
Total Equities& Options					$21,172,075	$404,925
TOTAL EQUITIES					$21,172,075	$404,925

CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY

YOUR TOTAL ESTIMATED ANNUAL INCOME	$405,953
YOUR PRICED PORTFOLIOHOLDINGS	$21,613,766

## INVESTMENT ACTIVITY Transaction Detail INSTITUTIONAL INTERESTS A/C #2 STATEMENT PERIOD October 1, 2003 THROUGH October 31, 2003 ACCOUNT NUMBER

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	CREDIT AMOUNT
10/16/03		NAME CHG	AOL TIME WARNER INC A011234 TO T007117 N/C TIME WARNER INC	00184A105	-100,000
10/16/03		NAME CHG	TIME WARNER INC NEW T007117 FROM A011234 N/C TIME WARNER INC	TWX	100,000
10/27/03	10/22/03	SOLD	E I D U P O N T DE NEMOURS & CO AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT DISCRETIONARY ORDER	DD	-25,000	39.20820	974,146.37

TAXPAYER NUMBER On File | LAST STATEMENT | September 30, 2003 | | :--- | :--- | 027 11/01/03;14:02 001 EFTA00197791 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 6 of 7 INSTITUTIONAL INTERESTS A/C #2 ## **Transaction Detail** (continued) STATEMENT PERIOD October 1, 2003 THROUGH October 31, 2003 INVESTMENT ACTIVITY (continued)

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
10/30/03	10/27/03	BOUGHT	BANK OF AMER CORP AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT DISCRETIONARY ORDER	BAC	10,000	74.49740	749,105.41
TOTAL						-749,105.41	$974,146.37

## MONEY FUND ACTIVITY

DATE MO/DAY	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
10/01/03		OPENINGBALANCE		112,841.92
10/01/03	DIVIDEND	BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y RECORD 09/30/03 PAY 09/30/03	BSMXX			84.27
10/01/03	REINVEST	BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y REINVEST PRICE $ 1,00	BSMXX	84.27	84.27
10/31/03		CLOSINGBALANCE		112,926.19
TOTAL					-84.27	$84.27

027 11/01/03;14:02 001 EFTA00197792 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 7 of 7 INSTITUTIONAL INTERESTS A/C #2 ## **Transaction Detail** (continued) ## DIVIDENDS STATEMENT PERIOD October 1, 2003 THROUGH October 31, 2003

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE ($)	CREDIT AMOUNT
10/01/03	MBNA CORP	KRB	100,000	0.1000	10,000.00
10/01/03	REC 09/15/03 PAY 10/01/03
TOTAL					$10,000.00

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE (%)	DEBIT AMOUNT	CREDIT AMOUNT
10/21/03	INTEREST ON CREDIT BALANCE AT 0 1/2% 09/21 THRU 10/20			0.5000		39.17
TOTAL						$39.17

INTEREST ******* End of Statement******* 027 11/01/03;14:02 001