EFTA00197802

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| :--- | :--- |

| ACCOUNT EXECUTIVE | GREENBERG,ALAN C. |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

## What’s In This Statement



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Your Portfolio Holdings ... 4

Financial Summary 3

Transaction Detail ... 5

Fund Activity 5





# INSTITUTIONAL INTERESTS A/C #2

C/O FINANCIAL TRUST COMPANY

ATTN LARRY KEMP

*

6100 RED HOOK QUARTER

SUITE B-3

ST THOMAS VI 00802





INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD July 26, 2003

AGCOUNT NUMBER

THROUGH August 29, 2003

TAXPAYER NUMBER On File

| LAST STATEMENT | July 25, 2003 |

| :--- | :--- |

Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>20,777,706</td></tr><tr><td>NET CREDIT BALANCE</td><td>22,643</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>112,754</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$20,913,103</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>21,483,942</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-570,839</td></tr></table>

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

Market Value of Your Portfolio

## Important Message

Bear Stearns is pleased to announce our conversion to a calendar month-end statement. Effective September 2003, your account statement will reflect all activity and account valuation up to and including the last business day of the month.

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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INSTITUTIONAL INTERESTS A/C #2


STATEMENT BACKER IS PRINTED ON THIS PAGE

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## Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$1,685.28</td></tr><tr><td>Money Fund</td><td>206.19</td></tr><tr><td>Dividends/Interest</td><td>20,957.92</td></tr><tr><td>Amount Credited</td><td>$21,164.11</td></tr><tr><td>Money Fund</td><td>-206.19</td></tr><tr><td>Amount Debited</td><td>$-206.19</td></tr><tr><td>Net Cash Activity</td><td>20,957.92</td></tr><tr><td>ClosingBalance</td><td>$22,643.20</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>1,685.28</td><td>22,643.20</td></tr><tr><td>Net Cash Balance</td><td>$1,685.28</td><td>$22,643.20</td></tr></table>

Income Summary

<table border="1"><tr><td></td><td>THIS PERIOD</td><td>YEAR TO DATE</td></tr><tr><td>Dividends</td><td>21,162.44</td><td>180,785.31</td></tr><tr><td>Credit Balance Int.</td><td>1.67</td><td>6,097.03</td></tr><tr><td>Total</td><td>$21,164.11</td><td>$186,882.34</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>135,397</td></tr><tr><td>Equities</td><td>20,777,706</td></tr><tr><td>Total</td><td>$20,913,103</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY







INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD July 26, 2003

THROUGH August 29, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | July 25, 2003 |

| :--- | :--- |

Your Portfolio Allocation



08/30/03;13:45 001


Unshaded portions denote debit balance and/or short market values. The allocation percentage is derived from the absolute market value of your portfolio.

EFTA00197805



BEAR
STEARNS


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

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## Your Portfolio Holdings

## CASH & CASH EQUIVALENTS

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th><th>ESTIMATED ANNUAL INCOME</th><th>CURRENТ YIELD (%)</th></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>22,643</td><td></td><td></td></tr><tr><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CLY<br>DIVIDEND REINVESTED</td><td>BSMXX</td><td>112,754.13</td><td>1.0000</td><td>112,754</td><td>1,026</td><td>0.9099</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$135,397</td><td>$1,026</td><td></td></tr></tbody></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>AOL TIME WARNER INC</td><td>AOL</td><td>CASH</td><td>100,000</td><td>16.3600</td><td>1,636,000</td><td></td><td></td></tr><tr><td>AMERICAN INTERNATIONAL GROUP INC</td><td>AIG</td><td>CASH</td><td>25,000</td><td>59.5700</td><td>1,489,250</td><td>6,500</td><td>0.4365</td></tr><tr><td>BANK OF AMER CORP</td><td>BAC</td><td>CASH</td><td>30,000</td><td>79.2500</td><td>2,377,500</td><td>96,000</td><td>4.0379</td></tr><tr><td>CITIGROUP INC</td><td>C</td><td>CASH</td><td>27,375</td><td>43.3500</td><td>1,186,706</td><td>38,325</td><td>3.2295</td></tr><tr><td>E I DU PONT DE NEMOURS &amp; CO</td><td>DD</td><td>CASH</td><td>25,000</td><td>44.7400</td><td>1,118,500</td><td>35,000</td><td>3.1292</td></tr><tr><td>FREDDIE MAC-VOTING COMMON (FORMERLY FEDERAL HOME LOAN MORTGAGE CORP)</td><td>FRE</td><td>CASH</td><td>30,000</td><td>53.1500</td><td>1,594,500</td><td>31,200</td><td>1.9567</td></tr><tr><td>INTERNATIONAL BUSINESS MACHINES CORP</td><td>IBM</td><td>CASH</td><td>20,000</td><td>82.0100</td><td>1,640,200</td><td>12,800</td><td>0.7804</td></tr><tr><td>JOHNSON&amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>60,000</td><td>49.5800</td><td>2,974,800</td><td>57,600</td><td>1.9363</td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>CASH</td><td>100,000</td><td>23.3400</td><td>2,334,000</td><td>40,000</td><td>1.7138</td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY







INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD July 26, 2003

THROUGH August 29, 2003

AGCOUNT NUMBER

TAXPAYER NUMBER On File

LAST STATEMENT July 25, 2003

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

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## Your Portfolio Holdings (continued)

Equities & Options (continued)

<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>PFIZER INC</td><td>PFE</td><td>CASH</td><td>75,000</td><td>29.9200</td><td>2,244,000</td><td>45,000</td><td>2.0053</td></tr><tr><td rowspan="2">PROCTER &amp; GAMBLE CO Total Equities&amp; Options</td><td rowspan="2">PG</td><td rowspan="2">CASH</td><td rowspan="2">25,000</td><td rowspan="2">87.2900</td><td>2,182,250</td><td>45,500</td><td>2.0850</td></tr><tr><td>$20,777,706</td><td>$407,925</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$20,777,706</td><td>$407,925</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$408,951</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$20,913,103</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY





## MONEY FUND ACTIVITY



Transaction Detail




INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD July 26, 2003

<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>07/26/03</td><td></td><td>OPENINGBALANCE</td><td></td><td>112,547.94</td><td></td><td></td><td></td></tr></tbody></table>



ACCOUNT NUMBER



| LAST STATEMENT | July 25, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File

THROUGH August 29, 2003

<table border="1"><tr><td>08/01/03</td><td>DIVIDEND</td><td>BEAR STEARNS PRIME MONEY
MARKET PORTFOLIO CL Y
RECORD 07/31/03 PAY 07/31/03</td><td>BSMXX</td><td></td><td>206.19</td></tr><tr><td>08/01/03</td><td>REINVEST</td><td>BEAR STEARNS PRIME MONEY
MARKET PORTFOLIO CL Y
REINVEST PRICE $1.00</td><td>BSMXX</td><td>206.19</td><td>206.19</td></tr></table>

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



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY





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INSTITUTIONAL INTERESTS A/C #2



## **Transaction Detail** (continued)

STATEMENT PERIOD July 26, 2003

THROUGH August 29, 2003

MONEY FUND ACTIVITY (continued)



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | July 25, 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>08/29/03</td><td></td><td>CLOSINGBALANCE</td><td></td><td>112,754.13</td><td></td><td></td><td></td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td></td><td>-206.19</td><td>$206.19</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>08/15/03</td><td>PROCTER &amp; GAMBLE CO<br>REC 07/18/03 PAY 08/15/03</td><td>PG</td><td>25,000</td><td>0.4550</td><td></td><td>11,375.00</td></tr><tr><td>08/22/03</td><td>CITIGROUP INC<br>REC 08/04/03 PAY 08/22/03</td><td>C</td><td>27,375</td><td>0.3500</td><td></td><td>9,581.25</td></tr><tr><td colspan="6">TOTAL</td><td>$20,956.25</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>08/21/03</td><td>INTEREST ON CREDIT BALANCE AT 0 1/2% 07/21 THRU 08/20</td><td></td><td></td><td>0.5000</td><td></td><td>1.67</td></tr><tr><td colspan="7">TOTAL</td><td>$1.67</td></tr></tbody></table>

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