EFTA00197808

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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





# 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



Your Portfolio at a Glance



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

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>21,369,709</td></tr><tr><td>NET CREDIT BALANCE</td><td>1,685</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>112,548</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$21,483,942</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>20,909,370</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>574,572</td></tr></table>



INSTITUTIONAL INTERESTS A/C #2



TAXPAYER NUMBER On File

| STATEMENT PERIOD | June 28, 2003 |

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| THROUGH | July 25, 2003 |

| LAST STATEMENT | June 27, 2003 |

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AGCOUNT NUMBER

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., 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. |
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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>$21,629.88</td></tr><tr><td>Money Fund</td><td>500,556.95</td></tr><tr><td>Dividends/Interest</td><td>13,205.15</td></tr><tr><td>Amount Credited</td><td>$513,762.10</td></tr><tr><td>Securities Bought</td><td>-533,149.75</td></tr><tr><td>Money Fund</td><td>-556.95</td></tr><tr><td>Amount Debited</td><td>$-533,706.70</td></tr><tr><td>Net Cash Activity</td><td>-19,944.60</td></tr><tr><td>Closing Balance</td><td>$1,685.28</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>21,629.88</td><td>1,685.28</td></tr><tr><td>Net Cash Balance</td><td>$21,629.88</td><td>$1,685.28</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>13,756.95</td><td>159,622.87</td></tr><tr><td>Credit Balance Int.</td><td>5.15</td><td>6,095.36</td></tr><tr><td>Total</td><td>$13,762.10</td><td>$165,718.23</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>114,233</td></tr><tr><td>Equities</td><td>21,369,709</td></tr><tr><td>Total</td><td>$21,483,942</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY







INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD June 28, 2003

THROUGH July 25, 2003



07/26/03;10:33 001




ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | June 27, 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.

EFTA00197811



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>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>1,685</td><td></td><td></td></tr><tr><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CLY<br>DIVIDEND REINVESTED</td><td>BSMXX</td><td>112,547.94</td><td>1.0000</td><td>112,548</td><td>1,035</td><td>0.9196</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$114,233</td><td>$1,035</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>15.3200</td><td>1,532,000</td><td></td><td></td></tr><tr><td>AMERICAN INTERNATIONAL GROUP INC</td><td>AIG</td><td>CASH</td><td>25,000</td><td>64.6500</td><td>1,616,250</td><td>6,500</td><td>0.4022</td></tr><tr><td>BANK OF AMER CORP</td><td>BAC</td><td>CASH</td><td>30,000</td><td>83.5300</td><td>2,505,900</td><td>96,000</td><td>3.8310</td></tr><tr><td>CITIGROUP INC</td><td>C</td><td>CASH</td><td>27,375</td><td>45.7300</td><td>1,251,859</td><td>38,325</td><td>3.0614</td></tr><tr><td>E I D U P O N T DE NEMOURS &amp; CO</td><td>DD</td><td>CASH</td><td>25,000</td><td>44.6900</td><td>1,117,250</td><td>35,000</td><td>3.1327</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>50.7500</td><td>1,522,500</td><td>31,200</td><td>2.0493</td></tr><tr><td>INTERNATIONAL BUSINESS MACHINES CORP</td><td>IBM</td><td>CASH</td><td>20,000</td><td>83.6700</td><td>1,673,400</td><td>12,800</td><td>0.7649</td></tr><tr><td>JOHNSON&amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>60,000</td><td>52.2300</td><td>3,133,800</td><td>57,600</td><td>1.8380</td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>CASH</td><td>100,000</td><td>23.0000</td><td>2,300,000</td><td>40,000</td><td>1.7391</td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY







INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD June 28, 2003

THROUGH July 25, 2003

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | June 27, 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>33.0400</td><td>2,478,000</td><td>45,000</td><td>1.8160</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">89.5500</td><td>2,238,750</td><td>45,500</td><td>2.0324</td></tr><tr><td>$21,369,709</td><td>$407,925</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$21,369,709</td><td>$407,925</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$408,960</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$21,483,942</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY





## INVESTMENT ACTIVITY



Transaction Detail




INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD June 28, 2003

THROUGH July 25, 2003

AGCOUNT NUMBER

| LAST STATEMENT | June 27, 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>07/08/03</td><td>07/02/03</td><td>BOUGHT</td><td>FREDDIE MAC-VOTING COMMON<br>(FORMERLY FEDERAL HOME LOAN MORTGAGE CORP)<br>DISCRETIONARY ORDER</td><td>FRE</td><td>10,000</td><td>53.00000</td><td>533,149.75</td><td></td></tr><tr><td colspan="6">TOTAL</td><td colspan="3">$-533,149.75</td></tr></tbody></table>

TAXPAYER NUMBER On File

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



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY



6 of 7



INSTITUTIONAL INTERESTS A/C #2



## Transaction Detail (continued)

STATEMENT PERIOD June 28, 2003

THROUGH July 25, 2003

## MONEY FUND ACTIVITY

TAXPAYER NUMBER On File

| LAST STATEMENT | June 27, 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>06/28/03</td><td></td><td>OPENINGBALANCE</td><td></td><td>611,990.99</td><td></td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>07/01/03</td><td>DIVIDEND</td><td>BEAR STEARNS PRIME MONEY
MARKET PORTFOLIO CL Y
RECORD 06/30/03 PAY 06/30/03</td><td>BSMXX</td><td></td><td></td><td></td><td>556.95</td></tr><tr><td>07/01/03</td><td>REINVEST</td><td>BEAR STEARNS PRIME MONEY
MARKET PORTFOLIO CL Y
REINVEST PRICE $1,00</td><td>BSMXX</td><td>556.95</td><td></td><td>556.95</td><td></td></tr><tr><td>07/10/03</td><td>SOLD</td><td>BEAR STEARNS PRIME MONEY
MARKET PORTFOLIO CL Y</td><td>BSMXX</td><td>-500,000</td><td>1.0000</td><td></td><td>500,000.00</td></tr><tr><td>07/25/03</td><td></td><td>CLOSINGBALANCE</td><td></td><td>112,547.94</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-556.95</td><td>$500,556.95</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>06/30/03</td><td>FREDDIE MAC-VOTING COMMON<br>(FORMERLY FEDERAL HOME LOAN MORTGAGE CORP)<br>REC 06/16/03 PAY 06/30/03</td><td>FRE</td><td>20,000</td><td>0.2600</td><td></td><td>5,200.00</td></tr><tr><td>07/01/03</td><td>MBNA CORP<br>REC 06/13/03 PAY 07/01/03</td><td>KRB</td><td>100,000</td><td>0.0800</td><td></td><td>8,000.00</td></tr><tr><td colspan="6">TOTAL</td><td>$13,200.00</td></tr></tbody></table>

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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)



INTEREST


STATEMENT PERIOD June 28, 2003

THROUGH July 25, 2003

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | June 27, 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>07/21/03</td><td>INTEREST ON CREDIT BALANCE AT 0 3/4% 06/21 THRU 06/24</td><td></td><td></td><td>0.7500</td><td></td><td>0.17</td></tr><tr><td>07/21/03</td><td>INTEREST ON CREDIT BALANCE AT 0 1/2% 06/25 THRU 07/20</td><td></td><td></td><td>0.5000</td><td></td><td>4.98</td></tr><tr><td colspan="6">TOTAL</td><td>$5.15</td></tr></tbody></table>





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



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