EFTA00197815

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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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



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







INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD May 31, 2003

AGCOUNT NUMBER

THROUGH June 27, 2003

TAXPAYER NUMBER On File

| LAST STATEMENT | May 30, 2003 |

| :--- | :--- |

Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>20,275,749</td></tr><tr><td>NET CREDIT BALANCE</td><td>21,630</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>611,991</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$20,909,370</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>20,677,883</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>231,487</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

Confirmation: Unless we hear from you to the contrary, it is our understanding that any free credit balances in your account are being maintained to facilitate your intention to invest such amounts through us.

## Important Message

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>$2,032,811.00</td></tr><tr><td>Money Fund</td><td>67,642.13</td></tr><tr><td>Dividends/Interest</td><td>50,112.00</td></tr><tr><td>Amount Credited</td><td>$117,754.13</td></tr><tr><td>Securities Bought</td><td>-2,128,293.12</td></tr><tr><td>Money Fund</td><td>-642.13</td></tr><tr><td>Amount Debited</td><td>$-2,128,935.25</td></tr><tr><td>Net Cash Activity</td><td>-2,011,181.12</td></tr><tr><td>Closing Balance</td><td>$21,629.88</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>2,032,811.00</td><td>21,629.88</td></tr><tr><td>Net Cash Balance</td><td>$2,032,811.00</td><td>$21,629.88</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>49,867.13</td><td>145,865.92</td></tr><tr><td>Credit Balance Int.</td><td>887.00</td><td>6,090.21</td></tr><tr><td>Total</td><td>$50,754.13</td><td>$151,956.13</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>633,621</td></tr><tr><td>Equities</td><td>20,275,749</td></tr><tr><td>Total</td><td>$20,909,370</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY







INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD May 31, 2003

THROUGH June 27, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File



06/28/03;12:00 001


| LAST STATEMENT | May 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.

EFTA00197818



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>21,630</td><td></td><td></td></tr><tr><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CLY<br>DIVIDEND REINVESTED</td><td>BSMXX</td><td>611,990.99</td><td>1.0000</td><td>611,991</td><td>6,304</td><td>1.0301</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$633,621</td><td>$6,304</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>15.8200</td><td>1,582,000</td><td></td><td></td></tr><tr><td>AMERICAN INTERNATIONAL GROUP INC</td><td>AIG</td><td>CASH</td><td>25,000</td><td>55.6900</td><td>1,392,250</td><td>5,200</td><td>0.3735</td></tr><tr><td>BANK OF AMER CORP</td><td>BAC</td><td>CASH</td><td>30,000</td><td>79.6100</td><td>2,388,300</td><td>96,000</td><td>4.0196</td></tr><tr><td>CITIGROUP INC</td><td>C</td><td>CASH</td><td>27,375</td><td>43.0100</td><td>1,177,399</td><td>21,900</td><td>1.8600</td></tr><tr><td>E I DU PONT DE NEMOURS &amp; CO</td><td>DD</td><td>CASH</td><td>25,000</td><td>41.8300</td><td>1,045,750</td><td>35,000</td><td>3.3469</td></tr><tr><td>FREDDIE MAC-VOTING COMMON (FORMERLY FEDERAL HOME LOAN MORTGAGE CORP)</td><td>FRE</td><td>CASH</td><td>20,000</td><td>50.0000</td><td>1,000,000</td><td>20,800</td><td>2.0800</td></tr><tr><td>INTERNATIONAL BUSINESS MACHINES CORP</td><td>IBM</td><td>CASH</td><td>20,000</td><td>83.4200</td><td>1,668,400</td><td>12,800</td><td>0.7672</td></tr><tr><td>JOHNSON&amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>60,000</td><td>51.5400</td><td>3,092,400</td><td>57,600</td><td>1.8626</td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>CASH</td><td>100,000</td><td>20.7500</td><td>2,075,000</td><td>32,000</td><td>1.5422</td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY







INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD May 31, 2003

THROUGH June 27, 2003

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | May 30, 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>35.0000</td><td>2,625,000</td><td>45,000</td><td>1.7143</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">89.1700</td><td>2,229,250</td><td>41,000</td><td>1.8392</td></tr><tr><td>$20,275,749</td><td>$367,300</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$20,275,749</td><td>$367,300</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$373,604</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$20,909,370</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY





## INVESTMENT ACTIVITY



Transaction Detail




INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD May 31, 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>06/09/03</td><td>06/04/03</td><td>BOUGHT</td><td>E I DU PONT DE NEMOURS &amp; CO<br>DISCRETIONARY ORDER<br>PART OF 25000 SHR</td><td>DD</td><td>200</td><td>43.30000</td><td>8,711.96</td><td></td></tr><tr><td>06/09/03</td><td>06/04/03</td><td>BOUGHT</td><td>E I DU PONT DE NEMOURS &amp; CO<br>DISCRETIONARY ORDER<br>PART OF 25000 SHR</td><td>DD</td><td>1,500</td><td>43.32000</td><td>65,369.70</td><td></td></tr><tr><td>06/09/03</td><td>06/04/03</td><td>BOUGHT</td><td>E I DU PONT DE NEMOURS &amp; CO<br>DISCRETIONARY ORDER<br>PART OF 25000 SHR</td><td>DD</td><td>23,300</td><td>43.45000</td><td>1,018,439.30</td><td></td></tr></tbody></table>

ACCOUNT NUMBER

| THROUGH | June 27, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File

| LAST STATEMENT | May 30, 2003 |

| :--- | :--- |

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BEAR
STEARNS


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 May 31, 2003

INVESTMENT ACTIVITY (continued)

THROUGH June 27, 2003

| LAST STATEMENT | May 30, 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>06/13/03</td><td>06/10/03</td><td>BOUGHT</td><td>FREDDIE MAC-VOTING COMMON<br>(FORMERLY FEDERAL HOME LOAN MORTGAGE CORP)<br>AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT DISCRETIONARY ORDER</td><td>FRE</td><td>20,000</td><td>51.49010</td><td>1,035,772.16</td><td></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>05/31/03</td><td></td><td>OPENINGBALANCE</td><td></td><td>678,348.86</td><td></td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>06/02/03</td><td>DIVIDEND</td><td>BEAR STEARNS PRIME MONEY
MARKET PORTFOLIO CL Y
RECORD 05/30/03 PAY 05/30/03</td><td>BSMXX</td><td></td><td></td><td></td><td>642.13</td></tr><tr><td>06/02/03</td><td>REINVEST</td><td>BEAR STEARNS PRIME MONEY
MARKET PORTFOLIO CL Y
REINVEST PRICE $1,00</td><td>BSMXX</td><td>642.13</td><td></td><td>642.13</td><td></td></tr><tr><td>06/12/03</td><td>SOLD</td><td>BEAR STEARNS PRIME MONEY
MARKET PORTFOLIO CL Y</td><td>BSMXX</td><td>-67,000</td><td>1.0000</td><td></td><td>67,000.00</td></tr><tr><td>06/27/03</td><td></td><td>CLOSINGBALANCE</td><td></td><td>611,990.99</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-642.13</td><td>$67,642.13</td></tr></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)

STATEMENT PERIOD May 31, 2003

## DIVIDENDS

THROUGH June 27, 2003

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | May 30, 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>06/05/03</td><td>PFIZER INC<br>REC 05/16/03 PAY 06/05/03</td><td>PFE</td><td>75,000</td><td>0.1500</td><td></td><td>11,250.00</td></tr><tr><td>06/10/03</td><td>INTERNATIONAL BUSINESS<br>MACHINES CORP<br>REC 05/09/03 PAY 06/10/03</td><td>IBM</td><td>20,000</td><td>0.1600</td><td></td><td>3,200.00</td></tr><tr><td>06/10/03</td><td>JOHNSON &amp; JOHNSON<br>REC 05/20/03 PAY 06/10/03</td><td>JNJ</td><td>60,000</td><td>0.2400</td><td></td><td>14,400.00</td></tr><tr><td>06/20/03</td><td>AMERICAN INTERNATIONAL GROUP<br>INC<br>REC 06/06/03 PAY 06/20/03</td><td>AIG</td><td>25,000</td><td>0.0470</td><td></td><td>1,175.00</td></tr><tr><td>06/27/03</td><td>BANK OF AMER CORP<br>REC 06/06/03 PAY 06/27/03</td><td>BAC</td><td>30,000</td><td>0.6400</td><td></td><td>19,200.00</td></tr><tr><td colspan="6">TOTAL</td><td>$49,225.00</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>06/23/03</td><td>INTEREST ON CREDIT BALANCE AT 0 3/4% 05/21 THRU 06/20</td><td></td><td></td><td>0.7500</td><td></td><td>887.00</td></tr><tr><td colspan="7">TOTAL</td><td>$887.00</td></tr></tbody></table>



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


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