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| :--- | :--- |

| ACCOUNT EXECUTIVE | GREENBERG,ALAN C. |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

## What’s In This Statement

Your Portfolio Holdings ... 4

| Transaction Detail | 5 |

| :--- | :--- |

Fund Activity 5

Your Messages ... 7





# 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>17,566,061</td></tr><tr><td>NET CREDIT BALANCE</td><td>943,714</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>677,029</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$19,186,804</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>18,308,773</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>878,030</td></tr></table>

AGCOUNT NUMBER

| LAST STATEMENT | February 28, 2003 |

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INSTITUTIONAL INTERESTS A/C #2



Market Value of Your Portfolio

TAXPAYER NUMBER On File

STATEMENT PERIOD March 1, 2003

THROUGH March 28, 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. |
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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>$909,556.38</td></tr><tr><td>Money Fund</td><td>630.56</td></tr><tr><td>Dividends/Interest</td><td>34,157.42</td></tr><tr><td>Amount Credited</td><td>$34,787.98</td></tr><tr><td>Money Fund</td><td>-630.56</td></tr><tr><td>Amount Debited</td><td>$-630.56</td></tr><tr><td>Net Cash Activity</td><td>34,157.42</td></tr><tr><td>ClosingBalance</td><td>$943,713.80</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>909,556.38</td><td>943,713.80</td></tr><tr><td>Net Cash Balance</td><td>$909,556.38</td><td>$943,713.80</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>34,255.56</td><td>70,313.74</td></tr><tr><td>Credit Balance Int.</td><td>532.42</td><td>3,673.49</td></tr><tr><td>Total</td><td>$34,787.98</td><td>$73,987.23</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>1,620,743</td></tr><tr><td>Equities</td><td>17,566,061</td></tr><tr><td>Total</td><td>$19,186,804</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY







INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD March 1, 2003

THROUGH March 28, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 2003 |

| :--- | :--- |

Your Portfolio Allocation



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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>943,714</td><td></td><td></td></tr><tr><td>BEAR STEARNS PRIME MONEY</td><td>BSMXX</td><td>677,028.81</td><td>1.0000</td><td>677,029</td><td>7,921</td><td>1.1700</td></tr><tr><td>MARKET PORTFOLIO CLY DIVIDEND REINVESTED</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$1,620,743</td><td>$7,921</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>11.3500</td><td>1,135,000</td><td></td><td></td></tr><tr><td>AMERICAN INTERNATIONAL GROUP INC</td><td>AIG</td><td>CASH</td><td>25,000</td><td>49.8500</td><td>1,246,250</td><td>4,700</td><td>0.3771</td></tr><tr><td>BANK OF AMER CORP</td><td>BAC</td><td>CASH</td><td>30,000</td><td>68.5800</td><td>2,057,400</td><td>76,800</td><td>3.7329</td></tr><tr><td>CITIGROUP INC</td><td>C</td><td>CASH</td><td>27,375</td><td>35.4200</td><td>969,623</td><td>21,900</td><td>2.2586</td></tr><tr><td>GOLDMAN SACHS GROUP INC</td><td>GS</td><td>CASH</td><td>12,000</td><td>70.1100</td><td>841,320</td><td>5,760</td><td>0.6846</td></tr><tr><td>INTERNATIONAL BUSINESS MACHINES CORP</td><td>IBM</td><td>CASH</td><td>20,000</td><td>80.7900</td><td>1,615,800</td><td>12,000</td><td>0.7427</td></tr><tr><td>JOHNSON &amp; JOHNSON</td><td>JNU</td><td>CASH</td><td>50,000</td><td>57.3800</td><td>2,869,000</td><td>41,000</td><td>1.4291</td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>CASH</td><td>90,000</td><td>15.4800</td><td>1,393,200</td><td>28,800</td><td>2.0672</td></tr><tr><td>PFIZER INC</td><td>PFE</td><td>CASH</td><td>75,000</td><td>31.8100</td><td>2,385,750</td><td>45,000</td><td>1.8862</td></tr><tr><td>PROCTER &amp; GAMBLE CO</td><td>PG</td><td>CASH</td><td>25,000</td><td>88.6400</td><td>2,216,000</td><td>41,000</td><td>1.8502</td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY







INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD March 1, 2003

THROUGH March 28, 2003

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 2003 |

| :--- | :--- |

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STEARNS


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>VIACOM INC-CL B</td><td>VIAB</td><td>CASH</td><td>22,200</td><td>37.6900</td><td>836,718</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$17,566,061</td><td>$276,960</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$17,566,061</td><td>$276,960</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$284,881</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$19,186,804</td></tr></table>



## MONEY FUND ACTIVITY



Transaction Detail




INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD March 1, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 2003 |

| :--- | :--- |

THROUGH March 28, 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>03/01/03</td><td></td><td>OPENINGBALANCE</td><td></td><td>676,398.25</td><td></td><td></td><td></td></tr><tr><td>03/03/03</td><td>DIVIDEND</td><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y<br>RECORD 02/28/03 PAY 02/28/03</td><td>BSMXX</td><td></td><td></td><td></td><td>630.56</td></tr><tr><td>03/03/03</td><td>REINVEST</td><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y<br>REINVEST PRICE $ 1.00</td><td>BSMXX</td><td>630.56</td><td></td><td>630.56</td><td></td></tr><tr><td>03/28/03</td><td></td><td>CLOSINGBALANCE</td><td></td><td>677,028.81</td><td></td><td></td><td></td></tr><tr><td colspan="4">TOTAL</td><td></td><td></td><td>-630.56</td><td>$630.56</td></tr></tbody></table>

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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)

DIVIDENDS

STATEMENT PERIOD March 1, 2003

THROUGH March 28, 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>03/10/03</td><td>INTERNATIONAL BUSINESS MACHINES CORP REC 02/10/03 PAY 03/10/03</td><td>IBM</td><td>20,000</td><td>0.1500</td><td></td><td>3,000.00</td></tr><tr><td>03/11/03</td><td>JOHNSON &amp; JOHNSON REC 02/18/03 PAY 03/11/03</td><td>JNJ</td><td>50,000</td><td>0.2050</td><td></td><td>10,250.00</td></tr><tr><td>03/21/03</td><td>AMERICAN INTERNATIONAL GROUP INC REC 03/07/03 PAY 03/21/03</td><td>AIG</td><td>25,000</td><td>0.0470</td><td></td><td>1,175.00</td></tr><tr><td>03/28/03</td><td>BANK OF AMER CORP REC 03/07/03 PAY 03/28/03</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>$33,625.00</td></tr></tbody></table>

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 2003 |

| :--- | :--- |



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>03/21/03</td><td>INTEREST ON CREDIT BALANCE AT 0 3/4% 02/21 THRU 03/20</td><td></td><td></td><td>0.7500</td><td></td><td>532.42</td></tr><tr><td colspan="6">TOTAL</td><td>$532.42</td></tr></tbody></table>

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BEAR
STEARNS


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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



7 of 7

At November 30, 2002 and January 31, 2003, the Company's net capital of approximately $2.4 billion and $2.4 billion was approximately 7% and 7% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $716.3 million and $684.1 million by approximately $1.7 billion and $1.7 billion, all respectively.

Bear, Stearns Securities Corp. Net Capital and Net Capital Requirements:

A complete copy of the Bear, Stearns Securities Corp. Statement of Financial Condition is available on the web site www.bearstearns.com . Alternatively, to request a free printed copy please call - toll free - 1-866-299-9331.





INSTITUTIONAL INTERESTS A/C #2



## Your messages



| STATEMENT PERIOD | March 1, 2003 |

| :--- | :--- |

| THROUGH | March 28, 2003 |

<table><tr><td>ACCOUNT NUMBER</td><td></td></tr><tr><td>TAXPAYER NUMBER</td><td>On File</td></tr><tr><td>LAST STATEMENT</td><td>February 28, 2003</td></tr></table>



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




Customers of Bear, Stearns & Co. Inc. may request information on any order executed within the prior six months from the time of the request. Specifically, you may request the identity of the venue to which the identified orders were routed for execution, whether the order was directed by you to that venue, and the time of the executions, if any, that resulted from such orders.

Pursuant to SEC Rule 11Ac1-6, please note the following:

Bear Stearns & Co, Inc. will post its quarterly routing statistics at the following web link: http://www.bearstearns.com/.

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