Financial record, 2003-03

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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 |¶

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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.¶

TOTAL VALUE OF SECURITIES THIS PERIOD	17,566,061
NET CREDIT BALANCE	943,714
MONEY MARKET FUND BALANCE	677,029
NET EQUITY THIS PERIOD	$19,186,804
NET EQUITY LAST STATEMENT	18,308,773
CHANGE SINCE LAST STATEMENT	878,030

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¶

	THIS PERIOD
OpeningBalance	$909,556.38
Money Fund	630.56
Dividends/Interest	34,157.42
Amount Credited	$34,787.98
Money Fund	-630.56
Amount Debited	$-630.56
Net Cash Activity	34,157.42
ClosingBalance	$943,713.80

Cash Balance Summary¶

	OPENING	CLOSING
Cash	909,556.38	943,713.80
Net Cash Balance	$909,556.38	$943,713.80

Income Summary¶

	THIS PERIOD	YEAR TO DATE
Dividends	34,255.56	70,313.74
Credit Balance Int.	532.42	3,673.49
Total	$34,787.98	$73,987.23

Portfolio Composition¶

Cash/Cash Equivalent	1,620,743
Equities	17,566,061
Total	$19,186,804

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 |¶

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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¶

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
CASH BALANCE				943,714
BEAR STEARNS PRIME MONEY	BSMXX	677,028.81	1.0000	677,029	7,921	1.1700
MARKET PORTFOLIO CLY DIVIDEND REINVESTED
TOTAL CASH & CASH EQUIVALENTS				$1,620,743	$7,921

EQUITIES¶

Equities & Options¶

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
AOL TIME WARNER INC	AOL	CASH	100,000	11.3500	1,135,000
AMERICAN INTERNATIONAL GROUP INC	AIG	CASH	25,000	49.8500	1,246,250	4,700	0.3771
BANK OF AMER CORP	BAC	CASH	30,000	68.5800	2,057,400	76,800	3.7329
CITIGROUP INC	C	CASH	27,375	35.4200	969,623	21,900	2.2586
GOLDMAN SACHS GROUP INC	GS	CASH	12,000	70.1100	841,320	5,760	0.6846
INTERNATIONAL BUSINESS MACHINES CORP	IBM	CASH	20,000	80.7900	1,615,800	12,000	0.7427
JOHNSON & JOHNSON	JNU	CASH	50,000	57.3800	2,869,000	41,000	1.4291
MBNA CORP	KRB	CASH	90,000	15.4800	1,393,200	28,800	2.0672
PFIZER INC	PFE	CASH	75,000	31.8100	2,385,750	45,000	1.8862
PROCTER & GAMBLE CO	PG	CASH	25,000	88.6400	2,216,000	41,000	1.8502

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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BEAR STEARNS¶

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

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Your Portfolio Holdings (continued)¶

Equities & Options (continued)¶

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
VIACOM INC-CL B	VIAB	CASH	22,200	37.6900	836,718
Total Equities& Options					$17,566,061	$276,960
TOTAL EQUITIES					$17,566,061	$276,960

CLEARED THROUGH ITS¶

WHOLLY OWNED SUBSDIARY¶

YOUR TOTAL ESTIMATED ANNUAL INCOME	$284,881
YOUR PRICED PORTFOLIOHOLDINGS	$19,186,804

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 |¶

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THROUGH March 28, 2003¶

DATE MO/DAY	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
03/01/03		OPENINGBALANCE		676,398.25
03/03/03	DIVIDEND	BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y RECORD 02/28/03 PAY 02/28/03	BSMXX				630.56
03/03/03	REINVEST	BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y REINVEST PRICE $ 1.00	BSMXX	630.56		630.56
03/28/03		CLOSINGBALANCE		677,028.81
TOTAL						-630.56	$630.56

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BEAR STEARNS¶

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

CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY¶

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Transaction Detail (continued)¶

DIVIDENDS¶

STATEMENT PERIOD March 1, 2003¶

THROUGH March 28, 2003¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE ($)	DEBIT AMOUNT	CREDIT AMOUNT
03/10/03	INTERNATIONAL BUSINESS MACHINES CORP REC 02/10/03 PAY 03/10/03	IBM	20,000	0.1500		3,000.00
03/11/03	JOHNSON & JOHNSON REC 02/18/03 PAY 03/11/03	JNJ	50,000	0.2050		10,250.00
03/21/03	AMERICAN INTERNATIONAL GROUP INC REC 03/07/03 PAY 03/21/03	AIG	25,000	0.0470		1,175.00
03/28/03	BANK OF AMER CORP REC 03/07/03 PAY 03/28/03	BAC	30,000	0.6400		19,200.00
TOTAL						$33,625.00

AGCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | February 28, 2003 |¶

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INTEREST¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE (%)	DEBIT AMOUNT	CREDIT AMOUNT
03/21/03	INTEREST ON CREDIT BALANCE AT 0 3/4% 02/21 THRU 03/20			0.7500		532.42
TOTAL						$532.42

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BEAR STEARNS¶

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

CLEARED THROUGH ITS¶

WHOLLY OWNED SUBSDIARY¶

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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 |¶

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| THROUGH | March 28, 2003 |¶

ACCOUNT NUMBER
TAXPAYER NUMBER	On File
LAST STATEMENT	February 28, 2003

******* 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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