EFTA00197884

OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167

| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN, IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

## What’s In This Statement

<table border="1"><tr><td>Financial Summary</td><td>3</td></tr><tr><td>Your Portfolio Holdings</td><td>4</td></tr><tr><td>Transaction Detail</td><td>5</td></tr><tr><td>Fund Activity</td><td>5</td></tr></table>







INSTITUTIONAL INTERESTS

FINANCIAL TRUST CO TTEE *

ATTN JEANIE BRENNEN

6100 RED HOOK QUARTER

SUITE B-3

ST THOMAS VI 00802





CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

## Your Portfolio at a Glance

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

| STATEMENT PERIOD | July 28, 2001 |

| :--- | :--- |

| THROUGH | August 31, 2001 |

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>70,800</td></tr><tr><td>NET CREDIT BALANCE</td><td>10,767,518</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>29,593,622</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$40,431,940</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>40,439,576</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-7,636</td></tr></table>



INSTITUTIONAL INTERESTS



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., One Metrotech Center North, 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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EFTA00197885



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY




2 of 7


Bear, Steams Securities Corp.
One Metrotech Center North
Brooklyn, New York 11201-3859



INSTITUTIONAL INTERESTS


STATEMENT BACKER IS PRINTED ON THIS PAGE

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EFTA00197886



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167

3 of 7

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$10,403,419.76</td></tr><tr><td>Securities Sold</td><td>3,332,662.23</td></tr><tr><td>Money Fund</td><td>78,256.97</td></tr><tr><td>Dividends/Interest</td><td>31,486.81</td></tr><tr><td>Miscellaneous</td><td>636.21</td></tr><tr><td>Amount Credited</td><td>$3,443,042.22</td></tr><tr><td>Money Fund</td><td>-3,078,256.97</td></tr><tr><td>Dividends/Interest Charged</td><td>-687.50</td></tr><tr><td>Amount Debited</td><td>$-3,078,944.47</td></tr><tr><td>Net Cash Activity</td><td>364,097.75</td></tr><tr><td>ClosingBalance</td><td>$10,767,517.51</td></tr></table>

Same day transfers of cash between account types are not included in this section; such transfers, as well as details for all other transactions this period, appear in Transaction Detail.

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>69,259.64</td><td>405,855.82</td></tr><tr><td>Margin</td><td>255,244.89</td><td>156,896.89</td></tr><tr><td>Short</td><td>10,078,915.23</td><td>10,204,764.80</td></tr><tr><td>Net Cash Balance</td><td>$10,403,419.76</td><td>$10,767,517.51</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>79,062.81</td><td>250,502.09</td></tr><tr><td>Credit Balance Int.</td><td>2,491.90</td><td>41,386.03</td></tr><tr><td>Total</td><td>$81,554.71</td><td>$291,888.12</td></tr></table>

Portfolio Composition

<table border="1"><tr><td></td><td>SHORT</td><td>LONG</td></tr><tr><td>Cash/Cash Equivalent</td><td></td><td>40,361,140</td></tr><tr><td>Equities</td><td>9,948,862</td><td>10,019,662</td></tr><tr><td>Total</td><td>$9,948,862</td><td>$50,380,802</td></tr></table>



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



INSTITUTIONAL INTERESTS




09/01/01;10:37 001


Your Portfolio Allocation

EFTA00197887



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167

4 of 7

## 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>10,767,518</td><td></td><td></td></tr><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td></td><td>29,593,621.87</td><td>1.0000</td><td>29,593,622</td><td>1,154,151</td><td>3.9000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$40,361,140</td><td>$1,154,151</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>BANK PLUS CORP</td><td>■</td><td>CASH</td><td>10,000</td><td>7.0800</td><td>70,800</td><td></td><td></td></tr><tr><td>MEDTRONIC INC</td><td>■</td><td>CASH</td><td>75,300</td><td>45.5400</td><td>3,429,162</td><td>17,319</td><td>0.5051</td></tr><tr><td>MEDTRONIC INC</td><td>■</td><td>SHRT</td><td>-75,300</td><td>45.5400</td><td>-3,429,162</td><td>-17,319</td><td>0.5051</td></tr><tr><td>PNC FINANCIAL SVCS GROUP INC</td><td>■</td><td>CASH</td><td>55,000</td><td>66.5900</td><td>3,662,450</td><td>105,600</td><td>2.8833</td></tr><tr><td>PNC FINANCIAL SVCS GROUP INC</td><td>■</td><td>SHRT</td><td>-55,000</td><td>66.5900</td><td>-3,662,450</td><td>-105,600</td><td>2.8833</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>■</td><td>CASH</td><td>55,000</td><td>51.9500</td><td>2,857,250</td><td>2,750</td><td>0.0962</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>■</td><td>SHRT</td><td>-55,000</td><td>51.9500</td><td>-2,857,250</td><td>-2,750</td><td>0.0962</td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$70,800</td><td>$0</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$70,800</td><td>$0</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$1,154,151</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$40,431,939</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY





Bear, Steams Securities Corp.

One Mebrotech Center North Brooklyn, New York 11201-3859





INSTITUTIONAL INTERESTS



027



09/01/01;10:37 001


EFTA00197888



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

Bear, Stearns Securities Corp.
One Metrotech Center North Brooklyn, New York 11201-3859

**5 of 7**



INSTITUTIONAL INTERESTS





Transaction Detail


INVESTMENT ACTIVITY

<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>08/07/01</td><td>08/02/01</td><td>SOLD</td><td>MEDTRONIC INC WITH RIGHTS TO PURCHASE PREFRD STK UNDER CERTAIN CIRCUMSTANCE</td><td>■</td><td>-58,055</td><td>46.38850</td><td></td><td>2,689,511.30</td></tr><tr><td>08/07/01</td><td>08/02/01</td><td>SOLD</td><td>PNC FINANCIAL SVCS GROUP INC UNSOLICITED</td><td>■</td><td>-5,862</td><td>67.02320</td><td></td><td>392,525.18</td></tr><tr><td>08/07/01</td><td>08/02/01</td><td>SOLD</td><td>TYCO INTERNATIONAL LTD UNSOLICITED</td><td>■</td><td>-4,733</td><td>53.01460</td><td></td><td>250,625.75</td></tr><tr><td colspan="8">TOTAL</td><td>$3,332,662.23</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>07/28/01</td><td></td><td>OPENINGBALANCE</td><td></td><td>26,515,364.90</td><td></td><td></td><td></td></tr><tr><td>08/01/01</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND</td><td></td><td></td><td></td><td></td><td>78,256.97</td></tr><tr><td>08/01/01</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVESTED</td><td></td><td>78,256.97</td><td></td><td>78,256.97</td><td></td></tr><tr><td>08/08/01</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES BUY FD</td><td></td><td>3,000,000</td><td>1.0000</td><td>3,000,000.00</td><td></td></tr><tr><td>08/31/01</td><td></td><td>CLOSINGBALANCE</td><td></td><td>29,593,621.87</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-3,078,256.97</td><td>$78,256.97</td></tr></tbody></table>

027



09/01/01;10:37 001


EFTA00197889



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY




Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



6 of 7



INSTITUTIONAL INTERESTS



## Transaction Detail (continued)

## DIVIDENDS

STATEMENT PERIOD July 28, 2001

<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>08/01/01</td><td>TYCO INTERNATIONAL LTD<br>REC 07/02/01 PAY 08/01/01</td><td>■</td><td>64,467</td><td>0.0125</td><td></td><td>805.84</td></tr><tr><td>08/01/01</td><td>TYCO INTERNATIONAL LTD<br>DIV CHG 55000 SHS SHORT<br>REC 07/02/01 PAY 08/01/01</td><td>■</td><td></td><td></td><td>687.50</td><td></td></tr><tr><td colspan="5">TOTAL</td><td>-687.50</td><td>$805.84</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>08/21/01</td><td>INTEREST ON CREDIT BALANCE AT 3 1/4% 07/21 THRU 08/20</td><td></td><td></td><td>3.2500</td><td></td><td>2,491.90</td></tr><tr><td>08/21/01</td><td>SHT ACCT FEE 07/21-08/20 01</td><td></td><td></td><td></td><td></td><td>28,189.07</td></tr><tr><td colspan="6">TOTAL</td><td>$30,680.97</td></tr></tbody></table>

## MISCELLANEOUS

<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>07/30/01</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>76,249.00</td><td></td></tr><tr><td>07/30/01</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>76,249.00</td></tr><tr><td>08/06/01</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>92,215.00</td></tr><tr><td>08/06/01</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>92,215.00</td><td></td></tr><tr><td>08/07/01</td><td>JOURNAL</td><td>FROM: * JRL *</td><td></td><td>635.19</td></tr><tr><td>08/13/01</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>7,527.00</td><td></td></tr><tr><td>08/13/01</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>7,527.00</td></tr></tbody></table>

027



09/01/01;10:37 001


EFTA00197890



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167

7 of 7

## **Transaction Detail** (continued)

## MISCELLANEOUS (continued)

<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>08/20/01</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>115,933.00</td></tr><tr><td>08/20/01</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>115,933.00</td><td></td></tr><tr><td>08/22/01</td><td>JOURNAL</td><td>FROM: RESIDUAL BALANCE * JRL *</td><td></td><td>1.02</td></tr><tr><td>08/27/01</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>222,720.00</td><td></td></tr><tr><td>08/27/01</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>222,720.00</td></tr><tr><td colspan="3">TOTAL</td><td>-514,644.00</td><td>$515,280.21</td></tr></tbody></table>





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




CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



Bear, Steams Securities Corp.

One Mebrotech Center North Brooklyn, New York 11201-3859



INSTITUTIONAL INTERESTS



027



09/01/01;10:37 001