EFTA00197891

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>6</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 | June 30, 2001 |

| :--- | :--- |

| THROUGH | July 27, 2001 |



ACCOUNT NUMBER

TAXPAYER NUMBER





INSTITUTIONAL INTERESTS



<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>3,520,791</td></tr><tr><td>NET CREDIT BALANCE</td><td>10,403,420</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>26,515,365</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$40,439,576</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>40,235,162</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>204,414</td></tr></table>

| LAST STATEMENT | June 29, 2001 |

| :--- | :--- |

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.



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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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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EFTA00197893



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>$10,337,633.08</td></tr><tr><td>Securities Sold</td><td>3,285,908.41</td></tr><tr><td>Money Fund</td><td>15,364.90</td></tr><tr><td>Funds Deposited</td><td>5,431,205.80</td></tr><tr><td>Dividends/Interest</td><td>72,469.22</td></tr><tr><td></td><td></td></tr><tr><td>Amount Credited</td><td>$8,804,948.33</td></tr><tr><td></td><td></td></tr><tr><td>Money Fund</td><td>-3,315,364.90</td></tr><tr><td>Funds Withdrawn</td><td>-864,075.00</td></tr><tr><td>Dividends/Interest Charged</td><td>-30,729.75</td></tr><tr><td>Miscellaneous</td><td>-4,528,992.00</td></tr><tr><td></td><td></td></tr><tr><td>Amount Debited</td><td>$-8,739,161.65</td></tr><tr><td>Net Cash Activity</td><td>65,786.68</td></tr><tr><td></td><td></td></tr><tr><td>Closing Balance</td><td>$10,403,419.76</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>384.71</td><td>69,259.64</td></tr><tr><td>Margin</td><td>85,528.89</td><td>255,244.89</td></tr><tr><td>Short</td><td>10,251,719.48</td><td>10,078,915.23</td></tr><tr><td>Net Cash Balance</td><td>$10,337,633.08</td><td>$10,403,419.76</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>58,398.02</td><td>171,439.28</td></tr><tr><td>Credit Balance Int.</td><td>1,794.60</td><td>38,894.13</td></tr><tr><td>Total</td><td>$60,192.62</td><td>$210,333.41</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>36,918,785</td></tr><tr><td>Equities</td><td>10,155,165</td><td>13,675,956</td></tr><tr><td>Total</td><td>$10,155,165</td><td>$50,594,741</td></tr></table>



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



INSTITUTIONAL INTERESTS


Your Portfolio Allocation



07/28/01;10:18 001


Unshaded portions denote debit balance and/or short market values. The allocation percentage is derived from the absolute market value of your portfolio.

EFTA00197894



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></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>10,403,420</td><td></td></tr><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td></td><td>26,515,364.90</td><td>1.0000</td><td>26,515,365</td><td>1,087,130</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$36,918,785</td><td>$1,087,130</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>7.0000</td><td>70,000</td><td></td><td></td></tr><tr><td>MEDTRONIC INC</td><td>■</td><td>CASH</td><td>133,355</td><td>48.5500</td><td>6,474,385</td><td>30,672</td><td>0.4737</td></tr><tr><td>MEDTRONIC INC</td><td>■</td><td>SHRT</td><td>-75,300</td><td>48.5500</td><td>-3,655,815</td><td>-17,319</td><td>0.4737</td></tr><tr><td>PNC FINANCIAL SVCS GROUP INC</td><td>■</td><td>CASH</td><td>60,862</td><td>64.5900</td><td>3,931,077</td><td>116,855</td><td>2.9726</td></tr><tr><td>PNC FINANCIAL SVCS GROUP INC</td><td>■</td><td>SHRT</td><td>-55,000</td><td>64.5900</td><td>-3,552,450</td><td>-105,600</td><td>2.9726</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>■</td><td>CASH</td><td>59,733</td><td>53.5800</td><td>3,200,494</td><td>2,987</td><td>0.0933</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>■</td><td>SHRT</td><td>-55,000</td><td>53.5800</td><td>-2,946,900</td><td>-2,750</td><td>0.0933</td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$3,520,791</td><td>$24,845</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$3,520,791</td><td>$24,845</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$1,111,975</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$40,439,575</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



INSTITUTIONAL INTERESTS



027



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EFTA00197895



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, Steams 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>07/18/01</td><td>07/13/01</td><td>SOLD</td><td>MEDTRONIC INC WITH RIGHTS TO PURCHASE PREFRD STK UNDER CERTAIN CIRCUMSTANCE UNSOLICITED</td><td>■</td><td>-58,055</td><td>46.00230</td><td></td><td>2,667,091.20</td></tr><tr><td>07/18/01</td><td>07/13/01</td><td>SOLD</td><td>PNC FINANCIAL SVCS GROUP INC UNSOLICITED</td><td>■</td><td>-5,861</td><td>64.32430</td><td></td><td>376,640.49</td></tr><tr><td>07/18/01</td><td>07/13/01</td><td>SOLD</td><td>TYCO INTERNATIONAL LTD UNSOLICITED</td><td>■</td><td>-4,734</td><td>51.21860</td><td></td><td>242,176.72</td></tr><tr><td colspan="8">TOTAL</td><td>$3,285,908.41</td></tr></tbody></table>

## DEPOSITS AND WITHDRAWALS

<table><thead><tr><th>DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>07/02/01</td><td>FND WIRED</td><td>MDA#MB128760FNDS WIRED TO J P MORGAN BANK<br>$ COMING FROM REPO</td><td>754,832.00</td><td></td></tr><tr><td>07/02/01</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM CTC NJ</td><td></td><td>5,431,205.80</td></tr><tr><td>07/09/01</td><td>FND WIRED</td><td>MDA#MB132053FNDS WIRED TO CITIBANK NA</td><td>109,243.00</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-864,075.00</td><td>$5,431,205.80</td></tr></tbody></table>

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EFTA00197896



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

6 of 7



INSTITUTIONAL INTERESTS



<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>06/30/01</td><td></td><td>OPENINGBALANCE</td><td></td><td>23,200,000</td><td></td><td></td><td></td></tr><tr><td>07/02/01</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND</td><td></td><td></td><td></td><td></td><td>15,364.90</td></tr><tr><td>07/02/01</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVESTED</td><td></td><td>15,364.90</td><td></td><td>15,364.90</td><td></td></tr><tr><td>07/24/01</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES BUY FD</td><td></td><td>3,300,000</td><td>1.0000</td><td>3,300,000.00</td><td></td></tr><tr><td>07/27/01</td><td></td><td>CLOSINGBALANCE</td><td></td><td>26,515,364.90</td><td></td><td></td><td></td></tr><tr><td colspan="8">TOTAL</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td>-3,315,364.90</td><td>$15,364.90</td></tr></tbody></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>07/09/01</td><td>MEDTRONIC INC<br>DIV CHG 75300 SHS SHORT<br>REC 07/06/01 PAY 07/27/01</td><td></td><td></td><td></td><td>4,329.75</td><td></td></tr><tr><td>07/16/01</td><td>PNC FINANCIAL SVCS GROUP INC<br>DIV CHG 55000 SHS SHORT<br>REC 07/13/01 PAY 07/24/01</td><td></td><td></td><td></td><td>26,400.00</td><td></td></tr><tr><td>07/24/01</td><td>PNC FINANCIAL SVCS GROUP INC<br>REC 07/13/01 PAY 07/24/01</td><td></td><td>66,723</td><td>0.4800</td><td></td><td>32,027.04</td></tr><tr><td>07/27/01</td><td>MEDTRONIC INC<br>REC 07/06/01 PAY 07/27/01</td><td></td><td>191,410</td><td>0.0575</td><td></td><td>11,006.08</td></tr><tr><td colspan="5">TOTAL</td><td>-30,729.75</td><td>$43,033.12</td></tr></tbody></table>

027



07/28/01;10:18 001


EFTA00197897



BEAR
STEARNS


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



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



7 of 7



INSTITUTIONAL INTERESTS



## **Transaction Detail** (continued)



INTEREST


STATEMENT PERIOD June 30, 2001

THROUGH July 27, 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>07/23/01</td><td>INTEREST ON CREDIT BALANCE AT 3 1/2% 06/21 THRU 06/26</td><td></td><td></td><td>3.5000</td><td></td><td>129.25</td></tr><tr><td>07/23/01</td><td>INTEREST ON CREDIT BALANCE AT 3 1/4% 06/27 THRU 07/20</td><td></td><td></td><td>3.2500</td><td></td><td>1,665.35</td></tr><tr><td>07/23/01</td><td>SHT ACCT FEE 06/21-07 20 01</td><td></td><td></td><td></td><td></td><td>27,641.50</td></tr><tr><td colspan="6">TOTAL</td><td>$29,436.10</td></tr></tbody></table>

| LAST STATEMENT | June 29, 2001 |

| :--- | :--- |

## 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>07/02/01</td><td>JOURNAL</td><td>TO 047-30185 PER LOA</td><td>4,528,992.00</td><td></td></tr><tr><td>07/02/01</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>171,216.00</td></tr><tr><td>07/02/01</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>171,216.00</td><td></td></tr><tr><td>07/09/01</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>125,707.00</td></tr><tr><td>07/09/01</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>125,707.00</td><td></td></tr><tr><td>07/16/01</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>55,266.00</td></tr><tr><td>07/16/01</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>55,266.00</td><td></td></tr><tr><td>07/23/01</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>182,473.00</td><td></td></tr><tr><td>07/23/01</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>182,473.00</td></tr><tr><td colspan="3">TOTAL</td><td>-$5,063,654.00</td><td>$534,662.00</td></tr></tbody></table>



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


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