EFTA00197910

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></table>







CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY





INSTITUTIONAL INTERESTS

FINANCIAL TRUST CO TTEE *

ATTN JEANIE BRENNEN

6100 RED HOOK QUARTER

SUITE B-3

ST THOMAS VI 00802





Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859





INSTITUTIONAL INTERESTS



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

Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>6,472,937</td></tr><tr><td>NET CREDIT BALANCE</td><td>10,671,070</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$17,144,007</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>17,419,595</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-275,588</td></tr></table>

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.

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CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY

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

INSTITUTIONAL INTERESTS

STATEMENT BACKER IS PRINTED ON THIS PAGE

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EFTA00197912



BEAR
STEARNS


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

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Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$10,849,602.57</td></tr><tr><td>Funds Deposited</td><td>5,019,668.91</td></tr><tr><td>Dividends/Interest</td><td>82,650.54</td></tr><tr><td>Amount Credited</td><td>$5,102,319.45</td></tr><tr><td>Funds Withdrawn</td><td>-750,000.00</td></tr><tr><td>Dividends/Interest Charged</td><td>-30,852.50</td></tr><tr><td>Miscellaneous</td><td>-4,500,000.00</td></tr><tr><td>Amount Debited</td><td>$-5,280,852.50</td></tr><tr><td>Net Cash Activity</td><td>-178,533.05</td></tr><tr><td>ClosingBalance</td><td>$10,671,069.52</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>382,603.35</td><td>198,815.95</td></tr><tr><td>Margin</td><td>1,235,124.00</td><td>378,240.00</td></tr><tr><td>Short</td><td>9,231,875.22</td><td>10,094,013.57</td></tr><tr><td>Net Cash Balance</td><td>$10,849,602.57</td><td>$10,671,069.52</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>41,597.54</td><td>112,235.42</td></tr><tr><td>Credit Balance Int.</td><td>4,946.15</td><td>34,022.72</td></tr><tr><td>Total</td><td>$46,543.69</td><td>$146,258.14</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>10,671,070</td></tr><tr><td>Equities</td><td>9,929,275</td><td>16,402</td></tr><tr><td>Total</td><td>$9,929,275</td><td>$27,073,282</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

EFTA00197913



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>10,671,070</td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$10,671,070</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>5.0200</td><td>50,200</td><td></td><td></td></tr><tr><td>MEDTRONIC INC</td><td>■</td><td>CASH</td><td>191,410</td><td>44.2500</td><td>8,469,893</td><td>38,282</td><td>0.4520</td></tr><tr><td>MEDTRONIC INC</td><td>■</td><td>SHRT</td><td>-75,300</td><td>44.2500</td><td>-3,332,025</td><td>-15,060</td><td>0.4520</td></tr><tr><td>PNC FINANCIAL SVCS GROUP INC</td><td>■</td><td>CASH</td><td>66,723</td><td>66.1800</td><td>4,415,728</td><td>128,108</td><td>2.9012</td></tr><tr><td>PNC FINANCIAL SVCS GROUP INC</td><td>■</td><td>SHRT</td><td>-55,000</td><td>66.1800</td><td>-3,639,900</td><td>-105,600</td><td>2.9012</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>■</td><td>CASH</td><td>64,467</td><td>53.7700</td><td>3,466,391</td><td>3,223</td><td>0.0930</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>■</td><td>SHRT</td><td>-55,000</td><td>53.7700</td><td>-2,957,350</td><td>-2,750</td><td>0.0930</td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$6,472,937</td><td>$46,203</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$6,472,937</td><td>$46,203</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$46,203</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$17,144,006</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Meterotech Center North Brooklyn, New York 11201-3859



INSTITUTIONAL INTERESTS



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STEARNS


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

5 of 7



Transaction Detail


## 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>04/02/01</td><td>FND WIRED</td><td>MDA#MB076558FNDS WIRED TO J.P. MORGAN BANK<br>FD#08593<br>$ COMING FROM CTC TODAY</td><td>750,000.00</td><td></td></tr><tr><td>04/02/01</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM CTC NJ</td><td></td><td>5,000,000.00</td></tr><tr><td>04/04/01</td><td>DEPOSIT</td><td>HYPERION 1993FD OO INSTITUTIONAL INTERESTS CITI</td><td></td><td>10,620.00</td></tr><tr><td>04/18/01</td><td>FUNDS REC</td><td>ENDS WIRED TO CITIBANK FROM BANKERS NYC</td><td></td><td>7,579.91</td></tr><tr><td>04/25/01</td><td>DEPOSIT</td><td>LIPPER OO INSITIT INTEREST CHASE</td><td></td><td>1,469.00</td></tr><tr><td colspan="3">TOTAL</td><td>-750,000.00</td><td>$5,019,668.91</td></tr></tbody></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

## 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>04/09/01</td><td>MEDTRONIC INC<br>DIV CHG 75300 SHS SHORT<br>REC 04/06/01 PAY 04/27/01</td><td>■</td><td></td><td></td><td>3,765.00</td><td></td></tr><tr><td>04/16/01</td><td>PNC FINANCIAL SVCS GROUP INC<br>DIV CHG 55000 SHS SHORT<br>REC 04/13/01 PAY 04/24/01</td><td>■</td><td></td><td></td><td>26,400.00</td><td></td></tr><tr><td>04/24/01</td><td>PNC FINANCIAL SVCS GROUP INC<br>REC 04/13/01 PAY 04/24/01</td><td>■</td><td>66,723</td><td>0.4800</td><td></td><td>32,027.04</td></tr><tr><td>04/26/01</td><td>TYCO INTERNATIONAL LTD<br>DIV CHG 55000 SHS SHORT<br>REC 04/02/01 PAY 05/02/01</td><td>■</td><td></td><td></td><td>687.50</td><td></td></tr></tbody></table>



INSTITUTIONAL INTERESTS



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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



6 of 7



INSTITUTIONAL INTERESTS



## Transaction Detail (continued)

STATEMENT PERIOD March 31, 2001



DIVIDENDS (continued)



THROUGH April 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 rowspan="2">04/27/01</td><td>MEDTRONIC INC</td><td rowspan="2"></td><td rowspan="2">191,410</td><td rowspan="2">0.0500</td><td rowspan="2"></td><td rowspan="2">9,570.50</td></tr><tr><td>REC 04/06/01 PAY 04/27/01</td></tr><tr><td colspan="3">TOTAL</td><td></td><td></td><td>-30,852.50</td><td>$41,597.54</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>04/23/01</td><td>INTEREST ON CREDIT BALANCE AT 4,000% 04/18 THRU 04/20</td><td></td><td></td><td>4.0000</td><td></td><td>363.76</td></tr><tr><td>04/23/01</td><td>INTEREST ON CREDIT BALANCE AT 4 1/2% 03/21 THRU 04/17</td><td></td><td></td><td>4.5000</td><td></td><td>4,582.39</td></tr><tr><td>04/23/01</td><td>SHT ACCT FEE 03/21-04 20 01</td><td></td><td></td><td></td><td></td><td>36,106.85</td></tr><tr><td colspan="6">TOTAL</td><td>$41,053.00</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>04/02/01</td><td>JOURNAL</td><td>TO 047-30185 PER LOA</td><td>4,500,000.00</td><td></td></tr><tr><td>04/02/01</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>316,246.00</td><td></td></tr><tr><td>04/02/01</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>316,246.00</td></tr><tr><td>04/09/01</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>335,618.00</td></tr><tr><td>04/09/01</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>335,618.00</td><td></td></tr><tr><td>04/16/01</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>314,011.00</td><td></td></tr><tr><td>04/16/01</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>314,011.00</td></tr></tbody></table>

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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>04/23/01</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>562,245.00</td><td></td></tr><tr><td>04/23/01</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>562,245.00</td></tr><tr><td colspan="3">TOTAL</td><td>-6,028,120.00</td><td>$1,528,120.00</td></tr></tbody></table>





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





CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.

One Metratech Center North Brooklyn, New York 11201-3859





INSTITUTIONAL INTERESTS



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