EFTA00198054

OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN, IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

## What’s In This Statement

Financial Summary 3

Your Portfolio Holdings ... 4

Transaction Detail ... 4

Fund Activity 4





# 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 SUBSDIARY



Your Portfolio at a Glance

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



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



<table border="1"><tr><td>NET CREDIT BALANCE</td><td>1,390</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>26,066,320</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$26,067,710</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>26,048,331</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>19,379</td></tr></table>



INSTITUTIONAL INTERESTS



THROUGH November 28, 2003

Market Value of Your Portfolio

| LAST STATEMENT | October 31, 2003 |

| :--- | :--- |

STATEMENT PERIOD November 1, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

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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EFTA00198055



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY


2 of 5

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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EFTA00198056



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

3 of 5

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$1,389.54</td></tr><tr><td>Money Fund</td><td>19,379.40</td></tr><tr><td>Amount Credited</td><td>$19,379.40</td></tr><tr><td>Money Fund</td><td>-19,379.40</td></tr><tr><td>Amount Debited</td><td>$-19,379.40</td></tr><tr><td>Closing Balance</td><td>$1,389.54</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>1,389.54</td><td>1,389.54</td></tr><tr><td>Net Cash Balance</td><td>$1,389.54</td><td>$1,389.54</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>19,379.40</td><td>289,110.77</td></tr><tr><td>Credit Balance Int.</td><td>0.00</td><td>121.52</td></tr><tr><td>Total</td><td>$19,379.40</td><td>$289,232.29</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>26,067,710</td></tr><tr><td>Total</td><td>$26,067,710</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



INSTITUTIONAL INTERESTS


<table><thead><tr><th>STATEMENT PERIOD</th><td>November 1, 2003</td></tr></thead><tbody><tr><td>THROUGH</td><td>November 28, 2003</td></tr><tr><td>ACCOUNT NUMBER</td><td rowspan="3">On File</td></tr><tr><td>TAXPAYER NUMBER</td></tr><tr><td>LAST STATEMENT</td><td>October 31, 2003</td></tr></tbody></table>

EFTA00198057



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

4 of 5

## 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>CURRENТ YIELD (%)</th></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>1,390</td><td></td><td></td></tr><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST. 30 DAY AVG YIELD .8900%</td><td>DICXX</td><td>26,066,320.20</td><td>1.0000</td><td>26,066,320</td><td>234,597</td><td>0.9000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$26,067,710</td><td>$234,597</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$234,597</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$26,067,710</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



## MONEY FUND ACTIVITY



Transaction Detail


Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

<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>11/01/03</td><td></td><td>OPENINGBALANCE</td><td></td><td>26,046,940.80</td><td></td><td></td><td></td></tr></tbody></table>



INSTITUTIONAL INTERESTS



STATEMENT PERIOD November 1, 2003

| LAST STATEMENT | October 31, 2003 |

| :--- | :--- |



ACCOUNT NUMBER



TAXPAYER NUMBER On File

THROUGH November 28, 2003

<table border="1"><tr><td>11/03/03</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND</td><td>DICXX</td><td></td><td>19,379.40</td></tr><tr><td>11/03/03</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST</td><td>DICXX</td><td>19,379.40</td><td>19,379.40</td></tr></table>

027

EFTA00198058



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.

One Meterotech Center North Brooklyn, New York 11201-3859





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>11/28/03</td><td></td><td>CLOSINGBALANCE</td><td></td><td>26,066,320.20</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-$19,379.40</td><td>$19,379.40</td></tr></tbody></table>





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



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