EFTA00198059

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 5





# 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



Your Portfolio at a Glance

<table border="1"><tr><td>NET CREDIT BALANCE</td><td>1,390</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>26,046,941</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$26,048,331</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>29,806,372</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-3,758,041</td></tr></table>

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



Market Value of Your Portfolio



INSTITUTIONAL INTERESTS



STATEMENT PERIOD October 1, 2003



ACCOUNT NUMBER



| LAST STATEMENT | September 30, 2003 |

| :--- | :--- |

THROUGH October 31, 2003

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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EFTA00198060



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY




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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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EFTA00198061



BEAR
STEARNS


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

3 of 6

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$13,514.66</td></tr><tr><td>Money Fund</td><td>3,789,084.06</td></tr><tr><td>Funds Deposited</td><td>12,500.00</td></tr><tr><td>Dividends/Interest</td><td>1.88</td></tr><tr><td>Amount Credited</td><td>$3,801,585.94</td></tr><tr><td>Money Fund</td><td>-21,584.06</td></tr><tr><td>Funds Withdrawn</td><td>-563,089.00</td></tr><tr><td>Miscellaneous</td><td>-3,229,038.00</td></tr><tr><td>Amount Debited</td><td>$-3,813,711.06</td></tr><tr><td>Net Cash Activity</td><td>-12,125.12</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>13,514.66</td><td>1,389.54</td></tr><tr><td>Net Cash Balance</td><td>$13,514.66</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>21,584.06</td><td>269,731.37</td></tr><tr><td>Credit Balance Int.</td><td>1.88</td><td>121.52</td></tr><tr><td>Total</td><td>$21,585.94</td><td>$269,852.89</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>26,048,331</td></tr><tr><td>Total</td><td>$26,048,331</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



INSTITUTIONAL INTERESTS


| | |
| :--- | :--- |
| STATEMENT PERIOD | October 1, 2003 |
| THROUGH | October 31, 2003 |

| | |
| :--- | :--- |
| ACCOUNT NUMBER |  |
| TAXPAYER NUMBER | On File |
| LAST STATEMENT | September 30, 2003 |

EFTA00198062



BEAR
STEARNS


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

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## 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>26,046,940.80</td><td>1.0000</td><td>26,046,941</td><td>234,422</td><td>0.9000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$26,048,331</td><td>$234,422</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$234,422</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$26,048,331</td></tr></table>



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>10/01/03</td><td>FND WIRED</td><td>WIRED TO IPMORGAN CHASE BANK</td><td>538,089.00</td><td></td></tr><tr><td>10/09/03</td><td>CHECK</td><td>CK ACCT INSTITUTIONAL INTERESTS</td><td>12,500.00</td><td></td></tr><tr><td>10/10/03</td><td>CHECK</td><td>CK #MC338893ON ACCT</td><td>12,500.00</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



INSTITUTIONAL INTERESTS



STATEMENT PERIOD October 1, 2003

| THROUGH | October 31, 2003 |

| :--- | :--- |



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | September 30, 2003 |

| :--- | :--- |

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EFTA00198063



BEAR
STEARNS


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



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY



**5 of 6**



Bear, Steams Securities Corp.

One Meterotech Center North Brooklyn, New York 11201-3859





INSTITUTIONAL INTERESTS



## Transaction Detail (continued)

DEPOSITS AND WITHDRAWALS (continued)

STATEMENT PERIOD October 1, 2003

THROUGH October 31, 2003



ACCOUNT NUMBER



<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>10/10/03</td><td>DEPOSIT</td><td>CHECK REDEPOSIT<br>INSTIT INTEREST</td><td></td><td>12,500.00</td></tr><tr><td colspan="3">TOTAL</td><td>-$ 563,089.00</td><td>$12,500.00</td></tr></tbody></table>

| LAST STATEMENT | September 30, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File

## 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>10/01/03</td><td></td><td>OPENINGBALANCE</td><td></td><td>29,792,856.74</td><td></td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>10/01/03</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-3,755,000</td><td>1.0000</td><td></td><td>3,755,000.00</td></tr><tr><td>10/01/03</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND</td><td>DICXX</td><td></td><td></td><td></td><td>21,584.06</td></tr><tr><td>10/01/03</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST</td><td>DICXX</td><td>21,584.06</td><td></td><td>21,584.06</td><td></td></tr><tr><td>10/09/03</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-12,500</td><td>1.0000</td><td></td><td>12,500.00</td></tr></table>

<table border="1"><tr><td>10/31/03</td><td>CLOSINGBALANCE</td><td>26,046,940.80</td><td></td></tr><tr><td>TOTAL</td><td></td><td>-21,584.06</td><td>$3,789,084.06</td></tr></table>

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11/01/03;14:02 001


EFTA00198064



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 Metrotech Center North Brooklyn, New York 11201-3859

6 of 6



INSTITUTIONAL INTERESTS



## **Transaction Detail** (continued)

STATEMENT PERIOD October 1, 2003



INTEREST


THROUGH October 31, 2003



ACCOUNT NUMBER



<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>10/21/03</td><td>INTEREST ON CREDIT BALANCE AT 0 1/2% 09/21 THRU 10/20</td><td></td><td></td><td>0.5000</td><td></td><td>1.88</td></tr><tr><td colspan="7">TOTAL</td><td>$1.88</td></tr></tbody></table>

TAXPAYER NUMBER On File

| LAST STATEMENT | September 30, 2003 |

| :--- | :--- |

## 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 rowspan="2">10/01/03</td><td rowspan="2">JOURNAL</td><td>TO</td><td>3,229,038.00</td><td></td></tr><tr><td>PER LOA</td><td></td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-3,229,038.00</td><td></td></tr></tbody></table>





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



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