EFTA00198072

OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN, IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

Financial Summary 3

Your Portfolio Holdings ... 3

Transaction Detail 4

Fund Activity 5

## What’s In This Statement







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





ACCOUNT NUMBER



STATEMENT PERIOD July 26, 2003

THROUGH August 29, 2003

TAXPAYER NUMBER On File

| LAST STATEMENT | July 25, 2003 |

| :--- | :--- |

Your Portfolio at a Glance

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

<table border="1"><tr><td>NET CREDIT BALANCE</td><td>13,509</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>29,770,211</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$29,783,720</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>29,760,241</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>23,479</td></tr></table>

Market Value of Your Portfolio

## Important Message

Bear Stearns is pleased to announce our conversion to a calendar month-end statement. Effective September 2003, your account statement will reflect all activity and account valuation up to and including the last business day of the month.

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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EFTA00198073



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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EFTA00198074



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>$13,503.03</td></tr><tr><td>Money Fund</td><td>23,473.00</td></tr><tr><td>Dividends/Interest</td><td>5.81</td></tr><tr><td>Amount Credited</td><td>$23,478.81</td></tr><tr><td>Money Fund</td><td>-23,473.00</td></tr><tr><td>Amount Debited</td><td>$-23,473.00</td></tr><tr><td>Net Cash Activity</td><td>5.81</td></tr><tr><td>ClosingBalance</td><td>$13,508.84</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>13,503.03</td><td>13,508.84</td></tr><tr><td>Net Cash Balance</td><td>$13,503.03</td><td>$13,508.84</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>23,473.00</td><td>225,501.79</td></tr><tr><td>Credit Balance Int.</td><td>5.81</td><td>113.82</td></tr><tr><td>Total</td><td>$23,478.81</td><td>$225,615.61</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>29,783,720</td></tr><tr><td>Total</td><td>$29,783,720</td></tr></table>

## 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>13,509</td><td></td><td></td></tr></tbody></table>

027



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



INSTITUTIONAL INTERESTS



| STATEMENT PERIOD | July 26, 2003 |
| :--- | :--- |
| THROUGH | August 29, 2003 |



ACCOUNT NUMBER





08/30/03;13:45 001


TAXPAYER NUMBER On File

| LAST STATEMENT | July 25, 2003 |

| :--- | :--- |

Your Portfolio Allocation

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

EFTA00198075



BEAR
STEARNS


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

4 of 5

## Your Portfolio Holdings (continued)

CASH & CASH EQUIVALENTS (continued)

<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>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST. 30 DAY AVG YIELD .9100%</td><td>DICXX</td><td>29,770,211.22</td><td>1.0000</td><td>29,770,211</td><td>267,932</td><td>0.9000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$29,783,720</td><td>$267,932</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$267,932</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$29,783,720</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

## INVESTMENT ACTIVITY



Transaction Detail




INSTITUTIONAL INTERESTS



STATEMENT PERIOD July 26, 2003



ACCOUNT NUMBER



THROUGH August 29, 2003

<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>08/14/03</td><td></td><td>EXCHANGE</td><td>WTS AMERICAN BANK NOTE<br>HOLOGRAPHICS INC<br>DUE 06/18/03<br>EXP 06/18/2003<br>EXPIRED WTS</td><td>024377111</td><td>-2,151</td><td></td><td></td><td></td></tr></tbody><tfoot><tr><td colspan="9">TOTAL</td></tr></tfoot></table>

TAXPAYER NUMBER On File

| LAST STATEMENT | July 25, 2003 |

| :--- | :--- |

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EFTA00198076



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


**5 of 5**



INSTITUTIONAL INTERESTS



## **Transaction Detail** (continued)

STATEMENT PERIOD July 26, 2003

## MONEY FUND ACTIVITY

THROUGH August 29, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | July 25, 2003 |

| :--- | :--- |

<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>07/26/03</td><td></td><td>OPENINGBALANCE</td><td></td><td>29,746,738.22</td><td></td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>08/01/03</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND</td><td>DICXX</td><td></td><td></td><td>23,473.00</td></tr><tr><td>08/01/03</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVESTED</td><td>DICXX</td><td>23,473</td><td></td><td>23,473.00</td></tr></table>

<table border="1"><tr><td>08/29/03</td><td>CLOSINGBALANCE</td><td colspan="2">29,770,211.22</td></tr><tr><td>TOTAL</td><td></td><td>-23,473.00</td><td>$23,473.00</td></tr></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>08/21/03</td><td>INTEREST ON CREDIT BALANCE AT 0 1/2% 07/21 THRU 08/20</td><td></td><td></td><td>0.5000</td><td></td><td>5.81</td></tr><tr><td colspan="6">TOTAL</td><td>$5.81</td></tr></tbody></table>



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


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