EFTA00198077

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 ... 5

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



Bear, Steams Securities Corp.

One Metratech 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.

*This portfolio includes one or more unpriced securities that are not reflected in the Total Value of Securities and the Net Equity This Period.

<table border="1"><tr><td>NET CREDIT BALANCE</td><td>13,503</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>29,746,738</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$29,760,241</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>33,497,798</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-3,737,557</td></tr></table>



INSTITUTIONAL INTERESTS



| LAST STATEMENT | June 27, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File

STATEMENT PERIOD June 28, 2003



ACCOUNT NUMBER



THROUGH July 25, 2003

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.

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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EFTA00198078



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY




2 of 6


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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EFTA00198079



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>$15,625.68</td></tr><tr><td>Money Fund</td><td>3,794,588.10</td></tr><tr><td>Dividends/Interest</td><td>6.35</td></tr><tr><td>Amount Credited</td><td>$3,794,594.45</td></tr><tr><td>Money Fund</td><td>-29,588.10</td></tr><tr><td>Funds Withdrawn</td><td>-538,090.00</td></tr><tr><td>Miscellaneous</td><td>-3,229,039.00</td></tr><tr><td>Amount Debited</td><td>$-3,796,717.10</td></tr><tr><td>Net Cash Activity</td><td>-2,122.65</td></tr><tr><td>Closing Balance</td><td>$13,503.03</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>15,625.68</td><td>13,503.03</td></tr><tr><td>Net Cash Balance</td><td>$15,625.68</td><td>$13,503.03</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>29,588.10</td><td>202,028.79</td></tr><tr><td>Credit Balance Int.</td><td>6.35</td><td>108.01</td></tr><tr><td>Total</td><td>$29,594.45</td><td>$202,136.80</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>29,760,241</td></tr><tr><td>Total</td><td>$29,760,241</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



INSTITUTIONAL INTERESTS



<table><tr><td>STATEMENT PERIOD</td><td>June 28, 2003</td></tr><tr><td>THROUGH</td><td>July 25, 2003</td></tr><tr><td>ACCOUNT NUMBER</td><td></td></tr><tr><td>TAXPAYER NUMBER</td><td>On File</td></tr><tr><td>LAST STATEMENT</td><td>June 27, 2003</td></tr></table>

Your Portfolio Allocation

EFTA00198080



BEAR
STEARNS


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

4 of 6

## 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>13,503</td><td></td><td></td></tr><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST. 30 DAY AVG YIELD .9100%</td><td>DICXX</td><td>29,746,738.22</td><td>1.0000</td><td>29,746,738</td><td>327,214</td><td>1.1000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$29,760,241</td><td>$327,214</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>WTS AMERICAN BANK NOTE HOLOGRAPHICS INC EXP 06/18/2003</td><td>024377111</td><td>CASH</td><td>2,151</td><td>Unpriced</td><td></td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$0</td><td>$0</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$0</td><td>$0</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$327,214</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$29,760,241</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859



INSTITUTIONAL INTERESTS



STATEMENT PERIOD June 28, 2003

THROUGH July 25, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | June 27, 2003 |

| :--- | :--- |

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EFTA00198081



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 Metrotech Center North Brooklyn, New York 11201-3859





INSTITUTIONAL INTERESTS





Transaction Detail


DEPOSITS AND WITHDRAWALS

STATEMENT PERIOD June 28, 2003

THROUGH July 25, 2003



ACCOUNT NUMBER



<table><thead><tr><th>DATE</th><th>TRANSACTION</th><th colspan="2">DESCRIPTION</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>07/01/03</td><td>FND WIRED</td><td colspan="2">WIRED TO<br>IPMORGAN CHASE BANK</td><td>538,090.00</td><td></td></tr><tr><td colspan="4">TOTAL</td><td>-538,090.00</td><td></td></tr></tbody></table>

TAXPAYER NUMBER On File

| LAST STATEMENT | June 27, 2003 |

| :--- | :--- |

## 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>06/28/03</td><td></td><td>OPENINGBALANCE</td><td></td><td>33,482,150.12</td><td></td><td></td><td></td></tr><tr><td>07/01/03</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-3,765,000</td><td>1.0000</td><td></td><td>3,765,000.00</td></tr><tr><td>07/01/03</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>29,588.10</td></tr><tr><td>07/01/03</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVESTED</td><td>DICXX</td><td>29,588.10</td><td></td><td>29,588.10</td><td></td></tr><tr><td>07/25/03</td><td></td><td>CLOSINGBALANCE</td><td></td><td>29,746,738.22</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-29,588.10</td><td>$3,794,588.10</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>07/21/03</td><td>INTEREST ON CREDIT BALANCE AT 0 3/4% 06/21 THRU 06/24</td><td></td><td></td><td>0.7500</td><td></td><td>1.30</td></tr></tbody></table>

027



EFTA00198082




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 June 28, 2003



INTEREST (continued)



THROUGH July 25, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

<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>07/21/03</td><td>INTEREST ON CREDIT BALANCE AT 0 1/2% 06/25 THRU 07/20</td><td></td><td></td><td>0.5000</td><td></td><td>5.05</td></tr><tr><td colspan="7">TOTAL</td><td>$6.35</td></tr></tbody></table>

| LAST STATEMENT | June 27, 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">07/01/03</td><td rowspan="2">JOURNAL</td><td>TO</td><td>3,229,039.00</td><td></td></tr><tr><td>PER LOA</td><td></td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-3,229,039.00</td><td></td></tr></tbody></table>





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



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