EFTA00198083


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 |

Your Portfolio Holdings ... 4

## What’s In This Statement

Transaction Detail ... 5



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Fund Activity ... 5





# INSTITUTIONAL INTERESTS

FINANCIAL TRUST CO TTEE *

ATTN 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



THROUGH June 27, 2003

TAXPAYER NUMBER On File

STATEMENT PERIOD May 31, 2003

| LAST STATEMENT | May 30, 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>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>22</td></tr><tr><td>NET CREDIT BALANCE</td><td>15,626</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>33,482,150</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$33,497,798</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>33,568,906</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-71,109</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.

Confirmation: Unless we hear from you to the contrary, it is our understanding that any free credit balances in your account are being maintained to facilitate your intention to invest such amounts through us.

## Important Message

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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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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EFTA00198085



BEAR
STEARNS


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

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## Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$18,268.27</td></tr><tr><td>Money Fund</td><td>131,534.34</td></tr><tr><td>Funds Deposited</td><td>6,601.09</td></tr><tr><td>Dividends/Interest</td><td>12.32</td></tr><tr><td>Amount Credited</td><td>$138,147.75</td></tr><tr><td>Money Fund</td><td>-31,534.34</td></tr><tr><td>Funds Withdrawn</td><td>-109,256.00</td></tr><tr><td>Amount Debited</td><td>$-140,790.34</td></tr><tr><td>Net Cash Activity</td><td>-2,642.59</td></tr><tr><td>Closing Balance</td><td>$15,625.68</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>18,268.27</td><td>15,625.68</td></tr><tr><td>Net Cash Balance</td><td>$18,268.27</td><td>$15,625.68</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>31,534.34</td><td>172,440.69</td></tr><tr><td>Credit Balance Int.</td><td>12.32</td><td>101.66</td></tr><tr><td>Total</td><td>$31,546.66</td><td>$172,542.35</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>33,497,776</td></tr><tr><td>Equities</td><td>22</td></tr><tr><td>Total</td><td>$33,497,798</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



INSTITUTIONAL INTERESTS


| STATEMENT PERIOD | May 31, 2003 |
| :--- | :--- |
| THROUGH | June 27, 2003 |

<table><thead><tr><th>ACCOUNT NUMBER</th><th></th></tr></thead><tbody><tr><td>TAXPAYER NUMBER</td><td>On File</td></tr><tr><td>LAST STATEMENT</td><td>May 30, 2003</td></tr></tbody></table>

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.

EFTA00198086



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>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>15,626</td><td></td><td></td></tr><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST. 30 DAY AVG YIELD 1.0200%</td><td>DICXX</td><td>33,482,150.12</td><td>1.0000</td><td>33,482,150</td><td>368,304</td><td>1.1000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$33,497,776</td><td>$368,304</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>0.0100</td><td>22</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$22</td><td>$0</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$22</td><td>$0</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$368,304</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$33,497,798</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 May 31, 2003

THROUGH June 27, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | May 30, 2003 |

| :--- | :--- |

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EFTA00198087



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



<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>06/13/03</td><td>DEPOSIT</td><td>EINSTEIN NOAH BAGEL CORP<br>OO INSTITUTIONAL INTEREST<br>FLEET BK</td><td></td><td>6,601.09</td></tr><tr><td>06/18/03</td><td>FND WIRED</td><td>WIRED TO<br>CITIBANK NA<br>SOLD MMMKT</td><td>109,256.00</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-109,256.00</td><td>$6,601.09</td></tr></tbody></table>

## DEPOSITS AND WITHDRAWALS



Transaction Detail




INSTITUTIONAL INTERESTS



STATEMENT PERIOD May 31, 2003

THROUGH June 27, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | May 30, 2003 |

| :--- | :--- |

## MONEY FUND ACTIVITY

<table><thead><tr><th>DATE MOIDAY</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>05/31/03</td><td></td><td>OPENINGBALANCE</td><td></td><td>33,550,615.78</td><td></td><td></td><td></td></tr><tr><td>06/02/03</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>31,534.34</td></tr><tr><td>06/02/03</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVESTED</td><td>DICXX</td><td>31,534.34</td><td></td><td>31,534.34</td><td></td></tr><tr><td>06/18/03</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-100,000</td><td>1.0000</td><td></td><td>100,000.00</td></tr><tr><td>06/27/03</td><td></td><td>CLOSINGBALANCE</td><td></td><td>33,482,150.12</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-31,534.34</td><td>$131,534.34</td></tr></tbody></table>

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EFTA00198088



BEAR
STEARNS


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



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



6 of 6



Bear, Steams Securities Corp.

One Metratech Center North Brooklyn, New York 11201-3859





INSTITUTIONAL INTERESTS



## **Transaction Detail** (continued)



INTEREST


STATEMENT PERIOD May 31, 2003

THROUGH June 27, 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>06/23/03</td><td>INTEREST ON CREDIT BALANCE AT 0 3/4% 05/21 THRU 06/20</td><td></td><td></td><td>0.7500</td><td></td><td>12.32</td></tr><tr><td colspan="7">TOTAL</td><td>$12.32</td></tr></tbody></table>

| LAST STATEMENT | May 30, 2003 |

| :--- | :--- |





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



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