EFTA00198089

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

<table border="1"><tr><td>Financial Summary</td><td>3</td></tr><tr><td>Your Portfolio Holdings</td><td>4</td></tr><tr><td>Transaction Detail</td><td>5</td></tr><tr><td>Fund Activity</td><td>5</td></tr></table>







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 Metrotech 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.

TAXPAYER NUMBER On File

STATEMENT PERIOD April 26, 2003



INSTITUTIONAL INTERESTS



| LAST STATEMENT | April 25, 2003 |

| :--- | :--- |



ACCOUNT NUMBER



<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>22</td></tr><tr><td>NET CREDIT BALANCE</td><td>18,268</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>33,550,616</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$33,568,906</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>33,537,982</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>30,924</td></tr></table>

THROUGH May 30, 2003

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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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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EFTA00198091



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>$18,256.86</td></tr><tr><td>Money Fund</td><td>30,912.72</td></tr><tr><td>Dividends/Interest</td><td>11.41</td></tr><tr><td>Amount Credited</td><td>$30,924.13</td></tr><tr><td>Money Fund</td><td>-30,912.72</td></tr><tr><td>Amount Debited</td><td>$-30,912.72</td></tr><tr><td>Net Cash Activity</td><td>11.41</td></tr><tr><td>Closing Balance</td><td>$18,268.27</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>18,256.86</td><td>18,268.27</td></tr><tr><td>Net Cash Balance</td><td>$18,256.86</td><td>$18,268.27</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>30,912.72</td><td>140,906.35</td></tr><tr><td>Credit Balance Int.</td><td>11.41</td><td>89.34</td></tr><tr><td>Total</td><td>$30,924.13</td><td>$140,995.69</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>33,568,884</td></tr><tr><td>Equities</td><td>22</td></tr><tr><td>Total</td><td>$33,568,906</td></tr></table>

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

Bear, Steams Securities Corp.
One Metrotech Center North
Brocklyn, New York 11201-3859



INSTITUTIONAL INTERESTS


| STATEMENT PERIOD | April 26, 2003 |
| :--- | :--- |
| THROUGH | May 30, 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>April 25, 2003</td></tr></tbody></table>

Your Portfolio Allocation



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



EFTA00198092




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>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>18,268</td><td></td><td></td></tr><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST. 30 DAY AVG YIELD 1,1200%</td><td>DICXX</td><td>33,550,615.78</td><td>1.0000</td><td>33,550,616</td><td>369,057</td><td>1.1000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$33,568,884</td><td>$369,057</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>ABHHW</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>$369,057</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$33,568,906</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 April 26, 2003

THROUGH May 30, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | April 25, 2003 |

| :--- | :--- |

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V644

EFTA00198093



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


STATEMENT PERIOD April 26, 2003

## MONEY FUND ACTIVITY

THROUGH May 30, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | April 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>04/26/03</td><td></td><td>OPENINGBALANCE</td><td></td><td>33,519,703.06</td><td></td><td></td><td></td></tr><tr><td>05/01/03</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>30,912.72</td></tr><tr><td>05/01/03</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVESTED</td><td>DICXX</td><td>30,912.72</td><td></td><td>30,912.72</td><td></td></tr><tr><td>05/30/03</td><td></td><td>CLOSINGBALANCE</td><td></td><td>33,550,615.78</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-30,912.72</td><td>$30,912.72</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>05/21/03</td><td>INTEREST ON CREDIT BALANCE AT 0 3/4% 04/21 THRU 05/20</td><td></td><td></td><td>0.7500</td><td></td><td>11.41</td></tr><tr><td colspan="6">TOTAL</td><td>$11.41</td></tr></tbody></table>





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



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