EFTA00198094

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 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.



ACCOUNT NUMBER



STATEMENT PERIOD March 29, 2003



INSTITUTIONAL INTERESTS



| LAST STATEMENT | March 28, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File

THROUGH April 25, 2003

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>22</td></tr><tr><td>NET CREDIT BALANCE</td><td>18,257</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>33,519,703</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$33,537,982</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>37,336,339</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-3,798,357</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.

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




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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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EFTA00198096



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>$3,249.26</td></tr><tr><td>Money Fund</td><td>3,886,634.60</td></tr><tr><td>Dividends/Interest</td><td>7.60</td></tr><tr><td>Amount Credited</td><td>$3,886,642.20</td></tr><tr><td>Money Fund</td><td>-36,634.60</td></tr><tr><td>Funds Withdrawn</td><td>-548,000.00</td></tr><tr><td>Miscellaneous</td><td>-3,287,000.00</td></tr><tr><td>Amount Debited</td><td>$-3,871,634.60</td></tr><tr><td>Net Cash Activity</td><td>15,007.60</td></tr><tr><td>Closing Balance</td><td>$18,256.86</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>3,249.26</td><td>18,256.86</td></tr><tr><td>Net Cash Balance</td><td>$3,249.26</td><td>$18,256.86</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>36,634.60</td><td>109,993.63</td></tr><tr><td>Credit Balance Int.</td><td>7.60</td><td>77.93</td></tr><tr><td>Total</td><td>$36,642.20</td><td>$110,071.56</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>33,537,960</td></tr><tr><td>Equities</td><td>22</td></tr><tr><td>Total</td><td>$33,537,982</td></tr></table>

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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



INSTITUTIONAL INTERESTS


<table><thead><tr><th>STATEMENT PERIOD</th><td>March 29, 2003</td></tr></thead><tbody><tr><td>THROUGH</td><td>April 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>March 28, 2003</td></tr></tbody></table>

Your Portfolio Allocation

EFTA00198097



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>18,257</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>33,519,703.06</td><td>1.0000</td><td>33,519,703</td><td>402,236</td><td>1.2000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$33,537,960</td><td>$402,236</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>$402,236</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$33,537,982</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 March 29, 2003

THROUGH April 25, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | March 28, 2003 |

| :--- | :--- |

027



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EFTA00198098



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 Metratech Center North Brooklyn, New York 11201-3859





INSTITUTIONAL INTERESTS





Transaction Detail


DEPOSITS AND WITHDRAWALS

STATEMENT PERIOD March 29, 2003

THROUGH April 25, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | March 28, 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>03/29/03</td><td></td><td>OPENINGBALANCE</td><td></td><td>37,333,068.46</td><td></td><td></td><td></td></tr><tr><td>04/01/03</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-3,850,000</td><td>1.0000</td><td></td><td>3,850,000.00</td></tr><tr><td>04/01/03</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>36,634.60</td></tr><tr><td>04/01/03</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVESTED</td><td>DICXX</td><td>36,634.60</td><td></td><td>36,634.60</td><td></td></tr><tr><td>04/25/03</td><td></td><td>CLOSINGBALANCE</td><td></td><td>33,519,703.06</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-36,634.60</td><td>$3,886,634.60</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>04/21/03</td><td>INTEREST ON CREDIT BALANCE AT 0 3/4% 03/21 THRU 04/20</td><td></td><td></td><td>0.7500</td><td></td><td>7.60</td></tr><tr><td colspan="7">TOTAL</td><td>$7.60</td></tr></tbody></table>

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BEAR
STEARNS


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

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## **Transaction Detail** (continued)

## 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">04/01/03</td><td rowspan="2">JOURNAL</td><td>TO</td><td>3,287,000.00</td><td></td></tr><tr><td>PER LOA</td><td></td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-3,287,000.00</td><td></td></tr></tbody></table>





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




CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



Bear, Steams Securities Corp.

One Mebrotech Center North Brooklyn, New York 11201-3859



INSTITUTIONAL INTERESTS



STATEMENT PERIOD March 29, 2003

THROUGH April 25, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | March 28, 2003 |

| :--- | :--- |

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