EFTA00198100

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><tr><td>Your Messages</td><td>6</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



## Your Portfolio at a Glance

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



Bear, Stearns Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



| LAST STATEMENT | February 28, 2003 |

| :--- | :--- |

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>22</td></tr><tr><td>NET CREDIT BALANCE</td><td>3,249</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>37,333,068</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$37,336,339</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>37,302,222</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>34,118</td></tr></table>



ACCOUNT NUMBER





INSTITUTIONAL INTERESTS



STATEMENT PERIOD March 1, 2003

THROUGH March 28, 2003

TAXPAYER NUMBER On File

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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EFTA00198102



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>$3,181.71</td></tr><tr><td>Money Fund</td><td>34,050.94</td></tr><tr><td>Funds Deposited</td><td>67.55</td></tr><tr><td>Amount Credited</td><td>$34,118.49</td></tr><tr><td>Money Fund</td><td>-34,050.94</td></tr><tr><td>Amount Debited</td><td>$-34,050.94</td></tr><tr><td>Net Cash Activity</td><td>67.55</td></tr><tr><td>ClosingBalance</td><td>$3,249.26</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>3,181.71</td><td>3,249.26</td></tr><tr><td>Net Cash Balance</td><td>$3,181.71</td><td>$3,249.26</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>34,050.94</td><td>73,359.03</td></tr><tr><td>Credit Balance Int.</td><td>0.00</td><td>70.33</td></tr><tr><td>Total</td><td>$34,050.94</td><td>$73,429.36</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>37,336,317</td></tr><tr><td>Equities</td><td>22</td></tr><tr><td>Total</td><td>$37,336,339</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 | March 1, 2003 |
| :--- | :--- |
| THROUGH | March 28, 2003 |

| | |
| :--- | :--- |
| ACCOUNT NUMBER | |
| TAXPAYER NUMBER | On File |
| LAST STATEMENT | February 28, 2003 |

Your Portfolio Allocation



03/29/03;11:19 001


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

EFTA00198103



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>3,249</td><td></td><td></td></tr><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST. 30 DAY AVG YIELD 1,1500%</td><td>DICXX</td><td>37,333,068.46</td><td>1.0000</td><td>37,333,068</td><td>410,664</td><td>1.1000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$37,336,317</td><td>$410,664</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>$410,664</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$37,336,339</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 1, 2003

THROUGH March 28, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 2003 |

| :--- | :--- |

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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



<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>03/24/03</td><td>DEPOSIT</td><td>BKONE OO INSTITUTIONAL INTERESTS CHASE</td><td></td><td>67.55</td></tr><tr><td colspan="4">TOTAL</td><td>$67.55</td></tr></tbody></table>



INSTITUTIONAL INTERESTS





Transaction Detail


## DEPOSITS AND WITHDRAWALS

STATEMENT PERIOD March 1, 2003

THROUGH March 28, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | February 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>03/01/03</td><td></td><td>OPENINGBALANCE</td><td></td><td>37,299,017.52</td><td></td><td></td><td></td></tr><tr><td>03/03/03</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>34,050.94</td></tr><tr><td>03/03/03</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVESTED</td><td>DICXX</td><td>34,050.94</td><td></td><td>34,050.94</td><td></td></tr><tr><td>03/28/03</td><td></td><td>CLOSINGBALANCE</td><td></td><td>37,333,068.46</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-34,050.94</td><td>$34,050.94</td></tr></tbody></table>

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EFTA00198105



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 Metrotech Center North Brooklyn, New York 11201-3859

At November 30, 2002 and January 31, 2003, the Company's net capital of approximately $2.4 billion and $2.4 billion was approximately 7% and 7% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $716.3 million and $684.1 million by approximately $1.7 billion and $1.7 billion, all respectively.

Bear, Stearns Securities Corp. Net Capital and Net Capital Requirements:



INSTITUTIONAL INTERESTS



A complete copy of the Bear, Stearns Securities Corp. Statement of Financial Condition is available on the web site www.bearstearns.com . Alternatively, to request a free printed copy please call - toll free - 1-866-299-9331.

## Your messages



| STATEMENT PERIOD | March 1, 2003 |

| :--- | :--- |

| THROUGH | March 28, 2003 |

| | |

| :--- | :--- |

| ACCOUNT NUMBER | |

| TAXPAYER NUMBER | On File |

| LAST STATEMENT | February 28, 2003 |





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


Customers of Bear, Stearns & Co. Inc. may request information on any order executed within the prior six months from the time of the request. Specifically, you may request the identity of the venue to which the identified orders were routed for execution, whether the order was directed by you to that venue, and the time of the executions, if any, that resulted from such orders.

Pursuant to SEC Rule 11Ac1-6, please note the following:

Bear Stearns & Co, Inc. will post its quarterly routing statistics at the following web link: http://www.bearstearns.com/.

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