EFTA00198111

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





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



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

## Your Portfolio at a Glance



ACCOUNT NUMBER





INSTITUTIONAL INTERESTS



STATEMENT PERIOD January 1, 2003

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>22</td></tr><tr><td>NET CREDIT BALANCE</td><td>949</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>37,259,709</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$37,260,680</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>41,007,323</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-3,746,643</td></tr></table>

| LAST STATEMENT | December 31, 2002 |

| :--- | :--- |

THROUGH January 31, 2003

TAXPAYER NUMBER On File

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.



SIPC 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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EFTA00198113



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>$192,134.09</td></tr><tr><td>Money Fund</td><td>3,644,542.74</td></tr><tr><td>Dividends/Interest</td><td>70.33</td></tr><tr><td>Amount Credited</td><td>$3,644,613.07</td></tr><tr><td>Money Fund</td><td>-44,542.74</td></tr><tr><td>Funds Withdrawn</td><td>-635,255.00</td></tr><tr><td>Miscellaneous</td><td>-3,156,000.00</td></tr><tr><td>Amount Debited</td><td>$-3,835,797.74</td></tr><tr><td>Net Cash Activity</td><td>-191,184.67</td></tr><tr><td>Closing Balance</td><td>$949.42</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>192,134.09</td><td>949.42</td></tr><tr><td>Net Cash Balance</td><td>$192,134.09</td><td>$949.42</td></tr></table>

Income Summary

<table border="1"><tr><td></td><th>THIS PERIOD</th><th>YEAR TO DATE</th></tr><tr><td>Credit Balance Int.</td><td>70.33</td><td>70.33</td></tr><tr><td>Total</td><td>$70.33</td><td>$70.33</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>37,260,658</td></tr><tr><td>Equities</td><td>22</td></tr><tr><td>Total</td><td>$37,260,680</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



INSTITUTIONAL INTERESTS


| STATEMENT PERIOD | January 1, 2003 |
| :--- | :--- |
| THROUGH | January 31, 2003 |

| ACCOUNT NUMBER | |
| :--- | :---|
| TAXPAYER NUMBER | On File |
| LAST STATEMENT | December 31, 2002 |

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

EFTA00198114



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>949</td><td></td><td></td></tr><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 1,2500%</td><td>DICXX</td><td>37,259,709.43</td><td>1.0000</td><td>37,259,709</td><td>484,376</td><td>1.3000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$37,260,658</td><td>$484,376</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>$484,376</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$37,260,680</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 January 1, 2003

THROUGH January 31, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2002 |

| :--- | :--- |

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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 Meterotech Center North Brooklyn, New York 11201-3859



Transaction Detail


DEPOSITS AND WITHDRAWALS



INSTITUTIONAL INTERESTS



## 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>01/01/03</td><td></td><td>OPENINGBALANCE</td><td></td><td>40,815,166.69</td><td></td><td></td><td></td></tr><tr><td>01/02/03</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVESTED</td><td>DICXX</td><td>44,542.74</td><td></td><td>44,542.74</td><td></td></tr><tr><td>01/02/03</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES AMT INCLUDED IN 2002 - 1099</td><td>DICXX</td><td></td><td></td><td></td><td>44,542.74</td></tr><tr><td>01/07/03</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-3,600,000</td><td>1.0000</td><td></td><td>3,600,000.00</td></tr><tr><td>01/31/03</td><td></td><td>CLOSINGBALANCE</td><td></td><td>37,259,709.43</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-44,542.74</td><td>$3,644,542.74</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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



6 of 6

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



INSTITUTIONAL INTERESTS



## **Transaction Detail** (continued)



INTEREST


STATEMENT PERIOD January 1, 2003

THROUGH January 31, 2003

<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>01/21/03</td><td>INTEREST ON CREDIT BALANCE<br>AT 0 3/4% 12/31 THRU 01/20</td><td></td><td></td><td>0.7500</td><td></td><td>30.31</td></tr><tr><td>01/21/03</td><td>INTEREST ON CREDIT BALANCE<br>AT 0 3/4% 12/21 THRU 12/30</td><td></td><td></td><td>0.7500</td><td></td><td>40.02</td></tr><tr><td colspan="6">TOTAL</td><td>$70.33</td></tr></tbody></table>



ACCOUNT NUMBER



| LAST STATEMENT | December 31, 2002 |

| :--- | :--- |

TAXPAYER NUMBER On File

## 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">01/07/03</td><td rowspan="2">JOURNAL</td><td>TO</td><td>3,156,000.00</td><td></td></tr><tr><td>PER LOA</td><td></td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-$-3,156,000.00</td><td></td></tr></tbody></table>



## Your messages

The interest, if any, charged to your account during December 2002 was computed on the net debit balance through December 30.

The interest, if any, charged to your account during January 2003 is computed from December 31, 2002.





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



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