EFTA00198299

OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167

## 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>8</td></tr><tr><td>Fund Activity</td><td>17</td></tr><tr><td>Trades Not Yet Settled</td><td>18</td></tr></table>



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY












Bear, Steams Securities Corp.

One Meterotech 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

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>16,798,667</td></tr><tr><td>NET CREDIT BALANCE</td><td>1,444,600</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>1,626,996</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$19,870,263</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>18,635,556</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>1,234,707</td></tr></table>



INSTITUTIONAL INTERESTS



Market Value of Your Portfolio

| 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. |
| :--- | :--- |
| 027 | 05/26/01;12:10 001 |

V478

EFTA00198300



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY


2 of 19

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



INSTITUTIONAL INTERESTS


STATEMENT BACKER IS PRINTED ON THIS PAGE

027

EFTA00198301



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167

3 of 19

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$908,046.94</td></tr><tr><td>Securities Sold</td><td>2,664,491.15</td></tr><tr><td>Money Fund</td><td>1,081,392.74</td></tr><tr><td>Dividends/Interest</td><td>4,874.79</td></tr><tr><td>Amount Credited</td><td>$3,750,758.68</td></tr><tr><td>Securities Bought</td><td>-3,167,378.44</td></tr><tr><td>Money Fund</td><td>-46,392.74</td></tr><tr><td>Miscellaneous</td><td>-434.22</td></tr><tr><td>Amount Debited</td><td>$-3,214,205.40</td></tr><tr><td>Net Cash Activity</td><td>536,553.28</td></tr><tr><td>Closing Balance</td><td>$1,444,600.22</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>88,716.86</td><td>88,716.86</td></tr><tr><td>Margin</td><td>819,330.08</td><td>1,355,883.36</td></tr><tr><td>Net Cash Balance</td><td>$908,046.94</td><td>$1,444,600.22</td></tr></table>

Income Summary

<table border="1"><tr><td></td><td>THIS PERIOD</td><td>YEAR TO DATE</td></tr><tr><td>Dividends</td><td>6,822.76</td><td>64,539.80</td></tr><tr><td>Substitute Payment</td><td>0.00</td><td>630.00</td></tr><tr><td>Credit Balance Int.</td><td>4,444.77</td><td>29,542.02</td></tr><tr><td>Total</td><td>$11,267.53</td><td>$94,711.82</td></tr><tr><td>Short Dividends</td><td>0.00</td><td>-144.50</td></tr><tr><td>Foreign Tax Withheld</td><td>-49.22</td><td>-205.22</td></tr><tr><td>Margin Int. Paid</td><td>0.00</td><td>-47.91</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>3,071,596</td></tr><tr><td>Equities</td><td>16,798,667</td></tr><tr><td>Total</td><td>$19,870,263</td></tr></table>



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY


Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



INSTITUTIONAL INTERESTS


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.

EFTA00198302



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167

4 of 19

## 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></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>1,444,600</td><td></td></tr><tr><td>THE TREASURERS FUND INC</td><td>GTDXX</td><td>1,626,996.24</td><td>1.0000</td><td>1,626,996</td><td>60,199</td></tr><tr><td>DOMESTIC PRIME M/M PORTFOLIO</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$3,071,596</td><td>$60,199</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>ABERCROMBIE &amp; FITCH CO-CL A</td><td>ANF</td><td>MRGN</td><td>8,800</td><td>41.8000</td><td>367,840</td><td></td><td></td></tr><tr><td>ALPHARMA INC-CL A</td><td>ALO</td><td>MRGN</td><td>12,500</td><td>26.8000</td><td>335,000</td><td>2,250</td><td>0.6716</td></tr><tr><td>ACTV INC</td><td>IATV</td><td>MRGN</td><td>22,300</td><td>3.4100</td><td>76,043</td><td></td><td></td></tr><tr><td>ALLEGIANCE TELECOM INC</td><td>ALGX</td><td>MRGN</td><td>13,40

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