EFTA00198661

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

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| ACCOUNT EXECUTIVE | CAYNE,JAMES E. |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

Important Message



Decimal Trading is Coming!

Decimal Trading is the shift from fractional pricing (e.g.,21 1/2) to decimal pricing (e.g.,$21.50) for equities and options.



All trading on NYSE, AMEX, and regional exchanges will be in decimals effective as of 1/29/01.

For details, visit our website at www.bearstearns.com.





# INSTITUTIONAL INTERESTS

C/O J EPSTEIN & CO

ATTN JEANIE BRENNAN

6100 RED HOOK QUARTER STE B-3

ST THOMAS VI 00802



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



## Premise or Third Party Repurchase Agreements with Bear, Stearns& Co.Inc.outstanding as of date of statement

Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859

<table><thead><tr><th>PURCHASE/ START DATE</th><th>REPURCHASE/ END DATE</th><th>PURCHASE PRICE/ PRINCIPAL</th><th>PRICING RATE</th><th>REPO/ ACCRUED INTEREST*</th><th>NET AMOUNT</th></tr></thead><tbody><tr><td>01/26/01</td><td>OPEN</td><td>20,484,345.48</td><td>5.950000</td><td>10,156.82</td><td>20,494,502.30</td></tr><tr><td colspan="5">TOTAL REPURCHASE AGREEMENTS</td><td>$20,494,502.30</td></tr></tbody></table>



INSTITUTIONAL INTERESTS



TAXPAYER NUMBER 31-6412006

| STATEMENT PERIOD | December 30, 2000 |

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| THROUGH | January 26, 2001 |

| LAST STATEMENT | December 29, 2000 |

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ACCOUNT NUMBER



*As of statement date*

The above positions do not appear in any other section of this statement.





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



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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EFTA00198662



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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EFTA00198663