EFTA00199003

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

Your Portfolio Holdings ... 4

Transaction Detail ... 4

Fund Activity 5

Your Messages 6





# INTERNATIONAL CHARITABLE

INTERESTS II DTD 08/30/94

FINCL TR CO INC TTEE \*

ATTN JEANIE BRENNAN

6100 RED HOOK QUARTER STE 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, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

<table border="1"><tr><td>NET CREDIT BALANCE</td><td>965</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>24,865,188</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$24,866,153</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>2,475,695</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>22,390,458</td></tr></table>

| LAST STATEMENT | February 27, 2004 |

| :--- | :--- |

ACCOUNT NUMBER



INTERNATIONAL CHARITABLE



Market Value of Your Portfolio

TAXPAYER NUMBER On File

STATEMENT PERIOD February 28, 2004

THROUGH March 31, 2004

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

STATEMENT BACKER IS PRINTED ON THIS PAGE



INTERNATIONAL CHARITABLE


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EFTA00199005



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>$245.45</td></tr><tr><td>Money Fund</td><td>5,001,737.23</td></tr><tr><td>Funds Deposited</td><td>27,388,719.52</td></tr><tr><td>Amount Credited</td><td>$32,390,456.75</td></tr><tr><td>Money Fund</td><td>-27,389,737.23</td></tr><tr><td>Funds Withdrawn</td><td>-5,000,000.00</td></tr><tr><td>Amount Debited</td><td>$-32,389,737.23</td></tr><tr><td>Net Cash Activity</td><td>719.52</td></tr><tr><td>Closing Balance</td><td>$964.97</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>245.45</td><td>964.97</td></tr><tr><td>Net Cash Balance</td><td>$245.45</td><td>$964.97</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>1,737.23</td><td>4,120.21</td></tr><tr><td>Total</td><td>$1,737.23</td><td>$4,120.21</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>24,866,153</td></tr><tr><td>Total</td><td>$24,866,153</td></tr></table>

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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



INTERNATIONAL CHARITABLE



<table><tr><td>STATEMENT PERIOD</td><td>February 28, 2004</td></tr><tr><td>THROUGH</td><td>March 31, 2004</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>February 27, 2004</td></tr></table>



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

EFTA00199006



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>CURRENТ YIELD (%)</th></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>965</td><td></td><td></td></tr><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST. 30 DAY AVG YIELD .9000%</td><td>DICXX</td><td>24,865,187.68</td><td>1.0000</td><td>24,865,188</td><td>198,922</td><td>0.8000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$24,866,153</td><td>$198,922</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$198,922</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$24,866,153</td></tr></table>



Transaction Detail


## DEPOSITS AND WITHDRAWALS

<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>03/12/04</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM PERRY ACQUISITION PARTNERS</td><td></td><td>27,388,682.85</td></tr><tr><td>03/29/04</td><td>FND WIRED</td><td>MDA# FNDS WIRED TO U.S. TRUST COMPANY FD SOLD MMKT</td><td>5,000,000.00</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

INTERNATIONAL CHARITABLE

STATEMENT PERIOD February 28, 2004

THROUGH March 31, 2004



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | February 27, 2004 |

| :--- | :--- |

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EFTA00199007



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





INTERNATIONAL CHARITABLE



## **Transaction Detail** (continued)

STATEMENT PERIOD February 28, 2004

DEPOSITS AND WITHDRAWALS (continued)

THROUGH March 31, 2004



ACCOUNT NUMBER



TAXPAYER NUMBER On File

<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>03/29/04</td><td>DEPOSIT</td><td>SEC AND EXCH COMM CRAWFORD<br>OO INTERN CHRITABLE<br>BK OF THE WEST</td><td></td><td>36.67</td></tr><tr><td colspan="3">TOTAL</td><td>-5,000,000.00</td><td>$27,388,719.52</td></tr></tbody></table>

| LAST STATEMENT | February 27, 2004 |

| :--- | :--- |

## 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>02/28/04</td><td></td><td>OPENINGBALANCE</td><td></td><td>2,475,450.45</td><td></td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>03/01/04</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>1,737.23</td></tr><tr><td>03/01/04</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST</td><td>DICXX</td><td>1,737.23</td><td></td><td>1,737.23</td><td></td></tr><tr><td>03/12/04</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>27,388,000</td><td>1.0000</td><td>27,388,000.00</td><td></td></tr><tr><td>03/29/04</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-5,000,000</td><td>1.0000</td><td></td><td>5,000,000.00</td></tr></table>

<table border="1"><tr><td>03/31/04</td><td>CLOSINGBALANCE</td><td colspan="2">24,865,187.68</td></tr><tr><td>TOTAL</td><td></td><td>-27,389,737.23</td><td>$5,001,737.23</td></tr></table>

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EFTA00199008



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

6 of 6

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

Excess SIPC Account Protection Update

Effective February 16, 2004, the commercial insurer through which Bear, Stearns Securities Corp. obtains excess SIPC protection changed to Customer Asset Protection Company ("CAPCO"), a New York licensed insurance company. CAPCO has an A+ financial strength rating from Standard and Poor's.



## Your messages

INTERNATIONAL CHARITABLE

The Firm believes it is of the utmost importance that clients who purchase or hold mutual funds fully understand the intricacies of the pricing structures and rules which govern these investments. Recently, a joint Industry/NASD Task Force collaborated to create a Disclosure Statement to address these issues. We are providing this Disclosure Statement to you for the purpose of reinforcing these concepts and to initiate the opportunity for further discussion of these issues to the extent you have questions. You are encouraged to contact your financial professional with any questions you have regarding your investments. Additionally, you may review this information online at the following NASD web site: http://www.nasdr.com/breakpoints_statement.asp





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

At November 30, 2003 and January 31, 2004, the Company's net capital of approximately $3.3 billion and $3.2 billion was approximately 7% and 7% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $930.3 million and $967.8 million by approximately $2.4 billion and $2.2 billion, all respectively.

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.



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


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