sis nits Kisco Income Summary MIS POEM YEAR WE Opening Ba lance 50.00 Govt. Agency IN. 25.838.51 35,120.22 Corp. Bond 7.414.12 7.414.12 Seculties Sold 26,538,289.46 Ohiclendsarcerest 34.252.63 Total 534.252.53 $42.534.34 Bond 91,0940 0.00 -169.671.73 Amount Credited 326,572,542.09 S

1.14% ML HERTZ 3275.400 2161548 RENAISSANCE INST EQUITY FUND 1.326.355 1.326.355 1.231.682 769% 0.00% May May SEAR STEARNS Asset Backed Seculties (MVOS yak 331.882 331 882 Ern/elemental Sokslions (stock cerldcate) 659.962 527.948 Sell rents DB ZW1FIN SPECIAl. OPPORTUNITIES FUND 71000100

and real slate timestment trust wanes) and structured products are genraly hg by Alaed Certan gestured produces have not been registered with the Seculties and Exchange Cantresen Or under any State SeCunheS laws. We acne 40 mated valet foe private nvestilynt ensiles rid structured products for informa

83 manisen Avant New York. NOW York 10179 (212) 272-2003 3 a•4 Cash Flow Analysis Ma Kew Income Summary Na NW* 'FIAR TO OAlt OpeningBalance Seculties Sold Dhidendsarcerest Arescellaneous 5992.05 158,614,157.53 679.297.41 1214.062.50 Govt. Agency Int. Corp. Bond Int. Credit Balance Int. Re