Bear Stearns Cos. may take until July 16 to tally losses at two struggling hedge funds that invested in risky mortgage-related securities, The Wall Street Journal Online reported on Monday.

The process of calculating the funds' net asset value is taking longer than usual because the securities in which the funds invested are thinly traded and the market for them has been volatile, according to the Journal, which cited a letter to investors from Bear Stearns' asset-management arm.

Investors are keen to see how far the assets have fallen, since they believe other hedge funds are also holding mortgage-related securities, the report added.

A Bear Stearns spokeswoman was not immediately available for comment.

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