Financial record, 2003-12

Statements¶

EFTA00195618¶

OFFICE SERVICING YOUR ACCOUNT¶

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

CLEARED THROUGH ITS¶

WHOLLY OWNED SUBSIDIARY¶

ACCOUNT EXECUTIVE	GNMA GOVT BOND
VISIT OUR WEBSITE	www.bearstearns.com

Financial Summary 3¶

Your Portfolio Holdings … 4¶

Transaction Detail …¶

What’s In This Statement¶

Your Messages … 13¶

FINANCIAL TRUST CO INC

C/O JEFFREY EPSTEIN

6100 RED HOOK QUARTER

ST B3

ST THOMAS VI 00802

Bear, Steams Securities Corp.¶

One Metrotech Center North¶

Brooklyn, New York 11201-3859¶

FINANCIAL TRUST CO INC¶

STATEMENT PERIOD November 29, 2003¶

THROUGH December 31, 2003¶

ACCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | November 28, 2003 |¶

| :--- | :--- |¶

Your Portfolio at a Glance¶

There are no “Stop Loss” orders or other pending buy or sell open orders on file for your account.¶

TOTAL VALUE OF SECURITIES THIS PERIOD	18,601,283
LONG ACCRUED INTEREST	215,777
NET CREDIT BALANCE	380,860
NET EQUITY THIS PERIOD	$19,197,920
NET EQUITY LAST STATEMENT	15,882,704
CHANGE SINCE LAST STATEMENT	3,315,216

Market Value of Your Portfolio¶

Important Message¶

If any information regarding 2003 interest, dividends, miscellaneous income, gross proceeds or original issue discount is required to be reported to the IRS for this account, a Consolidated Form 1099 will be mailed to you by February 2, 2004 or a 1042S by March 15, 2004.¶

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 01/01/04:12:17 001¶

EFTA00195619¶

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY¶

2 of 13¶

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

FINANCIAL TRUST CO INC¶

STATEMENT BACKER IS PRINTED ON THIS PAGE¶

027¶

EFTA00195620¶

BEAR STEARNS¶

OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179¶

3 of 13¶

Cash Flow Analysis¶

	THIS PERIOD
OpeningBalance	$280,444.12
Securities Sold	34,476,423.63
Dividends/Interest	769,840.35
Miscellaneous	114,939.00
Amount Credited	$35,361,202.98
Securities Bought	-35,167,056.55
Dividends/Interest Charged	-93,680.63
Miscellaneous	-50.00
Amount Debited	$-35,260,787.18
Net Cash Activity	100,415.80
Closing Balance	$380,859.92

Cash Balance Summary¶

	OPENING	CLOSING
Margin	280,444.12	380,859.92
Net Cash Balance	$280,444.12	$380,859.92

Income Summary¶

	THIS PERIOD	YEAR TO DATE
Govt. Agency Int.	529,120.88	9,461,836.30
Corp. Bond Int.	240,687.70	1,403,354.75
Credit Balance Int.	31.77	1,111.16
Reverse Repurchase Int.	4,127.88	26,483.48
Total	$773,968.23	$10,892,785.69
Bond Purchase Int.	-93,603.74	-143,760.56
Margin Int. Paid	-76.89	-76.89
Repurchase Int. Exp.		-24,344.52

Portfolio Composition¶

Cash/Cash Equivalent	380,860
Fixed Income	18,601,283
Total	$18,982,143

Bear, Steams Securities Corp.¶

One Metratech Center North Brooklyn, New York 11201-3859¶

FINANCIAL TRUST CO INC¶

STATEMENT PERIOD	November 29, 2003
THROUGH	December 31, 2003
ACCOUNT NUMBER
TAXPAYER NUMBER	On File
LAST STATEMENT	November 28, 2003

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.¶

EFTA00195621¶

BEAR STEARNS¶

OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179¶

CLEARED THROUGH ITS¶

WHOLLY OWNED SUBSDIARY¶

4 of 13¶

Bear, Steams Securities Corp.¶

One Metrotech Center North Brooklyn, New York 11201-3859¶

FINANCIAL TRUST CO INC¶

Your Portfolio Holdings¶

CASH & CASH EQUIVALENTS¶

STATEMENT PERIOD November 29, 2003¶

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
CASH BALANCE				380,860
TOTAL CASH & CASH EQUIVALENTS				$380,860

THROUGH December 31, 2003¶

ACCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | November 28, 2003 |¶

| :--- | :--- |¶

FIXED INCOME¶

Government & Agency Obligations¶

DESCRIPTION	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCRUED INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032 .5.837% FACTOR =	MRGN	10,456,946	10.4905	1,096,983	27,127	610,372	55.6410
FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DATED DATE 03/01/02 BOOK ENTRY ONLY DUE 03/01/2032 .001% FACTOR =	MRGN	1,971,241	85.1406	1,678,327	2	20
FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DATED DATE 06/07/02 BOOK ENTRY ONLY DUE 03/15/2032 .1.000% FACTOR =	MRGN	36,766,242	3.6400	1,338,278	16,340	367,662	27.4728
FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SQ DATED DATE 07/08/02 BOOK ENTRY ONLY DUE 03/15/2032 .1.837% FACTOR =	MRGN	18,505,970	11.2865	2,088,679	56,235	1,265,253	60.5767

027¶

01/01/04;12:17 001¶

EFTA00195622¶

BEAR STEARNS¶

OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179¶

CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY¶

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

5 of 13¶

Your Portfolio Holdings (continued)¶

Government & Agency Obligations (continued)¶

DESCRIPTION	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCRUED INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL	MRGN	21,350,313	10.6137	2,266,065	55,389	1,246,218	54.9948
FEDL HOME LOAN MTG SERIES 223 CLASS PO	MRGN	3,249,317	79.9844	2,598,946
FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW	MRGN	18,701,667	11.2571	2,105,258	18,259	1,095,544	52.0385
Total Government& Agency Obligations				$13,172,536	$173,352	$4,585,069

Corporate Bonds¶

DESCRIPTION	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCRUED INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
FANNIE MAE CMO/SERIES 2003-13 S RCR-I/O FLTR DATED DATE 02/25/03 BOOK ENTRY ONLY DUE 03/25/2033 858% FACTOR = .	MRGN	37,118,425	14.6255	5,428,747	42,425	2,545,582	46.8908
Total CorporateBonds				$5,428,747	$42,425	$2,545,582
TOTAL FIXED INCOME				$18,601,283	$215,777	.130,651

027¶

01/01/04;12:17 001¶

EFTA00195623¶

BEAR STEARNS¶

OFFICE SERVICING YOUR ACCOUNT¶

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

CLEARED THROUGH ITS¶

WHOLLY OWNED SUBSDIARY¶

of 13¶

Bear, Steams Securities Corp.¶

One Metrotech Center North¶

Brooklyn, New York 11201-3859¶

YOUR TOTAL ACCRUED INTEREST	$215,777
YOUR TOTAL ESTIMATED ANNUAL INCOME	130,651
YOUR PRICED PORTFOLIOHOLDINGS	$18,982,143

Your Portfolio Holdings (continued)¶

FINANCIAL TRUST CO INC¶

STATEMENT PERIOD November 29, 2003¶

Repurchase and Reverse Repurchase Transactions¶

THROUGH December 31, 2003¶

ACCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

with Bear, Stearnsand Co. Inc. outstanding as of date of statement¶

| LAST STATEMENT | November 28, 2003 |¶

| :--- | :--- |¶

	QUANTITY (FACE AMOUNT)	DESCRIPTION
YOU PROVIDED (MARGIN) 10/23/03 OPEN
	-51,655,000	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 02/15/32
TOTAL REVERSE REPURCHASE TRANSACTIONS
TOTAL REPURCHASE TRANSACTIONS

As of statement date¶

027¶

01/01/04;12:17 001¶

EFTA00195624¶

BEAR STEARNS¶

OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179¶

CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY¶

of 13¶

Bear, Steams Securities Corp.¶

One Metrotech Center North¶

Brooklyn, New York 11201-3859¶

FINANCIAL TRUST CO INC¶

Transaction Detail¶

INVESTMENT ACTIVITY¶

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	CREDIT AMOUNT
12/04/03	12/01/03	SOLD	FANNIE MAE CMO/SERIES 2002-82 SK-I/O FLTR DUE 10/25/2031 06,931% REF # AS OF 12/01/03	-14,242,198	11.43750	1,628,951.45 24,679.06
12/05/03		PRINCIPAL	FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 001 DUE 03/01/32 PRINCIPAL REDUCTN 12-25-03	-69,948
12/05/03		PRINCIPAL	FEDL HOME LOAN MTG SERIES 202 CLASS PO DUE 12/01/32 PRINCIPAL REDUCTN 12-15-03	-59,396
12/05/03		JOURNAL	FANNIE MAE CMO/SERIES 2002-82 SK-I/O FLTR 931 DUE 10/25/31 ADJUST POSITION	1
12/05/03		JOURNAL	FANNIE MAE CMO/SERIES 2002-82 SK-I/O FLTR 931 DUE 10/25/31	1
12/09/03		JOURNAL	FANNIE MAE CMO/SERIES 2002-82 SK-I/O FLTR 931 DUE 10/25/31	-1
12/15/03		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 12-15-03	-1,460,000
12/15/03		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 12-15-03	-302
12/15/03		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL 5477 DUE 03/15/32 PRINCIPAL REDUCTN 12-15-03	-848,004

01/01/04;12:17	001	V818

EFTA00195625¶

OFFICE SERVICING YOUR ACCOUNT¶

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

CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY¶

Bear, Steams Securities Corp.¶

One Metrotech Center North Brooklyn, New York 11201-3859¶

8 of 13¶

FINANCIAL TRUST CO INC¶

Transaction Detail (continued)¶

STATEMENT PERIOD November 29, 2003¶

THROUGH December 31, 2003¶

INVESTMENT ACTIVITY (continued)¶

ACCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | November 28, 2003 |¶

| :--- | :--- |¶

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
12/15/03		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SQ 837 DUE 03/15/32 PRINCIPAL REDUCTN 12-15-03	-735,030
12/15/03		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI 5,837 DUE 02/15/32 PRINCIPAL REDUCTN 12-15-03	-370,995
12/15/03		PRINCIPAL	FEDL HOME LOAN MTG SERIES 223 CLASS PO DUE 12/01/32 PRINCIPAL PAYMENT 12-15-03				59,396.20
12/18/03	12/18/03	BOUGHT	FANNIE MAE CMO/SERIES 2003-13 S RCR-I/O FLTR DUE 03/25/2003, 06,881% REF # BS AS OF TD 12/18/03 SD 12/08/03 INTR COMPUTED TO 12/08/03	37,669,355 ACCR. INT.	14.50000	5,462,056.55
12/26/03		PRINCIPAL	FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO .001 DUE 03/01/32 PRINCIPAL PAYMENT 12-25-03				69,948.10
12/26/03		PRINCIPAL	FANNIE MAE CMO/SERIES 2003-13 S RCR-I/O FLTR .881 DUE 03/25/32 PRINCIPAL REDUCTN 12-25-03	-550,930
12/26/03		PRINCIPAL	FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 5,881 DUE 01/25/32 PRINCIPAL REDUCTN 12-25-03	-277,580
TOTAL						$-5,555,660.29	$1,782,974.81

027¶

01/01/04;12:17 001¶

EFTA00195626¶

BEAR STEARNS¶

OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179¶

CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY¶

9 of 13¶

Bear, Steams Securities Corp.¶

One Metrotech Center North¶

Brooklyn, New York 11201-3859¶

FINANCIAL TRUST CO INC¶

Transaction Detail (continued)¶

INTEREST¶

STATEMENT PERIOD November 29, 2003¶

THROUGH December 31, 2003¶

ACCOUNT NUMBER¶

DATE	DESCRIPTION	RATE (%)	CREDIT AMOUNT
12/01/03	AVG BAL 124.272RT 021 OFFICE INTEREST 1103		31.77
12/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DUE 03/18/2032 1,000 INTEREST PAYMENT 12-15-03	1.0000	31,855.45
12/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL DUE 03/18/2032 5,837 INTEREST PAYMENT 12-15-03	5.8370	108,771.75
12/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SQ DUE 03/15/2032 837 INTEREST PAYMENT 12-15-03		110,315.08
12/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE DUE 02/15/2032 237 INT RD 11-03/P/D 12-15-03 REPO P & I 2800		18,373.41
12/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE DUE 02/15/2032 237 INT RD 11-03/P/D 12-15-03 REPO P & I 2800		113,730.20
12/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DUE 02/18/2032 5,837 INTEREST PAYMENT 12-15-03	5.8370	53,056.91
12/26/03	FANNIE MAE CMO/SERIES 2003-13 S RCR-I/O FLTR DUE 03/28/2033 881 INTEREST PAYMENT 12-25-03		216,008.64
12/26/03	FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW DUE 01/28/2033 5,881 INTEREST PAYMENT 12-25-03	5.8810	93,018.08

| LAST STATEMENT | November 28, 2003 |¶

| :--- | :--- |¶

TAXPAYER NUMBER On File¶

027	01/01/04;12:17	001	V818

EFTA00195627¶

BEAR STEARNS¶

OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179¶

CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY¶

Bear, Steams Securities Corp.¶

One Metrotech Center North¶

Brooklyn, New York 11201-3859¶

10 of 13¶

FINANCIAL TRUST CO INC¶

Transaction Detail (continued)¶

STATEMENT PERIOD November 29, 2003¶

THROUGH December 31, 2003¶

INTEREST (continued)¶

ACCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

DATE	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
12/31/03	AVG BAL 23,718RT 3.765	76.89
12/31/03	021 OFFICE INTEREST 1203
TOTAL		-76.89	$745,161.29

| LAST STATEMENT | November 28, 2003 |¶

| :--- | :--- |¶

REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear, Stearns& Co.Inc.¶

027¶

01/01/04;12:17 001¶

EFTA00195628¶

BEAR STEARNS¶

OFFICE SERVICING YOUR ACCOUNT¶

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

CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY¶

Bear, Steams Securities Corp.¶

One Metrotech Center North¶

Brooklyn, New York 11201-3859¶

11 of 13¶

FINANCIAL TRUST CO INC¶

Transaction Detail (continued)¶

STATEMENT PERIOD November 29, 2003¶

REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued)¶

THROUGH December 31, 2003¶

ACCOUNT NUMBER¶

| LAST STATEMENT | November 28, 2003 |¶

| :--- | :--- |¶

TAXPAYER NUMBER On File¶

027	01/01/04;12:17	001	V818

EFTA00195629¶

BEAR STEARNS¶

OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179¶

CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY¶

Bear, Steams Securities Corp.¶

One Metrotech Center North¶

Brooklyn, New York 11201-3859¶

12 of 13¶

FINANCIAL TRUST CO INC¶

Transaction Detail (continued)¶

STATEMENT PERIOD November 29, 2003¶

REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued)¶

THROUGH December 31, 2003¶

ACCOUNT NUMBER¶

| LAST STATEMENT | November 28, 2003 |¶

| :--- | :--- |¶

TAXPAYER NUMBER On File¶

MISCELLANEOUS¶

DATE MO/DAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
12/08/03	JOURNAL	FITG FITM		114,939.00

027¶

01/01/04;12:17 001¶

EFTA00195630¶

BEAR STEARNS¶

OFFICE SERVICING YOUR ACCOUNT¶

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

13 of 13¶

Transaction Detail (continued)¶

MISCELLANEOUS (continued)¶

DATE MO/DAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
12/11/03	JOURNAL	NOV.03 SPEC CLEARING FEES	50.00
TOTAL			-50.00	$114,939.00

Your messages¶

Excess SIPC Account Protection Update¶

Bear, Stearns Securities Corp. (“BSSC”), a member of the Securities Investor Protection Corporation (“SIPC”), provides account protection for the net equity of a customer’s funds and securities positions. SIPC provides $500,000 of primary net equity protection, including $100,000 for claims for cash (“SIPC Coverage”). Visit www.sipc.org for more information about SIPC Coverage. BSSC provides the additional protection (“Excess SIPC”) through a commercial insurer. Effective February 16, 2004, the commercial insurer for Excess SIPC will change to Customer Asset Protection Company (“CAPCO”), a licensed New York insurance company. Account protection applies when a SIPC member firm fails financially and is unable to meet its obligations to its securities customers, but does not apply to losses from the rise or fall in the market value of investments or to SIPC ineligible assets such as options, futures, foreign exchange transactions, or any investment contracts that are not registered as securities.¶

CLEARED THROUGH ITS¶

CLEARLY WOUNDED SUBSIDIARY¶

Bear, Steams Securities Corp.¶

One Metrotech Center North¶

Brooklyn, New York 11201-3859¶

FINANCIAL TRUST CO INC¶

STATEMENT PERIOD November 29, 2003¶

THROUGH December 31, 2003¶

ACCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | November 28, 2003 |¶

| :--- | :--- |¶

STOP¶

******* End of Statement******¶

027¶

01/01/04;12:17 001¶

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Statements¶

What’s In This Statement¶

Important Message¶

Your Portfolio Holdings¶

FIXED INCOME¶

Your Portfolio Holdings (continued)¶

Repurchase and Reverse Repurchase Transactions¶

INVESTMENT ACTIVITY¶

Transaction Detail (continued)¶

INVESTMENT ACTIVITY (continued)¶

Transaction Detail (continued)¶

Transaction Detail (continued)¶

REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear, Stearns& Co.Inc.¶

Transaction Detail (continued)¶

Transaction Detail (continued)¶

MISCELLANEOUS¶

Transaction Detail (continued)¶

Your messages¶

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