EFTA00195643 OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179
ACCOUNT EXECUTIVEGNMA GOVT BOND
VISIT OUR WEBSITEwww.bearstearns.com
## What’s In This Statement Financial Summary 3 Your Portfolio Holdings ... 4 Transaction Detail ... | Trades Not Yet Settled | 14 | | :--- | :--- | CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY
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 There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account. Your Portfolio at a Glance FINANCIAL TRUST CO INC ACCOUNT NUMBER STATEMENT PERIOD October 1, 2003
TOTAL VALUE OF SECURITIES THIS PERIOD16,075,464
LONG ACCRUED INTEREST206,233
NET CREDIT BALANCE450,076
NET EQUITY THIS PERIOD$16,731,773
NET EQUITY LAST STATEMENT13,670,819
CHANGE SINCE LAST STATEMENT3,060,954
| LAST STATEMENT | September 30, 2003 | | :--- | :--- | TAXPAYER NUMBER On File THROUGH October 31, 2003 Market Value of Your Portfolio SIPC 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 11/01/03;13:39 001 V818 EFTA00195644 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY 2 of 14 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 EFTA00195645 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 3 of 14 Cash Flow Analysis
THIS PERIOD
OpeningBalance$992.05
Securities Sold158,614,157.53
Dividends/Interest679,297.41
Miscellaneous1,214,062.50
Amount Credited$160,507,517.44
Securities Bought-159,821,725.15
Miscellaneous-236,708.00
Amount Debited$-160,058,433.15
Net Cash Activity449,084.29
Closing Balance$450,076.34
Cash Balance Summary
OPENINGCLOSING
Margin992.05450,076.34
Net Cash Balance$992.05$450,076.34
Income Summary
THIS PERIODYEAR TO DATE
Govt. Agency Int.589,443.568,380,318.48
Corp. Bond Int.89,757.591,077,236.76
Credit Balance Int.96.261,027.71
Reverse Repurchase Int.1,538.0319,956.83
Total$680,835.44$9,478,539.78
Bond Purchase Int.-50,156.82
Repurchase Int. Exp.-24,344.52
Portfolio Composition
Cash/Cash Equivalent450,076
Fixed Income16,075,464
Total$16,525,540
Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST CO INC 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. W818 EFTA00195646 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 14 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 October 1, 2003
DESCRIPTIONSYMBOL/CUSIPQUANTITYPRICEMARKET VALUEESTIMATED ANNUAL INCOMECURRENT YIELD (%)
CASH BALANCE450,076
TOTAL CASH & CASH EQUIVALENTS$450,076
THROUGH October 31, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | September 30, 2003 | | :--- | :--- | ## FIXED INCOME Government & Agency Obligations
DESCRIPTIONSYMBOL/CUSIPACCT TYPEQUANTITYPRICEMARKET VALUEACCRUED INTERESTESTIMATED ANNUAL INCOMECURRENT YIELD (%)
FEDERAL HOME LOAN MTG CORP
SERIES 2526 CLASS SI
DATED DATE 10/01/02
BOOK ENTRY ONLY
DUE 02/15/2032 5,880%
FACTOR = .44119951		MRGN11,355,22910.41091,182,18429,675667,68756.4791
FEDERAL NATIONAL MTG ASSN
STRIP MTG SERIES 322 CL PO
DATED DATE 03/01/02
BOOK ENTRY ONLY
DUE 03/01/2032 .001%
FACTOR = 1,00000000		MRGN2,142,07684.20311,803,695221
FEDERAL HOME LOAN MTG CORP
SERIES 2471 CLASS YT
DATED DATE 06/07/02
BOOK ENTRY ONLY
DUE 03/15/2032 1,000%
FACTOR = .40137363		MRGN40,137,3623.69561,483,33517,840401,37427.0589
FEDERAL HOME LOAN MTG CORP
SERIES 2488 CLASS SQ
DATED DATE 07/08/02
BOOK ENTRY ONLY
DUE 03/15/2032 .880%
FACTOR = .40405591		MRGN20,202,79411.28182,279,23561,7751,389,95260.9833
027 11/01/03;13:39 001 EFTA00195647 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 14** FINANCIAL TRUST CO INC ## Your Portfolio Holdings (continued) Government & Agency Obligations (continued)
DESCRIPTIONSYMBOL/CUSIPACCT TYPEQUANTITYPRICEMARKET VALUEACCRUED INTERESTESTIMATED ANNUAL INCOMECURRENT YIELD (%)
FEDERAL HOME LOAN MTG CORP
SERIES 2483 CL SL		MRGN23,307,93710.55122,459,26360,9091,370,50755.7284
FEDL HOME LOAN MTG
SERIES 223 CLASS PO		MRGN3,370,58478.33592,640,379
FEDERAL NATIONAL MTG ASSN
SERIES 2003-49 CLASS SW		MRGN19,333,39310.98052,122,90518,9471,136,80453.5495
Total Government& Agency Obligations$13,970,996$189,148$4,966,345
Corporate Bonds
DESCRIPTIONSYMBOL/CUSIPACCT TYPEQUANTITYPRICEMARKET VALUEACCRUED INTERESTESTIMATED ANNUAL INCOMECURRENT YIELD (%)
FANNIE MAE CMO/SERIES 2002-82MRGN14,793,12314.22602,104,46817,0851,025,16348.7136
SK-I/O FLTR DATED DATE 10/02/02 BOOK ENTRY ONLY DUE 10/25/2031 .930% FACTOR = .59172496
Total CorporateBonds$2,104,468$17,085$1,025,163
TOTAL FIXED INCOME$16,075,464$206,233$5,991,508
027 11/01/03;13:39 001 EFTA00195648 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 14 Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859
YOUR TOTAL ACCRUED INTEREST$206,233
YOUR TOTAL ESTIMATED ANNUAL INCOME$5,991,508
YOUR PRICED PORTFOLIOHOLDINGS$16,525,540
## Your Portfolio Holdings (continued) FINANCIAL TRUST CO INC ## Repurchase and Reverse Repurchase Transactions STATEMENT PERIOD October 1, 2003 | THROUGH | October 31, 2003 | | :--- | :--- | ACCOUNT NUMBER with Bear, Stearnsand Co. Inc. outstanding as of date of statement TAXPAYER NUMBER On File | LAST STATEMENT | September 30, 2003 | | :--- | :--- |
PURCHASE/ START DATEREPURCHASE DATEPRICING RATEPURCHASE PRICE/ PRINCIPALACCRUED REPO INTEREST*QUANTITY (FACE AMOUNT)CUSIPDESCRIPTION
YOU PROVIDED
(MARGIN)10/23/03OPEN-51,655,000SERIES 2530 CLASS SE02/15/32
TOTAL REVERSE REPURCHASE TRANSACTIONS
TOTAL REPURCHASE TRANSACTIONS
*As of statement date* 027 11/01/03;13:39 001 EFTA00195649 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 of 14 FINANCIAL TRUST CO INC Transaction Detail ## INVESTMENT ACTIVITY
SETTLEMENT DATETRADE DATETRANSACTIONDESCRIPTIONSYMBOL/CUSPQUANTITYPRICEDEBIT AMOUNTCREDIT AMOUNT
10/07/03PRINCIPALFEDERAL NATIONAL MTG ASSN STRIP MTP SERIES 322 CL PO 1,001 DUE 03/01/32 PRINCIPAL REDUCTN 10-25-03-169,307
10/15/0309/30/03BOUGHTFEDL HOME LOAN MTG SERIES 223 CLASS PO DUE 12/01/2032 REF # BS TO ADD PREVIOUS MONTHS FACTOR AS OF 09/30/033,370,58482.312502,774,412.65
10/15/0309/05/03CANCEL SELLFNMA-30YR(FNMA)GTD SETT,10/03 DUE 10.0012033 05,500% REF # BS AS OF 08/05/03 TO CXL PREVIOUS SELL10,000,00099.531259,953,125.00
10/15/0309/05/03CANCEL SELLFNMA-30YR(FNMA)GTD SETT,10/03 DUE 10.0012033 05,500% REF # BS AS OF 08/05/03 TO CXL PREVIOUS SELL10,000,00099.531259,953,125.00
10/15/0309/04/03CANCEL SELLFNMA-30YR(FNMA)GTD SETT,10/03 DUE 10.0012033 05,500% REF # BS AS OF 08/04/03 TO CXL PREVIOUS SELL15,000,00098.9687514,845,312.50
10/15/0310/07/03CANCEL SELLFNMA-30YR(FNMA)GTD SETT,10/03 DUE 10.0012033 05,500% REF # BS AS OF 10/07/03 TO CXL PREVIOUS SELL40,000,000100.9492240,379,687.50
027 11/01/03;13:39 001 EFTA00195650 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 8 of 14 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) ## INVESTMENT ACTIVITY (continued)
SETTLEMENT DATETRADE DATETRANSACTIONDESCRIPTIONSYMBOLICUSPQUANTITYPRICEDEBIT AMOUNTCREDIT AMOUNT
10/15/0309/03/03BOUGHTFNMA-30YR(FNMA) GTD SETT, 10/03 DUE 10.01/2033, 05,500% REF # BS65,000,00098.4062563,964,062.50
10/15/0309/05/03SOLDFNMA-30YR(FNMA) GTD SETT, 10/03 DUE 10.01/2033, 05,500% REF # AS OF 00/05/03 BS-10,000,00099.531259,953,125.00
10/15/0309/05/03SOLDFNMA-30YR(FNMA) GTD SETT, 10/03 DUE 10.01/2033, 05,500% REF # BS-10,000,00099.531259,953,125.00
10/15/0309/04/03SOLDFNMA-30YR(FNMA) GTD SETT, 10/03 DUE 10.01/2033, 05,500% REF # BS-15,000,00098.9687514,845,312.50
10/15/0310/07/03SOLDFNMA-30YR(FNMA) GTD SETT, 10/03 DUE 10.01/2033, 05,500% REF # BS-40,000,000100.9492240,379,687.50
10/15/0309/03/03CANCEL BUYFNMA-30YR(FNMA) GTD SETT, 10/03 DUE 10.01/2033, 05,500% REF # AS OF 09/03/03 TO CXL PREVIOUS BUY-65,000,00098.4062563,964,062.50
10/15/03PRINCIPALFEDERAL HOME LOAM MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 10-15-03-3,174,000
027 11/01/03;13:39 001 V818 EFTA00195651 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 9 of 14 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD October 1, 2003 ## INVESTMENT ACTIVITY (continued) THROUGH October 31, 2003 TAXPAYER NUMBER On File | LAST STATEMENT | September 30, 2003 | | :--- | :--- |
SETTLEMENT DATETRADE DATETRANSACTIONDESCRIPTIONSYMBOL/CUSIPQUANTITYPRICEDEBIT AMOUNTCREDIT AMOUNT
10/15/03PRINCIPALFEDERAL HOME LOAN MTG CORP
SERIES 2471 CLASS YT
1,000 DUE 03/15/32
PRINCIPAL REDUCTN 10-15-03		-971
10/15/03PRINCIPALFEDERAL HOME LOAN MTG CORP
SERIES 2483 CL SL
5,880 DUE 03/15/32
PRINCIPAL REDUCTN 10-15-03		-1,843,000
10/15/03PRINCIPALFEDERAL HOME LOAN MTG CORP
SERIES 2483 CL SL
5,880 DUE 03/15/32
PRINCIPAL REDUCTN 10-15-03		-719
10/15/03PRINCIPALFEDERAL HOME LOAN MTG CORP
SERIES 2488 CLASS SQ
800 DUE 03/15/32
PRINCIPAL REDUCTN 10-15-03		-1,598,000
10/15/03PRINCIPALFEDERAL HOME LOAN MTG CORP
SERIES 2486 CLASS SQ
800 DUE 03/15/32
PRINCIPAL REDUCTN 10-15-03		-94
10/15/03PRINCIPALFEDERAL HOME LOAN MTG CORP
SERIES 2620 CLASS SI
5,880 DUE 02/15/32
PRINCIPAL REDUCTN 10-15-03		-804,857
10/24/03JOURNALFEDERAL HOME LOAN MTG CORP
SERIES 2530 CLASS SE
280 DUE 02/15/32
ADJUST POSITION		-1
10/27/03PRINCIPALFEDERAL NATIONAL MTG ASSN
STRIP MTI SERIES 322 CL PO
.001 DUE 03/01/32
PRINCIPAL PAYMENT 10-25-03		169,307.00
10/27/03PRINCIPALFANNIE MAE CMO/SERIES 2002-82
SK-I0 FLTR
800 DUE 10/25/31
PRINCIPAL REDUCTN 10-25-03		-749,315
| 027 | 11/01/03;13:39 | 001 | V818 | | :--- | :--- | :--- | :--- | EFTA00195652 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 14 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD October 1, 2003 ## INVESTMENT ACTIVITY (continued) THROUGH October 31, 2003
SETTLEMENT DATETRADE DATETRANSACTIONDESCRIPTIONSYMBOL/CUSIPQUANTITYPRICEDEBIT AMOUNTCREDIT AMOUNT
10/27/03PRINCIPALFEDERAL NATIONAL MTG ASSN
SERIES 2003-49 CLASS SW
5,880 DUE 01/25/33
PRINCIPAL REDUCTN 10-25-03		-498,148
TOTAL-141,869,725.15$139,264,619.50
| LAST STATEMENT | September 30, 2003 | | :--- | :--- | INTEREST
DATEDESCRIPTIONSYMBOL/CUSIPQUANTITYRATE (%)DEBIT AMOUNTCREDIT AMOUNT
10/01/03AVG BAL 992RT
021 OFFICE INTEREST 0903
10/02/03AVG BAL 379,748RT
021 OFFICE INTEREST 0903		96.24
10/15/03FEDERAL HOME LOAN MTG CORP
SERIES 2471 CLASS YT
DUE 03/15/2032 1,000
INTEREST PAYMENT 10-15-03		1.000036,093.61
10/15/03FEDERAL HOME LOAN MTG CORP
SERIES 2483 CL SL
DUE 03/15/2032 5,880
INTEREST PAYMENT 10-15-03		5.8800123,243.11
10/15/03FEDERAL HOME LOAN MTG CORP
SERIES 2488 CLASS SQ
DUE 03/15/2032 880
INTEREST PAYMENT 10-15-03		124,991.77
10/15/03FEDERAL HOME LOAN MTG CORP
SERIES 2530 CLASS SE
DUE 02/15/2032 280
INT R/D 09-03 P/D 10-15-03
REPO P & I 2800		148,356.10
027 11/01/03;13:39 001 EFTA00195653 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 14 FINANCIAL TRUST CO INC ## Transaction Detail (continued) STATEMENT PERIOD October 1, 2003 INTEREST (continued) THROUGH October 31, 2003 TAXPAYER NUMBER On File | LAST STATEMENT | September 30, 2003 | | :--- | :--- |
DATEDESCRIPTIONSYMBOL/CUSIPQUANTITYRATE (%)DEBIT AMOUNTCREDIT AMOUNT
10/15/03FEDERAL HOME LOAN MTG CORP
SERIES 2526 CLASS SI
DUE 02/15/2032 5,880
INTEREST PAYMENT 10-15-03		5.880059,584.42
10/27/03FANNIE MAE CMO/SERIES 2002-82
SK-I/O FLTR
DUE 10/25/2031 930
INTEREST PAYMENT 10-25-03		89,757.59
10/27/03FEDERAL NATIONAL MTG ASSN
SERIES 2003-49 CLASS SW
DUE 01/25/2033 5,880
INTEREST PAYMENT 10-25-03		5.880097,174.55
TOTAL$679,297.41
## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear, Stearns& Co.Inc. 027 EFTA00195654 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 14 FINANCIAL TRUST CO INC ## Transaction Detail (continued) STATEMENT PERIOD October 1, 2003 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) THROUGH October 31, 2003 ACCOUNT NUMBER | LAST STATEMENT | September 30, 2003 | | :--- | :--- | TAXPAYER NUMBER On File | 027 | 11/01/03;13:39 | 001 | V818 | | :--- | :--- | :--- | :--- | EFTA00195655 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 13 of 14 FINANCIAL TRUST CO INC ## Transaction Detail (continued) STATEMENT PERIOD October 1, 2003 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) THROUGH October 31, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | September 30, 2003 | | :--- | :--- | 027 11/01/03;13:39 001 EFTA00195656 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 14 of 14 CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY ## **Transaction Detail** (continued) ## MISCELLANEOUS
DATE MO/DAYTRANSACTIONDESCRIPTIONDEBIT AMOUNTCREDIT AMOUNT
10/06/03JOURNALFITG TO FITM1,338.00
10/10/03JOURNALFITG FITM69,463.00
10/14/03JOURNALSEP 03 SPEC CLEARING FEES1,050.00
10/15/03JOURNALFNMA-30YR(FNMA)GTD
SETT,10/03
5,500 DUE 10/01/33
MBS NET 10/15/03		1,214,062.50
10/20/03JOURNALFITG FITM38,459.00
10/21/03JOURNALFITG FITM126,398.00
TOTAL-236,708.00$1,214,062.50
Bear, Steams Securities Corp. One Meterotech Center North Brooklyn, New York 11201-3859 ## Trades Executed Pending Settlement FINANCIAL TRUST CO INC STATEMENT PERIOD October 1, 2003 | THROUGH | October 31, 2003 | | :--- | :--- | ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | September 30, 2003 | | :--- | :--- |
SETTLEMENT DATETRADE DATETRANSACTIONDESCRIPTIONSYMBOL/CUSIPQUANTITYPRICEDEBIT AMOUNTCREDIT AMOUNT
11/13/0310/07/03BOUGHTFNMA-30YR(FNMA)GTD
SETT,11/03
DUE 11/01/2033 05,500%
REF #		40,000,000.00100.593740,237,500.00
11/13/0310/16/03SOLDFNMA-30YR(FNMA)GTD
SETT,11/03
DUE 11/01/2033 05,500%
REF #		-40,000,000.00100.125040,050,000.00
TOTAL$40,237,500.00$40,050,000.00
The above trades do not appear in any other section of this statement. 027 11/01/03;13:39 001 V818