EFTA00195657 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 ## What’s In This Statement Transaction Detail ... | Trades Not Yet Settled | 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 ACCOUNT NUMBER STATEMENT PERIOD August 30, 2003 THROUGH September 30, 2003 TAXPAYER NUMBER On File | LAST STATEMENT | August 29, 2003 | | :--- | :--- | Your Portfolio at a Glance

TOTAL VALUE OF SECURITIES THIS PERIOD	13,466,661
LONG ACCRUED INTEREST	203,166
NET CREDIT BALANCE	992
NET EQUITY THIS PERIOD	$13,670,819
NET EQUITY LAST STATEMENT	13,836,583
CHANGE SINCE LAST STATEMENT	-165,764

There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account. Market Value of Your Portfolio ## Important Message Bear Stearns is pleased to announce our conversion to a calendar month-end statement. Effective this month, your account statement reflects all activity and account valuation up to and including the last business day of the month. 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 10/01/03:10:54 001 V813 EFTA00195658 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 EFTA00195659 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	$244.46
Securities Sold	176,098,821.93
Dividends/Interest	762,801.16
Amount Credited	$176,861,623.09
Securities Bought	-175,152,227.06
Miscellaneous	-1,708,648.44
Amount Debited	$-176,860,875.50
Net Cash Activity	747.59
Closing Balance	$992.05

Cash Balance Summary

	OPENING	CLOSING
Margin	244.46	992.05
Net Cash Balance	$244.46	$992.05

Income Summary

	THIS PERIOD	YEAR TO DATE
Govt. Agency Int.	663,909.77	790,874.92
Corp. Bond Int.	98,763.24	987,479.17
Credit Balance Int.	128.15	931.45
Reverse Repurchase Int.	2,357.87	18,418.80
Total	$765,159.03	$8,797,704.34
Bond Purchase Int.		-50,156.82
Repurchase Int. Exp.		-24,344.52

Portfolio Composition

Cash/Cash Equivalent	992
Fixed Income	13,466,661
Total	$13,467,653

Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST CO INC

STATEMENT PERIOD	August 30, 2003
THROUGH	September 30, 2003
ACCOUNT NUMBER
TAXPAYER NUMBER	On File
LAST STATEMENT	August 29, 2003

Your Portfolio Allocation EFTA00195660 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 August 30, 2003 THROUGH September 30, 2003

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
CASH BALANCE				992
TOTAL CASH & CASH EQUIVALENTS				$992

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 5,880% FACTOR = .47247166	MRGN	12,160,086	9.7796	1,189,206	29,793	715,013	60.1252
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	MRGN	2,311,383	87.5781	2,024,266	2	23
FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DATED DATE 06/07/02 BOOK ENTRY ONLY DUE 03/15/2032 1,000% FACTOR = .43312334	MRGN	43,312,333	3.2974	1,428,182	18,050	433,123	30.3269
FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SQ DATED DATE 07/08/02 BOOK ENTRY ONLY DUE 03/15/2032 .880% FACTOR = .43601779	MRGN	21,800,888	10.1749	2,218,219	62,495	1,499,901	67.6174

027 10/01/03;10:54 001 EFTA00195661 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** FINANCIAL TRUST CO INC ## 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	25,151,656	9.8365	2,474,037	61,619	1,478,917	59.7775
FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW	MRGN	19,831,541	10.4766	2,077,667	16,225	1,168,078	56.2207
Total Government& Agency Obligations				$11,411,577	$188,184	$5,295,055

Corporate Bonds

DESCRIPTION	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCRUED INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
FANNIE MAE CMO/SERIES 2002-82	MRGN	15,542,438	13.2224	2,055,084	14,982	1,078,645	52.4867
SK-I/O FLTR DATED DATE 10/02/02 BOOK ENTRY ONLY DUE 10/25/2031 940% FACTOR = .62169757
Total CorporateBonds				$2,055,084	$14,982	$1,078,645
TOTAL FIXED INCOME				$13,466,661	$203,166	.373,700

YOUR TOTAL ACCRUED INTEREST	$203,166
YOUR TOTAL ESTIMATED ANNUAL INCOME	373,700
YOUR PRICED PORTFOLIOHOLDINGS	$13,467,653

027 10/01/03;10:54 001 EFTA00195662 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 CLEARED THROUGH ITS WINOLLY OWNED SUBSIDIARY Bear, Stearns 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	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT
09/15/03	08/04/03	CANCEL SELL	FNMA-30YR(FNMA)GTD SETT,09/03 DUE 09/01/2033.05,000% REF # AS OF 08/04/03 TO CXL PREVIOUS SELL	10,000,000	94.98438	9,498,437.50
09/15/03	06/17/03	BOUGHT	FNMA-30YR(FNMA)GTD SETT,09/03 DUE 09/01/2033.05,000% REF #	10,000,000	101.46875	10,146,875.00
09/15/03	08/04/03	SOLD	FNMA-30YR(FNMA)GTD SETT,09/03 DUE 09/01/2033.05,000% REF #	-10,000,000	94.98438		9,498,437.50
09/15/03	06/17/03	CANCEL BUY	FNMA-30YR(FNMA)GTD SETT,09/03 DUE 09/01/2033.05,000% REF # AS OF 08/17/03 TO CXL PREVIOUS BUY	-10,000,000	101.46875		10,146,875.00
09/15/03	07/28/03	BOUGHT	FNMA 30YR GTD SETT,09/03 DUE 09/01/2033.05,500% REF # AS OF 07/28/03	10,000,000	100.10938	10,010,937.50
09/15/03	07/28/03	BOUGHT	FNMA 30YR GTD SETT,09/03 DUE 09/01/2033.05,500% REF #	10,000,000	100.10938	10,010,938.00

027 10/01/03;10:54 001 EFTA00195663 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 13 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) ## INVESTMENT ACTIVITY (continued)

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
09/15/03	07/07/03	BOUGHT	FNMA 30YR GTD SETT, 09/03 DUE 09.01/2033, 05,500% REF # BS	20,000,000	102.25000	20,450,000.00
09/15/03	07/29/03	BOUGHT	FNMA 30YR GTD SETT, 09/03 DUE 09.01/2033, 05,500% REF # BS	35,000,000	99.48438	34,819,531.25
09/15/03	09/03/03	CANCEL SELL	FNMA 30YR GTD SETT, 09/03 DUE 09.01/2033, 05,500% REF # AS OF 09/03/03 TO CXL PREVIOUS SELL	65,000,000	98.80078	64,220,507.81
09/15/03	07/28/03	CANCEL BUY	FNMA 30YR GTD SETT, 09/03 DUE 09.01/2033, 05,500% REF # AS OF 07/28/03 TO CXL PREVIOUS BUY	-10,000,000	100.10938		10,010,937.50
09/15/03	07/28/03	CANCEL BUY	FNMA 30YR GTD SETT, 09/03 DUE 09.01/2033, 05,500% REF # AS OF 07/28/03 TO CXL PREVIOUS BUY	-10,000,000	100.10938		10,010,938.00
09/15/03	07/07/03	CANCEL BUY	FNMA 30YR GTD SETT, 09/03 DUE 09.01/2033, 05,500% REF # AS OF 07/07/03 TO CXL PREVIOUS BUY	-20,000,000	102.25000	20,450,000.00

027 10/01/03;10:54 001 EFTA00195664 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) ## INVESTMENT ACTIVITY (continued)

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	DEBIT AMOUNT
09/15/03	07/29/03	CANCEL BUY	FNMA 30YR GTD Sett, 09/03 DUE 09/01/2033, 05,500% REF # BS AS OF 07/29/03 TO CXL PREVIOUS BUY	-35,000,000	99.48438	34,819,531.25
09/15/03	09/03/03	SOLD	FNMA 30YR GTD Sett, 09/03 DUE 09/01/2033, 05,500% REF # BS	-65,000,000	98.80078	64,220,507.81
09/15/03		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS VT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 09-15-03	-205,000
09/15/03		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS TT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 09-15-03	-487
09/15/03		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL 5,880 DUE 03/15/32 PRINCIPAL REDUCTN 09-15-03	-3,603,000
09/15/03		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL 5,880 DUE 03/15/32 PRINCIPAL REDUCTN 09-15-03	-553
09/15/03		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO 880 DUE 03/15/32 PRINCIPAL REDUCTN 09-15-03	-3,123,000
09/15/03		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO 880 DUE 03/15/32 PRINCIPAL REDUCTN 09-15-03	-479

027 10/01/03;10:54 001 EFTA00195665 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 13 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD August 30, 2003 ## INVESTMENT ACTIVITY (continued) THROUGH September 30, 2003 TAXPAYER NUMBER On File | LAST STATEMENT | August 29, 2003 | | :--- | :--- |

SETTLEMENT DATE	TRANSACTION	DESCRIPTION	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
09/15/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SW 5,880 DUE 02/15/32 PRINCIPAL REDUCTN 09-15-03	-1,601,000
09/15/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SW 5,880 DUE 02/15/32 PRINCIPAL REDUCTN 09-15-03	-287
09/25/03	PRINCIPAL	FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 001 DUE 03/01/92 PRIN RD 08-03 PD 09-25-03 REPO P & I 0,000			307,237.00
09/25/03	PRINCIPAL	FANNIE MAE CMO/SERIES 2002-82 SW NO ETNR 930 DUE 10/25/31 PRINCIPAL REDUCTN 09-25-03	-1,534,000
09/25/03	PRINCIPAL	FANNIE MAE CMO/SERIES 2002-82 SW NO ETNR 930 DUE 10/25/31 PRINCIPAL REDUCTN 09-25-03	-778
09/25/03	PRINCIPAL	FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 5,880 DUE 01/25/33 PRINCIPAL REDUCTN 09-25-03	-1,090,000
09/25/03	PRINCIPAL	FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 5,880 DUE 01/25/33 PRINCIPAL REDUCTN 09-25-03	-510
TOTAL
				$-159,157,227.06	$159,464,464.06

027 10/01/03;10:54 001 EFTA00195666 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 10 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 August 30, 2003 THROUGH September 30, 2003 ACCOUNT NUMBER

DATE	DESCRIPTION	RATE (%)	CREDIT AMOUNT
09/02/03	AVG BAL 488,921RT 021 OFFICE INTEREST 0803		128.15
09/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DUE 03/15/2032 1,000 INTEREST PAYMENT 09-15-03	1.0000	41,264.85
09/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL DUE 03/15/2032 5,880 INTEREST PAYMENT 09-15-03	5.8800	141,140.15
09/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2490 CLASS SO DUE 03/15/2032 8,880 INTEREST PAYMENT 09-15-03		143,107.41
09/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE DUE 02/15/2032 2,280 INTRID 08-03 P/D 09-15-03 REPO P & I 2900		168,159.56
09/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DUE 02/15/2032 5,880 INTEREST PAYMENT 09-15-03	5.8800	67,545.40
09/25/03	FANNIE MAE CMO SERIES 2002-82 SK-I/O FLTR DUE 10/25/2031 930 INTEREST PAYMENT 09-25-03		98,763.24
09/25/03	FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW DUE 01/25/2033 5,880 INTEREST PAYMENT 09-25-03	5.8800	102,692.40
TOTAL			$762,801.16

TAXPAYER NUMBER On File | LAST STATEMENT | August 29, 2003 | | :--- | :--- | 027 10/01/03;10:54 001 EFTA00195667 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 11 of 13 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD August 30, 2003 THROUGH September 30, 2003 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear, Stearns& Co.Inc. ACCOUNT NUMBER | LAST STATEMENT | August 29, 2003 | | :--- | :--- | TAXPAYER NUMBER On File | 10/01/03;10:54 | 001 | V813 | | :--- | :--- | :--- | EFTA00195668 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 12 of 13 FINANCIAL TRUST CO INC ## Transaction Detail (continued) STATEMENT PERIOD August 30, 2003 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) THROUGH September 30, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | August 29, 2003 | | :--- | :--- | ## MISCELLANEOUS

DATE MO/DAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT
09/12/03	JOURNAL	FNMA-30YR(FNMA)GTD SETT, 09/03 5,000 DUE 09/01/33 MBS NET 09/12/03	648,437.50
09/12/03	JOURNAL	FNMA 30YR GTD SETT, 09/03 5,500 DUE 09/01/33 MBS NET 09/12/03	1,059,960.94
09/15/03	JOURNAL	AUG 03 SPEC CLEARING FEES	250.00
TOTAL			-1,708,648.44

027 10/01/03;10:54 001 EFTA00195669 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST CO INC 13 of 13 Trades Executed Pending Settlement

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
10/15/03	09/30/03	BOUGHT	FEDL HOME LOAN MTG SERIES 223 CLASS PO DUE 12/01/2032 REF # BS	3,489,227.00	82.3125	2,872,070.30
10/15/03	09/03/03	BOUGHT	FNMA-30YR(FNMA) GTD SETT,10/03 DUE 10.01/2033 .05,500% REF # BS	65,000,000.00	98.4062	63,964,062.50
10/15/03	09/04/03	SOLD	FNMA-30YR(FNMA) GTD SETT,10/03 DUE 10.01/2033 .05,500% REF # BS	-15,000,000.00	98.9687		14,845,312.50
10/15/03	09/05/03	SOLD	FNMA-30YR(FNMA) GTD SETT,10/03 DUE 10.01/2033 .05,500% REF # AS OF 09/05/03 BS	-10,000,000.00	99.5312		9,953,125.00
10/15/03	09/05/03	SOLD	FNMA-30YR(FNMA) GTD SETT,10/03 DUE 10.01/2033 .05,500% REF # BS	-10,000,000.00	99.5312		9,953,125.00
10/15/03	09/05/03	CANCEL SELL	FNMA-30YR(FNMA) GTD SETT,10/03 DUE 10.01/2033 .05,500% REF # AS OF 09/05/03 BS	-10,000,000.00	99.5312	9,953,125.00
TOTAL							$76,789,257.80	$34,751,562.50

The above trades do not appear in any other section of this statement. 027 10/01/03;10:54 001