EFTA00195670 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 | | :--- | :--- | Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859

FINANCIAL TRUST CO INC

C/O JEFFREY EPSTEIN

6100 RED HOOK QUARTER

ST B3

ST THOMAS VI 00802

TOTAL VALUE OF SECURITIES THIS PERIOD	13,626,053
LONG ACCRUED INTEREST	210,286
NET CREDIT BALANCE	244
NET EQUITY THIS PERIOD	$13,836,583
NET EQUITY LAST STATEMENT	19,252,646
CHANGE SINCE LAST STATEMENT	-5,416,063

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 September 2003,your account statement will reflect all activity and account valuation up to and including the last business day of the month. 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 08/30/03:13:15 001 V812 EFTA00195671 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 EFTA00195672 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	$531,555.12
Securities Sold	37,638,376.55
Dividends/Interest	887,353.09
Miscellaneous	529,666.62
Amount Credited	$39,055,396.26
Securities Bought	-36,628,000.00
Miscellaneous	-2,958,706.92
Amount Debited	$-39,586,706.92
Net Cash Activity	-531,310.66
Closing Balance	$244.46

Cash Balance Summary

	OPENING	CLOSING
Margin	531,555.12	244.46
Net Cash Balance	$531,555.12	$244.46

Income Summary

	THIS PERIOD	YEAR TO DATE
Govt. Agency Int.	774,898.10	126,965.15
Corp. Bond Int.	112,413.41	888,715.93
Credit Balance Int.	41.58	803.30
Reverse Repurchase Int.	3,376.55	16,060.93
Total	$890,729.64	$8,032,545.31
Bond Purchase Int.		-50,156.82
Repurchase Int. Exp.		-24,344.52

Portfolio Composition

Cash/Cash Equivalent	244
Fixed Income	13,626,053
Total	$13,626,297

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

STATEMENT PERIOD	July 26, 2003
THROUGH	August 29, 2003
ACCOUNT NUMBER
TAXPAYER NUMBER	On File
LAST STATEMENT	July 25, 2003

Your Portfolio Allocation EFTA00195673 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 July 26, 2003

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
CASH BALANCE				244
TOTAL CASH & CASH EQUIVALENTS				$244

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 5,890% FACTOR = .53468856	MRGN	13,761,373	10.2416	1,409,390	31,523	810,545	57.5103
FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DATED DATE 06/07/02 BOOK ENTRY ONLY DUE 03/15/2032 1,000% FACTOR = .49517821	MRGN	49,517,820	3.7670	1,865,312	19,260	495,178	26.5467
FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SQ DATED DATE 07/08/02 BOOK ENTRY ONLY DUE 03/15/2032 5,890% FACTOR = .49848736	MRGN	24,924,367	11.2050	2,792,769	66,780	1,717,289	61.4905
FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/15/2032 5,890% FACTOR = .49848735	MRGN	28,755,209	10.4299	2,999,138	65,864	1,693,682	56.4723

027 08/30/03;13:15 001 EFTA00195674 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) STATEMENT PERIOD July 26, 2003 Government & Agency Obligations (continued)

DESCRIPTION	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCRUED INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
FEDERAL NATIONAL MTG ASSN	MRGN	20,922,051	10.5000	2,196,815	13,692	1,232,309	56.0953
SERIES 2003-49 CLASS SW
DATED DATE 04/30/03
BOOK ENTRY ONLY
DUE 01/25/2033 5,890%
FACTOR = .86075034
Total Government& Agency Obligations				$11,263,424	$197,119	$5,949,003

Corporate Bonds

DESCRIPTION	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCRUED INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
FANNIE MAE CMO/SERIES 2002-82	MRGN	17,077,216	13.8350	2,362,629	13,167	1,185,159	50.1627
SK-I/O FLTR DATED DATE 10/02/02 BOOK ENTRY ONLY DUE 10/25/2031 .940% FACTOR = .68308868
Total CorporateBonds				$2,362,629	$13,167	$1,185,159
TOTAL FIXED INCOME				$13,626,053	$210,286	.134,162

YOUR TOTAL ACCRUED INTEREST	$210,286
YOUR TOTAL ESTIMATED ANNUAL INCOME	134,162
YOUR PRICED PORTFOLIOHOLDINGS	$13,626,297

027 08/30/03;13:15 001 EFTA00195675 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 Metratech Center North Brooklyn, New York 11201-3859 of 14 FINANCIAL TRUST CO INC Transaction Detail STATEMENT PERIOD July 26, 2003 ## INVESTMENT ACTIVITY THROUGH August 29, 2003

DEMENTMENT DATE	TRANSACTION	DESCRIPTION	QUANTITY
08/07/03	JOURNAL	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 2,293 DUE 02/15/32	5
08/15/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 08-15-03	-8,957,000
08/15/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 08-15-03	-892
08/15/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2489 CL SL 8,890 DUE 03/15/32 PRINCIPAL REDUCTN 08-15-03	-5,201,000
08/15/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL 5,890 DUE 03/15/32 PRINCIPAL REDUCTN 08-15-03	-886
08/15/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO 8,890 DUE 03/15/32 PRINCIPAL REDUCTN 08-15-03	-4,508,000
08/15/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO 8,890 DUE 03/15/32 PRINCIPAL REDUCTN 08-15-03	-878
08/15/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2520 CLASS SI 5,890 DUE 02/15/32 PRINCIPAL REDUCTN 08-15-03	-2,496,000
08/15/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI 5,890 DUE 02/15/32 PRINCIPAL REDUCTN 08-15-03	-782

08/30/03;13:15 001 V812 EFTA00195676 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 (continued) STATEMENT PERIOD July 26, 2003 ## INVESTMENT ACTIVITY (continued) THROUGH August 29, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | July 25, 2003 | | :--- | :--- |

SETTLEMENT DATE	TRANSACTION	DESCRIPTION	QUANTITY
08/25/03	PRINCIPAL	FANNIE MAE CMO/SERIES 2002-82 SK-IO FLTR 950 DUE 10/25/31 PRINCIPAL REDUCTN 08-25-03	-2,000
08/25/03	PRINCIPAL	FANNIE MAE CMO/SERIES 2002-82 SK-IO FLTR 950 DUE 10/25/31 PRINCIPAL REDUCTN 08-25-03	-292
08/25/03	PRINCIPAL	FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 5,900 DUE 01/25/33 PRINCIPAL REDUCTN 08-25-03	-1,801,000
08/25/03	PRINCIPAL	FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 5,900 DUE 01/25/33 PRINCIPAL REDUCTN 08-25-03	-520

INTEREST

DATE	DESCRIPTION	RATE (%)	CREDIT AMOUNT
07/28/03	AVG BAL 146,204RT 021 OFFICE INTEREST 0703		41.58
08/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DUE 03/15/2032 1,000 INTEREST PAYMENT 08-15-03	1.0000	48,729.76
08/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL DUE 03/15/2032 5,890 INTEREST PAYMENT 08-15-03	5.8900	166,761.03

027 08/30/03;13:15 001 EFTA00195677 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) STATEMENT PERIOD July 26, 2003 INTEREST (continued) THROUGH August 29, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | July 25, 2003 | | :--- | :--- |

DATE	DESCRIPTION	RATE (%)	CREDIT AMOUNT
08/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SQ DUE 03/15/2032 8.90 INTEREST PAYMENT 08-15-03		169,072.41
08/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DUE 02/15/2032 5.890 INTEREST PAYMENT 08-15-03	5.8900	79,842.71
08/18/03	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE DUE 02/15/2032 2.290 8-15 REPO PYMT		198,767.97
08/25/03	FANNIE MAE CMO/SERIES 2002-82 SK-I/O FLTR DUE 10/25/2031 9.950 INTEREST PAYMENT 08-25-03		112,413.41
08/25/03	FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW DUE 01/25/2033 5.900 INTEREST PAYMENT 08-25-03	5.9000	111,724.22
TOTAL			$887,353.09

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

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
07/29/03		JOURNAL	ADP CD FITM-PR 8.625 DUE 12/31/49			4,185,000.00
07/29/		JOURNAL	ADP CD FITM-PR 8.625 DUE 12/31/49				.040,000.00

EFTA00195678 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 July 26, 2003 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) THROUGH August 29, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | July 25, 2003 | | :--- | :--- | 027 08/30/03;13:15 001 EFTA00195679 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 July 26, 2003 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) THROUGH August 29, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | July 25, 2003 | | :--- | :--- | | 027 | 08/30/03;13:15 | 001 | V812 | | :--- | :--- | :--- | :--- | EFTA00195680 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 14 FINANCIAL TRUST CO INC ## Transaction Detail (continued) STATEMENT PERIOD July 26, 2003 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) THROUGH August 29, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | July 25, 2003 | | :--- | :--- | ## MISCELLANEOUS

DATE MO/DAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT
07/29/03	JOURNAL	FITM TO FITG	531,596.00
07/30/03	JOURNAL	FITM TO FITG	1,856,257.00
07/31/03	JOURNAL	FITM TO FITG	305,085.00

027 08/30/03;13:15 001 EFTA00195681 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 12 of 14 ## **Transaction Detail** (continued) ## MISCELLANEOUS (continued)

DATE MOIDAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
08/01/03	JOURNAL	FITM TO FITG	250,000.00
08/11/03	JOURNAL	FITG TO FITM		134,451.00
08/18/03	JOURNAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 P&I TRNFR		.309.46
08/19/03	JOURNAL	JULY 03 SPEC CLEARING FEES	1,150.00
08/19/03	JOURNAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 P&I TRNFR		.309.46
08/21/03	JOURNAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 P&I TRNFR ADJ, DUPE	14,618.92
08/27/03	JOURNAL	FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO .001 DUE 03/01/32 P&I TRNFR		380,596.70
TOTAL			-2,958,706.92	$529,666.62

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 July 26, 2003 THROUGH August 29, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | July 25, 2003 | | :--- | :--- | 027 08/30/03;13:15 001 V812 EFTA00195682 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 13 of 14 FINANCIAL TRUST CO INC Trades Executed Pending Settlement 027 08/30/03;13:15 001 EFTA00195683 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 14 of 14 Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST CO INC

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
09/15/03	07/28/03	CANCEL BUY	FNMA 30YR GTD SETT, 09/03 DUE 09/01/2033 05.500%		10,000,000.00	100.1093		10,010,938.00
			REF # AS OF 07/28/03	BS
TOTAL						$85,438,281.75	$19,509,375.50

The above trades do not appear in any other section of this statement. ******* End of Statement******* 027 08/30/03;13:15 001