EFTA00195684 OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179

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

## What’s In This Statement Financial Summary 3 Your Portfolio Holdings ... 4 Transaction Detail ... Trades Not Yet Settled ... 12 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 FINANCIAL TRUST CO INC STATEMENT PERIOD June 28, 2003 There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account. ACCOUNT NUMBER Your Portfolio at a Glance | LAST STATEMENT | June 27, 2003 | | :--- | :--- | TAXPAYER NUMBER On File THROUGH July 25, 2003

TOTAL VALUE OF SECURITIES THIS PERIOD	18,500,041
LONG ACCRUED INTEREST	221,050
NET CREDIT BALANCE	531,555
NET EQUITY THIS PERIOD	$19,252,646
NET EQUITY LAST STATEMENT	20,131,089
CHANGE SINCE LAST STATEMENT	-878,443

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 07:26/03:10:09 001 V811 EFTA00195685 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY 2 of 12 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 EFTA00195686 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 3 of 12 Cash Flow Analysis

	THIS PERIOD
OpeningBalance	$83,953.25
Securities Sold	57,559,955.57
Dividends/Interest	958,046.83
Miscellaneous	10,330.47
Amount Credited	$58,528.
Securities Bought	-57,908,750.00
Funds Withdrawn	-77,381.00
Miscellaneous	-94,600.00
Amount Debited	$-58,080,731.00
Net Cash Activity	447,601.87
Closing Balance	$531,555.12

Cash Balance Summary

	OPENING	CLOSING
Margin	83,953.25	531,555.12
Net Cash Balance	$83,953.25	$531,555.12

Income Summary

	THIS PERIOD	YEAR TO DATE
Govt. Agency Int.	834,952.46	352,067.05
Corp. Bond Int.	122,918.54	776,302.52
Credit Balance Int.	175.83	761.72
Reverse Repurchase Int.	2,119.97	12,684.38
Total	$960,166.80	141,815.67
Bond Purchase Int.		-50,156.82
Repurchase Int. Exp.		-24,344.52

Portfolio Composition

Cash/Cash Equivalent	531,555
Fixed Income	18,500,041
Total	$19,031,596

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST CO INC

STATEMENT PERIOD	June 28, 2003
THROUGH	July 25, 2003
ACCOUNT NUMBER
TAXPAYER NUMBER	On File
LAST STATEMENT	June 27, 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. W811 EFTA00195687 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 12 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 June 28, 2003

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
CASH BALANCE				531,555
TOTAL CASH & CASH EQUIVALENTS				$531,555

DESCRIPTION	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCRUED INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE DATED DATE 10/11/02 BOOK ENTRY ONLY DUE 02/15/2032 293% FACTOR = .63169930	MRGN	37,901,953	9.6816	3,669,527	66,258	2,385,170	64.9994
FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032 5,893% FACTOR = .63169930	MRGN	16,258,155	9.5702	1,555,931	26,612	958,093	61.5768
FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DATED DATE 06/07/02 BOOK ENTRY ONLY DUE 03/15/2032 1,000% FACTOR = .58475713	MRGN	58,475,712	3.7118	2,170,484	16,240	584,757	26.9413
FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SQ DATED DATE 07/08/02 BOOK ENTRY ONLY DUE 03/15/2032 8,93% FACTOR = .58866492	MRGN	29,433,245	10.1225	2,979,394	56,355	2,028,834	68.0955

027 07/26/03;10:09 001 EFTA00195688 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, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 **5 of 12** ## 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	33,957,095	9.6934	3,291,586	55,585	2,001,092	60.7942
FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW	MRGN	22,723,571	10.0781	2,290,110		1,355,461	59.1876
Total Government& Agency Obligations				$15,957,032	$221,050	$9,313,407

Corporate Bonds

DESCRIPTION	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCRUED INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
FANNIE MAE CMO/SERIES 2002-82	MRGN	19,409,508	13.1019	2,543,009		1,361,577	53.5420
SK-I/O FLTR DATED DATE 10/02/02 BOOK ENTRY ONLY DUE 10/25/2031 .015% FACTOR = .77638036
Total CorporateBonds				$2,543,009		$1,361,577
TOTAL FIXED INCOME				$18,500,041	$221,050	$10,674,984

YOUR TOTAL ACCRUED INTEREST	$221,050
YOUR TOTAL ESTIMATED ANNUAL INCOME	$10,674,984
YOUR PRICED PORTFOLIOHOLDINGS	$19,031,596

027 07/26/03;10:09 001 EFTA00195689 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 12 FINANCIAL TRUST CO INC Transaction Detail STATEMENT PERIOD June 28, 2003 ## INVESTMENT ACTIVITY THROUGH July 25, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | June 27, 2003 | | :--- | :--- |

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
07/08/03		PRINCIPAL	FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 1,001 DUE 03/01/32 PRINCIPAL REDUCTN 07-25-03	-289,086
07/14/03	07/07/03	CANCEL SELL	FNMA-30YR(FNMA)GTD SETT.07/03 DUE 07.01/2033 05,500% REF # AS OF 07/07/03 TO CXL PREVIOUS SELL	20,000,000	102.93750	20,587,500.00
07/14/03	06/05/03	BOUGHT	FNMA-30YR(FNMA)GTD SETT.07/03 DUE 07.01/2033 05,500% REF # BS	20,000,000	103.40625	20,681,250.00
07/14/03	07/07/03	SOLD	FNMA-30YR(FNMA)GTD SETT.07/03 DUE 07.01/2033 05,500% REF # BS	-20,000,000	102.93750		20,587,500.00
07/14/03	06/05/03	CANCEL BUY	FNMA-30YR(FNMA)GTD SETT.07/03 DUE 07.01/2033 05,500% REF # AS OF 06/05/03 TO CXL PREVIOUS BUY	-20,000,000	103.40625		20,681,250.00
07/15/03		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 07-15-03	-5,365,000
07/15/03		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 07-15-03	-251

027 07/26/03;10:09 001 EFTA00195690 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 12 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD June 28, 2003 THROUGH July 25, 2003 ## INVESTMENT ACTIVITY (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | June 27, 2003 | | :--- | :--- |

SEREMEN TDATE	TRADE DATE	TRANSACTION	SYMBOLICUSP
07/15/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL 5,893 DUE 03/15/32 PRINCIPAL REDUCTN 07-15-03	-3,665,000
07/15/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL 5,893 DUE 03/15/32 PRINCIPAL REDUCTN 07-15-03	-440
07/15/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO 5,893 DUE 03/15/32 PRINCIPAL REDUCTN 07-15-03	-3,177,000
07/15/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO 5,893 DUE 03/15/32 PRINCIPAL REDUCTN 07-15-03	-121
07/15/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 5,893 DUE 02/15/32 PRINCIPAL REDUCTN 07-15-03	-3,772,000
07/15/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 5,893 DUE 02/15/32 PRINCIPAL REDUCTN 07-15-03	-370
07/15/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI 5,893 DUE 02/15/32 PRINCIPAL REDUCTN 07-15-03	-1,618,000
07/15/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI 5,893 DUE 02/15/32 PRINCIPAL REDUCTN 07-15-03	-169
07/25/03	JOURNAL	FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 001 DUE 03/01/32 ADJUST POSITION	1

| 027 | 07/26/03;10:09 | 001 | V811 | | :--- | :--- | :--- | :--- | EFTA00195691 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 12 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD June 28, 2003 ## INVESTMENT ACTIVITY (continued)

SETTLEMENT DATE	TRANSACTION	DESCRIPTION	QUANTITY	CREDIT AMOUNT
07/25/03	PRINCIPAL	FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 1,001 DUE 03/01/32 PRINCIPAL PAYMENT 07-25-03		289,085.60
07/25/03	PRINCIPAL	FANNIE MAE CMO/SERIES 2002-82 SK-I/O FLTR 1,015 DUE 10/25/31 PRINCIPAL REDUCTN 07-25-03	-1,617,000
07/25/03	PRINCIPAL	FANNIE MAE CMO/SERIES 2002-82 SK-I/O FLTR 1,015 DUE 10/25/31 PRINCIPAL REDUCTN 07-25-03	-183
07/25/03	PRINCIPAL	FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 5,965 DUE 01/25/33 PRINCIPAL REDUCTN 07-25-03	-1,124,000
07/25/03	PRINCIPAL	FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 5,965 DUE 01/25/33 PRINCIPAL REDUCTN 07-25-03	-371
TOTAL				-41,268,750.00	$41,557,835.60

## DEPOSITS AND WITHDRAWALS

DATE	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
07/02/03	FND WIRED		77,381.00
		WIRED TO
		ELEFT NATIONAL BANK
TOTAL				-77,381.00

027 07/26/03;10:09 001 V811 EFTA00195692 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 12 Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST CO INC ## Transaction Detail (continued) INTEREST STATEMENT PERIOD June 28, 2003 THROUGH July 25, 2003 ACCOUNT NUMBER

DATE	DESCRIPTION	RATE (%)	CREDIT AMOUNT
06/30/03	AVG BAL 447,172RT 021 OFFICE INTEREST 0603		175.83
07/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DUE 03/15/2032 1,000 INTEREST PAYMENT 07-15-03	1.0000	45,891.34
07/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2490 CL SL DUE 03/15/2032 5,893 INTEREST PAYMENT 07-15-03	5.8930	182,469.29
07/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SQ DUE 03/15/2032 8,993 INTEREST PAYMENT 07-15-03		185,335.58
07/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE DUE 02/15/2032 2,293 INTEREST PAYMENT 07-15-03		216,011.94
07/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DUE 02/15/2032 5,893 INTEREST PAYMENT 07-15-03	5.8930	86,700.17
07/25/03	FANNIE MAE CMO/SERIES 2002-82 SK-I/O FLTR DUE 10/25/2031 0,015 INTEREST PAYMENT 07-25-03		122,918.54
07/25/03	FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW DUE 01/25/2033 5,965 INTEREST PAYMENT 07-25-03	5.9650	118,544.14
TOTAL			$958,046.83

| LAST STATEMENT | June 27, 2003 | | :--- | :--- | TAXPAYER NUMBER On File 027 07/26/03;10:09 001 V811 EFTA00195693 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 12 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD June 28, 2003 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear, Stearns& Co.Inc. THROUGH July 25, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | June 27, 2003 | | :--- | :--- |

SETTLEMENT DATE	TRANSACTION	DESCRIPTION	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
07/11/03	JOURNAL	FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 001 DUE 03/01/2022 FITMARGON REPO AGREEMENT	-599,843
07/11/03	JOURNAL	ADP CD FITM-PR 8.625 DUE 12/31/49		5,300,000.00
07/11/	JOURNAL	ADP CD FITM-PR 8.625 DUE 12/31/49			5,400,000.00
07/11/	INTEREST	ADP CD DUE 12/31/2049 8.625 FITM-PR			1,429.50
07/18/	JOURNAL	ADP CD FITM-PR 8.625 DUE 12/31/49			5,300,000.00
07/18/03	JOURNAL	ADP CD FITM-PR 8.625 DUE 12/31/49		5,300,000.00
07/18/	JOURNAL	ADP CD FITM-PR 8.625 DUE 12/31/49			5,300,000.00
07/18/03	JOURNAL	ADP CD FITM-PR 8.625 DUE 12/31/49		1,040,000.00

| 07/26/03;10:09 | 001 | V811 | | :--- | :--- | :--- | EFTA00195694 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 12 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD June 28, 2003 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) THROUGH July 25, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | June 27, 2003 | | :--- | :--- |

SETTLEMENT DATE	TRANSACTION	DESCRIPTION	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
07/18/	INTEREST	ADP CD DUE 12/31/2049 8,625 FITM-PR			690.47
07/24/03	JOURNAL	FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 1,001 DUE 03/01/32 FITMARGN A2 TERM REPO AGREEMENT	599,843
07/24/03	JOURNAL	FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 1,001 DUE 03/01/32 FITMARGN A1 REPO AGREEMENT	-2,999,217
07/24/03	JOURNAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 FITMARGN A2 TERM REPO AGREEMENT	8,771,356
TOTAL				-16,640,000.00	$16,002,119.97

## MISCELLANEOUS

DATE MO/DAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
07/11/03	JOURNAL	FNMA-30YR(FNMA)GTD SETT,07/03 5,500 DUE 07/01/33 MBS NET 07/11/03	93,750.00
07/14/03	JOURNAL	JUNE 03 SPEC CLEARING FEES	850.00
07/16/03	JOURNAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 P&I TRNFR		8,098.47

027 07/26/03;10:09 001 EFTA00195695 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 12 of 12 Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) MISCELLANEOUS (continued) STATEMENT PERIOD June 28, 2003

DATE MO/DAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
07/21/03	JOURNAL	FITG TO FITM		2,232.00
TOTAL			-94,600.00	$10,330.47

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
09/15/03	06/17/03	BOUGHT	FNMA-30YR(FNMA)GTD SETT, 09/03 DUE 09/01/2033 05,000% REF #	10,000,000.00	101.4687	10,146,875.00
09/15/03	07/07/03	BOUGHT	FNMA 30YR GTD SETT, 09/03 DUE 09/01/2033 05,500% REF #	20,000,000.00	102.2500	20,450,000.00
TOTAL							$30,596,875.00

The above trades do not appear in any other section of this statement. ******* End of Statement******* 027 07/26/03;10:09 001