EFTA00195696 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 | 13 | | :--- | :--- | 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 Your Portfolio at a Glance There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account. FINANCIAL TRUST CO INC ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | May 30, 2003 | | :--- | :--- |

TOTAL VALUE OF SECURITIES THIS PERIOD	19,744,476
LONG ACCRUED INTEREST	302,660
NET CREDIT BALANCE	83,953
NET EQUITY THIS PERIOD	$20,131,089
NET EQUITY LAST STATEMENT	24,422,603
CHANGE SINCE LAST STATEMENT	-4,291,514

STATEMENT PERIOD May 31, 2003 THROUGH June 27, 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 | 06/28/03:11:38 001 | V808 EFTA00195697 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 EFTA00195698 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	$128,074.40
Securities Sold	82,874,936.25
Dividends/Interest	995,092.35
Miscellaneous	494,356.75
Amount Credited	$84,364,385.35
Securities Bought	-84,399,062.25
Miscellaneous	-9,444.25
Amount Debited	$-84,408,506.50
Net Cash Activity	-44,121.15
Closing Balance	$83,953.25

Cash Balance Summary

	OPENING	CLOSING
Margin	128,074.40	83,953.25
Net Cash Balance	$128,074.40	$83,953.25

Income Summary

	THIS PERIOD	YEAR TO DATE
Govt. Agency Int.	872,169.36	5,517,114.59
Corp. Bond Int.	122,709.53	653,383.98
Credit Balance Int.	213.46	585.89
Reverse Repurchase Int.	1,320.35	10,564.41
Total	$996,412.70	1,181,648.87
Bond Purchase Int.		-50,156.82
Repurchase Int. Exp.		-24,344.52

Portfolio Composition

Cash/Cash Equivalent	83,953
Fixed Income	19,744,476
Total	$19,828,429

Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST CO INC | STATEMENT PERIOD | May 31, 2003 | | :--- | :--- | | THROUGH | June 27, 2003 | | ACCOUNT NUMBER | | | :--- | :---| | TAXPAYER NUMBER | On File | | LAST STATEMENT | May 30, 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. EFTA00195699 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 May 31, 2003

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
CASH BALANCE				83,953
TOTAL CASH & CASH EQUIVALENTS				$83,953

THROUGH June 27, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | May 30, 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 2530 CLASS SE DATED DATE 10/11/02 BOOK ENTRY ONLY DUE 02/15/2032 FACTOR = .69457214	MRGN	41,674,323	8.0453	3,352,813	86,406	2,592,143	77.3125
FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032 5,820% FACTOR = .69457214	MRGN	17,876,324	8.1907	1,464,201	34,681	1,040,402	71.0560
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	3,288,302	92.7109	3,048,616	2	33
FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DATED DATE 06/07/02 BOOK ENTRY ONLY DUE 03/15/2032 1,000% FACTOR = .64787773	MRGN	55,069,607	2.6940	1,483,592	18,351	550,696	37.1191

027 06/28/03;11:38 001 EFTA00195700 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 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 2488 CLASS SQ DATED DATE 07/08/02 BOOK ENTRY ONLY DUE 03/15/2032 820% FACTOR = .65220733	MRGN	32,610,366		2,598,645	74,135	2,224,027	85.5841
FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/15/2032 5,820% FACTOR = .65220732	MRGN	37,622,535	8.2122	3,089,646	72,988	2,189,632	70.8700
FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 5,965% FACTOR = .98112390	MRGN	23,847,942	9.9844	2,381,068	.902	1,422,530	59.7434
Total Government& Agency Obligations				$17,418,581	$294,465	$10,019,463

Corporate Bonds

DESCRIPTION	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCRUED INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
FANNIE MAE CMO/SERIES 2002-82	MRGN	21,026,691	11.0616	2,325,895	8,195	1,475,022	63.4174
SK-I/O FLTR DATED DATE 10/02/02 BOOK ENTRY ONLY DUE 10/25/2031 .015% FACTOR = .84106769
Total CorporateBonds				$2,325,895	$8,195	$1,475,022
TOTAL FIXED INCOME				$19,744,476	$302,660	$11,494,485

027 06/28/03;11:38 001 EFTA00195701 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

YOUR TOTAL ACCRUED INTEREST	$302,660
YOUR TOTAL ESTIMATED ANNUAL INCOME	$11,494,485
YOUR PRICED PORTFOLIOHOLDINGS	$19,828,429

## Your Portfolio Holdings (continued) FINANCIAL TRUST CO INC STATEMENT PERIOD May 31, 2003 THROUGH June 27, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | May 30, 2003 | | :--- | :--- | ## INVESTMENT ACTIVITY Transaction Detail

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUN
06/09/03		PRINCIPAL	FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO .001 DUE 03/01/32 PRINCIPAL REDUCTN 06-25-03	-240,643
06/09/03		PRINCIPAL	FEDERAL NATIONAL MTG ASSN STRIPS SERIES 326 CLASS 1 PO .001 DUE 07/01/32 PRINCIPAL REDUCTN 06-25-03	-245,158
06/12/03	06/10/03	SOLD	FEDERAL NATIONAL MTG ASSN STRIPS SERIES 326 CLASS 1 PO DUE 07/01/2032 00,001% REF # BS	-3,561,835	95.14063		3,388,752.75
06/12/03	05/07/03	BOUGHT	FNMA-30YR(FNMA)GTD SETT,06/03 DUE 06/01/2033 05,500% REF # BS	20,000,000	102.71875	20,543,750.00

027 06/28/03;11:38 001 EFTA00195702 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) STATEMENT PERIOD May 31, 2003 ## INVESTMENT ACTIVITY (continued)

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
06/12/03	06/05/03	CANCEL SELL	FNMA-30YR(FNMA)GTD SETI,06/03 DUE 06/01/2033,05,500% REF # AS OF 06/05/03 TO CXL PREVIOUS SELL	20,000,000	103.73828	20,747,656.00
06/12/03	06/05/03	CANCEL SELL	FNMA-30YR(FNMA)GTD SETI,06/03 DUE 06/01/2033,05,500% REF # AS OF 06/05/03 TO CXL PREVIOUS SELL	20,000,000	103.73828	20,747,656.25
06/12/03	05/07/03	CANCEL BUY	FNMA-30YR(FNMA)GTD SETI,06/03 DUE 06/01/2033,05,500% REF # AS OF 06/07/03 TO CXL PREVIOUS BUY	-20,000,000	102.71875		20,543,750.00
06/12/03	06/05/03	SOLD	FNMA-30YR(FNMA)GTD SETI,06/03 DUE 06/01/2033,05,500% REF # BS	-20,000,000	103.73828		20,747,656.00
06/12/03	06/05/03	SOLD	FNMA-30YR(FNMA)GTD SETI,06/03 DUE 06/01/2033,05,500% REF # BS	-20,000,000	103.73828		20,747,656.25
06/13/03		JOURNAL	FEDERAL NATIONAL MTG ASSN STRIPS SERIES 326 CLASS 1 PO 001 DUE 07/01/32 ADJUST POSITION	-1

027 06/28/03;11:38 001 EFTA00195703 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 13 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD May 31, 2003 ## INVESTMENT ACTIVITY (continued) THROUGH June 27, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | May 30, 2003 | | :--- | :--- |

SETTLEMENT DATE	TRADE DATE	TRANSACTION	SYMBOL/CUSP
06/16/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 06-15-03	-4,391,000
06/16/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 06-15-03	-293
06/16/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL 5,820 DUE 03/15/32 PRINCIPAL REDUCTN 06-15-03	-3,000,000
06/16/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL 5,820 DUE 03/15/32 PRINCIPAL REDUCTN 06-15-03	-48
06/16/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2486 CLASS SO 820 DUE 03/15/32 PRINCIPAL REDUCTN 06-15-03	-2,600,000
06/16/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2486 CLASS SO 820 DUE 03/15/32 PRINCIPAL REDUCTN 06-15-03	-374
06/16/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 090 DUE 02/15/32 PRINCIPAL REDUCTN 06-15-03	-3,149,000
06/16/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 090 DUE 02/15/32 PRINCIPAL REDUCTN 06-15-03	-158
06/16/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI 5,820 DUE 02/15/32 PRINCIPAL REDUCTN 06-15-03	-1,350,000

| 06/28/03;11:38 | 001 | V808 | | :--- | :--- | :--- | EFTA00195704 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 May 31, 2003 ## INVESTMENT ACTIVITY (continued) THROUGH June 27, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | May 30, 2003 | | :--- | :--- |

SETTLEMENT DATE	TRANSACTION	DESCRIPTION	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
06/16/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI 5,820 DUE 02/15/32 PRINCIPAL REDUCTN 06-15-03	-840
06/25/03	PRINCIPAL	FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO .001 DUE 03/01/32 PRINCIPAL PAYMENT 06-25-03			240,642.60
06/25/03	PRINCIPAL	FEDERAL NATIONAL MTG ASSN STRIPS SERIES 326 CLASS 1 PO .001 DUE 07/01/32 PRINCIPAL PAYMENT 06-25-03			245,158.30
06/25/03	PRINCIPAL	FANNIE MAE CMO/SERIES 2002-82 SK-I/O FLTR .730 DUE 10/25/31 PRINCIPAL REDUCTN 06-25-03	-853,165
06/25/03	PRINCIPAL	FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 5,680 DUE 01/25/33 PRINCIPAL REDUCTN 06-25-03	-458,817
TOTAL				-62,039,062.25	$65,913,615.90

INTEREST

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE (%)	DEBIT AMOUNT	CREDIT AMOUNT
06/02/03	AVG BAL 391,997RT 021 OFFICE INTEREST 0503					213.46
06/16/03	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DUE 03/15/2032 1,000 INTEREST PAYMENT 06-15-03			1.0000		49,550.75

027 06/28/03;11:38 001 EFTA00195705 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 May 31, 2003 INTEREST (continued) THROUGH June 27, 2003 TAXPAYER NUMBER On File | LAST STATEMENT | May 30, 2003 | | :--- | :--- |

DATE	DESCRIPTION	RATE (%)	CREDIT AMOUNT
06/16/03	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL DUE 03/15/2032 5,820 INTEREST PAYMENT 06-15-03	5.8200	192,618.75
06/16/03	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SQ DUE 03/15/2032 8,820 INTEREST PAYMENT 06-15-03	6.8200	196,299.88
06/16/03	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE DUE 02/15/2032 1,090 INTEREST PAYMENT 06-15-03	6.0900	227,479.19
06/16/03	FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DUE 02/15/2032 5,820 INTEREST PAYMENT 06-15-03	5.8200	91,168.80
06/25/03	FANNIE MAE CMO/SERIES 2002-82 SK-I/O FLTR DUE 10/25/2031 7,730 INTEREST PAYMENT 06-25-03	6.7300	122,709.53
06/25/03	FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW DUE 01/25/2033 5,680 INTEREST PAYMENT 06-25-03	5.6800	115,051.99
TOTAL			$995,092.35

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

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
06/13/03		JOURNAL	ADP CD FITM-PR 8.625 DUE 12/31/49			3,720,000.00

EFTA00195706 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 May 31, 2003 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) THROUGH June 27, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | May 30, 2003 | | :--- | :--- | 027 06/28/03;11:38 001 EFTA00195707 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 12 of 13 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD May 31, 2003 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) THROUGH June 27, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | May 30, 2003 | | :--- | :--- | ## MISCELLANEOUS

MO/DAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
06/11/03	JOURNAL	MAY 03 SPEC CLEARING FEES	700.00
06/12/03	JOURNAL	FNMA-30YR(FNMA)GTD SETT,06/03 5,500 DUE 06/01/33 MBS NET 06/12/03		203,906.25
06/17/03	JOURNAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 P&I TRNFR		8,744.25
06/17/03	JOURNAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 P&I TRNFR		8,744.25
06/19/03	JOURNAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 P&I TRNFR ADJ,	8,744.25
06/24/03	JOURNAL	FITG TO FITM		272,962.00
TOTAL			-9,444.25	$494,356.75

027 06/28/03;11:38 001 EFTA00195708 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 13 of 13 Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST CO INC Trades Executed Pending Settlement

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	DEBIT AMOUNT
07/14/03	06/05/03	BOUGHT	FNMA-30YR(FNMA)GTD SETT,07/03 DUE 07/01/2033 05,500% REF #	20,000,000.00	103.4062	20,681,250.00
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
TOTAL						$30,828,125.00

The above trades do not appear in any other section of this statement. ******* End of Statement****** 027 06/28/03;11:38 001