EFTA00195709 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 Your Portfolio Holdings ... 4 Transaction Detail ... Trades Not Yet Settled ... 15 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 Your Portfolio at a Glance STATEMENT PERIOD April 26, 2003 There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account. ACCOUNT NUMBER | LAST STATEMENT | April 25, 2003 | | :--- | :--- | TAXPAYER NUMBER On File THROUGH May 30, 2003

TOTAL VALUE OF SECURITIES THIS PERIOD	23,876,335
LONG ACCRUED INTEREST	418,194
NET CREDIT BALANCE	128,074
NET EQUITY THIS PERIOD	$24,422,603
NET EQUITY LAST STATEMENT	21,444,251
CHANGE SINCE LAST STATEMENT	2,978,353

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 05/31/03;15:30 001 V644 EFTA00195710 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY 2 of 15 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 EFTA00195711 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 3 of 15 Cash Flow Analysis

	THIS PERIOD
OpeningBalance	$97,943.89
Securities Sold	93,187,950.43
Dividends/Interest	987,495.06
Miscellaneous	2,270,988.66
Amount Credited	$96,446,434.15
Securities Bought	-96,034,964.30
Dividends/Interest Charged	-19,175.34
Miscellaneous	-362,164.00
Amount Debited	$-96,416,303.64
Net Cash Activity	30,130.51
Closing Balance	$128,074.40

Cash Balance Summary

	OPENING	CLOSING
Margin	97,943.89	128,074.40
Net Cash Balance	$97,943.89	$128,074.40

Income Summary

	THIS PERIOD	YEAR TO DATE
Govt. Agency Int.	858,912.79	4,644,945.23
Corp. Bond Int.	128,482.02	530,674.45
Credit Balance Int.	100.25	372.43
Reverse Repurchase Int.	5,131.07	9,244.06
Total	$992,626.13	$5,185,236.17
Bond Purchase Int.	-19,175.34	-50,156.82
Repurchase Int. Exp.	-10,991.93	-24,344.52

Portfolio Composition

Cash/Cash Equivalent	128,074
Fixed Income	23,876,335
Total	$24,004,409

Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST CO INC | STATEMENT PERIOD | April 26, 2003 | | :--- | :--- | | THROUGH | May 30, 2003 |

ACCOUNT NUMBER
TAXPAYER NUMBER	On File
LAST STATEMENT	April 25, 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. EFTA00195712 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 4 of 15 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 April 26, 2003 THROUGH May 30, 2003 ACCOUNT NUMBER

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
CASH BALANCE				128,074
TOTAL CASH & CASH EQUIVALENTS				$128,074

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 0.90% FACTOR = ,74705810	MRGN	44,823,481		3,382,158	113,742	2,729,750	80.7103
FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032 5.69% FACTOR = ,74705810	MRGN	19,227,164		1,490,873	45,583	1,094,026	73.3816
FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DATED DATE 03/01/02 BOOK ENTRY ONLY DUE 03/01/2032 0.01% FACTOR = ,95858130	MRGN	3,528,945	93.7734	3,309,213	3	35
FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DATED DATE 06/07/02 BOOK ENTRY ONLY DUE 03/15/2032 1.00% FACTOR = ,69954000	MRGN	59,460,900	2.4527	1,458,403	24,777	594,609	40.7712

027 05/31/03;15:30 001 EFTA00195713 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 **5 of 15** FINANCIAL TRUST CO INC STATEMENT PERIOD April 26, 2003 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	MRGN	35,210,740		2,589,920	98,150	2,355,599	90.9526
FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL	MRGN	40,622,583		3,160,349	96,310	2,311,425	73.1383
FEDERAL NATIONAL MTG ASSN STRIPS SERIES 326 CLASS 1 PO	MRGN	3,806,994	93.4609	3,558,052	3	38
FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW	MRGN	24,306,759	11.0313	2,681,339	19,176	1,380,624	51.4901
Total Government& Agency Obligations				$21,630,307	$397,744	$10,466,106

027 05/31/03;15:30 001 EFTA00195714 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 | of 15 | FINANCIAL TRUST CO INC ## Your Portfolio Holdings (continued) STATEMENT PERIOD April 26, 2003 Corporate Bonds

DESCRIPTION	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCRUED INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
FANNIE MAE CMO/SERIES 2002-82	MRGN	21,879,856	10.2653	2,246,028	20,450	1,472,514	65.5608
SK-I/O FLTR DATED DATE 10/02/02 BOOK ENTRY ONLY DUE 10/25/2031 FACTOR = .87519428
Total CorporateBonds				$2,246,028	$20,450	$1,472,514
TOTAL FIXED INCOME				$23,876,335	$418,194	$11,938,620

YOUR TOTAL ACCRUED INTEREST	$418,194
YOUR TOTAL ESTIMATED ANNUAL INCOME	$11,938,620
YOUR PRICED PORTFOLIOHOLDINGS	$24,004,409

Transaction Detail ## INVESTMENT ACTIVITY

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
05/12/03	05/07/03	SOLD	FEDERAL NATIONAL MTG ASS SERIES 2003-16 CLASS JS DUE 03/25/2018 10.050%		-1,139,069	101.06250		214,922.3633,880.83
			REF #	BS		ACCR. INT.

027 EFTA00195715 OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY of 15 Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) ## INVESTMENT ACTIVITY (continued)

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
05/14/03	04/29/03	BOUGHT	FEDERAL NATIONAL MTG ASSN STRIPS SERIES 326 CLASS 1 PO DUE 07/01/2032 00,001% REF # BS TO ADJ PREVIOUS MONTHS FACTOR AS OF 04/29/03	3,806,994	89.00000	3,388,224.66
05/14/03	03/24/03	BOUGHT	FNMA-30YR(FNMA)GTD SETT,05/03 DUE 05/01/2033 05,500% REF # BS	20,000,000	100.93750	20,187,500.00
05/14/03	05/07/03	CANCEL SELL	FNMA-30YR(FNMA)GTD SETT,05/03 DUE 05/01/2033 05,500% REF # BS AS OF 05/07/03 TO CXL PREVIOUS SELL	20,000,000	103.10156	20,620,312.50
05/14/03	03/24/03	CANCEL BUY	FNMA-30YR(FNMA)GTD SETT,05/03 DUE 05/01/2033 05,500% REF # BS AS OF 03/24/03 TO CXL PREVIOUS BUY	-20,000,000	100.93750		20,187,500.00
05/14/03	05/07/03	SOLD	FNMA-30YR(FNMA)GTD SETT,05/03 DUE 05/01/2033 05,500% REF # BS	-20,000,000	103.10156		20,620,312.50
05/14/03		JOURNAL	FEDERAL NATIONAL MTG ASS SERIES 2003-16 CLASS JS 10,050 DUE 03/25/18	-1
05/15/03		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 05-15-03	-2,236,000

027 05/31/03;15:30 001 V644 EFTA00195716 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 15 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD April 26, 2003 ## INVESTMENT ACTIVITY (continued) THROUGH May 30, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 25, 2003 | | :--- | :--- |

SETTLEMENT DATE	TRANSACTION	DESCRIPTION	QUANTITY	CREDIT AMOUNT
05/15/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 05-15-03	-952
05/15/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL 5,690 DUE 03/15/32 PRINCIPAL REDUCTN 05-15-03	-3,711,000
05/15/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL 5,690 DUE 03/15/32 PRINCIPAL REDUCTN 05-15-03	-454
05/15/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 090 DUE 02/15/32 PRINCIPAL REDUCTN 05-15-03	-3,918,000
05/15/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 090 DUE 02/15/32 PRINCIPAL REDUCTN 05-15-03	-180
05/15/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI 5,690 DUE 02/15/32 PRINCIPAL REDUCTN 05-15-03	-1,680,000
05/15/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI 5,690 DUE 02/15/32 PRINCIPAL REDUCTN 05-15-03	-715
05/27/03	PRINCIPAL	FEDERAL NATIONAL MTG ASSN STRIP MGT SERIES 322 CL PO .001 DUE 03/01/32 PRIN RD 04-03-00 05-25-03 REPO P & I .0000		282,084.50

| 027 | 05/31/03;15:30 | 001 | V644 | | :--- | :--- | :--- | :--- | EFTA00195717 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 15 FINANCIAL TRUST CO INC ## Transaction Detail (continued) STATEMENT PERIOD April 26, 2003 THROUGH May 30, 2003

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUN
05/27/03		PRINCIPAL	FANNIE MAE CMO/SERIES 2002-82 SK-I/O FLTR 730 DUE 10/25/31 PRINCIPAL REDUCTN 05-25-03		-1,029,000
05/27/03		PRINCIPAL	FANNIE MAE CMO/SERIES 2002-82 SK-I/O FLTR 730 DUE 10/25/31 PRINCIPAL REDUCTN 05-25-03		-270
05/30/03	04/29/03	BOUGHT	FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW DUE 01/25/2033 05,680%		24,306,759 ACCR. INT.	11.06250	2,688,935.21 19,175.34
			REF # AS OF 04/29/03	BS
TOTAL							-46,904,147.71	$48,338,700.19

INTEREST

DATE	DESCRIPTION	RATE (%)	CREDIT AMOUNT
04/28/03	AVG BAL 219,997RT 021 OFFICE INTEREST 0403		100.25
05/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DUE 03/15/2032 1,000 INTEREST PAYMENT 05-15-03	1.0000	22,267.38
05/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DUE 03/15/2032 1,000 INT R/D 04-03 P/D 05-15-03 REPO P & I 1,0000	1.0000	31,810.54
05/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL DUE 03/15/2032 5,690 INTEREST PAYMENT 05-15-03	5.6900	210,217.22

027 05/31/03;15:30 001 EFTA00195718 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 FINANCIAL TRUST CO INC REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear, Stearns& Co.Inc. EFTA00195719 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 15 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD April 26, 2003 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) THROUGH May 30, 2003 ACCOUNT NUMBER | LAST STATEMENT | April 25, 2003 | | :--- | :--- | TAXPAYER NUMBER On File 027 05/31/03;15:30 001 EFTA00195720 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 15 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD April 26, 2003 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) THROUGH May 30, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 25, 2003 | | :--- | :--- | 027 05/31/03;15:30 001 EFTA00195721 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 15 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD April 26, 2003 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) THROUGH May 30, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 25, 2003 | | :--- | :--- | 027 05/31/03;15:30 001 EFTA00195722 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 14 of 15 FINANCIAL TRUST CO INC ## Transaction Detail (continued) STATEMENT PERIOD April 26, 2003 THROUGH May 30, 2003 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File LAST STATEMENT April 25, 2003 ## MISCELLANEOUS

DATE MO/DAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
05/09/03	JOURNAL	APR 03 SPEC CLEARING FEES	50.00
05/14/03	JOURNAL	FNMA-30YR(FNMA)GTD SETT,05/03 5,500 DUE 05/01/33 MBS NET 05/14/03		432,812.50
05/16/03	JOURNAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 P&I TRNFR		9,543.16

027 05/31/03;15:30 001 EFTA00195723 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 15 of 15 Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST CO INC MISCELLANEOUS (continued) ## **Transaction Detail** (continued)

DATE MO/DAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
05/27/03	JOURNAL	FITG TO FITM		1,828,633.00
05/29/03	JOURNAL	FITM TO FITG	362,114.00
TOTAL			-362,164.00	$2,270,988.66

STATEMENT PERIOD April 26, 2003 THROUGH May 30, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File LAST STATEMENT April 25, 2003 ## Trades Executed Pending Settlement

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT
06/12/03	05/07/03	BOUGHT	FNMA-30YR(FNMA)GTD SETT,06/03 DUE 06/01/2033 05,500%		20,000,000.00	102.7187	20,543,750.00
			REF #	BS
TOTAL						$20,543,750.00

The above trades do not appear in any other section of this statement. ******* End of Statement******* 027 05/31/03;15:30 001 V644