EFTA00195724 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 FINANCIAL TRUST CO INC There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account. STATEMENT PERIOD March 29, 2003 Your Portfolio at a Glance ACCOUNT NUMBER THROUGH April 25, 2003 | LAST STATEMENT | March 28, 2003 | | :--- | :--- | TAXPAYER NUMBER On File

TOTAL VALUE OF SECURITIES THIS PERIOD	21,153,305
LONG ACCRUED INTEREST	193,002
NET CREDIT BALANCE	97,944
NET EQUITY THIS PERIOD	$21,444,251
NET EQUITY LAST STATEMENT	24,650,030
CHANGE SINCE LAST STATEMENT	-3,205,779

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 04/26/03;11:48 001 V643 EFTA00195725 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 EFTA00195726 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	$273,282.28
Securities Sold	48,556,911.46
Dividends/Interest	1,070,933.50
Miscellaneous	145,913.71
Amount Credited	$49,773,758.67
Securities Bought	-49,850,352.59
Funds Withdrawn	-77,852.00
Miscellaneous	-20,892.47
Amount Debited	$-49,949,097.06
Net Cash Activity	-175,338.39
ClosingBalance	$97,943.89

Cash Balance Summary

	OPENING	CLOSING
Margin	273,282.28	97,943.89
Net Cash Balance	$273,282.28	$97,943.89

Income Summary

	THIS PERIOD	YEAR TO DATE
Govt. Agency Int.	938,633.16	3,786,032.44
Corp. Bond Int.	132,220.68	402,192.43
Credit Balance Int.	79.66	272.18
Reverse Repurchase Int.	521.67	4,112.99
Total	$1,071,455.17	$4,192,610.04
Bond Purchase Int.		-30,981.48
Repurchase Int. Exp.	-13,352.59	-13,352.59

Portfolio Composition

Cash/Cash Equivalent	97,944
Fixed Income	21,153,305
Total	$21,251,249

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	March 29, 2003
THROUGH	April 25, 2003
ACCOUNT NUMBER
TAXPAYER NUMBER	On File
LAST STATEMENT	March 28, 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. W643 EFTA00195727 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 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 March 29, 2003

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
CASH BALANCE				97,944
TOTAL CASH & CASH EQUIVALENTS				$97,944

DESCRIPTION	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCRUED INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
FEDERAL NATIONAL MTG ASS	MRGN	.139,070	98.7400	.049,118		717,477	10.1783
SERIES 2003-16 CLASS JS DATED DATE 01/06/03 BOOK ENTRY ONLY DUE 03/25/2018 10,050% FACTOR = .96506519
FEDERAL HOME LOAN MTG CORP	MRGN	48,741,661	9.1479	4,458,847	82,458	2,968,367	66.5725
SERIES 2530 CLASS SE DATED DATE 10/11/02 BOOK ENTRY ONLY DUE 02/15/2032 .090% FACTOR = .81236110
FEDERAL HOME LOAN MTG CORP	MRGN	20,907,879	9.1154	1,905,832	33,046	1,189,658	62.4220
SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032 5,690% FACTOR = .81236110
FEDERAL HOME LOAN MTG CORP	MRGN	26,720,852	2.7564	736,536	.423	267,209	36.2791
SERIES 2471 CLASS YT DATED DATE 06/07/02 BOOK ENTRY ONLY DUE 03/15/2032 1,000% FACTOR = .76345290

027 04/26/03;11:48 001 EFTA00195728 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	MRGN	44,334,037	9.2039	4,080,481	70,075	2,522,607	61.8213
SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/15/2032 5.690% FACTOR = .76855490
Total Government& Agency Obligations				$18,230,814	$193,002	.665,318

Corporate Bonds

DESCRIPTION	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCRUED INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
FANNIE MAE CMO/SERIES 2002-82	MRGN	22,909,126	12.7569	2,922,491		1,541,784	52.7558
SK-I/O FLTR DATED DATE 10/02/02 BOOK ENTRY ONLY DUE 10/25/2031 FACTOR = .91636507
Total CorporateBonds				$2,922,491		$1,541,784
TOTAL FIXED INCOME				$21,153,305	$193,002	$9,207,102

YOUR TOTAL ACCRUED INTEREST	$193,002
YOUR TOTAL ESTIMATED ANNUAL INCOME	$9,207,102
YOUR PRICED PORTFOLIOHOLDINGS	$21,251,249

027 04/26/03;11:48 001 V643 EFTA00195729 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY of 13 Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST CO INC ## Repurchase and Reverse Repurchase Transactions

	PURCHASE/ START DATE	REPURCHASE DATE	PRICING RATE	PURCHASE PRICE/ PRINCIPAL	ACCRUED REPO INTEREST*	QUANTITY (FACE AMOUNT)	CUSIP	DESCRIPTION
YOU PROVIDED (MARGIN)	04/07/03	OPEN	■			-50,000,000	■	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1.0000 03/15/32
YOU SOLD (REPO)	04/21/03	05/21/03	1.570	-3,078,000	-939	-5,000,000	■	FNMA-SMBS PRINCIPAL ONLY SERIES 322 CLASS PO 03/01/32
YOU SOLD (REPO)	04/25/03	05/21/03	1.570	-3,133,000	-409	-50,000,000	■	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SQ 03/15/32
TOTAL REVERSE REPURCHASE TRANSACTIONS
TOTAL REPURCHASE TRANSACTIONS				$-1,211,000	$-1,348

*As of statement date* Transaction Detail ## INVESTMENT ACTIVITY 027 04/26/03;11:48 001 EFTA00195730 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
04/14/03	03/24/03	CANCEL SELL	FNMA-30YR(FNMA) GTD SETT,04/03 DUE 04/01/2033 05,500% REF # AS OF 03/24/03 TO CXL PREVIOUS SELL	20,000,000	101.35156	20,270,312.50
04/14/03	01/27/03	CANCEL BUY	FNMA-30YR(FNMA) GTD SETT,04/03 DUE 04/01/2033 05,500% REF # AS OF 012/7/03 TO CXL PREVIOUS BUY	-10,000,000	100.60938		10,060,937.50
04/14/03	02/04/03	CANCEL BUY	FNMA-30YR(FNMA) GTD SETT,04/03 DUE 04/01/2033 05,500% REF # AS OF 02/04/03 TO CXL PREVIOUS BUY	-10,000,000	100.93750		10,093,750.00
04/14/03	03/24/03	SOLD	FNMA-30YR(FNMA) GTD SETT,04/03 DUE 04/01/2033 05,500% REF # BS	-20,000,000	101.35156		20,270,312.50
04/15/03		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 04-15-03	-1,548,000
04/15/03		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 04-15-03	-610
04/15/03		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL 5,720 DUE 03/15/32 PRINCIPAL REDUCTN 04-15-03	-2,569,000

027 04/26/03;11:48 001 V643 EFTA00195731 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 March 29, 2003 ## INVESTMENT ACTIVITY (continued) THROUGH April 25, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | March 28, 2003 | | :--- | :--- |

SETTLEMENT DATE	TRANSACTION	DESCRIPTION	QUANTITY	CREDIT AMOUNT
04/15/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL 5,720 DUE 03/15/32 PRINCIPAL REDUCTN 04-15-03	-379
04/15/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 120 DUE 02/15/32 PRINCIPAL REDUCTN 04-15-03	-2,857,000
04/15/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 120 DUE 02/15/32 PRINCIPAL REDUCTN 04-15-03	-650
04/15/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI 5,720 DUE 02/15/32 PRINCIPAL REDUCTN 04-15-03	-1,225,000
04/15/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI 5,720 DUE 02/15/32 PRINCIPAL REDUCTN 04-15-03	-797
04/25/03	PRINCIPAL	FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO .001 DUE 03/01/32 PRIN R/D 03-03 P/O 04-25-03 REPO P & I		231,916.95
04/25/03	PRINCIPAL	FANNIE MAE CMO/SERIES 2002-82 SK-I/O FLTR 720 DUE 10/25/31 PRINCIPAL REDUCTN 04-25-03	-614,196
04/25/03	PRINCIPAL	FEDERAL NATIONAL MTG ASS SERIES 2003-16 CLASS JS 10,050 DUE 03/25/18 PRINCIPAL REDUCTN 04-25-03	-188,473

| 027 | 04/26/03;11:48 | 001 | W643 | | :--- | :--- | :--- | :--- | EFTA00195732 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 March 29, 2003 ## INVESTMENT ACTIVITY (continued)

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
04/25/03		PRINCIPAL	FEDERAL NATIONAL MTG ASS SERIES 2003-16 CLASS JS 10,050 DUE 03/25/18 PRINCIPAL PAYMENT 04-25-03					188,472.84
TOTAL						-40,425,000.00	$40,845,389.79

## DEPOSITS AND WITHDRAWALS INTEREST

DATE	DESCRIPTION	RATE (%)	CREDIT AMOUNT
03/31/03	AVG BAL 241,588RT 021 OFFICE INTEREST 0303		79.66
04/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DUE 03/15/2032 1,000 INTEREST PAYMENT 04-15-03	1.0000	23,557.88
04/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DUE 03/15/2032 1,000 INT R/D 03-03 P/D 04-15-03 REPO P & I 1,0000	1.0000	33,654.12
04/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL DUE 03/15/2032 5,720 INTEREST PAYMENT 04-15-03	5.7200	223,572.95

027 04/26/03;11:48 001 EFTA00195733 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 10 of 13 Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST CO INC STATEMENT PERIOD March 29, 2003

DATE	DESCRIPTION	RATE (%)	CREDIT AMOUNT
04/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SQ DUE 03/15/2032 NT TRD 03-03-20 DU 04-15-03 REPO R KI		227,667.02
04/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE DUE 02/15/2032 INTEREST PAYMENT 04-15-03		263,156.51
04/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DUE 02/15/2032 INTEREST PAYMENT 04-15-03	5.7200	105,503.85
04/25/03	FANNIE MAE CMO/SERIES 2002-82 SK-JO FLTR DUE 10/25/2031 INTEREST PAYMENT 04-25-03		132,220.68
04/25/03	FEDERAL NATIONAL MTG ASS SERIES 2003-16 CLASS JS DUE 03/25/2018 INTEREST PAYMENT 04-25-03	10.0500	61,520.83
TOTAL			$1,070,933.50

REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear, Stearns& Co.Inc. EFTA00195734 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 March 29, 2003 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) THROUGH April 25, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | March 28, 2003 | | :--- | :--- | 027 04/26/03;11:48 001 V643 EFTA00195735 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 March 29, 2003 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) THROUGH April 25, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | March 28, 2003 | | :--- | :--- |

SETTLEMENT DATE	TRANSACTION	DESCRIPTION	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
04/25/03	JOURNAL	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SQ .690 DUE 03/15/32 FITM RP OPEN RP OPEN	-38,427,745		3,133,000.00
04/25/03	JOURNAL	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SQ .690 DUE 03/15/32 FITM RP TERM RP TERM	38,427,745	3,680,000.00
04/25/03	INTEREST	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SQ DUE 03/15/2032 .690 FITM RP TERM RP TERM		9,044.62
TOTAL				-$-9,425,352.59	.711,521.67

## MISCELLANEOUS

MO/DAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
04/10/03	JOURNAL	MAR 03 SPEC CLEARING FEES	700.00
04/14/03	JOURNAL	FNMA-30YR(FNMA)GTD SETT,04/03 5,500 DUE 04/01/33 MBS NET 04/14/03		115,625.00
04/16/03	JOURNAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 INT 021-92128 TO		20,192.47

027 04/26/03;11:48 001 V643 EFTA00195736 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 MISCELLANEOUS (continued) ## **Transaction Detail** (continued) Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859

DATE MO/DAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
04/21/03	JOURNAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 REVERSE 4/16 ENTRY	20,192.47
04/21/03	JOURNAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 INT 021-92128 TO		10,096.24
TOTAL			-$20,892.47	$145,913.71

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT
05/14/03	03/24/03	BOUGHT	FNMA-30YR(FNMA)GTD SETT,05/03 DUE 05/01/2033 05,500%		20,000,000.00	100.9375	20,187,500.00
			REF #	BS
TOTAL						$20,187,500.00

The above trades do not appear in any other section of this statement. 027 04/26/03;11:48 001 V643