EFTA00195737 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 ... 11

FINANCIAL TRUST CO INC

C/O JEFFREY EPSTEIN

6100 RED HOOK QUARTER

ST B3

ST THOMAS VI 00802

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY 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 STATEMENT PERIOD March 1, 2003

TOTAL VALUE OF SECURITIES THIS PERIOD	24,075,942
LONG ACCRUED INTEREST	300,806
NET CREDIT BALANCE	273,282
NET EQUITY THIS PERIOD	$24,650,030
NET EQUITY LAST STATEMENT	23,891,200
CHANGE SINCE LAST STATEMENT	758,830

ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | February 28, 2003 | | :--- | :--- | THROUGH March 28, 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 03/29/03:10:54 001 V642 EFTA00195738 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 EFTA00195739 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	$385,775.82
Securities Sold	5,010,034.50
Dividends/Interest	1,096,802.98
Miscellaneous	205,279.34
Amount Credited	312,116.82
Securities Bought	-270,120.19
Miscellaneous	-154,490.17
Amount Debited	-424,610.36
Net Cash Activity	-112,493.54
Closing Balance	$273,282.28

Cash Balance Summary

	OPENING	CLOSING
Margin	385,775.82	273,282.28
Net Cash Balance	$385,775.82	$273,282.28

Income Summary

	THIS PERIOD	YEAR TO DATE
Govt. Agency Int.	962,655.39	2,847,399.28
Corp. Bond Int.	134,082.87	269,971.75
Credit Balance Int.	64.72	192.52
Reverse Repurchase Int.	77.08	3,591.32
Total	$1,096,880.06	$3,121,154.87
Bond Purchase Int.		-30,981.48

Portfolio Composition

Cash/Cash Equivalent	273,282
Fixed Income	24,075,942
Total	$24,349,224

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 1, 2003
THROUGH	March 28, 2003
ACCOUNT NUMBER
TAXPAYER NUMBER	On File
LAST STATEMENT	February 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. W642 EFTA00195740 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 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 March 1, 2003

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
CASH BALANCE				273,282
TOTAL CASH & CASH EQUIVALENTS				$273,282

DESCRIPTION	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCRUED INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
FEDERAL NATIONAL MTG ASS	MRGN	.327,543	97.6300	.153,880	.153	738,250	10.3196
SERIES 2003-16 CLASS JS DATED DATE 01/06/03 BOOK ENTRY ONLY DUE 03/25/2018 10,075% FACTOR = .99054310
FEDERAL HOME LOAN MTG CORP	MRGN	51,599,311	10.3259	5,328,097	114,036	3,157,878	59.2684
SERIES 2530 CLASS SE DATED DATE 10/11/02 BOOK ENTRY ONLY DUE 02/15/2032 1.120% FACTOR = .85998860
FEDERAL HOME LOAN MTG CORP	MRGN	22,133,676	9.2919	2,056,646	45,719	1,266,046	61.5588
SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032 5.720% FACTOR = .85998860
FEDERAL HOME LOAN MTG CORP	MRGN	68,654,407	2.7988	1,921,493	24,794	686,544	35.7297
SERIES 2471 CLASS YT DATED DATE 06/07/02 BOOK ENTRY ONLY DUE 03/15/2032 1.000% FACTOR = .80769890

027 03/29/03;10:54 001 EFTA00195741 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 **5 of 12** FINANCIAL TRUST CO INC ## Your Portfolio Holdings (continued) STATEMENT PERIOD March 1, 2003

DESCRIPTION	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCRUED INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
FEDERAL HOME LOAN MTG CORP	MRGN	46,903,416	9.3921	4,405,222	96,882	2,682,875	60.9022
SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/15/2032 5,720% FACTOR = .81309650
Total Government& Agency Obligations				$20,865,338	$287,584	$8,531,593

Corporate Bonds

DESCRIPTION	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCRUED INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
FANNIE MAE CMO/SERIES 2002-82	MRGN	23,523,322	13.6486	3,210,604	13,222	1,586,648	49.4190
SK-I/O FLTR DATED DATE 10/02/02 BOOK ENTRY ONLY DUE 10/25/2031 FACTOR = .94093290
Total CorporateBonds				$3,210,604	$13,222	$1,586,648
TOTAL FIXED INCOME				$24,075,942	$300,806	$10,118,241

YOUR TOTAL ACCRUED INTEREST	$300,806
YOUR TOTAL ESTIMATED ANNUAL INCOME	$10,118,241
YOUR PRICED PORTFOLIOHOLDINGS	$24,349,224

027 03/29/03;10:54 001 EFTA00195742 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 12 Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST CO INC ## Repurchase and Reverse Repurchase Transactions STATEMENT PERIOD March 1, 2003

	PURCHASE/ START DATE	REPURCHASE DATE	PRICING RATE	PURCHASE PRICE/ PRINCIPAL	ACCRUED REPO INTEREST*	QUANTITY (FACE AMOUNT)	DESCRIPTION
YOU SOLD (REPO)	02/28/03	05/07/03	1.580	-3,680,000	-5,006	-50,000,000	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SQ 03/15/32
YOU SOLD (REPO)	03/19/03	04/21/03	1.550	-3,032,000	-1,566	-5,000,000	FNMA-SMBS PRINCIPAL ONLY SERIES 322 CLASS PO 03/01/32
TOTAL REVERSE REPURCHASE TRANSACTIONS
TOTAL REPURCHASE TRANSACTIONS				$-712,000	$-572

*As of statement date* Transaction Detail ## INVESTMENT ACTIVITY

Settlement Date	Transaction	Description	Quantity
03/12/03	JOURNAL	FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI 5,660 DUE 02/15/32	-2
03/17/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 03-15-03	-2,852,000
03/17/03	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 03-15-03	-339

027 03/29/03;10:54 001 V642 EFTA00195743 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 March 1, 2003 ## INVESTMENT ACTIVITY (continued) THROUGH March 28, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | February 28, 2003 | | :--- | :--- |

SEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
03/17/03		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL 5,720 DUE 03/15/32 PRINCIPAL REDUCTN 03-15-03		-2,366,000
03/17/03		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL 5,720 DUE 03/15/32 PRINCIPAL REDUCTN 03-15-03		-236
03/17/03		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 120 DUE 02/15/32 PRINCIPAL REDUCTN 03-15-03		-2,422,000
03/17/03		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 120 DUE 02/15/32 PRINCIPAL REDUCTN 03-15-03		-836
03/19/03	03/17/03	BOUGHT	FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DUE 03/01/2032 00,001% REF # BS	4,042,946	89,34375	3,612,120.19
03/25/03		PRINCIPAL	FANNIE MAE CMO/SERIES 2002-82 SK-IO FLTR 713 DUE 10/25/31 PRINCIPAL REDUCTN 03-25-03		-442,336
03/25/03		PRINCIPAL	FEDERAL NATIONAL MTG ASS SERIES 2003-16 CLASS JS 10,000 DUE 03/25/18 PRINCIPAL REDUCTN 03-25-03		-69,957
03/25/03		PRINCIPAL	FEDERAL NATIONAL MTG ASS SERIES 2003-16 CLASS JS 10,000 DUE 03/25/18 PRINCIPAL PAYMENT 03-25-03				69,957.42
TOTAL							$-3,612,120.19	$69,957.42

| 027 | 03/29/03;10:54 | 001 | V642 | | :--- | :--- | :--- | :--- | EFTA00195744 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 8 of 12 Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST CO INC ## Transaction Detail (continued) STATEMENT PERIOD March 1, 2003 THROUGH March 28, 2003 ACCOUNT NUMBER

DATE	DESCRIPTION	RATE (%)	CREDIT AMOUNT
03/03/03	AVG BAL 136,265RT 021 OFFICE INTEREST 0203		64.72
03/17/03	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DUE 0215/2032 1,000 INTEREST PAYMENT 03-15-03	1.0000	49,492.72
03/17/03	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL DUE 0215/2032 5,720 INTEREST PAYMENT 03-15-03	5.7200	232,388.52
03/17/03	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO DUE 0215/2032 720 INT RTO 02-03 PD 03-15-03 REPO P & I	6.7200	237,017.33
03/17/03	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE DUE 0215/2032 120 INTEREST PAYMENT 03-15-03	6.1200	272,811.87
03/17/03	FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DUE 0215/2032 5,720 INT RTO 02-03 PD 03-15-03 REPO P & I	5.7200	109,299.12
03/25/03	FANNIE MAE CMO/SERIES 2002-82 SK-VO FLTR DUE 1025/2031 713 INTEREST PAYMENT 03-25-03	6.7130	134,082.87
03/25/03	FEDERAL NATIONAL MTG ASS SERIES 2003-16 CLASS JS DUE 0215/2018 10,000 INTEREST PAYMENT 03-25-03	10.0000	61,645.83
TOTAL				$1,096,802.98

| LAST STATEMENT | February 28, 2003 | | :--- | :--- | TAXPAYER NUMBER On File 027 03/29/03;10:54 001 V642 EFTA00195745 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 12 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD March 1, 2003 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear, Stearns& Co.Inc. THROUGH March 28, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | February 28, 2003 | | :--- | :--- | 027 03/29/03;10:54 001 EFTA00195746 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 10 of 12 FINANCIAL TRUST CO INC Transaction Detail (continued) STATEMENT PERIOD March 1, 2003 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) THROUGH March 28, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | February 28, 2003 | | :--- | :--- | ## MISCELLANEOUS

DATE MO/DAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
03/12/03	JOURNAL	FEB 03 SPEC CLEARING FEES	400.00
03/14/03	JOURNAL	FITM TO FITG	112,066.00
03/17/03	JOURNAL	FITM TO FITG	20,813.00
03/18/03	JOURNAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 P&I TRNFR		21,211.17

027 03/29/03;10:54 001 EFTA00195747 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 11 of 12 Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859

DATE MO/DAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
03/18/03	JOURNAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 RECLASS P&I		21,211.17
03/19/03	JOURNAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 P&I TRNFR	21,211.17
03/20/03	JOURNAL	FITG TO FITM		162,857.00
TOTAL			-154,490.17	$205,279.34

## **Transaction Detail** (continued) MISCELLANEOUS (continued) FINANCIAL TRUST CO INC STATEMENT PERIOD March 1, 2003 THROUGH March 28, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | February 28, 2003 | | :--- | :--- | ## Trades Executed Pending Settlement

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
04/14/03	01/27/03	BOUGHT	FNMA-30YR(FNMA) GTD SETT,04/03 DUE 04/01/2033 05,500% REF #	10,000,000.00	100.6093	10,060,937.50
04/14/03	02/04/03	BOUGHT	FNMA-30YR(FNMA) GTD SETT,04/03 DUE 04/01/2033 05,500% REF #	10,000,000.00	100.9375	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 #	-20,000,000.00	101.3515		20,270,312.50

027 03/29/03;10:54 001 EFTA00195748 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179

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						$40,342,187.50	$20,270,312.50

The above trades do not appear in any other section of this statement. ******* End of Statement****** 027 03/29/03;10:54 001