## Statements EFTA00195772
ACCOUNT EXECUTIVEGNMA GOVT BOND
VISIT OUR WEBSITEwww.bearstearns.com
## What’s In This Statement Financial Summary 3 Your Portfolio Holdings ... 4
Transaction Detail7
| 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
FINANCIAL TRUST CO INC ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | November 30, 2004 | | :--- | :--- | STATEMENT PERIOD December 1, 2004 THROUGH December 31, 2004 Your Portfolio at a Glance
TOTAL VALUE OF SECURITIES THIS PERIOD11,218,594
LONG ACCRUED INTEREST112,288
NET CREDIT BALANCE732,186
NET EQUITY THIS PERIOD$12,063,068
NET EQUITY LAST STATEMENT11,991,065
CHANGE SINCE LAST STATEMENT72,003
Market Value of Your Portfolio There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account. ## Important Message If any information regarding 2004 interest, dividends, miscellaneous income, gross proceeds or original issue discount is required to be reported to the IRS for this account, a Consolidated Form 1099 will be mailed to you by January 31, 2005 or a 1042Sby March 15, 2005. 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 01/01/05:09:18 001 V867 EFTA00195773 2 of 14 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 V867 EFTA00195774 3 of 14 Cash Flow Analysis
THIS PERIOD
OpeningBalance$244,955.43
Securities Sold236,379,521.16
Dividends/Interest806,740.09
Amount Credited$237,186,261.25
Securities Bought-236,520,917.46
Dividends/Interest Charged-177,712.91
Miscellaneous-400.00
Amount Debited$-236,699,030.37
Net Cash Activity487,230.88
Closing Balance$732,186.31
Cash Balance Summary
OPENINGCLOSING
Margin244,955.43732,186.31
Net Cash Balance$244,955.43$732,186.31
Income Summary
THIS PERIODYEAR TO DATE
U.S.Govt.Bond Int.45,415.52457,036.03
Govt.Agency Int.621,692.329,868,014.97
Corp.Bond Int.138,644.112,156,335.84
Credit Balance Int.988.142,010.60
Reverse Repurchase Int.69,020.66393,635.39
Total$875,760.75$12,877,032.83
Bond Purchase Int.-177,712.91-1,555,564.82
Margin Int.Paid0.00-2,023.40
Repurchase Int.Exp.-6,104.96-223,899.19
Portfolio Composition
Cash/Cash Equivalent732,186
Fixed Income11,218,594
Total$11,950,780
STATEMENT PERIOD December 1, 2004 FINANCIAL TRUST CO INC THROUGH December 31, 2004 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | November 30, 2004 | | :--- | :--- | 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. EFTA00195775 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 4 of 14 FINANCIAL TRUST CO INC ## Your Portfolio Holdings CASH & CASH EQUIVALENTS STATEMENT PERIOD December 1, 2004 THROUGH December 31, 2004 ACCOUNT NUMBER
DESCRIPTIONSYMBOL/CUSIPQUANTITYPRICEMARKET VALUEESTIMATED ANNUAL INCOMECURRENT YIELD (%)
CASH BALANCE732,186
TOTAL CASH & CASH EQUIVALENTS$732,186
TAXPAYER NUMBER On File | LAST STATEMENT | November 30, 2004 | | :--- | :--- | ## FIXED INCOME ## Government & Agency Obligations
DESCRIPTIONSYMBOL/CUSIPACCT TYPEQUANTITYPRICEMARKET VALUEACCRUED INTERESTESTIMATED ANNUAL INCOMECURRENT YIELD (%)
FEDERAL HOME LOAN MTG CORP
SERIES 2530 CLASS SE
DATED DATE 10/11/02
BOOK ENTRY ONLY
DUE 02/15/2032, 4,997%
FACTOR = ,25880121		MRGN15,528,0729.73761,512,05634,488775,93851.3168
FEDERAL HOME LOAN MTG CORP
SERIES 2526 CLASS SI
DATED DATE 10/01/02
BOOK ENTRY ONLY
DUE 02/15/2032, 4,597%
FACTOR = ,25880120		MRGN6,660,8118.8299588,14413,610306,19752.0616
FEDERAL NATIONAL MTG ASSN
STRUP MTG SERIES 322 CL PO
DATED DATE 03/01/02
BOOK ENTRY ONLY
DUE 03/01/2032, .001%
FACTOR = 1,00000000		MRGN3,787,12483.35943,156,9233380.0012
FEDERAL HOME LOAN MTG CORP
SERIES 2483 CL SL
DATED DATE 07/02/02
BOOK ENTRY ONLY
DUE 03/15/2032, 4,597%
FACTOR = ,23239523		MRGN13,405,7028.41191,127,66927,389616,26054.6490
027 01/01/05;09:18 001 EFTA00195776 OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY **5 of 14** FINANCIAL TRUST CO INC ## Your Portfolio Holdings (continued) STATEMENT PERIOD December 1, 2004 THROUGH December 31, 2004 Government & Agency Obligations (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | November 30, 2004 | | :--- | :--- |
DESCRIPTIONSYMBOL/CUSIPACCT TYPEQUANTITYPRICEMARKET VALUEACCRUED INTERESTESTIMATED ANNUAL INCOMECURRENT YIELD (%)
FEDERAL NATIONAL MTG ASSNMRGN14,098,6999.19791,296,78810,768646,00249.8155
SERIES 2003-49 CLASS SW
DATED DATE 04/30/03
BOOK ENTRY ONLY
DUE 01/25/2033 4,582%
FACTOR = .58003204
Total Government& Agency Obligations$7,681,580$86,258$2,344,435
Corporate Bonds
DESCRIPTIONSYMBOL/CUSIPACCT TYPEQUANTITYPRICEMARKET VALUEACCRUED INTERESTESTIMATED ANNUAL INCOMECURRENT YIELD (%)
FANNIE MAE CMO/SERIES 2003-13
S RCR-I/O FLTR
DATED DATE 02/25/03
BOOK ENTRY ONLY
DUE 03/25/2033 5,582%
FACTOR = .55965223		MRGN27,982,61112.64003,537,01426,0301,561,98944.1612
Total CorporateBonds$3,537,014$26,030$1,561,989
TOTAL FIXED INCOME$11,218,594$112,288$3,906,424
YOUR PORTFOLIOHOLDINGSACCRUED INTEREST$112,288
YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME$3,906,424
YOUR PRICED PORTFOLIOHOLDINGS$11,950,780
027 01/01/05;09:18 001 V867 EFTA00195777 CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 6 of 14 FINANCIAL TRUST CO INC ## Repurchase and Reverse Repurchase Transactions STATEMENT PERIOD December 1, 2004 THROUGH December 31, 2004 TAXPAYER NUMBER On File | LAST STATEMENT | November 30, 2004 | | :--- | :--- |
PURCHASE/ START DATEREPURCHASE DATEPRICING RATEPURCHASE PRICE/ PRINCIPALACCRUED REPO INTEREST*QUANTITY (FACE AMOUNT)CUSIPDESCRIPTION
YOU PROVIDED (MARGIN)09/15/04OPEN0.000-50,000,000FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SQ 5.5975 03/15/32
YOU SOLD (REPO)10/12/0401/10/052.260-9,478,000-49,385-50,000,000F H L M C - STRIP PRINCIPAL ONLY
YOU SOLD (REPO)10/14/04OPEN0.010-1-44,389,962GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-2 CLASS S 4.7931 01/16/34
YOU SOLD (REPO)12/22/0401/13/052.610-2,500,000-2,175-22,100,000GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-5 CLASS P 4.5400 02/20/33
YOU PROVIDED (MARGIN)12/22/04OPEN0.000-21,900,000GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-5 CLASS P 4.5400 02/20/33
YOU BOUGHT (REVERSE)12/31/04OPEN1.42075,000,0008,87575,000,000USTR 3.0000 12/31/06
TOTAL REVERSE REPURCHASE TRANSACTIONS$75,000,000$8,875
TOTAL REPURCHASE TRANSACTIONS$-11,978,001$-51,560
*As of statement date* 027 01/01/05;09:18 001 V867 EFTA00195778 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 7 of 14 FINANCIAL TRUST CO INC Transaction Detail STATEMENT PERIOD December 1, 2004 | THROUGH | December 31, 2004 | | :--- | :--- | ## INVESTMENT ACTIVITY ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | November 30, 2004 | | :--- | :--- |
SETTLEMENT DATETRADE DATETRANSACTIONDESCRIPTIONSYMBOL/CUSIPQUANTITYPRICEDEBIT AMOUNTCREDIT AMOUNT
12/08/04PRINCIPALFEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRINCIPAL REDUCTN 12-25-04-123,651
12/15/04PRINCIPALFEDL HOME LOAN MTG CORP#S02684 SERIES 218 CL PO DUE 02/01/32 PRIN R/O 11-04 PID 12-15-04 REPO P & I 0,0000368,807.00
12/15/04PRINCIPALFEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL 4,010 DUE 03/15/32 PRINCIPAL REDUCTN 12-15-04-374,568
12/15/04PRINCIPALFEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 5,010 DUE 02/15/32 PRINCIPAL REDUCTN 12-15-04-481,479
12/15/04PRINCIPALFEDERAL HOME LOAN MTG CORP SERIES 2600 CLASS SI 4,010 DUE 02/15/32 PRINCIPAL REDUCTN 12-15-04-206,532
12/23/0412/22/04SOLDUNITED STATES TREASURY NOTE DUE 11/03/0006 02/27% MN 31 SPECIAL INSTRUCTIONS YIELD 3,008 % TO MATURITY GVER REF # G3575085 A3 WWEB-25,000,00099.75000 ACCR. INT.24,937,500.00 45,415.52
12/27/04PRINCIPALFEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRINCIPAL PAYMENT 12-25-04123,651.00
12/27/04PRINCIPALFANNIE MAE CMO/SERIES 2003-13 S RCR-I/O FLTR 5,820 DUE 100/25/33 PRINCIPAL REDUCTN 12-25-04-603,803
01/01/05;09:18 001 ¥867 EFTA00195779 OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 8 of 14 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD December 1, 2004 THROUGH December 31, 2004 ## INVESTMENT ACTIVITY (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | November 30, 2004 | | :--- | :--- |
SETTLEMENT DATETRADE DATETRANSACTIONDESCRIPTIONSYMBOL/CUSIPQUANTITYPRICEDEBIT AMOUNTCREDIT AMOUNT
12/27/04PRINCIPALFEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 4,820 DUE 01/25/33 PRINCIPAL REDUCTN 12-25-04-304,219
12/30/0412/29/04BOUGHTUNITED STATES TREASURY NOTE DUE 11/30/2006 02,875% MN 31 SPECIAL INSTRUCTIONS YIELD 3,094 % TO MATURITY GVER REF # G3644702 B1 WWEB25,000,000 ACCR. INT.99.5937524,898,437.50 59,237.64
12/30/0412/29/04BOUGHTUNITED STATES TREASURY NOTE DUE 11/30/2006 02,875% MN 31 SPECIAL INSTRUCTIONS YIELD 3,094 % TO MATURITY GVER REF # G3644702 A3 WWEB50,000,000 ACCR. INT.99.5937549,796,875.00 118,475.27
12/31/0412/29/04SOLDUNITED STATES TREASURY NOTE DUE 12/31/2006 03,000% JD 30 SPECIAL INSTRUCTIONS YIELD 3,124 % TO MATURITY GVER REF # G3644700 B3 WWEB-25,000,00099.7613924,940,347.50
12/31/0412/29/04SOLDUNITED STATES TREASURY NOTE DUE 12/31/2006 03,000% JD 30 SPECIAL INSTRUCTIONS YIELD 3,124 % TO MATURITY GVER REF # G3644700 A5 WWEB-50,000,00099.7613949,880,695.00
TOTAL-$74,873.025.41$100,296.416.02
INTEREST
DATEDESCRIPTIONSYMBOL/CUSIPQUANTITYRATE (%)DEBIT AMOUNTCREDIT AMOUNT
12/01/04AVG BAL 405,430RT 1.260
021 OFFICE INTEREST 1104		425.84
027 01/01/05;09:18 001 EFTA00195780 BEAR STEARNS CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 9 of 14 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD December 1, 2004 INTEREST (continued) THROUGH December 31, 2004 AGCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | November 30, 2004 | | :--- | :--- |
DATEDESCRIPTIONSYMBOL/CUSIPQUANTITYRATE (%)DEBIT AMOUNTCREDIT AMOUNT
12/15/04FEDERAL HOME LOAN MTG CORP
SERIES 2483 CL SL
DUE 03/15/2032
INTEREST PAYMENT 12-15-04		4.910056,384.27
12/15/04FEDERAL HOME LOAN MTG CORP
SERIES 2488 CLASS SQ
DUE 03/15/2032
INT R/D 11-04 P/D 12-15-04
REPO P & I
5,9100		5.910058,826.32
12/15/04FEDERAL HOME LOAN MTG CORP
SERIES 2500 CLASS SE
DUE 02/15/2032
INTEREST PAYMENT 12-15-04		5.310070,842.27
12/15/04FEDERAL HOME LOAN MTG CORP
SERIES 2526 CLASS SI
DUE 02/15/2032
INTEREST PAYMENT 12-15-04		4.910028,098.88
12/16/04GOVERNMENT NATIONAL MTG ASSN
SERIES 2004-2 CLASS SB
DUE 01/16/2034
INT R/D 12-04 P/D 12-16-04
REPO P & I
5,0987		5.0980173,322.19
12/21/04GOVERNMENT NATIONAL MTG ASSN
SERIES 2004-5 CLASS PS
DUE 02/20/2033
INT R/D 11-04 P/D 12-20-04
REPO P & I
4,8100		4.5400176,366.67
12/27/04FANNIE MAE CMOI SERIES 2003-13
S RCR-U/O FLTR
DUE 03/25/2033
INTEREST PAYMENT 12-25-04		5.8200138,644.11
12/27/04FEDERAL NATIONAL MTG ASSN
SERIES 2003-49 CLASS SW
DUE 01/15/2033
INTEREST PAYMENT 12-25-04		4.820057,851.72
| 01/01/05;09:18 | 001 | V867 | | :--- | :--- | :--- | EFTA00195781 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 10 of 14 FINANCIAL TRUST CO INC ## Transaction Detail (continued) STATEMENT PERIOD December 1, 2004 THROUGH December 31, 2004 INTEREST (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | November 30, 2004 | | :--- | :--- |
DATEDESCRIPTIONSYMBOL/CUSIPQUANTITYRATE (%)DEBIT AMOUNTCREDIT AMOUNT
12/31/04AVG BAL 475,286RT 1.374562.30
021 OFFICE INTEREST 1204
TOTAL$761,324.57
SETTLEMENT DATETRADE DATETRANSACTIONDESCRIPTIONSYMBOL/CUSIPQUANTITYDEBIT AMOUNTCREDIT AMOUNT
12/13/04JOURNALGOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 4,810 DUE 02/20/33 FITM A3 REPO AGREEMENT-44,000,0003,186,000.00
12/13/04JOURNALGOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 4,810 DUE 02/20/33 FITM A2 TERM REPO AGREEMENT44,000,0003,260,000.00
12/13/04JOURNALGOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 4,810 DUE 02/20/33 FITM A1 REPO AGREEMENT-44,000,0005,186,000.00
12/13/04JOURNALGOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 4,810 DUE 02/20/33 FITM A2 REPO AGREEMENT44,000,0005,186,000.00
12/13/04INTERESTGOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02/20/2033 4,810 FITM A2 REPO INTEREST4,026.10
027 01/01/05;09:18 001 EFTA00195782 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 11 of 14 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD December 1, 2004 THROUGH December 31, 2004 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | November 30, 2004 | | :--- | :--- |
SETTLEMENT DATETRADE DATETRANSACTIONDESCRIPTIONSYMBOL/CUSIPQUANTITYDEBIT AMOUNTCREDIT AMOUNT
12/22/04JOURNALGOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 4,540 DUE 02/20/23 FITM REPO AGREEMENT-21,900,000
12/22/04JOURNALGOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 4,540 DUE 02/20/23 FITM A1 REPO AGREEMENT-22,100,0002,500,000.00
12/22/04JOURNALGOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 4,540 DUE 02/20/23 FITM A4 TERM REPO AGREEMENT44,000,0003,186,000.00
12/22/04INTERESTGOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02/20/2033 4,540 FITM REPO INTEREST2,078.86
12/23/04DELIVEREDUNITED STATES TREASURY NOTE DUE 11/30/2006 2,875 DUE 11/30/2006 FITM A2 TERM RESALE AGREEMENT-50,000,00050,000,000.00
12/23/04RECEIVEDUNITED STATES TREASURY NOTE DUE 11/30/2006 2,875 DUE 11/30/2006 FITM A1 RESALE AGREEMENT75,000,00075,187,500.00
12/23/04INTERESTUNITED STATES TREASURY NOTE DUE 11/30/2006 2,875 FITM A2 RESALE INTEREST49,597.22
027 01/01/05;09:18 001 EFTA00195783 OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 12 of 14 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD December 1, 2004 THROUGH December 31, 2004 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | November 30, 2004 | | :--- | :--- |
SETTLEMENT DATETRADE DATETRANSACTIONDESCRIPTIONSYMBOL/CUSIPQUANTITYDEBIT AMOUNTCREDIT AMOUNT
12/30/04DELIVEREDUNITED STATES TREASURY NOTE
DUE 11/30/2006
2,875 DUE 11/30/06
FITM A2
TERM RESALE AGREEMENT		-75,000,00075,187,500.00
12/30/04INTERESTUNITED STATES TREASURY NOTE
DUE 11/30/2006
2,875
FITM A2
RESALE INTEREST		19,423.44
12/31/04RECEIVEDUNITED STATES TREASURY NOTE
DUE 12/31/2006 3,000
3,000 DUE 12/31/06
FITM A1
RESALE AGREEMENT		75,000,00075,000,000.00
TOTAL$-161,825,604.96$136,128,520.66
## MISCELLANEOUS
DATE MO/DAYTRANSACTIONDESCRIPTIONDEBIT AMOUNTCREDIT AMOUNT
12/15/04JOURNALNOV 04 SPEC CLEARING FEES400.00
TOTAL-400.00
027 01/01/05;09:18 001 V867 EFTA00195784 BEAR STEARNS CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 13 of 14 FINANCIAL TRUST CO INC ## Trades Executed Pending Settlement STATEMENT PERIOD December 1, 2004 027 01/01/05;09:18 001 EFTA00195785 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 14 of 14 FINANCIAL TRUST CO INC ## Trades Executed Pending Settlement (continued) STATEMENT PERIOD December 1, 2004 THROUGH December 31, 2004 | LAST STATEMENT | November 30, 2004 | | :--- | :--- | TAXPAYER NUMBER On File
SETTLEMENT DATETRADE DATETRANSACTIONDESCRIPTIONSYMBOL/CUSIPQUANTITYPRICEDEBIT AMOUNTCREDIT AMOUNT
02/15/0512/16/04SOLDFNMA-15YR(FNMA-15)GTD
SETT,02/05
DUE 02/01/2020 05,500%		-11,000,000.00103.109311,342,031.25
REF #BS
TOTAL$39,149,843.76$39,137,656.25
The above trades do not appear in any other section of this statement. ******* End of Statement****** 027 01/01/05;09:18 001 V867