Bear Stearns brokerage statement for Financial Trust Co Inc, November 2004

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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

7

FINANCIAL TRUST CO INC

C/O JEFFREY EPSTEIN

6100 RED HOOK QUARTER

ST B3

ST THOMAS VI 00802

CLEARED THROUGH ITS¶

WHOLLY OWNED SUBSIDIARY¶

Your Portfolio at a Glance¶

TOTAL VALUE OF SECURITIES THIS PERIOD	11,635,695
LONG ACCRUED INTEREST	110,415
NET CREDIT BALANCE	244,955
NET EQUITY THIS PERIOD	$11,991,065
NET EQUITY LAST STATEMENT	12,027,839
CHANGE SINCE LAST STATEMENT	-36,774

There are no “Stop Loss” orders or other pending buy or sell open orders on file for your account.¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | October 29, 2004 |¶

| :--- | :--- |¶

FINANCIAL TRUST CO INC¶

STATEMENT PERIOD October 30, 2004¶

ACCOUNT NUMBER¶

THROUGH November 30, 2004¶

Market Value of Your Portfolio¶

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.¶

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Cash Flow Analysis¶

	THIS PERIOD
OpeningBalance	$334,039.38
Securities Sold	238,130,859.91
Dividends/Interest	881,569.99
Amount Credited	$239,012,429.90
Securities Bought	-238,871,224.78
Dividends/Interest Charged	-230,189.07
Miscellaneous	-100.00
Amount Debited	$-239,101,513.85
Net Cash Activity	-89,083.95
Closing Balance	$244,955.43

Cash Balance Summary¶

	OPENING	CLOSING
Margin	334,039.38	244,955.43
Net Cash Balance	$334,039.38	$244,955.43

Income Summary¶

	THIS PERIOD	YEAR TO DATE
U.S.Govt.Bond Int.	36,256.91	411,620.51
Govt.Agency Int.	677,473.11	9,246,322.65
Corp.Bond Int.	147,441.74	2,017,691.73
Credit Balance Int.	0.00	1,022.46
Reverse Repurchase Int.	72,266.51	324,614.73
Total	$933,438.27	$12,001,272.08
Bond Purchase Int.	-209,538.14	-1,377,851.91
Margin Int.Paid	-252.70	-2,023.40
Repurchase Int.Exp.	-8,708.90	-217,794.23

Portfolio Composition¶

Cash/Cash Equivalent	244,955
Fixed Income	11,635,695
Total	$11,880,650

STATEMENT PERIOD October 30, 2004¶

FINANCIAL TRUST CO INC¶

THROUGH November 30, 2004¶

ACCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | October 29, 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.¶

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc.¶

CLEARED THROUGH ITS¶

WHOLLY OWNED SUBSDIARY¶

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FINANCIAL TRUST CO INC¶

Your Portfolio Holdings¶

CASH & CASH EQUIVALENTS¶

STATEMENT PERIOD October 30, 2004¶

THROUGH November 30, 2004¶

AGCOUNT NUMBER¶

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
CASH BALANCE				244,955
TOTAL CASH & CASH EQUIVALENTS				$244,955

TAXPAYER NUMBER On File¶

| LAST STATEMENT | October 29, 2004 |¶

| :--- | :--- |¶

FIXED INCOME¶

Government & Agency Obligations¶

DESCRIPTION	SYMBOL/CUSIP	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, 5,310% FACTOR = ,26682586		MRGN	16,009,551	9.8266	1,573,192	35,424	850,107	54.0371
FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032, 4,910% FACTOR = ,26682585		MRGN	6,867,343	8.8980	611,058	14,050	337,187	55.1809
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		MRGN	3,910,775	81.9844	3,206,224	3	39	0.0012
FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/15/2032, 4,910% FACTOR = ,23888857		MRGN	13,780,270	8.4914	1,170,134	28,191	676,611	57.8234

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Your Portfolio Holdings (continued)¶

STATEMENT PERIOD October 30, 2004¶

Government & Agency Obligations (continued)¶

| LAST STATEMENT | October 29, 2004 |¶

| :--- | :--- |¶

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCRUED INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
FEDERAL NATIONAL MTG ASSN		MRGN	14,402,918	9.8728	1,421,966	9,642	694,221	48.8212
SERIES 2003-49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 4,820% FACTOR = .59254784
Total Government& Agency Obligations					$7,982,574	$87,310	$2,558,165

Corporate Bonds¶

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCRUED INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
FANNIE MAE CMO/SERIES 2003-13 S RCR-I/O FLTR DATED DATE 02/25/03 BOOK ENTRY ONLY DUE 03/25/2033 5,820% FACTOR = .57172828		MRGN	28,586,414	12.7792	3,653,121	23,105	1,663,729	45.5427
Total CorporateBonds					$3,653,121	$23,105	$1,663,729
TOTAL FIXED INCOME					$11,635,695	$110,415	$4,221,894

YOUR PORTFOLIOHOLDINGSACCRUED INTEREST	$110,415
YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME	$4,221,894
YOUR PRICED PORTFOLIOHOLDINGS	$11,880,650

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Repurchase and Reverse Repurchase Transactions¶

STATEMENT PERIOD October 30, 2004¶

THROUGH November 30, 2004¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | October 29, 2004 |¶

| :--- | :--- |¶

	PURCHASE/START DATE	REPURCHASEDATE	PRICINGRATE	PURCHASE PRICE/PRINCIPAL	ACCRUED REPOINTEREST*	QUANTITY(FACE AMOUNT)	CUSIP	DESCRIPTION
YOU PROVIDED(MARGIN)	09/15/04	OPEN	0.000			-50,000,000		FEDERAL HOME LOAN MTG CORPSERIES 2488 CLASS SQ 5.9100 03/15/32
YOU SOLD(REPO)	10/12/04	01/10/05	2.260	-9,478,000	-29,750	-50,000,000		F H L M C - STRIP PRINCIPAL ONLY
YOU SOLD(REPO)	10/14/04	OPEN	0.010	-1		-44,389,962		GOVERNMENT NATIONAL MTG ASSOCSERIES 2004-2 CLASS S 5.0987 01/16/34
YOU SOLD(REPO)	11/24/04	12/13/04	2.340	-3,260,000	-1,483	-44,000,000		GOVERNMENT NATIONAL MTG ASSOCSERIES 2004-5 CLASS P 4.8100 02/20/33
YOU BOUGHT(REVERSE)	11/30/04	OPEN	1.650	50,000,000	2,291	50,000,000		USTR 2.8750 11/30/06
TOTAL REVERSE REPURCHASE TRANSACTIONS				$50,000,000	$2,291
TOTAL REPURCHASE TRANSACTIONS				$-12,738,001	$-31,233

As of statement date¶

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Transaction Detail¶

INVESTMENT ACTIVITY¶

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
11/03/04	11/02/04	SOLD	UNITED STATES TREASURY NOTE DUE 10/31/2006 02,500% AO 30 YIELD 2,605 % 10 MATURITY GVER REF # G307/1010 A1		-25,000,000	99.79688		24,949,218.75 5,179.56
11/03/04	11/02/04	BOUGHT	UNITED STATES TREASURY NOTE DUE 09/30/2006 02,500% MS 31 Yield 2,584 % 10 MATURITY GVER REF # G307/1014 A1		25,000,000 ACCR. INT.	99.84375	24,960,937.50 58,379.12
11/05/04		PRINCIPAL	FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0.001 DUE 03/01/02 PRINCIPAL REDUCTN 11-25-04		-130,707
11/10/04		JOURNAL	FANNIE MAE CMO/SERIES 2003-13 S PCR-I/O FLTR 6,067 DUE 03/25/33		1
11/12/04	11/08/04	SOLD	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DUE 03/15/2002 01,000% REF # AS OF 11/08/04 BS		-12,238,935	2.68750 ACCR. INT.		328,921.38 9,179.20
11/12/04	11/08/04	SOLD	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DUE 03/15/2002 01,000% REF # AS OF 11/08/04 BS		-12,238,935	2.68750 ACCR. INT.		328,921.38 9,179.20
11/12/04	10/15/04	BOUGHT	UNITED STATES TREASURY NOTE DUE 09/15/2007 02,750% FA 15 YIELD 2,758 % 10 MATURITY GVER REF # G317/1013 A1 ORIGINAL SD 10/18/04 AS OF 10/15/04		15,000,000 ACCR. INT.	99.97656	14,996,484.38 71,739.13

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Transaction Detail (continued)¶

STATEMENT PERIOD October 30, 2004¶

THROUGH November 30, 2004¶

INVESTMENT ACTIVITY (continued)¶

ACCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | October 29, 2004 |¶

| :--- | :--- |¶

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
11/15/04		PRINCIPAL	FEDL HOME LOAN MTG CORP#S02684 SERIES 218 CL PO DUE 02/01/32 PRIN RD 10-04 P/D 11-15-04 REPO P & I 0,0000					337,316.00
11/15/04		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SI 4,910 DUE 02/15/32 PRINCIPAL REDUCTN 11-15-04		-434,132
11/15/04		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 5,310 DUE 02/15/32 PRINCIPAL REDUCTN 11-15-04		-440,368
11/15/04		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI 4,910 DUE 02/15/32 PRINCIPAL REDUCTN 11-15-04		-188,897
11/18/04	11/17/04	SOLD	UNITED STATES TREASURY NOTE DUE 10/31/2006 02,500% AO 30 YIELD 2,850 % TO MATURITY GVER REF # A1		-25,000,000	99.33984 ACCR. INT.		24,834,960.94 31,077.35
11/22/04	11/22/04	SOLD	WI USTR 21 DUE 11/30/2006 02,875% WHEN AS & IE ISSUED YIELD 2,980 % TO MATURITY GVER REF # A1		-50,000	99.79760
11/23/04	11/22/04	BOUGHT	UNITED STATES TREASURY NOTE DUE 10/31/2006 02,500% AO 30 YIELD 2,993 % TO MATURITY GVER REF # A1		50,000,000 ACCR. INT.	99.17969	49,589,844.00 79,419.89

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Transaction Detail (continued)¶

STATEMENT PERIOD October 30, 2004¶

THROUGH November 30, 2004¶

INVESTMENT ACTIVITY (continued)¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | October 29, 2004 |¶

| :--- | :--- |¶

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
11/23/04	11/22/04		WI USTR 2Y DUE 11/30/2006 02,875% WHEN ISSUE RESCINDED YIELD 2,980 % TO MATURITY TO CXL PREVIOUS SELL		50,000	99.79760
11/26/04		PRINCIPAL	FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRINCIPAL PAYMENT 11-25-04					130,707.45
11/26/04		PRINCIPAL	FANNIE MAE CMO/SERIES 2003-13 S RCR-I/O FLTR 6,881 DUE 03/25/33 PRINCIPAL REDUCTN 11-25-04		-573,881
11/26/04		PRINCIPAL	FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 5,881 DUE 01/25/33 PRINCIPAL REDUCTN 11-25-04		-289,143
11/30/04	11/22/04	SOLD	UNITED STATES TREASURY NOTE DUE 11/30/2006 02,875% MN 31 YIELD 2,980 % TO MATURITY GVER REF # A5 AS OF 11/22/04		-50,000,000	99.79760		49,898,797.50
TOTAL							-89,756,804.02	$100,863,458.71

INTEREST¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE (%)	DEBIT AMOUNT	CREDIT AMOUNT
11/01/04	AVG BAL 684,530RT 0.428 021 OFFICE INTEREST 1004				252.70

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Transaction Detail (continued)¶

STATEMENT PERIOD October 30, 2004¶

THROUGH November 30, 2004¶

INTEREST (continued)¶

AGCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | October 29, 2004 |¶

| :--- | :--- |¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE (%)	DEBIT AMOUNT	CREDIT AMOUNT
11/15/04	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DUE 03/15/2032 INT R/D 10-04 P/D 11-15-04 REPO P & I			1.0000		20,398.23
11/15/04	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL DUE 03/15/2032 INTEREST PAYMENT 11-15-04			4.9100		60,766.57
11/15/04	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SQ DUE 03/15/2032 INT R/D 10-04 P/D 11-15-04 REPO P & I			5.9100		62,938.37
11/15/04	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE DUE 02/15/2032 INTEREST PAYMENT 11-15-04			5.3100		75,806.71
11/15/04	FEDERAL HOME LOAN MTG CORP SERIES 2558 CLASS SI DUE 02/15/2032 INTEREST PAYMENT 11-15-04			4.9100		30,165.42
11/16/04	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB DUE R/D 16-2034 INT R/D 11-04 P/D 11-16-04 REPO P & I			5.3110		182,594.29
11/17/04	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DUE 03/15/2032 REV ENTRY A/O 11/15			1.0000	20,398.23
11/22/04	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02/20/2033 INT R/D 10-04 P/D 12-04 REPO P & I			5.0400		184,800.00

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc.¶

CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY¶

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FINANCIAL TRUST CO INC¶

Transaction Detail (continued)¶

STATEMENT PERIOD October 30, 2004¶

THROUGH November 30, 2004¶

INTEREST (continued)¶

ACCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | October 29, 2004 |¶

| :--- | :--- |¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE (%)	DEBIT AMOUNT	CREDIT AMOUNT
11/26/04	FANNIE MAE CMO/SERIES 2003-13 S RCR-I/O FLTR DUE 03/25/2033 6,881 INTEREST PAYMENT 11-25-04			6.8810		147,441.74
11/26/04	FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW DUE 01/25/2033 5,881 INTEREST PAYMENT 11-25-04			5.8810		62,043.35
TOTAL					-20,650.93	$826,954.68

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

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
11/03/04		RECEIVED	UNITED STATES TREASURY NOTE DUE 10/31/2006 2,500 2,500 DUE 10/31/06 FITM A1 RESALE AGREEMENT		25,000,000	25,031,250.00
11/03/04		DELIVERED	UNITED STATES TREASURY NOTE DUE 09/30/2006 2,500 2,500 DUE 09/30/06 FITM A2 TERM RESALE AGREEMENT		-25,000,000		25,000,000.00
11/03/04		INTEREST	UNITED STATES TREASURY NOTE DUE 09/30/2006 2,500 FITM A2 RESALE INTEREST				28,392.36
11/12/04		JOURNAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 FITMARGN A2 TERM REPO AGREEMENT		24,477,870

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Transaction Detail (continued)¶

STATEMENT PERIOD October 30, 2004¶

REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued)¶

THROUGH November 30, 2004¶

ACCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | October 29, 2004 |¶

| :--- | :--- |¶

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
11/12/04		JOURNAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,040 DUE 02/20/23 FITM A2 TERM REPO AGREEMENT		44,000,000	5,363,000.00
11/12/04		JOURNAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,040 DUE 02/20/23 FITM A1 REPO AGREEMENT		-44,000,000		5,623,000.00
11/12/04		JOURNAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,040 DUE 02/20/23 FITM A2 REPO AGREEMENT		44,000,000	5,623,000.00
11/12/04		JOURNAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,040 DUE 02/20/23 FITM A3 REPO AGREEMENT		-44,000,000		5,623,000.00
11/12/04	DELIVERED		UNITED STATES TREASURY NOTE DUE 08/15/2007 2,750 2,750 DUE 08/15/07 FITM A2 TERM RESALE AGREEMENT		-15,000,000		15,037,500.00
11/12/04	INTEREST		GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02/20/2003 5,040 FITM A2 REPO INTEREST			5,242.33
11/12/04	INTEREST		UNITED STATES TREASURY NOTE DUE 08/15/2007 2,750 FITM A2 RESALE INTEREST				28,496.06

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Transaction Detail (continued)¶

STATEMENT PERIOD October 30, 2004¶

THROUGH November 30, 2004¶

REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued)¶

ACCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | October 29, 2004 |¶

| :--- | :--- |¶

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
11/16/04		JOURNAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,040 DUE 02/20/33 FITM F3213185 A1 REPO AGREEMENT		-44,000,000		3,675,000.00
11/16/04		JOURNAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,040 DUE 02/20/33 FITM A4 TERM REPO AGREEMENT		44,000,000	5,623,000.00
11/16/04		INTEREST	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02/20/2033 5,040 FITM A4 REPO INTEREST			1,436.99
11/18/04		JOURNAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,040 DUE 02/20/33 FITM F3213185 A2 TERM REPO AGREEMENT		44,000,000	3,675,000.00
11/18/04		JOURNAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,040 DUE 02/20/33 FITM F3233174 A1 REPO AGREEMENT		-44,000,000		4,000,000.00
11/18/04		DELIVERED	UNITED STATES TREASURY NOTE DUE 10/31/2006 2,500 2,500 DUE 10/31/06 FITM A2 TERM RESALE AGREEMENT		-25,000,000		25,031,250.00
11/18/04		RECEIVED	UNITED STATES TREASURY NOTE DUE 10/31/2006 2,500 2,500 DUE 10/31/06 FITM F3230504 A1 RESALE AGREEMENT		50,000,000	50,000,000.00

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Transaction Detail (continued)¶

STATEMENT PERIOD October 30, 2004¶

THROUGH November 30, 2004¶

REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued)¶

ACCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | October 29, 2004 |¶

| :--- | :--- |¶

Settlement Date	Trade Date	Transaction	Description	SYMBOL/CUSIP	Quantity	DEBIT AMOUNT	CREDIT AMOUNT
11/18/04		INTEREST	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02/20/2033 5,040 FITM F3213185 A2 REPO INTEREST			469.58
11/18/04		INTEREST	UNITED STATES TREASURY NOTE DUE 10/31/2006 2,500 FITM A2 RESALE INTEREST				13,600.31
11/23/04		DELIVERED	UNITED STATES TREASURY NOTE DUE 10/31/2006 2,500 2,500 DUE 10/31/2006 2,500 FITM F3230504 A2 TERM RESALE AGREEMENT		-50,000.00		50,000,000.00
11/23/04		INTEREST	UNITED STATES TREASURY NOTE DUE 10/31/2006 2,500 FITM F3230504 A2 RESALE INTEREST				1,777.78
11/24/04		JOURNAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 4,810 DUE 02/20/2033 FITM A1 REPO AGREEMENT		-44,000.00		3,260,000.00
11/24/04		JOURNAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 4,810 DUE 02/20/2033 FITM F323174 A2 TERM REPO AGREEMENT		44,000.00	4,000,000.00
11/24/04		INTEREST	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02/20/2033 4,810 FITM F323174 A2 REPO INTEREST			1,560.00

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BEAR STEARNS¶

OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc.¶

CLEARED THROUGH ITS¶

CLEARLY WOUNDED SUBSIDIARY¶

15 of 15¶

FINANCIAL TRUST CO INC¶

Transaction Detail (continued)¶

STATEMENT PERIOD October 30, 2004¶

REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued)¶

THROUGH November 30, 2004¶

AGCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | October 29, 2004 |¶

| :--- | :--- |¶

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
11/30/04		RECEIVED	UNITED STATES TREASURY NOTE DUE 11/30/2006 2,875 2,875 DUE 11/30/06 FITM A1 RESALE AGREEMENT		50,000,000	50,000,000.00

MISCELLANEOUS¶

DATE MO/DAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
11/16/04	JOURNAL	OCT 04 SPEC CLEARING FEES	100.00
TOTAL			-100.00

******* End of Statement*******¶

027¶

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