Financial record, 2004-09

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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

| Trades Not Yet Settled | 17 |¶

| :--- | :--- |¶

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¶

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

TOTAL VALUE OF SECURITIES THIS PERIOD*	12,082,817
LONG ACCRUED INTEREST	124,112
NET CREDIT BALANCE	349,431
NET EQUITY THIS PERIOD	$12,556,360
NET EQUITY LAST STATEMENT		12,890,765
CHANGE SINCE LAST STATEMENT		-334,406
*This portfolio includes one or more unpriced securities that are not reflected in the Total Value of Securities and the Net Equity This Period.

| LAST STATEMENT | August 31, 2004 |¶

| :--- | :--- |¶

TAXPAYER NUMBER On File¶

FINANCIAL TRUST CO INC¶

ACCOUNT NUMBER¶

STATEMENT PERIOD September 1, 2004¶

THROUGH September 30, 2004¶

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.
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STATEMENT BACKER IS PRINTED ON THIS PAGE¶

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Cash Flow Analysis¶

	THIS PERIOD
OpeningBalance	$48,513.49
Securities Sold	283,252,102.46
Dividends/Interest	1,036,382.90
Amount Credited	$284,288,485.36
Securities Bought	-283,616,704.04
Dividends/Interest Charged	-183,444.56
Miscellaneous	-187,419.70
Amount Debited	$-283,987,568.30
Net Cash Activity	300,917.06
Closing Balance	$349,430.55

Cash Balance Summary¶

	OPENING	CLOSING
Margin	48,513.49	349,430.55
Net Cash Balance	$48,513.49	$349,430.55

Income Summary¶

	THIS PERIOD	YEAR TO DATE
U.S.Govt.Bond Int.	74,442.82	368,495.47
Govt.Agency Int.	800,827.03	7,866,627.50
Corp.Bond Int.	160,809.29	1,717,911.13
Credit Balance Int.	303.76	863.01
Reverse Repurchase Int.	76,976.15	240,766.43
Total	$1,113,359.05	$10,194,663.54
Bond Purchase Int.	-183,444.56	-1,112,547.20
Margin Int.Paid	0.00	-1,770.70
Repurchase Int.Exp.	-33,024.35	-161,743.91

Portfolio Composition¶

Cash/Cash Equivalent	349,431
Fixed Income	12,082,817
Total	$12,432,248

STATEMENT PERIOD September 1, 2004¶

THROUGH September 30, 2004¶

FINANCIAL TRUST CO INC¶

ACCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | August 31, 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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BEAR STEARNS¶

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

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Your Portfolio Holdings¶

CASH & CASH EQUIVALENTS¶

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
CASH BALANCE				349,431
TOTAL CASH & CASH EQUIVALENTS				$349,431

CLEARED THROUGH ITS¶

WHOLLY OWNED SUBSDIARY¶

EQUITIES¶

Equities & Options¶

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
CALL TSY 4 3/4 08/14	9Z72250	MRGN	25,000,000	Unpriced
EUROCALL STRK 101-8 EXP 10/08/2004					$0	$0
Total Equities& Options					$0	$0
TOTAL EQUITIES

FINANCIAL TRUST CO INC¶

Government & Agency Obligations¶

AGCOUNT NUMBER¶

STATEMENT PERIOD September 1, 2004¶

FIXED INCOME¶

THROUGH September 30, 2004¶

| LAST STATEMENT | August 31, 2004 |¶

| :--- | :--- |¶

TAXPAYER NUMBER On File¶

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCRUED INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
FEDERAL HOME LOAN MTG CORP		MRGN	16,822,518	9.4056	1,582,261	39,894	957,369	60.5064
SERIES 2530 CLASS SE DATED DATE 10/11/02 BOOK ENTRY ONLY DUE 02/15/2032 5,691% FACTOR = .28037531

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Your Portfolio Holdings (continued)¶

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCrued INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032, 5,291% FACTOR = ,28037430		MRGN	7,216,068	8.5764	618,880	15,908	381,802	61.6924
FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DATED DATE 03/01/02 BOOK ENTRY ONLY DUE 03/01/2032, .001% FACTOR = 1,00000000		MRGN	4,154,921	82.8750	3,443,391	3	42	0.0012
FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/15/2032, 5,291% FACTOR = ,25318800		MRGN	14,605,132	8.1146	1,185,155	32,200	772,758	65.2031
FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033, 5,160% FACTOR = ,61514142		MRGN	14,952,094	9.6790	1,447,218	10,717	771,528	53.3111
Total Government& Agency Obligations					$8,276,905	$98,722	$2,883,499

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BEAR STEARNS¶

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

CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY¶

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Your Portfolio Holdings (continued)¶

STATEMENT PERIOD September 1, 2004¶

Corporate Bonds¶

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCRUED INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
FANNIE MAE CMO/SERIES 2003-13		MRGN	29,676,398	12.8247	3,805,912	25,390	1,828,066	48.0323
S RCR-I/O FLTR DATED DATE 02/25/03 BOOK ENTRY ONLY DUE 03/25/2033 6,160% FACTOR = .59352801
Total CorporateBonds					$3,805,912	$25,390	$1,828,066
TOTAL FIXED INCOME					$12,082,817	$124,112	$4,711,565

YOUR PORTFOLIOHOLDINGSACCRUED INTEREST	$124,112
YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME	$4,711,565
YOUR PRICED PORTFOLIOHOLDINGS	$12,432,248

Repurchase and Reverse Repurchase Transactions¶

with Bear, Stearns& Co.Inc.outstanding as of date of statement¶

	PURCHASE/ START DATE	REPURCHASE DATE	PRICING RATE	PURCHASE PRICE/ PRINCIPAL	ACCRUED REPO INTEREST*	QUANTITY (FACE AMOUNT)	CUSIP	DESCRIPTION
YOU SOLD (REPO)	07/09/04	10/12/04	1.790	-5,866,000	-24,500	-44,000,000		GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-5 CLASS P 5.1387 02/20/33
YOU SOLD (REPO)	09/14/04	10/12/04	1.980	-7,320,000	-6,844	-50,000,000		F H L M C - STRIP PRINCIPAL ONLY

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STATEMENT PERIOD September 1, 2004¶

Repurchase and Reverse Repurchase Transactions (continued)¶

THROUGH September 30, 2004¶

with Bear, Stearns& Co.Inc.outstanding as of date of statement (continued)¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | August 31, 2004 |¶

| :--- | :--- |¶

	PURCHASE/ START DATE	REPURCHASE DATE	PRICING RATE	PURCHASE PRICE/ PRINCIPAL	ACCRUED REPO INTEREST*	QUANTITY (FACE AMOUNT)	CUSIP	DESCRIPTION
YOU PROVIDED (MARGIN)	09/15/04	OPEN	0.000			-50,000,000		FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SQ 6.2913 03/15/32
YOU SOLD (REPO)	09/21/04	10/12/04	1.790	-2,816,000	-1,400	-44,389,962		GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-2 CLASS S 5.4213 01/16/34
YOU BOUGHT (REVERSE)	09/23/04	OPEN	1.400	25,062,500	7,532	25,000,000	912828CU2	USTR 2.3750 08/31/06
YOU BOUGHT (REVERSE)	09/27/04	OPEN	1.440	15,037,500	2.163	15,000,000		USTR 2.7500 08/15/07
TOTAL REVERSE REPURCHASE TRANSACTIONS				$40,100,000	$9,695
TOTAL REPURCHASE TRANSACTIONS				$-16,002,000	$-32,744

As of statement date¶

Transaction Detail¶

INVESTMENT ACTIVITY¶

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
09/02/04	08/30/04	BOUGHT	CALL TSY 4 3/4 08/14 EUROCALL STRK 101-8 EXP 10/08/2004 UNDERLYING SEC #7004993 CORR S/D 08/31/04 AS OF 08/30/04	9Z72250	25,000,000	0.67578	168,945.31

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Transaction Detail (continued)¶

STATEMENT PERIOD September 1, 2004¶

INVESTMENT ACTIVITY (continued)¶

THROUGH September 30, 2004¶

ACCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | August 31, 2004 |¶

| :--- | :--- |¶

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
09/08/04	09/02/04	SOLD	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG DUE 01/16/2024 11,200% 0987031317099 REF # 200409025716000 BS		-9,449,493	95.25000	ACCR. INT.	9,000,642.18 64,676.53
09/08/04	09/07/04	BOUGHT	UNITED STATES TREASURY NOTE DUE 07/31/2006 02,750% JJ 31 YIELD 2,537 % IO MATURITY GVER REF # G2511004 A1		50,000,000 ACCR. INT.	100.39063	50.195,312.50 145,720.11
09/08/04	09/07/04	SOLD	UNITED STATES TREASURY NOTE DUE 09/31/2006 02,375% FA 28 Yield 2,571 % IO MATURITY GVER REF # G2511008 A1	912828CU2	-50,000,000	99.62500 ACCR. INT.		49,812,500.00 26,243.09
09/08/04		PRINCIPAL	FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 0301/32 PRINCIPAL REDUCTN 09-25-04		-123,089
09/15/04	09/08/04	BOUGHT	FNMA-30YR(FNMA)GTD SETT,09/04 DUE 09/01/2034 05,500% REF # 200409087710000 BS		10,000,000	101.60547	10.160,546.88
09/15/04	09/02/04	BOUGHT	FNMA-30YR(FNMA)GTD SETT,09/04 DUE 09/01/2034 05,500% 0987031317099 REF # 2004090257220000 BS		20,000,000	101.37500	20.275,000.00
09/15/04	08/10/04	CANCEL SELL	FNMA-30YR(FNMA)GTD SETT,09/04 DUE 09/01/2034 05,500% REF # 2004081057320000 BS AS OF 08/10/04 TO CDL PREVIOUS SELL		30,000,000	100.82813	30,248,437.50

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Transaction Detail (continued)¶

STATEMENT PERIOD September 1, 2004¶

INVESTMENT ACTIVITY (continued)¶

THROUGH September 30, 2004¶

ACCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | August 31, 2004 |¶

| :--- | :--- |¶

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
09/15/04	09/08/04	CANCEL BUY	FNMA-30YR(FNMA)GTD SETT,09/04 DUE 09/01/2034 05,500% REF # 20040908057710000 BS AS OF 09/08/04 TO CXL PREVIOUS BUY		-10,000,000	101.60547		10,160,546.88
09/15/04	09/02/04	CANCEL BUY	FNMA-30YR(FNMA)GTD SETT,09/04 DUE 09/01/2034 05,500% 0987031317099 REF # 2004090257220000 BS AS OF 09/02/04 TO CXL PREVIOUS BUY		-20,000,000	101.37500		20,275,000.00
09/15/04	08/10/04	SOLD	FNMA-30YR(FNMA)GTD SETT,09/04 DUE 09/01/2034 05,500% REF # 2004081057320000 BS		-30,000,000	100.82813		30,248,437.50
09/15/04		PRINCIPAL	FEDL HOME LOAN MTG CORP#S02684 SERIES 218 CL PO DUE 09/04/192 PRIN P/D 08-04 P/D 09-15-04 REPO P & I 0,0000					336,255.00
09/15/04		PRINCIPAL	FEDERAL_HOME LOAN MTG CORP SERIES 2483 CL SL 5,291 DUE 03/15/32 PRINCIPAL REDUCTN 09-15-04		-395,047
09/15/04		PRINCIPAL	FEDERAL_HOME LOAN MTG CORP SERIES 2530 CLASS SE 5,691 DUE 02/15/32 PRINCIPAL REDUCTN 09-15-04		-438,983
09/15/04		PRINCIPAL	FEDERAL_HOME LOAN MTG CORP SERIES 2526 CLASS SI 5,291 DUE 02/15/32 PRINCIPAL REDUCTN 09-15-04		-188,303

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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 September 1, 2004¶

INVESTMENT ACTIVITY (continued)¶

THROUGH September 30, 2004¶

ACCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | August 31, 2004 |¶

| :--- | :--- |¶

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
09/23/04	09/22/04	BOUGHT	UNITED STATES TREASURY NOTE DUE 08/31/2006 02,375% FA 28 YIELD 2,458 % TO MATURITY GVER REF # G2661011 A1	912828CU2	25,000,000 ACCR. INT.	99.84375	24,960,937.50
09/27/04	09/24/04	SOLD	UNITED STATES TREASURY NOTE DUE 08/15/2007 02,750% FA 15 Yield 2,846 % TO MATURITY GVER REF # G2681022 A1		-15,000,000	99.73438 ACCR. INT.	14,960,156.25 48,199.73
09/27/04		PRINCIPAL	FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRINCIPAL PAYMENT 09-25-04				123,088.50
09/27/04		PRINCIPAL	FANNIE MAE CMO/SERIES 2003-13 S RCR-I/O FLTR 6,936 DUE 03/05/33 PRINCIPAL REDUCTN 09-25-04		-546,176
09/27/04		PRINCIPAL	FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 5,385 DUE 01/25/33 PRINCIPAL REDUCTN 09-25-04		-275,184
TOTAL

INTEREST¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE (%)	DEBIT AMOUNT	CREDIT AMOUNT
09/01/04	AVG BAL 483,462RT 0.729 021 OFFICE INTEREST 0804					303.76
09/15/04	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DUE 03/15/2032 1,000 INT R/D 08-04 P/D 09-15-04 REPO P & I 1,0000			1.0000		21,525.85

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BEAR STEARNS¶

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY¶

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Transaction Detail (continued)¶

STATEMENT PERIOD September 1, 2004¶

THROUGH September 30, 2004¶

INTEREST (continued)¶

AGCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | August 31, 2004 |¶

| :--- | :--- |¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE (%)	DEBIT AMOUNT	CREDIT AMOUNT
09/15/04	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL DUE 03/15/2032 5,291 INTEREST PAYMENT 09-15-04			5.2910		67,500.81
09/15/04	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO DUE 03/15/2032 6,291 INT R/D 08-04 P/D 09-15-04 REPO P & I 6,4000			6.2910		69,343.03
09/15/04	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE DUE 02/15/2032 5,691 INTEREST PAYMENT 09-15-04			5.6910		83,430.59
09/15/04	FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DUE 02/15/2032 5,291 INTEREST PAYMENT 09-15-04			5.2910		33,319.67
09/16/04	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB DUE 01/16/2034 5,600 INT R/D 09-04 P/D 09-16-04 REPO P & I 5,6000			5.6000		196,531.47
09/20/04	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02/20/2033 5,350 INT R/D 08-04 P/D 09-20-04 REPO P & I 5,3500			5.3500		196,166.67
09/27/04	FANNIE MAE CMO/SERIES 2003-13 S RCR-I/O FLTR DUE 03/25/2033 6,385 INTEREST PAYMENT 09-25-04			6.3850		160,809.29

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BEAR STEARNS¶

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 September 1, 2004¶

THROUGH September 30, 2004¶

INTEREST (continued)¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | August 31, 2004 |¶

| :--- | :--- |¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE (%)	DEBIT AMOUNT	CREDIT AMOUNT
09/27/04	FEDERAL NATIONAL MTG ASSN			5.3850		68,332.41
	SERIES 2003-49 CLASS SW
	DUE 01/25/2033	5,385
	INTEREST PAYMENT 09-25-04
TOTAL						$897,263.55

REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS¶

with Bear, Stearns& Co.Inc.¶

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
09/02/04		JOURNAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 11,200 DUE 01/16/34 FITM A2 TERM REPO AGREEMENT		9,449,493	6,200,000.00
09/02/04		JOURNAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 11,200 DUE 01/16/34 FITM F2463081 A3 REPO AGREEMENT		-9,449,493		6,250,000.00
09/02/04		JOURNAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 11,200 DUE 01/16/34 FITM F2463081 A1 REPO AGREEMENT		-9,449,493		7,283,000.00
09/02/04		JOURNAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 11,200 DUE 01/16/34 FITM F2463081 A2 REPO AGREEMENT		9,449,493	7,283,000.00
09/02/04		INTEREST	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG DUE 01/16/2034 11,200 FITM A2 REPO INTEREST			1,767.00

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Transaction Detail (continued)¶

STATEMENT PERIOD September 1, 2004¶

THROUGH September 30, 2004¶

REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued)¶

AGCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | August 31, 2004 |¶

| :--- | :--- |¶

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
09/03/04	JOURNAL	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SQ 6,400 DUE 03/15/32 FITM F2473199 A2 TERM REPO AGREEMENT		13,001,818
09/03/04	JOURNAL	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SQ 6,400 DUE 03/15/32 FITM F2473199 A1 REPO AGREEMENT		-13,001,818			72,000.00
09/08/04	JOURNAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 11,200 DUE 01/16/34 FITM F2463081 A4 TERM REPO AGREEMENT		9,449,493		6,250,000.00
09/08/04	JOURNAL	FEDL HOME LOAN MTG CORP#S02684 SERIES 218 CL P0 DUE 02/01/32 FITM F2523196 A1 REPO AGREEMENT		-12,885,836			7,200,000.00
09/08/04	JOURNAL	FEDL HOME LOAN MTG CORP#S02684 SERIES 218 CL P0 DUE 02/01/32 FITM F2523160 A2 TERM REPO AGREEMENT		12,885,836		9,788,000.00
09/08/04	DELIVERED	UNITED STATES TREASURY NOTE DUE 07/31/2006 2,750 2,750 DUE 07/31/106 FITM F2190710 A2 TERM RESALE AGREEMENT		-50,000,000			50,375,000.00
09/08/04	RECEIVED	UNITED STATES TREASURY NOTE DUE 08/31/2006 2,375 2,375 DUE 08/31/106 FITM F2520885 A1 RESALE AGREEMENT	912828CU2	50,000,000		50,062,500.00

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Transaction Detail (continued)¶

STATEMENT PERIOD September 1, 2004¶

THROUGH September 30, 2004¶

REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued)¶

AGCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | August 31, 2004 |¶

| :--- | :--- |¶

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSP	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
09/08/04		INTEREST	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG DUE 01/16/2034 11,200 FITM F2453081 A4 REPO INTEREST			1,968.75
09/08/04		INTEREST	FEDL HOME LOAN MTG CORP#S02684 SERIES 218 CL P0 DUE 02/01/2032 0,000 FITM F2253160 A2 REPO INTEREST			13,213.80
09/08/04		INTEREST	UNITED STATES TREASURY NOTE DUE 07/31/2006 2,750 FITM F2190710 A2 RESALE INTEREST				54,614.90
09/13/04		JOURNAL	FEDL HOME LOAN MTG CORP#S02684 SERIES 218 CL P0 DUE 02/01/32 FITM F2523196 A2 TERM REPO AGREEMENT		12,885,836	7,200,000.00
09/13/04		JOURNAL	FEDL HOME LOAN MTG CORP#S02684 SERIES 218 CL P0 DUE 02/01/32 FITM F2573145 A3 REPO AGREEMENT		-12,885,836		7,200,000.00
09/13/04		JOURNAL	FEDL HOME LOAN MTG CORP#S02684 SERIES 218 CL P0 DUE 02/01/32 FITM F2573145 A1 REPO AGREEMENT		-12,885,836		9,680,000.00
09/13/04		JOURNAL	FEDL HOME LOAN MTG CORP#S02684 SERIES 218 CL P0 DUE 02/01/32 FITM F2573145 A2 REPO AGREEMENT		12,885,836	9,680,000.00

027¶

10/01/04;07:49 001¶

EFTA00195829¶

CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY¶

15 of 17¶

FINANCIAL TRUST CO INC¶

Transaction Detail (continued)¶

STATEMENT PERIOD September 1, 2004¶

THROUGH September 30, 2004¶

REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued)¶

ACCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | August 31, 2004 |¶

| :--- | :--- |¶

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
09/13/04		INTEREST	FEDL HOME LOAN MTG CORP#S02684 SERIES 218 CL PO DUE 02/01/2032 0,000 FITM F2523196 AZ REPO INTEREST			1,800.00
09/14/04		JOURNAL	FEDL HOME LOAN MTG CORP#S02684 SERIES 218 CL PO DUE 02/01/32 FITM F2527145 A4 TERM REPO AGREEMENT		12,885,836	7,200,000.00
09/14/04		JOURNAL	FEDL HOME LOAN MTG CORP#S02684 SERIES 218 CL PO DUE 02/01/32 FITM F2583256 A1 REPO AGREEMENT		-12,885,836		7,320,000.00
09/14/04		INTEREST	FEDL HOME LOAN MTG CORP#S02684 SERIES 218 CL PO DUE 02/01/2032 0,000 FITM F2573145 A4 REPO INTEREST			472.00
09/15/04		JOURNAL	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO 6,291 DUE 03/15/32 FITM F2583267 A1 REPO AGREEMENT		-12,659,401
09/15/04		JOURNAL	FEDERAL HOME LOAN MTG CORP SERIES 2489 CLASS SO 6,291 DUE 03/15/32 FITM F2473199 A2 TERM REPO AGREEMENT		12,659,401	72,000.00
09/15/04		INTEREST	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO DUE 03/15/2032 6,291 FITM F2473199 A2 REPO INTEREST			45.36

027¶

10/01/04;07:49 001¶

EFTA00195830¶

CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY¶

16 of 17¶

FINANCIAL TRUST CO INC¶

Transaction Detail (continued)¶

STATEMENT PERIOD September 1, 2004¶

THROUGH September 30, 2004¶

REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued)¶

ACCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | August 31, 2004 |¶

| :--- | :--- |¶

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
09/21/04		JOURNAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 5,421 DUE 01/16/34 FITM F2653155 A1 REPO AGREEMENT		-41,695,395		2,816,000.00
09/21/04		JOURNAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 5,421 DUE 01/16/34 FITM B2 TERM REPO AGREEMENT		41,695,395	3,739,000.00
09/21/04		INTEREST	GOVERNIMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB DUE 01/16/2034 5,421 FITM B2 REPO INTEREST			13,757.44
09/23/04		RECEIVED	UNITED STATES TREASURY NOTE DUE 08/31/2006 2,375 2,375 DUE 08/31/06 FITM F2670490 A1 RESALE AGREEMENT	912828CU2	25,000,000	25,062,500.00
09/23/04		DELIVERED	UNITED STATES TREASURY NOTE DUE 08/31/2006 2,375 2,375 DUE 08/31/06 FITM F2520888 A2 TERM RESALE AGREEMENT	912828CU2	-50,000,000		50,062,500.00
09/23/04		INTEREST	UNITED STATES TREASURY NOTE DUE 08/31/2006 2,375 2,375 DUE 08/31/06 FITM F2520888 A2 RESALE INTEREST	912828CU2			22,361.25
09/27/04		RECEIVED	UNITED STATES TREASURY NOTE DUE 08/15/2007 2,750 2,750 DUE 08/15/07 FITM A1 RESALE AGREEMENT		15,000,000	15,037,500.00
TOTAL						-147,607,524.35	$148,335,476.15

027¶

10/01/04;07:49 001¶

EFTA00195831¶

BEAR STEARNS¶

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

CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY¶

17 of 17¶

DATE MO/DAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
09/02/04	JOURNAL	FITO FITM	10.32
09/14/04	JOURNAL	FNMA-30YR(FNMA)GTD SETT,09/04 5,500 DUE 09/01/34 MBS NET 09/14/04	187,109.38
09/16/04	JOURNAL	AUG 04 SPEC CLEARING FEES	300.00
TOTAL			-187,419.70

MISCELLANEOUS¶

FINANCIAL TRUST CO INC¶

Transaction Detail (continued)¶

STATEMENT PERIOD September 1, 2004¶

THROUGH September 30, 2004¶

ACCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | August 31, 2004 |¶

| :--- | :--- |¶

Trades Executed Pending Settlement¶

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
10/14/04	09/22/04	BOUGHT	FNMA-30YR(FNMA)GTD SETT,10/04 DUE 10/01/2034 05,500% 0987021011332 REF # 2004092257810000 BS	5A80009	10,000,000.00	101.8359	10,183,593.75
10/14/04	09/08/04	SOLD	FNMA-30YR(FNMA)GTD SETT,10/04 DUE 10/01/2034 05,500% REF # 2004090857720000 BS	5A80009	-10,000,000.00	101.3125		10,131,250.00
TOTAL							$10,183,593.75	$10,131,250.00

The above trades do not appear in any other section of this statement.¶

027¶

10/01/04;07:49 001¶