EFTA00195846
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 | 17 | | :--- | :--- |
FINANCIAL TRUST CO INC
C/O JEFFREY EPSTEIN
6100 RED HOOK QUARTER
ST B3
ST THOMAS VI 00802
CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY Your Portfolio at a Glance
TOTAL VALUE OF SECURITIES THIS PERIOD*11,296,902
LONG ACCRUED INTEREST174,836
NET CREDIT BALANCE3,971
NET EQUITY THIS PERIOD$11,475,709
NET EQUITY LAST STATEMENT12,162,877
CHANGE SINCE LAST STATEMENT-687,168
*This portfolio includes one or more unpriced securities that are not reflected in the Total Value of Securities and the Net Equity This Period
There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account. | LAST STATEMENT | June 30, 2004 | | :--- | :--- | TAXPAYER NUMBER On File FINANCIAL TRUST CO INC ACCOUNT NUMBER STATEMENT PERIOD July 1, 2004 THROUGH July 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. 027 07/31/04:08:41 001 V858 EFTA00195847 2 of 18 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 EFTA00195848 3 of 18 Cash Flow Analysis
THIS PERIOD
OpeningBalance$129,030.02
Securities Sold180,245,896.38
Dividends/Interest1,076,355.23
Miscellaneous183.88
Amount Credited$181,322,435.49
Securities Bought-181,242,338.23
Funds Withdrawn-70,539.00
Dividends/Interest Charged-133,608.18
Miscellaneous-1,008.90
Amount Debited$-181,447,494.31
Net Cash Activity-125,058.82
Closing Balance$3,971.20
Cash Balance Summary
OPENINGCLOSING
Margin129,030.023,971.20
Net Cash Balance$129,030.02$3,971.20
Income Summary
THIS PERIODYEAR TO DATE
U.S.Govt.Bond Int.0.00282,843.41
Govt.Agency Int.900,793.206,201,200.59
Corp.Bond Int.175,390.751,389,057.27
Credit Balance Int.171.28403.20
Reverse Repurchase Int.41,156.77104,516.74
Total$1,117,512.00$7,978,021.21
Bond Purchase Int.-133,576.76-732,940.96
Margin Int.Paid0.00-1,770.70
Repurchase Int.Exp.-43,298.09-118,901.31
Portfolio Composition
Cash/Cash Equivalent3,971
Fixed Income11,296,902
Total$11,300,873
STATEMENT PERIOD July 1, 2004 FINANCIAL TRUST CO INC THROUGH July 30, 2004 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | June 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. EFTA00195849 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 4 of 18 ## Your Portfolio Holdings CASH & CASH EQUIVALENTS CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY
DESCRIPTIONSYMBOL/CUSIPQUANTITYPRICEMARKET VALUEESTIMATED ANNUAL INCOMECURRENT YIELD (%)
CASH BALANCE3,971
TOTAL CASH & CASH EQUIVALENTS$3,971
## EQUITIES ## Equities & Options FINANCIAL TRUST CO INC
DESCRIPTIONSYMBOL/CUSIPACCT TYPEQUANTITYPRICEMARKET VALUEESTIMATED ANNUAL INCOMECURRENT YIELD (%)
PUT TSY 3 1/8 05/07
EUROPUT STRK 99-20
EXP 08/13/2004		MRGN50,000,000Unpriced
Total Equities& Options$0$0
TOTAL EQUITIES$0$0
AGCOUNT NUMBER ## FIXED INCOME ## Government & Agency Obligations STATEMENT PERIOD July 1, 2004 THROUGH July 30, 2004 TAXPAYER NUMBER On File | LAST STATEMENT | June 30, 2004 | | :--- | :--- |
DESCRIPTIONSYMBOL/CUSIPACCT TYPEQUANTITYPRICEMARKET VALUEACCRUED INTERESTESTIMATED ANNUAL INCOMECURRENT YIELD (%)
FEDERAL HOME LOAN MTG CORPMRGN17,696,00810.18461,802,27544,3881,065,30059.1086
SERIES 2530 CLASS SE
DATED DATE 10/11/02
BOOK ENTRY ONLY
DUE 02/15/2032 6,020%
FACTOR = .29493347
027 07/31/04;08:41 001 EFTA00195850 CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY **5 of 18** FINANCIAL TRUST CO INC ## Your Portfolio Holdings (continued) Government & Agency Obligations (continued)
DESCRIPTIONSYMBOL/CUSIPACCT TYPEQUANTITYPRICEMARKET VALUEACCrued INTERESTESTIMATED ANNUAL INCOMECURRENT YIELD (%)
FEDERAL HOME LOAN MTG CORP
SERIES 2526 CLASS SI
DATED DATE 10/01/02
BOOK ENTRY ONLY
DUE 02/15/2032 5,620%
FACTOR = 28493346		MRGN7,590,7549.1200692,28017,774426,60061.6225
FEDERAL HOME LOAN MTG CORP
SERIES 2488 CLASS SO
DATED DATE 07/08/02
BOOK ENTRY ONLY
DUE 03/15/2032 6,620%
FACTOR = 26634552		MRGN13,317,27311.44351,523,96736,735881,60357.8492
FEDERAL HOME LOAN MTG CORP
SERIES 2483 CL SL
DATED DATE 07/02/02
BOOK ENTRY ONLY
DUE 03/15/2032 5,620%
FACTOR = 26634550		MRGN15,364,1228.82401,355,73435,978863,46463.6898
FEDERAL NATIONAL MTG ASSN
SERIES 2003-49 CLASS SW
DATED DATE 04/30/03
BOOK ENTRY ONLY
DUE 01/25/2033 5,550%
FACTOR = 63815794		MRGN15,511,55110.43921,619,28211,956860,89153.1650
Total Government& Agency Obligations$6,993,538$146,831$4,097,858
027 07/31/04;08:41 001 EFTA00195851 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 6 of 18 FINANCIAL TRUST CO INC ## Your Portfolio Holdings (continued) STATEMENT PERIOD July 1, 2004 Corporate Bonds
DESCRIPTIONSYMBOL/CUSIPACCT TYPEQUANTITYPRICEMARKET VALUEACCRUED INTERESTESTIMATED ANNUAL INCOMECURRENT YIELD (%)
FANNIE MAE CMO/SERIES 2003-13MRGN30,786,78913.97804,303,36428,0052,016,53546.8595
S RCR-I/O FLTR DATED DATE 02/25/03 BOOK ENTRY ONLY DUE 03/25/2033 6,550% FACTOR = .61573583
Total CorporateBonds$4,303,364$28,005$2,016,535
TOTAL FIXED INCOME$11,296,902$174,836$6,114,393
YOUR PORTFOLIOHOLDINGSACCRUED INTEREST$174,836
YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME$6,114,393
YOUR PRICED PORTFOLIOHOLDINGS$11,300,873
## Repurchase and Reverse Repurchase Transactions with Bear, Stearns& Co.Inc.outstanding as of date of statement
PURCHASE/ START DATEREPURCHASE DATEPRICING RATEPURCHASE PRICE/ PRINCIPALACCRUED REPO INTEREST*QUANTITY (FACE AMOUNT)CUSIPDESCRIPTION
YOU SOLD (REPO)07/09/0410/12/041.790-3,739,000-4,461-44,389,962GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-2 CLASS S 5.8100 01/16/34
YOU SOLD (REPO)07/09/0410/12/041.790-5,866,000-7,000-44,000,000GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-5 CLASS P 5.5300 02/20/33
027 07/31/04;08:41 001 EFTA00195852 BEAR STEARNS CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 7 of 18 FINANCIAL TRUST CO INC ## Repurchase and Reverse Repurchase Transactions (continued) STATEMENT PERIOD July 1, 2004 THROUGH July 30, 2004 with Bear, Stearns& Co.Inc.outstanding as of date of statement (continued) AGCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | June 30, 2004 | | :--- | :--- |
PURCHASE/ START DATEREPURCHASE DATEPRICING RATEPURCHASE PRICE/ PRINCIPALACCRUED REPO INTEREST*QUANTITY (FACE AMOUNT)CUSIPDESCRIPTION
YOU PROVIDED (MARGIN)07/09/04OPEN0.000-15,000,000FNMA-SMBS PRINCIPAL ONLY
SERIES 322 CLASS PO03/01/32
YOU SOLD (REPO)07/28/0408/02/041.560-6,225,000-1,348-10,000,000GOVERNMENT NATIONAL MTG ASSOC
SERIES 2004-2 CLASS S 11.6200 01/16/34
YOU BOUGHT (REVERSE)07/09/04OPEN1.15075,562,50049,93475,000,000USTR2.7500 06/30/06
TOTAL REVERSE REPURCHASE TRANSACTIONS$75,562,500$49,934
TOTAL REPURCHASE TRANSACTIONS-$15,830,000-$12,809
*As of statement date* Transaction Detail ## INVESTMENT ACTIVITY
SETTLEMENT DATETRADE DATETRANSACTIONDESCRIPTIONSYMBOL/CUSIPQUANTITYPRICEDEBIT AMOUNTCREDIT AMOUNT
07/09/0407/08/04BOUGHTUNITED STATES TREASURY NOTE25,000,000100.5859425,146,484.38
DUE 05/15/2007 03,125% MN 15ACCR. INT.116,762.90
YIELD 2,908 % TO MATURITY
GVER REF # G1901000 A1
07/09/0407/08/04BOUGHTUNITED STATES TREASURY NOTE25,000,000100.4375025,109,375.00
DUE 06/30/2006 02,750% JD 30ACCR. INT.16,813.86
YIELD 2,521 % TO MATURITY
GVER REF # G1901002 A3
027 07/31/04;08:41 001 EFTA00195853 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 8 of 18 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD July 1, 2004 THROUGH July 30, 2004 ## INVESTMENT ACTIVITY (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | June 30, 2004 | | :--- | :--- |
MENTION DATETRANSACTIONDESCRIPTIONSYMBOL/CUSIPQUANTITYPRICEDEBIT AMOUNTCREDIT AMOUNT
07/15/04PRINCIPALFEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL 5,620 DUE 03/15/32 PRINCIPAL REDUCTN 07-15-04-600,854
07/15/04PRINCIPALFEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SQ 6,620 DUE 03/15/32 PRINCIPAL REDUCTN 07-15-04-520,806
07/15/04PRINCIPALFEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6,020 DUE 03/15/32 PRINCIPAL REDUCTN 07-15-04-660,636
07/15/04PRINCIPALFEDERAL HOME LOAN MTG CORP SERIES 2630 CLASS SI 5,620 DUE 02/15/32 PRINCIPAL REDUCTN 07-15-04-283,382
07/16/04PRINCIPALGOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 11,895 DUE 01/16/34 PRIN R/D 07-04 P/D 07-16-04 REPO P & I 11,895093,692.10
07/26/04PRINCIPALFEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRIN R/D 06-04 P/D 07-25-04 REPO P & I 0,0000132,216.75
07/26/04PRINCIPALFANNIE MAE CMO/SERIES 2003-13 S RCR-VO FLR 6,700 DUE 03/25/33 PRINCIPAL REDUCTN 07-25-04-626,478
07/26/04PRINCIPALFEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 5,700 DUE 01/25/33 PRINCIPAL REDUCTN 07-25-04-315,643
TOTAL$-50,389,436.14 $225,908.85
027 07/31/04;08:41 001 EFTA00195854 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 9 of 18 ## DEPOSITS AND WITHDRAWALS ## **Transaction Detail** (continued)
DATETRANSACTIONDESCRIPTIONDEBIT AMOUNTCREDIT AMOUNT
07/09/04FND WIREDMDA#GV136016FNDS WIRED TO FLEET NATIONAL BANK70,539.00
TOTAL-70,539.00
FINANCIAL TRUST CO INC STATEMENT PERIOD July 1, 2004 INTEREST THROUGH July 30, 2004 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | June 30, 2004 | | :--- | :--- |
DATEDESCRIPTIONSYMBOL/CUSIPQUANTITYRATE (%)DEBIT AMOUNTCREDIT AMOUNT
07/01/04AVG BAL 631,112RT 0.325
021 OFFICE INTEREST 0604		171.28
07/09/04FITM PG0015990926
GOVERNMENT NATIONAL MTG ASSOC
POOL 0004473 COUPON 5,9475
FINANCING NET PAIROFF DIFF		31.42
07/15/04FEDERAL HOME LOAN MTG CORP
SERIES 2471 CLASS YT
DUE 03/15/2032 1,000
INT R/D 06-04 P/D 07-15-04
REPO P & I 1,0000		1.000022,910.37
07/15/04FEDERAL HOME LOAN MTG CORP
SERIES 2483 CL SL
DUE 03/15/2032 5,620
INTEREST PAYMENT 07-15-04		5.620076,648.51
07/15/04FEDERAL HOME LOAN MTG CORP
SERIES 2488 CLASS SQ
DUE 03/15/2032 6,620
INTEREST PAYMENT 07-15-04		6.620077,968.94
07/15/04FEDERAL HOME LOAN MTG CORP
SERIES 2530 CLASS SE
DUE 02/15/2032 6,020
INTEREST PAYMENT 07-15-04		6.020094,249.90
027 07/31/04;08:41 001 EFTA00195855 BEAR STEARNS CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY 10 of 18 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD July 1, 2004 INTEREST (continued) THROUGH July 30, 2004 AGCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | June 30, 2004 | | :--- | :--- |
DATEDESCRIPTIONSYMBOL/CUSIPQUANTITYRATE (%)DEBIT AMOUNTCREDIT AMOUNT
07/15/04FEDERAL HOME LOAN MTG CORP
SERIES 2526 CLASS SI
DUE 02/15/2023 5,620
INTEREST PAYMENT 07-15-04		5.620037,804.05
07/16/04GOVERNMENT NATIONAL MTG ASSN
SERIES 2004-2 CLASS SB
DUE 01/16/2034 5,947
INT R/D 07-04 P/D 07-16-04
REPO P & I 5,9475		5.9470212,535.54
07/16/04GOVERNMENT NATIONAL MTG ASSN
SERIES 2004-2 CLASS SG
DUE 01/16/2034 11,895
INT R/D 07-04 P/D 07-16-04
REPO P & I 11,8950		11.895095,596.72
07/21/04GOVERNMENT NATIONAL MTG ASSN
SERIES 2004-5 CLASS PS
DUE 02/20/2033 5,530
INT R/D 06-04 P/D 07-20-04
REPO P & I 5,6700		5.5300207,900.00
07/26/04FANNIE MAE CMO/SERIES 2003-13
S RCR/I/O FLTR
DUE 03/25/2033 6,700
INTEREST PAYMENT 07-25-04		6.7000175,390.75
07/26/04FEDERAL NATIONAL MTG ASSN
SERIES 2003-49 CLASS SW
DUE 01/25/2033 5,700
INTEREST PAYMENT 07-25-04		5.700075,179.17
TOTAL-$31.42$1,076,355.23
027 07/31/04;08:41 001 V858 EFTA00195856 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 11 of 18 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD July 1, 2004 THROUGH July 30, 2004 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear, Stearns& Co.Inc. AGCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | June 30, 2004 | | :--- | :--- |
SETTLEMENT DATETRADE DATETRANSACTIONDESCRIPTIONSYMBOL/CUSIPQUANTITYDEBIT AMOUNTCREDIT AMOUNT
07/01/04JOURNALFEDERAL NATIONAL MTG ASSN
STRIP MTG SERIES 322 CL PO
0,001 DUE 03/01/32
FITM AZ
TERM REPO AGREEMENT		4,517,1891,744,350.00
07/01/04JOURNALFEDERAL NATIONAL MTG ASSN
STRIP MTG SERIES 322 CL PO
0,001 DUE 03/01/32
FITM F1833483 A1
REPO AGREEMENT		-4,517,1893,145,000.00
07/01/04JOURNALGOVERNMENT NATIONAL MTG ASSN
SERIES 2004-5 CLASS PS
5,670 DUE 02/20/33
FITM A1
REPO AGREEMENT		-44,000,0002,820,000.00
07/01/04JOURNALGOVERNMENT NATIONAL MTG ASSN
SERIES 2004-5 CLASS PS
5,670 DUE 02/20/33
FITM F1533207 AZ
TERM REPO AGREEMENT		44,000,0004,345,000.00
07/01/04INTERESTFEDERAL NATIONAL MTG ASSN
STRIP MTG SERIES 322 CL PO
DUE 03/01/2032 0,001
FITM AZ
REPO INTEREST		64.20
07/01/04INTERESTGOVERNMENT NATIONAL MTG ASSN
SERIES 2004-5 CLASS PS
DUE 02/20/2033 5,670
FITM F1533207 AZ
REPO INTEREST		4,797.60
07/08/04JOURNALGOVERNMENT NATIONAL MTG ASSN
SERIES 2004-2 CLASS SB
5,947 DUE 01/16/34
FITM A3
REPO AGREEMENT		-42,882,327700,000.00
027 07/31/04;08:41 001 EFTA00195857 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 12 of 18 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD July 1, 2004 THROUGH July 30, 2004 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) AGCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | June 30, 2004 | | :--- | :--- |
SETTLEMENT DATETRADE DATETRANSACTIONDESCRIPTIONSYMBOL/CUSIPQUANTITYDEBIT AMOUNTCREDIT AMOUNT
07/08/04JOURNALGOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 5,947 DUE 01/16/34 FITM REPO AGREEMENT42,882,327700,000.00
07/08/04JOURNALGOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 5,947 DUE 01/16/34 FITM A2 TERM REPO AGREEMENT42,882,3272,072,000.00
07/08/04JOURNALGOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 5,947 DUE 01/16/34 FITM A5 REPO AGREEMENT-42,882,3272,800,000.00
07/08/04JOURNALGOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 5,947 DUE 01/16/34 FITM A1 REPO AGREEMENT-42,882,3273,736,000.00
07/08/04JOURNALGOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 5,947 DUE 01/16/34 FITM A2 REPO AGREEMENT42,882,3273,736,000.00
07/08/04JOURNALGOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 11,895 DUE 01/16/34 FITM A1 REPO AGREEMENT-9,644,0577,633,000.00
07/08/04JOURNALGOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 11,895 DUE 01/16/34 FITM A2 TERM REPO AGREEMENT9,644,0578,258,000.00
027 07/31/04;08:41 001 EFTA00195858 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 13 of 18 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD July 1, 2004 THROUGH July 30, 2004 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) AGCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | June 30, 2004 | | :--- | :--- |
SETTLEMENT DATETRADE DATETRANSACTIONDESCRIPTIONSYMBOL/CUSIPQUANTITYDEBIT AMOUNTCREDIT AMOUNT
07/08/04INTERESTGOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB DUE 01/16/2034 5,947 FITM AZ REPO INTEREST1,850.99
07/08/04INTERESTGOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG DUE 01/16/2034 11,895 FITM AZ REPO INTEREST27,971.68
07/09/04JOURNALFEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0.001 DUE 03/01/32 FITM A3 REPO AGREEMENT-4,384,972
07/09/04JOURNALFEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0.001 DUE 03/01/32 FITM A1 REPO AGREEMENT-4,384,9723,144,000.00
07/09/04JOURNALFEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0.001 DUE 03/01/32 FITM A2 REPO AGREEMENT4,384,9723,144,000.00
07/09/04JOURNALFEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0.001 DUE 03/01/32 FITM TERM REPO AGREEMENT4,384,9723,145,000.00
07/09/04JOURNALGOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 5,947 DUE 01/16/34 FITM A6 TERM REPO AGREEMENT42,882,3272,800,000.00
027 07/31/04;08:41 001 EFTA00195859 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 14 of 18 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD July 1, 2004 THROUGH July 30, 2004 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) AGCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | June 30, 2004 | | :--- | :--- |
SETTLEMENT DATETRADE DATETRANSACTIONDESCRIPTIONSYMBOL/CUSIPQUANTITYDEBIT AMOUNTCREDIT AMOUNT
07/09/04JOURNALGOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 5,947 DUE 01/16/34 FITM REPO AGREEMENT-42,882,3273,739,000.00
07/09/04JOURNALGOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 11,895 DUE 01/16/34 FITM A2 TERM REPO AGREEMENT9,644,0577,633,000.00
07/09/04JOURNALGOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 11,895 DUE 01/16/34 FITM A3 TERM REPO AGREEMENT-9,644,0577,633,000.00
07/09/04JOURNALGOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,670 DUE 02/20/33 FITM A2 TERM REPO AGREEMENT44,000,0002,820,000.00
07/09/04JOURNALGOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,670 DUE 02/20/33 FITM A1 REPO AGREEMENT-44,000,0005,866,000.00
07/09/04DELIVEREDUNITED STATES TREASURY NOTE DUE 06/15/2007 3,125 31,255 DUE 06/15/07 FITM A2 TERM RESALE AGREEMENT-25,000,00025,062,500.00
07/09/04RECEIVEDUNITED STATES TREASURY NOTE DUE 06/30/2006 2,750 DUE 06/30/06 FITM A1 RESALE AGREEMENT75,000,00075,562,500.00
027 07/31/04;08:41 001 EFTA00195860 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 15 of 18 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD July 1, 2004 THROUGH July 30, 2004 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) AGCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | June 30, 2004 | | :--- | :--- |
SETTLEMENT DATETRADE DATETRANSACTIONDESCRIPTIONSYMBOL/CUSPQUANTITYDEBIT AMOUNTCREDIT AMOUNT
07/09/04DELIVEREDUNITED STATES TREASURY NOTE
DUE 06/30/2006
2,750
2,750 DUE 06/30/06
FITM
A2
TERM RESALE AGREEMENT		-100,000,000100,125,000.00
07/09/04INTERESTFEDERAL NATIONAL MTG ASSN
STUPP MTG SERIES 322 Q P0
DUE 03/01/2032
0,001
FITM
REPO INTEREST		1,090.27
07/09/04INTERESTGOVERNMENT NATIONAL MTG ASSN
SERIES 2004-2 CLASS SB
DUE 01/16/2034
5,947
FITM
A6		89.91
07/09/04INTERESTGOVERNMENT NATIONAL MTG ASSN
SERIES 2004-2 CLASS SG
DUE 01/16/2034
11,895
FITM
A2		330.76
07/09/04INTERESTGOVERNMENT NATIONAL MTG ASSN
SERIES 2004-2 CLASS SG
DUE 01/16/2034
11,895
FITM
A3		330.76
07/09/04INTERESTGOVERNMENT NATIONAL MTG ASSN
SERIES 2004-2 CLASS PG
DUE 02/20/2033
5,670
FITM
A2		977.60
07/09/04INTERESTUNITED STATES TREASURY NOTE
DUE 05/15/2007
3,125
FITM
A2		17,710.83
07/09/04INTERESTUNITED STATES TREASURY NOTE
DUE 06/30/2006
2,750
FITM
A2		23,445.94
027 07/31/04;08:41 001 EFTA00195861 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 16 of 18 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD July 1, 2004 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) THROUGH July 30, 2004 AGCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | June 30, 2004 | | :--- | :--- |
SETTLEMENT DATETRADE DATETRANSACTIONDESCRIPTIONSYMBOL/CUSIPQUANTITYDEBIT AMOUNTCREDIT AMOUNT
07/15/04JOURNALGOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 11,895 DUE 01/16/34 FITM REPO AGREEMENT-9,644,0577,350,000.00
07/15/04JOURNALGOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 11,895 DUE 01/16/34 FITM TERM REPO AGREEMENT9,644,0577,633,000.00
07/15/04INTERESTGOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG DUE 01/16/2034 11,895 FITM REPO INTEREST2,315.34
07/28/04JOURNALGOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 11,620 DUE 01/16/34 FITM REPO AGREEMENT-9,550,3656,225,000.00
07/28/04JOURNALGOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 11,620 DUE 01/16/34 FITM A2 TERM REPO AGREEMENT9,550,3657,350,000.00
07/28/04INTERESTGOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG DUE 01/16/2034 11,620 FITM REPO INTEREST4,140.50
TOTAL-$130,986,478.85$180,019,987.53
027 07/31/04;08:41 001 EFTA00195862 BEAR STEARNS CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 17 of 18 ## Transaction Detail (continued) ## MISCELLANEOUS
DATE MO/DAYTRANSACTIONDESCRIPTIONDEBIT AMOUNTCREDIT AMOUNT
07/02/04JOURNALFITO TO FITM79.45
07/06/04JOURNALFITM FITO158.90
07/09/04DELIVEREDFITM POOL COUPON 3,1250 FINANCING NET PAIROFF DIFF104.43
07/16/04JOURNALJUNE 04 SPEC CLEARING FEES850.00
TOTAL-$1,008.90$183.88
FINANCIAL TRUST CO INC STATEMENT PERIOD July 1, 2004 THROUGH July 30, 2004 AGCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | June 30, 2004 | | :--- | :--- | ## Trades Executed Pending Settlement
SETTLEMENT DATETRADE DATETRANSACTIONDESCRIPTIONSYMBOL/CUSIPQUANTITYPRICEDEBIT AMOUNTCREDIT AMOUNT
08/02/0407/30/04BOUGHTUNITED STATES TREASURY NOTE DUE 06/30/2006 02,750% JD 30
YIELD 2,680 % TO MATURITY GVER REF # G2121013 A1		25,000,000.00100.128925,093,877.38
08/02/0407/30/04BOUGHTUNITED STATES TREASURY NOTE DUE 06/30/2006 02,750% JD 30
Yield 2,680 % TO MATURITY GVER REF # G2121013 B1		50,000,000.00100.128950,187,754.76
08/02/0407/30/04SOLDUNITED STATES TREASURY NOTE DUE 07/31/2006 02,750% JJ 31
Yield 2,718 % TO MATURITY GVER REF # G2121008 A1		-25,000,000.00100.062525,019,361.41
027 07/31/04;08:41 001 EFTA00195863 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 18 of 18 FINANCIAL TRUST CO INC ## Trades Executed Pending Settlement (continued) STATEMENT PERIOD July 1, 2004 THROUGH July 30, 2004 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | June 30, 2004 | | :--- | :--- |
SETTLEMENT DATETRADE DATETRANSACTIONDESCRIPTIONSYMBOL/CUSIPQUANTITYPRICEDEBIT AMOUNTCREDIT AMOUNT
08/02/0407/30/04SOLDUNITED STATES TREASURY NOTE
DUE 07/31/2006 02,750% JJ 31
YIELD 2,718 % TO MATURITY
GVER REF # G2121008 B1		-50,000,000.00100.062550,038,722.83
TOTAL$75,281,632.14$75,058,084.24
The above trades do not appear in any other section of this statement. ******* End of Statement****** 027 07/31/04;08:41 001