EFTA00195880

ACCOUNT EXECUTIVE	GNMA GOVT BOND
VISIT OUR WEBSITE	www.bearstearns.com

## What’s In This Statement Your Portfolio Holdings ... 4

Transaction Detail

| 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	12,394,691
LONG ACCRUED INTEREST	160,153
NET CREDIT BALANCE	228,003
NET EQUITY THIS PERIOD	$12,782,847
NET EQUITY LAST STATEMENT	13,363,739
CHANGE SINCE LAST STATEMENT	-580,892

| LAST STATEMENT | April 30, 2004 | | :--- | :--- | FINANCIAL TRUST CO INC TAXPAYER NUMBER On File ACCOUNT NUMBER STATEMENT PERIOD May 1, 2004 THROUGH May 28, 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. 027 05/29/04:12:32 001 V831 EFTA00195881 2 of 17 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 EFTA00195882 3 of 17 Cash Flow Analysis

	THIS PERIOD
OpeningBalance	-12,162.87
Securities Sold	314,135,191.84
Dividends/Interest	1,235,353.40
Miscellaneous	32,031.25
Amount Credited	$315,402,576.49
Securities Bought	-314,951,505.27
Dividends/Interest Charged	-209,405.71
Miscellaneous	-1,500.00
Amount Debited	-315,162,410.98
Net Cash Activity	240,165.51
Closing Balance	$228,002.64

Cash Balance Summary

	OPENING	CLOSING
Margin	-12,162.87	228,002.64
Net Cash Balance	-12,162.87	$228,002.64

Income Summary

	THIS PERIOD	YEAR TO DATE
U.S.Govt.Bond Int.	61,396.53	228,430.62
Govt.Agency Int.	978,422.27	4,354,833.13
Corp.Bond Int.	195,447.99	1,027,568.56
Credit Balance Int.	86.61	156.30
Reverse Repurchase Int.	17,701.39	21,008.91
Total	$1,253,054.79	$5,631,997.52
Bond Purchase Int.	-209,405.71	-428,599.18
Margin Int.Paid	0.00	-1,770.70
Repurchase Int.Exp.	-11,508.39	-59,125.88

Portfolio Composition

Cash/Cash Equivalent	228,003
Fixed Income	12,394,691
Total	$12,622,694

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY FINANCIAL TRUST CO INC STATEMENT PERIOD May 1, 2004 THROUGH May 28, 2004 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 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. V831 EFTA00195883 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 4 of 17 FINANCIAL TRUST CO INC ## Your Portfolio Holdings CASH & CASH EQUIVALENTS

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
CASH BALANCE				228,003
TOTAL CASH & CASH EQUIVALENTS				$228,003

DESCRIPTION	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 6,300% FACTOR = .32158038	MRGN	19,294,823	10.1223	1,953,080	43,896	1,215,574	62.2388
FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032 5,900% FACTOR = .32158037	MRGN	8,276,570	9.0531	749,287	17,635	488,318	65.1710
FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO DATED DATE 07/08/02 BOOK ENTRY ONLY DUE 03/15/2032 6,900% FACTOR = .29090521	MRGN	14,545,258	11.4010	1,658,299	36,240	1,003,623	60.5212
FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/15/2032 5,900% FACTOR = .29090519	MRGN	16,780,846	8.7571	1,469,512	35,753	990,070	67.3741

027 05/29/04;12:32 001 EFTA00195884 OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY **5 of 17** FINANCIAL TRUST CO INC ## Your Portfolio Holdings (continued) STATEMENT PERIOD May 1, 2004 THROUGH May 28, 2004 Government & Agency Obligations (continued) | LAST STATEMENT | April 30, 2004 | | :--- | :--- |

DESCRIPTION	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCRUED INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
FEDERAL NATIONAL MTG ASSN	MRGN	16,306,643	11.0890	1,808,245	8,019	962,092	53.2058
SERIES 2003-49 CLASS SW
DATED DATE 04/30/03
BOOK ENTRY ONLY
DUE 01/25/2033 5,900%
FACTOR = .67086868
Total Government& Agency Obligations				$7,638,423	$141,543	$4,659,677

Corporate Bonds

DESCRIPTION	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 6,900% FACTOR = .64729726	MRGN	32,364,861	14.6958	4,756,268	18,610	2,233,175	46.9523
Total CorporateBonds				$4,756,268	$18,610	$2,233,175
TOTAL FIXED INCOME				$12,394,691	$160,153	$6,892,852

YOUR PORTFOLIOHOLDINGSACCRUED INTEREST	$160,153
YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME	$6,892,852
YOUR PRICED PORTFOLIOHOLDINGS	$12,622,694

027 05/29/04;12:32 001 EFTA00195885 CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 6 of 17 FINANCIAL TRUST CO INC ## Repurchase and Reverse Repurchase Transactions STATEMENT PERIOD May 1, 2004 THROUGH May 28, 2004 TAXPAYER NUMBER On File | LAST STATEMENT | April 30, 2004 | | :--- | :--- |

	PURCHASE/ START DATE	REPURCHASE DATE	PRICING RATE	PURCHASE PRICE/ PRINCIPAL	ACCRUED REPO INTEREST*	QUANTITY (FACE AMOUNT)	DESCRIPTION
YOU SOLD (REPO)	04/08/04	07/08/04	1.340	-3,712,000	-7,461	-44,389,962	GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-2 CLASS S 6.1000 01/16/34
YOU SOLD (REPO)	04/08/04	07/08/04	1.340	-8,258,000	-16,598	-10,000,000	GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-2 CLASS S 12.2000 01/16/34
YOU SOLD (REPO)	05/10/04	06/01/04	1.300	-3,241,000	-2,574	-15,000,000	FNMA-SMBS PRINCIPAL ONLY SERIES 322 CLASS PO 03/01/32
YOU SOLD (REPO)	05/24/04	OPEN	0.000	-1		-5,000,000	F H L M C - STRIP PRINCIPAL ONLY
YOU SOLD (REPO)	05/25/04	06/01/04	1.300	-4,300,000	-1,086	-44,000,000	GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-5 CLASS P 5.8500 02/20/33
TOTAL REVERSE REPURCHASE TRANSACTIONS				$0	$0
TOTAL REPURCHASE TRANSACTIONS				$-19,511,001	$-27,719

*As of statement date* 027 05/29/04;12:32 001 V831 EFTA00195886 CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 7 of 17 FINANCIAL TRUST CO INC Transaction Detail INVESTMENT ACTIVITY STATEMENT PERIOD May 1, 2004 THROUGH May 28, 2004

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
05/06/04	05/05/04	SOLD	UNITED STATES TREASURY NOTE DUE 04/30/2006 02,250% AO 30 YIELD 2,307 % TO MATURITY GVER REF # G1261010 A1	-25,000,000	99.89063		24,972,656.25
05/07/04	05/06/04	SOLD	U S TREASURY NOTE DUE 04/15/2009 03,125% AO 15 YIELD 3,690 % TO MATURITY GVER REF # G1271002 A1	-25,000,000	97.46875		24,367,187.50
05/13/04	04/16/04	CANCEL SELL	FNMA-30YR(FNMA)GTD Sett 05/04 DUE 05/01/2034 05,500%	10,000,000	100.75000	10,075,000.00
05/13/04	04/07/04	CANCEL SELL	FNMA-30YR(FNMA)GTD Sett 05/04 DUE 05/01/2034 05,500%	15,000,000	101.56250	15,234,375.00
05/13/04	04/06/04	BOUGHT	FNMA-30YR(FNMA)GTD Sett 05/04 DUE 05/01/2034 05,500%	25,000,000	101.10938	25,277,343.75
05/13/04	04/16/04	SOLD	FNMA-30YR(FNMA)GTD Sett 05/04 DUE 05/01/2034 05,500%	-10,000,000	100.75000		10,075,000.00
05/13/04	04/07/04	SOLD	FNMA-30YR(FNMA)GTD Sett 05/04 DUE 05/01/2034 05,500%	-15,000,000	101.56250		15,234,375.00

| 05/29/04;12:32 | 001 | V831 | | :--- | :--- | :--- | EFTA00195887 CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 8 of 17 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD May 1, 2004 ## INVESTMENT ACTIVITY (continued) THROUGH May 28, 2004 TAXPAYER NUMBER On File | LAST STATEMENT | April 30, 2004 | | :--- | :--- |

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
05/13/04	04/06/04	CANCEL BUY	FNMA 30VR(FNMA)GTD SETT 05/04 DUE 05/01/2004 05,500%	-25,000,000	101.10938		25,277,343.71
			REF # 200400057900000 BS AS OF 04/06/04 TO CXL PREVIOUS BUY
05/14/04	05/13/04	BOUGHT	U S TREASURY NOTE DUE 04/15/2009 03,125% AO 15 WIELD 3,968 % TO MATURITY GVER REF # G1341012 A1	25,000,000	96.27030	24,067,575.00
					ACCR. INT.	61,902.32
05/17/04	05/13/04	SOLD	UNITED STATES TREASURY NOTE DUE 05/15/2009 03,875% MN 15 WIELD 3,968 % TO MATURITY GVER REF # G1341013 A3	-25,000,000	99.46875		24,867,187.50
05/17/04		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2490 CL SL 5,900 DUE 03/15/32 PRINCIPAL REDUCTN 05-15-04	-1,341,000		ACCR. INT.	5,264.95
05/17/04		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2490 CL SL 5,900 DUE 03/15/32 PRINCIPAL REDUCTN 05-15-04	-531
05/17/04		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO 6,900 DUE 03/15/32 PRINCIPAL REDUCTN 05-15-04	-1,162,000
05/17/04		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO 6,900 DUE 03/15/32 PRINCIPAL REDUCTN 05-15-04	-809
05/17/04		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6,900 DUE 03/15/32 PRINCIPAL REDUCTN 05-15-04	-1,515,000

027 05/29/04;12:32 001 EFTA00195888 CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 9 of 17 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD May 1, 2004 THROUGH May 28, 2004 ## INVESTMENT ACTIVITY (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 30, 2004 | | :--- | :--- |

SEMESTER DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
05/17/04		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6,300 DUE 02/15/32 PRINCIPAL REDUCTN 05-15-04	-866
05/17/04		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI 5,900 DUE 02/15/32 PRINCIPAL REDUCTN 05-15-04	-650,235
05/17/04		PRINCIPAL	FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/01/32 PRIN P/D 04/04 P/D 05-15-04 REPO P & I 0,0000				196,400.50
05/17/04		PRINCIPAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 12,200 DUE 01/18/34 PRIN P/D 05-04 P/D 05-16-04 REPO P & I 12,2000				78,886.80
05/24/04	05/21/04	BOUGHT	UNITED STATES TREASURY NOTE DUE 05/15/2009 03.87% MIN 15 HELD: 3,821 WTO Maturity GVER REF # G1421003 A3 AS OF 05/21/04	25,000,000 ACCR. INT.	100.24219	25,060,546.88 23,692.25
05/25/04		PRINCIPAL	FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,000 DUE 03/01/32 PRIN P/D 04-04 P/D 05-25-04 REPO P & I 0,0000				309,453.15
05/25/04		PRINCIPAL	FANNIE MAE CMO/SERIES 2003-13 S RCR-I/O FLTR 6,900 DUE 03/25/33 PRINCIPAL REDUCTN 05-25-04	-1,626,000
05/25/04		PRINCIPAL	FANNIE MAE CMO/SERIES 2003-13 S RCR-I/O FLTR 6,900 DUE 03/25/33 PRINCIPAL REDUCTN 05-25-04	-92

| 027 | 05/29/04;12:32 | 001 | W831 | | :--- | :--- | :--- | :--- | EFTA00195889 BEAR STEARNS CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY 10 of 17 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD May 1, 2004 THROUGH May 28, 2004 ## INVESTMENT ACTIVITY (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 30, 2004 | | :--- | :--- |

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	DEBIT AMOUNT
05/25/04		PRINCIPAL	FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 5,900 DUE 01/25/33 PRINCIPAL REDUCTN 05-25-04	-819,287
05/27/04	05/26/04	BOUGHT	UNITED STATES TREASURY NOTE DUE 04/30/2006 02,250% AO 30 YIELD 2,492 % TO MATURITY GVER REF # G1471003 A1	25,000,000 ACCR. INT.	99.54688	24,886,718.75 41,270.38
05/27/04	05/26/04	BOUGHT	UNITED STATES TREASURY NOTE DUE 04/30/2006 02,250% AO 30 YIELD 2,492 % TO MATURITY GVER REF # G1471003 B1	50,000,000 ACCR. INT.	99.54688	49,773,437.50 82,540.76
TOTAL

INTEREST

DATE	DESCRIPTION	RATE (%)	CREDIT AMOUNT
05/03/04	AVG BAL 526,661RT 0.197 021 OFFICE INTEREST 0404		86.61
05/17/04	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DUE 03/15/2032 1,000 INT R/D 04-04 P/D 05-15-04 REPO P & I 1,0000	1.0000	26,006.32
05/17/04	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL DUE 03/15/2032 5,900 INTEREST PAYMENT 05-15-04	5.9000	89,101.69
05/17/04	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SQ DUE 03/15/2032 6,900 INTEREST PAYMENT 05-15-04	6.9000	90,321.40

027 05/29/04;12:32 001 EFTA00195890 BEAR STEARNS CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY 11 of 17 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) INTEREST (continued) STATEMENT PERIOD May 1, 2004 THROUGH May 28, 2004 AGCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 30, 2004 | | :--- | :--- |

DATE	DESCRIPTION	RATE (%)	CREDIT AMOUNT
05/17/04	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE DUE 02/15/2032 6,300 INTEREST PAYMENT 05-15-04	6.3000	109,256.12
05/17/04	FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DUE 02/15/2032 5,900 INTEREST PAYMENT 05-15-04	5.9000	43,890.12
05/17/04	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB DUE 01/16/2034 6,100 INT R/D 05-04 P/D 05-16-04 REPO P & I 6,100	6.1000	221,416.22
05/17/04	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG DUE 01/16/2034 12,200 INT R/D 05-04 P/D 05-16-04 REPO P & I 12,2000	12.2000	99,727.91
05/20/04	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02/20/2033 5,850 INT R/D 04-04 P/D 05-20-04 REPO P & I 5,8500	5.8500	214,500.00
05/25/04	FANNIE MAE CMO/SERIES 2003-13 S RCR-I/O FLTR DUE 03/25/2033 6,900 INTEREST PAYMENT 05-25-04	6.9000	195,447.99
05/25/04	FEDERAL NATIONAL MTG ASSN SERIES 2000-49 CLASS SW DUE 01/25/2033 5,900 INTEREST PAYMENT 05-25-04	5.9000	84,202.49
TOTAL			$1,173,956.87

027 05/29/04;12:32 001 V831 EFTA00195891 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 12 of 17 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD May 1, 2004 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear, Stearns& Co.Inc. THROUGH May 28, 2004 AGCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 30, 2004 | | :--- | :--- |

SETTLEMENT DATE	TRANSACTION	DESCRIPTION	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
05/04/04	JOURNAL	FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/01/32 FITM A4 TERM REPO AGREEMENT	2,930,616	200,000.00
05/04/04	JOURNAL	FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/01/32 FITM A1 REPO AGREEMENT	-2,930,616		225,000.00
05/04/04	JOURNAL	FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/01/32 FITM A2 REPO AGREEMENT	2,930,616	225,000.00
05/04/04	JOURNAL	FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/01/32 FITM A3 REPO AGREEMENT	-2,930,616		225,000.00
05/04/04	INTEREST	FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/01/2032 0,000 FITM A4 REPO INTEREST		57.78
05/06/04	DELIVERED	UNITED STATES TREASURY NOTE DUE 04/30/2006 2,250 2,250 DUE 04/30/06 FITM A2 TERM RESALE AGREEMENT	-50,000,000		50,000,000.00
05/06/04	RECEIVED	UNITED STATES TREASURY NOTE DUE 04/30/2006 2,250 2,250 DUE 04/30/06 FITM A1 RESALE AGREEMENT	75,000,000	75,000,000.00

027 05/29/04;12:32 001 V831 EFTA00195892 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 13 of 17 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD May 1, 2004 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) THROUGH May 28, 2004 AGCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 30, 2004 | | :--- | :--- |

SETTLEMENT DATE	TRANSACTION	DESCRIPTION	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
05/06/04	INTEREST	UNITED STATES TREASURY NOTE DUE 04/30/2006 2,250 FITM A2 RESALE INTEREST			4,138.89
05/07/04	RECEIVED	U S TREASURY NOTE DUE 04/15/2009 3,125 3,125 DUE 04/15/09 FITM A1 RESALE AGREEMENT	25,000,000	24,500,000.00
05/10/04	JOURNAL	FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 FITM A1 REPO AGREEMENT	-4,744,651		3,241,000.00
05/10/04	JOURNAL	FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 FITM A2 TERM REPO AGREEMENT	4,744,651	3,260,000.00
05/10/04	JOURNAL	FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/01/32 FITM AZ TERM REPO AGREEMENT	2,734,215	225,000.00
05/10/04	JOURNAL	FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/01/32 FITM A1 REPO AGREEMENT	-2,734,215		715,000.00
05/10/04	JOURNAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,850 DUE 02/20/33 FITM A1 REPO AGREEMENT	-44,000,000		5,533,000.00

027 05/29/04;12:32 001 EFTA00195893 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 14 of 17 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD May 1, 2004 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) THROUGH May 28, 2004 AGCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 30, 2004 | | :--- | :--- |

SETTLEMENT DATE	TRANSACTION	DESCRIPTION	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
05/10/04	JOURNAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,850 DUE 02/20/233 FITM TERM REPO AGREEMENT	44,000,000	5,907,000.00
05/10/04	INTEREST	FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DUE 03/01/2032 0,001 FITM REPO INTEREST		1,294.94
05/10/04	INTEREST	FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/01/2032 0,000 FITM REPO INTEREST		48.75
05/10/04	INTEREST	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02/20/2033 5,850 FITM REPO INTEREST		6,825.87
05/14/04	DELIVERED	U S TREASURY NOTE DUE 04/15/2009 3,125 3,125 DUE 04/15/09 FITM TERM RESALE AGREEMENT	-25,000,000		24,500,000.00
05/17/04	RECEIVED	UNITED STATES TREASURY NOTE DUE 05/15/2009 3,875 3,875 DUE 05/15/09 FITM A1 RESALE AGREEMENT	25,000,000	25,000,000.00
05/21/04	JOURNAL	FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/01/32 FITM TERM REPO AGREEMENT	2,734,215	715,000.00

027 05/29/04;12:32 001 EFTA00195894 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 15 of 17 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD May 1, 2004 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) THROUGH May 28, 2004 AGCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 30, 2004 | | :--- | :--- |

SETTLEMENT DATE	TRANSACTION	DESCRIPTION	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
05/21/04	INTEREST	FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/01/2032 0,000 FITM REPO INTEREST		284.01
05/24/04	JOURNAL	FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/01/32 FITM REPO AGREEMENT	-2,734,215
05/24/04	DELIVERED	UNITED STATES TREASURY NOTE DUE 05/15/2009 3,875 3,875 DUE 05/15/1500 FITM TERM RESALE AGREEMENT	-25,000,000		25,000,000.00
05/24/04	INTEREST	UNITED STATES TREASURY NOTE DUE 05/15/2009 3,875 FITM A2 RESALE INTEREST			2,979.17
05/25/04	JOURNAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,850 DUE 02/20/33 FITM REPO AGREEMENT	-44,000,000		4,300,000.00
05/25/04	JOURNAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,850 DUE 02/20/33 FITM A2 TERM REPO AGREEMENT	44,000,000	5,533,000.00
05/25/04	INTEREST	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02/20/2033 5,850 FITM REPO INTEREST		2,997.04

027 05/29/04;12:32 001 | EFTA00195895 | | :--- | :--- | This is a simple Markdown document with no headings or paragraphs. It contains just one line of text. OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 16 of 17 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD May 1, 2004 THROUGH May 28, 2004 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 30, 2004 | | :--- | :--- |

SETTLEMENT DATE	TRANSACTION	DESCRIPTION	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
05/27/04	DELIVERED	UNITED STATES TREASURY NOTE DUE 04/30/2006 2,250 2,250 DUE 04/30/06 FITM A4 TERM RESALE AGREEMENT	-75,000,000		75,000,000.00
05/27/04	INTEREST	UNITED STATES TREASURY NOTE DUE 04/30/2006 2,250 FITM A4 RESALE INTEREST			10,583.33
TOTAL				-140,576,508.39	$188,756,701.39

## MISCELLANEOUS

DATE MO/DAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
05/12/04	JOURNAL	APR 04 SPEC CLEARING FEES	1,500.00
05/13/04	JOURNAL	FNMA-30YR(FNMA)GTD SETT,05/04 5,500 DUE 05/01/34 MBS NET 05/13/04		32,031.25
TOTAL			-1,500.00	$32,031.25

027 05/29/04;12:32 001 V831 EFTA00195896 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 17 of 17 FINANCIAL TRUST CO INC ## Trades Executed Pending Settlement STATEMENT PERIOD May 1, 2004 THROUGH May 28, 2004

SETLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
06/01/04	05/26/04	SOLD	UNITED STATES TREASURY NOTE DUE 05/31/2006 02,500% MN 31	-25,000,000.00	100.1140		25,030,207.65
06/01/04	05/26/04	SOLD	YIELD 2,441 % TO MATURITY GVER REF # G1471007 A3
06/01/04	05/26/04	SOLD	UNITED STATES TREASURY NOTE DUE 05/31/2006 02,500% MN 31	-50,000,000.00	100.1140		50,060,415.30
06/01/04	05/26/04	SOLD	YIELD 2,441 % TO MATURITY GVER REF # G1471007 B3
TOTAL						$0.00	$75,090,622.95

The above trades do not appear in any other section of this statement. ******* End of Statement******* 027 05/29/04;12:32 001 V831