EFTA00195915

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

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

Transaction Detail

Your Messages ... 16

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. FINANCIAL TRUST CO INC

TOTAL VALUE OF SECURITIES THIS PERIOD	12,671,042
LONG ACCRUED INTEREST	260,903
NET CREDIT BALANCE	29,336
NET EQUITY THIS PERIOD	$12,961,281
NET EQUITY LAST STATEMENT	14,891,267
CHANGE SINCE LAST STATEMENT	-1,929,986

	THIS PERIOD
OpeningBalance	$237,245.02
Securities Sold	79,344,186.00
Dividends/Interest	1,132,673.44
Miscellaneous	431,844.36
Amount Credited	$80,908,703.80
Securities Bought	-50,162,398.32
Dividends/Interest Charged	-27,368.26
Miscellaneous	-30,926,845.89
Amount Debited	$-81,116,612.47
Net Cash Activity	-207,908.67
ClosingBalance	$29,336.35

Cash Balance Summary

	OPENING	CLOSING
Margin	237,245.02	29,336.35
Net Cash Balance	$237,245.02	$29,336.35

Income Summary

	THIS PERIOD	YEAR TO DATE
Govt. Agency Int.	925,341.52	2,369,796.22
Corp. Bond Int.	207,331.92	629,701.94
Reverse Repurchase Int.	0.00	1,772.78
Total	$1,132,673.44	$3,001,270.94
Bond Purchase Int.	-26,831.32	-202,800.03
Margin Int. Paid	-536.94	-1,770.70
Repurchase Int. Exp.	-13,749.27	-18,607.48

Portfolio Composition

Cash/Cash Equivalent	29,336
Fixed Income	12,671,042
Total	$12,700,378

STATEMENT PERIOD February 28, 2004 FINANCIAL TRUST CO INC THROUGH March 31, 2004 ACCOUNT NUMBER TAXPAYER NUMBER On File Your Portfolio Allocation | LAST STATEMENT | February 27, 2004 | | :--- | :--- | Unshaded portions denote debit balance and/or short market values. The allocation percentage is derived from the absolute market value of your portfolio. EFTA00195918 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 4 of 16 FINANCIAL TRUST CO INC ## Your Portfolio Holdings CASH & CASH EQUIVALENTS STATEMENT PERIOD February 28, 2004

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
CASH BALANCE				29,336
TOTAL CASH & CASH EQUIVALENTS				$29,336

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 6,310% FACTOR = .36708089	MRGN	22,024,853	8.5574	1,884,745	61,764	1,389,768	73.7377
FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DATED DATE 10/11/02 BOOK ENTRY ONLY DUE 02/15/2032 5,910% FACTOR = .36708088	MRGN	9,447,624	7.8198	738,786	24,816	558,355	75.5774
FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DATED DATE 06/07/02 BOOK ENTRY ONLY DUE 03/15/2032 1,000% FACTOR = .33108931	MRGN	33,108,930	1.8536	613,709	14,710	331,089	53.9489
FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SQ DATED DATE 07/08/02 BOOK ENTRY ONLY DUE 03/15/2032 6,910% FACTOR = .33330190	MRGN	16,665,093	9.2678	1,544,495	51,180	1,151,558	74.5589

027 04/01/04;12:31 001 EFTA00195919 OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY **5 of 16** FINANCIAL TRUST CO INC ## Your Portfolio Holdings (continued) Government & Agency Obligations (continued)

DESCRIPTION	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCRUED INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL	MRGN	19,226,497	7.5682	1,455,093	50,503	1,136,286	78.0903
FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW	MRGN	17,711,055	10.1397	1,795,843	17,445	1,046,723	58.2859
Total Government& Agency Obligations				$8,032,671	$220,418	$5,613,779

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 6,910% FACTOR = .70304589	MRGN	35,152,293	13.1951	4,638,371	40,485	2,429,023	52.3680
Total CorporateBonds				$4,638,371	$40,485	$2,429,023
TOTAL FIXED INCOME				$12,671,042	$260,903	$8,042,802

YOUR PORTFOLIOHOLDINGSACCRUED INTEREST	$260,903
YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME	$8,042,802
YOUR PRICED PORTFOLIOHOLDINGS	$12,700,378

027 04/01/04;12:31 001 EFTA00195920 6 of 16 FINANCIAL TRUST CO INC ## Repurchase and Reverse Repurchase Transactions STATEMENT PERIOD February 28, 2004

	PURCHASE/ START DATE	REPURCHASE DATE	PRICING RATE	PURCHASE PRICE/ PRINCIPAL	ACCRUED REPO INTEREST*	QUANTITY (FACE AMOUNT)	DESCRIPTION
YOU SOLD (REPO)	03/08/04	04/08/04	1.300	-7,107,000	-6,159	-44,000,000	GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-5 CLASS P 5.8600 02/20/33
YOU SOLD (REPO)	03/08/04	04/08/04	1.300	-2,376,000	-2,059	-5,000,000	F H L M C - STRIP PRINCIPAL ONLY
YOU SOLD (REPO)	03/24/04	04/08/04	1.300	-8,523,000	-2,462	-10,000,000	GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-2 CLASS S 12.2200 01/16/34
YOU SOLD (REPO)	03/24/04	04/08/04	1.300	-4,340,000	-1,253	-15,000,000	FNMA-SMBS PRINCIPAL ONLY SERIES 322 CLASS PO 03/01/32
YOU SOLD (REPO)	03/25/04	04/08/04	1.300	-100,000	-25	-44,389,962	GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-2 CLASS S 6.1100 01/16/34
YOU SOLD (REPO)	03/26/04	OPEN	1.000	-10,275,000	-1,761	-10,000,000	USTR 3.2500 01/15/09
YOU SOLD (REPO)	03/26/04	OPEN	0.940	-20,250,000	-2,947	-20,000,000	USTR 3.0000 02/15/09
TOTAL REVERSE REPURCHASE TRANSACTIONS				$0	$0
TOTAL REPURCHASE TRANSACTIONS				$-52,971,000	$-16,666

*As of statement date* 027 04/01/04;12:31 001 V829 EFTA00195921 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 7 of 16 FINANCIAL TRUST CO INC Transaction Detail STATEMENT PERIOD February 28, 2004 THROUGH March 31, 2004 ## INVESTMENT ACTIVITY ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | February 27, 2004 | | :--- | :--- |

SETTLEMENT DATE	TRANSACTION	DESCRIPTION	QUANTITY	CREDIT AMOUNT
03/05/04	PRINCIPAL	FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/01/32 PRINCIPAL REDUCTN 03-15-04	-26,911
03/15/04	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2477 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 03-15-04	-1,439,000
03/15/04	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2477 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 03-15-04	-543
03/15/04	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL 5,010 DUE 03/15/32 PRINCIPAL REDUCTN 03-15-04	-835,948
03/15/04	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SQ 6,010 DUE 03/15/32 PRINCIPAL REDUCTN 03-15-04	-724,581
03/15/04	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6,010 DUE 02/15/32 PRINCIPAL REDUCTN 03-15-04	-900,106
03/15/04	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI 6,010 DUE 02/15/32 PRINCIPAL REDUCTN 03-15-04	-386,103
03/15/04	PRINCIPAL	FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/01/32 PRINCIPAL PAYMENT 03-15-04		26,911.30

| 027 | 04/01/04;12:31 | 001 | V829 | | :--- | :--- | :--- | :--- | EFTA00195922 CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 8 of 16 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD February 28, 2004 ## INVESTMENT ACTIVITY (continued) THROUGH March 31, 2004 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | February 27, 2004 | | :--- | :--- |

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
03/15/04		PRINCIPAL	FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/01/02 PRIN R/D 02-04 P/D 03-15-04 REPO P & I 0,0000				55,386.25
03/24/04	03/19/04	BOUGHT	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS S0 DUE 01/16/2034 12,220% 0987022118332 REF # 2004031957100000 BS	9,880,596 ACCR. INT.	100.37500	9,917,649.04 26,831.31
03/25/04		PRINCIPAL	FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRIN R/D 02-04 P/D 03-25-04 REPO P & I 0,0000				210,888.45
03/25/04		PRINCIPAL	FANNIE MAE CMO/SERIES 2003-13 S RCR-I/O FLTR 6,910 DUE 03/25/33 PRINCIPAL REDUCTN 03-25-04	-853,249
03/25/04		PRINCIPAL	FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 5,910 DUE 01/25/33 PRINCIPAL REDUCTN 03-25-04	-429,899
03/26/04	03/25/04	BOUGHT	UNITED STATES TREASURY NOTE DUE 01/15/2009 03,250% JJ 15 SPECIAL INSTRUCTIONS GVER REF # G0851009 A3 AS OF 03/25/04	10,000,000 ACCR. INT.		0.01
03/26/04	03/25/04	BOUGHT	UNITED STATES TREASURY NOTE DUE 02/15/2009 03,000% FA 15 SPECIAL INSTRUCTIONS GVER REF # G0851011 A1	20,000,000		0.01
TOTAL						-$9,944,480.37	$293,186.00

027 04/01/04;12:31 001 EFTA00195923 BEAR STEARNS CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 9 of 16 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) INTEREST STATEMENT PERIOD February 28, 2004 THROUGH March 31, 2004 AGCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | February 27, 2004 | | :--- | :--- |

DATE	DESCRIPTION	RATE (%)	DEBT AMOUNT	CREDIT AMOUNT
03/01/04	AVG BAL 161,125RT 4.137 021 OFFICE INTEREST 0204		536.94
03/15/04	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DUE 03/15/2032 1,000 INTEREST PAYMENT 03-15-04	1.0000		28,790.40
03/15/04	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL DUE 03/15/2032 5,910 INTEREST PAYMENT 03-15-04	5.9100		98,734.31
03/15/04	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SQ DUE 03/15/2032 6,910 INTEREST PAYMENT 03-15-04	6.9100		100,072.08
03/15/04	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE DUE 02/15/2032 6,310 INTEREST PAYMENT 03-15-04	6.3100		120,463.40
03/15/04	FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DUE 02/15/2032 5,910 INTEREST PAYMENT 03-15-04	5.9100		48,395.21
03/16/04	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB DUE 01/16/2034 6,105 INT R/D 03-04 P/D 03-16-04 REPO P & I 6,1056	6.1050		224,721.09
03/22/04	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02/20/2035 5,858 INT R/D 02-04 P/D 03-20-04 REPO P & I 5,8587	5.8580		214,820.83
03/25/04	FANNIE MAE CMO/SERIES 2003-13 S RCR-I/O FLTR DUE 02/25/2033 6,910 INTEREST PAYMENT 03-25-04	6.9100		207,331.92

| 027 | 04/01/04;12:31 | 001 | W829 | | :--- | :--- | :--- | :--- | EFTA00195924 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 10 of 16 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD February 28, 2004 THROUGH March 31, 2004 INTEREST (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | February 27, 2004 | | :--- | :--- |

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE (%)	DEBIT AMOUNT	CREDIT AMOUNT
03/25/04	FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW DUE 01/25/2033 5,910 INTEREST PAYMENT 03-25-04			5.9100		89,344.20
TOTAL						-$536.94	$1,132,673.44

## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS

SETTLEMENT DATE	TRANSACTION	DESCRIPTION	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
03/01/04	JOURNAL	FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 FITM BZ TERM REPO AGREEMENT	5,551,860	4,362,000.00
03/01/04	JOURNAL	FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 FITM B1 REPO AGREEMENT	-5,551,860		4,382,000.00
03/01/04	JOURNAL	FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/01/32 FITM AZ TERM REPO AGREEMENT	2,112,812	1,580,000.00
03/01/04	JOURNAL	FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/01/32 FITM A1 REPO AGREEMENT	-2,112,812		1,591,000.00
03/01/04	INTEREST	FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DUE 03/01/2032 0,001 FITM BZ REPO INTEREST		472.55

027 04/01/04;12:31 001 EFTA00195925 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 11 of 16 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD February 28, 2004 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) THROUGH March 31, 2004 AGCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | February 27, 2004 | | :--- | :--- |

SETTLEMENT DATE	TRANSACTION	DESCRIPTION	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
03/01/04	INTEREST	FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/01/2032 0,000 FITM REPO INTEREST		171.17
03/08/04	JOURNAL	FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 FITM REPO AGREEMENT	-5,340,971		307,000.00
03/08/04	JOURNAL	FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 FITM B1 REPO AGREEMENT	-5,340,971		4,307,000.00
03/08/04	JOURNAL	FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 FITM B2 REPO AGREEMENT	5,340,971	4,307,000.00
03/08/04	JOURNAL	FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 FITM B2 TERM REPO AGREEMENT	5,340,971	4,382,000.00
03/08/04	JOURNAL	FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/01/32 FITM REPO AGREEMENT	2,057,426	1,591,000.00
03/08/04	JOURNAL	FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/01/32 FITM A1 REPO AGREEMENT	-3,057,097		2,376,000.00

027 04/01/04;12:31 001 EFTA00195926 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 12 of 16 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD February 28, 2004 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) THROUGH March 31, 2004 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | February 27, 2004 | | :--- | :--- |

SETTLEMENT DATE	TRANSACTION	DESCRIPTION	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
03/08/04	JOURNAL	FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/01/22 FITM REPO AGREEMENT	3,057,097	2,376,000.00
03/08/04	JOURNAL	FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/01/22 FITM REPO AGREEMENT	-3,057,097		2,376,000.00
03/08/04	JOURNAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 6,105 DUE 01/11/2034 FITM AZ TERM REPO AGREEMENT	44,166,735	2,000,000.00
03/08/04	JOURNAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 6,105 DUE 01/11/2034 FITM B1 REPO AGREEMENT	-44,166,735		4,544,000.00
03/08/04	JOURNAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,858 DUE 02/20/33 FITM B2 TERM REPO AGREEMENT	44,000,000	6,209,000.00
03/08/04	JOURNAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,858 DUE 02/20/33 FITM A1 REPO AGREEMENT	-44,000,000		7,107,000.00
03/08/04	INTEREST	FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DUE 03/01/2032 0,001 FITM B2 REPO INTEREST		1,107.67

027 04/01/04;12:31 001 V829 EFTA00195927 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 13 of 16 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD February 28, 2004 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) THROUGH March 31, 2004 AGCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | February 27, 2004 | | :--- | :--- | 027 04/01/04;12:31 001 EFTA00195928 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 14 of 16 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD February 28, 2004 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) THROUGH March 31, 2004 AGCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | February 27, 2004 | | :--- | :--- |

SETTLEMENT DATE	TRANSACTION	DESCRIPTION	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
03/24/04	JOURNAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 6,110 DUE 01/16/34 FITM B2 TERM REPO AGREEMENT	43,859,035	4,544,000.00
03/24/04	JOURNAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 12,220 DUE 01/16/34 FITM A1 REPO AGREEMENT	-9,880,596		8,021,000.00
03/24/04	JOURNAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 12,220 DUE 01/16/34 FITM A2 REPO AGREEMENT	9,880,596	8,021,000.00
03/24/04	JOURNAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 12,220 DUE 01/16/34 FITM A3 REPO AGREEMENT	-9,880,596		8,523,000.00
03/24/04	INTEREST	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB DUE 01/16/2034 6,110 FITM B2 REPO INTEREST		2,625.42
03/25/04	JOURNAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 6,110 DUE 01/16/34 FITM A1 REPO AGREEMENT	-43,859,035		100,000.00
03/25/04	JOURNAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 6,110 DUE 01/16/34 FITM A2 TERM REPO AGREEMENT	43,859,035	552,000.00

027 04/01/04;12:31 001 V829 EFTA00195929 CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 15 of 16 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD February 28, 2004 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) THROUGH March 31, 2004 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | February 27, 2004 | | :--- | :--- |

Settlement Date	Transaction	Description	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
03/25/04	INTEREST	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB DUE 01/16/2034 6,110 FITM A2 REPO INTEREST		19.93
03/26/04	JOURNAL	UNITED STATES TREASURY NOTE FITM A1 3,250 DUE 01/15/09 REPO AGREEMENT	-10,000,000		10,275,000.00
03/26/04	JOURNAL	UNITED STATES TREASURY NOTE FITM A1 3,000 DUE 02/15/09 REPO AGREEMENT	-20,000,000		20,250,000.00
TOTAL				-$40,244,749.27	$79,051,000.00

## MISCELLANEOUS

DATE MO/DAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
03/01/04	JOURNAL	FITG FITM	33,513.00
03/02/04	JOURNAL	FITG FITM	222,355.00
03/04/04	JOURNAL	FITG FITM		3.00
03/11/04	JOURNAL	FITG FITM	58,309.00
03/12/04	JOURNAL	FITG FITM		113.00
03/15/04	JOURNAL	FITG FITM	226.00
03/15/04	JOURNAL	FEB 04 SPEC CLEARING FEES	450.00
03/19/04	JOURNAL	FITG FITM	58,990.00
03/23/04	JOURNAL	FITG TO FITM		431,728.00
03/25/04	JOURNAL	MISC ADJ TO CASH BAL	0.50

027 04/01/04;12:31 001 EFTA00195930 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 16 of 16 ## **Transaction Detail** (continued) MISCELLANEOUS (continued) CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY

DATE MO/DAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
03/25/04	JOURNAL	MISC ADJ TO CASH BAL		0.36
03/30/04	JOURNAL	FITM TO FITG	30,553,002.39
TOTAL			-30,926,845.89	$431,844.36

Excess SIPC Account Protection Update ## Your messages Effective February 16, 2004, the commercial insurer through which Bear, Stearns Securities Corp, obtains excess SIPC protection changed to Customer Asset Protection Company ("CAPCO"), a New York licensed insurance company. CAPCO has an A+ financial strength rating from Standard and Poor's. FINANCIAL TRUST CO INC STATEMENT PERIOD February 28, 2004 TAXPAYER NUMBER On File AGCOUNT NUMBER | LAST STATEMENT | February 27, 2004 | | :--- | :--- | THROUGH March 31, 2004 The Firm believes it is of the utmost importance that clients who purchase or hold mutual funds fully understand the intricacies of the pricing structures and rules which govern these investments. Recently, a joint Industry/NASD Task Force collaborated to create a Disclosure Statement to address these issues. We are providing this Disclosure Statement to you for the purpose of reinforcing these concepts and to initiate the opportunity for further discussion of these issues to the extent you have questions. You are encouraged to contact your financial professional with any questions you have regarding your investments. Additionally, you may review this information online at the following NASD web site: http://www.nasdr.com/breakpoints_statement.asp ******* End of Statement******* 027 04/01/04;12:31 001