EFTA00196114

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

Trades Not Yet Settled ... 37

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	3,052,376
LONG ACCRUED INTEREST	27,070
NET CREDIT BALANCE	122,206
NET EQUITY THIS PERIOD	$3,201,652
NET EQUITY LAST STATEMENT	3,131,368
CHANGE SINCE LAST STATEMENT	70,283

There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account. | LAST STATEMENT | April 29, 2005 | | :--- | :--- | FINANCIAL TRUST CO INC TAXPAYER NUMBER On File Market Value of Your Portfolio STATEMENT PERIOD April 30, 2005 ACCOUNT NUMBER THROUGH May 31, 2005 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 06/01/05:09:03 001 V878 EFTA00196115 2 of 38 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 EFTA00196116 3 of 38 Cash Flow Analysis

	THIS PERIOD
OpeningBalance	$180,992.40
Securities Sold	1,056,491,072.96
Dividends/Interest	1,696,447.33
Miscellaneous	936,131.00
Amount Credited	$1,059,123,651.29
Securities Bought	-1,056,980,245.53
Funds Withdrawn	-71,505.00
Dividends/Interest Charged	-514,432.42
Miscellaneous	-1,616,254.91
Amount Debited	$-1,059,182,437.86
Net Cash Activity	-58,786.57
Closing Balance	$122,205.83

Cash Balance Summary Income Summary

	OPENING	CLOSING
Margin	180,992.40	122,205.83
Net Cash Balance	$180,992.40	$122,205.83

	THIS PERIOD	YEAR TO DATE
U.S.Govt.Bond Int.	766,042.23	3,462,043.46
Govt.Agency Int.	823,071.67	3,397,846.03
Corp.Bond Int.	106,943.92	595,471.88
Credit Balance Int.	389.51	3,223.71
Reverse Repurchase Int.	88,412.07	1,082,145.71
Total	$1,784,859.40	$8,540,730.79
Bond Purchase Int.	-514,432.42	-4,940,434.41
Repurchase Int. Exp.	-240,018.09	-882,877.32

Cash/Cash Equivalent	122,206
Fixed Income	3,052,376
Total	$3,174,582

Portfolio Composition FINANCIAL TRUST CO INC STATEMENT PERIOD April 30,2005 THROUGH May 31, 2005 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 29, 2005 | | :--- | :--- | 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. V878 EFTA00196117 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 4 of 38 FINANCIAL TRUST CO INC ## Your Portfolio Holdings STATEMENT PERIOD April 30, 2005

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
CASH BALANCE				122,206
TOTAL CASH & CASH EQUIVALENTS				$122,206

DESCRIPTION	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCrued INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
GOVERNMENT NATIONAL MTG ASSN SERIES 2004-035 CLASS SP DATED DATE 05/21/04 BOOK ENTRY ONLY DUE 12/20/2029 4,110% FACTOR = .91792270	MRGN	14,948,788	6,4165	959,183	18,772	614,395	64,0540
GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-041 CLASS SE DATED DATE 06/23/04 BOOK ENTRY ONLY DUE 05/20/2030 FACTOR = .93016410	MRGN	14,940,760	7,2678	1,085,871
FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 3,910% FACTOR = .52384850	MRGN	12,733,059	7,9111	1,007,321	8,298	497,863	49,4245

027 06/01/05;09:03 001 EFTA00196118 OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY **5** of 38 FINANCIAL TRUST CO INC STATEMENT PERIOD April 30,2005 ## Your Portfolio Holdings (continued) THROUGH May 31, 2005 ## Government & Agency Obligations (continued) | LAST STATEMENT | April 29, 2005 | | :--- | :--- |

DESCRIPTION	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCRUED INTEREST	ESTIMATED ANNUAL INCOME
FEDERAL NATIONAL MTG ASSN	MRGN	1	83,1641	1
SERIES 346 CLASS 1
DATED DATE 11/01/03
BOOK ENTRY ONLY
DUE 11/01/2033
FACTOR = 1,00000000
Total Government& Agency Obligations				$3,052,376	$27,070	$1,112,258
TOTAL FIXED INCOME				$3,052,376	$27,070	$1,112,258

YOUR PORTFOLIOHOLDINGSACCRUED INTEREST	$27,070
YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME	$1,112,258
YOUR PRICED PORTFOLIOHOLDINGS	$3,174,582

## 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 PROVIDED (MARGIN) 04/25/05 OPEN 0,000 -26,400,000 GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-5 CLASS P 3,8600 02/20/33
YOU SOLD
YOU SOLD

027 06/01/05;09:03 001 EFTA00196119 CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 6 of 38 FINANCIAL TRUST CO INC STATEMENT PERIOD April 30, 2005 THROUGH May 31, 2005 TAXPAYER NUMBER On File | LAST STATEMENT | April 29, 2005 | | :--- | :--- |

	PURCHASE/ START DATE	REPURCHASE DATE	PRICING RATE	PURCHASE PRICE/ PRINCIPAL	ACCRUED REPO INTEREST*	QUANTITY (FACE AMOUNT)	DESCRIPTION
YOU SOLD (REPO)	05/16/05	06/16/05	3,290	-14,434,000	-21,105	-23,000,000	FANNIE MAE STRIPS SERIES 352 CLASS PO 07/01/34
YOU SOLD (REPO)	05/16/05	06/16/05	3,290	-3,844,000	-5,620	-20,000,000	FANNIE MAE STRIP SERIES 353 CLASS IO 5,0000 07/01/34
YOU SOLD (REPO)	05/17/05	06/10/05	3,290	-1,008,000	-1,381	-25,000,000	FEDERAL NATIONAL MTG ASSOC SERIES 2003-52 CLASS 4,0100 07/25/17
YOU SOLD (REPO)	05/17/05	06/10/05	3,290	-1,340,000	-1,836	-27,112,874	GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-30 CLASS 4,1100 02/20/32
YOU SOLD (REPO)	05/20/05	06/10/05	3,290	-996,000	-1,092	-25,000,000	FEDERAL NATIONAL MTG ASSOC SERIES 2003-13 CLASS 4,9100 03/25/33
YOU SOLD (REPO)	05/25/05	06/10/05	3,290	-3,800,000	-2,430	-10,000,000	FANNIEMAE STRIP SERIES 346 CLASS PO 11/01/33
YOU SOLD (REPO)	05/25/05	06/10/05	3,290	-3,951,000	-2,527	-20,000,000	FEDERAL HOME LOAN STRIP SERIES 227 CLASS IO 5,0000 12/01/34
YOU SOLD (REPO)	05/25/05	06/10/05	3,290	-3,000,000	-1,919	-20,000,000	FREDDIEMAC STRIP SERIES 228 CLASS IO 6,0000 02/01/35
YOU SOLD (REPO)	05/25/05	OPEN	0,010	-1	-9,724,538		FEDERAL HOME LOAN MTG CORP SERIES 2886 CLASS SC 4,2100 07/15/19
YOU SOLD (REPO)	05/26/05	06/10/05	3,300	-525,000	-288	-12,500,000	FEDERAL NATIONAL MTG ASSOC SERIES 2003-13 CLASS 4,9100 03/25/33
YOU PROVIDED (MARGIN)	05/26/05	OPEN	0,000			-12,500,000	FEDERAL NATIONAL MTG ASSOC SERIES 2003-13 CLASS 4,9100 03/25/33

027 06/01/05;09:03 001 EFTA00196120 CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 7 of 38 FINANCIAL TRUST CO INC STATEMENT PERIOD April 30, 2005 THROUGH May 31, 2005 TAXPAYER NUMBER On File | LAST STATEMENT | April 29, 2005 | | :--- | :--- |

	PURCHASE/ START DATE	REPURCHASE DATE	PRICING RATE	PURCHASE PRICE/ PRINCIPAL	ACCRUED REPO INTEREST*	QUANTITY (FACE AMOUNT)	DESCRIPTION
YOU SOLD
(REPO)	05/27/05	OPEN	2,640	-38,095,000	-14,984	-38,000,000	USTR	4,1250 05/15/15
YOU BOUGHT
(REVERSE)	05/31/05	OPEN	2,830	54,000,000	4,245	54,000,000	USTR	3,5000 05/31/07
TOTAL REVERSE REPURCHASE TRANSACTIONS				$54,000,000	$4,245
TOTAL REPURCHASE TRANSACTIONS				$-93,178,001	$-90,578

*As of statement date* Transaction Detail ## INVESTMENT ACTIVITY

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
05/02/05	04/27/05	BOUGHT	GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-041 CLASS SE DUE 05/20/2030 REF # 2005042757160000 BS	15,073,792 ACCR, INT.	7,15625	1,078,718,27 21,153,55
05/02/05	04/28/05	SOLD	UNITED STATES TREASURY NOTE DUE 04/30/2007 03,625% AO 30 YIELD 3,596 % TO MATURITY GVER REF # G1181006 A1	-50,000,000	100,05469 ACCR, INT.		50,027,343,75 9,850,54
05/06/05		PRINCIPAL	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO 6,000 DUE 02/01/35 PRINCIPAL REDUCTN 05-15-05	-236,730

027 06/01/05;09:03 001 EFTA00196121 CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 8 of 38 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD April 30,2005 ## INVESTMENT ACTIVITY (continued) THROUGH May 31, 2005 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 29, 2005 | | :--- | :--- |

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	DEBIT AMOUNT
05/09/05	05/06/05	SOLD	UNITED STATES TREASURY NOTE DUE 04/21/2007, 03,625% AO 30 YIELD: 4,262 % TO MATURITY GVER REF # G1267694 A3 WWEB	-20,000,000	97,92188 ACCR, INT.	19,584,375,00 183,425,41
05/09/05	05/06/05	BOUGHT	UNITED STATES TREASURY NOTE DUE 04/20/2007, 03,625% AO 30 Yield: 4,745 % TO MATURITY GVER REF # G1261032 A1	30,000,000 ACCR, INT.	99,82813	29,948,437,50 26,596,47
05/11/05	05/06/05	BOUGHT	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-035 CLASS SP DUE 12/20/2029, 04,210% REF # 2005050657720000 BS AS OF 05/06/05	15,096,208 ACCR, INT.	6,90625	1,042,581,89 37,073,77
05/12/05	03/31/05	BOUGHT	FNMA-30YR(FNMA)GTD SETT,05/04 DUE 05/01/2034, 05,000% REF # 2005003157140000 BS	20,000,000	97,49219	19,498,437,50
05/12/05	04/12/05	BOUGHT	FNMA-30YR(FNMA)GTD SETT,05/04 DUE 05/01/2034, 05,000% REF # 2005041257300000 BS	20,000,000	98,13281	19,626,562,50
05/12/05	04/07/05	CANCEL SELL	FNMA-30YR(FNMA)GTD SETT,05/05 DUE 05/01/2035, 05,000% REF # 2005040757220000 BS AS OF 04/07/05 TO COL PREVIOUS SELL	40,000,000	97,92188	39,168,750,00

027 06/01/05;09:03 001 EFTA00196122 CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 9 of 38 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD April 30, 2005 ## INVESTMENT ACTIVITY (continued) THROUGH May 31, 2005 ACCOUNT NUMBER | LAST STATEMENT | April 29, 2005 | | :--- | :--- | TAXPAYER NUMBER On File

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
05/12/05	03/31/05	CANCEL BUY	FNMA-30YR(FNMA)GTD SETT,05/05 DUE 05/01/2035,05,000% REF # 2005031757140000 BS AS OF 03/31/05 TO CXL PREVIOUS BUY	-20,000,000	97,49219		19,498,437,50
05/12/05	04/12/05	CANCEL BUY	FNMA-30YR(FNMA)GTD SETT,05/05 DUE 05/01/2035,05,000% REF # 2005041257300000 BS AS OF 04/12/05 TO CXL PREVIOUS BUY	-20,000,000	98,13281		19,626,562,50
05/12/05	04/07/05	SOLD	FNMA-30YR(FNMA)GTD SETT,05/04 DUE 05/01/2034,05,000% REF # 2005040757220000 BS	-40,000,000	97,92188		39,168,750,00
05/12/05	03/31/05	BOUGHT	FNMA-30YR(FNMA)GTD SETT,05/05 DUE 05/01/2035,05,500% REF # 2005031757150000 BS	20,000,000	99,89063	19,978,125,00
05/12/05	04/12/05	BOUGHT	FNMA-30YR(FNMA)GTD SETT,05/05 DUE 05/01/2035,05,500% REF # 2005041257400000 BS	20,000,000	100,37500	20,075,000,00
05/12/05	04/07/05	CANCEL SELL	FNMA-30YR(FNMA)GTD SETT,05/05 DUE 05/01/2035,05,500% REF # 2005040757210000 BS AS OF 04/07/05 TO CXL PREVIOUS SELL	40,000,000	100,25781	40,103,125,00

027 06/01/05;09:03 001 EFTA00196123 CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 10 of 38 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) ## INVESTMENT ACTIVITY (continued) STATEMENT PERIOD April 30, 2005 THROUGH May 31, 2005 TAXPAYER NUMBER On File | LAST STATEMENT | April 29, 2005 | | :--- | :--- |

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	CREDIT AMOUNT
05/12/05	03/31/05	CANCEL BUY	FNMA-30YR(FNMA)/GTD SETT,05/05 DUE 05.01/2035 05,500% REF # 2005033157150000 BS AS OF 03/31/05 TO CXL PREVIOUS BUY	-20,000,000	99,89063	19,978,125,00
05/12/05	04/12/05	CANCEL BUY	FNMA-30YR(FNMA)/GTD SETT,05/05 DUE 05.01/2035 05,500% REF # 20050411257400000 BS AS OF 04/12/05 TO CXL PREVIOUS BUY	-20,000,000	100,37500	20,075,000,00
05/12/05	04/07/05	SOLD	FNMA-30YR(FNMA)/GTD SETT,05/05 DUE 05.01/2035 05,500% REF # 2005040757210000 BS	-40,000,000	100,25781	40,103,125,00
05/12/05	05/06/05	SOLD	FEDL_HOME LOAN MTG CORP#S10110 SERIES 228 CLASS 10 DUE 02.01/2035 06,000% REF # 200505057430000 BS ACCRUES ON 1ST, PAYS ON 25TH	-18,365,752	20,43750 ACCR, INT.	3,753,500,73 33,670,55
05/13/05	05/12/05	SOLD	UNITED STATES TREASURY NOTE DUE 04.30/2007 03,625% AO 30 YIELD 3,649 % TO MATURITY GVER REF # G1325905 A1	-10,000,000	99,95313 ACCR, INT.	9,995,312,50 12,805,71
05/13/05	05/12/05	SOLD	UNITED STATES TREASURY NOTE DUE 04.30/2007 03,625% AO 30 YIELD 3,649 % TO MATURITY GVER REF # G1325901 A1	-15,000,000	99,95313 ACCR, INT.	14,992,968,75 19,208,56

027 06/01/05;09:03 001 EFTA00196124 CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 11 of 38 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD April 30, 2005 ## INVESTMENT ACTIVITY (continued) THROUGH May 31, 2005 TAXPAYER NUMBER On File

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
05/13/05	05/12/05	SOLD	UNITED STATES TREASURY NOTE DUE 04/30/2007 03,625% AO 30 YIELD 3,654 % TO MATURITY GVER REF # G1325547 A1	-20,000,000	99,94531	ACCR, INT.	19,989,062,50 25,611,41
05/13/05		JOURNAL	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO 6,000 DUE 02/01/35 ADJ POS	-2
05/16/05	05/13/05	SOLD	UNITED STATES TREASURY NOTE DUE 02/15/2015 04,000% FA 15 Yield 4,179 % TO MATURITY GVER REF # G1333411 A1	-40,000,000	98,57031	ACCR, INT.	39,428,125,00 397,790,06
05/16/05	05/13/05	BOUGHT	UNITED STATES TREASURY NOTE DUE 05/15/2015 04,125% MIN 15 Yield 4,158 % TO MATURITY GVER REF # G1333415 A1	40,000,000	99,73047	ACCR, INT.	39,892,187,50 4,483,70
05/16/05		JOURNAL	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO 6,000 DUE 02/01/35 ADJ POSITION	-1
05/17/05	05/12/05	BOUGHT	FANNIE MAE CMO/SERIES 2003-52 KS-IO FLTR DUE 0725/2017 04,080% REF # 2005051257260000 BS	17,728,728 ACCR, INT.	8,03125	1,423,838,51 44,203,63
05/17/05	05/12/05	BOUGHT	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-30 CLASS SU DUE 020202023 04,210% REF # 2005051257300000 BS AS OF 05/12/05	24,954,730 ACCR, INT.	7,28125	1,817,016,29 78,794,56

027 06/01/05;09:03 001 EFTA00196125 CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 12 of 38 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD April 30, 2005 ## INVESTMENT ACTIVITY (continued) THROUGH May 31, 2005 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 29, 2005 | | :--- | :--- |

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
05/18/05	05/13/05	BOUGHT	FREEDIE MAC CMO/SERIES 2886 SC-IO FLTR DUE 07/15/2019, 04,346% REF # 200505157130000 BS	8,743,867 ACCR, INT.	8,50000	743,228,73	3,067,64
05/18/05		JOURNAL	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO 6,200 DUE 02/01/35	1
05/20/05	05/19/05	SOLD	UNITED STATES TREASURY NOTE DUE 04/30/2007, 03,625% AO 30 YIELD 3,595 % TO MATURITY GVER REF # G1393740 A1	-13,000,000	100,05469 ACCR, INT.		13,007,109,38 25,611,41
05/20/05	05/19/05	SOLD	UNITED STATES TREASURY NOTE DUE 05/15/2015, 04,125% MN 15 Yield 4,088 % TO MATURITY GVER REF # G1393587 A1	-10,000,000	100,29688 ACCR, INT.		10,029,687,50 5,604,62
05/20/05		PRINCIPAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-035 CLASS SP 4,210 DUE 12/20/29 PRINCIPAL REDUCTN 05-20-05	-147,420
05/20/05		PRINCIPAL	GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-041 CLASS SE DUE 05/20/29 PRINCIPAL REDUCTN 05-20-05	-133,032
05/23/05	05/20/05	BOUGHT	UNITED STATES TREASURY NOTE DUE 04/30/2007, 03,625% AO 30 Yield 3,637 % TO MATURITY GVER REF # G1404847 A5 A5 OF 05/20/05	50,000,000 ACCR, INT.	99,97656 ACCR, INT.	49,988,281,25 113,281,25
05/23/05	05/20/05	SOLD	UNITED STATES TREASURY NOTE DUE 04/30/2007, 03,625% AO 30 Yield 3,645 % TO MATURITY GVER REF # G1403009 A1	-20,000,000	99,96094 ACCR, INT.		19,992,187,50 45,312,50

| 027 | 06/01/05;09:03 | 001 | V878 | | :--- | :--- | :--- | :--- | EFTA00196126 CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 13 of 38 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD April 30, 2005 ## INVESTMENT ACTIVITY (continued) THROUGH May 31, 2005

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
05/24/05	05/23/05	SOLD	UNITED STATES TREASURY NOTE DUE 04/30/2007, 03,625% AO 30 YIELD 3,807 % IO MATURITY GVER REF # G1434596 A1	-13,000,000	100,03125		13,004,062,50 30,733,70
05/24/05	05/23/05	SOLD	UNITED STATES TREASURY NOTE DUE 05/15/2015, 04,125% MN 15 Yield 4,053 % IO MATURITY GVER REF # G1434606 A1	-10,000,000	100,58203		10,058,203,13 10,088,31
05/25/05	05/24/05	BOUGHT	UNITED STATES TREASURY NOTE DUE 05/15/2015, 04,125% MN 15 Yield 4,016 % IO MATURITY GVER REF # G1443571 A1	3,000,000 ACCR, INT.	100,89063	3,026,718,75 3,362,77
05/25/05		PRINCIPAL	FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO DUE 01/01/33 STRIP PRIN R/D 04-05 P/D 05-25-05 REPO P & I 0,0000				296,514,00
05/25/05		PRINCIPAL	FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO DUE 01/01/33 STRIP PRIN R/D 04-05 P/D 05-25-05 REPO P & I 0,0000				306,000,26
05/25/05		PRINCIPAL	FEDERAL NATIONAL MTG ASSN SERIES 2004 A9 CLASS SW 3,860 DUE 01/25/33 PRINCIPAL REDUCTN 05-25-05	-250,651
05/25/05		PRINCIPAL	FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 DUE 11/01/33 PRIN R/D 04-05 P/D 05-25-05 REPO P & I 0,0000				13,797,64

027 06/01/05;09:03 001 EFTA00196127 CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 14 of 38 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD April 30, 2005 THROUGH May 31, 2005 ## INVESTMENT ACTIVITY (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 29, 2005 | | :--- | :--- |

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
05/25/05		PRINCIPAL	FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 DUE 11/01/33 PRIN RID 04-05 P/D 05-25-05 REPO P & I 0,0000				137,824,76
05/25/05		PRINCIPAL	FEDERAL NATIONAL MTG ASSN SERIES 352 CLASS 1 O/01 TUE 07/01/34 PRIN RID 04-05 P/D 05-25-05 REPO P & I 0,0000				346,726,61
05/27/05	05/26/05	BOUGHT	UNITED STATES TREASURY NOTE DUE 04/30/2007, 03,625% AO 30 YIELD 3,626 % TO MATURITY GVER REF # G1464298 B1	11,000,000 ACCR, INT.	99,99609	10,999,570,31 29,256,12
05/27/05	05/26/05	BOUGHT	UNITED STATES TREASURY NOTE DUE 04/30/2007, 03,625% AO 30 Yield 3,626 % TO MATURITY GVER REF # G1464298 A1	50,000,000 ACCR, INT.	99,99609	49,998,046,88 132,982,33
05/27/05	05/26/05	BOUGHT	UNITED STATES TREASURY NOTE DUE 05/15/2015, 04,125% MN 15 Yield 4,079 % TO MATURITY GVER REF # G1464843 A1	15,000,000 ACCR, INT.	100,37109	15,055,664,06 20,176,63
05/27/05		JOURNAL	FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 DUE 11/01/33 ADJUST POSITION	1
05/27/05		JOURNAL	FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 DUE 11/01/33	1
05/27/05		JOURNAL	FEDL_HOME LOAN MTG CORP#S10109 SERIES 227 CLASS 10 5,000 DUE 12/01/34 ADJUST POSITION	1

027 06/01/05;09:03 001 EFTA00196128 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY 15 of 38 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD April 30, 2005 THROUGH May 31, 2005 ## INVESTMENT ACTIVITY (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 29, 2005 | | :--- | :--- |

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
05/27/05		JOURNAL	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO 6,000 DUE 02/01/35 ADJUST POSITION	1
05/31/05	05/26/05	BOUGHT	UNITED STATES TREASURY NOTE DUE 05/31/2007 03,500% MN 31 YIELD 3,635 % TO MATURITY GVER REF # G1464831 A1	36,000,000	99,74219	35,907,187,50
05/31/05	05/26/05	SOLD	UNITED STATES TREASURY NOTE DUE 05/31/2007 03,500% MN 31 Yield 3,635 % TO MATURITY GVER REF # G1464297 B1	-15,000,000	99,74219	14,961,328,13
05/31/05	05/27/05	SOLD	UNITED STATES TREASURY NOTE DUE 05/31/2007 03,500% MN 31 SPECIAL INSTRUCTIONS Yield 3,647 % TO MATURITY GVER REF # G1472531 A3 WWEB AS OF 05/27/05	-25,000,000	99,71875	24,929,687,50
05/31/05	05/26/05	SOLD	UNITED STATES TREASURY NOTE DUE 05/31/2007 03,500% MN 31 Yield 3,635 % TO MATURITY GVER REF # G1464297 A1	-50,000,000	99,74219	49,871,093,75
TOTAL
						$-399,885,909.86	$473,974,623.67

027 06/01/05;09:03 001 EFTA00196129 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 16 of 38 ## DEPOSITS AND WITHDRAWALS ## **Transaction Detail** (continued)

DATE	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
05/25/05	FND WIRED	MDA# GV168194 FNDS WIRED TO FLEET NATIONAL BANK C#264533	71,505.00
TOTAL			-71,505.00

DATE	DESCRIPTION	SYMBOL/CUSIP	RATE (%)	DEBIT AMOUNT	CREDIT AMOUNT
05/02/05	AVG BAL 244,990 RT 1.908				389,51
05/02/05	021 OFFICE INTEREST 0405
05/16/05	FEDL HOME LOAN MTG CORP#S10109		5,0000		6,066,95
	SERIES 227 CLASS IO
	DUE 12/01/2034	5,000
	INT R/D 04-05 P/D 05-15-05
	REPO P & I	5,0000
	05/16/05	FEDL HOME LOAN MTG CORP#S10109		5,0000		10,111,58
SERIES 227 CLASS IO
DUE 12/01/2034		5,000
INT R/D 04-05 P/D 05-15-05
REPO P & I		5,0000
05/16/05		FEDL HOME LOAN MTG CORP#S10109		5,0000		10,111,58
	SERIES 227 CLASS IO
	DUE 12/01/2034	5,000
	INT R/D 04-05 P/D 05-15-05
	REPO P & I	5,0000
	05/16/05	FEDL HOME LOAN MTG CORP#S10109		5,0000		20,223,15
SERIES 227 CLASS IO
DUE 12/01/2034		5,000
INT R/D 04-05 P/D 05-15-05
REPO P & I		5,0000

027 06/01/05;09:03 001 EFTA00196130 BEAR STEARNS CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 17 of 38 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD April 30, 2005 INTEREST (continued) THROUGH May 31, 2005 AGCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 29, 2005 | | :--- | :--- |

DATE	DESCRIPTION	RATE (%)	CREDIT AMOUNT
05/16/05	FEDL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS IO DUE 12/01/2034 5,000 INT R/D 04-05 P/D 05-15-05 REPO P & I 5,0000	5,0000	34,379,36
05/16/05	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO DUE 02/01/2035 6,000 INT R/D 04-05 P/D 05-15-05 REPO P & I 6,0000	6,0000	14,129,41
05/16/05	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO DUE 02/01/2035 6,000 INT R/D 04-05 P/D 05-15-05 REPO P & I 6,0000	6,0000	32,968,62
05/16/05	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO DUE 02/01/2035 6,000 INTEREST PAYMENT 05-15-05	6,0000	47,098,03
05/16/05	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO DUE 02/01/2035 6,000 INT R/D 04-05 P/D 05-15-05 REPO P & I 6,0000	6,0000	94,196,06
05/20/05	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02/20/2033 3,960 INT R/D 04-05 P/D 05-20-05 REPO P & I 3,9600	3,9600	58,080,00
05/20/05	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02/20/2033 3,960 INT R/D 04-05 P/D 05-20-05 REPO P & I 3,9600	3,9600	87,120,00

027 06/01/05;09:03 001 EFTA00196131 BEAR STEARNS CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 18 of 38 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD April 30, 2005 INTEREST (continued) THROUGH May 31, 2005 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 29, 2005 | | :--- | :--- |

DATE	DESCRIPTION	RATE (%)	CREDIT AMOUNT
05/20/05	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-30 CLASS SU DUE 02/20/2032 4,210 INT R/D 04-05 P/D 05-20-05 REPO P & I 4,2100	4,2100	87,549,51
05/20/05	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-05 CLASS SP DUE 12/20/2029 4,210 INTEREST PAYMENT 05-20-05	4,2100	52,962,53
05/20/05	GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-041 CLASS SE DUE 05/20/2030 0,000 INTEREST PAYMENT 05-20-05		52,883,89
05/25/05	FANNIE MAE CMO/SERIES 2003-13 S RCR-I/O FLTR DUE 03/25/2033 4,980 INT R/D 04-05 P/D 05-25-05 REPO P & I 4,9800	4,9800	53,471,96
05/25/05	FANNIE MAE CMO/SERIES 2003-13 S RCR-I/O FLTR DUE 03/25/2033 4,980 INT R/D 04-05 P/D 05-25-05 REPO P & I 4,9800	4,9800	53,471,96
05/25/05	FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW DUE 01/25/2033 4,980 INTEREST PAYMENT 05-25-05	3,9800	43,062,64
05/25/05	FANNIE MAE CMO/SERIES 2003-52 KS-I/O FLTR DUE 07/25/2017 4,080 INT R/D 04-05 P/D 05-25-05 REPO P & I 4,0800	4,0800	60,277,68

027 06/01/05;09:03 001 EFTA00196132 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 19 of 38 FINANCIAL TRUST CO INC ## Transaction Detail (continued) STATEMENT PERIOD April 30, 2005 THROUGH May 31, 2005 INTEREST (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 29, 2005 | | :--- | :--- |

DATE	DESCRIPTION	RATE (%)	CREDIT AMOUNT
05/25/05	FEDERAL NATIONAL MTG ASSN	5,0000	78,180.13
	SERIES 353 CLASS 2
	DUE 07/01/2034 5,000
	INT R/D 04-05 P/D 05-25-05
	REPO P & I 5,0000
TOTAL			$299,724.55

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

SETTLEMENT DATE	TRANSACTION	DESCRIPTION	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
05/02/05	RECEIVED	UNITED STATES TREASURY NOTE DUE 04/30/2007 3,625 3,625 DUE 04/30/07 FITM A1 RESALE AGREEMENT	50,000,000	50,125,000 .00
05/03/05	JOURNAL	FEDL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS I0 5,000 DUE 12/01/34 FITM A2 TERM REPO AGREEMENT	1,456,066
05/03/05	JOURNAL	FEDL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS I0 5,000 DUE 12/01/34 FITM A1 REPO AGREEMENT	-1,456,066		312,000 .00
05/03/05	JOURNAL	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS I0 6,000 DUE 02/01/35 FITM A2 TERM REPO AGREEMENT	6,593,724
05/03/05	JOURNAL	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS I0 6,000 DUE 02/01/35 FITM F1233173 A1 REPO AGREEMENT	-2,354,901

027 06/01/05;09:03 001 EFTA00196133 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 20 of 38 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD April 30, 2005 THROUGH May 31, 2005 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 29, 2005 | | :--- | :--- |

SETTLEMENT DATE	TRANSACTION	DESCRIPTION	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
05/03/05	JOURNAL	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO 8,000 DUE 02/01/35 FITM REPO AGREEMENT	-4,238,822		747,000,00
05/04/05	JOURNAL	FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 DUE 11/01/33 FITM TERM REPO AGREEMENT	660,862	473,000,00
05/04/05	JOURNAL	FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 DUE 11/01/33 0,000 FITM REPO AGREEMENT	-660,862		479,000,00
05/04/05	INTEREST	FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 DUE 11/01/2033 A2 FITM REPO INTEREST		1,214,03
05/09/05	JOURNAL	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO 8,000 DUE 02/01/35 FITM F-253175 A2 TERM REPO AGREEMENT	2,295,719
05/09/05	JOURNAL	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO 8,000 DUE 02/01/35 FITM A1 REPO AGREEMENT	-2,295,719		423,000,00
05/09/05	JOURNAL	UNITED STATES TREASURY NOTE FITM A1 4,000 DUE 02/15/15 REPO AGREEMENT	-40,000,000		39,400,000,00
05/09/05	JOURNAL	UNITED STATES TREASURY NOTE FITM A2 4,000 DUE 02/15/15 TERM REPO AGREEMENT	60,000,000	59,400,000,00

027 06/01/05;09:03 001 EFTA00196134 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 21 of 38 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD April 30,2005 THROUGH May 31, 2005 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 29, 2005 | | :--- | :--- | 027 06/01/05;09:03 001 EFTA00196135 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 22 of 38 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD April 30, 2005 THROUGH May 31, 2005 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 29, 2005 | | :--- | :--- |

SETTLEMENT DATE	TRANSACTION	DESCRIPTION	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
05/11/05	JOURNAL	FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 DUE 11/01/33 FITM REPO AGREEMENT	-6,463,537		4,666,000,00
05/11/05	JOURNAL	FEDL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS IO 5,000 DUE 12/01/34 FITM AZ TERM REPO AGREEMENT	1,445,460	312,000,00
05/11/05	JOURNAL	FEDL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS IO 5,000 DUE 12/01/34 FITM AZ TERM REPO AGREEMENT	2,409,100	536,000,00
05/11/05	JOURNAL	FEDL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS IO 5,000 DUE 12/01/34 FITM AZ TERM REPO AGREEMENT	4,818,200	1,143,000,00
05/11/05	JOURNAL	FEDL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS IO 5,000 DUE 12/01/34 FITM B1 REPO AGREEMENT	-8,672,760		1,887,000,00
05/11/05	JOURNAL	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO 6,000 DUE 02/01/35 FITM A1 REPO AGREEMENT	-1,836,575		333,000,00
05/11/05	JOURNAL	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO 6,000 DUE 02/01/35 FITM A1 REPO AGREEMENT	-2,295,719		415,000,00

027 06/01/05;09:03 001 EFTA00196136 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 23 of 38 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD April 30,2005 THROUGH May 31, 2005 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 29, 2005 | | :--- | :--- |

SETTLEMENT DATE	TRANSACTION	DESCRIPTION	QUANTITY	DEBIT AMOUNT
05/11/05	JOURNAL	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO 6,000 DUE 02/01/35 FITM TERM REPO AGEMENT	2,295,719	423,000,00
05/11/05	INTEREST	FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO FITM DUE 01/01/2033 0,000 FITM AZ REPO INTEREST		27,603,99
05/11/05	INTEREST	FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 DUE 11/01/2033 0,000 FITM AZ REPO INTEREST		11,875,74
05/11/05	INTEREST	FEDL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS IO DUE 12/01/2034 5,000 FITM AZ REPO INTEREST		228,11
05/11/05	INTEREST	FEDL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS IO DUE 12/01/2034 5,000 FITM AZ REPO INTEREST		1,222,08
05/11/05	INTEREST	FEDL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS IO DUE 12/01/2034 5,000 FITM AZ REPO INTEREST		2,981,32
05/11/05	INTEREST	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO DUE 02/01/2034 6,000 FITM AZ REPO INTEREST		77,31

027 06/01/05;09:03 001 EFTA00196137 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 24 of 38 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD April 30,2005 THROUGH May 31, 2005 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 29, 2005 | | :--- | :--- | 027 06/01/05;09:03 001 EFTA00196138 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 25 of 38 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD April 30, 2005 THROUGH May 31, 2005 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 29, 2005 | | :--- | :--- | 027 06/01/05;09:03 001 EFTA00196139 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 26 of 38 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD April 30,2005 THROUGH May 31, 2005 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 29, 2005 | | :--- | :--- |

SETTLEMENT DATE	TRANSACTION	DESCRIPTION	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
05/16/05	JOURNAL	FEDERAL NATIONAL MTG ASSN SERIES 353 CLASS 2 5,000 DUE 07/01/34 FITM A2 TERM REPO AGREEMENT	18,577,270	4,211,000 .00
05/16/05	JOURNAL	FEDL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS IO 5,000 DUE 12/01/34 FITM B1 REPO AGREEMENT	-8,190,940		1,729,000 .00
05/16/05	JOURNAL	FEDL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS IO 5,000 DUE 12/01/34 FITM B2 TERM REPO AGREEMENT	8,190,940	1,837,000 .00
05/16/05	JOURNAL	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO 6,000 DUE 02/01/35 FITM A2 TERM REPO AGREEMENT	2,754,862	528,000 .00
05/16/05	JOURNAL	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO 6,000 DUE 02/01/35 FITM A1 TERM REPO AGREEMENT	4,132,294	747,000 .00
05/16/05	JOURNAL	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO 6,000 DUE 02/01/35 FITM A1 TERM REPO AGREEMENT	-6,887,157		1,190,000 .00
05/16/05	JOURNAL	UNITED STATES TREASURY NOTE FITM A2 4,000 DUE 02/15/5 TERM REPO AGREEMENT	40,000,000	39,400,000 .00
05/16/05	JOURNAL	UNITED STATES TREASURY NOTE FITM A1 4,125 DUE 05/15/15 REPO AGREEMENT	-40,000,000		39,900,000 .00

027 06/01/05;09:03 001 EFTA00196140 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 27 of 38 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD April 30,2005 THROUGH May 31, 2005 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 29, 2005 | | :--- | :--- |

SETTLEMENT DATE	TRANSACTION	DESCRIPTION	DEBIT AMOUNT
05/16/05	INTEREST	FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO STRIP DUE 01/01/2033 0,000 FITM CZ REPO INTEREST	30,598,14
05/16/05	INTEREST	FEDERAL NATIONAL MTG ASSN SERIES 352 CLASS 1 DUE 07/01/2034 0,001 FITM AZ REPO INTEREST	33,880,89
05/16/05	INTEREST	FEDERAL NATIONAL MTG ASSN SERIES 353 CLASS 2 DUE 07/01/2034 5,000 FITM AZ REPO INTEREST	11,531,12
05/16/05	INTEREST	FEDL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS IO DUE 12/01/2034 5,000 FITM BZ REPO INTEREST	3,955,67
05/16/05	INTEREST	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO DUE 02/01/2035 6,000 FITM AZ REPO INTEREST	887,48
05/16/05	INTEREST	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO DUE 02/01/2035 6,000 FITM AZ REPO INTEREST	1,136,96
05/16/05	INTEREST	UNITED STATES TREASURY NOTE DUE 02/15/2015 4,000 FITM AZ REPO INTEREST	18,758,78

027 06/01/05;09:03 001 EFTA00196141 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 28 of 38 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD April 30,2005 THROUGH May 31, 2005 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 29, 2005 | | :--- | :--- |

SETTLEMENT DATE	TRANSACTION	DESCRIPTION	QUANTITY	CREDIT AMOUNT
05/17/05	JOURNAL	FANNIE MAE CMO/SERIES 2003-52 SCO/I/O FLTR 4,080 DUE 07/25/17 FTIM A1 REPO AGREEMENT	-17,728,728	1,008,000,00
05/17/05	JOURNAL	GOVERNMENT NATIONAL MTG ASSN SERIES 2004-30 CLASS SU 4,210 DUE 02/20/32 FTIM B1 REPO AGREEMENT	-24,954,730	1,340,000,00
05/17/05	JOURNAL	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO 6,000 DUE 02/01/35 FTIM A1 REPO AGREEMENT	-6,428,013	1,113,000,00
05/18/05	JOURNAL	PREDIE MAC CMO/SERIES 2886 SCO/I/O FLTR 4,210 DUE 07/15/19 FTIM A1 REPO AGREEMENT	-8,743,867	594,000,00
05/20/05	JOURNAL	FANNIE MAE CMO/SERIES 2003-13 S RCR-I/O FLTR 4,980 DUE 03/25/33 FTIM A2 TERM REPO AGREEMENT	25,769,620
05/20/05	JOURNAL	FANNIE MAE CMO/SERIES 2003-13 S RCR-I/O FLTR 4,980 DUE 03/25/33 FTIM A1 REPO AGREEMENT	-12,884,810
05/20/05	JOURNAL	FANNIE MAE CMO/SERIES 2003-13 S RCR-I/O FLTR 4,980 DUE 03/25/33 FTIM A1 REPO AGREEMENT	-12,884,810	996,000,00

027 06/01/05;09:03 001 EFTA00196142 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 29 of 38 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD April 30, 2005 THROUGH May 31, 2005 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 29, 2005 | | :--- | :--- |

SETTLEMENT DATE	TRANSACTION	DESCRIPTION	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
05/20/05	DELIVERED	UNITED STATES TREASURY NOTE DUE 04/30/2007 3,625 3,625 DUE 04/30/07 FITM TERM RESALE AGREEMENT	-65,000,000		65,162,500,00
05/20/05	RECEIVED	UNITED STATES TREASURY NOTE DUE 04/30/2007 3,625 3,625 DUE 04/30/07 FITM TERM RESALE AGREEMENT	78,000,000	78,292,500,00
05/20/05	JOURNAL	UNITED STATES TREASURY NOTE FITM A1 4,125 DUE 05/15/15 REPO AGREEMENT	-30,000,000		29,925,000,00
05/20/05	JOURNAL	UNITED STATES TREASURY NOTE FITM A2 4,125 DUE 05/15/15 TERM REPO AGREEMENT	40,000,000	39,900,000,00
05/20/05	INTEREST	UNITED STATES TREASURY NOTE DUE 04/30/2007 3,625 FITM INTEREST			27,241,55
05/20/05	INTEREST	UNITED STATES TREASURY NOTE DUE 06/15/2015 4,125 FITM REPO INTEREST		12,889,92
05/23/05	RECEIVED	UNITED STATES TREASURY NOTE DUE 04/30/2007 3,625 3,625 DUE 04/30/07 FITM TERM RESALE AGREEMENT	48,000,000	48,180,000,00
05/23/05	DELIVERED	UNITED STATES TREASURY NOTE DUE 04/30/2007 3,625 3,625 DUE 04/30/07 FITM TERM RESALE AGREEMENT	-78,000,000		78,292,500,00

027 06/01/05;09:03 001 EFTA00196143 CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 30 of 38 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD April 30, 2005 THROUGH May 31, 2005 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 29, 2005 | | :--- | :--- | 027 06/01/05;09:03 001 EFTA00196144 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 31 of 38 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD April 30,2005 THROUGH May 31, 2005 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 29, 2005 | | :--- | :--- |

SETTLEMENT DATE	TRANSACTION	DESCRIPTION	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
05/25/05	JOURNAL	FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 DUE 11/01/33 FITM REPO AGREEMENT	-7,110,602		3,800,000,00
05/25/05	JOURNAL	FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 DUE 11/01/33 FITM C2 TERM REPO AGREEMENT	6,463,537	4,666,000,00
05/25/05	JOURNAL	FEDL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS IO 5,000 DUE 12/01/34 FITM A2 TERM REPO AGREEMENT	2,409,100	516,000,00
05/25/05	JOURNAL	FEDL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS IO 5,000 DUE 12/01/34 FITM B2 TERM REPO AGREEMENT	8,190,940	1,729,000,00
05/25/05	JOURNAL	FEDL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS IO 5,000 DUE 12/01/34 FITM B2 TERM REPO AGREEMENT	8,672,760	1,887,000,00
05/25/05	JOURNAL	FEDL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS IO 5,000 DUE 12/01/34 FITM C1 REPO AGREEMENT	-19,272,801		3,951,000,00
05/25/05	JOURNAL	FREDIE MAC CMO/SERIES 2886 SC/IO FLTR 4,210 DUE 07/15/19 FITM A1 REPO AGREEMENT	-8,743,867

027 06/01/05;09:03 001 EFTA00196145 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 32 of 38 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD April 30,2005 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) THROUGH May 31, 2005 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 29, 2005 | | :--- | :--- |

SETTLEMENT DATE	TRANSACTION	DESCRIPTION	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
05/25/05	JOURNAL	FREDIE MAC CMO/SERIES 2886 SC/VIO FLTR 4,210 DUE 07/15/19 FTIM A2 TERM REPO AGREEMENT	8,743,867	594,000,00
05/25/05	JOURNAL	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO 6,000 DUE 02/01/35 FTIM A2 TERM REPO AGREEMENT	918,287	162,000,00
05/25/05	JOURNAL	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO 6,000 DUE 02/01/35 FTIM A2 TERM REPO AGREEMENT	1,836,575	333,000,00
05/25/05	JOURNAL	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO 6,000 DUE 02/01/35 FTIM A2 TERM REPO AGREEMENT	2,295,719	415,000,00
05/25/05	JOURNAL	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO 6,000 DUE 02/01/35 FTIM A2 TERM REPO AGREEMENT	6,428,013	1,113,000,00
05/25/05	JOURNAL	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO 6,000 DUE 02/01/35 FTIM A2 TERM REPO AGREEMENT	6,887,157	1,190,000,00
05/25/05	JOURNAL	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO 6,000 DUE 02/01/35 FTIM B1 REPO AGREEMENT	-18,365,752		3,000,000,00

027 06/01/05;09:03 001 EFTA00196146 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 33 of 38 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD April 30, 2005 THROUGH May 31, 2005 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 29, 2005 | | :--- | :--- |

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
05/25/05		JOURNAL	UNITED STATES TREASURY NOTE FITM A2 4,125 DUE 05/15/15 TERM REPO AGREEMENT	20,000,000	20,050,000.00
05/25/05		JOURNAL	UNITED STATES TREASURY NOTE FITM A1 4,125 DUE 05/15/15 REPO AGREEMENT	-23,000,000		23,143,750.00
05/25/05	INTEREST	FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 DUE 11/01/2034 0,000 FITM A2 REPO INTEREST			919,28
05/25/05	INTEREST	FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 DUE 11/01/2034 0,000 FITM C2 REPO INTEREST			5,969,89
05/25/05	INTEREST	FEDL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS IO DUE 12/01/2034 5,000 FITM A2 REPO INTEREST			565,88
05/25/05	INTEREST	FEDL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS IO DUE 12/01/2034 5,000 FITM B2 REPO INTEREST			1,422,10
05/25/05	INTEREST	FEDL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS IO DUE 12/01/2034 5,000 FITM B2 REPO INTEREST			2,414,31
05/25/05	INTEREST	FREDDIE MAC CMO/SERIES 2886 SC-IO FLTR DUE 07/24/2019 4,210 FITM A2 REPO INTEREST			380,00

| 06/01/05;09:03 | 001 | V878 | | :--- | :--- | :--- | EFTA00196147 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 34 of 38 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD April 30, 2005 THROUGH May 31, 2005 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 29, 2005 | | :--- | :--- |

SETTLEMENT DATE	TRANSACTION	DESCRIPTION	DEBIT AMOUNT
05/25/05	INTEREST	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO DUE 02/01/2035 6,000 FITM REPO INTEREST	177,66
05/25/05	INTEREST	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO DUE 02/01/2035 6,000 FITM REPO INTEREST	426,05
05/25/05	INTEREST	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO DUE 02/01/2035 6,000 FITM REPO INTEREST	530,97
05/25/05	INTEREST	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO DUE 02/01/2035 6,000 FITM REPO INTEREST	813,73
05/25/05	INTEREST	FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO DUE 02/01/2035 6,000 FITM REPO INTEREST	978,78
05/25/05	INTEREST	UNITED STATES TREASURY NOTE DUE 05/15/2015 4,125 FITM REPO INTEREST	1,598,43
05/26/05	JOURNAL	FANNIE MAE CMO/SERIES 2003-13 SROC/UO FITR 4,910 DUE 03/25/23 FITM REPO AGREEMENT	12,636,068

027 06/01/05;09:03 001 EFTA00196148 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 35 of 38 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD April 30, 2005 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) THROUGH May 31, 2005 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 29, 2005 | | :--- | :--- | 027 06/01/05;09:03 001 EFTA00196149 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 36 of 38 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD April 30, 2005 ## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) THROUGH May 31, 2005 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 29, 2005 | | :--- | :--- |

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
05/31/05		RECEIVED	UNITED STATES TREASURY NOTE DUE 05/31/2007 3,500 3,500 DUE 05/31/07 FITM A1 RESALE AGREEMENT		54,000,000	54,000,000 .00

## MISCELLANEOUS

DATE MOIDAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
05/02/05	JOURNAL	FR CMDY A/C		153,010,50
05/03/05	JOURNAL	TO CMDY A/C	79,838,50
05/04/05	JOURNAL	FR CMDY A/C		107,505,00
05/06/05	JOURNAL	TO CMDY A/C	158,044,41
05/09/05	JOURNAL	FR CMDY A/C		70,660,50
05/10/05	JOURNAL	FR CMDY A/C		109,576,00
05/12/05	JOURNAL	TO CMDY A/C	173,287,00
05/12/05	JOURNAL	FNMA-30YR(FNMA)GTD SETT,05/05 5,000 DUE 05/01/35 MBS NET 05/12/05		43,750,00
05/12/05	JOURNAL	FNMA-30YR(FNMA)GTD SETT,05/05 5,500 DUE 05/01/35 MBS NET 05/12/05		50,000,00
05/16/05	JOURNAL	TO CMDY A/C	106,290,00
05/18/05	JOURNAL	FR CMDY A/C		21,651,00
05/19/05	JOURNAL	TO CMDY A/C	611,641,50

027 06/01/05;09:03 001 EFTA00196150 BEAR STEARNS 37 of 38 ## **Transaction Detail** (continued) MISCELLANEOUS (continued)

DATE MO/DAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
05/20/05	JOURNAL	FR CMDY A/C		156,062.50
05/23/05	JOURNAL	FR CMDY A/C		127,115.50
05/24/05	JOURNAL	TO CMDY A/C	154,789.50
05/25/05	JOURNAL	APR 05 SPEC CLEARING FEES	1,600.00
05/25/05	JOURNAL	TO CMDY A/C	274,164.00
05/26/05	JOURNAL	CORRECT PRIOR ENTRY 5/25 APR 05 SPEC CLEAR FEES	300.00
05/26/05	JOURNAL	TO CMDY A/C	56,300.00
05/27/05	JOURNAL	FR CMDY A/C		95,850.00
05/31/05	JOURNAL	FR CMDY A/C		950.00
TOTAL			$-1,616,254.91	$936,131.00

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
06/02/05	05/27/05	BOUGHT	ALTERNATIVE LOAN TRUST SERIES 2004-30CB CLASS 1-A-8 DUE 02/25/2035 02,080% REF # 2005052757050000 BS		37,701,414.00	2,1562	827,671.71

027 06/01/05;09:03 001 EFTA00196151 BEAR STEARNS CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 38 of 38 FINANCIAL TRUST CO INC Trades Executed Pending Settlement (continued) STATEMENT PERIOD April 30, 2005

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
07/14/05	05/06/05	SOLD	FNMA 30YR TBA GTD SETT, 07/05 DUE 07/012035, 05,000% REF # 2005050657440000 BS	-30,000,000 ,00	98,5195		29,555,859 ,38
07/14/05	05/19/05	BOUGHT	FNMA-30YR(FNMA)GTD SETT, 07/06 DUE 07/012035, 05,500% REF # 2005051957050000 BS	30,000,000 ,00	100,8671	30,260,156 ,25
07/14/05	05/23/05	BOUGHT	FNMA-30YR(FNMA)GTD SETT, 07/06 DUE 07/012035, 05,500% REF # 2005052357100000 BS	30,000,000 ,00	101	30,300,000 ,00
07/14/05	05/06/05	SOLD	FNMA-30YR(FNMA)GTD SETT, 07/06 DUE 07/012035, 05,500% REF # 2005050657450000 BS	-30,000,000 ,00	100,5156		30,154,687 ,50
07/14/05	05/26/05	SOLD	FNMA-30YR(FNMA)GTD SETT, 07/06 DUE 07/012035, 05,500% REF # 2005052657180000 BS	-60,000,000 ,00	100,9531		60,571,875 ,00
TOTAL							$61,387,827.96	$120,282,421.88

The above trades do not appear in any other section of this statement. ******* End of Statement******* 027 06/01/05;09:03 001