Bear Stearns account statement for Financial Trust Co Inc, May 2005

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

What’s In This Statement¶

Financial Summary 3¶

Your Portfolio Holdings … 4¶

Transaction Detail

7

Trades Not Yet Settled … 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.¶

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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Funds Withdrawn	-71,505.00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.¶

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

CLEARED THROUGH ITS¶

WHOLLY OWNED SUBSDIARY¶

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FINANCIAL TRUST CO INC¶

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

THROUGH May 31, 2005¶

ACCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | April 29, 2005 |¶

| :--- | :--- |¶

FIXED INCOME¶

Government & Agency Obligations¶

DESCRIPTION	SYMBOL/CUSIP	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

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STATEMENT PERIOD April 30,2005¶

Your Portfolio Holdings (continued)¶

THROUGH May 31, 2005¶

Government & Agency Obligations (continued)¶

| LAST STATEMENT | April 29, 2005 |¶

| :--- | :--- |¶

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCRUED INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
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

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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)	CUSIP	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

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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)	CUSIP	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	SYMBOL/CUSIP	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

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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	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT 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

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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	SYMBOL/CUSIP	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

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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	SYMBOL/CUSP	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 05,500% 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

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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	SYMBOL/CUSIP	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

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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	SYMBOL/CUSIP	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

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Transaction Detail (continued)¶

STATEMENT PERIOD April 30, 2005¶

INVESTMENT ACTIVITY (continued)¶

THROUGH May 31, 2005¶

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	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

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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	SYMBOL/CUSIP	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	SYMBOL/CUSIP	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

FINANCIAL TRUST CO INC¶

STATEMENT PERIOD April 30, 2005¶

INTEREST¶

THROUGH May 31, 2005¶

ACCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | April 29, 2005 |¶

| :--- | :--- |¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE (%)	DEBIT AMOUNT	CREDIT AMOUNT
05/02/05	AVG BAL 244,990 RT 1.908					389,51
	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	SYMBOL/CUSIP	QUANTITY	RATE (%)	DEBT AMOUNT	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	SYMBOL/CUSIP	QUANTITY	RATE (%)	DEBIT AMOUNT	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	SYMBOL/CUSIP	QUANTITY	RATE (%)	DEBIT AMOUNT	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	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	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	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	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	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	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	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	DEBIT AMOUNT	CREDIT 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	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CURSOR	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	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	DEBIT AMOUNT	CREDIT 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	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	DEBIT AMOUNT	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	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	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	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	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	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	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	SYMBOL/CUSP	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	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	DEBIT AMOUNT	CREDIT 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

CLEARED THROUGH ITS¶

WHOLLY OWNED SUBSDIARY¶

STATEMENT PERIOD April 30, 2005¶

THROUGH May 31, 2005¶

ACCOUNT NUMBER¶

FINANCIAL TRUST CO INC¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | April 29, 2005 |¶

| :--- | :--- |¶

Trades Executed Pending Settlement¶

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	SYMBOL/CUSIP	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¶