Bear Stearns brokerage statement for an Epstein-linked trust, April–May 2001

EFTA00196531¶

OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 245 Park Avenue New York, New York 10167¶

CLEARED THROUGH ITS¶

WHOLLY OWNED SUBSIDIARY¶

| | |¶

| :--- | :--- |¶

| ACCOUNT EXECUTIVE | ZICHERMAN,IRA |¶

| TELEPHONE | |¶

| VISIT OUR WEBSITE | www.bearstearns.com |¶

Your Portfolio Holdings … 4¶

Financial Summary 3¶

Transaction Detail … 5¶

Trades Not Yet Settled 7¶

What’s In This Statement¶

FINANCIAL TRUST COMPANY INC

C/O AMERICAN YACHT HARBOR

6100 RED HOOK SUITE B-3

QUARTERS #2

ST THOMAS VI 00802

Bear, Steams Securities Corp.¶

One Metrotech Center North¶

Brooklyn, New York 11201-3859¶

FINANCIAL TRUST COMPANY INC¶

STATEMENT PERIOD April 28, 2001¶

ACCOUNT NUMBER¶

THROUGH May 25, 2001¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | April 27, 2001 |¶

| :--- | :--- |¶

Your Portfolio at a Glance¶

TOTAL VALUE OF SECURITIES THIS PERIOD*	37,841,081
NET CREDIT BALANCE	313,146
NET EQUITY THIS PERIOD	$38,154,227
NET EQUITY LAST STATEMENT	38,312,367
CHANGE SINCE LAST STATEMENT	-158,140
*This portfolio includes one or more unpriced securities that are not reflected in the Total Value of Securities and the Net Equity This Period.

There are no “Stop Loss” orders or other pending buy or sell open orders on file for your account.¶

Market Value of Your Portfolio¶

In an effort to deliver statements to you more efficiently, Bear Stearns has enhanced the distribution of statements to household accounts.¶

Beginning in June, all statements with the same Address and Social Security number / Taxpayer identification number will be mailed in a single envelope. For further details, please contact your account executive.¶

Important Message¶

Please report any difference or non-receipt of checks or stocks, indicated as delivered to you, to Client Services at 800-634-1428; or write to Client Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3859.¶

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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EFTA00196532¶

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY¶

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Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859¶

FINANCIAL TRUST COMPANY INC¶

STATEMENT BACKER IS PRINTED ON THIS PAGE¶

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EFTA00196533¶

BEAR STEARNS¶

OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 245 Park Avenue New York, New York 10167¶

3 of 7¶

Cash Flow Analysis¶

	THIS PERIOD
Opening Balance	-3,396,898.20
Securities Sold	4,065,351.64
Dividends/Interest	265,000.00
Amount Credited	$4,330,351.64
Securities Bought	-610,844.82
Dividends/Interest Charged	-9,462.84
Amount Debited	-620,307.66
Net Cash Activity	3,710,043.98
Closing Balance	$313,145.78

Same day transfers of cash between account types are not included in this section; such transfers, as well as details for all other transactions this period, appear in Transaction Detail.¶

Cash Balance Summary¶

	OPENING	CLOSING
Margin	-3,396,898.20	313,145.78
Net Cash Balance	-3,396,898.20	$313,145.78

Income Summary¶

	THIS PERIOD	YEAR TO DATE
Dividends	265,000.00	466,109.60
Substitute Payment	0.00	69,158.80
Credit Balance Int.	0.00	22,069.76
Total	$265,000.00	$557,338.16
Margin Int. Paid	-9,462.84	-46,425.10

Portfolio Composition¶

	SHORT	LONG
Cash/Cash Equivalent		313,146
Equities	1,400,000	39,241,081
Total	$1,400,000	$39,554,227

CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY¶

Bear, Steams Securities Corp.¶

One Metrotech Center North Brooklyn, New York 11201-3859¶

FINANCIAL TRUST COMPANY INC¶

STATEMENT PERIOD	April 28,2001
THROUGH	May 25,2001
ACCOUNT NUMBER
TAXPAYER NUMBER	On File
LAST STATEMENT	April 27,2001

05/26/01;10:08 001¶

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.¶

EFTA00196534¶

BEAR STEARNS¶

OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 245 Park Avenue New York, New York 10167¶

4 of 7¶

Your Portfolio Holdings¶

CASH & CASH EQUIVALENTS¶

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME
CASH BALANCE				313,146
TOTAL CASH & CASH EQUIVALENTS				$313,146

EQUITIES¶

Equities & Options¶

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
BOSTON PROPERTIES INC	BXP	MRGN	500,000	40.4200	20,210,000	1,160,000	5.7397
CNH GLOBAL	CNH	MRGN	94,000	6.8900	647,660	51,888	8.0116
TELIGENT INC-CL A	TGNOE	CASH	60,000	0.5600	33,600
VECTOR GROUP LTD	VGR	MRGN	560,471	32.7400	18,349,821	896,754	4.8870
CALL VECTOR GROUP JUN 030 AMEX EXP 06/16/2001	VGRF30	MRGN	-1,000	3.7000	-370,000
CALL VECTOR GROUP AUG22.50AMEX EXP 08/18/2001	VGRH22	MRGN	-1,000	10.1000	-1,010,000
CALL VECTOR GROUP AUG 030 AMEX EXP 08/18/2001	VGRH30	MRGN	-40	5.0000	-20,000
SENTIGEN HOLDING CP RSTD		CASH	333,334	Unpriced
Total Equities& Options					$37,841,081	$2,108,642
TOTAL EQUITIES					$37,841,081	$2,108,642

YOUR TOTAL ESTIMATED ANNUAL INCOME	$2,108,642
YOUR PRICED PORTFOLIO HOLDINGS	$38,154,226

CLEARED THROUGH ITS¶

WHOLLY OWNED SUBSDIARY¶

Bear, Steams Securities Corp.¶

One Metrotech Center North¶

Brooklyn, New York 11201-3859¶

STATEMENT PERIOD April 28, 2001¶

FINANCIAL TRUST COMPANY INC¶

THROUGH May 25, 2001¶

AGCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | April 27, 2001 |¶

| :--- | :--- |¶

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05/26/01;10:08 001¶

V478¶

EFTA00196535¶

BEAR STEARNS¶

OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 245 Park Avenue New York, New York 10167¶

CLEARED THROUGH ITS WINOLLY OWNED SUBSIDIARY¶

Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859¶

5 of 7¶

FINANCIAL TRUST COMPANY INC¶

Transaction Detail¶

INVESTMENT ACTIVITY¶

SEEKMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
04/30/01	04/25/01	SOLD	CHILDREN'S PLACE RETAIL STORES INC UNSOLICITED	PLCE	-10,000	22.68000		226,189.94
04/30/01	04/25/01	SOLD	CHILDREN'S PLACE RETAIL STORES INC UNSOLICITED AVG PRICE: DETAILS ON REQUEST	PLCE	-22,700	22.61120		511,895.13
05/01/01	04/26/01	SOLD	CHILDREN'S PLACE RETAIL STORES INC UNSOLICITED AVG PRICE: DETAILS ON REQUEST	PLCE	-27,300	22.65730		616,883.17
05/01/01	04/27/01	SOLD	VECTOR GROUP LTD SEE NOTE 'S' ON BACK A/E 5 ASSIGNED	VGR	-500	20.00000		9,947.16
05/10/01		RECEIVED	SENTIGEN HOLDING CP RSTD		333.
05/11/01	05/08/01	BOUGHT	CNH GLOBAL UNSOLICITED	CNH	10,000	5.80000	58,602.50
05/14/01	05/11/01	SOLD	CALL VECTOR GROUP AUG 030 AMEX EXP 08/18/2001 OPEN CONTRACT		-40	4.40000		17,456.91
05/14/01	05/11/01	SOLD	CALL VECTOR GROUP JUN 030 AMEX EXP 06/16/2001 UNSOLICITED CLOSING CONTRACT		-1,000	3.08600		305,087.21
05/15/01	04/27/01	CANCEL SELL	VECTOR GROUP LTD SEE NOTE 'S' ON BACK A/E 5 ASSIGNED AVO S/D 05/01/01	VGR	500	20.00000	9,947.16
05/15/01	04/27/01	SOLD	VECTOR GROUP LTD SEE NOTE 'S' ON BACK A/E 5 ASSIGNED ORIGINAL S/D 05/01/01	VGR	-500	20.00000		9,984.66

027¶

05/26/01;10:08 001¶

EFTA00196536¶

BEAR STEARNS¶

OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 245 Park Avenue New York, New York 10167¶

CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY¶

Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859¶

6 of 7¶

FINANCIAL TRUST COMPANY INC¶

Transaction Detail (continued)¶

STATEMENT PERIOD April 28, 2001¶

INVESTMENT ACTIVITY (continued)¶

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
05/16/01	04/27/01	CANCEL SELL	VECTOR GROUP LTD SEE NOTE "S" ON BACK A/E 5 ASSIGNED ORIGINAL S/D 05/01/01 A/O S/D 05/15/01 TO CXL PREVIOUS SELL	VGR	500	20.00000	9,984.66
05/16/01	04/27/01	SOLD	VECTOR GROUP LTD SEE NOTE "S" ON BACK A/E 5 ASSIGNED ORIGINAL S/D 05/01/01	VGR	-500	20.00000		9,947.16
05/16/01	05/11/01	SOLD	VECTOR GROUP LTD UNSOLICITED SEE NOTE "S" ON BACK	VGR	-6,100	31.00410		188,750.20
05/21/01		JOURNAL	CALL VECTOR GROUP MAY 020 AMEX EXP 05/19/2001 A/E ASSIGNED 01607		1,086
05/23/01	05/21/01	SOLD	VECTOR GROUP LTD SEE NOTE "S" ON BACK A/E 1086 ASSIGNED	VGR	-108,600	20.00000		2,169,210.10
05/25/01	05/22/01	BOUGHT	CNH GLOBAL UNSOLICITED	CNH	84,000	6.27700	532,310.50
TOTAL							-610,844.82	$4,065,351.64

DIVIDENDS¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE ($)	DEBIT AMOUNT	CREDIT AMOUNT
04/30/01	BOSTON PROPERTIES INC REC 03/30/01 PAY 04/30/01	BXP	500,000	0.5300		265,000.00
TOTAL							$265,000.00

027¶

05/26/01;10:08 001¶

EFTA00196537¶

BEAR STEARNS¶

OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 245 Park Avenue New York, New York 10167¶

CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY¶

Bear, Steams Securities Corp.¶

One Metrotech Center North¶

Brooklyn, New York 11201-3859¶

7 of 7¶

FINANCIAL TRUST COMPANY INC¶

Transaction Detail (continued)¶

STATEMENT PERIOD April 28, 2001¶

INTEREST¶

THROUGH May 25, 2001¶

ACCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE (%)	DEBIT AMOUNT	CREDIT AMOUNT
05/21/01	FROM 05/15 THRU 05/20 @4 3/4% BAL 1314,290 AVBAL 1345,743			4.7500	1,065.38
05/21/01	FROM 04/21 THRU 05/14 @5 1/4% BAL 1768,041 AVBAL 2399,273			5.2500	8,397.46
TOTAL					-9,462.84

| LAST STATEMENT | April 27, 2001 |¶

| :--- | :--- |¶

MISCELLANEOUS¶

DATE MO/DAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
05/16/01	JOURNAL	JOURNAL FROM TYPE 1 TO 2	265,000.00
05/16/01	JOURNAL	JOURNAL FROM TYPE 1 TO 2		265,000.00
TOTAL			-265,000.00	$265,000.00

Trades Executed Pending Settlement¶

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
05/29/01	05/23/01	BOUGHT	CNH GLOBAL	CNH	3,000.00	6.4200	19,442.50
05/29/01	05/23/01	BOUGHT	CNH GLOBAL	CNH	3,000.00	6.4753	19,605.90
05/30/01	05/24/01	BOUGHT	CNH GLOBAL	CNH	102,000.00	6.6941	688,920.70
05/31/01	05/25/01	BOUGHT	CNH GLOBAL	CNH	48,000.00	6.6839	323,709.70
TOTAL								$1,051,678.80	$0.00

The above trades do not appear in any other section of this statement.¶

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