EFTA00196782¶
OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179¶
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| :--- | :--- |¶
| ACCOUNT EXECUTIVE | ZICHERMAN, IRA |¶
| TELEPHONE | |¶
| VISIT OUR WEBSITE | www.bearstearns.com |¶
CLEARED THROUGH ITS¶
WHOLLY OWNED SUBSIDIARY¶
Financial Summary 3¶
Your Portfolio Holdings … 4¶
What’s In This Statement¶
| Transaction Detail | 5 |
Your Messages 7¶
| 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 May 29, 2004¶
THROUGH June 30, 2004¶
ACCOUNT NUMBER¶
TAXPAYER NUMBER On File¶
| LAST STATEMENT | May 28, 2004 |¶
| :--- | :--- |¶
Your Portfolio at a Glance¶
| TOTAL VALUE OF SECURITIES THIS PERIOD | 77,886,364 |
| NET DEBIT BALANCE | -28,772,876 |
| NET EQUITY THIS PERIOD | $49,113,488 |
| NET EQUITY LAST STATEMENT | 44,591,914 |
| CHANGE SINCE LAST STATEMENT | 4,521,574 |
There are no “Stop Loss” orders or other pending buy or sell open orders on file for your account.¶
Market Value of Your Portfolio¶
Confirmation: Unless we hear from you to the contrary, it is our understanding that any free credit balances in your account are being maintained to facilitate your intention to invest such amounts through us.¶
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.¶
Important Message¶
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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EFTA00196783¶
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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EFTA00196784¶
BEAR STEARNS¶
OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179¶
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Cash Flow Analysis¶
| THIS PERIOD | |
| OpeningBalance | -31,716,147.95 |
| Securities Sold | 2,746,122.34 |
| Dividends/Interest | 245,063.20 |
| Amount Credited | $2,991,185.54 |
| Dividends/Interest Charged | -47,913.52 |
| Amount Debited | -47,913.52 |
| Net Cash Activity | 2,943,272.02 |
| ClosingBalance | -28,772,875.93 |
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 | |
| Cash | 0.00 | 1,658,956.03 |
| Margin | -31,716,147.95 | -30,431,831.96 |
| Net Cash Balance | -31,716,147.95 | -28,772,875.93 |
Income Summary¶
| THIS PERIOD | YEAR TO DATE | |
| Dividends | 245,063.20 | 627,404.40 |
| Substitute Payment | 0.00 | 85,222.00 |
| Credit Balance Int. | 0.00 | 398.34 |
| Total | $245,063.20 | $713,024.74 |
| Margin Int. Paid | -47,913.52 | -224,058.26 |
Portfolio Composition¶
| SHORT | LONG | |
| Cash/Cash Equivalent | 28,772,876 | |
| Equities | 77,886,364 | |
| Total | $28,772,876 | $77,886,364 |
Bear, Steams Securities Corp.¶
One Metrotech Center North¶
Brooklyn, New York 11201-3859¶
FINANCIAL TRUST COMPANY INC¶
| STATEMENT PERIOD | May 29,2004 |
| THROUGH | June 30,2004 |
| ACCOUNT NUMBER | |
| TAXPAYER NUMBER | On File |
| LAST STATEMENT | May 28,2004 |
Your Portfolio Allocation¶
Unshaded portions denote debit balance and/or short market values. The allocation percentage is derived from the absolute market value of your portfolio.¶
EFTA00196785¶
BEAR STEARNS¶
OFFICE SERVICING YOUR ACCOUNT¶
Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179¶
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Your Portfolio Holdings¶
CASH & CASH EQUIVALENTS¶
| DESCRIPTION | SYMBOL/CUSIP | QUANTITY | PRICE | MARKET VALUE | ESTIMATED ANNUAL INCOME | CURRENT YIELD (%) |
|---|---|---|---|---|---|---|
| CASH BALANCE | -28,772,876 | |||||
| TOTAL CASH & CASH EQUIVALENTS | $-28,772,876 |
EQUITIES¶
Equities & Options¶
| DESCRIPTION | SYMBOL/CUSIP | ACCT TYPE | QUANTITY | PRICE | MARKET VALUE | ESTIMATED ANNUAL INCOME | CURRENT YIELD (%) |
|---|---|---|---|---|---|---|---|
| BANK OF AMERICA CORP | BAC | MRGN | 100,000 | 84.6200 | 8,462,000 | 360,000 | 4.2543 |
| WALT DISNEY CO HOLDING CO | DIS | CASH | 250,000 | 25.4900 | 6,372,500 | 52,500 | 0.8239 |
| WALT DISNEY CO HOLDING CO | DIS | MRGN | 1,000,000 | 25.4900 | 25,490,000 | 210,000 | 0.8239 |
| FLEXTRONICS INTERNATIONAL LTD | FLEX | CASH | 100,000 | 15.9500 | 1,595,000 | ||
| IFIL(IST FIN ITAL) EUR1 INVST CL | IFPSF | CASH | 100,000 | 3.6350 | 363,500 | 9,146 | 2.5161 |
| MBNA CORP | KRB | MRGN | 1,000,000 | 25.7900 | 25,790,000 | 480,000 | 1.8612 |
| TYCO INTERNATIONAL LTD | TYC | MRGN | 100,000 | 33.1400 | 3,314,000 | 5,000 | 0.1509 |
| VECTOR GROUP LTD | VGR | MRGN | 412,658 | 15.7500 | 6,499,364 | 660,253 | 10.1587 |
| Total Equities& Options | $77,886,364 | $1,776,899 | |||||
| TOTAL EQUITIES | $77,886,364 | $1,776,899 |
CLEARED THROUGH ITS WHOWY OWNED SUBSIDIARY¶
Bear, Steams Securities Corp.¶
One Metrotech Center North¶
Brooklyn, New York 11201-3859¶
FINANCIAL TRUST COMPANY INC¶
STATEMENT PERIOD May 29, 2004¶
THROUGH June 30, 2004¶
AGCOUNT NUMBER¶
TAXPAYER NUMBER On File¶
| LAST STATEMENT | May 28, 2004 |¶
| :--- | :--- |¶
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V832¶
EFTA00196786¶
BEAR STEARNS¶
OFFICE SERVICING YOUR ACCOUNT¶
Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179¶
CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY¶
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Bear, Steams Securities Corp.¶
One Metrotech Center North¶
Brooklyn, New York 11201-3859¶
Your Portfolio Holdings (continued)¶
FINANCIAL TRUST COMPANY INC¶
| YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME | $1,776,899 |
| YOUR PRICED PORTFOLIOHOLDINGS | $49,113,488 |
STATEMENT PERIOD May 29, 2004¶
THROUGH June 30, 2004¶
AGCOUNT NUMBER¶
TAXPAYER NUMBER On File¶
INVESTMENT ACTIVITY¶
| LAST STATEMENT | May 28, 2004 |¶
| :--- | :--- |¶
Transaction Detail¶
| SETTLEMENT DATE | TRADE DATE | TRANSACTION | DESCRIPTION | SYMBOL/CUSIP | QUANTITY | PRICE | DEBIT AMOUNT | CREDIT AMOUNT |
|---|---|---|---|---|---|---|---|---|
| 06/15/04 | RECEIVED | TOO INC 0901 | TOO | 34,400 | ||||
| 06/17/04 | 06/14/04 | SOLD | GALYANS TRADING INC UNSOLICITED AVG PRICE: DETAILS ON REQUEST | GLYN | -50,000 | 10.79590 | 536,777.36 | |
| 06/17/04 | 06/14/04 | SOLD | TOO INC UNSOLICITED | TOO | -34,400 | 16.06020 | 550,388.95 | |
| 06/29/04 | 06/24/04 | SOLD | GALYANS TRADING INC WE ARE ACTING AS PRINCIPAL & MARKET MAKER: COMMISSION FIELD IS A COMMISSION EQUIVALENT - DETAILS ON REQUEST | GLYN | -100,000 | 16.65000 | 1,658,956.03 | |
| TOTAL | $2,746,122.34 | |||||||
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EFTA00196787¶
BEAR STEARNS¶
OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179¶
CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY¶
Bear, Steams Securities Corp.¶
One Metrotech Center North¶
Brooklyn, New York 11201-3859¶
6 of 8¶
FINANCIAL TRUST COMPANY INC¶
Transaction Detail (continued)¶
STATEMENT PERIOD May 29, 2004¶
DIVIDENDS¶
THROUGH June 30, 2004¶
AGCOUNT NUMBER¶
| DATE | DESCRIPTION | SYMBOL/CUSIP | QUANTITY | RATE ($) | DEBIT AMOUNT | CREDIT AMOUNT |
|---|---|---|---|---|---|---|
| 06/25/04 | BANK OF AMERICA CORP REC 06/04/04 PAY 06/25/04 | BAC | 100,000 | 0.8000 | 80,000.00 | |
| 06/30/04 | VECTOR GROUP LTD REC 06/22/04 PAY 06/30/04 | VGR | 412,658 | 0.4000 | 165,063.20 | |
| TOTAL | $245,063.20 | |||||
| LAST STATEMENT | May 28, 2004 |¶
| :--- | :--- |¶
TAXPAYER NUMBER On File¶
INTEREST¶
| DATE | DESCRIPTION | SYMBOL/CUSIP | QUANTITY | RATE (%) | DEBIT AMOUNT | CREDIT AMOUNT |
|---|---|---|---|---|---|---|
| 06/21/04 | INT DB | 47,913.52 | ||||
| 05/21 - 06/20 @01.76215% | ||||||
| BAL | ||||||
| TOTAL | -47,913.52 | |||||
MISCELLANEOUS¶
| DATE MO/DAY | TRANSACTION | DESCRIPTION | DEBIT AMOUNT | CREDIT AMOUN |
|---|---|---|---|---|
| 06/17/04 | JOURNAL | JOURNAL FROM TYPE 1 TO 2 | 1,087,166.31 | |
| 06/17/04 | JOURNAL | JOURNAL FROM TYPE 1 TO 2 | 1,087,166.31 | |
| TOTAL | -$1,087,166.31 | $1,087,166.31 |
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EFTA00196788¶
BEAR STEARNS¶
OFFICE SERVICING YOUR ACCOUNT¶
Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179¶
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Effective no earlier than thirty (30) days from your receipt of this statement, we will compute interest regarding your short sales and marking-to-the market as follows:¶
Notice Regarding a Change in The Statement of Interest Charges Pursuant to the “Truth-in-Lending” Rule 10 (b)-16 Regarding Short Sales And Marking-To-The-Market¶
The credit that appears on your statement due to short sales (including short sales against the box) is offset by a debit of like amount because Bear Stearns Securities has to borrow the same security in order to deliver it to the buying broker and has to provide its lender additional collateral of up to 105% of the settled short market value of the borrowed securities to secure such loan. This means that the debit balance on which interest is computed will be the difference between (i) up to 105% of the settled short market value of such short sales (across all currencies), which shall be calculated daily, and (ii) the proceeds of such short sales.¶
CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY¶
Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859¶
FINANCIAL TRUST COMPANY INC¶
STATEMENT PERIOD May 29, 2004 THROUGH June 30, 2004¶
ACCOUNT NUMBER¶
TAXPAYER NUMBER On File¶
LAST STATEMENT May 28, 2004¶
Your messages¶
Any short positions in your account will be kept “marked-to-the market”. This means that periodically the balance maintained in the short account will be adjusted to equal the market value of the short securities. Securities that are priced below five dollars per share may be valued at five dollars per share for short marking-to-the market purposes. If a security has been sold short (or sold short against the box) and has appreciated in market price over the selling price, interest will be charged on the amount of appreciation; if it depreciates in market price, interest will be correspondingly reduced by the drop in value. The appreciation or depreciation of securities sold short will be determined by Bear Stearns Securities based upon daily closing prices or quotations provided by pricing services, as applicable, or upon such factors as Bear Stearns Securities in its sole judgement deems pertinent.¶
Please note that the other sections of the “Truth-in-Lending” disclosure previously provided to you remain unchanged.¶
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EFTA00196789¶
BEAR STEARNS¶
OFFICE SERVICING YOUR ACCOUNT¶
Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179¶
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¶
Pursuant to the terms of the equity research settlement that was entered into by Bear Stearns and other major investment banks, we will soon make available to our customers, independent third-party research (“Independent Research”), at no cost, on the common stock of certain companies covered by the Firm’s Equity Research Department (“Covered Company”). Customers will be able to access this research at www.bearstearns.com or can call (800) 517-2327 to request that a copy of this research be sent to them. Further, Bear Stearns will notify certain of our customers, at the time of each solicited order to buy or sell the common stock of a Covered Company, of the availability of Independent Research, and will provide, on the confirmations and statements that are generated for these customers, the rating(s) on such Covered Company(s) by the Firm’s Equity Research Department, as well as the corresponding rating(s) by the applicable Independent Research provider(s), where available. These notice provisions become effective in the near future and, to the extent applicable, will be included in your next monthly statement. Please note, Bear Stearns is not responsible or liable for (i) decisions relating to the procurement of Independent Research, (ii) Independent Research or its content, (iii) customer transactions, to the extent based on Independent Research, or (iv) claims arising from or in connection with access provided by the Firm and/or the inclusion of Independent Research ratings in trade confirmations, periodic account statements or www.bearstearns.com. Bear Stearns is not required to supervise the production of Independent Research and has no responsibility to comment on the content of such Research.¶
Please be advised of the following changes regarding account service fees:¶
Beginning September 1, 2004, accounts will be subject to a $20,00 processing fee for each outgoing wire transfer and for each check issued by Bear Stearns at the request of a customer. You may wish to speak to your Account Executive to inquire about the availability of check writing privileges for your brokerage account.¶
Beginning January 1, 2005, accounts will be subject to an annual account charge of $75,00 applicable for households that maintain less than $100,000 in net equity in related accounts or that generated less than $500 in brokerage commissions and/or fees paid to Bear Stearns in those accounts in the prior calendar year.¶
******* End of Statement*******¶
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