Bear Stearns brokerage statement for an investment company, May 2004

EFTA00196790¶

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 |¶

What’s In This Statement¶

Financial Summary	3
Your Portfolio Holdings	4
Transaction Detail	5

FINANCIAL TRUST COMPANY INC

C/O AMERICAN YACHT HARBOR *

6100 RED HOOK SUITE B-3

QUARTERS #2

ST THOMAS VI 00802

CLEARED THROUGH ITS¶

WHOLLY OWNED SUBSIDIARY¶

Bear, Steams Securities Corp.¶

One Metrotech Center North¶

Brooklyn, New York 11201-3859¶

Your Portfolio at a Glance¶

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

TOTAL VALUE OF SECURITIES THIS PERIOD	76,308,062
NET DEBIT BALANCE	-31,716,148
NET EQUITY THIS PERIOD	$44,591,914
NET EQUITY LAST STATEMENT	42,504,571
CHANGE SINCE LAST STATEMENT	2,087,343

TAXPAYER NUMBER On File¶

Market Value of Your Portfolio¶

ACCOUNT NUMBER¶

| LAST STATEMENT | April 30, 2004 |¶

| :--- | :--- |¶

STATEMENT PERIOD May 1, 2004¶

FINANCIAL TRUST COMPANY INC¶

THROUGH May 28, 2004¶

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.¶

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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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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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	-31,670,992.28
Dividends/Interest	1,250.00
Amount Credited	$1,250.00
Dividends/Interest Charged	-46,405.67
Amount Debited	-46,405.67
Net Cash Activity	-45,155.67
ClosingBalance	-31,716,147.95

Cash Balance Summary¶

	OPENING	CLOSING
Margin	-31,670,992.28	-31,716,147.95
Net Cash Balance	$-31,670,992.28	$-31,716,147.95

Income Summary¶

	THIS PERIOD	YEAR TO DATE
Dividends	1,250.00	382,341.20
Substitute Payment	0.00	85,222.00
Credit Balance Int.	0.00	398.34
Total	$1,250.00	$467,961.54
Margin Int. Paid	-46,405.67	-176,144.74

Portfolio Composition¶

	SHORT	LONG
Cash/Cash Equivalent	31,716,148
Equities		76,308,062
Total	$31,716,148	$76,308,062

Bear, Steams Securities Corp.¶

One Metrotech Center North¶

Brooklyn, New York 11201-3859¶

FINANCIAL TRUST COMPANY INC¶

STATEMENT PERIOD	May 1, 2004
THROUGH	May 28, 2004
ACCOUNT NUMBER
TAXPAYER NUMBER	On File
LAST STATEMENT	April 30, 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.¶

EFTA00196793¶

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				-31,716,148
TOTAL CASH & CASH EQUIVALENTS				$-31,716,148

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	83.1300	8,313,000	320,000	3.8494
WALT DISNEY CO HOLDING CO	DIS	CASH	250,000	23.4700	5,867,500	52,500	0.8948
WALT DISNEY CO HOLDING CO	DIS	MRGN	1,000,000	23.4700	23,470,000	210,000	0.8948
FLEXTRONICS INTERNATIONAL LTD	FLEX	CASH	100,000	17.5600	1,756,000
GALYANS TRADING INC	GLYN	CASH	150,000	10.0500	1,507,500
IFIL(IST FIN ITAL) EUR1 INVST CL	IFPSF	CASH	100,000	3.5380	353,800	9,161	2.5893
MBNA CORP	KRB	MRGN	1,000,000	25.4000	25,400,000	480,000	1.8898
TYCO INTERNATIONAL LTD	TYC	MRGN	100,000	30.7900	3,079,000	5,000	0.1624
VECTOR GROUP LTD	VGR	MRGN	412,658	15.9000	6,561,262	660,253	10.0629
Total Equities& Options					$76,308,062	$1,736,914
TOTAL EQUITIES					$76,308,062	$1,736,914

CLEARED THROUGH ITS¶

WHOLLY OWNED SUBSIDIARY¶

Bear, Steams Securities Corp.¶

One Metrotech Center North¶

Brooklyn, New York 11201-3859¶

FINANCIAL TRUST COMPANY INC¶

STATEMENT PERIOD May 1, 2004¶

THROUGH May 28, 2004¶

AGCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | April 30, 2004 |¶

| :--- | :--- |¶

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V831¶

EFTA00196794¶

BEAR STEARNS¶

OFFICE SERVICING YOUR ACCOUNT¶

Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179¶

CLEARED THROUGH ITS¶

CLEARLY WOUNDED SUBSIDIARY¶

5 of 5¶

Bear, Steams Securities Corp.¶

One Metrotech Center North¶

Brooklyn, New York 11201-3859¶

Your Portfolio Holdings (continued)¶

YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME	$1,736,914
YOUR PRICED PORTFOLIOHOLDINGS	$44,591,914

Transaction Detail¶

DIVIDENDS¶

STATEMENT PERIOD May 1, 2004¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE ($)	DEBIT AMOUNT	CREDIT AMOUNT
05/03/04	TYCO INTERNATIONAL LTD REC 04/01/04 PAY 05/03/04	TYC	100,000	0.0125		1,250.00
TOTAL						$1,250.00

FINANCIAL TRUST COMPANY INC¶

THROUGH May 28, 2004¶

ACCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | April 30, 2004 |¶

| :--- | :--- |¶

INTEREST¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE (%)	DEBIT AMOUNT	CREDIT AMOUN
05/21/04	INT DB				46,405.67
	04/21 - 05/20 @01.75833%
	BAL
TOTAL						-46,405.67

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