Transaction Detail

Fund Activity ... 7 Open Orders ... 9 Trades Not Yet Settled ... 9

FINANCIAL TRUST COMPANY INC

C/O AMERICAN YACHT HARBOR

6100 RED HOOK SUTE B-3

QUAETERS #2

ST THOMAS VI 00802-1348

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Your Portfolio at a Glance

TOTAL VALUE OF SECURITIES THIS PERIOD	54,279,920
MONEY MARKET FUND BALANCE	18,460,998
NET EQUITY THIS PERIOD	$72,740,918
NET EQUITY LAST STATEMENT	78,276,874
CHANGE SINCE LAST STATEMENT	-5,535,956

Market Value of Your Portfolio Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 | LAST STATEMENT | March 31, 2005 | | :--- | :--- | TAXPAYER NUMBER On File STATEMENT PERIOD April 1, 2005 FINANCIAL TRUST COMPANY INC ACCOUNT NUMBER THROUGH April 29, 2005 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, Stearns Securities Corp., One Matteroch 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. 027 04/30/05;11:24 001 V877 EFTA00196898 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY 2 of 9 Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST COMPANY INC STATEMENT BACKER IS PRINTED ON THIS PAGE 027 EFTA00196899 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 3 of 9 Cash Flow Analysis

	THIS PERIOD
OpeningBalance	$0.00
Securities Sold	25,352.21
Money Fund	6,907,937.03
Dividends/Interest	160,503.00
Miscellaneous	475,000.37
Amount Credited	$7,568,792.61
Securities Bought	-1,856,405.00
Money Fund	-712,387.61
Funds Withdrawn	-5,000,000.00
Amount Debited	$-7,568,792.61
Closing Balance	$0.00

Income Summary Portfolio Composition

Cash/Cash Equivalent	18,460,998
Equities	54,279,920
Total	$72,740,918

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 1, 2005 THROUGH April 29, 2005 Your Portfolio Allocation | | | | :--- | :--- | | ACCOUNT NUMBER | | | TAXPAYER NUMBER | On File | | LAST STATEMENT | March 31, 2005 | EFTA00196900 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 4 of 9 ## Your Portfolio Holdings ## CASH & CASH EQUIVALENTS

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST. 30 DAY AVG YIELD 2,6900%	DICXX	18,460,998.05	1.0000	18,460,998	461,525	2.5000
TOTAL CASH & CASH EQUIVALENTS				$18,460,998	$461,525

CLEARED THROUGH ITS WHOWY OWNED SUBSIDIARY ## Equities & Options ## EQUITIES The research ratings for Bear Stearns (BSC) are shown for certain securities covered by the Firm’s Equity Research Department. The first rating represents the stock's total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: O = Outperform; P = Peer Perform; U = Underperform. The second rating represents the rating of the coverage universe relative to the regional broader market index. The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market Underweight. In cases where a BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed, where such research is available. The various providers have normalized their ratings systems as follows: B = Buy; H = Hold; S = Sell. The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal or investment advice. Bear Stearns is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider. The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons. Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 STATEMENT PERIOD April 1, 2005 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | March 31, 2005 | | :--- | :--- | THROUGH April 29, 2005 FINANCIAL TRUST COMPANY INC Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Stearns at no cost. Customers can 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.

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD(%)
BEAR STEARNS COMPANIES INC	BSC	CASH	200,000	94.6600	18,932,000	200,000	1.0564
CELGENE CORP BSC RATING:STOCK P/SECTOR MO ARGUS FUNDAMENTAL RESEARCH RATING:B	CELG	CASH	50,000	37.9100	1,895,500

027 04/30/05;11:24 001 EFTA00196901 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 5 of 9 Bear, Steams Securities Corp. One Meterotech Center North Brooklyn, New York 11201-3859 ## Your Portfolio Holdings (continued) Equities & Options (continued) FINANCIAL TRUST COMPANY INC

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
COLGATE PALMOLIVE CO BSC RATING: STOCK O/SECTOR MW FILORUM GLOBAL PARTNERS, LLC RATING: H	CL	CASH	106,200	49.7900	5,287,698	123,192	2.3298
DEERFIELD TRIARC CAP CORP ACCREDITED INVESTORS		CASH	1,000,000	15.0000	15,000,000
EQUITY OFFICE PROPERTIES TRUST SBN BSC RATING: STOCK P/SECTOR MW GREEN STREET ADVISORS, INC. RATING: S	EOP	CASH	110,000	31.4700	3,461,700	220,000	6.3553
IFIL(IST FIN ITAL) EUR1 INVST CL	IFPSF	CASH	100,000	4.1940	419,400	8,800	2.0982
KERZNER INTERNATIONAL LTD BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: B	KZL	CASH	10,000	55.0900	550,900
MACK-CALI REALTY CORP BSC RATING: STOCK P/SECTOR MW GREEN STREET ADVISORS, INC. RATING: B	CLI	CASH	88,100	43.9900	3,875,519	222,012	5.7286
TOO INC BSC RATING: STOCK P/SECTOR MW GARP RESEARCH RATING: B	TOO	CASH	50,000	23.0100	1,150,500
VECTOR GROUP LTD	VGR	CASH	201,990	15.7300	3,177,303	323,184	10.1716
WYNN RESORTS LTD BSC RATING: STOCK O/SECTOR MW WALL STREET STRATEGIES RATING: B	WYNN	CASH	10,000	52.9400	529,400
Total Equities& Options					$54,279,920	$1,097,188
TOTAL EQUITIES					$54,279,920	$1,097,188

STATEMENT PERIOD April 1, 2005 THROUGH April 29, 2005 ACCOUNT NUMBER | LAST STATEMENT | March 31, 2005 | | :--- | :--- | TAXPAYER NUMBER On File 027 04/30/05;11:24 001 EFTA00196902 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 6 of 9 Bear, Steams Securities Corp. One Meterotech Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST COMPANY INC Your Portfolio Holdings (continued) STATEMENT PERIOD April 1, 2005 THROUGH April 29, 2005 ACCOUNT NUMBER

YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME	$1,558,713
YOUR PRICED PORTFOLIOHOLDINGS	$72,740,918

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
04/14/05	04/11/05	BOUGHT	CELGENE CORP UNSOLICITED WE MAKE A MKT IN THIS SECURITY AVG PRICE: DETAILS ON REQUEST UNIT PRICE 37,068000 DIFFERENCE + 0,060000	CELG	50,000	37.12800	1,856,405.00
04/15/05	04/12/05	SOLD	LADENBURG THALMANN FINL SVCS AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED	LTS	-48,477	0.54110		25,352.21
TOTAL						-1,856,405.00	$25,352.21

## DEPOSITS AND WITHDRAWALS

DATE	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
04/21/05	FND WIRED	MDA# NDS WIRED TO FLEET NATIONAL BANK AC2	2,000,000.00

027 04/30/05;11:24 001 EFTA00196903 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 7 of 9 Bear, Steams Securities Corp. One Meterobite Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST COMPANY INC ## Transaction Detail (continued) DEPOSITS AND WITHDRAWALS (continued) STATEMENT PERIOD April 1, 2005 THROUGH April 29, 2005 ACCOUNT NUMBER TAXPAYER NUMBER On File

DATE	TRANSACTION	DESCRIPTION		DEBIT AMOUNT	CREDIT AMOUNT
04/26/05	FND WIRED	MDA#	FNDS WIRED TO IPMORGAN CHASE BANK NA	3,000,000.00
TOTAL					-$-5,000,000.00

DATE MOV/DAY	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
04/01/05		OPENINGBALANCE		24,605,015.07

04/01/05	BOUGHT	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	475,000	1.0000	475,000.00
04/01/05	DIVIDEND	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND	DICXX				51,532.40
04/01/05	REINVEST	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST	DICXX	51,532.40		51,532.40
04/14/05	SOLD	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	-1,856,404.63	1.0000		1,856,404.63
04/15/05	BOUGHT	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	80,352.21	1.0000	80,352.21
04/18/05	BOUGHT	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	55,503	1.0000	55,503.00
04/21/05	SOLD	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	-2,000,000	1.0000		2,000,000.00
04/26/05	SOLD	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	-3,000,000	1.0000		3,000,000.00

027 04/30/05;11:24 001 EFTA00196904 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 8 of 9 FINANCIAL TRUST COMPANY INC ## **Transaction Detail** (continued) STATEMENT PERIOD April 1, 2005 ## MONEY FUND ACTIVITY (continued)

MO/DAY	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
04/29/05	BOUGHT	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	50,000	1.0000	50,000.00

04/29/05	CLOSINGBALANCE	18,460,998.05
TOTAL		-712,387.61	$6,907,937.03

## DIVIDENDS

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE ($)	CREDIT AMOUNT
04/15/05	EQUITY OFFICE PROPERTIES TRUST SBI REC 03/31/05 PAY 04/15/05	EOP	110,000	0.5000	55,000.00
04/18/05	MACK-CALI REALTY CORP REC 04/05/05 PAY 04/18/05	CLI	88,100	0.6300	55,503.00
04/29/05	BEAR STEARNS COMPANIES INC REC 04/19/05 PAY 04/29/05	BSC	200,000	0.2500	50,000.00
TOTAL						$160,503.00

## MISCELLANEOUS

DATE MO/DAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
04/01/05	JOURNAL	FROM		150,000.00
04/01/05	JOURNAL	FROM		325,000.00

027 04/30/05;11:24 001 EFTA00196905 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 9 of 9 ## **Transaction Detail** (continued) CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY MISCELLANEOUS (continued)

DATE MO/DAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
04/01/05	CASH-LIEU	LADENBURG THALMANN FINL SVCS CASH IN LIEU OF .60000 VECTOR GROUP LTD REC 03/18/05 PAY 03/30/05 SPIN-OFF F/R V002114		0.37
TOTAL				$475,000.37

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

ENTRY DATE	DESCRIPTION	SYMBOL/CUSIP	TRANSACTION	QUANTITY	MARKET PRICE
04/18/05	VECTOR GROUP LTD ORDER PRICE 15,75 GOOD TILL CANCELLED	VGR	SELL	-50,000	15.7300

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
05/02/05	04/27/05	SOLD	CELGENE CORP UNSOLICITED WE MAKE A MKT IN THIS SECURITY AVG PRICE: DETAILS ON REQUEST UNIT PRICE 39,363000 DIFFERENCE - 0,060000	CELG	-25,000.00	39.3030		982,528.92
TOTAL						$0.00	$982,528.92

The above trades do not appear in any other section of this statement. 027 04/30/05;11:24 001 V877