EFTA00197061

OFFICE SERVICING YOUR ACCOUNT

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



INVESTMENT PROFESSIONAL ZICHERMAN,IRA

TELEPHONE

VISIT OUR WEBSITE www.bearstearns.com



## What’s In This Statement

Financial Summary 3

Your Portfolio Holdings ... 4

<table><tr><td>Transaction Detail</td><td>6</td></tr></table>

Fund Activity ... 6

Your Messages ... 8





<table><tr><td>FINANCIAL TRUST COMPANY INC</td></tr><tr><td>C/O AMERICAN YACHT HARBOR</td></tr><tr><td>6100 RED HOOK SUTE B-3</td></tr><tr><td>QUAETERS #2</td></tr><tr><td>ST THOMAS VI 00802-1348</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Your Portfolio at a Glance

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

TAXPAYER NUMBER On File



ACCOUNT NUMBER



<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>81,251,555</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>17,756,525</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$99,008,080</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>91,955,222</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>7,052,858</td></tr></table>

STATEMENT PERIOD March 31, 2007

| LAST STATEMENT | March 30, 2007 |

| :--- | :--- |

FINANCIAL TRUST COMPANY INC

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

THROUGH April 30, 2007

Market Value of Your Portfolio

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.





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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

3 of 8

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$11,500,000.00</td></tr><tr><td>Money Fund</td><td>100,846.63</td></tr><tr><td>Dividends/Interest</td><td>41,600.00</td></tr><tr><td>Miscellaneous</td><td>2,425,000.00</td></tr><tr><td>Amount Credited</td><td>$2,567,446.63</td></tr><tr><td>Money Fund</td><td>-14,024,042.68</td></tr><tr><td>Miscellaneous</td><td>-43,403.95</td></tr><tr><td>Amount Debited</td><td>$-14,067,446.63</td></tr><tr><td>Net Cash Activity</td><td>-11,500,000.00</td></tr><tr><td>Closing Balance</td><td>$0.00</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>11,500,000.00</td><td>0.00</td></tr><tr><td>Net Cash Balance</td><td>$11,500,000.00</td><td>$0.00</td></tr></table>

Income Summary

<table border="1"><tr><td></td><td>THIS PERIOD</td><td>YEAR TO DATE</td></tr><tr><td>Dividends</td><td>99,042.68</td><td>422,424.42</td></tr><tr><td>Credit Balance Int.</td><td>0.00</td><td>44.54</td></tr><tr><td>Total</td><td>$99,042.68</td><td>$422,468.96</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>17,756,525</td></tr><tr><td>Equities</td><td>81,251,555</td></tr><tr><td>Total</td><td>$99,008,080</td></tr></table>

027



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 | March 31, 2007 |
| :--- | :--- |
| THROUGH | April 30, 2007 |

<table><thead><tr><th>ACCOUNT NUMBER</th><td></td></tr></thead><tbody><tr><td>TAXPAYER NUMBER</td><td>On File</td></tr><tr><td>LAST STATEMENT</td><td>March 30, 2007</td></tr></tbody></table>

Your Portfolio Allocation

Unhaded 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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EFTA00197064



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

4 of 8

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th></tr></thead><tbody><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST., 30 DAY AVG YIELD 5,1600%</td><td>DICXX</td><td>17,756,525.04</td><td>1.0000</td><td>17,756,525</td></tr><tr><td colspan="4">TOTAL CASH &amp; CASH EQUIVALENTS</td><td>$17,756,525</td></tr></tbody></table>

## CASH & CASH EQUIVALENTS

## Your Portfolio Holdings

FINANCIAL TRUST COMPANY INC

STATEMENT PERIOD March 31, 2007

THROUGH April 30, 2007



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | March 30, 2007 |

| :--- | :--- |

## Equities & Options

## EQUITIES

The research ratings for Bear Stearns (BSC) are shown for certain securities covered by the BSC 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 the 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 use different ratings systems and have normalized them as follows: B = Buy; H = Hold; S = Sell (this may not always correspond directly to the underlying rating system used by each provider or BSC). 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.

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.

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>ACCT TYPE</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th><th>ESTIMATED ANNUAL INCOME</th><th>ESTIMATED YIELD (%)</th></tr></thead><tbody><tr><td>APPLE INC<br>BSC RATING: STOCK O/SECTOR MW BOYAR&#39;S ALTERNATIVE VIEWPOINT RATING: S</td><td>AAPL</td><td>CASH</td><td>220,000</td><td>99.8000</td><td>21,956,000</td><td></td><td></td></tr><tr><td>BEAR STEARNS COMPANIES INC</td><td>BSC</td><td>CASH</td><td>130,000</td><td>155.7000</td><td>20,241,000</td><td>166,400</td><td>0.8221</td></tr><tr><td>CHOICEPOINT INC</td><td>CPS</td><td>CASH</td><td>100,000</td><td>37.9700</td><td>3,797,000</td><td></td><td></td></tr></tbody></table>

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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY



5 of 8



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


Equities & Options (continued)

## Your Portfolio Holdings (continued)

FINANCIAL TRUST COMPANY INC

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>ACCT TYPE</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th><th>ESTIMATED ANNUAL INCOME</th><th>ESTIMATED YIELD (%)</th></tr></thead><tbody><tr><td>COLGATE PALMOLIVE CO<br>BSC RATING: STOCK O/SECTOR MW<br>BUCKINGHAM RESEARCH RATING: B</td><td>CL</td><td>CASH</td><td>56,200</td><td>67.7400</td><td>3,806,988</td><td>80,928</td><td>2.1258</td></tr><tr><td>DEERFIELD TRIARC CAP CORP</td><td>DFR</td><td>CASH</td><td>462,691</td><td>16.1900</td><td>7,490,967</td><td>777,321</td><td>10.3768</td></tr><tr><td>ENVIRONMENTAL SOLUTIONS<br>WORLDWIDE INC</td><td>ESWW</td><td>CASH</td><td>100,000</td><td>0.7800</td><td>78,000</td><td></td><td></td></tr><tr><td>LEHMAN BROTHERS HOLDINGS INC</td><td>LEH</td><td>CASH</td><td>100,000</td><td>75.2800</td><td>7,528,000</td><td>60,000</td><td>0.7970</td></tr><tr><td>WYNN RESORTS LTD<br>BSC RATING: STOCK O/SECTOR MW<br>WALL STREET STRATEGIES<br>RATING: B</td><td>WYNN</td><td>CASH</td><td>160,000</td><td>102.2100</td><td>16,353,600</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$81,251,555</td><td>$1,084,649</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$81,251,555</td><td>$1,084,649</td><td></td></tr></tbody></table>

STATEMENT PERIOD March 31, 2007



ACCOUNT NUMBER



THROUGH April 30, 2007

| LAST STATEMENT | March 30, 2007 |

| :--- | :--- |

TAXPAYER NUMBER On File

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$1,084,649</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$99,008,080</td></tr></table>

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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY

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

6 of 8

FINANCIAL TRUST COMPANY INC

STATEMENT PERIOD March 31, 2007



Transaction Detail


## INVESTMENT ACTIVITY

<table><thead><tr><th>SETTLEMENT DATE</th><th>TRADE DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td rowspan="3">04/24/07</td><td rowspan="3"></td><td rowspan="3">EXCHANGE</td><td>DEERFIELD</td><td>TRIARC CAP CORP</td><td rowspan="3">-462,691</td><td rowspan="3"></td><td rowspan="3"></td><td rowspan="3"></td></tr><tr><td>ACCREDITED</td><td>INVESTORS</td></tr><tr><td>EXCHANGE</td><td>00132</td></tr><tr><td rowspan="2">04/24/07</td><td rowspan="2"></td><td rowspan="2">EXCHANGE</td><td>DEERFIELD</td><td>TRIARC CAP CORP</td><td rowspan="2">DFR</td><td rowspan="2">462,691</td><td rowspan="2"></td><td rowspan="2"></td></tr><tr><td>EXCHANGE</td><td>00129</td></tr></tbody></table>

## MONEY FUND ACTIVITY

<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>03/31/07</td><td></td><td>OPENINGBALANCE</td><td></td><td>3,775,886.31</td><td></td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>04/02/07</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>2,425,000</td><td>1.0000</td><td>2,425,000.00</td><td></td></tr><tr><td>04/02/07</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>11,500,000</td><td>1.0000</td><td>11,500,000.00</td><td></td></tr><tr><td>04/02/07</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND</td><td>DICXX</td><td></td><td></td><td></td><td>57,442.68</td></tr><tr><td>04/02/07</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST</td><td>DICXX</td><td>57,442.68</td><td></td><td>57,442.68</td><td></td></tr><tr><td>04/26/07</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-43,403.95</td><td>1.0000</td><td></td><td>43,403.95</td></tr><tr><td>04/27/07</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>41,600</td><td>1.0000</td><td>41,600.00</td><td></td></tr></table>

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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



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FINANCIAL TRUST COMPANY INC

## **Transaction Detail** (continued)

STATEMENT PERIOD March 31, 2007

THROUGH April 30, 2007

MONEY FUND ACTIVITY (continued)



ACCOUNT NUMBER



| LAST STATEMENT | March 30, 2007 |

| :--- | :--- |

TAXPAYER NUMBER On File

<table border="1"><tr><td>DATE
MO/DAY</td><td>TRANSACTION</td><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>QUANTITY</td><td>PRICE</td><td>DEBIT AMOUNT</td><td>CREDIT AMOUNT</td></tr><tr><td>04/30/07</td><td></td><td>CLOSINGBALANCE</td><td></td><td>17,756,525.04</td><td></td><td></td><td></td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td></td><td>-14,024,042.68</td><td>$100,846.63</td></tr></table>

## DIVIDENDS

<table><thead><tr><th>DATE</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>RATE ($)</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>04/27/07</td><td>BEAR STEARNS COMPANIES INC<br>REC 04/17/07 PAY 04/27/07</td><td>BSC</td><td>130,000</td><td>0.3200</td><td></td><td>41,600.00</td></tr><tr><td colspan="6">TOTAL</td><td>$41,600.00</td></tr></tbody></table>

## MISCELLANEOUS

<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>04/02/07</td><td>JOURNAL</td><td>FROM</td><td></td><td>125,000.00</td></tr><tr><td>04/02/07</td><td>JOURNAL</td><td>FROM</td><td></td><td>300,000.00</td></tr><tr><td>04/02/07</td><td>JOURNAL</td><td>FROM 040-94084</td><td></td><td>2,000,000.00</td></tr><tr><td>04/26/07</td><td>JOURNAL</td><td>INT RVRSL 9/30/05</td><td>43,403.95</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-43,403.95</td><td>$2,425,000.00</td></tr></tbody></table>

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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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## Your messages



You are advised to promptly report any inaccuracy or discrepancy in your account to your broker and Bear, Stearns Securities Corp. ("BSSC") at the telephone numbers listed on the front of this statement. In order to protect your rights, including any rights under the Securities Investor Protection Act ("SIPA"), any such communications should be reconfirmed in writing to your broker and BSSC at the addresses which appear on the front of this statement.



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY





******* End of Statement*******







Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



FINANCIAL TRUST COMPANY INC

STATEMENT PERIOD March 31,2007



ACCOUNT NUMBER



THROUGH April 30, 2007

027

| LAST STATEMENT | March 30, 2007 |

| :--- | :--- |

TAXPAYER NUMBER On File



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