EFTA00197129



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



ACCOUNT EXECUTIVE  GNMA GOVT BOND



## What’s In This Statement

Financial Summary 1

Transaction Detail ... 2

Trades Not Yet Settled ... 2







FINANCIAL TRUST CO INC

C/O JEFFREY EPSTEIN &

6100 RED HOOK QUARTER STE B3

ST THOMAS VI 00802



Cash Flow Analysis

<table border="1"><tr><td></td><th>THIS PERIOD</th></tr><tr><td>OpeningBalance</td><td>$0.00</td></tr><tr><td>Securities Sold</td><td>448,386.75</td></tr><tr><td>Dividends/Interest</td><td>5,781.70</td></tr><tr><td>Amount Credited</td><td>$454,168.45</td></tr><tr><td>Miscellaneous</td><td>-454,168.45</td></tr><tr><td>Amount Debited</td><td>$-454,168.45</td></tr><tr><td>ClosingBalance</td><td>$0.00</td></tr></table>

## Income Summary



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



<table border="1"><tr><td></td><th>THIS PERIOD</th><th>YEAR TO DATE</th></tr><tr><td>Govt. Agency Int.</td><td>5,781.70</td><td>5,781.70</td></tr><tr><td>Total</td><td>$5,781.70</td><td>$5,781.70</td></tr></table>

STATEMENT PERIOD June 29, 2002

ACCOUNT NUMBER

FINANCIAL TRUST CO INC

LAST STATEMENT

TAXPAYER NUMBER Not Available

THROUGH July 26, 2002

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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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 Metratech Center North

Brooklyn, New York 11201-3859





2 of |


FINANCIAL TRUST CO INC



Transaction Detail


STATEMENT PERIOD June 29, 2002

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>07/22/02</td><td>07/17/02</td><td>SOLD</td><td>FEDERAL HOME LN MTG CORP MLTCL<br>PARTN CTF SER 2127 CL S<br>DUE 02/15/2029 06,911%<br>REF # BS<br>AS OF 07/17/02</td><td></td><td>-4,302,361</td><td>10.42188</td><td></td><td>448,386.75</td></tr><tr><td>07/22/02</td><td></td><td>RECEIVED</td><td>FEDERAL HOME LN MTG CORP MLTCL<br>PARTN CTF SER 2127 CL S<br>6,911 DUE 02/15/29<br>DUE 02/15/2029 6,911</td><td></td><td>4,302,361</td><td></td><td>454,168.45</td><td></td></tr><tr><td colspan="6">TOTAL</td><td></td><td>-454,168.45</td><td>$454,168.45</td></tr></tbody></table>

## Trades Executed Pending Settlement

<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>07/30/02</td><td>07/17/02</td><td>BOUGHT</td><td>FEDERAL HOME LOAN MTG CORP SERIES 2475 CLASS S</td><td></td><td>9,450,000.00</td><td>12.8750</td><td>1,240,947.23</td><td></td></tr><tr><td colspan="6">TOTAL</td><td colspan="2">$1,240,947.23</td><td>$0.00</td></tr></tbody></table>

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





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


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EFTA00197131



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY




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


FINANCIAL TRUST CO INC

STATEMENT BACKER IS PRINTED ON THIS PAGE

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