EFTA01553998.pdf

07 2004 Confidential FINANCIAL TRUST COMPANY INC Page 1 of 65 J.P. Morgan Portfolios July 1 - July 31, 2004 Table of Contents Page Account Summary Asset Account Portfolio Margin Account Portfolio u oBi91 B9 S JPMCB JPMSI 2 3 63 000000.0000.00.0000.000.000000000.000000 FINANCIAL TRUST COMPANY INC ATTN: JEFFREY E EPSTEIN C/O AMERICAN YACHT HARBOR 6100 RED HOOK, QUARTERS 153 ST THOMAS 00802 US VIRGIN ISLDS EFTA01553998 07 2004 FINANCIAL TRUST COMPANY INC Portfolio Summary July 01, 2004 - July 31, 2004 Page 2 of 65 Portfolio Summary Net Worth Summary Asset Portfolio USD Q 30171-00-5 Assets(Long) Cash S Short Term Equities Other Options Liabilities (Short) Other Options Total FX Gain/Loss Accrued Income Total Net Worth Income Summary Dividends Total 87,613,570.58 68,151,001.78 11,469,856.44 7,798,596.30 194,116.06 - 5,825,023.08 - 3,082,491.70 - 2,742,531.38 81,788,547.50 1,646,571.77 67,138.83 83,502,258.10 Margin Portfolio USD 161121381 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 .00 0.00 0.00 87,613,570.58 68,151,001.78 11,469,856.44 7,798,596.30 194,116.06 - 5,825,023.08 - 3,082,491.70 - 2,742,531.38 81,788,547.50 1,646,571.77 67,138.83 83,502,258.10 This Period 61,065.98 61,065.98 Year to Date 243,798.98 243,798.98 JPMorgan provides this Portfolio Summary for informational purposes. This summary includes informati on about assets held at JPMCB and JPMSI in accounts listed on the front page. Securities are not bank deposits or FDIC insured, are not obligations of or guaranteed by JPMCB or a ny of its bank of thrift affiliates (unless otherwise indicated), and are subject to investment risks, including possible loss of the pr incipal amount invested. Assets held in custody by JPMCB are not protected under the Securities Investor Protection Corporati EFTA01553999 on ("SIPC") insurance. Total USD EFTA01554000 07 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 3 of 65 Asset Account Portfolio July 1 - July 31, 2004 Table of Contents Portfolio Summary Cash and Short Term Equities Equity Research Ratings Other Options Outstanding Foreign Exchange Contracts Trade Activity Account Transactions Account Officers D'ORAZIO/HORNAK Page 4 6 7 8 9 11 15 19 27 EFTA01554001 07 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 4 of 65 Overview Current Portfolio Summary Except for the Deposit Account (if elected), and the cash in your Asset Account, which are insured deposits with JPMCB, none of the investments referred to in this statement of your Asset Account, including mutual funds, are FDIC insured or bank deposits, obligations of or guaranteed by JPMCB or any of its bank or thrift affiliates (unless otherwise indicated). Such securities and other investments are subject to investment risks, including possible loss of the principal amount invested. See "Important Information about your JPMSI Brokerage Account" at the end of this Asset Account Portfolio. Asset Allocation 80% Cash and Short Term 14% Equities 6% Other Cash s Short Term Equities Other Options Total Foreign Exchange Accrued Income Total Portfolio Value Market Value USD Jul 31 68,151,001.78 11,469,856.44 4,716,104.60 - 2,548,415.32 81,788,547.50 1,646,571.77 67,138.83 83,502,258.10 Income Summary Dividends Total Net Gain/Loss Summary Net Short Term Gain/Loss Net Long Term Gain/Loss Total Prior Period Market Value USD Jun 30 71,198,158.97 12,786,822.60 7,358,553.39 - 2,621,321.71 88,722,213.25 - 89,821.95 61,065.98 88,693,457.28 This Period USD 61,065.98 61,065.98 Year to Date USD* 243,798.98 243,798.98 Tax Cost USD 68,151,001.78 8,003,201.28 - 592,759.31 75,561,443.75 Estimated Annual Income USD 822,582.58 Yield 1.2 0.0 EFTA01554002 0.0 822,582.58 N/A N/A 1.0 Realized This Period USD Realized Year to Date USD* - 611,458.58 - 611,458.58 Unrealized USD 6,853,270.77 - 1,848,626.42 - 311,634.56 6,853,270.77 - 2,160,260.98 •Year to date information is calculated on a calendar year basis. Exchange Rates Spot Rates as of July 31, 2004 Market value of Options is not included in pie chart. Currency AUD CHF Exchange Rate 0.7003 1.2794 EFTA01554003 07 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 5 of 65 Exchange Rates Spot Rates as of July 31, 2004 Currency EUR GBP HKD HUF JPY NZD THB TWD Exchange Rate 1.2039 1.8185 7.7998 206.4239 111.4550 0.6338 41.3200 33.9900 EFTA01554004 07 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 6 of 65 Cash and Short Term Summary by Maturity Current Market Value USD Cash Total 68,151,001.78 68,151,001.78 Estimated Annual Income USD 822,582.58 822,582.58 Current yield is displayed for instruments with no maturity and YTM on market is displayed for instr uments that mature. Cash and Short Term by Type Description Cusip/S&P/Moody's Rating Cash JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) 7-Day Annualized Yield: 1.20% POUND STERLING Total Cash USD 68,151,001.53 1.00 1.00 68,151,001.53 68,151,001.53 67,138.83 GBP 0.14 1.785714 0.25 68,151,001.78 0.25 68,151,001.78 67,138.83 822,582.58 1.21 CurrenCy/ Unit Cost Adjusted Account Type Quantity Original Market Price Tax Cost Adjusted Original Market Value USD Accrued Interest USD Unrealized Gain/Loss USD Estimated Current Annual Yield/ Income USD YTM % Current N/A 822,582.58 1.21 EFTA01554005 07 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 7 of 65 Equities Independent, third party research selected by an Independent Consultant for certain companies covere d by JPMorgan Securities, Inc. is available to clients of JPMSI at no cost. Clients can access this research at www.privateclient.jpmorgan.com or can call their JPMorgan representative at their toll free number t o request that a copy of this research be sent to them. When JPMorgan drops coverage of a company, independent resear ch will continue to be provided for an 18-month period, when available. Refer to Equity Research Ratings sec tion for research ratings on client holdings, if applicable. Note: C indicates Equity covered by JPMSI. Equity Holdings in Alphabetical Order Description Cusip/Symbol CurrenCyi Account Type Quantity Unit Cost Current Market Price Tax Cost Current Market Value USD USD Accrued Dividends USD Unrealized Gain/Loss USD Annual Dividend Income USD Yield % Estimated C TOO INC 890333-10-7 TOO 765,678 are liened USD Total Equity 765,678 765,678 14.98 11,469,856.44 11,469,856.44 N/A 0.00 N/A 0.0 EFTA01554006 07 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 8 of 65 Equity Research Ratings Independent, third party research is available for 18 months after JPMorgan Securities, Inc. termina tes coverage. Clients can access this research at www.privateclient.jpmorgan.com or can call their JPMorgan representative at their toll free number to request that a copy of this research be sent to them. Equity Research Ratings for any comp any where JPMSI has terminated coverage are excluded below. For explanation of JPMSI ratings, see disclaimer section at end of statement. For third party ratings systems, see specific third party research at www.privateclient.j pmorgan.com. Equity Holdings in Alphabetical Order Description/Ticker TOO INC TOO Ratings JPMSI: NEUTRAL MRNGSTAR: 3 stars EFTA01554007 07 Other Swaps in Alphabetical Order Description WALT DISNEY CO EQUITY SWAP 24,954,900 USD NOTIONAL JAN 19 2005 DEAL REF t 2353480 SWPBDA-FL-1 N/0 Client WALT DISNEY CO TOTAL RETURN SWAP 11,920,650 USD NOTIONAL FEB 14 2005 DEAL REF t 2361214 SWPBDA-FV-9 N/0 Client CROSS CURRENCY SWAP 10MM NZD NOTIONAL 6.51MM USD NOTIONAL 3/9/2014 REC: FIXED RATE 6.26% NZD SEMI-ANNUAL PAY: FLOATING RATE USD 3 MONTH LIBOR QUARTERLY SWPBDA-HA-3 N/0 Client - 323,443.00 - 450,006.85 Trade Date Maturity Date Estimated Value USD - 1,857,687.85 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 9 of 65 EFTA01554008 07 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 10 of 65 Swaps in Alphabetical Order Description continued Trade Date CROSS CURRENCY SWAP 10MM AUD NOTIONAL 7.41MM USD NOTIONAL 3/9/2014 REC: FIXED RATE 5.84% AUD SEMI-ANNUAL PAY: FLOATING RATE USD 3 MONTH LIBOR QUARTERLY SWPBDA-HB-1 N/O Client Structured Investments in Alphabetical Order Description 6 MONTH CHF LINKED STRUCTURE 100% PRINCIPAL PROTECTED IN CHF JPMORGAN LONDON 12/6/2004 638998-9A-4 Bearer Total Other Maturity Date Estimated Value USD - 451,354.00 Market Value USD Unrealized Estimated Annual Currency CHF Quantity 10,000,000 Unit Cost 100.00 PriCe/Unit 99.7712 Tax Cost 8,003,201.28 Accrued Income USD Gain/Loss USD 7,798,596.30 - 204,604.98 Income USD Yield % N/A 10,000,000 8,003,201.28 4,716,104.60 - 204,604.98 EFTA01554009 07 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 11 of 65 Options Foreign Exchange Description Cusip HUF PUT USD CALL FX EUROPEAN STYLE OPTION SEP 16, 2004 @ 212. KNOCK IN @ 220 XHUFPA-AJ-Z JPY PUT USD CALL FX EUROPEAN STYLE OPTION NOV 04, 2004 @ 111. KNOCK IN TRIGGERED @ 112.5 KNOCK OUT @ 106.25 XJPYPA-JW-Z EUR PUT USD CALL FX EUROPEAN STYLE OPTION DEC 06, 2004 @ 1.1 XEURPA-OP-Z AUD CALL USD PUT FX EUROPEAN STYLE OPTION DEC 23, 2004 @ .69 KNOCK IN TRIGGERED @ .7250 KNOCK OUT @ .65 XAUDCA-CD-Z AUD PUT USD CALL FX EUROPEAN STYLE OPTION APR 04, 2005 @ .7075 KNOCK OUT @ .7365 XAUDPA-DS-Z AUD - 20,000,000 USD - 14,150,000.00 USD - 458,460.00 - 458,460.00 - 649,078.00 - 190,618.00 AUD - 5,000,000 USD - 3,450,000.00 USD - 62,445.00 - 62,445.00 - 101,026.20 - 38,581.20 EUR 20,000,000 USD 22,000,000.00 USD 96,800.00 96,800.00 55,612.40 - 41,187.60 JPY -1,110,000,000 USD - 10,000,000.00 USD - 138,000.00 - 138,000.00 - 179,464.80 - 41,464.80 Counter Amount Currency Counter Premium Amount Currency Premium Local Premium USD Current Market Value USD Unrealized Gain/Loss USD HUF -1,060,000,000 USD - 5,000,000.00 USD - 265,000.00 - 265,000.00 - 59,635.60 205,364.40 EFTA01554010 EFTA01554011 07 Cusip JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 12 of 65 Foreign Exchange Description NZD PUT USD CALL FX EUROPEAN STYLE OPTION DEC 23, 2004 @ .65 KNOCK IN TRIGGERED @ .635 KNOCK OUT @ .68 XNZDPA-DY-Z HKD PUT USD CALL FX EUROPEAN STYLE OPTION SEP 23, 2004 @ 7.833 XHKDPA-AH-Z EUR CALL USD PUT FX EUROPEAN STYLE OPTION NOV 01, 2004 @ 1.3 KNOCK OUT @ 1.1375 KNOCK OUT @ 1.21 BARRIER EXP 12/1/03 XEURCA-TQ-Z AUD PUT USD CALL FX EUROPEAN STYLE OPTION OCT 11, 2004 @ .7775 KNOCK IN TRIGGERED @ .7565 KNOCK OUT @ .8020 XAUDPA-CQ-Z NZD PUT USD CALL FX EUROPEAN STYLE OPTION NOV 22, 2004 @ .68 KNOCK IN TRIGGERED @ .6625 XNZDPA-DC-Z NZD PUT USD CALL FX EUROPEAN STYLE OPTION NOV 22, 2004 @ .68 KNOCK IN TRIGGERED @ .6625 XNZDPA-DB-Z NZD - 1,986,500 USD - 1,350,820.00 USD - 61,192.17 - 61,192.17 - 115,311.60 - 54,119.43 NZD - 14,450,000 USD - 9,826,000.00 USD - 407,779.00 - 407,779.00 - 838,787.96 - 431,008.96 AUD - 4,000,000 USD - 3,110,000.00 USD - 106,673.20 - 106,673.20 - 330,419.72 - 223,746.52 EUR 10,000,000 USD 13,000,000.00 USD 56,447.00 56,447.00 92,730.80 36,283.80 HKD 156,660,000 USD 20,000,000.00 USD 312,280.00 312,280.00 645.44 - 311,634.56 Counter Amount Currency continued NZD - 10,000,000 USD - 6,500,000.00 USD - 244,400.00 - 244,400.00 - 350,772.30 EFTA01554012 - 106,372.30 Counter Premium Amount Currency Premium Local Premium USD Current Market Value USD Unrealized Gain/Loss USD EFTA01554013 07 Cusip JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 13 of 65 Foreign Exchange Description AUD PUT USD CALL FX EUROPEAN STYLE OPTION NOV 22, 2004 @ .77 KNOCK IN @ TRIGGERED @ .755 KNOCK OUT @ .7965 XAUDPA-DH-2 THB CALL USD PUT FX EUROPEAN STYLE OPTION FEB 23, 2005 @ 36. XTHBCA-AC-2 THB CALL USD PUT FX EUROPEAN STYLE OPTION FEB 23, 2005 @ 38. XTHECA-AB-2 TWD CALL USD PUT FX EUROPEAN STYLE OPTION MAR 01, 2005 @ 32.75 XTWDCA-AB-2 Total Foreign Exchange Exchange-listed options are valued using market prices at the close of business for statement date. Over-The-Counter (OTC) options are valued at Mid-Market, unless otherwise agreed. See: Important Information about Pricing and Valuations. - 592,759.31 - 2,548,415.32 - 1,955,656.00 TWD 327,500,000 USD 10,000,000.00 USD 196,000.00 196,000.00 36,201.85 - 159,798.15 THB 351,500,000 USD 9,250,000.00 USD 108,225.00 108,225.00 6,576.57 - 101,648.43 THB 2,700,000,000 USD 75,000,000.00 USD 405,000.00 405,000.00 2,349.00 - 402,651.00 Counter Amount Currency continued AUD - 1,500,000 USD - 1,155,000.00 USD - 23,561.94 - 23,561.94 - 118,035.20 - 94,473.26 Counter Premium Amount Currency Premium Local Premium USD Current Market Value USD Unrealized Gain/Loss USD EFTA01554014 07 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 14 of 65 Important Information about Pricing and Valuations Prices, some of which are provided by pricing services or other sources which we deem reliable, are not guaranteed for accuracy or as realizable values. Valuations of over-the-counter derivative transactions, including certain derivatives-related deposi t products, have been prepared on a mid-market basis. These valuations are indicative values as of t he close of business of the date of this statement and, except as otherwise agreed in writing, these valuations do not represent the actual terms at wh ich transactions or securities could be bought or sold or new transactions could be entered into, or the actual terms on which existing transactions or securities could be liquidated as of the date of this statement. We do not warrant their completenes s or accuracy. These valuations are derived from proprietary models based upon well recognized finan vial principles and we have, when necessary to calculate the present value of future cash flows, made reasonable estimates about relevant future ma rket conditions. Valuations based on other models or different assumptions may yield different resul ts. Morgan expressly disclaims any responsibility for (1) the accuracy of the models or estimates used in deriving the valuations, (2) any errors or o missions in computing or disseminating the valuations, and (3) any uses to which the valuations are put. Valuations are provided for information purposes only and are intended solely for your own use. Please refer to the trade confirmation for d etails of each transaction. EFTA01554015 07 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 15 of 65 Outstanding Foreign Exchange Contracts Net Currency Exposure Summary Value in Currency Australia Dollar Hungarian Forint N Zealand Dollar U S Dollar - 10,000,000.00 1,694,220,000.00 - 20,000,000.00 13,502,155.82 Gain/Loss Summary Total Unrealized Closed Value in USD Total Unrealized Open Total Unrealized Gain/Loss - 87,246.50 1,733,818.27 1,646,571.77 Foreign Exchange Contracts Settlement Date Trade Date SPECULATIVE AUSTRALIA DOLLAR - U S DOLLAR Feb. 20 04 Aug. 24 04 AUD Feb. 20 04 Aug. 24 04 AUD Mar. 1 04 Aug. 24 04 AUD Jul. 7 04 Sep. 9 04 AUD Jul. 8 04 Sep. 9 04 AUD Total Closed Jul. 9 04 Aug. 13 04 AUD Jul. 12 04 Sep. 14 04 AUD Apr. 16 04 Oct. 20 04 AUD Apr. 23 04 Oct. 20 04 AUD Total Open Total 7,500,000.00 USD 7,500,000.00 USD - 15,000,000.00 USD - 10,000,000.00 USD 10,000,000.00 USD 0.00 - 10,000,000.00 USD - 13,000,000.00 USD 10,000,000.00 USD 3,000,000.00 USD - 10,000,000.00 - 10,000,000.00 - 5,676,750.00 - 5,639,250.00 11,347,500.00 7,166,000.00 - 7,180,000.00 17,500.00 7,197,000.00 9,361,300.00 - 7,289,000.00 - 2,148,600.00 7,120,700.00 7,138,200.00 0.7569 0.7519 0.7565 0.7166 0.718 0.7197 0.7201 0.7289 0.7162 EFTA01554016 0.698264 0.698264 0.698264 0.697088 0.697088 0.699188 0.696752 0.694292 0.694292 5,236,980.06 5,236,980.06 11,347,500.00 7,166,000.00 6,970,883.15 35,958,343.27 7,197,000.00 9,361,300.00 6,942,924.82 2,082,877.44 25,584,102.26 61,542,445.53 5,676,750.00 5,639,250.00 10,473,960.12 6,970,883.15 7,180,000.00 35,940,843.27 6,991,880.55 9,057,782.26 7,289,000.00 2,148,600.00 25,487,262.81 61,428,106.08 - 439,769.94 - 402,269.94 873,539.88 195,116.85 - 209,116.85 17,500.00 205,119.45 303,517.74 - 346,075.18 - 65,722.56 96,839.45 114,339.45 Currency Amount Counter Currency Counter Amount Contract Rate Current Market Forward Rate Market Value Receivables USD Market Value Payables USD Unrealized Gain/Loss USD EFTA01554017 07 Trade Date JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 16 of 65 Foreign Exchange Contracts Settlement Date Currency EURO CURRENCY - U S DOLLAR Jul. 29 04 Aug. 3 04 EUR Jul. 30 04 Aug. 3 04 EUR May. 17 04 Aug. 6 04 EUR May. 27 04 Aug. 6 04 EUR Feb. 20 04 Aug. 24 04 EUR Mar. 1 04 Aug. 24 04 EUR Apr. 16 04 Oct. 20 04 EUR Apr. 23 04 Oct. 20 04 EUR May. 3 04 Oct. 20 04 EUR May. 11 04 Oct. 20 04 EUR May. 17 04 Oct. 20 04 EUR Total Closed continued Amount Counter Currency Counter Amount Contract Rate Current Market Forward Rate Market Value Receivables USD Market Value Payables USD Unrealized Gain/Loss USD - 10,000,000.00 USD 10,000,000.00 USD - 5,000,000.00 USD 5,000,000.00 USD 7,500,000.00 USD - 7,500,000.00 USD 10,000,000.00 USD 3,000,000.00 USD - 10,000,000.00 USD - 1,500,000.00 USD - 1,500,000.00 USD 0.00 12,086,000.00 - 12,053,000.00 5,993,500.00 - 6,127,000.00 - 9,395,250.00 9,287,250.00 - 11,971,000.00 - 3,536,700.00 11,883,000.00 1,766,100.00 1,796,100.00 - 271,000.00 POUND STERLING - U S DOLLAR Jul. 29 04 Aug. 2 04 GBP Jul. 29 04 Aug. 2 04 GBP Feb. 23 04 Aug. 24 04 GBP Mar. 1 04 Aug. 24 04 GBP Total Closed Jul. 28 04 Aug. 6 04 GBP Jul. 12 04 Sep. 14 04 GBP Jul. 20 04 Sep. 14 04 GBP Apr. 16 04 Oct. 20 04 GBP Apr. 23 04 Oct. 20 04 GBP Total Open Total EFTA01554018 - 5,000,000.00 USD 5,000,000.00 USD 10,000,000.00 USD - 10,000,000.00 USD 0.00 - 5,000,000.00 USD - 13,000,000.00 USD 5,000,000.00 USD 10,000,000.00 USD 3,000,000.00 USD 0.00 0.00 HUNGARIAN FORINT - U S DOLLAR Jul. 13 04 Sep. 14 04 HUF - 677,070,000.00 USD 9,093,000.00 - 9,042,500.00 - 18,337,000.00 18,404,000.00 117,500.00 9,107,000.00 24,048,700.00 - 9,250,000.00 - 17,725,000.00 - 5,232,300.00 948,400.00 1,065,900.00 3,268,501.08 1.2086 1.2053 1.1987 1.2254 1.2527 1.2383 1.1971 1.1789 1.1883 1.1774 1.1974 0.827404 0.829669 0.830683 0.830683 0.830933 0.830933 0.831479 0.831479 0.831479 0.831479 0.831479 12,086,000.00 12,053,000.00 5,993,500.00 6,019,140.80 9,025,993.38 9,287,250.00 12,026,764.95 3,608,029.48 11,883,000.00 1,766,100.00 1,796,100.00 85,544,878.61 1.8186 1.8085 1.8337 1.8404 1.8214 1.8499 1.85 1.7725 1.7441 1.8186 1.8085 1.814446 1.814446 1.817496 1.810950 1.810950 1.80519 EFTA01554019 1.80519 9,093,000.00 9,042,500.00 18,144,464.72 18,404,000.00 54,683,964.72 9,107,000.00 24,048,700.00 9,054,749.88 18,051,904.62 5,415,571.38 65,677,925.88 120,361,890.60 207.15 209.057718 3,268,501.08 12,086,000.00 12,053,000.00 6,019,140.80 6,127,000.00 9,395,250.00 9,025,993.38 11,971,000.00 3,536,700.00 12,026,764.95 1,804,014.74 1,804,014.74 85,848,878.61 9,093,000.00 9,042,500.00 18,337,000.00 18,144,464.72 54,616,964.72 9,087,479.80 23,542,349.68 9,250,000.00 17,725,000.00 5,232,300.00 64,837,129.48 119,454,094.20 3,238,674.97 0.00 0.00 - 25,640.80 - 107,859.20 - 369,256.62 261,256.62 55,764.95 71,329.48 - 143,764.95 - 37,914.74 - 7,914.74 - 304,000.00 0.00 0.00 - 192,535.28 259,535.28 67,000.00 19,520.20 506,350.32 - 195,250.12 326,904.62 183,271.38 840,796.40 907,796.40 29,826.11 EFTA01554020 07 Trade Date JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 17 of 65 Foreign Exchange Contracts Settlement Date Currency Jul. 21 04 Sep. 14 04 HUF Total Closed Apr. 27 04 Oct. 20 04 HUF Apr. 28 04 Oct. 20 04 HUF Total Open Total JAPANESE YEN Jul. 12 04 Sep. 14 04 JPY Apr. 16 04 Oct. 20 04 JPY May. 25 04 Oct. 20 04 JPY Total Open continued Amount Counter Currency 677,070,000.00 USD 0.00 1,059,940,000.00 USD 634,280,000.00 USD 1,694,220,000.00 1,694,220,000.00 - U S DOLLAR - 518,050,000.00 USD 1,076,700,000.00 USD - 558,650,000.00 USD 0.00 N ZEALAND DOLLAR - U S DOLLAR Jul. 29 04 Aug. 2 04 NZD Jul. 29 04 Aug. 2 04 NZD Feb. 20 04 Aug. 24 04 NZD Feb. 23 04 Aug. 24 04 NZD Mar. 2 04 Aug. 24 04 NZD Mar. 11 04 Mar. 15 05 NZD Mar. 23 04 Mar. 15 05 NZD Total Closed Jul. 28 04 Aug. 6 04 NZD Jul. 7 04 Sep. 9 04 NZD Jul. 12 04 Sep. 14 04 NZD Apr. 16 04 Oct. 20 04 NZD May. 27 04 Oct. 20 04 NZD May. 27 04 Oct. 20 04 NZD Total Open Total - 10,000,000.00 USD 10,000,000.00 USD 5,000,000.00 USD 5,000,000.00 USD - 10,000,000.00 USD 5,000,000.00 USD - 5,000,000.00 USD 0.00 - 10,000,000.00 USD - 10,000,000.00 USD - 20,000,000.00 USD 10,000,000.00 USD 5,000,000.00 USD 5,000,000.00 USD - 20,000,000.00 - 20,000,000.00 4,797,647.71 - 10,000,000.00 5,000,000.00 - 202,352.29 6,298,000.00 - 6,314,000.00 EFTA01554021 - 3,315,000.00 - 3,344,500.00 6,742,000.00 - 3,102,500.00 3,170,500.00 134,500.00 6,269,000.00 6,483,000.00 13,096,000.00 - 6,276,000.00 - 3,127,000.00 - 3,127,000.00 13,318,000.00 13,452,500.00 107.98 107.67 111.73 111.230325 111.026398 111.026398 4,797,647.71 9,697,693.69 5,000,000.00 19,495,341.40 0.6298 0.6314 0.663 0.6689 0.6742 0.6205 0.6341 0.6269 0.6483 0.6548 0.6276 0.6254 0.6254 1.587806 1.583782 0.631735 0.631735 0.631735 0.616782 0.616782 0.633249 0.630405 0.629992 0.627124 0.627124 0.627124 6,298,000.00 6,314,000.00 3,158,673.25 3,158,673.25 6,742,000.00 3,083,910.00 3,170,500.00 31,925,756.50 6,269,000.00 6,483,000.00 13,096,000.00 6,271,238.76 3,135,619.38 3,135,619.38 38,390,477.52 70,316,234.02 4,657,452.88 10,000,000.00 5,031,686.24 19,689,139.12 6,298,000.00 6,314,000.00 3,315,000.00 3,344,500.00 6,317,346.51 3,102,500.00 3,083,910.00 31,775,256.51 6,332,489.55 EFTA01554022 6,304,048.83 12,599,847.66 6,276,000.00 3,127,000.00 3,127,000.00 37,766,386.04 69,541,642.55 140,194.83 - 302,306.31 - 31,686.24 - 193,797.72 0.00 0.00 - 156,326.75 - 185,826.75 424,653.49 - 18,590.00 86,590.00 150,499.99 - 63,489.55 178,951.17 496,152.34 - 4,761.24 8,619.38 8,619.38 624,091.48 774,591.47 Counter Amount - 3,286,747.57 - 18,246.49 - 4,803,280.91 - 2,859,564.49 - 7,662,845.40 - 7,681,091.89 Contract Rate 206.00 220.67 221.81 Current Market Forward Rate 209.057718 211.019568 211.019568 Market Value Receivables USD 3,238,674.97 6,507,176.05 5,022,946.48 3,005,787.58 8,028,734.06 14,535,910.11 Market Value Payables USD 3,286,747.57 6,525,422.54 4,803,280.91 2,859,564.49 7,662,845.40 14,188,267.94 Unrealized Gain/Loss USD - 48,072.60 - 18,246.49 219,665.57 146,223.09 365,888.66 347,642.17 EFTA01554023 07 Trade Date JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 18 of 65 Foreign Exchange Contracts Settlement Date Currency Total Foreign Exchange Contracts continued Amount Counter Currency Counter Amount Contract Rate Current Market Forward Rate Market Value Receivables USD Market Value Payables USD Unrealized Gain/Loss USD 371,796,700.27 370,150,128.50 1,646,571.77 EFTA01554024 07 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 19 of 65 Trade Activity Realized Gain/Loss Summary Short Term Gain/Loss Long Term Gain/Loss Note: indicates Short Term Realized Gain/Loss indicates Long Term Realized Gain/Loss S L Capital gains and losses on sales with missing or incomplete tax cost are identified with N/A. Trade Date Settlement Date Settled Jul 1 Jul 6 Buy-Back Opt NZD CALL USD PUT FX EUROPEAN STYLE OPTION DEC 23, 2004 @ .625 Jul 1 Jul 6 Write Option KNOCK IN TRIGGERED @ .6450 NZD PUT USD CALL Jul 2 Jul 6 Buy-Back Opt FX EUROPEAN STYLE OPTION DEC 23, 2004 @ .625 KNOCK IN @ .615 AUD CALL USD PUT FX EUROPEAN STYLE OPTION DEC 23, 2004 @ .69 KNOCK IN TRIGGERED @ .7250 KNOCK OUT @ .65 USD - 20,000,000 3.44 430,000.00 USD 20,000,000 - 511,250.00 362,500.00 - 148,750.00 S Realized Type Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost Gain/Loss USD Amount USD - 544,846.67 0.00 USD 5,000,000 - 132,825.00 62,445.00 - 70,380.00 S EFTA01554025 07 Trade Date JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 20 of 65 Settlement Date Realized Type Settled continued Jul 2 Jul 6 Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost Gain/Loss USD Write Option AUD PUT USD CALL USD Jul 2 Jul 6 Sell Option FX EUROPEAN STYLE OPTION APR 04, 2005 @ .7075 KNOCK OUT @ .7365 CHF CALL USD PUT FX EUROPEAN STYLE OPTION OCT 29, 2004 @ 1.26 KNOCK OUT @ 1.23 Jul 2 Jul 2 Expired Opt KNOCK OUT @ 1.31 BARRIER EXP 7/14/04 CHF PUT USD CALL FX EUROPEAN STYLE OPTION SEP 30, 2004 @ 1.27 KNOCK IN @ 1.29 KNOCK OUT @ 1.2360 Issued in USD Jul 2 Jul 6 Buy-Back Opt NZD CALL USD PUT FX EUROPEAN STYLE OPTION DEC 23, 2004 @ .625 Jul 2 Jul 6 Buy-Back Opt KNOCK IN TRIGGERED @ .6450 NZD CALL USD PUT FX EUROPEAN STYLE OPTION DEC 23, 2004 @ .625 Jul 2 Jul 6 Buy-Back Opt KNOCK IN TRIGGERED @ .6450 NZD CALL USD PUT FX EUROPEAN STYLE OPTION DEC 23, 2004 @ .64 Jul 2 Jul 6 Write Option KNOCK IN TRIGGERED @ .6515 NZD PUT USD CALL FX EUROPEAN STYLE OPTION APR 04, 2005 @ .64 KNOCK OUT @ .6635 USD - 15,000,000 2.43 233,280.00 USD 10,000,000 - 210,560.00 136,960.00 - 73,600.00 S USD 2,000,000 - 57,375.00 EFTA01554026 36,250.00 - 21,125.00 S USD 10,000,000 - 286,875.00 163,750.00 - 123,125.00 S CHF 19,050,000 0.00 181,500.00 181,500.00 S - 20,000,000 3.24 458,460.00 USD - 11,340,000 57,600.00 - 157,500.00 - 99,900.00 S EFTA01554027 07 Trade Date JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 21 of 65 Settlement Date Realized Type Settled continued Jul 6 Jul 8 Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost Gain/Loss USD Buy-Back Opt NZD CALL USD PUT USD FX EUROPEAN STYLE OPTION DEC 23, 2004 @ .64 Jul 6 Jul 8 Write Option KNOCK IN TRIGGERED @ .6515 NZD PUT USD CALL FX EUROPEAN STYLE OPTION DEC 23, 2004 @ .65 Jul 7 Jul 9 Write Option Jul 8 Jul 12 Buy-Back Opt KNOCK IN TRIGGERED @ .635 KNOCK OUT @ .68 AUD PUT USD CALL FX EUROPEAN STYLE OPTION JUL 08, 2004 @ .7225 AUD PUT USD CALL Jul 8 Jul 12 FX Option Assi Jul 8 Jul 12 Buy-Back Opt FX EUROPEAN STYLE OPTION OCT 11, 2004 @ .69 KNOCK IN @ .67 AUD PUT USD CALL FX EUROPEAN STYLE OPTION JUL 08, 2004 @ .7225 HUF PUT USD CALL Jul 8 Jul 12 Buy-Back Opt FX EUROPEAN STYLE OPTION SEP 16, 2004 @ 211. KNOCK IN @ 220 NZD PUT USD CALL FX EUROPEAN STYLE OPTION APR 04, 2005 @ .64 KNOCK OUT @ .6635 Jul 8 Jul 12 FX Opt Asgn'D SPOT CURRENCY TRANSACTION SETTLEMENT OF ASSIGNED FX OPTION BUY AUD SELL USD USD 10,000,000 1.384 - 7,225,000.00 7,225,000.00 USD USD - 10,000,000 4,000,000 0.297 21,494.00 - 38,088.00 91,908.00 53,820.00 S USD - 10,000,000 EFTA01554028 3.76 244,400.00 10,000,000 - 221,440.00 136,960.00 - 84,480.00 S USD USD 10,000,000 0.00 1,002,250,000 - 72,200.00 21,494.00 277,875.00 21,494.00 S 205,675.00 S USD 15,000,000 - 134,400.00 233,280.00 98,880.00 S EFTA01554029 07 Trade Date JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 22 of 65 Settlement Date Realized Type Settled continued Jul 9 Jul 9 Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost Gain/Loss USD Expired Opt HUF PUT USD CALL HUF FX EUROPEAN STYLE OPTION DEC 20, 2004 @ 215. KNOCK IN @ 225 KNOCK OUT @ 202 Issued in USD Jul 9 Jul 13 Write Option ZAR PUT USD CALL Jul 16 Jul 20 Buy-Back Opt FX EUROPEAN STYLE OPTION AUG 11, 2004 @ 6.16 KNOCK IN @ 6.20 KNOCK OUT @ 5.95 GBP PUT USD CALL FX EUROPEAN STYLE OPTION AUG 20, 2004 @ 1.875 Jul 16 Jul 16 Expired Opt KNOCK IN TRIGGERED @ 1.8375 ZAR PUT USD CALL FX EUROPEAN STYLE OPTION AUG 11, 2004 @ 6.16 KNOCK IN @ 6.20 KNOCK OUT @ 5.95 Issued in USD Jul 19 Jul 21 Buy-Back Opt HUF PUT USD CALL Jul 20 Jul 22 Sell Option FX EUROPEAN STYLE OPTION SEP 16, 2004 @ 212. KNOCK IN @ 220 EUR CALL USD PUT FX EUROPEAN STYLE OPTION NOV 01, 2004 @ 1.25 KNOCK OUT @ 1.1375 KNOCK OUT @ 1.21 BARRIER EXP 12/1/03 USD 636,000,000 - 29,700.00 159,000.00 129,300.00 S ZAR 61,600,000 0.00 125,000.00 125,000.00 S USD - 61,600,000 1.25 125,000.00 2,580,000,000 0.00 451,200.00 451,200.00 S USD 5,750,000.66 EFTA01554030 - 143,391.00 349,312.54 205,921.54 S USD - 5,000,000 87,500.00 - 49,186.20 38,313.80 S EFTA01554031 07 Trade Date JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 23 of 65 Settlement Date Realized Type Settled continued Jul 20 Jul 22 Buy-Back Opt NZD PUT USD CALL Jul 21 Jul 23 Buy-Back Opt FX EUROPEAN STYLE OPTION DEC 23, 2004 @ .625 KNOCK IN @ .615 ZAR CALL USD PUT FX EUROPEAN STYLE OPTION JUL 30, 2004 @ 6.18 Jul 23 Jul 27 Buy-Back Opt KNOCK IN TRIGGERED @ 5.95 ZAR CALL USD PUT FX EUROPEAN STYLE OPTION JUL 30, 2004 @ 6.18 Jul 27 Jul 29 Buy-Back Opt KNOCK IN TRIGGERED @ 5.95 NZD CALL USD PUT FX EUROPEAN STYLE OPTION DEC 23, 2004 @ .64 Jul 27 Jul 29 Buy-Back Opt KNOCK IN TRIGGERED @ .6515 NZD PUT USD CALL FX EUROPEAN STYLE OPTION DEC 23, 2004 @ .625 KNOCK IN @ .615 Trade Date Settlement Date Counter Currency Settled Foreign Exchange Contracts SPECULATIVE AUSTRALIA DOLLAR - U S DOLLAR Jul 8 04 Jul 12 04 Jun 10 04 Jul 14 04 Jul 12 04 Jul 21 04 Jul 14 04 Jul 30 04 AUD - 10,000,000.00 USD AUD - 13,000,000.00 USD 7,225,000.00 9,003,800.00 AUD 13,000,000.00 USD - 9,425,000.00 AUD - 5,000,000.00 USD 3,556,000.00 0.722500 0.692600 0.725000 0.711200 0.722500 1.380550 0.725000 1.428000 7,225,000.00 9,003,800.00 - 9,425,000.00 3,556,000.00 - 7,225,000.00 - 9,416,536.88 9,425,000.00 - 3,501,400.56 EFTA01554032 - 412,736.88 54,599.44 Amount Currency Counter Amount Contract Rate Revaluation Rate Contracted/ Base Amount USD Revalued Amount USD Realized Gain/Loss USD USD 10,000,000 - 205,000.00 215,000.00 10,000.00 S USD 7,000,000 - 100,800.00 95,872.00 - 4,928.00 S USD 33,372,000 - 89,100.00 88,560.00 - 540.00 S USD 10,000,000 - 149,063.00 215,000.00 65,937.00 S Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost Gain/Loss USD USD 28,428,000 - 102,580.00 75,440.00 - 27,140.00 S EFTA01554033 07 Date Jul 21 04 Jul 23 04 Jul 23 04 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 24 of 65 Settled Foreign Exchange Contracts Trade Settlement Date Currency Jul 30 04 Jul 30 04 Jul 30 04 SWISS FRANC Jun 4 04 Jul 8 04 Jun 16 04 Jul 8 04 Jun 21 04 Jul 8 04 Jun 21 04 Jul 8 04 Jul 1 04 Jul 2 04 Jul 8 04 Jul 8 04 Counter Amount Currency continued AUD - 10,000,000.00 USD AUD 7,137,000.00 AUD 10,000,000.00 USD - 7,102,000.00 5,000,000.00 USD - 3,560,500.00 - EURO CURRENCY CHF 22,839,000.00 EUR - 15,000,000.00 CHF 15,200,000.00 EUR - 10,000,000.00 CHF - 15,226,000.00 EUR 10,103,516.92 CHF - 7,613,000.00 EUR CHF - 7,600,000.00 EUR CHF - 7,600,000.00 EUR EURO CURRENCY - U S DOLLAR Jun 21 04 Jul 8 04 Jun 21 04 Jul 8 04 Jul 6 04 Jul 21 04 Jul 21 04 Jul 23 04 Jul 23 04 Jul 8 04 Jul 30 04 Jul 30 04 Jul 30 04 Jul 30 04 EUR EUR EUR EUR POUND STERLING - U S DOLLAR 5,049,747.94 4,998,355.80 5,006,587.62 1.522600 1.520000 1.507000 1.507600 1.520500 1.518000 1.223950 0.806450 1.223950 0.806450 1.223950 0.806450 EFTA01554034 1.223950 0.806450 1.223950 0.806450 1.223950 0.806450 - 103,516.92 USD - 49,747.94 USD - 4,943.42 USD EUR - 5,000,000.00 USD 125,069.14 60,135.31 6,088.32 6,110,000.00 EUR - 10,000,000.00 USD 12,230,000.00 5,000,000.00 USD - 6,087,500.00 EUR 10,000,000.00 USD - 12,220,000.00 1.208200 1.208800 1.231600 1.222000 1.223000 1.217500 1.222000 1.240002 1.240002 1.240002 1.203949 1.203949 1.203949 1.203949 18,660,075.98 - 18,600,037.20 12,418,807.95 - 12,400,024.80 - 12,440,050.65 - 6,220,025.32 - 6,209,403.97 - 6,209,403.97 12,528,386.03 6,261,699.96 6,197,973.58 6,208,181.06 60,038.78 18,783.15 88,335.38 41,674.64 - 11,430.39 - 1,222.91 0.713700 0.710200 0.712100 1.428000 1.428000 1.428000 7,137,000.00 - 7,102,000.00 - 3,560,500.00 - 7,002,801.12 7,002,801.12 3,501,400.56 134,198.88 - 99,198.88 - 59,099.44 Counter Amount Contract Rate Revaluation Rate Contracted/ Base Amount USD Revalued Amount USD Realized Gain/Loss USD 125,069.14 60,135.31 6,088.32 6,110,000.00 - 128,361.23 - 61,687.56 EFTA01554035 - 6,129.85 - 6,019,744.76 12,230,000.00 - 12,039,489.52 - 6,087,500.00 - 12,220,000.00 6,019,744.76 12,039,489.52 - 3,292.09 - 1,552.25 - 41.53 90,255.24 190,510.48 - 67,755.24 - 180,510.48 EFTA01554036 07 Date JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 25 of 65 Settled Foreign Exchange Contracts Trade Settlement Date Currency Jun 10 04 Jul 14 04 Jun 25 04 Jul 14 04 Jul 2 04 Jul 12 04 Jul 20 04 Jul 21 04 Jul 21 04 Jul 21 04 Jul 28 04 Jul 28 04 Jul 28 04 Jul 14 04 Jul 14 04 Jul 23 04 Jul 23 04 Jul 23 04 Jul 30 04 Jul 30 04 Jul 30 04 Jul 30 04 Counter Amount Currency continued GBP - 8,000,000.00 USD 14,679,200.00 GBP - 3,000,000.00 USD GBP - 2,000,000.00 USD GBP 13,000,000.00 USD - 24,180,000.00 GBP GBP - 2,000,000.00 USD GBP - 3,000,000.00 USD GBP - 5,000,000.00 USD GBP GBP - 5,000,000.00 USD GBP HUNGARIAN FORINT - U S DOLLAR Jun 10 04 Jul 14 04 Jul 13 04 Jul 13 04 Jul 14 04 Jul 14 04 Jul 14 04 Jul 14 04 Jul 16 04 Jul 16 04 JAPANESE YEN Jun 10 04 Jul 14 04 Jul 12 04 Jul 14 04 - U S DOLLAR JPY - 518,050,000.00 USD N ZEALAND DOLLAR - U S DOLLAR Jun 10 04 Jul 14 04 Jul 12 04 Jul 21 04 Jul 14 04 Jul 30 04 4,735,807.66 JPY 518,050,000.00 USD - 4,785,681.29 NZD - 20,000,000.00 USD 12,550,000.00 NZD 20,000,000.00 USD - 13,200,000.00 NZD - 5,000,000.00 USD 109.390000 108.250000 3,179,500.00 EFTA01554037 0.627500 0.660000 0.635900 109.065000 108.250000 1.528500 0.660000 1.577900 4,735,807.66 - 4,785,681.29 - 4,749,919.77 4,785,681.29 12,550,000.00 - 13,084,723.58 - 13,200,000.00 3,179,500.00 - 14,112.11 HUF- 1,694,220,000.00 USD 5,455,800.00 3,658,200.00 5,000,000.00 USD - 9,308,000.00 3,673,200.00 5,526,300.00 9,177,000.00 5,000,000.00 USD - 9,112,500.00 9,112,000.00 5,000,000.00 USD - 9,087,500.00 7,959,689.92 HUF 677,070,000.00 USD - 3,327,125.30 HUF 1,017,150,000.00 USD - 5,000,000.00 HUF 1,017,150,000.00 USD - 5,051,651.35 HUF- 1,017,150,000.00 USD 1.834900 1.818600 1.829100 1.860000 1.861600 1.836600 1.842100 1.835400 1.822500 1.822400 1.817500 5,041,635.68 212.850000 203.500000 203.430000 201.350000 201.750000 1.855976 1.855976 1.855976 1.860000 1.861600 1.861600 1.861600 1.818512 1.822500 1.820000 1.817500 201.280142 203.500000 203.430000 201.350000 201.350000 14,679,200.00 - 14,847,809.94 5,455,800.00 3,658,200.00 - 24,180,000.00 - 9,308,000.00 3,673,200.00 5,526,300.00 9,177,000.00 - 9,112,500.00 9,112,000.00 - 9,087,500.00 7,959,689.92 - 3,327,125.30 - 5,000,000.00 - 5,051,651.35 EFTA01554038 5,041,635.68 - 5,567,928.73 - 3,711,952.48 24,180,000.00 9,308,000.00 - 3,723,200.00 - 5,584,800.00 - 9,092,562.28 9,112,500.00 - 9,100,000.01 9,087,500.00 - 8,417,223.80 3,327,125.30 5,000,000.00 5,051,651.35 - 5,051,651.35 - 168,609.94 - 112,128.73 - 53,752.48 Counter Amount Contract Rate Revaluation Rate Contracted/ Base Amount USD Revalued Amount USD Realized Gain/Loss USD - 50,000.00 - 58,500.00 84,437.72 11,999.99 - 457,533.88 - 10,015.67 - 534,723.58 13,200,000.00 - 3,168,768.61 10,731.39 EFTA01554039 07 Date Jul 21 04 Jul 23 04 Jul 28 04 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 26 of 65 Settled Foreign Exchange Contracts Trade Settlement Date Currency Jul 30 04 Jul 30 04 Jul 30 04 Counter Amount Currency continued NZD - 10,000,000.00 USD NZD 6,394,000.00 5,000,000.00 USD - 3,192,500.00 NZD 10,000,000.00 USD - 6,275,000.00 0.639400 0.638500 0.627500 1.577900 1.577900 0.627500 6,394,000.00 - 3,192,500.00 - 6,275,000.00 - 6,337,537.23 3,168,768.61 6,275,000.00 56,462.77 - 23,731.39 Counter Amount Contract Rate Revaluation Rate Contracted/ Base Amount USD Revalued Amount USD Realized Gain/Loss USD EFTA01554040 07 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 27 of 65 Account Transactions by Currency Australia Dollar Activity Summary Amount this Period Beginning Balance Credits Sales, Maturities, Redemptions Foreign Exchange Debits Miscellaneous Disbursements Foreign Exchange Ending Balance Foreign Exchange Gains/Losses Australia Dollar Activity by Date Settlement Date Jul 12 Type Spot FX Quantity Description 7,225,000 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL AUD SPOT RATE : 0.722500000 TRADE 7/08/04 VALUE 7/12/04 U S DOLLAR AUSTRALIA DOLLAR Jul 12 FX Opt Asgn'D - 7,225,000 SPOT CURRENCY TRANSACTION SETTLEMENT OF ASSIGNED FX OPTION BUY AUD SELL USD TRADE 7/08/04 VALUE 7/12/04 10,000,000.00 7,276,961.14 - 276,000.00 - 38,000,000.00 .00 - 8,463.12 - 301,500,000.00 38,000,000.00 10,000,000.00 291,776,000.00 .00 Amount to Date Realized Amount Gain/Loss USD - 10,000,000.00 - 7,225,000.00 Amount USD EFTA01554041 07 Date Jul 14 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 28 of 65 Australia Dollar Activity by Date Settlement continued Realized Type Fwd FX Ctrct Quantity Description 9,003,800 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL AUD CONTRACT RATE : 0.692600000 TRADE 6/10/04 VALUE 7/14/04 Jul 14 Spot FX - 9,425,000 SPOT CURRENCY TRANSACTION - BUY BUY AUD SELL USD SPOT RATE : 0.725000000 TRADE 7/12/04 VALUE 7/14/04 AUSTRALIA DOLLAR U S DOLLAR Jul 30 Fwd FX Ctrct 3,556,000 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL AUD CONTRACT RATE : 0.711200000 TRADE 7/21/04 VALUE 7/30/04 Jul 30 Fwd FX Ctrct 7,137,000 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL AUD CONTRACT RATE : 0.713700000 TRADE 7/21/04 VALUE 7/30/04 Jul 30 Fwd FX Ctrct - 7,102,000 SETTLE FORWARD CURRENCY CONTRACT BUY AUD SELL USD CONTRACT RATE : 0.710200000 TRADE 7/23/04 VALUE 7/30/04 Jul 30 Fwd FX Ctrct - 3,560,500 SETTLE FORWARD CURRENCY CONTRACT BUY AUD SELL USD CONTRACT RATE : 0.712100000 TRADE 7/23/04 VALUE 7/30/04 Gain/Loss USD - 8,463.12 - 13,000,000.00 - 9,416,536.86 Amount Amount USD 13,000,000.00 9,425,000.00 - 5,000,000.00 - 3,501,400.56 - 10,000,000.00 - 7,002,801.12 10,000,000.00 7,002,801.12 5,000,000.00 3,501,400.56 EFTA01554042 07 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 29 of 65 Account Transactions by Currency Euro Currency Activity Summary Amount this Period Beginning Balance Credits Sales, Maturities, Redemptions Foreign Exchange Debits Purchases of Securities Foreign Exchange Ending Balance Foreign Exchange Gains/Losses Euro Currency Activity by Date Settlement Date Jul 8 Type Fwd FX Ctrct Quantity Description 22,839,000 SETTLE FORWARD CURRENCY CONTRACT BUY CHF SELL EUR CONTRACT RATE : 1.522600000 TRADE 6/04/04 VALUE 7/08/04 Jul 8 Fwd FX Ctrct - 15,226,000 SETTLE FORWARD CURRENCY CONTRACT BUY EUR SELL CHF CONTRACT RATE : 1.507000000 TRADE 6/21/04 VALUE 7/08/04 - 40,158,208.28 .00 .01 - 30,000,000.00 - 343,099,332.92 40,158,208.28 29,941,124.64 343,158,208.28 .00 Amount to Date Realized Amount Gain/Loss USD 0.02 - 15,000,000.00 - 18,600,037.20 Amount USD 10,103,516.92 12,528,386.03 EFTA01554043 07 Date Jul 8 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 30 of 65 Euro Currency Activity by Date Settlement continued Realized Type Fwd FX Ctrct Quantity Description 125,069.14 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL EUR CONTRACT RATE : 1.208200000 TRADE 6/21/04 VALUE 7/08/04 Jul 8 Fwd FX Ctrct 60,135.31 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL EUR CONTRACT RATE : 1.208800000 TRADE 6/21/04 VALUE 7/08/04 Jul 8 Fwd FX Ctrct - 7,613,000 SETTLE FORWARD CURRENCY CONTRACT BUY EUR SELL CHF CONTRACT RATE : 1.507600000 TRADE 6/21/04 VALUE 7/08/04 Jul 8 Fwd FX Ctrct - 7,600,000 SETTLE FORWARD CURRENCY CONTRACT BUY EUR SELL CHF CONTRACT RATE : 1.520500000 TRADE 7/01/04 VALUE 7/08/04 Jul 8 Fwd FX Ctrct - 7,600,000 SETTLE FORWARD CURRENCY CONTRACT BUY EUR SELL CHF CONTRACT RATE : 1.518000000 TRADE 7/02/04 VALUE 7/08/04 Jul 8 Fwd FX Ctrct 15,200,000 SETTLE FORWARD CURRENCY CONTRACT BUY CHF SELL EUR CONTRACT RATE : 1.520000000 TRADE 6/16/04 VALUE 7/08/04 Jul 8 Spot FX 6,088.32 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL EUR SPOT RATE : 1.231600000 TRADE 7/06/04 VALUE 7/08/04 U S DOLLAR EURO PRINCIPAL CURRENCY 0.01 Gain/Loss USD - 0.01 - 103,516.92 - 128,361.23 Amount Amount USD - 0.01 - 49,747.94 - 61,687.56 5,049,747.94 6,261,699.96 EFTA01554044 4,998,355.80 6,197,973.58 5,006,587.62 6,208,181.06 - 10,000,000.00 - 12,400,024.80 - 4,943.42 - 6,088.32 EFTA01554045 07 Date Jul 30 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 31 of 65 Euro Currency Activity by Date Settlement continued Realized Type Fwd FX Ctrct Quantity Description 6,110,000 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL EUR CONTRACT RATE : 1.222000000 TRADE 7/21/04 VALUE 7/30/04 Jul 30 Fwd FX Ctrct 12,230,000 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL EUR CONTRACT RATE : 1.223000000 TRADE 7/21/04 VALUE 7/30/04 Jul 30 Fwd FX Ctrct - 6,087,500 SETTLE FORWARD CURRENCY CONTRACT BUY EUR SELL USD CONTRACT RATE : 1.217500000 TRADE 7/23/04 VALUE 7/30/04 Jul 30 Fwd FX Ctrct - 12,220,000 SETTLE FORWARD CURRENCY CONTRACT BUY EUR SELL USD CONTRACT RATE : 1.222000000 TRADE 7/23/04 VALUE 7/30/04 Gain/Loss USD - 5,000,000.00 - 6,019,744.76 Amount Amount USD - 10,000,000.00 - 12,039,489.52 5,000,000.00 6,019,744.76 10,000,000.00 12,039,489.52 EFTA01554046 07 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 32 of 65 Account Transactions by Currency Hungarian Forint Activity Summary Amount this Period Beginning Balance Credits Sales, Maturities, Redemptions Foreign Exchange Debits Purchases of Securities Foreign Exchange Ending Balance Foreign Exchange Gains/Losses Hungarian Forint Activity by Date Settlement Date Jul 9 Type Expired Opt Quantity Description 2,580,000,000 HUF PUT USD CALL FX EUROPEAN STYLE OPTION DEC 20, 2004 @ 215. KNOCK IN @ 225 KNOCK OUT @ 202 EXPIRATION OF WRITTEN FX OPTION OPTION KNOCKED OUT Jul 14 Fwd FX Ctrct 7,959,689.92 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL HUF CONTRACT RATE : 212.850000000 TRADE 6/10/04 VALUE 7/14/04 90,098.50 -1,694,220,000.00 - 8,417,223.80 - 2,711,370,000.0 .00 90,098.50 - 2,120,000,000.0 - 15,424,940,000. 2,711,370,000.00 3,203,000,000.00 14,341,940,000.00 .00 Amount to Date Realized Amount Gain/Loss USD Amount USD EFTA01554047 07 Date Jul 14 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 33 of 65 Hungarian Forint Activity by Date Settlement continued Realized Type Spot FX Quantity Description - 3,327,125.30 SPOT CURRENCY TRANSACTION - BUY BUY HUF SELL USD SPOT RATE : 203.500000000 TRADE 7/13/04 VALUE 7/14/04 HUNGARIAN FORINT U S DOLLAR Jul 14 Spot FX - 5,000,000 SPOT CURRENCY TRANSACTION - BUY BUY HUF SELL USD SPOT RATE : 203.430000000 TRADE 7/13/04 VALUE 7/14/04 HUNGARIAN FORINT U S DOLLAR Jul 16 Spot FX - 5,051,651.35 SPOT CURRENCY TRANSACTION - BUY BUY HUF SELL USD SPOT RATE : 201.350000000 TRADE 7/14/04 VALUE 7/16/04 HUNGARIAN FORINT U S DOLLAR Jul 16 Spot FX 5,041,635.68 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL HUF SPOT RATE : 201.750000000 TRADE 7/14/04 VALUE 7/16/04 U S DOLLAR HUNGARIAN FORINT Gain/Loss USD 677,070,000.00 3,327,125.30 Amount Amount USD 1,017,150,000.00 5,000,000.00 1,017,150,000.00 5,051,651.35 - 1,017,150,000.00 - 5,041,635.68 EFTA01554048 07 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 34 of 65 Account Transactions by Currency Japanese Yen Activity Summary Amount this Period Beginning Balance Credits Debits Foreign Exchange Foreign Exchange Ending Balance Foreign Exchange Gains/Losses Japanese Yen Activity by Date Settlement Date Jul 14 Type Fwd FX Ctrct Quantity Description 4,735,807.66 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL JPY CONTRACT RATE : 109.390000000 TRADE 6/10/04 VALUE 7/14/04 Jul 14 Spot FX - 4,785,681.29 SPOT CURRENCY TRANSACTION - BUY BUY JPY SELL USD SPOT RATE : 108.250000000 TRADE 7/12/04 VALUE 7/14/04 JAPANESE YEN U S DOLLAR .00 518,050,000.00 - 518,050,000.00 .00 - 35,761.52 6,222,367,520.00 - 6,222,367,520.0 Amount to Date Realized Amount Gain/Loss USD - 35,761.52 - 518,050,000.00 - 4,749,919.77 Amount USD 518,050,000.00 4,785,681.29 EFTA01554049 07 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio July 01, 2004 - July 31, 2004 Page 35 of 65 Account Transactions by Currency N Zealand Dollar Activity Summary Amount this Period Beginning Ba