EFTA01553431.pdf

01 2004 Confidential FINANCIAL TRUST COMPANY INC Page 1 of 53 J.P. Morgan Portfolios January 1 - January 31, 2004 Table of Contents Page Account Summary Asset Account Portfolio Margin Account Portfolio JPMCB JPMSI 161121381 2 3 51 000000.0000.00.0000.000.000000000.000000 FINANCIAL TRUST COMPANY INC ATTN: JEFFREY E EPSTEIN C/O AMERICAN YACHT HARBOR 6100 RED HOOK, QUARTERS 453 ST THOMAS 00802 US VIRGIN ISLDS EFTA01553431 01 2004 Portfolio Summary FINANCIAL TRUST COMPANY INC January 01, 2004 - January 31, 2004 Page 2 of 53 Portfolio Summary Net Worth Summary Asset Portfolio USD Assets(Long) Cash fi Short Term Equities Other Options Liabilities (Short) Cash S Short Term Other Options Total FE Gain/Loss Accrued Income Total Net Worth Income Summary Dividends Total 99,134,610.78 52,609,301.11 12,241,193.40 34,000,795.20 283,321.07 - 10,938,331.09 - 291,600.00 - 1,099,700.61 - 9,547,030.48 88,196,279.69 421,685.06 25,981.76 88,643,946.51 Margin Portfolio USD 161121381 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 .00 0.00 0.00 99,134,610.78 52,609,301.11 12,241,193.40 34,000,795.20 283,321.07 - 10,938,331.09 - 291,600.00 - 1,099,700.61 - 9,547,030.48 88,196,279.69 421,685.06 25,981.76 88,643,946.51 This Period 16,460.75 16,460.75 Year to Date 16,460.75 16,460.75 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 EFTA01553432 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 on ("SIPC") insurance. Total USD EFTA01553433 01 JPMorgan Chase Bank 2004 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 3 of 53 Asset Account Portfolio January 1 - January 31, 2004 Table of Contents Portfolio Summary Cash and Short Term Equities Other Options Outstanding Foreign Exchange Contracts Trade Activity Account Transactions Account Officers Service Specialist: D'ORAZIO/HORNBEC Page 4 6 7 8 10 15 18 25 EFTA01553434 01 JPMorgan Chase Bank 2004 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 4 of 53 Overview 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 53% Cash and Short Term 13% Equities 34% Other Market Value USD Jan 31 Cash S Short Term Equities Other Options Total Foreign Exchange Accrued Income Total Portfolio Value 52,317,701.11 12,241,193.40 32,901,094.59 - 9,263,709.41 88,196,279.69 421,685.06 25,981.76 88,643,946.51 Income Summary Dividends Total Net Gain/Loss Summary Net Short Term Gain/Loss Net Long Term Gain/Loss Total Market Value USD Dec 31 27,555,114.03 13,505,316.64 47,477,809.70 4,382,195.11 92,920,435.48 1,615,219.80 16,460.75 94,552,116.03 Tax Cost USD 52,317,701.11 32,079,400.02 - 5,925,087.60 78,472,013.53 Estimated Annual Income USD 493,355.92 Yield 0.9 0.0 0.0 493,355.92 N/A N/A 0.6 This Period USD 16,460.75 16,460.75 Year to Date USD* EFTA01553435 16,460.75 16,460.75 Realized This Period USD Realized Year to Date USD* 3,680,730.93 3,680,730.93 Unrealized USD 3,680,730.93 - 1,132,540.74 - 284,686.06 3,680,730.93 - 1,417,226.80 •Year to date information is calculated on a calendar year basis. Exchange Rates Spot Rates as of January 31, 2004 Market value of Options is not included in pie chart. Currency AUD CHF EUR Exchange Rate 0.7611 1.2604 1.2423 EFTA01553436 01 JPMorgan Chase Bank 2004 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 5 of 53 Exchange Rates Spot Rates as of January 31, 2004 Currency GBP HKD HUF MXN NZD Exchange Rate 1.8202 7.7748 212.3864 11.0221 0.6704 EFTA01553437 01 JPMorgan Chase Bank 2004 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 6 of 53 Cash and Short Term Summary by Maturity Current Market Value USD Adjusted Cash Balance Total 52,317,701.11 52,317,701.11 Estimated Annual Income USD 493,355.92 493,355.92 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: .94% COST OF PENDING PURCHASES PROCEEDS FROM PENDING SALES Adjusted Cash Balance USD 51,909,086.11 1.00 1.00 51,909,086.11 51,909,086.11 25,981.76 USD USD - 291,600 700,215 1.00 1.00 1.00 1.00 - 291,600.00 700,215.00 52,317,701.11 - 291,600.00 700,215.00 52,317,701.11 25,981.76 489,502.68 0.94 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 - 2,749.79 6,603.03 EFTA01553438 0.94 0.94 493,355.92 0.94 EFTA01553439 01 JPMorgan Chase Bank 2004 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 7 of 53 Equities 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 Estimated Unrealized Gain/Loss USD Annual Dividend Income USD Yield TOO INC 890333-10-7 TOO 800,078 are liened USD Total Equity 800,078 800,078 15.30 12,241,193.40 12,241,193.40 N/A 0.00 N/A 0.0 EFTA01553440 01 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/O Client Structured Investments in Alphabetical Order Description 3 MONTH GBP BULLISH FX DEPOSIT -GBP 100% PRINCIPAL PROTECTED IN GBP JPMORGAN CHASE LONDON 1/30/2004 619998-9T-6 Bearer 3 MONTH HUF BULLISH FX DEPOSIT 100% PRINCIPAL PROTECTED IN HUF JP MORGAN CHASE LONDON MATURITY 02/20/2004 630998-9A-2 Bearer Market Value USD Currency GBP Quantity 10,000,000 Unit Cost 100.00 PriCe/Unit 99.9995 Tax Cost 16,980,000.02 Accrued Income USD Unrealized Estimated Annual Gain/Loss USD 18,201,600.00 1,221,599.98 Income USD Yield % N/A Trade Date Maturity Date Estimated Value USD - 1,099,700.61 JPMorgan Chase Bank 2004 Account Number: N FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 8 of 53 HUF 1,083,000,000 100.00 102.71 5,000,000.00 5,238,362.70 238,362.70 N/A EFTA01553441 01 JPMorgan Chase Bank 2004 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 9 of 53 Structured Investments in Alphabetical Order Description 3 MONTH MXN BULLISH FX DEPOSIT 100% PRINCIPAL PROTECTED IN MXN JPMORGAN CHASE LONDON 02/20/2004 630998-9Y-0 Bearer 3 MONTH GBP BULLISH FX DEPOSIT 100% PRINCIPAL PROTECTED IN GBP JPMORGAN CHASE LONDON 02/19/2004 630998-9Z-7 Bearer Total Other continued Market Value USD Currency MXN Quantity 56,250,000 Unit Cost 100.00 PriCe/Unit 97.6399 Tax Cost 5,000,000.00 Accrued Income USD 4,982,962.50 Unrealized Estimated Annual Gain/Loss USD - 17,037.50 Income USD Yield N/A GBP 3,000,000 100.00 102.1493 5,099,400.00 5,577,870.00 478,470.00 N/A 1,152,250,000 32,079,400.02 32,901,094.59 1,921,395.18 EFTA01553442 01 JPMorgan Chase Bank 2004 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 10 of 53 Options Foreign Exchange Description Cusip HKD PUT USD CALL FX EUROPEAN STYLE OPTION SEP 23, 2004 @ 7.833 XHICDPA-AH-2 CHF CALL USD PUT FX EUROPEAN STYLE OPTION MAR 15, 2004 @ 1.15 XCHFCA-CX-2 CHF CALL USD PUT FX EUROPEAN STYLE OPTION MAR 16, 2004 @ 1.175 XCHFCA-DC-2 EUR PUT USD CALL FX EUROPEAN STYLE OPTION APR 07, 2004 @ 1.165 KNOCK IN TRIGGERED @ 1.15 XEURPA-LL-2 AUD PUT USD CALL FX EUROPEAN STYLE OPTION APR 23, 2004 @ .695 KNOCK IN @ .685 XAUDPA-CJ-2 AUD - 10,000,000 USD - 6,950,000.00 USD - 251,590.00 - 251,590.00 - 16,733.70 234,856.30 EUR - 10,000,000 USD - 11,650,000.00 USD - 302,900.00 - 302,900.00 - 31,784.60 271,115.40 CHF 58,750,000 USD 50,000,000.00 USD 420,690.00 420,690.00 57,579.11 - 363,110.89 CHF 80,500,000 USD 70,000,000.00 USD 543,848.00 543,848.00 26,495.77 - 517,352.23 Counter Amount Currency Counter Premium Amount Currency Premium Local Premium USD Current Market Value USD Unrealized Gain/Loss USD HKD 156,660,000 USD 20,000,000.00 USD 312,280.00 312,280.00 27,594.09 - 284,685.91 EFTA01553443 01 Cusip JPMorgan Chase Bank 2004 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 11 of 53 Foreign Exchange Description 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 XEURCA-TP-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 NZD PUT USD CALL FX EUROPEAN STYLE OPTION OCT 11, 2004 @ .675 KNOCK IN TRIGGERED @ .6685 KNOCK OUT @ .7020 XNZDPA-CM-Z AUD PUT USD CALL FX EUROPEAN STYLE OPTION OCT 11, 2004 @ .7775 KNOCK IN TRIGGERED @ .7565 KNOCK OUT @ .8020 XAUDPA-CQ-Z AUD PUT USD CALL FX EUROPEAN STYLE OPTION JUL 14, 2004 @ .765 KNOCK IN @ .75 KNOCK OUT @ .7975 XAUDPA-CS-Z AUD - 16,666,666.66 USD - 12,749,999.99 USD - 303,450.00 - 303,450.00 - 477,747.00 - 174,297.00 AUD - 10,000,000 USD - 7,775,000.00 USD - 266,683.00 - 266,683.00 - 424,972.20 - 158,289.20 NZD - 10,000,000 USD - 6,750,000.00 USD - 188,325.00 - 188,325.00 - 308,562.50 - 120,237.50 EUR 50,000,000 USD 65,000,000.00 USD 282,235.00 282,235.00 56,778.50 - 225,456.50 Counter Amount Currency continued EUR 10,000,000 USD 12,500,000.00 USD 98,372.40 98,372.40 114,873.60 16,501.20 Counter Premium Amount Currency Premium Local Premium USD Current Market EFTA01553444 Value USD Unrealized Gain/Loss USD EFTA01553445 01 Cusip JPMorgan Chase Bank 2004 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 12 of 53 Foreign Exchange Description NZD PUT USD CALL FX EUROPEAN STYLE OPTION OCT 18, 2004 @ .6625 KNOCK IN @ .652 KNOCK OUT @ .6985 XNZDPA-CP-Z AUD PUT USD CALL FX EUROPEAN STYLE OPTION OCT 18, 2004 @ .7725 KNOCK IN @ .7525 KNOCK OUT @ .7973 XAUDPA-CV-Z GBP PUT USD CALL FX EUROPEAN STYLE OPTION OCT 18, 2004 @ 1.818 KNOCK IN TRIGGERED @ 1.815 KNOCK OUT @ 1.8735 XGBPPA-GI-Z GBP PUT USD CALL FX EUROPEAN STYLE OPTION JUL 16, 2004 @ 1.83 KNOCK IN TRIGGERED @ 1.8165 KNOCK OUT @ 1.8793 XGBPPA-GF-Z EUR PUT USD CALL FX EUROPEAN STYLE OPTION JUL 16, 2004 @ 1.22 XEURPA-LZ-Z NZD PUT USD CALL FX EUROPEAN STYLE OPTION OCT 19, 2004 @ .63 XNZDPA-CS-Z NZD - 12,000,000 USD - 7,560,000.00 USD - 233,226.00 - 233,226.00 - 204,192.36 29,033.64 EUR - 17,333,333.60 USD - 21,146,666.99 USD - 415,003.00 - 415,003.00 - 484,159.01 - 69,156.01 GBP - 12,500,000 USD - 22,875,000.00 USD - 443,775.00 - 443,775.00 - 638,368.88 - 194,593.88 GBP - 7,168,458.74 USD - 13,032,257.99 USD - 301,045.00 - 301,045.00 - 367,167.52 - 66,122.52 AUD - 22,471,910.67 USD - 17,359,550.99 USD - 524,258.00 - 524,258.00 - 1,980,453.08 - 1,456,195.08 Counter Amount Currency continued NZD - 24,691,358.49 USD - 16,358,025.00 USD - 407,315.00 - 407,315.00 - 599,601.49 - 192,286.49 Counter Premium Amount Currency EFTA01553446 Premium Local Premium USD Current Market Value USD Unrealized Gain/Loss USD EFTA01553447 01 Cusip JPMorgan Chase Bank 2004 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 13 of 53 Foreign Exchange Description EUR PUT USD CALL FX EUROPEAN STYLE OPTION JUL 20, 2004 @ 1.23 XEURPA-MB-Z EUR PUT USD CALL FX EUROPEAN STYLE OPTION OCT 27, 2004 @ 1.22 KNOCK IN @ 1.202 XEURPA-MG-Z NZD PUT USD CALL FX EUROPEAN STYLE OPTION OCT 27, 2004 @ .66 KNOCK IN TRIGGERED @ .6475 XNZDPA-CT-Z AUD PUT USD CALL FX EUROPEAN STYLE OPTION OCT 27, 2004 @ .76 KNOCK IN TRIGGERED @ .7475 XAUDPA-CY-Z P EUR CALL USD PUT FX EUROPEAN STYLE OPTION JAN 31, 2005 @ 1.35 KNOCK OUT @ 1.1995 BARRIER EXP 4/29/04 XEURCA-UR-Z P EUR PUT USD CALL FX EUROPEAN STYLE OPTION OCT 29, 2004 @ 1.21 KNOCK IN @ 1.1995 KNOCK OUT @ 1.2875 XEURPA-MH-Z EUR - 10,000,000 USD - 12,100,000.00 USD - 225,060.00 - 225,060.00 0.00 225,060.00 EUR 20,000,000 USD 27,000,000.00 USD 291,600.00 291,600.00 0.00 - 291,600.00 AUD - 37,000,000 USD - 28,120,000.00 USD - 1,262,588.00 - 1,262,588.00 - 1,506,702.53 - 244,114.53 NZD - 39,000,000 USD - 25,740,000.00 USD - 1,132,560.00 - 1,132,560.00 - 1,251,848.91 - 119,288.91 EUR - 25,000,000 USD - 30,500,000.00 USD - 857,050.00 - 857,050.00 - 925,516.00 - 68,466.00 Counter Amount Currency continued EUR - 10,000,000 USD - 12,300,000.00 USD - 284,130.00 - 284,130.00 - 329,220.70 - 45,090.70 Counter Premium Amount Currency Premium Local Premium USD EFTA01553448 Current Market Value USD Unrealized Gain/Loss USD EFTA01553449 01 Cusip JPMorgan Chase Bank 2004 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 14 of 53 Foreign Exchange Description P EUR PUT USD CALL FX EUROPEAN STYLE OPTION OCT 29, 2004 @ 1.21 KNOCK IN @ 1.1995 KNOCK OUT @ 1.2875 XEURPA-MI-2 P AUD PUT USD CALL FX EUROPEAN STYLE OPTION NOV 01, 2004 @ .755 KNOCK IN @ .740 KNOCK OUT @ .783 XAUDPA-DB-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. - 5,925,087.60 - 9,263,709.41 - 3,338,621.98 AUD - 10,000,000 USD - 7,550,000.00 USD - 226,500.00 - 226,500.00 0.00 226,500.00 Counter Amount Currency Continued EUR - 10,000,000 USD - 12,100,000.00 USD - 248,655.00 - 248,655.00 0.00 248,655.00 Counter Premium Amount Currency Premium Local Premium USD Current Market Value USD Unrealized Gain/Loss USD 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 cial 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. EFTA01553450 01 JPMorgan Chase Bank 2004 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 15 of 53 Outstanding Foreign Exchange Contracts Net Currency Exposure Summary Australia Dollar Euro Currency Pound Sterling N Zealand Dollar U S Dollar Value in Currency 10,000,000.00 17,000,000.00 13,000,000.00 20,000,000.00 - 65,635,173.46 Gain/Loss Summary Total Unrealized Closed Value in USD Total Unrealized Open Total Unrealized Gain/Loss 1,055,461.83 - 633,776.77 421,685.06 Foreign Exchange Contracts Settlement Date Trade Date SPECULATIVE AUSTRALIA DOLLAR - U S DOLLAR Dec. 11 03 Mar. 15 04 AUD Jan. 2 04 Mar. 15 04 AUD Jan. 7 04 Mar. 15 04 AUD Jan. 9 04 Mar. 15 04 AUD Jan. 15 04 Mar. 15 04 AUD Total Closed Jan. 9 04 Feb. 13 04 AUD Jan. 15 04 Feb. 13 04 AUD Jan. 20 04 Feb. 13 04 AUD Total Open Total 10,000,000.00 USD 10,000,000.00 USD - 20,000,000.00 USD 5,000,000.00 USD - 5,000,000.00 USD 0.00 5,000,000.00 USD - 5,000,000.00 USD 10,000,000.00 USD 10,000,000.00 10,000,000.00 - 7,287,000.00 - 7,524,000.00 15,258,000.00 - 3,861,000.00 3,821,000.00 407,000.00 - 3,876,000.00 3,835,500.00 - 7,678,000.00 - 7,718,500.00 - 7,311,500.00 0.7287 0.7524 0.7629 0.7722 0.7642 0.7752 0.7671 0.7678 0.756914 0.756914 EFTA01553451 0.756914 0.756914 0.756914 0.759884 0.759884 0.759884 7,569,142.96 7,569,142.96 15,258,000.00 3,784,571.48 3,821,000.00 38,001,857.40 3,799,417.83 3,835,500.00 7,598,835.67 15,233,753.50 53,235,610.90 7,287,000.00 7,524,000.00 15,138,285.92 3,861,000.00 3,784,571.48 37,594,857.40 3,876,000.00 3,799,417.83 7,678,000.00 15,353,417.83 52,948,275.23 282,142.96 45,142.96 119,714.08 - 76,428.52 36,428.52 407,000.00 - 76,582.17 36,082.17 - 79,164.33 - 119,664.33 287,335.67 Currency Amount Counter Currency Counter Amount Contract Rate Current Market Forward Rate Market Value Receivables USD Market Value Payables USD Unrealized Gain/Loss USD EFTA01553452 01 Trade Date JPMorgan Chase Bank 2004 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 16 of 53 Foreign Exchange Contracts Settlement Date Currency EURO CURRENCY - U S DOLLAR Dec. 11 03 Mar. 15 04 EUR Dec. 31 03 Mar. 15 04 EUR Jan. 5 04 Mar. 15 04 EUR Jan. 6 04 Mar. 15 04 EUR Jan. 9 04 Mar. 15 04 EUR Jan. 12 04 Mar. 15 04 EUR Total Closed Jan. 9 04 Feb. 13 04 EUR Jan. 12 04 Feb. 13 04 EUR Jan. 20 04 Feb. 13 04 EUR Jan. 20 04 Feb. 23 04 EUR Total Open Total 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 10,000,000.00 USD - 10,000,000.00 USD 5,000,000.00 USD - 5,000,000.00 USD 0.00 - 12,125,000.00 12,583,000.00 - 12,561,000.00 12,751,000.00 - 6,413,500.00 6,385,000.00 619,500.00 5,000,000.00 USD - 5,000,000.00 USD 10,000,000.00 USD 7,000,000.00 USD 17,000,000.00 17,000,000.00 POUND STERLING - U S DOLLAR Jan. 9 04 Feb. 13 04 GBP Jan. 20 04 Feb. 13 04 GBP Jan. 9 04 Mar. 15 04 GBP Jan. 14 04 Mar. 15 04 GBP Total Open Dec. 11 03 Mar. 15 04 NOK Jan. 6 04 Mar. 15 04 NOK NORWEGIAN KRONE - U S DOLLAR Total Closed N ZEALAND DOLLAR - U S DOLLAR Jan. 9 04 Feb. 13 04 NZD Jan. 12 04 Feb. 13 04 NZD 5,000,000.00 USD 10,000,000.00 USD 5,000,000.00 USD EFTA01553453 3,000,000.00 USD 23,000,000.00 67,525,000.00 USD - 67,525,000.00 USD 0.00 5,000,000.00 USD 15,000,000.00 USD - 6,416,000.00 6,390,500.00 - 12,585,000.00 - 8,758,400.00 - 21,368,900.00 - 20,749,400.00 - 9,202,000.00 - 18,165,000.00 - 9,191,500.00 - 5,473,500.00 - 42,032,000.00 - 10,000,000.00 10,028,961.83 28,961.83 - 3,405,000.00 - 10,176,000.00 1.2125 1.2583 1.2561 1.2751 1.2827 1.277 1.2832 1.2781 1.2585 1.2512 0.805965 0.805965 0.805965 0.805965 0.805965 0.805965 0.80524 0.80524 0.80524 0.805464 12,407,479.57 12,583,000.00 12,407,479.57 12,751,000.00 6,203,739.78 6,385,000.00 62,737,698.92 6,209,327.27 6,390,500.00 12,418,654.54 8,690,647.30 33,709,129.11 96,446,828.03 1.8404 1.8165 1.8383 1.8245 1.818390 1.818390 1.813769 1.813769 9,091,948.65 18,183,897.31 9,068,845.03 5,441,307.01 41,785,998.00 6.7525 6.733 7.020922 7.020922 9,617,682.58 10,028,961.83 19,646,644.41 0.681 0.6784 0.669362 EFTA01553454 0.669362 3,346,809.31 10,040,427.94 12,125,000.00 12,407,479.57 12,561,000.00 12,407,479.57 6,413,500.00 6,203,739.78 62,118,198.92 6,416,000.00 6,209,327.27 12,585,000.00 8,758,400.00 33,968,727.27 96,086,926.19 9,202,000.00 18,165,000.00 9,191,500.00 5,473,500.00 42,032,000.00 10,000,000.00 9,617,682.58 19,617,682.58 3,405,000.00 10,176,000.00 282,479.57 175,520.43 - 153,520.43 343,520.43 - 209,760.22 181,260.22 619,500.00 - 206,672.73 181,172.73 - 166,345.46 - 67,752.70 - 259,598.16 359,901.84 - 110,051.35 18,897.31 - 122,654.97 - 32,192.99 - 246,002.00 - 382,317.42 411,279.25 28,961.83 - 58,190.69 - 135,572.06 EFTA01553455 01 Trade Date JPMorgan Chase Bank 2004 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 17 of 53 Foreign Exchange Contracts Settlement Date Currency Jan. 15 04 Feb. 13 04 NZD Jan. 16 04 Feb. 13 04 NZD Jan. 20 04 Feb. 13 04 NZD Jan. 2 04 Mar. 15 04 NZD Jan. 2 04 Mar. 15 04 NZD Jan. 5 04 Mar. 15 04 NZD Jan. 7 04 Mar. 15 04 NZD Jan. 9 04 Mar. 15 04 NZD Total Open TRADE RELATED POUND STERLING - U S DOLLAR Jan. 30 04 Feb. 3 04 GBP Total Foreign Exchange Contracts - 10,000,000.00 USD 17,811,764.71 1.781176 1.781176 17,811,764.71 289,011,500.83 17,811,764.71 288,589,815.77 0.00 421,685.06 continued Amount Counter Currency - 10,000,000.00 USD - 5,000,000.00 USD 10,000,000.00 USD 10,000,000.00 USD 10,000,000.00 USD - 10,000,000.00 USD - 10,000,000.00 USD 5,000,000.00 USD 20,000,000.00 Counter Amount 6,702,000.00 3,325,500.00 - 6,666,000.00 - 6,544,000.00 - 6,534,000.00 6,637,000.00 6,669,000.00 - 3,391,500.00 - 13,383,000.00 Contract Rate 0.6702 0.6651 0.6666 0.6544 0.6534 0.6637 0.6669 0.6783 Current Market Forward Rate 0.669362 0.669362 0.669362 0.666812 0.666812 0.666812 0.666812 EFTA01553456 0.666812 Market Value Receivables USD 6,702,000.00 3,325,500.00 6,693,618.63 6,668,119.56 6,668,119.56 6,637,000.00 6,669,000.00 3,334,059.78 60,084,654.78 Market Value Payables USD 6,693,618.63 3,346,809.31 6,666,000.00 6,544,000.00 6,534,000.00 6,668,119.56 6,668,119.56 3,391,500.00 60,093,167.06 Unrealized Gain/Loss USD 8,381.37 - 21,309.31 27,618.63 124,119.56 134,119.56 - 31,119.56 880.44 - 57,440.22 - 8,512.28 EFTA01553457 01 JPMorgan Chase Bank 2004 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 18 of 53 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 Jan 6 Jan 8 Sell Option Jan 7 Jan 9 Sell Option Jan 8 Jan 12 Sell Option Jan 9 Jan 13 Write Option EUR CALL USD PUT FX EUROPEAN STYLE OPTION JUL 22, 2004 @ 1.25 EUR CALL USD PUT FX EUROPEAN STYLE OPTION JUL 22, 2004 @ 1.25 EUR CALL USD PUT FX EUROPEAN STYLE OPTION JUL 22, 2004 @ 1.25 AUD PUT USD CALL FX EUROPEAN STYLE OPTION OCT 11, 2004 @ .7775 KNOCK IN @ .7565 KNOCK OUT @ .8020 USD USD USD USD - 20,000,000 - 10,000,000 - 10,000,000 - 10,000,000 3.43 1,017,500.00 448,750.00 467,500.00 266,683.00 - 375,000.00 - 187,500.00 - 187,500.00 642,500.00 261,250.00 280,000.00 S Realized Type Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost Gain/Loss USD Amount USD 2,800,095.38 0.00 EFTA01553458 01 Trade Date JPMorgan Chase Bank 2004 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 19 of 53 Settlement Date Realized Type Settled continued Jan 9 Jan 13 Write Option NZD PUT USD CALL Jan 12 Jan 14 Sell Option FX EUROPEAN STYLE OPTION OCT 11, 2004 @ .675 KNOCK IN @ .6685 KNOCK OUT @ .7020 EUR CALL USD PUT FX EUROPEAN STYLE OPTION NOV 01, 2004 @ 1.25 KNOCK OUT @ 1.1375 Jan 14 Jan 16 Write Option KNOCK OUT @ 1.21 BARRIER EXP 12/1/03 AUD PUT USD CALL Jan 14 Jan 16 Write Option FX EUROPEAN STYLE OPTION JUL 14, 2004 @ .765 KNOCK IN @ .75 KNOCK OUT @ .7975 GBP PUT USD CALL Jan 15 Jan 20 Write Option FX EUROPEAN STYLE OPTION JUL 16, 2004 @ 1.83 KNOCK IN @ 1.8165 KNOCK OUT @ 1.8793 AUD PUT USD CALL Jan 15 Jan 20 Sell Option FX EUROPEAN STYLE OPTION OCT 18, 2004 @ .7725 KNOCK IN @ .7525 KNOCK OUT @ .7973 EUR CALL USD PUT FX EUROPEAN STYLE OPTION NOV 01, 2004 @ 1.25 KNOCK OUT @ 1.1375 Jan 15 Jan 20 Write Option KNOCK OUT @ 1.21 BARRIER EXP 12/1/03 EUR CALL USD PUT FX EUROPEAN STYLE OPTION NOV 01, 2004 @ 1.28 USD - 18,000,000 2.64 608,256.00 USD - 16,666,666.66 2.38 303,450.00 USD - 10,000,000 2.79 188,325.00 Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost Gain/Loss USD USD - 5,000,000 286,250.00 - 49,186.20 237,063.80 S USD EFTA01553459 - 12,500,000 1.94 443,775.00 USD - 22,471,910.67 3.02 524,258.00 USD - 5,000,000 230,313.00 - 49,186.20 181,126.80 S EFTA01553460 01 Trade Date JPMorgan Chase Bank 2004 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 20 of 53 Settlement Date Realized Type Settled continued Jan 15 Jan 20 Write Option Jan 15 Jan 20 Write Option EUR CALL USD PUT FX EUROPEAN STYLE OPTION JUL 16, 2004 @ 1.27 GBP PUT USD CALL Jan 15 Jan 20 Write Option FX EUROPEAN STYLE OPTION OCT 18, 2004 @ 1.818 KNOCK IN @ 1.815 KNOCK OUT @ 1.8735 NZD PUT USD CALL Jan 16 Jan 20 Write Option Jan 20 Jan 21 Write Option FX EUROPEAN STYLE OPTION OCT 18, 2004 @ .6625 KNOCK IN @ .652 KNOCK OUT @ .6985 EUR PUT USD CALL FX EUROPEAN STYLE OPTION JUL 16, 2004 @ 1.22 AUD PUT USD CALL Jan 20 Jan 22 Buy-Back Opt Jan 20 Jan 22 Buy-Back Opt Jan 20 Jan 22 Write Option FX EUROPEAN STYLE OPTION OCT 19, 2004 @ .73 KNOCK IN @ .7200 KNOCK OUT @ .7775 EUR CALL USD PUT FX EUROPEAN STYLE OPTION NOV 01, 2004 @ 1.28 EUR CALL USD PUT FX EUROPEAN STYLE OPTION JUL 16, 2004 @ 1.27 EUR PUT USD CALL FX EUROPEAN STYLE OPTION JUL 20, 2004 @ 1.23 USD USD - 7,000,000 - 7,168,458.74 2.225 2.31 197,803.00 301,045.00 Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost Gain/Loss USD USD - 24,691,358.49 2.49 407,315.00 USD - 17,333,333.60 1.962 USD - 6,750,000 2.06 415,003.00 101,507.00 USD EFTA01553461 USD USD 18,000,000 - 599,040.00 7,000,000 - 10,000,000 2.31 - 196,469.00 284,130.00 608,256.00 197,803.00 9,216.00 8 1,334.00 S EFTA01553462 01 Trade Date JPMorgan Chase Bank 2004 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 21 of 53 Settlement Date Realized Type Settled continued Jan 20 Jan 21 Write Option NZD PUT USD CALL Jan 20 Jan 21 Write Option Jan 22 Jan 22 Expired Opt FX EUROPEAN STYLE OPTION OCT 19, 2004 @ .63 KNOCK IN @ .6200 KNOCK OUT @ .6775 NZD PUT USD CALL FX EUROPEAN STYLE OPTION OCT 19, 2004 @ .63 AUD PUT USD CALL FX EUROPEAN STYLE OPTION OCT 19, 2004 @ .73 KNOCK IN @ .7200 KNOCK OUT @ .7775 Issued in USD Jan 22 Jan 22 Expired Opt NZD PUT USD CALL FX EUROPEAN STYLE OPTION OCT 19, 2004 @ .63 KNOCK IN @ .6200 KNOCK OUT @ .6775 Issued in USD Jan 28 Jan 30 Write Option AUD PUT USD CALL Jan 28 Jan 30 Write Option FX EUROPEAN STYLE OPTION OCT 27, 2004 @ .76 KNOCK IN @ .7475 EUR PUT USD CALL Jan 28 Jan 30 Write Option FX EUROPEAN STYLE OPTION OCT 27, 2004 @ 1.22 KNOCK IN @ 1.202 NZD PUT USD CALL FX EUROPEAN STYLE OPTION OCT 27, 2004 @ .66 KNOCK IN @ .6475 USD - 37,000,000 4.49 1,262,588.00 NZD 15,500,000 0.00 221,666.00 221,666.00 S USD - 15,500,000 2.27 221,666.00 Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost Gain/Loss USD USD AUD - 12,000,000 3.085 6,750,000 EFTA01553463 233,226.00 0.00 101,507.00 101,507.00 S USD - 25,000,000 2.81 857,050.00 USD - 39,000,000 4.40 1,132,560.00 EFTA01553464 01 Trade Date Pending Jan 29 Feb 2 Purchase Opt EUR CALL USD PUT FX EUROPEAN STYLE OPTION JAN 31, 2005 @ 1.35 KNOCK OUT @ 1.1995 BARRIER EXP 4/29/04 Jan 29 Feb 2 Write Option EUR PUT USD CALL FX EUROPEAN STYLE OPTION OCT 29, 2004 @ 1.21 KNOCK IN @ 1.1995 KNOCK OUT @ 1.2875 Jan 30 Feb 3 Write Option AUD PUT USD CALL FX EUROPEAN STYLE OPTION NOV 01, 2004 @ .755 KNOCK IN @ .740 KNOCK OUT @ .783 Jan 30 Feb 3 Write Option EUR PUT USD CALL FX EUROPEAN STYLE OPTION OCT 29, 2004 @ 1.21 KNOCK IN @ 1.1995 KNOCK OUT @ 1.2875 Trade Date Settlement Date Counter Currency Settled Foreign Exchange Contracts SPECULATIVE AUSTRALIA DOLLAR - U S DOLLAR Nov 18 03 Jan 20 04 Nov 24 03 Jan 20 04 Oct 23 03 Jan 27 04 Nov 24 03 Jan 27 04 AUD 10,000,000.00 USD - 7,204,000.00 AUD - 10,000,000.00 USD AUD 10,000,000.00 USD - 6,936,000.00 AUD - 10,000,000.00 USD 7,146,000.00 7,139,000.00 0.720400 0.714600 0.693600 0.713900 1.303000 1.303000 1.286150 1.286150 - 7,204,000.00 7,146,000.00 - 6,936,000.00 7,139,000.00 7,674,597.08 - 7,674,597.08 7,775,142.86 - 7,775,142.86 470,597.08 - 528,597.08 839,142.86 - 636,142.86 Amount Currency Counter Amount Contract Rate Revaluation Rate Contracted/ Base Amount USD Revalued Amount USD Realized Gain/Loss USD USD EFTA01553465 - 10,000,000 2.055 248,655.00 USD - 10,000,000 3.00 226,500.00 USD - 10,000,000 1.86 225,060.00 USD 20,000,000 1.08 - 291,600.00 JPMorgan Chase Bank 2004 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 22 of 53 Estimated Settlement Date Realized Gain/Loss Type Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost USD EFTA01553466 01 Date JPMorgan Chase Bank 2004 m Account Nutuber: FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 23 of 53 Settled Foreign Exchange Contracts Trade Settlement Date Currency Jan 16 04 Jan 27 04 Jan 20 04 Jan 27 04 Jan 12 04 Jan 12 04 Counter Amount Currency continued AUD - 10,000,000.00 USD EURO CURRENCY - U S DOLLAR Jan 8 04 Jan 8 04 Nov 18 03 Jan 20 04 Dec 31 03 Jan 20 04 Jan 12 04 Jan 21 04 Jan 13 04 Jan 21 04 Jan 13 04 Jan 21 04 Jan 16 04 Jan 27 04 Jan 20 04 Jan 27 04 Nov 18 03 Jan 20 04 Jan 6 04 Jan 20 04 EUR 7,624,000.00 AUD 10,000,000.00 USD - 7,688,000.00 EUR 10,000,000.00 USD - 12,567,000.00 EUR - 10,000,000.00 USD 12,713,000.00 5,000,000.00 USD - 5,963,500.00 6,301,000.00 EUR - 5,000,000.00 USD EUR 10,000,000.00 USD - 12,773,000.00 EUR - 5,000,000.00 USD EUR - 5,000,000.00 USD 6,384,000.00 6,371,500.00 EUR - 10,000,000.00 USD 12,365,000.00 EUR 10,000,000.00 USD - 12,511,000.00 POUND STERLING - U S DOLLAR GBP N ZEALAND DOLLAR - U S DOLLAR Dec 18 03 Jan 5 04 Nov 18 03 Jan 20 04 Nov 19 03 Jan 20 04 Nov 24 03 Jan 20 04 Dec 26 03 Jan 20 04 Dec 29 03 Jan 20 04 Dec 29 03 Jan 20 04 Dec 30 03 Jan 20 04 GBP - 5,000,000.00 USD NZD - 5,000,000.00 USD 5,000,000.00 USD - 8,475,000.00 9,120,500.00 3,245,000.00 NZD 10,000,000.00 USD - 6,336,000.00 NZD 15,000,000.00 USD - 9,460,500.00 NZD - 10,000,000.00 USD NZD - 10,000,000.00 USD NZD - 5,000,000.00 USD NZD - 5,000,000.00 USD NZD 5,000,000.00 USD - 3,261,500.00 0.762400 0.768800 1.256700 1.271300 EFTA01553467 1.192700 1.260200 1.277300 1.276800 1.274300 1.236500 1.251100 1.695000 1.824100 6,336,000.00 6,460,000.00 3,242,000.00 3,242,000.00 0.649000 0.633600 0.630700 0.633600 0.646000 0.648400 0.648400 0.652300 1.286150 1.286150 1.256700 1.256700 1.256913 1.256913 1.262467 1.262467 1.262467 1.260955 1.260955 1.817191 1.817191 1.490450 1.500950 1.500950 1.500950 1.500950 1.500950 1.500950 1.500950 7,624,000.00 - 7,688,000.00 - 12,567,000.00 - 7,775,142.86 7,775,142.86 12,567,000.00 12,713,000.00 - 12,567,000.00 - 5,963,500.00 6,301,000.00 - 12,773,000.00 6,384,000.00 6,371,500.00 6,284,565.10 - 6,284,565.10 12,624,668.60 - 6,312,334.30 - 6,312,334.30 12,365,000.00 - 12,609,545.42 - 12,511,000.00 - 8,475,000.00 9,120,500.00 3,245,000.00 - 6,336,000.00 - 9,460,500.00 6,336,000.00 6,460,000.00 3,242,000.00 3,242,000.00 - 3,261,500.00 12,609,545.42 9,085,953.11 - 9,085,953.11 - 3,354,691.53 6,662,447.11 9,993,670.67 - 6,662,447.11 - 6,662,447.11 EFTA01553468 - 3,331,223.55 - 3,331,223.55 3,331,223.55 146,000.00 321,065.10 16,434.90 - 148,331.40 71,665.70 59,165.70 - 244,545.42 98,545.42 610,953.11 34,546.89 - 109,691.53 326,447.11 533,170.67 - 326,447.11 - 202,447.11 - 89,223.55 - 89,223.55 69,723.55 - 151,142.86 87,142.86 Counter Amount Contract Rate Revaluation Rate Contracted/ Base Amount USD Revalued Amount USD Realized Gain/Loss USD EFTA01553469 01 Date JPMorgan Chase Bank 2004 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 24 of 53 Settled Foreign Exchange Contracts Trade Settlement Date Currency Jan 16 04 Jan 27 04 Jan 20 04 Jan 27 04 Counter Amount Currency continued NZD - 10,000,000.00 USD S AFRICAN RAND - U S DOLLAR Dec 16 03 Jan 20 04 Dec 18 03 Jan 20 04 Jan 6 04 Jan 20 04 Jan 15 04 Jan 20 04 TRADE RELATED Jan 28 04 Jan 30 04 Jan 28 04 Jan 30 04 AUSTRALIA DOLLAR - U S DOLLAR N ZEALAND DOLLAR - U S DOLLAR 6,640,000.00 NZD 10,000,000.00 USD - 6,669,000.00 ZAR 32,195,000.00 USD - 5,000,000.00 ZAR 33,190,000.00 USD - 5,000,000.00 ZAR - 33,190,000.00 USD ZAR - 32,195,000.00 USD AUD - 10,000,000.00 USD NZD - 10,000,000.00 USD 0.664000 0.666900 5,275,790.81 4,458,832.49 7,519,148.95 6,462,295.08 6.439000 6.638000 6.291000 7.220500 0.751915 0.646230 1.477000 1.477000 7.157500 7.157500 7.157500 7.157500 0.751915 0.646230 6,640,000.00 - 6,669,000.00 - 5,000,000.00 - 5,000,000.00 5,275,790.81 4,458,832.49 7,519,148.95 6,462,295.08 - 6,770,480.70 6,770,480.70 4,498,078.93 4,637,093.95 - 4,637,093.95 - 4,498,078.93 - 7,519,148.95 - 6,462,295.08 - 130,480.70 101,480.70 - 501,921.07 EFTA01553470 - 362,906.05 638,696.86 - 39,246.44 Counter Amount Contract Rate Revaluation Rate Contracted/ Base Amount USD Revalued Amount USD Realized Gain/Loss USD EFTA01553471 01 JPMorgan Chase Bank 2004 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 25 of 53 Account Transactions by Currency Australia Dollar Activity Summary Amount this Period Beginning Balance Credits Sales, Maturities, Redemptions Foreign Exchange Debits Foreign Exchange Ending Balance Australia Dollar Activity by Date Settlement Date Type Jan 20 Fwd FX Ctrct Quantity Description - 7,204,000 SETTLE FORWARD CURRENCY CONTRACT BUY AUD SELL USD CONTRACT RATE : 0.720400000 TRADE 11/18/03 VALUE 1/20/04 Jan 20 Fwd FX Ctrct 7,146,000 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL AUD CONTRACT RATE : 0.714600000 TRADE 11/24/03 VALUE 1/20/04 - 40,000,000.00 .00 - 40,000,000.00 10,000,000.00 30,000,000.00 10,000,000.00 30,000,000.00 .00 Amount to Date Realized Amount Gain/Loss USD 10,000,000.00 7,674,597.08 Amount USD - 10,000,000.00 - 7,674,597.08 EFTA01553472 01 Date JPMorgan Chase Bank 2004 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 26 of 53 Australia Dollar Activity by Date Settlement continued Realized Type Jan 22 Expired Opt Quantity Description 6,750,000 AUD PUT USD CALL FX EUROPEAN STYLE OPTION OCT 19, 2004 @ .73 KNOCK IN @ .7200 KNOCK OUT @ .7775 EXPIRATION OF WRITTEN FX OPTION OPTION KNOCKED OUT Jan 27 Fwd FX Ctrct - 6,936,000 SETTLE FORWARD CURRENCY CONTRACT BUY AUD SELL USD CONTRACT RATE : 0.693600000 TRADE 10/23/03 VALUE 1/27/04 Jan 27 Fwd FX Ctrct 7,139,000 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL AUD CONTRACT RATE : 0.713900000 TRADE 11/24/03 VALUE 1/27/04 Jan 27 Fwd FX Ctrct 7,624,000 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL AUD CONTRACT RATE : 0.762400000 TRADE 1/16/04 VALUE 1/27/04 Jan 27 Fwd FX Ctrct - 7,688,000 SETTLE FORWARD CURRENCY CONTRACT BUY AUD SELL USD CONTRACT RATE : 0.768800000 TRADE 1/20/04 VALUE 1/27/04 Jan 30 Redemption - 10,000,000 3 MONTH AUD BULLISH FX DEPOSIT -AUD 100% PRINCIPAL PROTECTED IN AUD JP MORGAN CHASE LONDON 1/28/2004 TO REDEMPTION 466,148.95 10,000,000.00 7,775,142.86 Gain/Loss USD Amount Amount USD - 10,000,000.00 - 7,775,142.86 - 10,000,000.00 - 7,775,142.86 10,000,000.00 7,775,142.86 10,000,000.00 7,519,148.95 EFTA01553473 01 Date JPMorgan Chase Bank 2004 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 27 of 53 Australia Dollar Activity by Date Settlement continued Realized Type Jan 30 Spot FX Quantity Description 7,519,148.95 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL AUD SPOT RATE : 0.751914800 TRADE 1/28/04 VALUE 1/30/04 REP: PROCEEDS DUE TO 3 MONTH AUD BULLISH MATURITY. U S DOLLAR AUSTRALIA DOLLAR Gain/Loss USD - 10,000,000.00 - 7,519,148.95 Amount Amount USD EFTA01553474 01 JPMorgan Chase Bank 2004 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 28 of 53 Account Transactions by Currency Euro Currency Activity Summary Amount this Period Beginning Balance Credits Debits Foreign Exchange Foreign Exchange Ending Balance Euro Currency Activity by Date Settlement Date Type Jan 12 Spot FX Quantity Description - 12,567,000 SPOT CURRENCY TRANSACTION - BUY BUY EUR SELL USD SPOT RATE : 1.256700000 TRADE 1/08/04 VALUE 1/12/04 EURO PRINCIPAL CURRENCY U S DOLLAR Jan 12 Spot FX 12,713,000 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL EUR SPOT RATE : 1.271300000 TRADE 1/08/04 VALUE 1/12/04 U S DOLLAR EURO PRINCIPAL CURRENCY .00 35,000,000.00 - 35,000,000.00 .00 35,000,000.00 - 35,000,000.00 Amount to Date Realized Amount Gain/Loss USD 10,000,000.00 12,567,000.00 Amount USD - 10,000,000.00 - 12,713,000.00 EFTA01553475 01 Date JPMorgan Chase Bank 2004 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 29 of 53 Euro Currency Activity by Date Settlement continued Realized Type Jan 20 Fwd FX Ctrct Quantity Description - 5,963,500 SETTLE FORWARD CURRENCY CONTRACT BUY EUR SELL USD CONTRACT RATE : 1.192700000 TRADE 11/18/03 VALUE 1/20/04 Jan 20 Fwd FX Ctrct 6,301,000 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL EUR CONTRACT RATE : 1.260200000 TRADE 12/31/03 VALUE 1/20/04 Jan 21 Fwd FX Ctrct - 12,773,000 SETTLE FORWARD CURRENCY CONTRACT BUY EUR SELL USD CONTRACT RATE : 1.277300000 TRADE 1/12/04 VALUE 1/21/04 Jan 21 Fwd FX Ctrct 6,384,000 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL EUR CONTRACT RATE : 1.276800000 TRADE 1/13/04 VALUE 1/21/04 Jan 21 Fwd FX Ctrct 6,371,500 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL EUR CONTRACT RATE : 1.274300000 TRADE 1/13/04 VALUE 1/21/04 Jan 27 Fwd FX Ctrct 12,365,000 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL EUR CONTRACT RATE : 1.236500000 TRADE 1/16/04 VALUE 1/27/04 Jan 27 Fwd FX Ctrct - 12,511,000 SETTLE FORWARD CURRENCY CONTRACT BUY EUR SELL USD CONTRACT RATE : 1.251100000 TRADE 1/20/04 VALUE 1/27/04 Gain/Loss USD 5,000,000.00 6,284,565.10 Amount Amount USD - 5,000,000.00 - 6,284,565.10 10,000,000.00 12,624,668.60 - 5,000,000.00 - 6,312,334.30 - 5,000,000.00 - 6,312,334.30 - 10,000,000.00 - 12,609,545.42 10,000,000.00 12,609,545.42 EFTA01553476 01 JPMorgan Chase Bank 2004 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 30 of 53 Account Transactions by Currency N Zealand Dollar Activity Summary Amount this Period Beginning Balance Credits Sales, Maturities, Redemptions Foreign Exchange Debits Foreign Exchange Ending Balance Foreign Exchange Gains/Losses N Zealand Dollar Activity by Date Settlement Date Jan 5 Type Fwd FX Ctrct Quantity Description 3,245,000 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL NZD CONTRACT RATE : 0.649000000 TRADE 12/18/03 VALUE 1/05/04 Jan 5 Spot FX - 3,266,500 SPOT CURRENCY TRANSACTION - BUY BUY NZD SELL USD SPOT RATE : 0.653300000 TRADE 12/30/03 VALUE 1/05/04 N ZEALAND DOLLAR U S DOLLAR - 55,000,000.00 .00 88,191.52 - 55,000,000.00 10,000,000.00 45,000,000.00 10,000,000.00 45,000,000.00 .00 Amount to Date Realized Amount Gain/Loss USD 88,191.53 - 5,000,000.00 - 3,354,691.53 Amount USD 5,000,000.00 3,266,500.00 EFTA01553477 01 Date JPMorgan Chase Bank 2004 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 31 of 53 N Zealand Dollar Activity by Date Settlement continued Realized Type Jan 20 Fwd FX Ctrct Quantity Description - 6,336,000 SETTLE FORWARD CURRENCY CONTRACT BUY NZD SELL USD CONTRACT RATE : 0.633600000 TRADE 11/18/03 VALUE 1/20/04 Jan 20 Fwd FX Ctrct - 9,460,500 SETTLE FORWARD CURRENCY CONTRACT BUY NZD SELL USD CONTRACT RATE : 0.630700000 TRADE 11/19/03 VALUE 1/20/04 Jan 20 Fwd FX Ctrct 6,336,000 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL NZD CONTRACT RATE : 0.633600000 TRADE 11/24/03 VALUE 1/20/04 Jan 20 Fwd FX Ctrct 6,460,000 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL NZD CONTRACT RATE : 0.646000000 TRADE 12/26/03 VALUE 1/20/04 Jan 20 Fwd FX Ctrct 3,242,000 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL NZD CONTRACT RATE : 0.648400000 TRADE 12/29/03 VALUE 1/20/04 Jan 20 Fwd FX Ctrct 3,242,000 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL NZD CONTRACT RATE : 0.648400000 TRADE 12/29/03 VALUE 1/20/04 Jan 20 Fwd FX Ctrct - 3,261,500 SETTLE FORWARD CURRENCY CONTRACT BUY NZD SELL USD CONTRACT RATE : 0.652300000 TRADE 12/30/03 VALUE 1/20/04 - 0.01 Gain/Loss USD 10,000,000.00 6,662,447.11 Amount Amount USD 15,000,000.00 9,993,670.67 - 10,000,000.00 - 6,662,447.11 - 10,000,000.00 - 6,662,447.11 - 5,000,000.00 - 3,331,223.55 - 5,000,000.00 - 3,331,223.55 5,000,000.00 3,331,223.55 EFTA01553478 01 Date JPMorgan Chase Bank 2004 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 32 of 53 N Zealand Dollar Activity by Date Settlement continued Realized Type Jan 22 Expired Opt Quantity Description 15,500,000 NZD PUT USD CALL FX EUROPEAN STYLE OPTION OCT 19, 2004 @ .63 KNOCK IN @ .6200 KNOCK OUT @ .6775 EXPIRATION OF WRITTEN FX OPTION OPTION KNOCKED OUT Jan 27 Fwd FX Ctrct 6,640,000 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL NZD CONTRACT RATE : 0.664000000 TRADE 1/16/04 VALUE 1/27/04 Jan 27 Fwd FX Ctrct - 6,669,000 SETTLE FORWARD CURRENCY CONTRACT BUY NZD SELL USD CONTRACT RATE : 0.666900000 TRADE 1/20/04 VALUE 1/27/04 Jan 30 Redemption - 10,000,000 3 MONTH NZD BULLISH FX DEPOSIT - NZD 100% PRINCIPAL PROTECTED IN NZD JP MORGAN CHASE LONDON 1/28/2004 TO REDEMPTION Jan 30 Spot FX 6,462,295.08 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL NZD SPOT RATE : 0.646229500 TRADE 1/28/04 VALUE 1/30/04 REP: PROCEEDS DUE TO 3 MONTH NZD BULLISH MATURITY U S DOLLAR N ZEALAND DOLLAR 326,295.08 - 10,000,000.00 - 6,770,480.70 Gain/Loss USD Amount Amount USD 10,000,000.00 6,770,480.70 10,000,000.00 6,462,295.08 - 10,000,000.00 - 6,462,295.08 EFTA01553479 01 JPMorgan Chase Bank 2004 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 33 of 53 Account Transactions by Currency Pound Sterling Activity Summary Amount this Period Beginning Balance Credits Debits Foreign Exchange Foreign Exchange Ending Balance Pound Sterling Activity by Date Settlement Date Type Jan 20 Fwd FX Ctrct Quantity Description - 8,475,000 SETTLE FORWARD CURRENCY CONTRACT BUY GBP SELL USD CONTRACT RATE : 1.695000000 TRADE 11/18/03 VALUE 1/20/04 Jan 20 Fwd FX Ctrct 9,120,500 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL GBP CONTRACT RATE : 1.824100000 TRADE 1/06/04 VALUE 1/20/04 .00 5,000,000.00 - 5,000,000.00 .00 5,000,000.00 - 5,000,000.00 Amount to Date Realized Amount Gain/Loss USD 5,000,000.00 9,085,953.11 Amount USD - 5,000,000.00 - 9,085,953.11 EFTA01553480 01 JPMorgan Chase Bank 2004 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 34 of 53 Account Transactions by Currency S African Rand Activity Summary Amount this Period Beginning Balance Credits Debits Foreign Exchange Foreign Exchange Ending Balance S African Rand Activity by Date Settlement Date Type Jan 20 Fwd FX Ctrct Quantity Description - 5,000,000 SETTLE FORWARD CURRENCY CONTRACT BUY ZAR SELL USD CONTRACT RATE : 6.636000000 TRADE 12/18/03 VALUE 1/20/04 Jan 20 Fwd FX Ctrct 5,275,790.81 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL ZAR CONTRACT RATE : 6.291000000 TRADE 1/06/04 VALUE 1/20/04 Jan 20 Fwd FX Ctrct - 5,000,000 SETTLE FORWARD CURRENCY CONTRACT BUY ZAR SELL USD CONTRACT RATE : 6.439000000 TRADE 12/16/03 VALUE 1/20/04 .00 65,385,000.00 - 65,385,000.00 .00 65,385,000.00 - 65,385,000.00 Amount to Date Realized Amount Gain/Loss USD 33,190,000.00 4,637,093.95 Amount USD - 33,190,000.00 - 4,637,093.95 32,195,000.00 4,498,078.93 EFTA01553481 01 Date JPMorgan Chase Bank 2004 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 35 of 53 S African Rand Activity by Date Settlement continued Realized Type Jan 20 Spot FX Quantity Description 4,458,832.49 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL ZAR SPOT RATE : 7.220500000 TRADE 1/15/04 VALUE 1/20/04 U S DOLLAR S AFRICAN RAND Gain/Loss USD - 32,195,000.00 - 4,458,832.49 Amount Amount USD EFTA01553482 01 JPMorgan Chase Bank 2004 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2004 - January 31, 2004 Page 36 of 53 Account Transactions by Currency U S Dollar Activity Summary Amount this Period USD Beginning Balance Credits Dividends Sweep Account Sales Sales, Maturities, Redemptions Foreign Exchange Debits Sweep Account Purchases Purchases of Securities Foreign Exchange Ending Balance - 24,922,851.08 - 795,509.00 - 113,111,000.00 .00 *Year to date information is calculated on a calendar year basis. - 24,922,851.08 - 795,509.00 - 113,111,000.00 16,460.75 568,879.00 10,198,953.00 128,045,067.33 16,460.75 568,879.00 10,198,953.00 128,045,067.33 .00 Amount Year to Date USD* U S Dollar Activity by Date Type Settleme