EFTA Document EFTA01552773

01 2003 Confidential FINANCIAL TRUST COMPANY INC Page 1 of 39 J.P. Morgan Portfolios January 1 - January 31, 2003 Table of Contents Page Account Summary Asset Account Portfolio Margin Account Portfolio JPMCB JPMSI 161121381 2 3 36 000000.0000.00.0000.000.000000000.000000 FINANCIAL TRUST COMPANY ATTN: JEFFREY E EPSTEIN C/O AMERICAN YACHT HARBOR 6100 RED HOOK, QUARTERS ►B3 ST THOMAS 00802 US VIRGIN ISLDS EFTA01552773 01 2003 Portfolio Summary FINANCIAL TRUST COMPANY INC January 01, 2003 - January 31, 2003 Page 2 of 39 Portfolio Summary Net Worth Summary Asset Portfolio USD Assets(Long) Cash fi Short Term Equities Options Liabilities (Short) Cash S Short Term Options Total FX Gain/Loss Accrued Income Total Net Worth Income Summary Dividends Total 120,053,472.71 105,246,142.06 13,321,298.70 1,486,031.95 - 1,852,477.82 - 21,312.50 - 1,831,165.32 118,200,994.89 4,592,323.57 110,394.52 122,903,712.98 Margin Portfolio USD 161121381 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 .00 0.00 0.00 120,053,472.71 105,246,142.06 13,321,298.70 1,486,031.95 - 1,852,477.82 - 21,312.50 - 1,831,165.32 118,200,994.89 4,592,323.57 110,394.52 122,903,712.98 This Period 84,018.31 84,018.31 Year to Date 84,018.31 84,018.31 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 on ("SIPC") insurance. Total USD EFTA01552774 01 JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 3 of 39 Asset Account Portfolio January 1 - January 31, 2003 Table of Contents Portfolio Summary Cash and Short Term Equities Options Outstanding Foreign Exchange Contracts Trade Activity Account Transactions Account Officers Service Specialist: HORNAK/DORAZIO Page 4 6 8 9 13 16 21 EFTA01552775 01 JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 4 of 39 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 89% Cash and Short Term 11% Equities Market Value USD Jan 31 Cash S Short Term Equities Options Total Foreign Exchange Accrued Income Total Portfolio Value 105,224,829.56 13,321,298.70 - 345,133.37 118,200,994.89 4,592,323.57 110,394.52 122,903,712.98 Income Summary Dividends Total Net Gain/Loss Summary Net Short Term Gain/Loss Total Market Value USD Dec 31 112,460,425.15 18,817,834.56 - 285,773.10 130,992,486.61 3,041,971.97 84,018.31 134,118,476.89 Tax Cost USD 104,199,327.51 - 545,809.50 103,653,518.01 Estimated Annual Income USD 1,208,565.87 1,208,565.87 Yield 1.2 0.0 N/A N/A 1.0 This Period USD 84,018.31 84,018.31 Year to Date USD* 84,018.31 84,018.31 Realized This Period USD Realized Year to Date USD* 1,945,783.76 1,945,783.76 *Year to date information is calculated on a calendar year basis. Exchange Rates EFTA01552776 Spot Rates as of January 31, 2003 Market value of Options is not included in pie chart. Currency AUD BRL CHF EUR Exchange Rate 0.5862 3.5300 1.3676 1.0735 1,945,783.76 1,945,783.76 Unrealized USD 1,226,178.17 1,226,178.17 EFTA01552777 01 JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 5 of 39 Exchange Rates Spot Rates as of January 31, 2003 Currency GBP HKD JPY NOK NZD SEK ZAR Exchange Rate 1.6437 7.7999 119.9400 6.9478 0.5443 8.6128 8.5337 EFTA01552778 01 JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 6 of 39 Cash and Short Term Summary by Maturity Current Market Value USD Adjusted Cash Balance Less Than 3 Months Total 65,250,645.75 39,974,183.81 105,224,829.56 Estimated Annual Income USD 828,979.97 379,585.90 1,208,565.87 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: 1.28% NORWEGIAN KRONE POUND STERLING PROCEEDS FROM PENDING SALES Adjusted Cash Balance USD 64,785,373.11 1.00 1.00 64,785,373.11 64,785,373.11 78,352.27 NOK GBP USD 3,380,704 0.25 - 21,312.50 6.887499 1.60 1.00 6.9478 1.6437 1.00 490,846.41 0.40 - 21,312.50 65,254,907.42 486,584.73 0.41 - 21,312.50 65,250,645.75 78,352.27 - 4,261.67 - 4,261.68 0.01 829,252.77 1.28 Currency/ Unit Cost Adjusted Account Type Quantity Original Market Price Tax Cost EFTA01552779 Adjusted Original Market Value USD Accrued Interest USD Unrealized Gain/Loss USD Estimated Current Annual Yield/ Income USD YTM Current N/A N/A - 272.80 1.28 828,979.97 1.27 EFTA01552780 01 JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 7 of 39 Cash and Short Term by Type Description Cusip/S&P/Moody's Rating Short Term by Maturity J P MORGAN PRIME MONEY MARKET FUND INSTITUTIONAL SHARES CLASS (FUND 829) 7-Day Annualized Yield: 1.28% 62826N-77-0 NORWEGIAN TREASURY BILL-NOK ZERO CPN MAR 19 2003 DTD 3/20/2002 HELD BY EUROCLEAR ISIN N00010136914 SEDOL # 7385539 656997-9A-3 Total Cash and Short Term 104,199,327.51 105,224,829.56 1,025,502.05 1,208,565.87 1.15 110,394.52 NOK 75,600,000 97.47 99.0269 9,745,504.28 10,775,268.00 1,029,763.72 N/A USD 29,198,915.81 1.00 1.00 29,198,915.81 29,198,915.81 32,042.25 379,585.90 1.30 Continued CurrenCy/ Account Type Quantity Unit Cost Adjusted Original Market Price Tax Cost Adjusted Original Current Market Value USD Accrued Interest USD Unrealized Gain/Loss USD Estimated Current Annual Yield/ Income USD YTM 4 EFTA01552781 01 JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 8 of 39 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 USD Total Equity 800,078 800,078 16.65 13,321,298.70 13,321,298.70 N/A 0.00 N/A 0.0 EFTA01552782 01 JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 9 of 39 Options Foreign Exchange Description Cusip HKD PUT USD CALL FX EUROPEAN STYLE OPTION SEP 23, 2004 8 7.833 XHKDPA-AH-2 HKD CALL USD PUT FX EUROPEAN STYLE OPTION SEP 23, 2004 8 7.8 XHKDCA-AC-2 P BRL CALL USD PUT FX EUROPEAN STYLE OPTION FEB 03, 2003 8 3.5 XBRIZA-AA-2 BRL PUT USD CALL FX EUROPEAN STYLE OPTION MAR 12, 2003 8 4.25 XBRLPA-AA-2 NOK CALL USD PUT FX EUROPEAN STYLE OPTION DEC 11, 2003 8 7. XNOKCA-BI-2 USD PUT BRL CALL FX EUROPEAN STYLE OPTION MAR 12, 2003 8 3.65 XUSDPA-AE-2 USD - 5,000,000 BRL - 18,250,000.00 USD - 203,000.00 - 203,000.00 - 251,586.65 - 48,586.65 NOK 52,500,000 USD 7,500,000.00 USD 108,923.00 108,923.00 213,717.53 104,794.53 BRL 21,250,000 USD 5,000,000.00 USD 141,000.00 141,000.00 19,560.41 - 121,439.59 BRL O USD 0.00 USD 0.00 0.00 N/A 0.00 HKD - 156,000,000 USD - 20,000,000.00 USD - 127,575.00 - 127,575.00 - 99,003.84 211,571.16 Counter Amount Currency Counter Premium Amount Currency Premium Local Premium USD Current Market Value USD EFTA01552783 Unrealized Gain/Loss USD HKD 156,660,000 USD 20,000,000.00 USD 312,280.00 312,280.00 176,732.85 - 135,547.15 EFTA01552784 01 Cusip JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 10 of 39 Foreign Exchange Description JPY CALL USD PUT FX EUROPEAN STYLE OPTION JUN 12, 2003 8 115. XJPYCA-CY-2 BRL CALL USD PUT FX EUROPEAN STYLE OPTION MAR 14, 2003 8 3.6 XBRIZA-AB-2 NOK PUT USD CALL FX EUROPEAN STYLE OPTION MAR 14, 2003 8 7.2 XNOKPA-DC-2 CHF CALL USD PUT FX EUROPEAN STYLE OPTION JUN 26, 2003 8 1.35 XCHFCA-CJ-2 CHF PUT USD CALL FX EUROPEAN STYLE OPTION JUN 26, 2003 8 1.41 XCHFPA-CQ-2 NOK CALL USD PUT FX EUROPEAN STYLE OPTION SEP 26, 2003 8 6.85 XNOKCA-BJ-2 JPY CALL USD PUT FX EUROPEAN STYLE OPTION JUL 02, 2003 8 110. XJPYCA-DA-2 JPY 2,200,000,000 USD 20,000,000.00 USD 165,000.00 165,000.00 81,070.00 - 83,930.00 NOK 68,500,000 USD 10,000,000.00 USD 201,000.00 201,000.00 188,458.57 - 12,541.43 CHF - 14,100,000 USD - 10,000,000.00 USD - 235,000.00 - 235,000.00 - 138,638.81 96,361.19 CHF 13,500,000 USD 10,000,000.00 USD 200,000.00 200,000.00 228,573.36 28,573.36 NOK - 72,000,000 USD - 10,000,000.00 USD - 222,500.00 - 222,500.00 - 4,947.12 217,552.88 BRL - 18,000,000 USD - 5,000,000.00 USD - 200,000.00 - 200,000.00 - 202,120.38 - 2,120.38 Counter Amount Currency Continued JPY 575,000,000 USD 5,000,000.00 USD EFTA01552785 49,000.00 49,000.00 47,190.25 - 1,809.75 Counter Premium Amount Currency Premium Local Premium USD Current Market Value USD Unrealized Gain/Loss USD EFTA01552786 01 Cusip JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 11 of 39 Foreign Exchange Description NZD PUT USD CALL FX EUROPEAN STYLE OPTION JUL 07, 2003 @ .53 KNOCK-OUT @ .555 XNZDPA-AC-Z NOK CALL USD PUT FX EUROPEAN STYLE OPTION JUL 11, 2003 @ 6.75 XNOKCA-BP-Z ZAR PUT USD CALL FX EUROPEAN STYLE OPTION APR 11, 2003 @ 8.8 XZARPA-AB-Z NZD PUT USD CALL FX EUROPEAN STYLE OPTION JUL 11, 2003 @ .54 KNOCK-OUT @ .56 XNZDPA-AH-Z NZD CALL USD PUT FX EUROPEAN STYLE OPTION JUL 11, 2003 @ .55 XNZDCA-AD-Z AUD PUT USD CALL FX EUROPEAN STYLE OPTION JUL 17, 2003 @ .59 KNOCK-OUT @ .6030 XAUDPA-BH-Z AUD CALL USD PUT FX EUROPEAN STYLE OPTION JUL 17, 2003 @ .6 XAUDCA-AW-Z AUD 20,000,000 USD 12,000,000.00 USD 193,637.00 193,637.00 136,156.60 - 57,480.40 AUD - 20,000,000 USD - 11,800,000.00 USD - 219,557.00 - 219,557.00 - 330,786.40 - 111,229.40 NZD 30,000,000 USD 16,500,000.00 USD 308,550.00 308,550.00 276,206.40 - 32,343.60 NZD - 30,000,000 USD - 16,200,000.00 USD - 442,260.00 - 442,260.00 - 407,964.30 34,295.70 ZAR - 44,000,000 USD - 5,000,000.00 USD - 195,000.00 - 195,000.00 - 155,024.32 39,975.68 NOK 67,500,000 USD 10,000,000.00 USD 146,000.00 146,000.00 118,365.98 - 27,634.02 Counter Amount Currency continued EFTA01552787 NZD - 30,000,000 USD - 15,900,000.00 USD - 505,620.00 - 505,620.00 - 241,093.50 264,526.50 Counter Premium Amount Currency Premium Local Premium USD Current Market Value USD Unrealized Gain/Loss USD EFTA01552788 01 Cusip JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 12 of 39 Foreign Exchange Description P NOK CALL USD PUT FX EUROPEAN STYLE OPTION FEB 04, 2003 8 6.87 XNOKCA-BQ-Z P GBP CALL USD PUT FX EUROPEAN STYLE OPTION FEB 06, 2003 8 1.655 XGBPCA-GZ-Z 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. - 545,809.50 - 345,133.37 200,676.12 GBP - 5,000,000 USD - 8,275,000.00 USD - 20,687.50 - 20,687.50 0.00 20,687.50 Counter Amount Currency continued NOK O USD 0.00 USD 0.00 0.00 N/A 0.00 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. EFTA01552789 01 JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 13 of 39 Outstanding Foreign Exchange Contracts Net Currency Exposure Summary Australia Dollar Swiss Franc Euro Currency Pound Sterling Japanese Yen Norwegian Krone N Zealand Dollar Swedish Krona U S Dollar Value in Currency 25,000,000.00 21,683,000.00 11,500,000.00 2,500,000.00 1,181,500,000.00 368,255,000.00 30,000,000.00 91,375,000.00 - 129,955,272.58 Gain/Loss Summary Total Unrealized Closed Value in USD Total Unrealized Open Total Unrealized Gain/Loss 164,142.94 4,428,180.63 4,592,323.57 Foreign Exchange Contracts Settlement Date Trade Date SPECULATIVE AUSTRALIA DOLLAR - U S DOLLAR SWISS FRANC Jan. 21 03 Jun. 12 03 AUD Dec. 30 02 Jun. 12 03 CHF Jan. 15 03 Jun. 12 03 CHF Total Closed Jan. 10 03 Apr. 14 03 CHF Jan. 21 03 Apr. 14 03 CHF Dec. 12 02 Dec. 15 03 CHF - U S DOLLAR 13,880,000.00 USD - 13,880,000.00 USD 0.00 27,620,000.00 USD - 13,640,000.00 USD 7,178,000.00 USD - 10,000,000.00 10,050,687.91 50,687.91 - 20,000,000.00 10,000,000.00 - 5,000,000.00 1.388 1.381 1.381 1.364 1.4356 1.363882 1.363882 1.365532 1.365532 1.358214 10,176,832.03 10,050,687.91 20,227,519.94 20,226,555.90 EFTA01552790 10,000,000.00 5,284,880.92 10,000,000.00 10,176,832.03 20,176,832.03 20,000,000.00 9,988,784.30 5,000,000.00 176,832.03 - 126,144.12 50,687.91 226,555.90 11,215.70 284,880.92 15,000,000.00 USD - 8,704,500.00 0.5803 0.578917 8,683,749.99 8,704,500.00 - 20,750.01 Currency Amount Counter Currency Counter Amount Contract Rate Current Market Forward Rate Market Value Receivables USD Market Value Payables USD Unrealized Gain/Loss USD EFTA01552791 01 Trade Date JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 14 of 39 Foreign Exchange Contracts Settlement Date Currency Dec. 13 02 Dec. 15 03 CHF Jan. 15 03 Dec. 15 03 CHF Total Open Total continued Amount Counter Currency 14,290,000.00 USD - 13,765,000.00 21,683,000.00 21,683,000.00 EURO CURRENCY - USD U S DOLLAR Dec. 11 02 Jun. 12 03 EUR Dec. 12 02 Dec. 15 03 EUR Dec. 12 02 Dec. 15 03 EUR Total POUND Open STERLING - U S DOLLAR Jan. 30 03 Mar. 3 03 GBP Jan. 30 03 Mar. 3 03 GBP Dec. 13 02 Dec. 15 03 GBP Total Open JAPANESE YEN Dec. 13 02 Dec. 15 03 JPY Jan. 23 03 Dec. 15 03 JPY Total Closed Dec. 30 02 Apr. 7 03 JPY Total Dec. 30 02 Mar. 3 03 MXN Dec. 30 02 Jun. 12 03 NOK Jan. 16 03 Jun. 12 03 NOK Dec. 11 02 Dec. 15 03 NOK - U S DOLLAR 1,186,500,000.00 USD - 1,186,500,000.00 USD 0.00 1,181,500,000.00 USD 1,181,500,000.00 MEXICAN NEW PESO - U S DOLLAR NORWEGIAN KRONE - U S DOLLAR 102,000,000.00 USD 71,125,000.00 USD 34,750,000.00 USD 73,135,000.00 USD - 10,000,000.00 10,171,453.06 171,453.06 - 10,000,000.00 - 9,828,546.94 - 9,750,501.86 - 10,000,000.00 - 5,000,000.00 - 9,616,699.53 118.65 116.65 118.15 118.459482 118.459482 119.649184 10,016,082.98 10,171,453.06 20,187,536.04 9,874,701.71 30,062,237.75 10.461 EFTA01552792 7.1125 6.95 7.605 0.00 7.05597 7.05597 7.19143 0.00 10,080,115.51 4,924,907.05 10,169,743.61 10,000,000.00 10,016,082.98 20,016,082.98 10,000,000.00 30,016,082.98 0.00 10,000,000.00 5,000,000.00 9,616,699.53 16,082.98 155,370.08 171,453.06 - 125,298.29 46,154.77 0.00 80,115.51 - 75,092.95 553,044.08 5,000,000.00 USD 5,000,000.00 USD 1,500,000.00 USD 11,500,000.00 - 500,000.00 USD - 2,000,000.00 USD 5,000,000.00 USD 2,500,000.00 Counter Amount - 10,000,000.00 10,000,000.00 - 15,000,000.00 - 14,949,312.09 - 5,030,000.00 - 5,044,000.00 - 1,510,500.00 - 11,584,500.00 823,500.00 3,296,200.00 - 7,770,500.00 - 3,650,800.00 Contract Rate 1.429 1.3765 Current Market Forward Rate 1.358214 1.358214 Market Value Receivables USD 10,521,168.63 10,000,000.00 56,032,605.45 76,260,125.39 1.006 1.0088 1.007 0.93635 0.9414 0.9414 5,339,883.33 5,311,238.33 1,593,371.49 12,244,493.15 1.647 1.6481 1.5541 1.640235 1.640235 EFTA01552793 1.609761 823,500.00 3,296,200.00 8,048,806.66 12,168,506.66 Market Value Payables USD 10,000,000.00 10,134,631.64 55,123,415.94 75,300,247.97 5,030,000.00 5,044,000.00 1,510,500.00 11,584,500.00 820,117.58 3,280,470.33 7,770,500.00 11,871,087.91 Unrealized Gain/Loss USD 521,168.63 - 134,631.64 909,189.51 959,877.42 309,883.33 267,238.33 82,871.49 659,993.15 3,382.42 15,729.67 278,306.66 297,418.75 EFTA01552794 01 Trade Date JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 15 of 39 Foreign Exchange Contracts Settlement Date Currency Dec. 11 02 Dec. 15 03 NOK Dec. 12 02 Dec. 15 03 NOK Dec. 12 02 Dec. 15 03 NOK Dec. 13 02 Dec. 15 03 NOK Dec. 13 02 Dec. 15 03 NOK Dec. 13 02 Dec. 15 03 NOK Jan. 15 03 Dec. 15 03 NOK Total Open Jan. 10 03 Apr. 14 03 NZD Dec. 12 02 Dec. 15 03 SEK Dec. 12 02 Dec. 15 03 SEK Total Open continued Amount Counter Currency 38,025,000.00 USD 37,560,000.00 USD 37,465,000.00 USD 74,370,000.00 USD 37,275,000.00 USD 36,350,000.00 USD - 71,800,000.00 USD 368,255,000.00 N ZEALAND DOLLAR - U S DOLLAR SWEDISH KRONA - U S DOLLAR 30,000,000.00 USD 45,757,500.00 USD 45,617,500.00 USD 91,375,000.00 S AFRICAN RAND - U S DOLLAR Jan. 14 03 Mar. 17 03 ZAR Jan. 15 03 Mar. 17 03 ZAR Jan. 23 03 Mar. 17 03 ZAR Total TRADE Closed RELATED AUSTRALIA DOLLAR - U S DOLLAR Jan. 16 03 Apr. 22 03 AUD Total Foreign Exchange Contracts 10,000,000.00 USD - 5,845,000.00 0.5845 0.581696 5,816,960.00 265,475,784.17 5,845,000.00 260,883,460.60 - 28,040.00 4,592,323.57 86,200,000.00 USD 17,670,000.00 USD - 103,870,000.00 USD 0.00 Counter Amount - 5,000,000.00 - 5,000,000.00 - 5,000,000.00 - 9,962,491.63 - 5,000,000.00 - 4,885,424.37 10,000,000.00 - 49,464,615.53 - 15,870,000.00 - 5,000,000.00 EFTA01552795 - 5,000,000.00 - 10,000,000.00 - 9,599,109.13 - 2,000,000.00 11,541,111.11 - 57,998.02 Contract Rate 7.605 7.512 7.493 7.465 7.455 7.4405 7.18 Current Market Forward Rate 7.19143 7.19143 7.19143 7.19143 7.19143 7.19143 7.19143 Market Value Receivables USD 5,287,543.59 5,222,883.30 5,209,673.13 10,341,475.80 5,183,252.79 5,054,627.47 10,000,000.00 71,474,222.25 0.529 9.1515 9.1235 0.539408 8.787814 8.787814 16,182,244.98 5,206,926.48 5,190,995.33 10,397,921.81 8.98 8.835 9.00 9.758356 9.758356 9.758356 8,833,455.24 1,810,755.84 11,541,111.11 22,185,322.19 Market Value Payables USD 5,000,000.00 5,000,000.00 5,000,000.00 9,962,491.63 5,000,000.00 4,885,424.37 9,984,105.99 69,448,721.52 15,870,000.00 5,000,000.00 5,000,000.00 10,000,000.00 9,599,109.13 2,000,000.00 10,644,211.09 22,243,320.22 Unrealized Gain/Loss USD 287,543.59 222,883.30 209,673.13 378,984.17 183,252.79 169,203.10 EFTA01552796 15,894.01 2,025,500.73 312,244.98 206,926.48 190,995.33 397,921.81 - 765,653.89 - 189,244.16 896,900.02 - 57,998.03 EFTA01552797 01 JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 16 of 39 Trade Activity Realized Gain/Loss Summary Short Term Gain/Loss Long Term Gain/Loss Foreign Exchange Gains/Losses 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 Dec 31 Jan 2 Purchase Jan 6 Jan 6 Expired Opt J P MORGAN PRIME MONEY MARKET FUND INSTITUTIONAL SHARES CLASS (FUND 829) NOK PUT USD CALL FX EUROPEAN STYLE OPTION SEP 26, 2003 @ 7 KNOCK-OUT @ 6.92 Issued in USD Jan 7 Jan 9 Write Option Jan 7 Jan 9 Write Option CHF PUT USD CALL FX EUROPEAN STYLE OPTION JAN 14, 2003 @ 1.4 NZD PUT USD CALL FX EUROPEAN STYLE OPTION JUL 07, 2003 @ .53 KNOCK-OUT @ .555 USD USD - 20,000,000 - 30,000,000 0.483 3.18 69,000.00 505,620.00 USD NOK 32,969.99 70,000,000 1.00 - 32,969.99 0.00 147,000.00 147,000.00 S Realized Type Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost Gain/Loss USD Amount USD 1,884,440.83 0.00 42,000.00 EFTA01552798 01 Trade Date JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 17 of 39 Settlement Date Realized Type Settled continued Jan 7 Jan 9 Write Option Jan 8 Jan 8 Expired Opt Jan 8 Jan 8 Expired Opt Jan 8 Jan 10 Write Option Jan 8 Jan 8 Expired Opt Jan 8 Jan 10 Buy-Back Opt Jan 13 Jan 15 Purchase Opt Jan 13 Jan 15 Write Option ZAR PUT USD CALL FX EUROPEAN STYLE OPTION JAN 08, 2003 @ 8.595 CHF PUT USD CALL FX EUROPEAN STYLE OPTION JAN 07, 2003 @ 1.4325 GBP PUT USD CALL FX EUROPEAN STYLE OPTION JAN 07, 2003 @ 1.595 NOK CALL USD PUT FX EUROPEAN STYLE OPTION JAN 15, 2003 @ 6.9 SEK PUT USD CALL FX EUROPEAN STYLE OPTION JAN 07, 2003 @ 8.85 ZAR PUT USD CALL FX EUROPEAN STYLE OPTION JAN 08, 2003 @ 8.595 NOK CALL USD PUT FX EUROPEAN STYLE OPTION JUL 11, 2003 @ 6.75 NOK PUT USD CALL Jan 13 Jan 15 Purchase Opt Jan 13 Jan 15 Write Option FX EUROPEAN STYLE OPTION JUL 11, 2003 @ 6.93 KNOCK-OUT @ 6.82 NZD CALL USD PUT FX EUROPEAN STYLE OPTION JUL 11, 2003 @ .55 NZD PUT USD CALL FX EUROPEAN STYLE OPTION JUL 11, 2003 @ .54 KNOCK-OUT @ .56 USD USD USD USD USD USD USD USD - 60,165,000 7,162,500 5,000,000 - 172,500,000 44,250,000 60,165,000 67,500,000 - 69,300,000 1.46 1.68 0.37 0.30 21,000.00 EFTA01552799 0.00 0.00 92,500.00 0.00 - 44,520.00 - 146,000.00 168,000.00 47,000.00 21,000.00 47,000.00 S - 23,520.00 S 41,100.00 43,863.00 41,100.00 S 43,863.00 S Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost Gain/Loss USD USD USD 30,000,000 1.87 - 30,000,000 2.73 - 308,550.00 442,260.00 EFTA01552800 01 Trade Date JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 18 of 39 Settlement Date Realized Type Settled continued Jan 13 Jan 15 Write Option Jan 13 Jan 15 Write Option Jan 14 Jan 16 Buy-Back Opt Jan 14 Jan 16 Buy-Back Opt Jan 14 Jan 16 Assign FX Opt Jan 14 Jan 16 FX Opt Asgn'D Jan 15 Jan 15 Expired Opt Jan 15 Jan 17 Exerc FX Opt Jan 15 Jan 17 FX Opt Exerc Jan 16 Jan 16 Expired Opt ZAR PUT USD CALL FX EUROPEAN STYLE OPTION APR 11, 2003 8 8.8 ZAR PUT USD CALL FX EUROPEAN STYLE OPTION JAN 14, 2003 8 8.62 BRL CALL USD PUT FX EUROPEAN STYLE OPTION FEB 03, 2003 8 3.5 BRL CALL USD PUT FX EUROPEAN STYLE OPTION FEB 03, 2003 8 3.5 ZAR PUT USD CALL FX EUROPEAN STYLE OPTION JAN 14, 2003 8 8.62 SPOT CURRENCY TRANSACTION SETTLEMENT OF ASSIGNED FX OPTION BUY ZAR SELL USD CHF PUT USD CALL FX EUROPEAN STYLE OPTION JAN 14, 2003 8 1.4 NOK CALL USD PUT FX AMERICAN STYLE OPTION JAN 15, 2003 8 7. SPOT CURRENCY TRANSACTION SETTLEMENT OF EXERCISED FX OPTION BUY NOK SELL USD NOK CALL USD PUT FX EUROPEAN STYLE OPTION JAN 15, 2003 8 6.9 USD USD 175,000,000 172,500,000 7.00 - 25,000,000.00 0.00 25,000,000.00 82,500.00 92,500.00 S USD USD USD 86,200,000 20,000,000 - 175,000,000 8.62 - 10,000,000.00 0.00 0.00 10,000,000.00 69,000.00 - 319,697.00 69,000.00 S - 319,697.00 .9 EFTA01552801 USD USD USD USD USD - 44,000,000 - 86,200,000 17,500,000 17,500,000 86,200,000 3.90 0.21 195,000.00 21,000.00 - 370,000.00 - 374,500.00 0.00 263,000.00 263,000.00 21,000.00 - 107,000.00 S - 111,500.00 S 21,000.00 S Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost Gain/Loss USD EFTA01552802 01 Trade Date JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 19 of 39 Settlement Date Realized Type Settled continued Jan 17 Jan 21 Purchase Opt AUD CALL USD PUT Jan 17 Jan 21 Write Option FX EUROPEAN STYLE OPTION JUL 17, 2003 @ .6 AUD PUT USD CALL Jan 17 Jan 17 Expired Opt FX EUROPEAN STYLE OPTION JUL 17, 2003 @ .59 KNOCK-OUT @ .6030 NOK PUT USD CALL FX EUROPEAN STYLE OPTION JUL 11, 2003 @ 6.93 KNOCK-OUT @ 6.82 Issued in USD Jan 21 Jan 23 Buy-Back Opt NOK PUT USD CALL Jan 22 Jan 24 Buy-Back Opt Jan 29 Jan 31 Write Option FX EUROPEAN STYLE OPTION MAR 19, 2003 @ 7.54 SEK PUT USD CALL FX EUROPEAN STYLE OPTION FEB 07, 2003 @ 9.3 NOK CALL USD PUT FX EUROPEAN STYLE OPTION FEB 04, 2003 @ 6.87 Trade Date Estimated Settlement Date Pending Feb 4 Expired Opt NOK CALL USD PUT FX EUROPEAN STYLE OPTION FEB 04, 2003 @ 6.87 USD 103,050,000 0.00 0.00 42,000.00 Realized Gain/Loss Type Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost USD USD USD USD 94,250,000 186,000,000 - 103,050,000 0.28 - 8,500.00 - 10,000.00 42,000.00 612,000.00 503,500.00 603,500.00 493,500.00 S USD EFTA01552803 USD 20,000,000 - 20,000,000 1.614 1.861 - 193,637.00 219,557.00 Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost Gain/Loss USD NOK 69,300,000 0.00 168,000.00 168,000.00 S EFTA01552804 01 Trade Date JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 20 of 39 Estimated Settlement Date Realized Gain/Loss Type Pending continued Jan 30 Feb 3 Buy-Back Opt BRL CALL USD PUT FX EUROPEAN STYLE OPTION FEB 03, 2003 8 3.5 Jan 30 Feb 3 Write Option GBP CALL USD PUT FX EUROPEAN STYLE OPTION FEB 06, 2003 8 1.655 Trade Date Settlement Date Counter Currency Settled Foreign Exchange Contracts SPECULATIVE NORWEGIAN KRONE - U S DOLLAR Dec 9 02 Jan 6 03 Dec 13 02 Jan 6 03 Jan 8 03 Jan 8 03 Jan 10 03 Jan 10 03 Jan 15 03 Jan 17 03 Jan 15 03 Jan 24 03 Jan 16 03 Jan 24 03 NOK 36,350,000.00 USD - 5,000,000.00 NOK - 36,350,000.00 USD NOK 34,440,000.00 USD - 5,000,000.00 NOK - 34,440,000.00 USD 5,073,272.85 4,984,081.04 NOK - 175,000,000.00 USD 25,325,615.05 NOK 175,000,000.00 USD - 25,307,302.96 NOK - 175,000,000.00 USD 25,380,710.66 S AFRICAN RAND - U S DOLLAR Jan 14 03 Jan 16 03 ZAR - 86,200,000.00 USD 9,784,335.98 7.270000 7.165000 6.888000 6.910000 6.910000 6.915000 6.895000 8.810000 6.910700 6.910700 6.888000 6.891377 6.997910 6.885400 6.885400 8.620000 - 5,000,000.00 5,073,272.85 - 5,000,000.00 4,984,081.04 5,259,959.19 - 5,259,959.19 5,000,000.00 EFTA01552805 - 4,997,549.63 25,325,615.05 - 25,007,468.16 - 25,307,302.96 25,380,710.66 - 25,416,097.83 9,784,335.98 - 10,000,000.00 25,416,097.83 259,959.19 - 186,686.34 - 13,468.59 318,146.89 108,794.87 - 35,387.17 - 215,664.02 Amount Currency Counter Amount Contract Rate Revaluation Rate Contracted/ Base Amount USD Revalued Amount USD Realized Gain/Loss USD USD - 5,000,000 0.25 20,687.50 USD 35,000,000 0.00 - 42,000.00 526,000.00 484,000.00 S Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost USD EFTA01552806 01 JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 21 of 39 Account Transactions by Currency Mexican New Peso Activity Summary Amount this Period Beginning Balance Credits Debits Foreign Exchange Foreign Exchange Ending Balance Mexican New Peso Activity by Date Settlement Date Jan 2 Type FX Opt Asgn'D Quantity Description - 10,000,000 SPOT CURRENCY TRANSACTION SETTLEMENT OF ASSIGNED FX OPTION BUY MXN SELL U5D TRADE 12/30/02 VALUE 1/02/03 Jan 2 Spot FX 9,855,072.46 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL MXN SPOT RATE : 10.350000000 TRADE 12/30/02 VALUE 1/02/03 U 5 DOLLAR MEXICAN NEW PESO .00 102,000,000.00 - 102,000,000.00 .00 102,000,000.00 - 102,000,000.00 Amount to Date Realized Amount Gain/Loss USD 102,000,000.00 9,845,084.70 Amount USD - 102,000,000.00 - 9,855,072.46 EFTA01552807 01 JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 22 of 39 Account Transactions by Currency Norwegian Krone Activity Summary Amount this Period Beginning Balance Credits Debits Foreign Exchange Foreign Exchange Ending Balance Foreign Exchange Gains/Losses Norwegian Krone Activity by Date Settlement Date Jan 6 Type Fwd FX Ctrct Quantity Description - 5,000,000 SETTLE FORWARD CURRENCY CONTRACT BUY NOK SELL USD CONTRACT RATE : 7.270000000 TRADE 12/09/02 VALUE 1/06/03 Jan 6 Fwd FX Ctrct 5,073,272.85 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL NOK CONTRACT RATE : 7.165000000 TRADE 12/13/02 VALUE 1/06/03 11,598.51 3,380,704.00 420,790,000.00 - 420,790,000.00 3,380,704.00 19,342.93 420,790,000.00 - 420,790,000.00 Amount to Date Realized Amount Gain/LOSS USD 36,350,000.00 5,259,959.19 Amount USD - 36,350,000.00 - 5,259,959.19 EFTA01552808 01 Date JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 23 of 39 Norwegian Krone Activity by Date Settlement continued Realized Type Jan 10 Spot FX Quantity Description - 5,000,000 SPOT CURRENCY TRANSACTION - BUY BUY NOK SELL USD SPOT RATE : 6.888000000 TRADE 1/08/03 VALUE 1/10/03 NORWEGIAN KRONE U 5 DOLLAR Jan 10 Spot FX 4,984,081.04 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL NOK SPOT RATE : 6.910000000 TRADE 1/08/03 VALUE 1/10/03 U 5 DOLLAR NORWEGIAN KRONE Jan 17 Spot FX 25,325,615.05 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL NOK SPOT RATE : 6.910000000 TRADE 1/15/03 VALUE 1/17/03 U 5 DOLLAR NORWEGIAN KRONE Jan 17 FX Opt Exerc - 25,000,000 SPOT CURRENCY TRANSACTION SETTLEMENT OF EXERCISED FX OPTION BUY NOK SELL USD TRADE 1/15/03 VALUE 1/17/03 Jan 24 Fwd FX Ctrct - 25,307,302.96 SETTLE FORWARD CURRENCY CONTRACT BUY NOK SELL USD CONTRACT RATE : 6.915000000 TRADE 1/15/03 VALUE 1/24/03 Jan 24 Fwd FX Ctrct 25,380,710.66 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL NOK CONTRACT RATE : 6.895000000 TRADE 1/16/03 VALUE 1/24/03 175,000,000.00 25,600,140.44 - 175,000,000.00 - 25,325,615.05 Gain/Loss USD 34,440,000.00 5,000,000.00 Amount Amount USD - 34,440,000.00 - 4,984,081.04 175,000,000.00 25,416,097.83 7,744.42 - 175,000,000.00 - 25,416,097.83 EFTA01552809 01 JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 24 of 39 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 16 Spot FX Quantity Description 9,784,335.98 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL ZAR SPOT RATE : 8.810000000 TRADE 1/14/03 VALUE 1/16/03 U S DOLLAR S AFRICAN RAND Jan 16 FX Opt Asgn'D - 10,000,000 SPOT CURRENCY TRANSACTION SETTLEMENT OF ASSIGNED FX OPTION BUY ZAR SELL USD TRADE 1/14/03 VALUE 1/16/03 .00 86,200,000.00 - 86,200,000.00 .00 86,200,000.00 - 86,200,000.00 Amount to Date Realized Amount Gain/Loss USD - 86,200,000.00 - 9,784,335.98 Amount USD 86,200,000.00 9,823,417.80 EFTA01552810 01 JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 25 of 39 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 Miscellaneous Disbursements Foreign Exchange Ending Balance - 1,529,606.64 - 1,653,676.99 - 8,000,000.00 - 80,307,302.96 .00 *Year to date information is calculated on a calendar year basis. - 1,529,606.64 - 1,653,676.99 - 8,000,000.00 - 80,307,302.96 84,018.31 9,227,543.24 1,775,937.00 80,403,088.04 84,018.31 9,227,543.24 1,775,937.00 80,403,088.04 .00 Amount Year to Date USD* U S Dollar Activity by Date Type Settlement Date Jan 2 Jan 2 Dividend Dividend Quantity Description JP MORGAN PRIME MONEY MARKET PREMIER CLASS SWEEP FUND (350) (SWEEP DEADLINE IS 4:30 PM EST) JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) Amount USD 676.84 50,371.48 EFTA01552811 01 Settlement Date Jan 2 JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 26 of 39 U S Dollar Activity by Date Type continued Quantity Description FX Opt Asgn'D 102,000,000 SPOT CURRENCY TRANSACTION SETTLEMENT OF ASSIGNED FX OPTION BUY MXN SELL USD TRADE 12/30/02 VALUE 1/02/03 Jan 2 Spot FX - 102,000,000 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL MXN SPOT RATE : 10.350000000 TRADE 12/30/02 VALUE 1/02/03 U S DOLLAR MEXICAN NEW PESO Jan 2 Jan 2 Dividend Purchase 32,969.99 J P MORGAN PRIME MONEY MARKET FUND INSTITUTIONAL SHARES CLASS (FUND 829) J P MORGAN PRIME MONEY MARKET FUND INSTITUTIONAL SHARES CLASS (FUND 829) INCOME DIVIDEND REINVESTED @ $1.00 J.P.MORGAN SECURITIES INC AS AGENT TRADE DATE 12/31/02 Jan 2 Jan 6 Sale Fwd FX Ctrct - 93,879.22 36,350,000 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) SETTLE FORWARD CURRENCY CONTRACT BUY NOK SELL USD CONTRACT RATE : 7.270000000 TRADE 12/09/02 VALUE 1/06/03 93,879.22 - 5,000,000.00 32,969.99 - 32,969.99 Amount USD - 10,000,000.00 9,855,072.46 EFTA01552812 01 Settlement Date Jan 6 JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 27 of 39 U S Dollar Activity by Date Type continued Quantity Description Fwd FX Ctrct - 36,350,000 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL NOK CONTRACT RATE : 7.165000000 TRADE 12/13/02 VALUE 1/06/03 Jan 6 Jan 7 Purchase Purchase Opt 73,272.85 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) 2,200,000,000 JPY CALL USD PUT FX EUROPEAN STYLE OPTION JUL 02, 2003 a 110. PURCHASED FX OPTION CALL 2,200,000,000.00 JPY PUT 20,000,000.00 USD TRADE DATE 12/30/02 Jan 7 Jan 9 Sale Write Option - 165,000 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) - 60,165,000 ZAR PUT USD CALL FX EUROPEAN STYLE OPTION JAN 08, 2003 a 8.595 WRITTEN FX OPTION PUT 60,165,000.00 ZAR CALL 7,000,000.00 USD TRADE DATE 01/07/03 165,000.00 21,000.00 Amount USD 5,073,272.85 - 73,272.85 - 165,000.00 EFTA01552813 01 Settlement Date Jan 9 JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 28 of 39 U S Dollar Activity by Date Type continued Quantity Description Write Option - 30,000,000 NZD PUT USD CALL FX EUROPEAN STYLE OPTION JUL 07, 2003 @ .53 KNOCK-OUT @ .555 WRITTEN FX OPTION PUT 30,000,000.00 NZD CALL 15,900,000.00 USD TRADE DATE 01/07/03 Jan 9 Write Option - 20,000,000 CHF PUT USD CALL FX EUROPEAN STYLE OPTION JAN 14, 2003 @ 1.4 WRITTEN FX OPTION PUT 20,000,000.00 CHF CALL 14,285,714.28 USD TRADE DATE 01/07/03 Jan 9 Purchase Jan 10 Write Option 595,620 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) - 172,500,000 NOK CALL USD PUT FX EUROPEAN STYLE OPTION JAN 15, 2003 @ 6.9 WRITTEN FX OPTION CALL 172,500,000.00 NOK PUT 25,000,000.00 USD TRADE DATE 01/08/03 Jan 10 Purchase 32,061.04 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) - 32,061.04 - 595,620.00 92,500.00 69,000.00 Amount USD 505,620.00 EFTA01552814 01 Settlement Date JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 29 of 39 U S Dollar Activity by Date Type continued Quantity Description Jan 10 Spot FX 34,440,000 SPOT CURRENCY TRANSACTION - BUY BUY NOK SELL USD SPOT RATE : 6.888000000 TRADE 1/08/03 VALUE 1/10/03 NORWEGIAN KRONE U S DOLLAR Jan 10 Spot FX - 34,440,000 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL NOK SPOT RATE : 6.910000000 TRADE 1/08/03 VALUE 1/10/03 U S DOLLAR Jan 10 Buy-Back Opt 60,165,000 NORWEGIAN KRONE ZAR PUT USD CALL FX EUROPEAN STYLE OPTION JAN 08, 2003 8 8.595 REPURCHASE OF WRITTEN FX OPTION TRADE DATE 01/08/03 Jan 15 Write Option - 44,000,000 ZAR PUT USD CALL FX EUROPEAN STYLE OPTION APR 11, 2003 8 8.8 WRITTEN FX OPTION PUT 44,000,000.00 ZAR CALL 5,000,000.00 USD TRADE DATE 01/13/03 Jan 15 Write Option - 86,200,000 ZAR PUT USD CALL FX EUROPEAN STYLE OPTION JAN 14, 2003 8 8.62 WRITTEN FX OPTION PUT 86,200,000.00 ZAR CALL 10,000,000.00 USD TRADE DATE 01/13/03 21,000.00 195,000.00 Amount USD - 5,000,000.00 4,984,081.04 - 44,520.00 EFTA01552815 01 Settlement Date JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 30 of 39 U S Dollar Activity by Date Type continued Quantity Description Jan 15 Write Option - 69,300,000 NOK PUT USD CALL FX EUROPEAN STYLE OPTION JUL 11, 2003 @ 6.93 KNOCK-OUT @ 6.82 WRITTEN FX OPTION PUT 69,300,000.00 NOK CALL 10,000,000.00 USD TRADE DATE 01/13/03 Jan 15 Purchase Opt 67,500,000 NOK CALL USD PUT FX EUROPEAN STYLE OPTION JUL 11, 2003 @ 6.75 PURCHASED FX OPTION CALL 67,500,000.00 NOK PUT 10,000,000.00 USD TRADE DATE 01/13/03 Jan 15 Purchase Opt 30,000,000 NZD CALL USD PUT FX EUROPEAN STYLE OPTION JUL 11, 2003 @ .55 PURCHASED FX OPTION CALL 30,000,000.00 NZD PUT 16,500,000.00 USD TRADE DATE 01/13/03 Jan 15 Write Option - 30,000,000 NZD PUT USD CALL FX EUROPEAN STYLE OPTION JUL 11, 2003 @ .54 KNOCK-OUT @ .56 WRITTEN FX OPTION PUT 30,000,000.00 NZD CALL 16,200,000.00 USD TRADE DATE 01/13/03 442,260.00 - 308,550.00 - 146,000.00 Amount USD 168,000.00 EFTA01552816 01 Settlement Date JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 31 of 39 U S Dollar Activity by Date Type continued Quantity Description Jan 15 Purchase Jan 16 Spot FX 371,710 - 86,200,000 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) SPOT CURRENCY TRANSACTION - SALE BUY USD SELL ZAR SPOT RATE : 8.810000000 TRADE 1/14/03 VALUE 1/16/03 U S DOLLAR S AFRICAN RAND Jan 16 Buy-Back Opt 17,500,000 BRL CALL USD PUT FX EUROPEAN STYLE OPTION FEB 03, 2003 8 3.5 REPURCHASE OF WRITTEN FX OPTION TRADE DATE 01/14/03 Jan 16 Buy-Back Opt 17,500,000 BRL CALL USD PUT FX EUROPEAN STYLE OPTION FEB 03, 2003 8 3.5 REPURCHASE OF WRITTEN FX OPTION TRADE DATE 01/14/03 Jan 16 Sale Jan 16 FX Opt Asgn'D - 960,164.02 86,200,000 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) SPOT CURRENCY TRANSACTION SETTLEMENT OF ASSIGNED FX OPTION BUY ZAR SELL USD TRADE 1/14/03 VALUE 1/16/03 960,164.02 - 10,000,000.00 - 374,500.00 Amount USD - 371,710.00 9,784,335.98 - 370,000.00 EFTA01552817 01 Settlement Date JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 32 of 39 U S Dollar Activity by Date Type continued Quantity Description Jan 17 Spot FX - 175,000,000 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL NOK SPOT RATE : 6.910000000 TRADE 1/15/03 VALUE 1/17/03 U S DOLLAR NORWEGIAN KRONE Jan 17 FX Opt Exerc 175,000,000 SPOT CURRENCY TRANSACTION SETTLEMENT OF EXERCISED FX OPTION BUY NOK SELL USD TRADE 1/15/03 VALUE 1/17/03 Jan 17 Purchase Jan 21 Purchase Jan 21 Write Option 325,615.05 25,920 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) - 20,000,000 AUD PUT USD CALL FX EUROPEAN STYLE OPTION JUL 17, 2003 @ .59 KNOCK-OUT @ .6030 WRITTEN FX OPTION PUT 20,000,000.00 AUD CALL 11,800,000.00 USD TRADE DATE 01/17/03 Jan 21 Purchase Opt 20,000,000 AUD CALL USD PUT FX EUROPEAN STYLE OPTION JUL 17, 2003 @ .6 PURCHASED FX OPTION CALL 20,000,000.00 AUD PUT 12,000,000.00 USD TRADE DATE 01/17/03 - 193,637.00 - 25,000,000.00 Amount USD 25,325,615.05 - 325,615.05 - 25,920.00 219,557.00 EFTA01552818 01 Settlement Date JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 33 of 39 U S Dollar Activity by Date Type continued Quantity Description Jan 23 Buy-Back Opt 94,250,000 NOK PUT USD CALL FX EUROPEAN STYLE OPTION MAR 19, 2003 8 7.54 REPURCHASE OF WRITTEN FX OPTION TRADE DATE 01/21/03 Jan 23 Sale Jan 24 Fwd FX Ctrct - 8,500 175,000,000 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) SETTLE FORWARD CURRENCY CONTRACT BUY NOK SELL USD CONTRACT RATE : 6.915000000 TRADE 1/15/03 VALUE 1/24/03 Jan 24 Fwd FX Ctrct - 175,000,000 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL NOK CONTRACT RATE : 6.895000000 TRADE 1/16/03 VALUE 1/24/03 Jan 24 Buy-Back Opt 186,000,000 SEK PUT USD CALL FX EUROPEAN STYLE OPTION FEB 07, 2003 8 9.3 REPURCHASE OF WRITTEN FX OPTION TRADE DATE 01/22/03 Jan 24 Purchase Jan 27 Sale 63,407.70 - 8,000,000 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) - 63,407.70 8,000,000.00 8,500.00 - 25,307,302.96 Amount USD - 8,500.00 25,380,710.66 - 10,000.00 EFTA01552819 01 Settlement Date JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 34 of 39 U S Dollar Activity by Date Type continued Quantity Description Jan 27 Misc. Disbursement TRANSFERRED BY WIRE TO BEAR STEARNS 6 COMPANY FAO FINANCIAL TRUST COMPANY, INC. LETTER FROM CLIENT Jan 31 Write Option - 103,050,000 NOK CALL USD PUT FX EUROPEAN STYLE OPTION FEB 04, 2003 a 6.87 WRITTEN FX OPTION CALL 103,050,000.00 NOK PUT 15,000,000.00 USD TRADE DATE 01/29/03 Jan 31 Purchase 42,000 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) - 42,000.00 Amount USD - 8,000,000.00 42,000.00 EFTA01552820 01 JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC , New York, NY 10154-1002 Asset Account Portfolio January 01, 2003 - January 31, 2003 Page 35 of 39 In Case of Errors or Questions About Your Electronic Transfers. Contact yourMorgan Teamat one ofthe telephonenumbers on the front of this statement or write us at 5 1/OPS, Newark,DE19713-2107 as soon as you can, if you think yourstatement is wrong or if you needmore information about a transfer on the statement. We must hearfrom you no laterthan 60 days afterwe sent you the FIRSTstatement on w hich the erroror problem appeared. (1) Tellus yourname and account number. (2) Describethe erroror t he transferyou are unsure about, and explainas clearly as you can why you believe it is in erroror why you need more information. (3) tell us the dollaramount of the suspected error. Ifyou contact us orally, you must send us your complaint or question in wri ting within 10 business days in order to preserveyour rights. We will investigateyourcomplaint and will correct any errorpromptly. Ifwe take more than 10 business days to do this (20 days for purchases using yourdebit card or for internationaltransactions),we will credi t youraccount for the amount you think is in error, so that you will have the use ofmoneyduring the time it takes us to complete our investigation. In case of errors or questions about your statement, including your line of credit. If you think that your statement is incorrect or if you need more information about a transaction on your statement including a line of credit transaction, you must write to us on a separate sheet des cribing the error and send it to: JPMorgan, Private Bank, , 1/OPS3, Newark, DE 19713-2107. We must hear from you no 1 ater than 60 days after the statement on which the error or problem appeared is sent. You can contac t your client service specialist but doing so will not preserve your rights. In your letter, please provide the following information: (1) your name and account number; (2) the dollar amount of the suspected error; and (3) a description of the error and explanation, if you can , why you believe there is an error. If you need more information, you must describe the item you are unsure about. The JPMorgan Funds or The JPMorgan Institutional Funds or The American Century Funds J.P.Morgan Funds Distributor, Inc. is the distributor of the J.P.Morgan Funds and American Century I nvestment Services Inc. is the distributor of the American Century Funds. JPMorgan Investment Manage ment Inc. and American Century Investment Management serve as investment advisors to their respectivefund families. Shares of the funds are not bank deposits and are not guaranteedby any bank, government entity, or the FDIC. Return and share price will fluctuate and redemption value may be more or less than original cost. While the moneymarketfunds seekto maintain a stable net asset valueof$1.00 pershare, there is no assurancethat they will continue to do so. The estimatedannualincome and dividendyieldfigures for mutual funds re presentthe funds' most recentincome dividendannualized. If you have chosen one of the sweep mutual funds, you are notified that positions in the Prime Money Market Sweep Fund represent holdings in the JPMorgan Prime Money Market Fund; positions in the Fede ral Money Market Sweep Fund represent holdings in the JPMorgan Federal Money Market Fund; and positions in the Tax Exempt Money Market Sweep Fund represent holdings in the JPMorgan Tax Exempt Money Market Fund. JPMorgan Private Bank is the marketing name for the private banking business conducted by J.P.Morgan Chase & Co. through its subsidiaries worldwide, including JPMorgan Chase Bank, J.P. Morgan Trust Co mpany, N.A. and J.P. Morgan Securities Inc. EFTA01552821 01 J.P. Morgan Securities Inc. 2003 Account Number: 161121381 FINANCIAL TRUST COMPANY INC 270 Park Avenue New York, NY 10017 Margin Account Portfolio January 01, 2003 - January 31, 2003 Page 36 of 39 Margin Account Portfolio January 1 - January 31, 2003 Table of Contents Portfolio Summary Account Officers Service Specialist: HORNAK/DORAZIO Page 37 All positions in this Margin Account Portfolio are held in custody at J.P. Morgan Securities Inc. (mJPMSI"). Member SIPC. EFTA01552822 01 J.P. Morgan Securities Inc. 2003 Account Number: 161121381 FINANCIAL TRUST COMPANY INC 270 Park Avenue New York, NY 10017 Margin Account Portfolio January 01, 2003 - January 31, 2003 Page 37 of 39 Overview Portfolio Summary Market Value USD Total Jan 31 0.00 Estimated Annual Income USD EFTA01552823 01 J.P. Morgan Securities Inc. 2003 Account Number: 161121381 FINANCIAL TRUST COMPANY INC 270 Park Avenue New York, NY 10017 Margin Account Portfolio January 01, 2003 - January 31, 2003 Page 38 of 39 IMPORTANT INFORMATION ABOUT YOUR STATEMENT Contact your client service specialist if you think your statement is incorrect or you require addit ional information about a transaction on your statement. IMPORTANT INFORMATION ABOUT YOUR JPMSI MARGIN ACCOUNT If there are any errors or omissions on this statement, or if you have any questions about it, pleas e contact your JPMSI Account Representative or JPMSI Compliance Department at (212) 483-2323. Please keep the following in mind when using this statement to track your JPMSI brokerage activity: This statement combines your general margin account with the special memorandum account required by Section 220.6 Regulation T. As required by Regulation T, a permanent record of your separate account is available upon your requ est. 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 Free credit balances in your account are not segregated and may be used in the operation of JPMSIs b usiness, subject to the limitations of SEC Rule 15c3-3. Unless otherwise instructed, JPMSI or its ag ents and depositories will hold your securities. Upon your demand, JPMSI will pay to you the amount of your free credit balance, and will deliver to you f ully-paid securities held on your behalf. Interest will be charged on any debit balance; the method of calculating interest is described in a letter sent to all margin customers. Upon written request, JPMSI will supply you with our most recen t statement required to be furnished to customers under SEC Rule 17a-5(c). If a partial call is made with respect to an issue of securities included in your Margin Account we will allocate the call by a method we deem fair and equitable. You should have received separate JPMSI trade confirmations for each securities transaction. All tra nsactions are subject to the terms and conditions stated on the reverse side of such confirmations a nd are subject to the constitution, by-laws, customs and interpretations of the marketplace where executed and governed by and construed in accordance wi th the laws of the state of New York and all applicable federal laws and regulations. You must promptly advise JPMSI of material changes in your investment objectives or financial situat ion. Unless you inform JPMSI otherwise, JPMSI will consider the information currently in its files t o be complete and accurate. JPMSI is required by law to report to the Internal Revenue Service all dividends and/or interest inc ome on bonds credited to your account during calendar year. Please retain all your statements to ass ist you in preparing your income tax returns. A financial statement of JPMSI is available for your personal inspection at its offices, or a copy o f it will be mailed upon your written request. JPMSI is not a bank and is a separate legal entity from its bank or thrift affiliates, including JPM CB. The securities sold, offered or recommended by JPMSI: (1) Are not insured by the Federal Deposit Insurance Corporation, or any other governmental agency; (2) Are not deposits or other obligations of JPMSI's bank or thrift affiliates (unless otherwise ind icated), and are not guaranteed by or the responsibility of any such affiliates(unless explicitly st ated otherwise); and (3) Involve investment risks, including possible loss of the principal invested. JPMSI's banking affiliates may be lenders to issuers of securities that JPMSI underwrites, in which case proceeds of offerings underwritten by JPMSI may be used for the repayment of such loans, and yo u should refer to the disclosure documents relating to particular securities for discussion of any such lending relationships. The Federal Reserve requires that JPMSI obtain your consent before it can obtain certain information from its bank or thrift affiliates, including their credit evaluation of you. We will assume that y our continuing to transact business with JPMSI will constitute your consent to the sharing of such information by JPMSI and its bank or thrift affiliate s, to the extent permitted by law. JPMorgan Private Bank is the marketing name for the private banking business conducted by J.P. Morga n Chase a Co. through its subsidiaries worldwide, including JPMCB and JPMSI. EFTA01552824 01 J.P. Morgan Securities Inc. 2003 Account Number: 161121381 FINANCIAL TRUST COMPANY INC 270 Park Avenue New York, NY 10017 Margin Account Portfolio January 01, 2003 - January 31, 2003 Page 39 of 39 JPMSI is a member of the Securities Investor Protection Corporation (SIPC), a not-for-profit members hip corporation funded by broker-dealers registered with the Securities and Exchange Commission. Sec urities and cash held for a customer account at JPMSI are protected up to an amount of $50,000,000. The first $500,000 of protection, which includes up to $100,000 of protection for cash, is provided by SIPC. The balance of the protection, which in eludes up to an additional $900,000 of protection for cash, is provided by a separate Excess Securities Bond issued by Travelers Casualty and Surety C ompany of America. This SIPC and excess SIPC protection does not protect against losses from fluctua tions in the value of the securities. Assets held in custody by JPMCB are not subject to SIPC coverage. EFTA01552825