(MARGIN) 03/23/05 OPEN 0.000 -11,500,000 SERIES 227 CLASS 10 5.0000 12/01/34 027 D.01.06:09:49 001 Y876 EFTA00196194 CLEARED THROUGH ITS MICELY CMY.E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 6 C/ 4(1 Repurchase and Reverse Repurchase Transactions