8-K 1 mam04011_dec.txt DECEMBER 8K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): December 27, 2004 MASTR ADJUSTABLE RATE MORTGAGES TRUST Mortgage Pass-Through Certificates, Series 2004-11 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-106982-49 54-6643076 Pooling and Servicing Agreement) (Commission 54-2160304 (State or other File Number) 54-2160305 jurisdiction IRS EIN of Incorporation) c/o Wells Fargo Bank, N.A., 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On December 27, 2004 a distribution was made to holders of MASTR ADJUSTABLE RATE MORTGAGES TRUST, Mortgage Pass-Through Certificates, Series 2004-11 Trust . ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2004-11 Trust, relating to the December 27, 2004 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MASTR ADJUSTABLE RATE MORTGAGES TRUST Mortgage Pass-Through Certificates, Series 2004-11 Trust (Registrant) By: Wells Fargo Bank, N.A. as Master Servicer By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 1/4/2005 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2004-11 Trust, relating to the December 27, 2004 distribution. EX-99.1

~~Mortgage~~MASTR ~~Asset~~Adjustable ~~Securitization~~Rate ~~Transactions,~~Mortgages ~~Inc~~Trust Mortgage Pass-Through Certificates Record Date: 1011/3130/042004 Distribution Date: 1112/2627/042004 ~~MARM~~MASTR Adjustable Rate Mortgages Trust Mortgage Pass-Through Certificates Series: 2004-11 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution 1-A1 576433RX6 SEN 2.~~33875~~56000% ~~145~~142,~~078~~715,~~000~~710.0037 ~~273~~314,~~307~~590.8880 2,~~362~~460,~~289~~200.6385 1-A2 576433RY4 SEN 2.~~38875~~61000% 1615,~~000~~739,~~000~~473.0070 3035,~~786~~372.3044 ~~260~~271,~~526~~324.3048 1-A3 576433RZ1 SEN 2.~~32875~~55000% ~~105~~103,~~000~~290,~~000~~296.0018 ~~196~~226,~~960~~795.4226 1,~~709~~780,~~703~~566.8293 1-A4 576433SA5 SEN 2.~~44875~~67000% 2625,~~000~~576,~~000~~644.0077 5158,~~284~~801.3259 ~~423~~440,~~355~~902.2329 2-A1 576433SB3 SEN 2.~~33875~~56000% ~~318~~314,~~985~~814,~~000~~147.0003 ~~600~~693,~~925~~950.8047 4,~~170~~726,~~852~~725.9780 2-A2 576433SC1 SEN 2.~~39875~~62000% 3029,~~000~~607,~~000~~738.0033 5766,~~965~~794.9651 ~~392~~444,~~261~~540.6757 M-1 576433SD9 MEZ 2.~~59875~~82000% 40,357,000.00 8497,~~479~~994.2762 0.00 M-2 576433SE7 MEZ 3.~~05875~~28000% 15,714,000.00 3844,~~716~~380.6377 0.00 B-1 576433SF4 SUB 3.~~70875~~93000% 7,143,000.00 2124,~~339~~171.0572 0.00 B-2 576433SG2 SUB 5.~~10875~~33000% 5,714,000.00 2326,~~513~~224.7419 0.00 L-R 576433TM8 SEN 0.00000% 0.00 0.00 0.00 R 576433TL0 SEN 0.00000% 0.00 0.00 0.00 X 576433TJ5 SEN 0.00000% 0.00 1,~~855~~600,~~260~~354.9307 0.00 P 576433TK2 PPAY 0.00000% 0.01 2427,~~469~~949.5102 0.00 Totals ~~709~~700,~~991~~672,~~000~~010.0139 3,~~259~~217,~~009~~379.8146 910,~~318~~124,~~989~~260.6292

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses 1-A1 0.00 ~~142~~140,~~715~~255,~~710~~509.3752 2,~~635~~774,~~597~~791.5165 0.00 1-A2 0.00 15,~~739~~468,~~473~~149.7022 ~~291~~306,~~312~~696.6092 0.00 1-A3 0.00 ~~103~~101,~~290~~509,~~296~~729.1825 12,~~906~~007,~~664~~362.2419 0.00 1-A4 0.00 25,~~576~~135,~~644~~742.7748 ~~474~~499,~~639~~703.5588 0.00 2-A1 0.00 ~~314~~310,~~814~~087,~~147~~421.0323 45,~~771~~420,~~778~~676.7727 0.00 2-A2 0.00 29,~~607~~163,~~738~~197.3376 ~~450~~511,~~227~~335.6308 0.00 M-1 0.00 40,357,000.00 8497,~~479~~994.2762 0.00 M-2 0.00 15,714,000.00 3844,~~716~~380.6377 0.00 B-1 0.00 7,143,000.00 2124,~~339~~171.0572 0.00 B-2 0.00 5,714,000.00 2326,~~513~~224.7419 0.00 L-R 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 X 0.00 0.00 1,~~855~~600,~~260~~354.9307 0.00 P 0.00 0.01 2427,~~469~~949.5102 0.00 Totals 0.00 ~~700~~690,~~672~~547,~~010~~749.3947 1213,~~577~~341,~~999~~640.4338 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) 1-A1 145,078,000.00 ~~145~~142,~~078~~715,~~000~~710.0037 0.00 2,~~362~~460,~~289~~200.6385 0.00 0.00 1-A2 16,000,000.00 1615,~~000~~739,~~000~~473.0070 0.00 ~~260~~271,~~526~~324.3048 0.00 0.00 1-A3 105,000,000.00 ~~105~~103,~~000~~290,~~000~~296.0018 0.00 1,~~709~~780,~~703~~566.8293 0.00 0.00 1-A4 26,000,000.00 2625,~~000~~576,~~000~~644.0077 0.00 ~~423~~440,~~355~~902.2329 0.00 0.00 2-A1 318,985,000.00 ~~318~~314,~~985~~814,~~000~~147.0003 0.00 4,~~170~~726,~~852~~725.9780 0.00 0.00 2-A2 30,000,000.00 3029,~~000~~607,~~000~~738.0033 0.00 ~~392~~444,~~261~~540.6757 0.00 0.00 M-1 40,357,000.00 40,357,000.00 0.00 0.00 0.00 0.00 M-2 15,714,000.00 15,714,000.00 0.00 0.00 0.00 0.00 B-1 7,143,000.00 7,143,000.00 0.00 0.00 0.00 0.00 B-2 5,714,000.00 5,714,000.00 0.00 0.00 0.00 0.00 L-R 0.00 0.00 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 X 0.00 0.00 0.00 0.00 0.00 0.00 P 0.01 0.01 0.00 0.00 0.00 0.00 Totals 709,991,000.01 ~~709~~700,~~991~~672,~~000~~010.0139 0.00 910,~~318~~124,~~989~~260.6292 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution 1-A1 2,~~362~~460,~~289~~200.6385 ~~142~~140,~~715~~255,~~710~~509.3752 0.~~98371711~~96675933 2,~~362~~460,~~289~~200.6385 1-A2 ~~260~~271,~~526~~324.3048 15,~~739~~468,~~473~~149.7022 0.~~98371711~~96675933 ~~260~~271,~~526~~324.3048 1-A3 1,~~709~~780,~~703~~566.8293 ~~103~~101,~~290~~509,~~296~~729.1825 0.~~98371711~~96675933 1,~~709~~780,~~703~~566.8293 1-A4 ~~423~~440,~~355~~902.2329 25,~~576~~135,~~644~~742.7748 0.~~98371711~~96675933 ~~423~~440,~~355~~902.2329 2-A1 4,~~170~~726,~~852~~725.9780 ~~314~~310,~~814~~087,~~147~~421.0323 0.~~98692461~~97210659 4,~~170~~726,~~852~~725.9780 2-A2 ~~392~~444,~~261~~540.6757 29,~~607~~163,~~738~~197.3376 0.~~98692461~~97210659 ~~392~~444,~~261~~540.6757 M-1 0.00 40,357,000.00 1.00000000 0.00 M-2 0.00 15,714,000.00 1.00000000 0.00 B-1 0.00 7,143,000.00 1.00000000 0.00 B-2 0.00 5,714,000.00 1.00000000 0.00 L-R 0.00 0.00 0.00000000 0.00 R 0.00 0.00 0.00000000 0.00 R 0.00 0.00 0.00000000 0.00 X 0.00 0.00 0.00000000 0.00 P 0.00 0.01 1.00000000 0.00 Totals 910,~~318~~124,~~989~~260.6292 ~~700~~690,~~672~~547,~~010~~749.3947 0.~~98687450~~97261479 910,~~318~~124,~~989~~260.6292

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion 1-A1 145,078,000.00 ~~1000~~983.~~00000000~~71710645 0.00000000 16.~~28289355~~95778030 0.00000000 1-A2 16,000,000.00 ~~1000~~983.~~00000000~~71710625 0.00000000 16.~~28289375~~95778000 0.00000000 1-A3 105,000,000.00 ~~1000~~983.~~00000000~~71710648 0.00000000 16.~~28289352~~95778029 0.00000000 1-A4 26,000,000.00 ~~1000~~983.~~00000000~~71710654 0.00000000 16.~~28289346~~95778038 0.00000000 2-A1 318,985,000.00 ~~1000~~986.~~00000000~~92461097 0.00000000 1314.~~07538903~~81801903 0.00000000 2-A2 30,000,000.00 ~~1000~~986.~~00000000~~92461100 0.00000000 1314.~~07538900~~81801900 0.00000000 M-1 40,357,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 15,714,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-1 7,143,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-2 5,714,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 L-R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 P 0.01 0.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1,000 denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution 1-A1 0.00000000 16.~~28289355~~95778030 ~~983~~966.~~71710645~~75932616 0.~~98371711~~96675933 16.~~28289355~~95778030 1-A2 0.00000000 16.~~28289375~~95778000 ~~983~~966.~~71710625~~75932625 0.~~98371711~~96675933 16.~~28289375~~95778000 1-A3 0.00000000 16.~~28289352~~95778029 ~~983~~966.~~71710648~~75932619 0.~~98371711~~96675933 16.~~28289352~~95778029 1-A4 0.00000000 16.~~28289346~~95778038 ~~983~~966.~~71710654~~75932615 0.~~98371711~~96675933 16.~~28289346~~95778038 2-A1 0.00000000 1314.~~07538903~~81801903 ~~986~~972.~~92461097~~10659194 0.~~98692461~~97210659 1314.~~07538903~~81801903 2-A2 0.00000000 1314.~~07538900~~81801900 ~~986~~972.~~92461100~~10659200 0.~~98692461~~97210659 1314.~~07538900~~81801900 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 L-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 0.00000000 1.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall 1-A1 145,078,000.00 2.~~33875~~56000% ~~145~~142,~~078~~715,~~000~~710.0037 ~~273~~314,~~325~~608.9485 0.00 0.00 1-A2 16,000,000.00 2.~~38875~~61000% 1615,~~000~~739,~~000~~473.0070 3035,~~788~~374.3347 0.00 0.00 1-A3 105,000,000.00 2.~~32875~~55000% ~~105~~103,~~000~~290,~~000~~296.0018 ~~196~~226,~~973~~808.4428 0.00 0.00 1-A4 26,000,000.00 2.~~44875~~67000% 2625,~~000~~576,~~000~~644.0077 5158,~~287~~804.7197 0.00 0.00 2-A1 318,985,000.00 2.~~33875~~56000% ~~318~~314,~~985~~814,~~000~~147.0003 ~~600~~693,~~965~~990.5230 0.00 0.00 2-A2 30,000,000.00 2.~~39875~~62000% 3029,~~000~~607,~~000~~738.0033 5766,~~969~~798.7935 0.00 0.00 M-1 40,357,000.00 2.~~59875~~82000% 40,357,000.00 8498,~~484~~000.8625 0.00 0.00 M-2 15,714,000.00 3.~~05875~~28000% 15,714,000.00 3844,~~719~~383.1932 0.00 0.00 B-1 7,143,000.00 3.~~70875~~93000% 7,143,000.00 2124,~~340~~173.4610 0.00 0.00 B-2 5,714,000.00 5.~~10875~~33000% 5,714,000.00 2326,~~515~~225.2967 0.00 0.00 L-R 0.00 0.00000% 0.00 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 X 0.00 0.00000% ~~714~~704,~~276~~957,~~013~~666.2445 0.00 0.00 0.00 P 0.01 0.00000% 0.01 0.00 0.00 0.00 Totals 709,991,000.01 1,~~379~~589,~~370~~167.5356 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance 1-A1 18.0706 0.00 ~~273~~314,~~307~~590.8880 0.00 ~~142~~140,~~715~~255,~~710~~509.3752 1-A2 2.0403 0.00 3035,~~786~~372.3044 0.00 15,~~739~~468,~~473~~149.7022 1-A3 13.02 0.00 ~~196~~226,~~960~~795.4226 0.00 ~~103~~101,~~290~~509,~~296~~729.1825 1-A4 3.3937 0.00 5158,~~284~~801.3259 0.00 25,~~576~~135,~~644~~742.7748 2-A1 39.7383 0.00 ~~600~~693,~~925~~950.8047 0.00 ~~314~~310,~~814~~087,~~147~~421.0323 2-A2 3.83 0.00 5766,~~965~~794.9651 0.00 29,~~607~~163,~~738~~197.3376 M-1 5.5862 0.00 8497,~~479~~994.2762 0.00 40,357,000.00 M-2 2.5655 0.00 3844,~~716~~380.6377 0.00 15,714,000.00 B-1 1.4139 0.00 2124,~~339~~171.0572 0.00 7,143,000.00 B-2 1.5548 0.00 2326,~~513~~224.7419 0.00 5,714,000.00 L-R 0.00 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 X 0.00 0.00 1,~~855~~600,~~260~~354.9307 0.00 ~~704~~694,~~957~~833,~~666~~405.4553 P 0.00 0.00 2427,~~469~~949.5102 0.00 0.01 Totals 91.18 0.00 3,~~259~~217,~~009~~379.8146 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall 1-A1 145,078,000.00 2.~~33875~~56000% ~~1000~~983.~~00000000~~71710645 12.~~88399302~~16854968 0.00000000 0.00000000 1-A2 16,000,000.00 2.~~38875~~61000% ~~1000~~983.~~00000000~~71710625 12.~~92427063~~21090438 0.00000000 0.00000000 1-A3 105,000,000.00 2.~~32875~~55000% ~~1000~~983.~~00000000~~71710648 12.~~87593752~~16007886 0.00000000 0.00000000 1-A4 26,000,000.00 2.~~44875~~67000% ~~1000~~983.~~00000000~~71710654 12.~~97260423~~26172962 0.00000000 0.00000000 2-A1 318,985,000.00 2.~~33875~~56000% ~~1000~~986.~~00000000~~92461097 12.~~88399304~~17562048 0.00000000 0.00000000 2-A2 30,000,000.00 2.~~39875~~62000% ~~1000~~986.~~00000000~~92461100 12.~~93232633~~22661167 0.00000000 0.00000000 M-1 40,357,000.00 2.~~59875~~82000% 1000.00000000 2.~~09343757~~42833337 0.00000000 0.00000000 M-2 15,714,000.00 3.~~05875~~28000% 1000.00000000 2.~~46399325~~82444444 0.00000000 0.00000000 B-1 7,143,000.00 3.~~70875~~93000% 1000.00000000 23.~~98760465~~38416632 0.00000000 0.00000000 B-2 5,714,000.00 5.~~10875~~33000% 1000.00000000 4.~~11538152~~58972174 0.00000000 0.00000000 L-R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 X 0.00 0.00000% ~~1000~~986.~~00000000~~95413731 0.00000000 0.00000000 0.00000000 P 0.01 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes are per $1,000 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance 1-A1 0.~~00012455~~00012448 0.00000000 12.~~88386854~~16842526 0.00000000 ~~983~~966.~~71710645~~75932616 1-A2 0.~~00012750~~00012688 0.00000000 12.~~92414375~~21077750 0.00000000 ~~983~~966.~~71710625~~75932625 1-A3 0.00012400 0.00000000 12.~~87581352~~15995486 0.00000000 ~~983~~966.~~71710648~~75932619 1-A4 0.~~00013038~~00012962 0.00000000 12.~~97247385~~26159962 0.00000000 ~~983~~966.~~71710654~~75932615 2-A1 0.~~00012455~~00012486 0.00000000 12.~~88386852~~17549562 0.00000000 ~~986~~972.~~92461097~~10659194 2-A2 0.00012767 0.00000000 12.~~93219867~~22648367 0.00000000 ~~986~~972.~~92461100~~10659200 M-1 0.~~00013827~~00013926 0.00000000 2.~~09329906~~42819387 0.00000000 1000.00000000 M-2 0.~~00016291~~00016228 0.00000000 2.~~46383034~~82428217 0.00000000 1000.00000000 B-1 0.~~00019740~~00019460 0.00000000 23.~~98740725~~38397312 0.00000000 1000.00000000 B-2 0.~~00027126~~00025901 0.00000000 4.~~11511026~~58946272 0.00000000 1000.00000000 L-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X 0.00000000 0.00000000 2.~~59740058~~24052613 0.00000000 ~~986~~972.~~95413731~~77997952 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 1213,~~715~~443,~~013~~100.1415 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 5281,~~647~~359.9179 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 2427,~~469~~949.5102 Total Deposits 1213,~~792~~552,~~130~~408.5696 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~214~~210,~~131~~768.1358 Payment of Interest and Principal 1213,~~577~~341,~~999~~640.4338 Total Withdrawals (Pool Distribution Amount) 1213,~~792~~552,~~130~~408.5696 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~207~~205,~~810~~088.1932 LPMI 65,~~320~~680.9426 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~214~~210,~~131~~768.1358

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Yield Maintence Payment - 1A 0.00 0.00 0.00 0.00 Yield Maintence Payment - 2A 0.00 0.00 0.00 0.00 Excess Reserve Fund Account 0.00 0372.0011 0372.0011 0.00 Yield Maintenance Reserve Account 0.00 0.00 0.00 0.00

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 2 0 0 2 404,~~570~~120.7834 0.00 0.00 404,~~570~~120.7834 30 Days 3748 1 0 0 3849 912,~~238~~750,~~408~~269.1594 ~~166~~165,~~110~~912.3512 0.00 0.00 912,~~404~~916,~~518~~182.5006 60 Days 17 0 0 0 17 ~~175~~1,~~820~~311,644.5684 0.00 0.00 0.00 ~~175~~1,~~820~~311,644.5684 90 Days 01 0 0 0 01 0175,820.0056 0.00 0.00 0.00 0175,820.0056 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 3856 3 0 0 4159 914,~~414~~237,~~228~~735.7134 570,~~681~~032.1346 0.00 0.00 914,~~984~~807,~~909~~767.8480 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.~~070299~~071149% 0.000000% 0.000000% 0.~~070299~~071149% 0.~~057364~~058135% 0.000000% 0.000000% 0.~~057364~~058135% 30 Days 1.~~300527~~707577% 0.~~035149~~035575% 0.000000% 0.000000% 1.~~335677~~743152% 1.~~309915~~834190% 0.~~023553~~023867% 0.000000% 0.000000% 1.~~333468~~858058% 60 Days 0.~~035149~~249022% 0.000000% 0.000000% 0.000000% 0.~~035149~~249022% 0.~~024930~~188687% 0.000000% 0.000000% 0.000000% 0.~~024930~~188687% 90 Days 0.~~000000~~035575% 0.000000% 0.000000% 0.000000% 0.~~000000~~035575% 0.~~000000~~025293% 0.000000% 0.000000% 0.000000% 0.~~000000~~025293% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.~~335677~~992174% 0.~~105448~~106724% 0.000000% 0.000000% 12.~~441125~~098897% 12.~~334844~~048170% 0.~~080917~~082002% 0.000000% 0.000000% 12.~~415761~~130172%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total 1 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 1 0 0 1 217,~~812~~580.3390 0.00 0.00 217,~~812~~580.3390 30 Days 2526 0 0 0 2526 4,~~315~~575,~~389~~532.1578 0.00 0.00 0.00 4,~~315~~575,~~389~~532.1578 60 Days 16 0 0 0 16 ~~175~~827,~~820~~294.5684 0.00 0.00 0.00 ~~175~~827,~~820~~294.5684 90 Days 01 0 0 0 01 0175,820.0056 0.00 0.00 0.00 0175,820.0056 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 2633 1 0 0 2734 45,~~491~~578,~~209~~648.7118 217,~~812~~580.3390 0.00 0.00 45,~~709~~796,~~022~~229.0408 0-29 Days 0.~~053735~~054377% 0.000000% 0.000000% 0.~~053735~~054377% 0.~~067891~~068883% 0.000000% 0.000000% 0.~~067891~~068883% 30 Days 1.~~343364~~413812% 0.000000% 0.000000% 0.000000% 1.~~343364~~413812% 1.~~345092~~448544% 0.000000% 0.000000% 0.000000% 1.~~345092~~448544% 60 Days 0.~~053735~~326264% 0.000000% 0.000000% 0.000000% 0.~~053735~~326264% 0.~~054803~~261909% 0.000000% 0.000000% 0.000000% 0.~~054803~~261909% 90 Days 0.~~000000~~054377% 0.000000% 0.000000% 0.000000% 0.~~000000~~054377% 0.~~000000~~055662% 0.000000% 0.000000% 0.000000% 0.~~000000~~055662% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.~~397098~~794454% 0.~~053735~~054377% 0.000000% 0.000000% 1.~~450833~~848831% 1.~~399895~~766115% 0.~~067891~~068883% 0.000000% 0.000000% 1.~~467786~~834998% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 2 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 1 0 0 1 186,~~758~~539.4544 0.00 0.00 186,~~758~~539.4544 30 Days 1222 1 0 0 1323 48,~~923~~174,~~019~~737.0016 ~~166~~165,~~110~~912.3512 0.00 0.00 58,~~089~~340,~~129~~649.3528 60 Days 01 0 0 0 01 0484,350.00 0.00 0.00 0.00 0484,350.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 1223 2 0 0 1425 48,~~923~~659,~~019~~087.0016 352,~~868~~451.8056 0.00 0.00 59,~~275~~011,~~887~~538.8072 0-29 Days 0.~~101626~~102881% 0.000000% 0.000000% 0.~~101626~~102881% 0.~~048579~~049183% 0.000000% 0.000000% 0.~~048579~~049183% 30 Days 12.~~219512~~263374% 0.~~101626~~102881% 0.000000% 0.000000% 12.~~321138~~366255% 12.~~280559~~155369% 0.~~043208~~043745% 0.000000% 0.000000% 12.~~323767~~199114% 60 Days 0.~~000000~~102881% 0.000000% 0.000000% 0.000000% 0.~~000000~~102881% 0.~~000000~~127705% 0.000000% 0.000000% 0.000000% 0.~~000000~~127705% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 12.~~219512~~366255% 0.~~203252~~205761% 0.000000% 0.000000% 12.~~422764~~572016% 12.~~280559~~283074% 0.~~091787~~092928% 0.000000% 0.000000% 12.~~372346~~376002%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 5281,~~647~~359.9179

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 5.~~795080~~788075% Weighted Average Net Coupon 5.~~443847~~438968% Weighted Average Pass-Through Rate 5.~~435334~~429299% Weighted Average Maturity(Stepdown Calculation ) ~~358~~357 Beginning Scheduled Collateral Loan Count 2,~~875~~845 Number Of Loans Paid In Full 3034 Ending Scheduled Collateral Loan Count 2,~~845~~811 Beginning Scheduled Collateral Balance ~~709~~704,~~991~~957,~~000~~666.0145 Ending Scheduled Collateral Balance ~~704~~694,~~957~~833,~~666~~405.4553 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2004 ~~705~~695,~~267~~144,~~838~~273.8915 Monthly P &I Constant 3,~~825~~772,~~977~~310.7536 Special Servicing Fee 0.00 Prepayment Penalties 2427,~~469~~949.5102 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal ~~376~~372,~~572~~020.4940 Unscheduled Principal 89,~~941~~752,~~774~~240.3052 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount ~~642~~0.8400 Overcollateralized reduction Amount 0.00 Specified O/C Amount 4,285,656.08 Overcollateralized Amount 4,285,656.08 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount ~~642~~0.8400 Excess Cash Amount 1,~~855~~600,~~812~~262.5989

Group Level Collateral Statement Group 1 2 Total Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 5.~~967033~~957039 5.~~651165~~647075 5.~~795080~~788075 Weighted Average Net Rate 5.~~618826~~608823 5.~~301270~~297223 5.~~443847~~438968 Weighted Average Maturity ~~358~~357 ~~358~~357 ~~358~~357 Beginning Loan Count 1,~~882~~861 ~~993~~984 2,~~875~~845 Loans Paid In Full 2122 912 3034 Ending Loan Count 1,~~861~~839 ~~984~~972 2,~~845~~811 Beginning Scheduled Balance ~~325~~320,~~435~~679,~~349~~802.2230 ~~388~~384,~~840~~277,~~664~~864.0215 ~~714~~704,~~276~~957,~~013~~666.2445 Ending scheduled Balance ~~320~~315,~~679~~726,~~802~~807.3075 ~~384~~379,~~277~~106,~~864~~597.1578 ~~704~~694,~~957~~833,~~666~~405.4553 Record Date 1011/3130/2004 1011/3130/2004 1011/3130/2004 Principal And Interest Constant 1,~~800~~771,~~218~~624.3027 2,~~025~~000,~~759~~686.4509 3,~~825~~772,~~977~~310.7536 Scheduled Principal ~~181~~179,~~981~~705.9788 ~~194~~192,~~590~~314.52 ~~376~~372,~~572~~020.4940 Unscheduled Principal 4,~~573~~773,~~564~~288.9567 4,~~368~~978,~~209~~951.3585 89,~~941~~752,~~774~~240.3052 Scheduled Interest 1,~~618~~591,~~236~~918.3339 1,~~831~~808,~~168~~371.9357 3,~~449~~400,~~405~~289.2696 Servicing Fees 9493,~~432~~054.4485 ~~113~~112,~~377~~033.7547 ~~207~~205,~~810~~088.1932 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 3,855.8215 21,~~465~~825.1211 65,~~320~~680.9426 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest 1,~~519~~495,~~948~~008.0739 1,~~715~~694,~~326~~512.0699 3,~~235~~189,~~274~~521.1338 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 024,179.0088 03,769.0014 027,949.0002 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 5.~~604608~~594397 5.~~293663~~291524 5.~~435334~~429299

Filing Compare · MASTR ADJUSTABLE RATE MORTGAGES TRUST 2004-11