8-K 1 fld05001_10506.txt 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): June 27, 2005 FIELDSTONE MORTGAGE INVESTMENT TRUST Mortgage-Backed Notes, Series 2005-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-120575-08 N/A Pooling and Servicing Agreement) (Commission IRS EIN (State or other File Number) jurisdiction 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 June 27, 2005 a distribution was made to holders of FIELDSTONE MORTGAGE INVESTMENT TRUST, Mortgage-Backed Notes, Series 2005-1 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage-Backed Notes, Series 2005-1 Trust, relating to the June 27, 2005 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. FIELDSTONE MORTGAGE INVESTMENT TRUST Mortgage-Backed Notes, Series 2005-1 Trust (Registrant) By: Wells Fargo Bank, N.A. as Trust Administrator By: /s/ Beth Belfield as Officer By: Beth Belfield as Officer Date: 6/28/2005 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage-Backed Notes, Series 2005-1 Trust, relating to the June 27, 2005 distribution. EX-99.1

Fieldstone Mortgage Company Mortgage-Backed Notes Record Date: 45/2931/2005 Distribution Date: 56/2527/2005 Fieldstone Mortgage Company Mortgage-Backed Notes Series 2005-1 Contact: CTSLink Customer Service Wells Fargo Bank, N.A. Corporate Trust Services 9062 Old Annapolis Road Columbia, MD 21045-1951 @ www.ctslink.com/cmbs Telephone: (301) 815-6600 Fax: (301) 815-6600 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest ~~Principal~~ Class CUSIP Description Rate Balance Distribution ~~Distribution~~ 1-A1 31659TDK8 SEN 3.~~27000~~34000% ~~229~~226,~~984~~222,~~753~~050.0397 ~~626~~692,~~708~~616.4551 ~~3,762,702.06~~ 1-A2 31659TCW3 SEN 3.~~31000~~38000% 5756,~~496~~555,~~188~~512.2674 ~~158~~175,~~593~~227.6583 ~~940,675.52~~ 2-A1 31659TCX1 SEN 3.~~14000~~21000% ~~134~~128,~~517~~525,~~307~~387.2550 ~~351~~378,~~986~~185.95 ~~5,991,919.75~~ 2-A2 31659TCY9 SEN 3.~~24000~~31000% 149,423,000.00 ~~403~~453,~~442~~374.1029 ~~0.00~~ 2-A3 31659TCZ6 SEN 3.~~37000~~44000% 10,856,000.00 3034,~~487~~232.2759 ~~0.00~~ A-IO 31659TDL6 SEN 4.50000% 0.00 ~~862~~781,~~848~~312.7550 ~~0.00~~ M1 31659TDA0 MEZ 3.~~48000~~55000% 27,375,000.00 7989,~~387~~082.5081 ~~0.00~~ M2 31659TDB8 MEZ 3.~~52000~~59000% 25,125,000.00 7382,~~700~~682.0019 ~~0.00~~ M3 31659TDC6 MEZ 3.~~56000~~63000% 15,375,000.00 4551,~~612~~160.5031 ~~0.00~~ M4 31659TDD4 MEZ 3.~~74000~~81000% 13,500,000.00 4247,~~075~~148.0075 ~~0.00~~ M5 31659TDE2 MEZ 3.~~77000~~84000% 12,000,000.00 3742,~~700~~240.00 ~~0.00~~ M6 31659TDF9 MEZ 3.~~80000~~87000% 12,000,000.00 3842,~~000~~570.00 ~~0.00~~ M7 31659TDG7 MEZ 4.~~27000~~34000% 9,750,000.00 3438,~~693~~788.75 ~~0.00~~ M8 31659TDH5 MEZ 4.~~37000~~44000% 9,750,000.00 3539,~~506~~682.2550 ~~0.00~~ M9 31659TDJ1 MEZ 5.~~02000~~09000% 7,500,000.00 3134,~~375~~993.0075 ~~0.00~~ M10 31659TDM4 MEZ 5.~~37000~~44000% 15,000,000.00 6774,~~125~~800.00 ~~0.00~~ OWNER CERT FLD0501OT SEN 0.00000% 0.01 ~~997~~970,~~686~~881.2254 ~~0.00~~ Totals ~~729~~718,~~652~~956,~~248~~951.5522 34,~~916~~028,~~928~~980.~~39 10,695,297.33~~27

Certificateholder Distribution Summary (continued) Current Ending Cumulative Principal Realized Certificate Total Realized Class Distribution Loss Balance Distribution Losses 1-A1 5,975,241.90 0.00 ~~226~~220,~~222~~246,~~050~~809.9706 46,~~389~~667,~~410~~858.5141 0.00 1-A2 1,493,810.48 0.00 5655,~~555~~061,~~512~~702.7427 1,~~099~~669,~~269~~038.1731 0.00 2-A1 5,744,114.63 0.00 ~~128~~122,~~525~~781,~~387~~272.5087 6,~~343~~122,~~906~~300.7058 0.00 2-A2 0.00 0.00 149,423,000.00 ~~403~~453,~~442~~374.1029 0.00 2-A3 0.00 0.00 10,856,000.00 3034,~~487~~232.2759 0.00 A-IO 0.00 0.00 ~~862~~0.00 781,~~848~~312.7550 0.00 M1 0.00 0.00 27,375,000.00 7989,~~387~~082.5081 0.00 M2 0.00 0.00 25,125,000.00 7382,~~700~~682.0019 0.00 M3 0.00 0.00 15,375,000.00 4551,~~612~~160.5031 0.00 M4 0.00 0.00 13,500,000.00 4247,~~075~~148.0075 0.00 M5 0.00 0.00 12,000,000.00 3742,~~700~~240.00 0.00 M6 0.00 0.00 12,000,000.00 3842,~~000~~570.00 0.00 M7 0.00 0.00 9,750,000.00 3438,~~693~~788.75 0.00 M8 0.00 0.00 9,750,000.00 3539,~~506~~682.2550 0.00 M9 0.00 0.00 7,500,000.00 3134,~~375~~993.0075 0.00 M10 0.00 0.00 15,000,000.00 6774,~~125~~800.00 0.00 OWNER CERT 0.00 0.00 0.01 ~~997~~970,~~686~~881.2254 0.00 Totals 13,213,167.01 0.00 ~~718~~705,~~956~~743,~~951~~784.2221 1417,~~612~~242,~~225~~147.7228 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 235,524,000.00 ~~229~~226,~~984~~222,~~753~~050.0397 0.00 35,~~762~~975,~~702~~241.0690 0.00 0.00 1-A2 58,881,000.00 5756,~~496~~555,~~188~~512.2674 0.00 ~~940~~1,~~675~~493,810.5248 0.00 0.00 2-A1 141,566,000.00 ~~134~~128,~~517~~525,~~307~~387.2550 0.00 5,~~991~~744,~~919~~114.7563 0.00 0.00 2-A2 149,423,000.00 149,423,000.00 0.00 0.00 0.00 0.00 2-A3 10,856,000.00 10,856,000.00 0.00 0.00 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M1 27,375,000.00 27,375,000.00 0.00 0.00 0.00 0.00 M2 25,125,000.00 25,125,000.00 0.00 0.00 0.00 0.00 M3 15,375,000.00 15,375,000.00 0.00 0.00 0.00 0.00 M4 13,500,000.00 13,500,000.00 0.00 0.00 0.00 0.00 M5 12,000,000.00 12,000,000.00 0.00 0.00 0.00 0.00 M6 12,000,000.00 12,000,000.00 0.00 0.00 0.00 0.00 M7 9,750,000.00 9,750,000.00 0.00 0.00 0.00 0.00 M8 9,750,000.00 9,750,000.00 0.00 0.00 0.00 0.00 M9 7,500,000.00 7,500,000.00 0.00 0.00 0.00 0.00 M10 15,000,000.00 15,000,000.00 0.00 0.00 0.00 0.00 OWNER CERT 0.00 0.01 0.00 0.00 0.00 0.00 Totals 743,625,000.00 ~~729~~718,~~652~~956,~~248~~951.5522 0.00 1013,~~695~~213,~~297~~167.3301 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 35,~~762~~975,~~702~~241.0690 ~~226~~220,~~222~~246,~~050~~809.9706 0.~~96050530~~93513531 35,~~762~~975,~~702~~241.0690 1-A2 ~~940~~1,~~675~~493,810.5248 5655,~~555~~061,~~512~~702.7427 0.~~96050530~~93513531 ~~940~~1,~~675~~493,810.5248 2-A1 5,~~991~~744,~~919~~114.7563 ~~128~~122,~~525~~781,~~387~~272.5087 0.~~90788316~~86730764 5,~~991~~744,~~919~~114.7563 2-A2 0.00 149,423,000.00 1.00000000 0.00 2-A3 0.00 10,856,000.00 1.00000000 0.00 A-IO 0.00 0.00 0.00000000 0.00 M1 0.00 27,375,000.00 1.00000000 0.00 M2 0.00 25,125,000.00 1.00000000 0.00 M3 0.00 15,375,000.00 1.00000000 0.00 M4 0.00 13,500,000.00 1.00000000 0.00 M5 0.00 12,000,000.00 1.00000000 0.00 M6 0.00 12,000,000.00 1.00000000 0.00 M7 0.00 9,750,000.00 1.00000000 0.00 M8 0.00 9,750,000.00 1.00000000 0.00 M9 0.00 7,500,000.00 1.00000000 0.00 M10 0.00 15,000,000.00 1.00000000 0.00 OWNER CERT 0.00 0.01 0.00000000 0.00 Totals 1013,~~695~~213,~~297~~167.3301 ~~718~~705,~~956~~743,~~951~~784.2221 0.~~96682730~~94905871 1013,~~695~~213,~~297~~167.3301

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion 1-A1 235,524,000.00 ~~976~~960.~~48117827~~50530294 0.00000000 1525.~~97587532~~36999159 0.00000000 1-A2 58,881,000.00 ~~976~~960.~~48117831~~50530290 0.00000000 1525.~~97587541~~36999168 0.00000000 2-A1 141,566,000.00 ~~950~~907.~~20914097~~88316050 0.00000000 4240.~~32598046~~57552400 0.00000000 2-A2 149,423,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 2-A3 10,856,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M1 27,375,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 25,125,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 15,375,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M4 13,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M5 12,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M6 12,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M7 9,750,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M8 9,750,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M9 7,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M10 15,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 OWNER CERT 0.00 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 1525.~~97587532~~36999159 ~~960~~935.~~50530294~~13531131 0.~~96050530~~93513531 1525.~~97587532~~36999159 1-A2 0.00000000 1525.~~97587541~~36999168 ~~960~~935.~~50530290~~13531139 0.~~96050530~~93513531 1525.~~97587541~~36999168 2-A1 0.00000000 4240.~~32598046~~57552400 ~~907~~867.~~88316050~~30763651 0.~~90788316~~86730764 4240.~~32598046~~57552400 2-A2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 2-A3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M8 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M9 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M10 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 OWNER CERT 0.00000000 0.00000000 0.00000000 0.00000000 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 235,524,000.00 3.~~27000~~34000% ~~229~~226,~~984~~222,~~753~~050.0397 ~~626~~692,~~708~~616.4551 0.00 0.00 1-A2 58,881,000.00 3.~~31000~~38000% 5756,~~496~~555,~~188~~512.2674 ~~158~~175,~~593~~227.6583 0.00 0.00 2-A1 141,566,000.00 3.~~14000~~21000% ~~134~~128,~~517~~525,~~307~~387.2550 ~~351~~378,~~986~~185.95 0.00 0.00 2-A2 149,423,000.00 3.~~24000~~31000% 149,423,000.00 ~~403~~453,~~442~~374.1029 0.00 0.00 2-A3 10,856,000.00 3.~~37000~~44000% 10,856,000.00 3034,~~487~~232.2759 0.00 0.00 A-IO 0.00 4.50000% ~~230~~208,~~093~~350,000.00 ~~862~~781,~~848~~312.7550 0.00 0.00 M1 27,375,000.00 3.~~48000~~55000% 27,375,000.00 7989,~~387~~082.5081 0.00 0.00 M2 25,125,000.00 3.~~52000~~59000% 25,125,000.00 7382,~~700~~682.0019 0.00 0.00 M3 15,375,000.00 3.~~56000~~63000% 15,375,000.00 4551,~~612~~160.5031 0.00 0.00 M4 13,500,000.00 3.~~74000~~81000% 13,500,000.00 4247,~~075~~148.0075 0.00 0.00 M5 12,000,000.00 3.~~77000~~84000% 12,000,000.00 3742,~~700~~240.00 0.00 0.00 M6 12,000,000.00 3.~~80000~~87000% 12,000,000.00 3842,~~000~~570.00 0.00 0.00 M7 9,750,000.00 4.~~27000~~34000% 9,750,000.00 3438,~~693~~788.75 0.00 0.00 M8 9,750,000.00 4.~~37000~~44000% 9,750,000.00 3539,~~506~~682.2550 0.00 0.00 M9 7,500,000.00 5.~~02000~~09000% 7,500,000.00 3134,~~375~~993.0075 0.00 0.00 M10 15,000,000.00 5.~~37000~~44000% 15,000,000.00 6774,~~125~~800.00 0.00 0.00 OWNER CERT 0.00 0.00000% 0.01 0.00 0.00 0.00 Totals 743,625,000.00 23,~~919~~058,~~242~~098.1773 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 0.00 0.00 ~~626~~692,~~708~~616.4551 0.00 ~~226~~220,~~222~~246,~~050~~809.9706 1-A2 0.00 0.00 ~~158~~175,~~593~~227.6583 0.00 5655,~~555~~061,~~512~~702.7427 2-A1 0.00 0.00 ~~351~~378,~~986~~185.95 0.00 ~~128~~122,~~525~~781,~~387~~272.5087 2-A2 0.00 0.00 ~~403~~453,~~442~~374.1029 0.00 149,423,000.00 2-A3 0.00 0.00 3034,~~487~~232.2759 0.00 10,856,000.00 A-IO 0.00 0.00 ~~862~~781,~~848~~312.7550 0.00 208,350,000.00 M1 0.00 0.00 7989,~~387~~082.5081 0.00 27,375,000.00 M2 0.00 0.00 7382,~~700~~682.0019 0.00 25,125,000.00 M3 0.00 0.00 4551,~~612~~160.5031 0.00 15,375,000.00 M4 0.00 0.00 4247,~~075~~148.0075 0.00 13,500,000.00 M5 0.00 0.00 3742,~~700~~240.00 0.00 12,000,000.00 M6 0.00 0.00 3842,~~000~~570.00 0.00 12,000,000.00 M7 0.00 0.00 3438,~~693~~788.75 0.00 9,750,000.00 M8 0.00 0.00 3539,~~506~~682.2550 0.00 9,750,000.00 M9 0.00 0.00 3134,~~375~~993.0075 0.00 7,500,000.00 M10 0.00 0.00 6774,~~125~~800.00 0.00 15,000,000.00 OWNER CERT 0.00 0.00 ~~997~~970,~~686~~881.2254 0.00 0.01 Totals 0.00 0.00 34,~~916~~028,~~928~~980.3927 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 235,524,000.00 3.~~27000~~34000% ~~976~~960.~~48117827~~50530294 2.~~66091120~~94074706 0.00000000 0.00000000 1-A2 58,881,000.00 3.~~31000~~38000% ~~976~~960.~~48117831~~50530290 2.~~69346054~~97596559 0.00000000 0.00000000 2-A1 141,566,000.00 3.~~14000~~21000% ~~950~~907.~~20914097~~88316050 2.~~48638056~~67144618 0.00000000 0.00000000 2-A2 149,423,000.00 3.~~24000~~31000% 1000.00000000 23.~~70000000~~03416669 0.00000000 0.00000000 2-A3 10,856,000.00 3.~~37000~~44000% 1000.00000000 23.~~80833364~~15333364 0.00000000 0.00000000 A-IO 0.00 4.50000% ~~677~~613.~~41954478~~40571923 2.~~54032329~~30027145 0.00000000 0.00000000 M1 27,375,000.00 3.~~48000~~55000% 1000.00000000 23.~~90000000~~25416658 0.00000000 0.00000000 M2 25,125,000.00 3.~~52000~~59000% 1000.00000000 23.~~93333333~~29083343 0.00000000 0.00000000 M3 15,375,000.00 3.~~56000~~63000% 1000.00000000 23.~~96666667~~32749984 0.00000000 0.00000000 M4 13,500,000.00 3.~~74000~~81000% 1000.00000000 3.~~11666667~~49250000 0.00000000 0.00000000 M5 12,000,000.00 3.~~77000~~84000% 1000.00000000 3.~~14166667~~52000000 0.00000000 0.00000000 M6 12,000,000.00 3.~~80000~~87000% 1000.00000000 3.~~16666667~~54750000 0.00000000 0.00000000 M7 9,750,000.00 4.~~27000~~34000% 1000.00000000 3.~~55833333~~97833333 0.00000000 0.00000000 M8 9,750,000.00 4.~~37000~~44000% 1000.00000000 34.~~64166667~~07000000 0.00000000 0.00000000 M9 7,500,000.00 5.~~02000~~09000% 1000.00000000 4.~~18333333~~66583333 0.00000000 0.00000000 M10 15,000,000.00 5.~~37000~~44000% 1000.00000000 4.~~47500000~~98666667 0.00000000 0.00000000 OWNER CERT 0.00 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 0.00000000 0.00000000 2.~~66091120~~94074706 0.00000000 ~~960~~935.~~50530294~~13531131 1-A2 0.00000000 0.00000000 2.~~69346054~~97596559 0.00000000 ~~960~~935.~~50530290~~13531139 2-A1 0.00000000 0.00000000 2.~~48638056~~67144618 0.00000000 ~~907~~867.~~88316050~~30763651 2-A2 0.00000000 0.00000000 23.~~70000000~~03416669 0.00000000 1000.00000000 2-A3 0.00000000 0.00000000 23.~~80833364~~15333364 0.00000000 1000.00000000 A-IO 0.00000000 0.00000000 2.~~54032329~~30027145 0.00000000 613.40571923 M1 0.00000000 0.00000000 23.~~90000000~~25416658 0.00000000 1000.00000000 M2 0.00000000 0.00000000 23.~~93333333~~29083343 0.00000000 1000.00000000 M3 0.00000000 0.00000000 23.~~96666667~~32749984 0.00000000 1000.00000000 M4 0.00000000 0.00000000 3.~~11666667~~49250000 0.00000000 1000.00000000 M5 0.00000000 0.00000000 3.~~14166667~~52000000 0.00000000 1000.00000000 M6 0.00000000 0.00000000 3.~~16666667~~54750000 0.00000000 1000.00000000 M7 0.00000000 0.00000000 3.~~55833333~~97833333 0.00000000 1000.00000000 M8 0.00000000 0.00000000 34.~~64166667~~07000000 0.00000000 1000.00000000 M9 0.00000000 0.00000000 4.~~18333333~~66583333 0.00000000 1000.00000000 M10 0.00000000 0.00000000 4.~~47500000~~98666667 0.00000000 1000.00000000 OWNER CERT 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 1417,~~905~~520,~~492~~475.2239 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 3561,~~608~~617.0413 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 1417,~~941~~582,~~100~~092.2652 Withdrawals Reimbursement for Servicer Advances 2035,~~049~~608.7804 Payment of Service Fee ~~308~~304,~~824~~337.7620 Payment of Interest and Principal 1417,~~612~~242,~~225~~147.7228 Total Withdrawals (Pool Distribution Amount) 1417,~~941~~582,~~100~~092.2652 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~306~~302,~~678~~221.0265 Indenture Trustee Fee - HSBC Bank USA 0.00 Owner Trustee Fee - US Bank Trust NA 0.00 Wells Fargo Bank, NA 2,~~146~~115.7455 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~308~~304,~~824~~337.7620

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 48 0 0 48 ~~500~~1,~~125~~064,802.7821 0.00 0.00 ~~500~~1,~~125~~064,802.7821 30 Days 1735 0 0 0 1735 25,~~742~~680,~~358~~260.1371 0.00 0.00 0.00 25,~~742~~680,~~358~~260.1371 60 Days 9 10 0 0 109 1,~~907~~498,~~450~~394.6555 ~~399,900~~0.00 0.00 0.00 21,~~307~~498,~~350~~394.6555 90 Days 09 1 0 2 0 210 01,643,222.0058 0399,900.00 ~~592,650~~0.00 0.00 ~~592~~2,~~650~~043,122.0058 120 Days 0 0 02 0 02 0.00 0.00 0592,650.00 0.00 0592,650.00 150 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 2653 59 2 0 3364 48,~~649~~821,~~808~~877.7884 ~~900~~1,~~025~~464,702.7821 592,650.00 0.00 610,~~142~~879,~~484~~230.5605 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.~~114877~~233372% 0.000000% 0.000000% 0.~~114877~~233372% 0.~~068936~~149492% 0.000000% 0.000000% 0.~~068936~~149492% 30 Days 01.~~488225~~021004% 0.000000% 0.000000% 0.000000% 01.~~488225~~021004% 0.~~378002~~797475% 0.000000% 0.000000% 0.000000% 0.~~378002~~797475% 60 Days 0.~~258472~~262544% 0.~~028719~~000000% 0.000000% 0.000000% 0.~~287191~~262544% 0.~~262919~~210366% 0.~~055121~~000000% 0.000000% 0.000000% 0.~~318041~~210366% 90 Days 0.~~000000~~262544% 0.~~000000~~029172% 0.~~057438~~000000% 0.000000% 0.~~057438~~291715% 0.~~000000~~230699% 0.~~000000~~056144% 0.~~081690~~000000% 0.000000% 0.~~081690~~286842% 120 Days 0.000000% 0.000000% 0.~~000000~~058343% 0.000000% 0.~~000000~~058343% 0.000000% 0.000000% 0.~~000000~~083205% 0.000000% 0.~~000000~~083205% 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 01.~~746697~~546091% 0.~~143596~~262544% 0.~~057438~~058343% 0.000000% 01.~~947731~~866978% 01.~~640921~~238540% 0.~~124058~~205636% 0.~~081690~~083205% 0.000000% 01.~~846669~~527380%

Delinquency Status By Groups

~~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 01 0 0 01 0131,992.0085 0.00 0.00 0131,992.0085 30 Days 9 0 0 0 9 1,~~281~~535,~~357~~397.5182 0.00 0.00 0.00 1,~~281~~535,~~357~~397.5182 60 Days 04 0 0 0 04 0727,175.00 0.00 0.00 0.00 0727,175.00 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 913 01 0 0 914 12,~~281~~262,~~357~~572.5182 0131,992.0085 0.00 0.00 12,~~281~~394,~~357~~565.5167 0-29 Days 0.~~000000~~060277% 0.000000% 0.000000% 0.~~000000~~060277% 0.~~000000~~037580% 0.000000% 0.000000% 0.~~000000~~037580% 30 Days 0.~~532860~~542495% 0.000000% 0.000000% 0.000000% 0.~~532860~~542495% 0.~~357225~~437149% 0.000000% 0.000000% 0.000000% 0.~~357225~~437149% 60 Days 0.~~000000~~241109% 0.000000% 0.000000% 0.000000% 0.~~000000~~241109% 0.~~000000~~207037% 0.000000% 0.000000% 0.000000% 0.~~000000~~207037% 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 0.~~532860~~783605% 0.~~000000~~060277% 0.000000% 0.000000% 0.~~532860~~843882% 0.~~357225~~644186% 0.~~000000~~037580% 0.000000% 0.000000% 0.~~357225~~681766% 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 47 0 0 47 ~~500~~932,~~125~~809.7836 0.00 0.00 ~~500~~932,~~125~~809.7836 30 Days 826 0 0 0 826 14,~~461~~144,~~000~~862.6289 0.00 0.00 0.00 14,~~461~~144,~~000~~862.6289 60 Days 95 10 0 0 105 1771,~~907,450~~219.6555 ~~399,900~~0.00 0.00 0.00 2771,~~307,350~~219.6555 90 Days 09 1 0 2 0 210 01,643,222.0058 0399,900.00 ~~592,650~~0.00 0.00 ~~592~~2,~~650~~043,122.0058 120 Days 0 0 02 0 02 0.00 0.00 0592,650.00 0.00 0592,650.00 150 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 1740 58 2 0 2450 36,~~368~~559,~~451~~305.2702 ~~900~~1,~~025~~332,709.7836 592,650.00 0.00 48,~~861~~484,~~127~~664.0538 0-29 Days 0.~~223090~~395704% 0.000000% 0.000000% 0.~~223090~~395704% 0.~~136352~~258359% 0.000000% 0.000000% 0.~~136352~~258359% 30 Days 01.~~446180~~469757% 0.000000% 0.000000% 0.000000% 01.~~446180~~469757% 01.~~398319~~147999% 0.000000% 0.000000% 0.000000% 01.~~398319~~147999% 60 Days 0.~~501952~~282646% 0.~~055772~~000000% 0.000000% 0.000000% 0.~~557724~~282646% 0.~~520037~~213604% 0.~~109027~~000000% 0.000000% 0.000000% 0.~~629063~~213604% 90 Days 0.~~000000~~508762% 0.~~000000~~056529% 0.~~111545~~000000% 0.000000% 0.~~111545~~565291% 0.~~000000~~455122% 0.~~000000~~110760% 0.~~161577~~000000% 0.000000% 0.~~161577~~565882% 120 Days 0.000000% 0.000000% 0.~~000000~~113058% 0.000000% 0.~~000000~~113058% 0.000000% 0.000000% 0.~~000000~~164146% 0.000000% 0.~~000000~~164146% 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 02.~~948132~~261164% 0.~~278862~~452233% 0.~~111545~~113058% 0.000000% 12.~~338539~~826456% 01.~~918356~~816725% 0.~~245378~~369119% 0.~~161577~~164146% 0.000000% 12.~~325311~~349991%

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 6.~~951612~~946712% Weighted Average Net Coupon 6.~~451612~~446712% Weighted Average Pass-Through Rate 6.~~448112~~443212% Weighted Average Maturity(Stepdown Calculation ) ~~355~~354 Beginning Scheduled Collateral Loan Count 3,~~526~~482 Number Of Loans Paid In Full 4454 Ending Scheduled Collateral Loan Count 3,~~482~~428 Beginning Scheduled Collateral Balance ~~736~~725,~~027~~331,~~248~~951.5421 Ending Scheduled Collateral Balance ~~725~~712,~~331~~118,~~951~~784.2120 Ending Actual Collateral Balance at 2931-~~Apr~~May-2005 ~~725~~712,~~488~~280,~~614~~632.3789 Monthly P &I Constant 4,~~446~~379,~~584~~995.8963 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal ~~182~~181,~~771~~102.8035 Unscheduled Principal 1013,~~512~~032,~~525~~064.5366

Miscellaneous Reporting LIBOR 3.~~020000~~090000% Overcollateralization Amount 6,375,000.00 Overcollateralization Deficiency Amount 0.00 Prepayment Premiums ~~154~~242,~~689~~515.8659 Target Overcollateralization Amount 6,375,000.00 Trigger Event NO Class 1-A1 Trigger Event NO Swap Payment ~~192~~108,~~750~~091.0067

Group Level Collateral Statement Group 1 2 Total Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 6.~~819728~~816008 7.~~080224~~074580 6.~~951612~~946712 Weighted Average Net Rate 6.~~319728~~316008 6.~~580224~~574580 6.~~451612~~446712 Weighted Average Maturity ~~355~~354 ~~355~~354 ~~355~~354 Beginning Loan Count 1,~~711~~689 1,~~815~~793 3,~~526~~482 Loans Paid In Full 2230 2224 4454 Ending Loan Count 1,~~689~~659 1,~~793~~769 3,~~482~~428 Beginning Scheduled Balance ~~363~~358,~~391~~688,~~890~~513.8426 ~~372~~366,~~635~~643,~~357~~437.7095 ~~736~~725,~~027~~331,~~248~~951.5421 Ending ~~scheduled~~Scheduled Balance ~~358~~351,~~688~~219,~~513~~460.2688 ~~366~~360,~~643~~899,~~437~~323.9532 ~~725~~712,~~331~~118,~~951~~784.2120 Record Date 0405/2931/2005 0405/2931/2005 0405/2931/2005 Principal And Interest Constant 2,~~077~~049,~~046~~042.2937 2,~~369~~330,~~538~~953.6026 4,~~446~~379,~~584~~995.8963 Scheduled Principal 11,~~851~~689.4630 ~~170~~169,~~920~~413.3405 ~~182~~181,~~771~~102.8035 Unscheduled Principal 47,~~691~~457,~~526~~363.1208 5,~~820~~574,~~999~~701.4158 1013,~~512~~032,~~525~~064.5366 Scheduled Interest 2,~~065~~037,~~194~~353.8307 2,~~198~~161,~~618~~540.2621 4,~~263~~198,~~813~~893.0928 Servicing Fees ~~151~~149,~~413~~453.2955 ~~155~~152,~~264~~768.7310 ~~306~~302,~~678~~221.0265 Master Servicing Fees 1,~~059~~046.8917 1,~~086~~069.8538 2,~~146~~115.7455 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 0.00 0.00 0.00 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,~~912~~886,~~721~~853.6535 2,~~042~~007,~~266~~702.6873 3,~~954~~894,~~988~~556.3308 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 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.~~316228~~312508 6.~~576724~~571080 6.~~448112~~443212

Filing Compare · Fieldstone Mortgage Investment Trust, Series 2005-1