8-K 1 dsl05ar3_10507.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): July 19, 2005 DSLA MORTGAGE LOAN TRUST Mortgage Pass-Through Certificates, Series 2005-AR3 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-121661-16 Pooling and Servicing Agreement) (Commission 54-2175523 (State or other File Number) 54-2175524 jurisdiction 54-2175525 of Incorporation) IRS EIN c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Rd. 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 July 19, 2005 a distribution was made to holders of DSLA MORTGAGE LOAN TRUST, Mortgage Pass-Through Certificates, Series 2005-AR3 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 2005-AR3 Trust, relating to the July 19, 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. DSLA MORTGAGE LOAN TRUST Mortgage Pass-Through Certificates, Series 2005-AR3 Trust (Registrant) By: Wells Fargo Bank, N.A. as Securities Administrator By: /s/ Beth Belfield as Officer By: Beth Belfield as Officer Date: 7/19/2005 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2005-AR3 Trust, relating to the July 19, 2005 distribution. EX-99.1

Downey Savings and Loan Association Mortgage Pass-Through Certificates Record Date: 56/3130/2005 Distribution Date: 67/2019/2005 Downey Savings and Loan Association Mortgage Pass-Through Certificates Series 2005-AR3 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 www.ctslink.com Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Class CUSIP Description Rate Balance Distribution 1-A 23332UDT8 SEN 3.~~35000~~52000% ~~393~~392,~~486~~935,000.0080 ~~948~~1,~~910~~117,296.1637 A-R-I 23332UEH3 SEN 25.~~88719~~52920% ~~100~~0.00 0.2400 A-R-II 23332UEK6 SEN 0.00000% 0.00 0.00 2-A1A 23332UDU5 SEN 3.~~33000~~50000% 247,~~824~~189,~~000~~347.0033 ~~594~~698,~~081~~872.2609 2-A1B 23332UDV3 SEN 3.~~33000~~50000% ~~103~~102,~~260~~995,~~000~~561.0039 ~~247~~291,~~493~~237.3620 2-A1C 23332UDW1 SEN 3.~~41000~~58000% 61,~~957~~798,~~000~~334.0027 ~~152~~178,~~080~~725.8500 2-A2 23332UDX9 SEN 3.~~41000~~58000% 43,~~721~~609,~~000~~034.0086 ~~107~~126,~~318~~120.4131 B-1 23332UDY7 SUB 3.~~77000~~94000% 64,~~127~~053,~~000~~405.0044 ~~147~~230,~~256~~645.8907 B-2 23332UDZ4 SUB 4.~~14000~~31000% 12,~~825~~810,~~000~~281.0055 2953,~~450~~372.4688 B-3 23332UEA8 SUB 45.~~84000~~01000% 6,~~650~~642,~~000~~368.0021 1534,~~270~~782.6133 B-4 23332UEB6 SUB 45.~~84000~~01000% 1,~~900~~897,~~000~~819.0049 49,~~363~~937.0380 B-5 23332UEC4 SUB 45.~~84000~~01000% 5,~~700~~693,~~000~~458.0047 1329,~~089~~813.0942 B-6 23332UED2 SUB 45.~~84000~~01000% 5,~~225~~219,~~000~~003.0059 1127,~~998~~328.3497 B-7 23332UEE0 SUB 45.~~84000~~01000% 3,~~324~~320,~~338~~523.6046 717,~~633~~387.7970 X-1 23332UEF7 SEN 1.25000% 0.00 ~~885~~850,~~675~~464.0077 X-2 23332UEG5 SEN 0.~~14179~~86536% 0.00 30695,~~531~~301.1387 PO 23332UEJ9 SEN 0.00000% 100.00 0.0001 Y DSL05AR3Y SUB 0.00000% 0.0001 0.00 C DSL05AR3C SUB 0.00000% 0.0001 0.00 Totals ~~949~~948,~~999~~164,~~538~~238.6088 34,~~195~~361,~~152~~285.6279

Certificateholder Distribution Summary (continued) Current Ending Cumulative Principal Realized Certificate Total Realized Class Distribution Loss Balance Distribution Losses 1-A ~~550~~874,~~999~~331.2076 0.00 392,~~935~~060,~~000~~669.8004 1,~~499~~991,~~909~~628.3613 0.00 A-R-I ~~100~~0.00 0.00 0.00 ~~100~~0.2400 0.00 A-R-II 0.00 0.00 0.00 0.00 0.00 2-A1A ~~634~~1,~~652~~494,602.6758 0.00 ~~247~~245,~~189~~694,~~347~~744.3376 12,~~228~~193,~~733~~474.9367 0.00 2-A1B ~~264~~622,~~438~~751.6107 0.00 102,~~995~~372,~~561~~810.3932 ~~511~~913,~~931~~988.9727 0.00 2-A1C ~~158~~373,~~665~~656.7367 0.00 61,~~798~~424,~~334~~677.2760 ~~310~~552,~~746~~381.5867 0.00 2-A2 ~~111~~263,~~965~~677.1412 0.00 43,~~609~~345,~~034~~357.8674 ~~219~~389,~~283~~797.5543 0.00 B-1 ~~73,594~~428.5663 0.00 64,~~053~~052,~~405~~976.4480 ~~220~~231,~~851~~073.4570 0.00 B-2 ~~14,718~~85.4572 0.00 12,810,~~281~~195.5582 4453,~~168~~458.9160 0.00 B-3 ~~7,631~~44.7945 0.00 6,642,~~368~~323.2176 2234,~~902~~826.4078 0.00 B-4 ~~2,180~~12.5170 0.00 1,897,~~819~~806.4979 69,~~543~~950.5450 0.00 B-5 ~~6,541~~38.5310 0.00 5,693,~~458~~420.4737 1929,~~630~~851.6252 0.00 B-6 ~~5,996~~34.4192 0.00 5,~~219~~218,~~003~~968.5967 1727,~~994~~363.7589 0.00 B-7 ~~3,815~~22.1422 0.00 3,320,~~523~~501.4624 1117,~~448~~409.9392 0.00 X-1 0.00 0.00 0.00 ~~885~~850,~~675~~464.0077 0.00 X-2 0.00 0.00 0.00 30695,~~531~~301.1387 0.00 PO 0.00 0.00 100.00 0.0001 0.00 Y 0.00 0.00 0.01 0.00 0.00 C 0.00 0.00 0.01 0.00 0.00 Totals 13,~~835~~629,~~299~~685.7494 0.00 ~~948~~944,~~164~~534,~~238~~552.8893 57,~~030~~990,~~452~~971.3673 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-A 393,486,000.00 ~~393~~392,~~486~~935,000.0080 ~~445~~1,~~666~~905.78 ~~105~~872,~~332~~425.4298 0.00 0.00 A-R-I 100.00 ~~100~~0.00 800.8800 190.1200 0.00 0.00 A-R-II 0.00 0.00 0.00 0.00 0.00 0.00 2-A1A 247,824,000.00 247,~~824~~189,~~000~~347.0033 ~~287~~2,~~576~~046.3533 ~~347~~1,~~076~~492,556.3225 0.00 0.00 2-A1B 103,260,000.00 ~~103~~102,~~260~~995,~~000~~561.0039 ~~119,823~~852.4864 ~~144~~621,~~615~~898.1344 0.00 0.00 2-A1C 61,957,000.00 61,~~957~~798,~~000~~334.0027 ~~71,895~~511.2559 86373,~~770~~145.4808 0.00 0.00 2-A2 43,721,000.00 43,~~721~~609,~~000~~034.0086 ~~50,734~~361.0901 61263,~~231~~316.0511 0.00 0.00 B-1 64,127,000.00 64,~~127~~053,~~000~~405.0044 ~~73,594~~428.5663 0.00 0.00 0.00 B-2 12,825,000.00 12,~~825~~810,~~000~~281.0055 ~~14,718~~85.4572 0.00 0.00 0.00 B-3 6,650,000.00 6,~~650~~642,~~000~~368.0021 ~~7,631~~44.7945 0.00 0.00 0.00 B-4 1,900,000.00 1,~~900~~897,~~000~~819.0049 ~~2,180~~12.5170 0.00 0.00 0.00 B-5 5,700,000.00 5,~~700~~693,~~000~~458.0047 ~~6,541~~38.5310 0.00 0.00 0.00 B-6 5,225,000.00 5,~~225~~219,~~000~~003.0059 ~~5,996~~34.4192 0.00 0.00 0.00 B-7 3,324,338.60 3,~~324~~320,~~338~~523.6046 ~~3,815~~22.1422 0.00 0.00 0.00 X-1 0.00 0.00 0.00 0.00 0.00 0.00 X-2 0.00 0.00 0.00 0.00 0.00 0.00 PO 100.00 100.00 0.00 0.00 0.00 0.00 C 0.00 0.0001 0.00 0.00 0.00 0.00 Totals 949,999,538.60 ~~949~~948,~~999~~164,~~538~~238.6087 16,~~090,255~~344.2209 ~~745~~3,~~044~~623,341.5286 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-A ~~550~~874,~~999~~331.2076 392,~~935~~060,~~000~~669.8004 0.~~99859970~~99637768 ~~550~~874,~~999~~331.2076 A-R-I ~~100~~0.00 0.00 0.00000000 ~~100~~0.00 A-R-II 0.00 0.00 0.00000000 0.00 2-A1A ~~634~~1,~~652~~494,602.6758 ~~247~~245,~~189~~694,~~347~~744.3376 0.~~99743910~~99140820 ~~634~~1,~~652~~494,602.6758 2-A1B ~~264~~622,~~438~~751.6107 102,~~995~~372,~~561~~810.3932 0.~~99743910~~99140820 ~~264~~622,~~438~~751.6107 2-A1C ~~158~~373,~~665~~656.7367 61,~~798~~424,~~334~~677.2760 0.~~99743910~~99140820 ~~158~~373,~~665~~656.7367 2-A2 ~~111~~263,~~965~~677.1412 43,~~609~~345,~~034~~357.8674 0.~~99743910~~99140820 ~~111~~263,~~965~~677.1412 B-1 ~~73,594~~428.5663 64,~~053~~052,~~405~~976.4480 0.~~99885236~~99884568 ~~73,594~~428.5663 B-2 ~~14,718~~85.4572 12,810,~~281~~195.5582 0.~~99885236~~99884568 ~~14,718~~85.4572 B-3 ~~7,631~~44.7945 6,642,~~368~~323.2176 0.~~99885236~~99884568 ~~7,631~~44.7945 B-4 ~~2,180~~12.5170 1,897,~~819~~806.4979 0.~~99885236~~99884568 ~~2,180~~12.5170 B-5 ~~6,541~~38.5310 5,693,~~458~~420.4737 0.~~99885236~~99884568 ~~6,541~~38.5310 B-6 ~~5,996~~34.4192 5,~~219~~218,~~003~~968.5967 0.~~99885236~~99884568 ~~5,996~~34.4192 B-7 ~~3,815~~22.1422 3,320,~~523~~501.4624 0.~~99885236~~99884568 ~~3,815~~22.1422 X-1 0.00 0.00 0.00000000 0.00 X-2 0.00 0.00 0.00000000 0.00 PO 0.00 100.00 1.00000000 0.00 C 0.00 0.01 0.00000000 0.00 Totals 13,~~835~~629,~~299~~685.7494 ~~948~~944,~~164~~534,~~238~~552.8792 0.~~99806810~~99424738 13,~~835~~629,~~299~~685.7494

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion 1-A 393,486,000.00 ~~1000~~998.~~00000000~~59969808 10.~~13261153~~00484332 02.~~26769039~~21717159 0.00000000 A-R-I 100.00 ~~1000~~0.00000000 ~~808~~0.~~80000000~~00000000 ~~191~~0.~~20000000~~00000000 0.00000000 A-R-II 0.00 0.00000000 0.00000000 0.00000000 0.00000000 2-A1A 247,824,000.00 ~~1000~~997.~~00000000~~43909924 10.~~16040557~~00825719 16.~~40049519~~02264611 0.00000000 2-A1B 103,260,000.00 ~~1000~~997.~~00000000~~43909926 10.~~16040558~~00825721 16.~~40049516~~02264614 0.00000000 2-A1C 61,957,000.00 ~~1000~~997.~~00000000~~43909921 10.~~16040560~~00825718 16.~~40049518~~02264603 0.00000000 2-A2 43,721,000.00 ~~1000~~997.~~00000000~~43909929 10.~~16040553~~00825713 16.~~40049519~~02264610 0.00000000 B-1 64,127,000.00 ~~1000~~998.~~00000000~~85236234 10.~~14763766~~00668408 0.00000000 0.00000000 B-2 12,825,000.00 ~~1000~~998.~~00000000~~85236257 10.~~14763743~~00668382 0.00000000 0.00000000 B-3 6,650,000.00 ~~1000~~998.~~00000000~~85236241 10.~~14763759~~00668421 0.00000000 0.00000000 B-4 1,900,000.00 ~~1000~~998.~~00000000~~85236316 10.~~14763684~~00668421 0.00000000 0.00000000 B-5 5,700,000.00 ~~1000~~998.~~00000000~~85236316 10.~~14763684~~00668421 0.00000000 0.00000000 B-6 5,225,000.00 ~~1000~~998.~~00000000~~85236172 10.~~14763828~~00668325 0.00000000 0.00000000 B-7 3,324,338.60 ~~1000~~998.~~00000000~~85236119 10.~~14763881~~00668404 0.00000000 0.00000000 X-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 X-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 PO 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 Y 0.00 0.00000000 0.00000000 0.00000000 0.00000000 C 0.00 0.00000000 0.00000000 0.00000000 0.00000000

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution 1-A 0.00000000 12.~~40030192~~22201491 ~~998~~996.~~59969808~~37768317 0.~~99859970~~99637768 12.~~40030192~~22201491 A-R-I 0.00000000 ~~1,000~~0.00000000 0.00000000 0.00000000 ~~1,000~~0.00000000 A-R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 2-A1A 0.00000000 26.~~56090076~~03090330 ~~997~~991.~~43909924~~40819598 0.~~99743910~~99140820 26.~~56090076~~03090330 2-A1B 0.00000000 26.~~56090074~~03090325 ~~997~~991.~~43909926~~40819601 0.~~99743910~~99140820 26.~~56090074~~03090325 2-A1C 0.00000000 26.~~56090079~~03090321 ~~997~~991.~~43909921~~40819601 0.~~99743910~~99140820 26.~~56090079~~03090321 2-A2 0.00000000 26.~~56090071~~03090323 ~~997~~991.~~43909929~~40819606 0.~~99743910~~99140820 26.~~56090071~~03090323 B-1 0.00000000 10.~~14763766~~00668408 998.~~85236234~~84567811 0.~~99885236~~99884568 10.~~14763766~~00668408 B-2 0.00000000 10.~~14763743~~00668382 998.~~85236257~~84567797 0.~~99885236~~99884568 10.~~14763743~~00668382 B-3 0.00000000 10.~~14763759~~00668421 998.~~85236241~~84567820 0.~~99885236~~99884568 10.~~14763759~~00668421 B-4 0.00000000 10.~~14763684~~00668421 998.~~85236316~~84567895 0.~~99885236~~99884568 10.~~14763684~~00668421 B-5 0.00000000 10.~~14763684~~00668421 998.~~85236316~~84567895 0.~~99885236~~99884568 10.~~14763684~~00668421 B-6 0.00000000 10.~~14763828~~00668325 998.~~85236172~~84567847 0.~~99885236~~99884568 10.~~14763828~~00668325 B-7 0.00000000 10.~~14763881~~00668404 998.~~85236119~~84567715 0.~~99885236~~99884568 10.~~14763881~~00668404 X-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 PO 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 Y 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 C 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-A 393,486,000.00 3.~~35000~~52000% ~~393~~392,~~486~~935,000.0080 ~~952~~1,~~017~~114,189.5202 0.00 0.00 A-R-I 100.00 25.~~88719~~52920% ~~100~~0.00 0.2400 0.00 0.00 A-R-II 0.00 0.00000% 0.00 0.00 0.00 0.00 2-A1A 247,824,000.00 3.~~33000~~50000% 247,~~824~~189,~~000~~347.0033 ~~596~~696,~~016~~936.7263 0.00 0.00 2-A1B 103,260,000.00 3.~~33000~~50000% ~~103~~102,~~260~~995,~~000~~561.0039 ~~248~~290,~~340~~390.3026 0.00 0.00 2-A1C 61,957,000.00 3.~~41000~~58000% 61,~~957~~798,~~000~~334.0027 ~~152~~178,~~586~~219.3253 0.00 0.00 2-A2 43,721,000.00 3.~~41000~~58000% 43,~~721~~609,~~000~~034.0086 ~~107~~125,~~675~~763.1161 0.00 0.00 B-1 64,127,000.00 3.~~77000~~94000% 64,~~127~~053,~~000~~405.0044 ~~174~~203,~~603~~298.5739 0.00 0.00 B-2 12,825,000.00 4.~~14000~~31000% 12,~~825~~810,~~000~~281.0055 3844,~~346~~476.7559 0.00 0.00 B-3 6,650,000.00 45.~~84000~~01000% 6,~~650~~642,~~000~~368.0021 2326,~~245~~807.4449 0.00 0.00 B-4 1,900,000.00 45.~~84000~~01000% 1,~~900~~897,~~000~~819.0049 67,~~641~~659.5628 0.00 0.00 B-5 5,700,000.00 45.~~84000~~01000% 5,~~700~~693,~~000~~458.0047 1922,~~924~~977.6785 0.00 0.00 B-6 5,225,000.00 45.~~84000~~01000% 5,~~225~~219,~~000~~003.0059 1821,~~264~~063.2803 0.00 0.00 B-7 3,324,338.60 45.~~84000~~01000% 3,~~324~~320,~~338~~523.6046 1113,~~620~~401.4108 0.00 0.00 X-1 0.00 1.25000% ~~850~~816,~~248~~446,~~000~~182.0031 ~~885~~850,~~675~~464.0077 0.00 0.00 X-2 0.00 0.~~14179~~86536% ~~949~~948,~~999~~164,~~538~~239.8207 ~~112~~683,~~250~~754.5821 0.00 0.00 PO 100.00 0.00000% 100.00 0.00 0.00 0.00 Y 0.00 0.00000% 0.0001 0.00 0.00 0.00 C 0.00 0.00000% 0.0001 0.00 0.00 0.00 Totals 949,999,538.60 34,~~347~~279,~~208~~401.4774 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-A 0.00 0.00 ~~948~~1,~~910~~117,296.1637 0.00 392,~~935~~060,~~000~~669.8004 A-R-I 0.00 0.00 0.2400 0.00 0.00 A-R-II 0.00 0.00 0.00 0.00 0.00 2-A1A 0.00 0.00 ~~594~~698,~~081~~872.2609 0.00 ~~247~~245,~~189~~694,~~347~~744.3376 2-A1B 0.00 0.00 ~~247~~291,~~493~~237.3620 0.00 102,~~995~~372,~~561~~810.3932 2-A1C 0.00 0.00 ~~152~~178,~~080~~725.8500 0.00 61,~~798~~424,~~334~~677.2760 2-A2 0.00 0.00 ~~107~~126,~~318~~120.4131 0.00 43,~~609~~345,~~034~~357.8674 B-1 0.00 0.00 ~~147~~230,~~256~~645.8907 0.00 64,~~053~~052,~~405~~976.4480 B-2 0.00 0.00 2953,~~450~~372.4688 0.00 12,810,~~281~~195.5582 B-3 0.00 0.00 1534,~~270~~782.6133 0.00 6,642,~~368~~323.2176 B-4 0.00 0.00 49,~~363~~937.0380 0.00 1,897,~~819~~806.4979 B-5 0.00 0.00 1329,~~089~~813.0942 0.00 5,693,~~458~~420.4737 B-6 0.00 0.00 1127,~~998~~328.3497 0.00 5,~~219~~218,~~003~~968.5967 B-7 0.00 0.00 717,~~633~~387.7970 0.00 3,320,~~523~~501.4624 X-1 0.00 0.00 ~~885~~850,~~675~~464.0077 0.00 ~~816~~785,~~446~~787,~~182~~711.3178 X-2 0.00 0.00 30695,~~531~~301.1387 0.00 ~~948~~944,~~164~~534,~~239~~553.0712 PO 0.00 0.00 0.0001 0.00 100.00 Y 0.00 0.00 0.00 0.00 0.01 C 0.00 0.00 0.00 0.00 0.01 Totals 0.00 0.00 34,~~195~~361,~~152~~285.6279 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-A 393,486,000.00 3.~~35000~~52000% ~~1000~~998.~~00000000~~59969808 2.~~41944445~~83158491 0.00000000 0.00000000 A-R-I 100.00 25.~~88719~~52920% ~~1000~~0.00000000 20.~~40000000~~00000000 0.00000000 0.00000000 A-R-II 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 2-A1A 247,824,000.00 3.~~33000~~50000% ~~1000~~997.~~00000000~~43909924 2.~~40500000~~81222412 0.00000000 0.00000000 2-A1B 103,260,000.00 3.~~33000~~50000% ~~1000~~997.~~00000000~~43909926 2.~~40500000~~81222409 0.00000000 0.00000000 2-A1C 61,957,000.00 3.~~41000~~58000% ~~1000~~997.~~00000000~~43909921 2.~~46277773~~87650354 0.00000000 0.00000000 2-A2 43,721,000.00 3.~~41000~~58000% ~~1000~~997.~~00000000~~43909929 2.~~46277784~~87650351 0.00000000 0.00000000 B-1 64,127,000.00 3.~~77000~~94000% ~~1000~~998.~~00000000~~85236234 23.~~72277777~~17024639 0.00000000 0.00000000 B-2 12,825,000.00 4.~~14000~~31000% ~~1000~~998.~~00000000~~85236257 23.~~99000000~~46796023 0.00000000 0.00000000 B-3 6,650,000.00 45.~~84000~~01000% ~~1000~~998.~~00000000~~85236241 34.~~49555489~~03120150 0.00000000 0.00000000 B-4 1,900,000.00 45.~~84000~~01000% ~~1000~~998.~~00000000~~85236316 34.~~49555789~~03120000 0.00000000 0.00000000 B-5 5,700,000.00 45.~~84000~~01000% ~~1000~~998.~~00000000~~85236316 34.~~49555614~~03120175 0.00000000 0.00000000 B-6 5,225,000.00 45.~~84000~~01000% ~~1000~~998.~~00000000~~85236172 34.~~49555598~~03120191 0.00000000 0.00000000 B-7 3,324,338.60 45.~~84000~~01000% ~~1000~~998.~~00000000~~85236119 34.~~49555548~~03120188 0.00000000 0.00000000 X-1 0.00 1.25000% ~~1000~~960.~~00000000~~24475484 1.~~04166667~~00025495 0.00000000 0.00000000 X-2 0.00 0.~~14179~~86536% ~~1000~~998.~~00000000~~06810459 0.~~11815856~~71974162 0.00000000 0.00000000 PO 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 Y 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 C 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) Per $1 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-A 0.00000000 0.00000000 2.~~41154745~~83948189 0.00000000 ~~998~~996.~~59969808~~37768317 A-R-I 0.00000000 0.00000000 20.~~40000000~~00000000 0.00000000 0.00000000 A-R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 2-A1A 0.00000000 0.00000000 2.~~39719018~~82003394 0.00000000 ~~997~~991.~~43909924~~40819598 2-A1B 0.00000000 0.00000000 2.~~39679799~~82042611 0.00000000 ~~997~~991.~~43909926~~40819601 2-A1C 0.00000000 0.00000000 2.~~45461933~~88466194 0.00000000 ~~997~~991.~~43909921~~40819601 2-A2 0.00000000 0.00000000 2.~~45461929~~88466206 0.00000000 ~~997~~991.~~43909929~~40819606 B-1 0.00000000 0.00000000 23.~~29633212~~59669203 0.00000000 998.~~85236234~~84567811 B-2 0.00000000 0.00000000 24.~~29633216~~16162807 0.00000000 998.~~85236257~~84567797 B-3 0.00000000 0.00000000 25.~~29633233~~23042556 0.00000000 998.~~85236241~~84567820 B-4 0.00000000 0.00000000 25.~~29633158~~23042105 0.00000000 998.~~85236316~~84567895 B-5 0.00000000 0.00000000 25.~~29633158~~23042456 0.00000000 998.~~85236316~~84567895 B-6 0.00000000 0.00000000 25.~~29633301~~23042488 0.00000000 998.~~85236172~~84567847 B-7 0.00000000 0.00000000 25.~~29633347~~23042388 0.00000000 998.~~85236119~~84567715 X-1 0.00000000 0.00000000 1.~~04166667~~00025495 0.00000000 ~~960~~924.~~24475484~~18648651 X-2 0.00000000 0.00000000 0.~~03213805~~73189706 0.00000000 ~~998~~994.~~06810459~~24738068 PO 0.00000000 0.00000000 0.~~00000000~~10000000 0.00000000 1000.00000000 Y 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 C 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 Component Statement Component Beginning Ending Beginning Ending Ending Pass-Through Notional Notional Component Component Component Class Rate Balance Balance Balance Balance Percentage X-1 SEN 1.25000% ~~393,486,000.00~~ 377,863,138.33 363,683,240.82 0.00 0.00 9692.~~02962706~~42596708% X-1 SEN 1.25000% ~~456,762,000.00~~ 438,583,043.98 422,104,470.96 0.00 0.00 9692.~~02003756~~41234406% PO SEN 0.00000% 0.00 0.00 50.00 50.00 100.00000000% PO SEN 0.00000% 0.00 0.00 50.00 50.00 100.00000000%

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 58,~~338~~288,~~827~~676.6261 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 011,594.0057 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 58,~~338~~300,~~827~~271.6218 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~308~~309,~~375~~299.2645 Payment of Interest and Principal 57,~~030~~990,~~452~~971.3673 Total Withdrawals (Pool Distribution Amount) 58,~~338~~300,~~827~~271.6218 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 296,~~121~~301.7032 AMBAC Premium 67,~~711~~467.9018 Master Servicing Fee 5,~~541~~530.6695 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~308~~309,~~375~~299.2645

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Financial Guaranty 0.00 0.00 0.00 0.00 Reserve Fund ~~1,000,000~~0.00 170,~~112,250~~336.5838 ~~112~~70,~~250~~336.5838 0.00

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT 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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 112 0 0 0 112 ~~384~~4,~~000~~031,052.0064 0.00 0.00 0.00 ~~384~~4,~~000~~031,052.0064 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 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 112 0 0 0 112 ~~384~~4,~~000~~031,052.0064 0.00 0.00 0.00 ~~384~~4,~~000~~031,052.0064 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~035587~~429185% 0.000000% 0.000000% 0.000000% 0.~~035587~~429185% 0.~~040490~~427356% 0.000000% 0.000000% 0.000000% 0.~~040490~~427356% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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.~~035587~~429185% 0.000000% 0.000000% 0.000000% 0.~~035587~~429185% 0.~~040490~~427356% 0.000000% 0.000000% 0.000000% 0.~~040490~~427356%

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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 17 0 0 0 17 ~~384~~1,~~000~~503,862.0070 0.00 0.00 0.00 ~~384~~1,~~000~~503,862.0070 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 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 17 0 0 0 17 ~~384~~1,~~000~~503,862.0070 0.00 0.00 0.00 ~~384~~1,~~000~~503,862.0070 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~056948~~400000% 0.000000% 0.000000% 0.000000% 0.~~056948~~400000% 0.~~087446~~343677% 0.000000% 0.000000% 0.000000% 0.~~087446~~343677% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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.~~056948~~400000% 0.000000% 0.000000% 0.000000% 0.~~056948~~400000% 0.~~087446~~343677% 0.000000% 0.000000% 0.000000% 0.~~087446~~343677% 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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 05 0 0 0 05 02,527,189.0094 0.00 0.00 0.00 02,527,189.0094 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 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 05 0 0 0 05 02,527,189.0094 0.00 0.00 0.00 02,527,189.0094 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~000000~~478011% 0.000000% 0.000000% 0.000000% 0.~~000000~~478011% 0.~~000000~~499766% 0.000000% 0.000000% 0.000000% 0.~~000000~~499766% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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.~~000000~~478011% 0.000000% 0.000000% 0.000000% 0.~~000000~~478011% 0.~~000000~~499766% 0.000000% 0.000000% 0.000000% 0.~~000000~~499766%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 011,594.0057

REO Detail - All Mortgage Loans in REO during Current Period

~~COLLATERAL~~Summary ~~STATEMENT~~12 ~~Collateral~~Month ~~Description~~REO ~~Mixed~~History* ~~ARM~~New ~~Weighted~~REO ~~Average~~Loans ~~Gross~~Month ~~Coupon~~REO 3Percentage Loans in REO 0 Aug-04 0.~~111878~~000% ~~Weighted~~Original ~~Average~~Principal ~~Net~~Balance ~~Coupon~~0.00 2Sep-04 0.~~737829~~000% ~~Weighted~~Current ~~Average~~Principal ~~Pass~~Balance 0.00 Oct-~~Through~~04 ~~Rate~~0.000% 2Nov-04 0.~~730829~~000% ~~Weighted~~Current ~~Average~~REO ~~Maturity(Stepdown~~Total ~~Calculation)~~Dec-04 ~~410~~0.000% ~~Beginning~~Loans ~~Scheduled~~in ~~Collateral~~REO ~~Loan~~0 ~~Count~~Jan-05 ~~2,814~~0.000% ~~Number~~Original OfPrincipal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% May-05 0.000% Jun-05 0.000% Jul-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com. 1 12 Month REO History* New REO Loans ~~Paid~~Month InREO ~~Full~~Percentage 4Loans ~~Ending~~in ~~Scheduled~~REO ~~Collateral~~0 ~~Loan~~Aug-04 ~~Count~~0.000% ~~2,810~~Original ~~Beginning~~Principal ~~Scheduled~~Balance ~~Collateral~~0.00 Sep-04 0.000% Current Principal Balance ~~949,999,538~~0.6200 ~~Ending~~Oct-04 ~~Scheduled~~0.000% ~~Collateral~~Nov-04 0.000% Current REO Total Dec-04 0.000% Loans in REO 0 Jan-05 0.000% Original Principal Balance ~~948,164,239~~0.0700 ~~Ending~~Feb-05 ~~Actual~~0.000% ~~Collateral~~Current Principal Balance at0.00 31Mar-05 0.000% Apr-05 0.000% May-~~2005~~05 ~~948,383,595~~0.56000% ~~Monthly~~Jun-05 ~~P&I~~0.000% ~~Constant~~Jul-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com. 2~~,829,720~~ 12 Month REO History* New REO Loans Month REO Percentage Loans in REO 0 Aug-04 0.17000% ~~Special~~Original ~~Servicing~~Principal ~~Fee~~Balance 0.00 ~~Prepayment~~Sep-04 ~~Penalties~~0.000% Current Principal Balance 0.00 ~~Realized~~Oct-04 ~~Loss~~0.000% ~~Amount~~Nov-04 0.00000% ~~Cumulative~~Current ~~Realized~~REO ~~Loss~~Total Dec-04 0.00000% ~~Scheduled~~Loans in REO 0 Jan-05 0.000% Original Principal ~~1,090,255~~Balance 0.2300 ~~Unscheduled~~Feb-05 0.000% Current Principal ~~1,469,148~~Balance 0.4600 Mar-05 0.000% Apr-05 0.000% May-05 0.000% Jun-05 0.000% Jul-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com.

~~Group~~REO Level Collateral Statement Group 1 2 Total Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 3.243957 2.998096 3.111878 Weighted Average Net Rate 2.869851 2.624097 2.737829 Weighted Average Maturity 401 418 410 Beginning Loan ~~Count~~Detail ~~1,758~~- ~~1,056~~All ~~2,814~~Mortgage Loans ~~Paid~~in InREO ~~Full~~during 2Current 2Period 4Month ~~Ending~~ Loan ~~Count~~First ~~1,756~~Original ~~1,054~~Loan ~~2,810~~Entered ~~Beginning~~Payment ~~Scheduled~~LTV ~~Balance~~at ~~439,649,794.75~~Principal ~~510,349,744.07~~Group ~~949,999,538.82~~Number ~~Ending~~REO ~~Scheduled Balance 439,046,400.60 509,117,838.47 948,164,239.07 Record~~ Date ~~05/31/2005~~State ~~05/31/2005~~Origination ~~05/31/2005~~Balance ~~Principal~~No ~~And~~REO ~~Interest~~loans ~~Constant~~this ~~1,333,792~~period.06 1,495,928.11 2,829,720.17 Scheduled Principal 498,042.61 592,212.62 1,090,255.23 Unscheduled Principal 458,106.32 1,011,042.14 1,469,148.46 Scheduled Interest 1,188,504.23 1,275,064.65 2,463,568.88 Servicing Fees 137,063.03 159,058.67 296,121.70 Master Servicing Fees 2,564.62 2,977.04 5,541.66 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 1 0.00 0.00 0.00 Spread 2 0.00 0.00 0.00 Spread 3 0.00 0.00 0.00 Net Interest 1,048,876.58 1,113,028.94 2,161,905.52 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 2.862851 2.617097 2.730829

~~Miscellaneous~~REO ~~Reporting~~Loan ~~Group~~Detail 1- ~~Available~~All ~~Funds~~Mortgage ~~1,665,251.12~~Loans ~~Senior~~in ~~Percentage~~REO ~~89.499905%~~during ~~Senior~~Current ~~Prepayment~~Period ~~Percentage~~(continued) ~~100.000000%~~Current ~~Subordinate~~Paid ~~Percentage~~Current ~~10.500095%~~Approximate ~~Subordinate~~Loan ~~Prepayment~~Principal ~~Percentage~~To ~~0.000000%~~Months ~~Group~~Loan 2Delinquent ~~Available~~Group ~~Funds~~Number ~~2,371,913.14~~Balance ~~Senior~~Date ~~Percentage~~Delinquent ~~89.499810%~~Rate ~~Senior~~Interest ~~Prepayment~~No ~~Percentage~~REO ~~100.000000%~~loans ~~Subordinate~~this ~~Percentage 10~~period.~~500190% Subordinate Prepayment Percentage 0.000000%~~

Foreclosure Detail - All Mortgage Loans in Foreclosure during Current Period

Prepayment - Voluntary Prepayments

Realized Loss Report - Collateral Summary

Filing Compare · DSLA Mortgage Loan Trust 2005-AR3