8-K 1 sab05fr1_10508.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): August 25, 2005 SECURITIZED ASSET BACKED RECEIVABLES LLC TRUST Mortgage Pass-Through Certificates, Series 2005-FR1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-108395-14 Pooling and Servicing Agreement) (Commission 54-2173167 (State or other File Number) 54-2173168 jurisdiction 54-6658795 of Incorporation) IRS EIN 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 August 25, 2005 a distribution was made to holders of SECURITIZED ASSET BACKED RECEIVABLES LLC TRUST, Mortgage Pass-Through Certificates, Series 2005-FR1 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-FR1 Trust, relating to the August 25, 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. SECURITIZED ASSET BACKED RECEIVABLES LLC TRUST Mortgage Pass-Through Certificates, Series 2005-FR1 Trust (Registrant) By: Wells Fargo Bank, N.A. as Trustee By: /s/ Beth Belfield as Officer By: Beth Belfield as Officer Date: 8/25/2005 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2005-FR1 Trust, relating to the August 25, 2005 distribution. EX-99.1

Securitized Asset Backed Receivables Mortgage Pass-Through Certificates Record Date: 67/3029/2005 Distribution Date: 78/25/2005 Securitized Asset Backed Receivables Mortgage Pass-Through Certificates Series Securities Asset Backed Receivables 2005-FR1 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 A-1A 81375WDY9 SEN 3.~~76063~~90625% ~~333~~317,~~596~~864,~~893~~108.3385 ~~975~~1,~~749~~069,204.0436 A-1B 81375WDZ6 SEN 3.~~76078~~90640% 8379,~~398~~465,~~315~~162.5019 ~~243~~267,~~944~~308.3444 A-2A 81375WDP8 SEN 3.~~40438~~55000% ~~100~~91,~~646~~741,~~184~~630.1772 ~~266~~280,~~496~~449.1107 A-2B 81375WDQ6 SEN 3.~~51438~~66000% 54,400,000.00 ~~148~~171,~~697~~450.3267 A-2C 81375WDR4 SEN 3.~~62438~~77000% 32,343,000.00 91104,~~173~~997.7096 M-1 81375WDS2 MEZ 3.~~76438~~91000% 92,567,000.00 ~~271~~311,~~022~~667.3995 M-2 81375WDT0 MEZ 34.~~96438~~11000% 46,283,000.00 ~~142~~163,~~709~~803.3125 M-3 81375WDU7 MEZ 34.~~99438~~14000% 15,282,000.00 4754,~~477~~480.2033 B-1 81375WDV5 JUN 4.~~49438~~64000% 10,479,000.00 3641,~~630~~869.7043 B-2 81375WDW3 JUN 4.~~61438~~76000% 12,226,000.00 4350,~~878~~113.6502 B-3 81375WDX1 JUN 5.~~01438~~16000% 9,169,000.00 3540,~~759~~740.7792 B-4 81375WEA0 JUN 6.~~31438~~46000% 8,733,000.00 4248,~~889~~579.3774 X SAB05FR1X SEN 0.00000% 17,902,000.48 21,~~244~~811,~~371~~868.0550 P SAB05FR1P SEN 0.00000% 0.01 ~~552~~884,~~816~~090.5582 R SAB05F1R1 RES 0.00000% 0.00 0.00 Totals ~~817~~788,~~025~~454,~~393~~902.4925 5,~~143~~300,~~615~~624.5046

Certificateholder Distribution Summary (continued) Current Ending Cumulative Principal Realized Certificate Total Realized Class Distribution Loss Balance Distribution Losses A-1A 1522,~~732~~948,~~784~~591.4824 0.00 ~~317~~294,~~864~~915,~~108~~517.8560 1624,~~708~~017,~~533~~795.5260 0.00 A-1B 35,~~933~~737,~~153~~085.3136 0.00 7973,~~465~~728,~~162~~076.1983 46,~~177~~004,~~097~~393.6580 0.00 A-2A 810,~~904~~558,~~553~~130.4526 0.00 9181,~~741~~183,~~630~~500.7246 910,~~171~~838,~~049~~579.5633 0.00 A-2B 0.00 0.00 54,400,000.00 ~~148~~171,~~697~~450.3267 0.00 A-2C 0.00 0.00 32,343,000.00 91104,~~173~~997.7096 0.00 M-1 0.00 0.00 92,567,000.00 ~~271~~311,~~022~~667.3995 0.00 M-2 0.00 0.00 46,283,000.00 ~~142~~163,~~709~~803.3125 0.00 M-3 0.00 0.00 15,282,000.00 4754,~~477~~480.2033 0.00 B-1 0.00 0.00 10,479,000.00 3641,~~630~~869.7043 0.00 B-2 0.00 0.00 12,226,000.00 4350,~~878~~113.6502 0.00 B-3 0.00 0.00 9,169,000.00 3540,~~759~~740.7792 0.00 B-4 0.00 0.00 8,733,000.00 4248,~~889~~579.3774 0.00 X 0.00 0.00 17,902,000.48 21,~~244~~811,~~371~~868.0550 0.0100 P 0.00 0.00 0.01 ~~552~~884,~~816~~090.5582 0.00 R 0.00 0.00 0.00 0.00 0.00 Totals 2839,~~570~~243,~~491~~806.2486 0.00 ~~788~~749,~~454~~211,~~902~~095.2538 3344,~~714~~544,~~106~~431.7432 0.0100 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee. This report has been compiled from information provided to Wells Fargo Bank, N.A. by various third parties, which may include the Servicer, Master Servicer, Special Servicer and others. Wells Fargo Bank, N.A. has not independently confirmed the accuracy of information received from these third parties and assumes no duty to do so. Wells Fargo Bank, N.A. expressly disclaims any responsibility for the accuracy or completeness of information furnished by third parties.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-1A 367,464,000.00 ~~333~~317,~~596~~864,~~893~~108.3385 0.00 1522,~~732~~948,~~784~~591.4824 0.00 0.00 A-1B 91,865,000.00 8379,~~398~~465,~~315~~162.5019 0.00 35,~~933~~737,~~153~~085.3136 0.00 0.00 A-2A 114,555,000.00 ~~100~~91,~~646~~741,~~184~~630.1772 0.00 810,~~904~~558,~~553~~130.4526 0.00 0.00 A-2B 54,400,000.00 54,400,000.00 0.00 0.00 0.00 0.00 A-2C 32,343,000.00 32,343,000.00 0.00 0.00 0.00 0.00 M-1 92,567,000.00 92,567,000.00 0.00 0.00 0.00 0.00 M-2 46,283,000.00 46,283,000.00 0.00 0.00 0.00 0.00 M-3 15,282,000.00 15,282,000.00 0.00 0.00 0.00 0.00 B-1 10,479,000.00 10,479,000.00 0.00 0.00 0.00 0.00 B-2 12,226,000.00 12,226,000.00 0.00 0.00 0.00 0.00 B-3 9,169,000.00 9,169,000.00 0.00 0.00 0.00 0.00 B-4 8,733,000.00 8,733,000.00 0.00 0.00 0.00 0.00 X 17,902,316.00 17,902,000.48 0.00 0.00 0.00 0.00 P 0.01 0.01 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 Totals 873,268,316.01 ~~817~~788,~~025~~454,~~393~~902.4925 0.00 2839,~~570~~243,~~491~~806.2486 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 A-1A 1522,~~732~~948,~~784~~591.4824 ~~317~~294,~~864~~915,~~108~~517.8560 0.~~86502109~~80256982 1522,~~732~~948,~~784~~591.4824 A-1B 35,~~933~~737,~~153~~085.3136 7973,~~465~~728,~~162~~076.1983 0.~~86502109~~80256982 35,~~933~~737,~~153~~085.3136 A-2A 810,~~904~~558,~~553~~130.4526 9181,~~741~~183,~~630~~500.7246 0.~~80085226~~70868579 810,~~904~~558,~~553~~130.4526 A-2B 0.00 54,400,000.00 1.00000000 0.00 A-2C 0.00 32,343,000.00 1.00000000 0.00 M-1 0.00 92,567,000.00 1.00000000 0.00 M-2 0.00 46,283,000.00 1.00000000 0.00 M-3 0.00 15,282,000.00 1.00000000 0.00 B-1 0.00 10,479,000.00 1.00000000 0.00 B-2 0.00 12,226,000.00 1.00000000 0.00 B-3 0.00 9,169,000.00 1.00000000 0.00 B-4 0.00 8,733,000.00 1.00000000 0.00 X 0.00 17,902,000.48 0.99998238 0.00 P 0.00 0.01 1.00000000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 2839,~~570~~243,~~491~~806.2486 ~~788~~749,~~454~~211,~~902~~095.2538 0.~~90287817~~85793917 2839,~~570~~243,~~491~~806.2486

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1A 367,464,000.00 ~~907~~865.~~83557935~~02108737 0.00000000 4262.~~81449198~~45126391 0.00000000 A-1B 91,865,000.00 ~~907~~865.~~83557938~~02108736 0.00000000 4262.~~81449203~~45126392 0.00000000 A-2A 114,555,000.00 ~~878~~800.~~58394806~~85226066 0.00000000 7792.~~73168740~~16647252 0.00000000 A-2B 54,400,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-2C 32,343,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-1 92,567,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 46,283,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 15,282,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-1 10,479,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-2 12,226,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-3 9,169,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-4 8,733,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 17,902,316.00 999.98237546 0.00000000 0.00000000 0.00000000 P 0.01 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 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 A-1A 0.00000000 4262.~~81449198~~45126391 ~~865~~802.~~02108737~~56982344 0.~~86502109~~80256982 4262.~~81449198~~45126391 A-1B 0.00000000 4262.~~81449203~~45126392 ~~865~~802.~~02108736~~56982344 0.~~86502109~~80256982 4262.~~81449203~~45126392 A-2A 0.00000000 7792.~~73168740~~16647252 ~~800~~708.~~85226066~~68578814 0.~~80085226~~70868579 7792.~~73168740~~16647252 A-2B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-2C 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 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 M-3 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 B-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 X 0.00000000 0.00000000 999.98237546 0.99998238 0.00000000 P 0.00000000 0.00000000 0.00000000 1.00000000 0.00000000 R 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 A-1A 367,464,000.00 3.~~76063~~90625% ~~333~~317,~~596~~864,~~893~~108.3385 ~~975~~1,~~749~~069,204.0436 0.00 0.00 A-1B 91,865,000.00 3.~~76078~~90640% 8379,~~398~~465,~~315~~162.5019 ~~243~~267,~~944~~308.3444 0.00 0.00 A-2A 114,555,000.00 3.~~40438~~55000% ~~100~~91,~~646~~741,~~184~~630.1772 ~~266~~280,~~496~~449.1107 0.00 0.00 A-2B 54,400,000.00 3.~~51438~~66000% 54,400,000.00 ~~148~~171,~~697~~450.3267 0.00 0.00 A-2C 32,343,000.00 3.~~62438~~77000% 32,343,000.00 91104,~~173~~997.7096 0.00 0.00 M-1 92,567,000.00 3.~~76438~~91000% 92,567,000.00 ~~271~~311,~~022~~667.3995 0.00 0.00 M-2 46,283,000.00 34.~~96438~~11000% 46,283,000.00 ~~142~~163,~~709~~803.3125 0.00 0.00 M-3 15,282,000.00 34.~~99438~~14000% 15,282,000.00 4754,~~477~~480.2033 0.00 0.00 B-1 10,479,000.00 4.~~49438~~64000% 10,479,000.00 3641,~~630~~869.7043 0.00 0.00 B-2 12,226,000.00 4.~~61438~~76000% 12,226,000.00 4350,~~878~~113.6502 0.00 0.00 B-3 9,169,000.00 5.~~01438~~16000% 9,169,000.00 3540,~~759~~740.7792 0.00 0.00 B-4 8,733,000.00 6.~~31438~~46000% 8,733,000.00 4248,~~889~~579.3774 0.00 0.00 X 17,902,316.00 0.00000% 17,902,000.48 0.00 0.00 0.00 P 0.01 0.00000% 0.01 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 873,268,316.01 2,~~346~~604,~~427~~665.9014 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 A-1A 0.00 0.00 ~~975~~1,~~749~~069,204.0436 0.00 ~~317~~294,~~864~~915,~~108~~517.8560 A-1B 0.00 0.00 ~~243~~267,~~944~~308.3444 0.00 7973,~~465~~728,~~162~~076.1983 A-2A 0.00 0.00 ~~266~~280,~~496~~449.1107 0.00 9181,~~741~~183,~~630~~500.7246 A-2B 0.00 0.00 ~~148~~171,~~697~~450.3267 0.00 54,400,000.00 A-2C 0.00 0.00 91104,~~173~~997.7096 0.00 32,343,000.00 M-1 0.00 0.00 ~~271~~311,~~022~~667.3995 0.00 92,567,000.00 M-2 0.00 0.00 ~~142~~163,~~709~~803.3125 0.00 46,283,000.00 M-3 0.00 0.00 4754,~~477~~480.2033 0.00 15,282,000.00 B-1 0.00 0.00 3641,~~630~~869.7043 0.00 10,479,000.00 B-2 0.00 0.00 4350,~~878~~113.6502 0.00 12,226,000.00 B-3 0.00 0.00 3540,~~759~~740.7792 0.00 9,169,000.00 B-4 0.00 0.00 4248,~~889~~579.3774 0.00 8,733,000.00 X 0.00 0.00 21,~~244~~811,~~371~~868.0550 0.00 17,902,000.48 P 0.00 0.00 ~~552~~884,~~816~~090.5582 0.00 0.01 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 5,~~143~~300,~~615~~624.5046 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 A-1A 367,464,000.00 3.~~76063~~90625% ~~907~~865.~~83557935~~02108737 2.~~65535955~~90968465 0.00000000 0.00000000 A-1B 91,865,000.00 3.~~76078~~90640% ~~907~~865.~~83557938~~02108736 2.~~65546552~~90979633 0.00000000 0.00000000 A-2A 114,555,000.00 3.~~40438~~55000% ~~878~~800.~~58394806~~85226066 2.~~32635948~~44816088 0.00000000 0.00000000 A-2B 54,400,000.00 3.~~51438~~66000% 1000.00000000 23.~~73340662~~15166673 0.00000000 0.00000000 A-2C 32,343,000.00 3.~~62438~~77000% 1000.00000000 23.~~81896237~~24638902 0.00000000 0.00000000 M-1 92,567,000.00 3.~~76438~~91000% 1000.00000000 23.~~92785107~~36694448 0.00000000 0.00000000 M-2 46,283,000.00 34.~~96438~~11000% 1000.00000000 3.~~08340665~~53916665 0.00000000 0.00000000 M-3 15,282,000.00 34.~~99438~~14000% 1000.00000000 3.~~10673996~~56500000 0.00000000 0.00000000 B-1 10,479,000.00 4.~~49438~~64000% 1000.00000000 3.~~49562935~~99555587 0.00000000 0.00000000 B-2 12,226,000.00 4.~~61438~~76000% 1000.00000000 34.~~58896205~~09888925 0.00000000 0.00000000 B-3 9,169,000.00 5.~~01438~~16000% 1000.00000000 34.~~90007307~~44333297 0.00000000 0.00000000 B-4 8,733,000.00 6.~~31438~~46000% 1000.00000000 45.~~91118401~~56277797 0.00000000 0.00000000 X 17,902,316.00 0.00000% 999.98237546 0.00000000 0.00000000 0.00000000 P 0.01 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R 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 A-1A 0.00000000 0.00000000 2.~~65535955~~90968465 0.00000000 ~~865~~802.~~02108737~~56982344 A-1B 0.00000000 0.00000000 2.~~65546552~~90979633 0.00000000 ~~865~~802.~~02108736~~56982344 A-2A 0.00000000 0.00000000 2.~~32635948~~44816088 0.00000000 ~~800~~708.~~85226066~~68578814 A-2B 0.00000000 0.00000000 23.~~73340662~~15166673 0.00000000 1000.00000000 A-2C 0.00000000 0.00000000 23.~~81896237~~24638902 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 23.~~92785107~~36694448 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 3.~~08340665~~53916665 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 3.~~10673996~~56500000 0.00000000 1000.00000000 B-1 0.00000000 0.00000000 3.~~49562935~~99555587 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 34.~~58896205~~09888925 0.00000000 1000.00000000 B-3 0.00000000 0.00000000 34.~~90007307~~44333297 0.00000000 1000.00000000 B-4 0.00000000 0.00000000 45.~~91118401~~56277797 0.00000000 1000.00000000 X 0.00000000 0.00000000 ~~125~~101.~~36763679~~20860899 0.00000000 999.98237546 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 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 3343,~~317~~974,~~310~~452.2936 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~227~~261,~~468~~097.4990 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0(8,048.0062) Prepayment Penalties ~~552~~884,~~816~~090.5582 Total Deposits 3445,~~097~~111,~~595~~592.3346 Withdrawals Reimbursement for Servicer Advances 31227,~~486~~468.9249 Payment of Service Fee ~~352~~339,~~001~~692.6765 Payment of Interest and Principal 3344,~~714~~544,~~106~~431.7432 Total Withdrawals (Pool Distribution Amount) 3445,~~097~~111,~~595~~592.3346 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~340~~328,~~427~~522.1687 Loan Performance Advisor Fee 109,~~212~~855.8269 Wells Fargo Bank, N.A. 1,~~361~~314.6909 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~352~~339,~~001~~692.6765

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 90 0 0 90 ~~1,195,164~~0.6500 0.00 0.00 ~~1,195,164~~0.6500 30 Days ~~171~~82 40 0 0 ~~175~~82 3114,~~151~~060,~~156~~824.1725 ~~405,817~~0.8400 0.00 0.00 3114,~~556~~060,~~974~~824.0125 60 Days 8119 0 0 0 8119 122,~~683~~282,~~203~~219.8453 0.00 0.00 0.00 122,~~683~~282,~~203~~219.8453 90 Days 18 0 0 0 18 ~~126~~1,~~500~~777,075.4523 0.00 0.00 0.00 ~~126~~1,~~500~~777,075.4523 120 Days 02 0 0 0 02 0208,587.0044 0.00 0.00 0.00 0208,587.0044 150 Days 01 0 0 0 01 046,843.0012 0.00 0.00 0.00 046,843.0012 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals ~~180~~212 130 0 0 ~~193~~212 3238,~~960~~375,~~860~~549.4657 ~~1,600,982~~0.4900 0.00 0.00 3438,~~561~~375,~~842~~549.9557 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.~~214951~~000000% 0.000000% 0.000000% 0.~~214951~~000000% 0.~~151583~~000000% 0.000000% 0.000000% 0.~~151583~~000000% 30 Days 42.~~084070~~050000% 0.~~095534~~000000% 0.000000% 0.000000% 42.~~179604~~050000% 31.~~950912~~876751% 0.~~051470~~000000% 0.000000% 0.000000% 41.~~002382~~876751% 60 Days 02.~~191068~~975000% 0.000000% 0.000000% 0.000000% 02.~~191068~~975000% 02.~~213481~~974091% 0.000000% 0.000000% 0.000000% 02.~~213481~~974091% 90 Days 0.~~023883~~200000% 0.000000% 0.000000% 0.000000% 0.~~023883~~200000% 0.~~016044~~237193% 0.000000% 0.000000% 0.000000% 0.~~016044~~237193% 120 Days 0.~~000000~~050000% 0.000000% 0.000000% 0.000000% 0.~~000000~~050000% 0.~~000000~~027841% 0.000000% 0.000000% 0.000000% 0.~~000000~~027841% 150 Days 0.~~000000~~025000% 0.000000% 0.000000% 0.000000% 0.~~000000~~025000% 0.~~000000~~006252% 0.000000% 0.000000% 0.000000% 0.~~000000~~006252% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 45.~~299021~~300000% 0.~~310485~~000000% 0.000000% 0.000000% 45.~~609506~~300000% 45.~~180437~~122128% 0.~~203053~~000000% 0.000000% 0.000000% 45.~~383490~~122128%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 0261,097.0090

~~COLLATERAL~~SUBORDINATION ~~STATEMENT~~LEVEL/CREDIT ~~Collateral~~ENHANCEMENT/CLASS ~~Description~~PERCENTAGE ~~Mixed~~AND ~~Fixed~~PREPAYMENT &PERCENTAGE ~~Arm~~Current ~~Weighted~~Original ~~Average~~$ ~~Gross~~Original ~~Coupon 7.259702~~% ~~Weighted~~Current ~~Average~~$ ~~Net~~Current ~~Coupon~~% ~~6.759702~~Class% ~~Weighted~~Prepayment% ~~Average~~Class ~~Pass~~M-~~Through~~1 ~~Rate~~120,074,316.01 613.~~757702~~74999113% ~~Weighted~~120,074,000.49 ~~Average~~16.02672481% ~~Maturity(Stepdown~~12.355263% ~~Calculation)~~0.000000% ~~357~~Class ~~Beginning~~M-2 ~~Scheduled~~73,791,316.01 ~~Collateral~~8.45001641% ~~Loan~~73,791,000.49 ~~Count~~9.84916013% ~~4,326~~6.177565% ~~Number~~0.000000% OfClass ~~Loans~~M-3 ~~Paid~~58,509,316.01 In6.70003880% ~~Full~~58,509,000.49 ~~139~~7.80941458% ~~Ending~~2.039746% ~~Scheduled~~0.000000% ~~Collateral~~Class ~~Loan~~B-1 ~~Count~~48,030,316.01 45.50006397% 48,~~187~~030,000.49 ~~Beginning~~6.41074335% ~~Scheduled~~1.398671% ~~Collateral~~0.000000% ~~Balance~~Class ~~817~~B-2 35,~~025~~804,~~393~~316.4801 ~~Ending~~4.10003608% ~~Scheduled~~35,804,000.49 ~~Collateral~~4.77889352% ~~Balance~~1.631850% ~~788~~0.000000% Class B-3 26,~~454~~635,~~902~~316.2401 ~~Ending~~3.05007241% ~~Actual~~26,635,000.49 ~~Collateral~~3.55507288% ~~Balance~~1.223821% at0.000000% 30Class B-~~Jun-2005~~4 ~~788~~17,~~454,~~902,316.2401 ~~Monthly~~2.05003613% ~~P&I Constant 5~~17,~~547~~902,~~946~~000.9549 ~~Special~~2.38944679% ~~Servicing~~1.165626% ~~Fee~~0.000000% Class X 0.0001 ~~Prepayment~~0.00000000% ~~Penalties~~0.01 ~~552,816~~0.5500000000% ~~Realized~~2.389447% ~~Loss~~0.000000% ~~Amount~~Class P 0.00 ~~Cumulative~~0.00000000% ~~Realized~~0.00 ~~Loss~~0.00000000% 0.00000000% ~~Scheduled~~0.000000% ~~Principal~~Class ~~605,146~~LT-R 0.3200 ~~Unscheduled~~0.00000000% ~~Principal~~0.00 ~~27,965,344~~0.9200000000% 0.000000% 0.000000% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

~~Miscellaneous~~COLLATERAL ~~Reporting~~STATEMENT ~~Credit~~Collateral ~~Enhancement~~Description ~~Percentage~~Mixed 26Fixed & Arm Weighted Average Gross Coupon 7.~~969329~~251055% ~~Delinquency~~Weighted ~~Trigger~~Average ~~Event~~Net NOCoupon ~~Cumulative~~6.751055% ~~Loss~~Weighted ~~Trigger~~Average ~~Event~~Pass-Through NORate ~~Trigger~~6.749055% ~~Event~~Weighted NOAverage Maturity(Stepdown NOCalculation) ~~Total~~356 ~~Monthly~~Beginning ~~Excess~~Scheduled ~~Spread~~Collateral 2Loan Count 4,~~244,371.05~~187 ~~Specified~~Number ~~Subordinated~~Of ~~Amount~~Loans ~~17,902,000.49~~Paid ~~Subordinated~~In ~~Deficiency~~Full ~~Amount~~187 ~~0.00~~Ending ~~Extra~~Scheduled ~~Principal~~Collateral ~~Distribution~~Loan ~~Amount~~Count ~~0.00~~4,000 ~~Subordinated~~Beginning ~~Increase~~Scheduled ~~Amount~~Collateral 0Balance 788,454,902.0024 ~~Excess~~Ending ~~Subordinated~~Scheduled ~~Amount~~Collateral 0Balance 749,211,095.0038 ~~Subordinated~~Ending ~~Reduction~~Actual ~~Amount~~Collateral ~~0.00~~Balance ~~Subordinated~~at ~~Amount~~29-Jul-2005 17749,~~902~~211,~~000~~095.4938 ~~Cap~~Monthly ~~Agreement~~P&I ~~Payment~~Constant ~~(Class~~5,343,874.11 ~~A-2)~~Special Servicing Fee 0.00 ~~Cap~~Prepayment ~~Agreement~~Penalties ~~Payment~~884,090.82 ~~(Class~~Realized ~~B-1)~~Loss 0Amount 8,048.0062 ~~Cap~~Cumulative ~~Agreement~~Realized ~~Payment~~Loss ~~(Class M-1) 0~~8,048.0062 ~~Cap~~Scheduled ~~Agreement~~Principal ~~Payment~~579,599.05 ~~(Class~~Unscheduled X)Principal 038,664,207.0081

~~Group~~Miscellaneous ~~Level~~Reporting ~~Collateral~~Credit ~~Statement~~Enhancement ~~Group~~Percentage ~~Group 1 Group 2 Group 3 Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM Weighted Average Coupon Rate 7~~28.~~325253~~381988% ~~7.301006~~Delinquency ~~9.076677~~Trigger ~~Weighted~~Event ~~Average~~NO ~~Net~~Cumulative ~~Rate~~Loss ~~6.825253~~Trigger ~~6.801006~~Event ~~8.576677~~NO ~~Weighted~~Trigger ~~Average~~Event ~~Maturity~~NO ~~357~~Stepdown ~~357~~NO ~~357~~Total ~~Beginning~~Monthly ~~Loan~~Excess ~~Count~~Spread ~~310 2~~1,~~822 757 Loans Paid In Full 7 94 22 Ending Loan Count 303 2~~819,~~728 735 Beginning Scheduled Balance 53,894,733~~917.~~48 510,948,010.~~12 ~~43,347,044.05~~Specified ~~Ending~~Subordinated ~~Scheduled~~Amount ~~Balance 52~~17,~~290~~902,~~140~~000.3049 ~~492,886,665.51~~Subordinated ~~42,204,214.38~~Deficiency ~~Record~~Amount ~~Date 06/30/2005 06/30/2005 06/30/2005 Principal And Interest Constant 377~~8,~~210~~048.1362 ~~3,480,318.71~~Extra ~~371,992.88 Scheduled~~ Principal ~~48,216.31~~Distribution ~~371,623.39~~Amount 448,~~120~~048.2862 ~~Unscheduled~~Subordinated ~~Principal~~Increase ~~1,556,376.87~~Amount ~~17,689,721.22 1,098,709.39 Scheduled Interest 328,993.82 3,108,695.32 327,872.60 Servicing Fees 22,456.14 212,895.00 18,061.27 Master Servicing Fees~~ 0.00 ~~0.00~~Excess ~~0.00~~Subordinated ~~Trustee Fee 89.82 851.58 72.25 FRY~~ Amount 0.00 ~~0.00~~Subordinated ~~0.00~~Reduction ~~Special~~Amount ~~Hazard Fee~~ 0.00 ~~0.00~~Subordinated ~~0.00~~Amount ~~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 306~~17,~~447.86 2~~902,~~894,948~~000.7449 ~~309,739.08~~Cap ~~Realized~~Agreement ~~Loss~~Payment ~~Amount~~(Class ~~0.00~~A-2) 0.00 ~~0.00~~Cap ~~Cumulative~~Agreement ~~Realized~~Payment ~~Loss~~(Class ~~0.00~~B-1) 0.00 ~~0.00~~Cap ~~Percentage~~Agreement ofPayment ~~Cumulative~~(Class ~~Losses~~M-1) 0.~~0000 0.0000 0.0000 Prepayment Penalties 0.~~00 ~~0.00~~Cap ~~0.00~~Agreement ~~Special~~Payment ~~Servicing~~(Class ~~Fee~~X) 0.00 ~~0.00 0.00 Pass-Through Rate 6.823253 6.799006 8.574677~~

Group Level Collateral Statement Group Group 41 ~~Total~~Group 2 Group 3 Collateral Description Fixed 15/30 & ARM ~~Mixed~~Fixed 15/30 & ARM Fixed 15/30 & ~~Arm~~ARM Weighted Average Coupon Rate 67.~~764587~~323427 7.~~259702~~291217 9.050008 Weighted Average Net Rate 6.~~264587~~823427 6.~~759702~~791217 8.550008 Weighted Average Maturity ~~357~~356 ~~357~~356 356 Beginning Loan Count ~~437~~303 42,~~326~~728 735 Loans Paid In Full 1612 ~~139~~128 27 Ending Loan Count ~~421~~291 42,~~187~~600 708 Beginning Scheduled Balance ~~208~~52,~~835~~290,~~605~~140.8330 ~~817~~492,~~025~~886,~~393~~665.4851 42,204,214.38 Ending ~~scheduled~~Scheduled Balance ~~201~~49,~~073~~889,~~882~~056.0501 ~~788~~466,~~454~~607,~~902~~956.2442 40,478,343.13 Record Date 0607/3029/2005 0607/3029/2005 07/29/2005 Principal And Interest Constant 1365,~~318,425~~682.2370 53,~~547~~348,~~946~~672.9500 361,573.62 Scheduled Principal ~~141~~46,~~186~~563.3450 ~~605~~353,~~146~~885.3256 43,283.22 Unscheduled Principal 72,~~620~~354,~~537~~520.4479 2725,~~965~~924,~~344~~823.9253 1,682,588.03 Scheduled Interest 1319,~~177,238~~119.8920 42,~~942~~994,~~800~~786.6344 318,290.40 Servicing Fees 8721,~~014~~787.8456 ~~340~~205,~~427~~369.2544 17,585.09 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee ~~348~~87.0615 ~~1,361~~821.7148 70.34 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 1297,~~089,875~~244.9949 42,~~601~~788,~~011~~595.6752 300,634.97 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.~~262587~~821427 6.~~757702~~789217 8.548008

~~Realized~~Group ~~Loss~~Level ~~Detail~~Collateral ~~Report~~Statement -Group ~~Loans~~Group ~~with~~4 ~~Losses~~Total ~~during~~Collateral ~~Current~~Description ~~Period~~Fixed ~~Summary~~15/30 #& ARM Mixed Fixed & Arm Weighted Average Coupon Rate 6.756197 7.251055 Weighted Average Net Rate 6.256197 6.751055 Weighted Average Maturity 356 356 Beginning Loan Count 421 4,187 Loans ~~Prior~~Paid ~~Realized~~In ~~Current~~Full ~~with~~20 187 Ending Loan Count 401 4,000 Beginning Scheduled Balance 201,073,882.05 788,454,902.24 Ending scheduled Balance 192,235,739.82 749,211,095.38 Record Date 07/29/2005 07/29/2005 Principal And Interest Constant 1,267,945.79 5,343,874.11 Scheduled Principal 135,866.77 579,599.05 Unscheduled Principal 8,702,275.46 38,664,207.81 Scheduled Interest 1,132,079.02 4,764,275.06 Servicing Fees 83,780.78 328,522.87 Master Servicing Fees 0.00 0.00 Trustee Fee 335.12 1,314.09 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee 0.00 0.00 Pool Insurance Fee 0.00 0.00 Spread 1 0.00 0.00 Spread 2 0.00 0.00 Spread 3 0.00 0.00 Net Interest 1,047,963.12 4,434,438.10 Realized Loss~~/(Gain)~~ Amount 8,048.62 8,048.62 Cumulative Realized Loss ~~Group~~8,048.62 8,048.62 Percentage of Cumulative Losses ~~Balance~~0.0036 ~~Amount~~0.0009 ~~Percentage~~Prepayment ~~Total~~Penalties 0.00 0.00 Special Servicing Fee 0.00 0.~~000%~~00 Pass-Through Rate 6.254197 6.749055

~~Realized~~Prepayment ~~Loss~~Detail ~~Loan~~- ~~Detail~~Prepayments ~~Report~~during -Current Period Summary Loans ~~With~~Paid ~~Losses~~In ~~during~~Full ~~Current~~Repurchased ~~Period~~Loans Original Current ~~Loan~~Original Current Principal ~~Note~~Principal ~~LTV~~Principal atPrincipal ~~Original~~ Group ~~Number~~Count Balance ~~Rate~~Balance ~~State~~Count ~~Origination~~Balance ~~Term~~Balance NoTotal ~~losses~~186 ~~this~~38,514,808.77 ~~period~~38,246,117.18 0 0.00 0.00

~~Realized~~Prepayment ~~Loss Loan~~ Detail ~~Report~~ - ~~Loans~~Prepayments ~~With Losses~~ during Current Period (continued) ~~Prior~~Summary ~~Cumulative~~Substitution ~~Loan~~Loans Liquidated Loans Curtailments Original Current Original Current Principal ~~Realized~~Principal ~~Realized~~Principal Principal Curtailment Group ~~Number~~Count Balance ~~Loss/(Gain)~~Balance ~~Loss/(Gain)~~Count NoBalance ~~losses~~Balance ~~this~~Amount ~~period~~Total 0 0.00 0.00 1 388,000.00 385,863.71 32,226.92

MDR SDA Current Month 0.000% Current Month 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% MDR: Current vs 12mo Average* SDA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. Aug-2004 N/A N/A Aug-2004 N/A N/A Sep-2004 N/A N/A Sep-2004 N/A N/A Oct-2004 N/A N/A Oct-2004 N/A N/A Nov-2004 N/A N/A Nov-2004 N/A N/A Dec-2004 N/A N/A Dec-2004 N/A N/A Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 0.000% N/A May-2005 0.000% N/A Jun-2005 0.000% N/A Jun-2005 0.000% N/A Jul-2005 0.000% N/A Jul-2005 0.000% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. CDR Loss Severity Approximation Current Month 0.000% Current Month 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CDR: Current vs 12mo Average* Loss Severity: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. Aug-2004 N/A N/A Aug-2004 N/A N/A Sep-2004 N/A N/A Sep-2004 N/A N/A Oct-2004 N/A N/A Oct-2004 N/A N/A Nov-2004 N/A N/A Nov-2004 N/A N/A Dec-2004 N/A N/A Dec-2004 N/A N/A Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 0.000% N/A May-2005 0.000% N/A Jun-2005 0.000% N/A Jun-2005 0.000% N/A Jul-2005 0.000% N/A Jul-2005 0.000% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. Calculation Methodology: Monthly Default Rate (MDR): sum(Beg Principal Balance of Liquidated Loans)/ sum(Beg Principal Balance). Conditional Default Rate (CDR): 1-((1-MDR)^12) SDA Standard Default Assumption: If WAS is less than or equal to 30 then CDR/(WAS*0.02) else if WAS is greater than 30 and less than or equal to 60 then CDR/0.6 else if WAS is greater than 60 and less than or equal to 120 then CDR/(0.6 - ((WAS-60)*0.0095)) else if WAS is greater than 120 then CDR/0.03 Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)

Prepayment - Voluntary Prepayments

Realized Loss Report - Collateral Summary

Filing Compare · SABR TRUST 2005-FR1