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) May 25, 2005

Bear Stearns Asset Backed Securities I LLC
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction
of incorporation)

333-113636
(Commission
File Number)

20-0842986
(IRS Employer
Identification No.)

383 Madison Avenue, New York, New York
(Address of principal executive offices)

10179
(Zip Code)

Registrant's telephone number, including area code 212-272-2000

(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))

Section 8 - Other Events

Item 8.01. Other Events.

This current report on Form 8-K relates to the monthly distribution reported to the holders of Bear Stearns Asset Backed Securities I Trust 2005-AQ1 Asset-Backed Certificates, Series 2005-AQ1, which was made on May 25, 2005.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

99.1 Monthly distribution report pursuant to section 5.06 of the Pooling and Servicing Agreement for the distribution on May 25, 2005.

(Exhibit No. Description)

SIGNATURES

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.

LASALLE BANK NATIONAL ASSOCIATION, IN ITS CAPACITY AS TRUSTEE UNDER THE POOLING AND SERVICING AGREEMENT ON BEHALF OF BEAR STEARNS ASSET BACKED SECURITIES I LLC, REGISTRANT

By: /s/ Russell Goldenberg
Russell Goldenberg
Group Senior Vice President

Date: May 31, 2005

Bear Stearns Asset Backed Securities I Trust

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Reporting Package Table of Contents

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Administrator:

Peter Sablich 312.904.8162
peter.sablich@abnamro.com

Analyst:

Rachel Gaxiola 714.259.6216
Rachel.Gaxiola@ABNAMRO.com

Statement Date:

135 S. LaSalle Street, Suite 1625
Chicago, IL 60603
USA

Statements to Certificateholders
Cash Reconciliation Summary
Bond Interest Reconciliation
Bond Principal Reconciliation

Shortfall Summary Report

Swap Summary Report
Asset-Backed Facts ~ 15 Month Loan Status Summary Part I

Asset-Backed Facts ~ 15 Month Loan Status Summary Part II
Asset-Backed Facts ~ 15 Month Loan Payoff/Loss Summary
Realized Loss Detail

Page 2-3
Page 4-10
Page 11
Page 12

Page 13

Page 14
Page 15-21

Page 22-28
Page 29-35

Page 36

Page(s)

Information is available for this issue from the following sources

Issue Id:

Monthly Data File
Name:

BS005AQ1

BS005AQ1_200505_3.ZIP

Closing Date:

First Payment Date:

Rated Final Payment: Date:

29-Apr-05
25-May-05

25-Apr-35

Parties to The Transaction

Depositor: Bear Stearns & Co. Inc.

Underwriter: Bear Stearns & Co. Inc.

Master Servicer: EMC Mortgage Corporation

Rating Agency: Moody's Investors Service, Inc./Standard & Poor's

800.246.5761

LaSalle Factor Line

LaSalle Web Site

Servicer Web Site

www.emcmortgagecorp.com

www.etrustee.net

Page 1 of 36

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:

Next Index:

Payment Date:
Prior Payment:
Next Payment:
Record Date:

7.562736%

3.090000%

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Bear Stearns Asset Backed Securities I Trust

Asset-Backed Certificates

Series 2005-AQ1

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

355

Bond Payments

Statement Date:

ABN AMRO Acct: 722579.1

1000.000000000

44.722660759

0.000000000

955.277339241

2.282222278

3.190000000%

0.00

0.000000000

3.16000000%

0.000000000

073879UH9

I-A-1

39,500,000.00

1,766,545.10

0.00

37,733,454.90

90,147.78

39,500,000.00

1000.000000000

0.000000000

1000.000000000

2.318333476

3.240000000%

0.00

0.000000000

3.21000000%

0.000000000

073879UJ5

I-A-2

35,001,000.00

0.00

35,001,000.00

81,143.99

35,001,000.00

1000.000000000

0.000000000

1000.000000000

2.498888805

3.490000000%

0.00

0.000000000

3.46000000%

0.000000000

073879UK2

I-A-3

13,256,000.00

0.00

13,256,000.00

33,125.27

13,256,000.00

1000.000000000

10.864615153

0.000000000

989.135384847

2.368888861

3.310000000%

0.00

0.000000000

3.28000000%

0.000000000

073879UL0

II-A-1

119,580,000.00

1,299,190.68

0.00

118,280,809.32

283,271.73

119,580,000.00

1000.000000000

10.864615153

0.000000000

989.135384847

2.397777889

3.350000000%

0.00

0.000000000

3.32000000%

0.000000000

073879UM8

II-A-2

29,895,000.00

324,797.67

0.00

29,570,202.33

71,681.57

29,895,000.00

1000.000000000

0.000000000

1000.000000000

2.527777681

3.530000000%

0.00

0.000000000

3.50000000%

0.000000000

073879UN6

M-1

22,886,000.00

0.00

22,886,000.00

57,850.72

22,886,000.00

1000.000000000

0.000000000

1000.000000000

2.679444374

3.740000000%

0.00

0.000000000

3.71000000%

0.000000000

073879UP1

M-2

15,784,000.00

0.00

15,784,000.00

42,292.35

15,784,000.00

1000.000000000

0.000000000

1000.000000000

2.751666667

3.840000000%

0.00

0.000000000

3.81000000%

0.000000000

073879UQ9

M-3

4,104,000.00

0.00

4,104,000.00

11,292.84

4,104,000.00

1000.000000000

0.000000000

1000.000000000

3.185000000

4.440000000%

0.00

0.000000000

4.41000000%

0.000000000

073879UR7

M-4

4,262,000.00

0.00

4,262,000.00

13,574.47

4,262,000.00

1000.000000000

0.000000000

1000.000000000

3.329443923

4.640000000%

0.00

0.000000000

4.61000000%

0.000000000

073879US5

M-5

4,262,000.00

0.00

4,262,000.00

14,190.09

4,262,000.00

1000.000000000

0.000000000

1000.000000000

3.654444444

5.090000000%

0.00

0.000000000

5.06000000%

0.000000000

073879UT3

M-6

4,419,000.00

0.00

4,419,000.00

16,148.99

4,419,000.00

1000.000000000

0.000000000

1000.000000000

4.376665885

6.090000000%

0.00

0.000000000

6.06000000%

0.000000000

073879UU0

M-7

4,262,000.00

0.00

4,262,000.00

18,653.35

4,262,000.00

1000.000000000

0.000000000

1000.000000000

4.376666667

6.090000000%

0.00

0.000000000

6.06000000%

0.000000000

073879UV8

M-8

5,208,000.00

0.00

5,208,000.00

22,793.68

5,208,000.00

1000.000000000

0.000000000

1000.000000000

67.676170119

0.00

897,319.17

67.676170119

N/A

0.000000000

13,259,012.27

0.00

13,259,012.27

897,319.17

13,259,012.27

1000.000000000

0.000000000

1000.000000000

261638.400000000

0.00

26,163.84

261638.400000000

N/A

0.000000000

100.00

0.00

100.00

26,163.84

100.00

Page 2 of 36

Notes: (1) N denotes notional balance not included in total (2) Accrued Interest Plus/Minus Interest Adjustment Minus Deferred Interest equals Interest Payment (3) Estimated. * Denotes Controlling Class

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:

Next Index:

Payment Date:
Prior Payment:
Next Payment:
Record Date:

7.562736%

3.090000%

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Bear Stearns Asset Backed Securities I Trust

Asset-Backed Certificates

Series 2005-AQ1

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

355

Bond Payments

Statement Date:

ABN AMRO Acct: 722579.1

0.000000000

0.00

0.000000000

N/A

0.000000000

073879UY2

R-1

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

073879UZ9

R-2

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

073879VA3

R-3

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

073879VB1

0.00

Total P&I Payment

0.00

923,483.01

315,678,112.27

5,070,183.29

Total

312,287,578.82

3,390,533.45

0.00

1,679,649.84

Page 3 of 36

Bear Stearns Asset Backed Securities I Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Statement Date:

Cash Reconciliation Summary

Interest Summary

Total Trustee Fees

Available Interest

1,882,018.04

Fee Summary

Total Servicing Fees

Principal Summary

Scheduled Principal Distribution

Unscheduled:

Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds

Unscheduled Principal Distribution

Remittance Principal

Servicer Wire Amount

242,768.22

18,543.66

3,129,221.57

0.00
0.00
0.00

5,274,656.01

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution
Unscheduled Principal Distribution
Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

315,678,012.27

242,768.22

3,147,765.23

0.00
0.00
0.00

312,287,478.82

1,890

0
0

1,875

123,986.72

Extra Principal

Trigger Event

0.00

3,390,533.45

Over Collateralization Amt

13,259,012.27

Less Extra Principal

Remittance Interest

0.00

1,882,018.04

0.00

3,147,765.23

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(2,104.52

1,884,122.56

Total Fees

126,091.24

Insurance Premium

Reimbursement Amt

Class II-A Policy - Interest
Class II-A Policy - Principal
Other

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.00

2,104.52

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 4 of 36

Bear Stearns Asset Backed Securities I Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Statement Date:

Cash Reconciliation Summary Group I Loans - Fixed 1st Lien

Interest Summary

Total Trustee Fees

Available Interest

103,865.07

Fee Summary

Total Servicing Fees

Principal Summary

Scheduled Principal Distribution

Unscheduled:

Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds

Unscheduled Principal Distribution

Remittance Principal

Servicer Wire Amount

16,748.74

1,325.13

170,823.84

0.00
0.00
0.00

292,884.68

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution
Unscheduled Principal Distribution
Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

18,283,834.02

16,748.74

172,148.97

0.00
0.00
0.00

18,094,936.31

121

0
0

120

7,618.26

Trigger Event

188,897.71

Over Collateralization Amt

13,259,012.27

Remittance Interest

103,865.07

0.00

172,148.97

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(121.89

103,986.97

Total Fees

7,740.16

Insurance Premium

Reimbursement Amt

Class II-A Policy - Interest
Class II-A Policy - Principal
Other

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.00

121.89

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 5 of 36

Bear Stearns Asset Backed Securities I Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Statement Date:

Cash Reconciliation Summary Group I Loans - ARM 228 1st Lien

Interest Summary

Total Trustee Fees

Available Interest

365,778.81

Fee Summary

Total Servicing Fees

Principal Summary

Scheduled Principal Distribution

Unscheduled:

Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds

Unscheduled Principal Distribution

Remittance Principal

Servicer Wire Amount

44,957.52

3,653.29

876,858.73

0.00
0.00
0.00

1,291,647.10

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution
Unscheduled Principal Distribution
Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

59,811,878.14

44,957.52

880,512.02

0.00
0.00
0.00

58,886,408.60

324

0
0

320

22,987.69

Trigger Event

925,469.54

Over Collateralization Amt

13,259,012.27

Remittance Interest

365,778.81

0.00

880,512.02

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(398.75

366,177.56

Total Fees

23,386.44

Insurance Premium

Reimbursement Amt

Class II-A Policy - Interest
Class II-A Policy - Principal
Other

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.00

398.75

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 6 of 36

Bear Stearns Asset Backed Securities I Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Statement Date:

Cash Reconciliation Summary Group I Loans - ARM 327 1st Lien

Interest Summary

Total Trustee Fees

Available Interest

229,961.61

Fee Summary

Total Servicing Fees

Principal Summary

Scheduled Principal Distribution

Unscheduled:

Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds

Unscheduled Principal Distribution

Remittance Principal

Servicer Wire Amount

28,376.75

190.13

623,610.97

0.00
0.00
0.00

882,397.33

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution
Unscheduled Principal Distribution
Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

38,680,073.90

28,376.75

623,801.10

0.00
0.00
0.00

38,027,896.05

188

0
0

185

12,499.94

Trigger Event

652,177.85

Over Collateralization Amt

13,259,012.27

Remittance Interest

229,961.61

0.00

623,801.10

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(257.87

230,219.48

Total Fees

12,757.81

Insurance Premium

Reimbursement Amt

Class II-A Policy - Interest
Class II-A Policy - Principal
Other

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.00

257.87

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 7 of 36

Bear Stearns Asset Backed Securities I Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Statement Date:

Cash Reconciliation Summary Group II Loans - Fixed 1st Lien

Interest Summary

Total Trustee Fees

Available Interest

225,002.52

Fee Summary

Total Servicing Fees

Principal Summary

Scheduled Principal Distribution

Unscheduled:

Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds

Unscheduled Principal Distribution

Remittance Principal

Servicer Wire Amount

34,547.96

1,622.90

259,212.14

0.00
0.00
0.00

520,646.88

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution
Unscheduled Principal Distribution
Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

39,203,669.64

34,547.96

260,835.04

0.00
0.00
0.00

38,908,286.64

255

0
0

254

16,206.34

Trigger Event

295,383.00

Over Collateralization Amt

13,259,012.27

Remittance Interest

225,002.52

0.00

260,835.04

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(261.36

225,263.88

Total Fees

16,467.69

Insurance Premium

Reimbursement Amt

Class II-A Policy - Interest
Class II-A Policy - Principal
Other

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.00

261.36

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 8 of 36

Bear Stearns Asset Backed Securities I Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Statement Date:

Cash Reconciliation Summary Group II Loans - ARM 228 1st Lien

Interest Summary

Total Trustee Fees

Available Interest

746,377.81

Fee Summary

Total Servicing Fees

Principal Summary

Scheduled Principal Distribution

Unscheduled:

Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds

Unscheduled Principal Distribution

Remittance Principal

Servicer Wire Amount

91,285.23

4,643.54

428,211.57

0.00
0.00
0.00

1,271,342.93

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution
Unscheduled Principal Distribution
Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

123,716,049.08

91,285.23

432,855.11

0.00
0.00
0.00

123,191,908.74

795

0
0

792

50,520.16

Trigger Event

524,140.34

Over Collateralization Amt

13,259,012.27

Remittance Interest

746,377.81

0.00

432,855.11

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(824.77

747,202.59

Total Fees

51,344.93

Insurance Premium

Reimbursement Amt

Class II-A Policy - Interest
Class II-A Policy - Principal
Other

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.00

824.77

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 9 of 36

Bear Stearns Asset Backed Securities I Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Statement Date:

Cash Reconciliation Summary Group II Loans - ARM 327 1st Lien

Interest Summary

Total Trustee Fees

Available Interest

211,032.20

Fee Summary

Total Servicing Fees

Principal Summary

Scheduled Principal Distribution

Unscheduled:

Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds

Unscheduled Principal Distribution

Remittance Principal

Servicer Wire Amount

26,852.02

7,108.67

770,504.32

0.00
0.00
0.00

1,015,737.10

Pool Balance Summary

Beginning Pool
Scheduled Principal Distribution
Unscheduled Principal Distribution
Deferred Interest
Liquidations
Repurchases
Ending Pool

Balance/Amount

Count

35,982,507.49

26,852.02

777,612.99

0.00
0.00
0.00

35,178,042.48

207

0
0

204

14,154.32

Trigger Event

804,465.01

Over Collateralization Amt

13,259,012.27

Remittance Interest

211,032.20

0.00

777,612.99

Less Mod Losses

Interest Due Trust

Total Trustee Fees

)

(239.88

211,272.09

Total Fees

14,394.20

Insurance Premium

Reimbursement Amt

Class II-A Policy - Interest
Class II-A Policy - Principal
Other

Total Reimbursement Amt

Rolling 3-Month Delinquency

0.00

239.88

LPMI Fees

0.00

0.00
0.00
0.00

0.00

Page 10 of 36

Bear Stearns Asset Backed Securities I Trust

Class

Payment Date:

Prior Payment:

Next Payment:

Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Bond Interest Reconciliation

Additions

Accrual

Method Days

Statement Date:

Accrued

Certificate

Interest

Prior

Int Carry-Fwd

Shortfall

Prior

Shortfall

Reimbursement

Other

Interest

Proceeds

Other

Interest

Losses

Current

Int Carry-Fwd

Shortfall

Current Basis

Risk Carry-Fwd

Shortfall

Remaining

Int Carry-Fwd

Shortfall

Remaining Basis

Risk Carry-Fwd

Shortfall

Net Cap Rate

in Effect

Y/N

Distributable

Certificate

Interest

Payment

Amount

Deductions

Outstanding

Deposits from

Agreement

0.00

I-A-1

90,147.78

Act/360

0.00

90,147.78

0.00

I-A-2

81,143.99

Act/360

0.00

81,143.99

0.00

I-A-3

33,125.27

Act/360

0.00

33,125.27

0.00

II-A-1

283,271.73

Act/360

0.00

283,271.73

0.00

II-A-2

71,681.57

Act/360

0.00

71,681.57

0.00

M-1

57,850.72

Act/360

0.00

57,850.72

0.00

M-2

42,292.35

Act/360

0.00

42,292.35

0.00

M-3

11,292.84

Act/360

0.00

11,292.84

0.00

M-4

13,574.47

Act/360

0.00

13,574.47

0.00

M-5

14,190.09

Act/360

0.00

14,190.09

0.00

M-6

16,148.99

Act/360

0.00

16,148.99

0.00

M-7

18,653.35

Act/360

0.00

18,653.35

0.00

M-8

22,793.68

Act/360

0.00

22,793.68

0.00

897,319.17

0.00

897,319.17

0.00

26,163.84

0.00

897,319.17

0.00

756,166.83

1,679,649.84

0.00

(2) Interest Carry-Forward Shortfall is unpaid interest with interest thereon
(3) Basis Risk Carry-Forward Shortfall - difference between LIBOR plus margin and the Net Rate Cap.

Page 11 of 36

(1) Other Interest Proceeds are additional interest amounts specifically allocated to the bond(s) and used in determining the bonds Distributable Interest.

Bear Stearns Asset Backed Securities I Trust

Payment Date:

Prior Payment:
Next Payment:

Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Bond Principal Reconciliation

Credit Support

Original

Current(4)

Statement Date:

Beginning

Class Balance

Unscheduled

Principal
Payment

Extra

Principal

Payment Amt

Prior

Loss

Reimburs.

Rated

Final

Maturity

Class

Current

Losses

Original

Class Balance

Scheduled

Principal
Payment

Ending

Class Balance

Cumulative

Losses

Interest on

Losses

Additions

Losses

4.00
1.00

I-A-1

21.56%

21.80%

4/25/2035

37,733,454.90

0.00

39,500,000.00

90,083.01

0.00

1,676,462.09

I-A-2

21.56%

21.80%

4/25/2035

35,001,000.00

0.00

35,001,000.00

0.00

I-A-3

21.56%

21.80%

4/25/2035

13,256,000.00

0.00

13,256,000.00

0.00

II-A-1

21.56%

21.80%

4/25/2035

118,280,809.32

0.00

119,580,000.00

122,148.17

0.00

1,177,042.51

II-A-2

21.56%

21.80%

4/25/2035

29,570,202.33

0.00

29,895,000.00

30,537.04

0.00

294,260.63

M-1

13.99%

14.15%

4/25/2035

22,886,000.00

0.00

22,886,000.00

0.00

M-2

8.77%

8.87%

4/25/2035

15,784,000.00

0.00

15,784,000.00

0.00

M-3

7.41%

7.50%

4/25/2035

4,104,000.00

0.00

4,104,000.00

0.00

M-4

6.00%

6.07%

4/25/2035

4,262,000.00

0.00

4,262,000.00

0.00

M-5

4.59%

4.64%

4/25/2035

4,262,000.00

0.00

4,262,000.00

0.00

M-6

3.13%

3.17%

4/25/2035

4,419,000.00

0.00

4,419,000.00

0.00

M-7

1.72%

1.74%

4/25/2035

4,262,000.00

0.00

4,262,000.00

0.00

M-8

0.00%

4/25/2035

5,208,000.00

0.00

5,208,000.00

0.00

4/25/2035

13,259,012.27

0.00

13,259,012.27

0.00

4/25/2035

100.00

0.00

100.00

0.00

242,768.22

0.00

3,147,765.23

0.00

315,678,112.27

312,287,578.82

315,678,112.27

Page 12 of 36

(1) Extra Principal Amounts: the lessor of (i) the excess, if any, of the overcollateralization Target Amount over the Overcollateralization Amount.

Bear Stearns Asset Backed Securities I Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Interest Adjustments Summary

Statement Date

0.00

Special Servicing Fees

Workout Fees

Liquidation Fees

Legal Fees

0.00

Misc. Fees & Expenses Paid by/to Servicer

Interest Paid to Servicer on Outstanding Advances

0.00

ASER Interest Advance Reduction

Interest Not Advanced (Current Period)

Recoup of Prior Advances by Servicer

0.00

Servicing Fees Paid Servicer on Loans Not Advanced

Misc. Fees & Expenses Paid by Trust

0.00

Shortfall Due to Rate Modification

Total Shortfall Allocated to the Bonds

Total Interest Adjustment to the Bonds

0.00

Shortfall Allocated to the Bonds:

Excess Allocated to the Bonds:

Other Interest Proceeds Due the Bonds

Yield Maintenance Penalties Due the Bonds

Prepayment Penalties Due the Bonds

Recovered ASER Interest Due the Bonds

Recovered Interest Due the Bonds

Less Total Shortfall Allocated to the Bonds

Total Excess Allocated to the Bonds

26,163.84

26,163.84

Total Excess Allocated to the Bonds

26,163.84

0.00

Aggregate Interest Adjustment Allocated to the Bonds

0.00

26,163.84

0.00

Prepayment Interest Excess Due the Bonds

0.00

ARD Excess Interest

0.00

Net Prepayment Int. Shortfalls Allocated to the Bonds

Other Interest Loss

Interest Income

0.00

Page 13 of 36

Bear Stearns Asset Backed Securities I Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

SWAP Payments

Statement Date:

Net Swap payment payable to the Swap Provider

Net Swap payment payable to the Swap Administrator

Swap Termination payment payable to the Swap Administrator

Swap Termination payment payable to the Swap Provider

0.00

202,368.20

0.00

Page 14 of 36

Bear Stearns Asset Backed Securities I Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part I

Distribution

Date

REO

# Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

1.23%

1.10%

0.00%

25-May-05

3,420,866

1,852

308,866,613

98.77%

98.90%

Page 15 of 36

Bear Stearns Asset Backed Securities I Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part I

Distribution

Date

REO

# Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

Group I Loans - Fixed 1st Lien

0.00%

25-May-05

120

18,094,936

100.00%

Page 16 of 36

Bear Stearns Asset Backed Securities I Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part I

Distribution

Date

REO

# Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

Group I Loans - ARM 228 1st Lien

3.13%

2.11%

0.00%

25-May-05

1,239,790

310

57,646,619

96.88%

97.89%

Page 17 of 36

Bear Stearns Asset Backed Securities I Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part I

Distribution

Date

REO

# Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

Group I Loans - ARM 327 1st Lien

1.08%

1.68%

0.00%

25-May-05

640,603

183

37,387,293

98.92%

98.32%

Page 18 of 36

Bear Stearns Asset Backed Securities I Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part I

Distribution

Date

REO

# Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

Group II Loans - Fixed 1st Lien

0.39%

0.22%

0.00%

25-May-05

84,795

253

38,823,492

99.61%

99.78%

Page 19 of 36

Bear Stearns Asset Backed Securities I Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part I

Distribution

Date

REO

# Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

Group II Loans - ARM 228 1st Lien

1.01%

0.84%

0.00%

25-May-05

1,034,553

784

122,157,356

98.99%

99.16%

Page 20 of 36

Bear Stearns Asset Backed Securities I Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part I

Distribution

Date

REO

# Balance

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

Group II Loans - ARM 327 1st Lien

0.98%

1.20%

0.00%

25-May-05

421,125

202

34,756,918

99.02%

98.80%

Page 21 of 36

Bear Stearns Asset Backed Securities I Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days 90 + Days
# Balance # Balance # Balance # Balance

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

25-May-05

0.00%

0.00% 0.00%

0.00%

Page 22 of 36

Bear Stearns Asset Backed Securities I Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days 90 + Days
# Balance # Balance # Balance # Balance

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - Group I Loans - Fixed 1st Lien

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

25-May-05

0.00%

0.00% 0.00%

0.00%

Page 23 of 36

Bear Stearns Asset Backed Securities I Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days 90 + Days
# Balance # Balance # Balance # Balance

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - Group I Loans - ARM 228 1st Lien

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

25-May-05

0.00%

0.00% 0.00%

0.00%

Page 24 of 36

Bear Stearns Asset Backed Securities I Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days 90 + Days
# Balance # Balance # Balance # Balance

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - Group I Loans - ARM 327 1st Lien

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

25-May-05

0.00%

0.00% 0.00%

0.00%

Page 25 of 36

Bear Stearns Asset Backed Securities I Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days 90 + Days
# Balance # Balance # Balance # Balance

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - Group II Loans - Fixed 1st Lien

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

25-May-05

0.00%

0.00% 0.00%

0.00%

Page 26 of 36

Bear Stearns Asset Backed Securities I Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days 90 + Days
# Balance # Balance # Balance # Balance

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - Group II Loans - ARM 228 1st Lien

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

25-May-05

0.00%

0.00% 0.00%

0.00%

Page 27 of 36

Bear Stearns Asset Backed Securities I Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Distribution

Date

Statement Date:

Current 31 - 60 Days 61 - 90 Days 90 + Days
# Balance # Balance # Balance # Balance

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - Group II Loans - ARM 327 1st Lien

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

25-May-05

0.00%

0.00% 0.00%

0.00%

Page 28 of 36

Bear Stearns Asset Backed Securities I Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Asset-Backed Facts ~ 15 Month Historical Payoff/Loss Summary

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

25-May-05

1,875

99.21%

312,287,479

98.93%

0.79%

0.99%

0.00%

355

7.56%

7.05%

3,129,222

0.00

(1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period.

Page 29 of 36

Bear Stearns Asset Backed Securities I Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Asset-Backed Facts ~ 15 Month Historical Payoff/Loss Summary

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Group I Loans - Fixed 1st Lien

25-May-05

120

6.35%

18,094,936

5.73%

0.83%

0.93%

0.00%

345

7.32%

6.82%

170,824

0.00

(1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period.

Page 30 of 36

Bear Stearns Asset Backed Securities I Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Asset-Backed Facts ~ 15 Month Historical Payoff/Loss Summary

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Group I Loans - ARM 228 1st Lien

25-May-05

320

16.93%

58,886,409

18.65%

1.23%

1.47%

0.00%

356

7.55%

7.04%

876,859

0.00

(1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period.

Page 31 of 36

Bear Stearns Asset Backed Securities I Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Asset-Backed Facts ~ 15 Month Historical Payoff/Loss Summary

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Group I Loans - ARM 327 1st Lien

25-May-05

185

9.79%

38,027,896

12.05%

1.60%

1.61%

0.00%

357

7.64%

7.13%

623,611

0.00

(1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period.

Page 32 of 36

Bear Stearns Asset Backed Securities I Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Asset-Backed Facts ~ 15 Month Historical Payoff/Loss Summary

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Group II Loans - Fixed 1st Lien

25-May-05

254

13.44%

38,908,287

12.33%

0.39%

0.66%

0.00%

349

7.21%

6.70%

259,212

0.00

(1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period.

Page 33 of 36

Bear Stearns Asset Backed Securities I Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Asset-Backed Facts ~ 15 Month Historical Payoff/Loss Summary

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Group II Loans - ARM 228 1st Lien

25-May-05

792

41.90%

123,191,909

39.02%

0.38%

0.35%

0.00%

356

7.70%

7.19%

428,212

0.00

(1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period.

Page 34 of 36

Bear Stearns Asset Backed Securities I Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Asset-Backed Facts ~ 15 Month Historical Payoff/Loss Summary

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Group II Loans - ARM 327 1st Lien

25-May-05

204

10.79%

35,178,042

11.14%

1.45%

2.14%

0.00%

357

7.55%

7.04%

770,504

0.00

(1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period.

Page 35 of 36

Bear Stearns Asset Backed Securities I Trust

Payment Date:
Prior Payment:
Next Payment:
Record Date:

25-May-05
25-May-05

N/A

27-Jun-05

24-May-05

Asset-Backed Certificates

Series 2005-AQ1

ABN AMRO Acct: 722579.1

Realized Loss Detail

Period

Disclosure

Control #

Appraisal

Date

Appraisal

Value

Beginning
Scheduled

Balance

Gross

Proceeds

Gross Proceeds

as a % of

Sched. Balance

Aggregate

Liquidation

Expenses *

Net

Liquidation

Proceeds

Net Proceeds

as a % of

Sched. Balance

Realized

Loss

Statement Date:

Not Avail.

Current Total
Cumulative

Page 36 of 36

* Aggregate liquidation expenses also include outstanding P&I advances and unpaid servicing fees, unpaid trustee fees, etc..

BEAR STEARNS ASSET BACKED SECURITIES I TRUST 2005-AQ1 8-K