		Lehman XS Trust						Contact:
		Mortgage Pass-Through Certificates, Series 2005-5N						Diana Kenneally
								Account Administrator
								617-603-6406
		REPORTS TO CERTIFICATEHOLDERS						diana.kenneally@usbank.com
		Section 4.03 of the Trust Agreement, dated Ocotober 1, 2005

Distribution Date:

27-Dec-05

	Original	Beginning				Interest		Ending
	Certificate	Certificate	Principal	Interest	Realized Loss	Shortfall	Total	Certificate
Class	Face Value	Balance	Distribution	Distribution	of Principal	Amount	Distribution	Balance
1-A1	$501,079,000.00	$494,656,576.72	$11,149,619.84	$1,975,878.21	N/A	$0.00	$13,125,498.05	$483,506,956.88
1-A2	$183,729,000.00	$181,374,111.04	$4,088,194.68	$734,162.10	N/A	$0.00	$4,822,356.78	$177,285,916.36
1-A3	$70,986,000.00	$70,076,159.16	$1,579,525.21	$288,013.01	N/A	$0.00	$1,867,538.22	$68,496,633.95
2-A1	$350,000,000.00	$348,738,072.20	$748,770.40	$1,265,919.20	N/A	$0.00	$2,014,689.60	$347,989,301.80
2-A2	$31,038,000.00	$30,926,092.24	$66,400.96	$127,106.24	N/A	$0.00	$193,507.20	$30,859,691.28
3-A1A	$800,575,000.00	$793,692,643.05	$8,664,726.72	$3,170,361.17	N/A	$0.00	$11,835,087.89	$785,027,916.33
3-A1B	$100,000,000.00	$99,140,323.27	$1,082,312.93	$357,400.87	N/A	$0.00	$1,439,713.80	$98,058,010.34
3-A2	$330,211,000.00	$327,372,252.89	$3,573,916.34	$1,325,130.13	N/A	$0.00	$4,899,046.47	$323,798,336.55
3-A3A	$48,560,000.00	$47,463,207.24	$1,380,836.48	$184,948.30	N/A	$0.00	$1,565,784.78	$46,082,370.76
3-A3B	$43,068,000.00	$43,068,000.00	$0.00	$175,478.17	N/A	$0.00	$175,478.17	$43,068,000.00
3-A3C	$35,954,000.00	$35,954,000.00	$0.00	$150,008.08	N/A	$0.00	$150,008.08	$35,954,000.00
M1	$99,256,000.00	$99,256,000.00	$0.00	$405,295.33	$0.00	$0.00	$405,295.33	$99,256,000.00
M2	$60,656,000.00	$60,656,000.00	$0.00	$261,157.78	$0.00	$0.00	$261,157.78	$60,656,000.00
M3	$48,249,000.00	$48,249,000.00	$0.00	$222,749.55	$0.00	$0.00	$222,749.55	$48,249,000.00
M4	$37,225,000.00	$37,225,000.00	$0.00	$196,672.08	$0.00	$0.00	$196,672.08	$37,225,000.00
X	$16,542,955.71	$18,453,397.23	$0.00	$2,396,331.49	N/A	$0.00	$2,396,331.49	$19,299,902.68
R	$0.00	$0.00	$0.00	$0.00	N/A	$0.00	$0.00	$0.00
Total	$2,740,586,000.00	$2,717,847,437.80	$32,334,303.56	$13,236,611.71	$0.00	$0.00	$45,570,915.27	$2,685,513,134.25

AMOUNTS PER $1,000 UNIT
					Interest		Ending	Certificate
		Principal	Interest	Realized Loss	Shortfall	Total	Certificate	Interest
Class	Cusip	Distribution	Distribution	of Principal	Amount	Distribution	Balance	Rate
1-A1	86359DUL9	$22.25122154	$3.94324689	N/A	$0.00000000	$26.19446844	$964.93159139	4.49375%
1-A2	86359DUM7	$22.25122153	$3.99589667	N/A	$0.00000000	$26.24711820	$964.93159142	4.55375%
1-A3	86359DUN5	$22.25122151	$4.05732130	N/A	$0.00000000	$26.30854281	$964.93159144	4.62375%
2-A1	86359DUP0	$2.13934400	$3.61691200	N/A	$0.00000000	$5.75625600	$994.25514800	4.35600%
2-A2	86359DUQ8	$2.13934403	$4.09518139	N/A	$0.00000000	$6.23452542	$994.25514788	4.62375%
3-A1A	86359DUR6	$10.82312928	$3.96010514	N/A	$0.00000000	$14.78323441	$980.58010346	4.49375%
3-A1B	86359DUS4	$10.82312930	$3.57400870	N/A	$0.00000000	$14.39713800	$980.58010340	4.32600%
3-A2	86359DUT2	$10.82312927	$4.01297997	N/A	$0.00000000	$14.83610925	$980.58010348	4.55375%
3-A3A	86359DUU9	$28.43567710	$3.80865527	N/A	$0.00000000	$32.24433237	$948.97798105	4.38375%
3-A3B	86359DUY1	$0.00000000	$4.07444437	N/A	$0.00000000	$4.07444437	$1,000.00000000	4.58375%
3-A3C	86359DUZ8	$0.00000000	$4.17222228	N/A	$0.00000000	$4.17222228	$1,000.00000000	4.69375%
M1	86359DUV7	$0.00000000	$4.08333330	$0.00000000	$0.00000000	$4.08333330	$1,000.00000000	4.59375%
M2	86359DUW5	$0.00000000	$4.30555559	$0.00000000	$0.00000000	$4.30555559	$1,000.00000000	4.84375%
M3	86359DUX3	$0.00000000	$4.61666667	$0.00000000	$0.00000000	$4.61666667	$1,000.00000000	5.19375%
M4	86359DVA2	$0.00000000	$5.28333324	$0.00000000	$0.00000000	$5.28333324	$1,000.00000000	5.33239%
X	N/A	$0.00000000	$144.85509917	N/A	$0.00000000	$144.85509917	$1,166.65383250	1.05091%
							LIBOR	4.19375%
							One-Year MTA	3.32600%

Page 1

			Lehman XS Trust						Contact:
			Mortgage Pass-Through Certificates, Series 2005-5N						Diana Kenneally
									Account Administrator
									617-603-6406
			REPORTS TO CERTIFICATEHOLDERS						diana.kenneally@usbank.com
			Section 4.03 of the Trust Agreement, dated Ocotober 1, 2005

Distribution Date:

27-Dec-05

		GROUP 1	GROUP 2	GROUP 3	TOTAL
(i), (v), (xiv)	Principal Distributions & Pool Balance:
	Beginning Balance	826,024,076.61	419,954,562.74	1,490,322,195.69	2,736,300,835.04
	Scheduled Principal	90,498.93	972.32	82,004.76	173,476.01
	Prepayments (Includes Curtailments)	17,845,188.84	1,446,576.01	16,798,318.25	36,090,083.10
	Net Liquidation Proceeds	0.00	0.00	0.00	0.00
	Repurchases	0.00	0.00	0.00	0.00
	LPMI Insurance Proceeds	0.00	0.00	0.00	0.00
	Total Principal Remittance	17,935,687.77	1,447,548.33	16,880,323.01	36,263,559.11
	Net Realized Losses	0.00	0.00	0.00	0.00
	Negative Amortization	1,373,795.30	762,363.95	2,639,601.75	4,775,761.00
	Ending Balance	809,462,184.14	419,269,378.36	1,476,081,474.43	2,704,813,036.93
	Ending Count	1,809	1,866	3,676	7,351

(v)

Aggregate Pool Balance

809,462,184.14

419,269,378.36

1,476,081,474.43

2,704,813,036.93

	(xi)	Balance of Deleted Mortgage Loans							0.00
		Balance of Substituted Mortgage Loans							0.00

(iv),(xiv)	Ending Overcollateralization Amount	19,299,902.68
(xvi), (xvii)	Target Overcollateralization Amount	19,299,902.69
	Overcollateralization Deficiency Amount	0.01

		Overcollateralization Release Amount							0.00
		Principal Distribution Amount							31,487,798.11

(viii), (xiv)	Interest Distributions & Fees:
	Scheduled Interest	5,437,531.90	2,955,970.99	10,225,543.16	18,619,046.05
	Less: Servicing Fee	267,666.65	131,235.95	473,803.97	872,706.57
	Less: Negative Amortization	1,373,795.30	762,363.95	2,639,601.75	4,775,761.00
	Net Interest Available	3,796,069.95	2,062,371.09	7,112,137.44	12,970,578.48

	(vii)	Realized Losses incurred during the related Due Period				0.00	0.00	0.00	0.00
		Cumulative Realized Losses since Cut-Off Date				0.00	0.00	0.00	0.00

(iv)	Amount of Advances required to be made by servicer	6,563,024.53
	Amount of Advances actually made by servicer	6,563,024.53
	Amount of Advance shortfall	0.00

(v), (ix)

Delinquency Information & Mortgage Pool characteristics

	30-59 days delinquent		60-89 days delinquent		90 or more days delinquent
	Count	Balance	Count	Balance	Count	Balance
Group 1	4	999,406.84	0	0.00	0	0.00
Group 2	1	204,477.71	1	140,299.65	0	0.00
Group 3	8	3,838,618.92	1	111,528.94	0	0.00
Total	13	5,042,503.47	2	251,828.59	0	0.00
*Note: The above statistics do not include loans in foreclosure or bankruptcy proceedings or REO properties.

									Market Value
	Outstanding Loans		Foreclosure		Bankruptcy		REO		0.00
	Count	Balance	Count	Balance	Count	Balance	Count	Balance	Book Value
Group 1	1,809	809,462,184.14	0	0.00	0	0.00	0	0.00	0.00
Group 2	1,866	419,269,378.36	0	0.00	0	0.00	0	0.00	0.00
Group 3	3,676	1,476,081,474.43	0	0.00	0	0.00	0	0.00	0.00
Total	7,351	2,704,813,036.93	0	0.00	0	0.00	0	0.00	0.00

		Current Delinquency Rate (60+days)						0.00931%
		Rolling Three Month Delinquency Rate (60+days)						0.00466%

Page 2

		Lehman XS Trust						Contact:
		Mortgage Pass-Through Certificates, Series 2005-5N						Diana Kenneally
								Account Administrator
								617-603-6406
		REPORTS TO CERTIFICATEHOLDERS						diana.kenneally@usbank.com
		Section 4.03 of the Trust Agreement, dated Ocotober 1, 2005

Distribution Date:

27-Dec-05

	Weighted Average Term to Maturity of Mortgage Loans						357
	Weighted Average Gross Coupon of Mortgage Loans						6.07095%
	Weighted Average Net Coupon of Mortgage Loans *						5.68823%
	* Net of Servicing Fee

(x)

Balance of Loans which became REO in the prior calendar month

0.00

Prepayment Premiums paid to Class X

73,481.91

(xii)

Interest Shortfall

		Net Prepayment			Unpaid
	Carryforward	Interest	Deferred	Basis Risk	Basis Risk
	Interest	Shortfall	Amounts	Shortfall	Shortfall
1-A1	0.00	0.00	0.00	0.00	0.00
1-A2	0.00	0.00	0.00	0.00	0.00
1-A3	0.00	0.00	0.00	0.00	0.00
2-A1	0.00	0.00	0.00	0.00	0.00
2-A2	0.00	0.00	0.00	0.00	0.00
3-A1A	0.00	0.00	0.00	0.00	0.00
3-A1B	0.00	0.00	0.00	0.00	0.00
3-A2	0.00	0.00	0.00	0.00	0.00
3-A3A	0.00	0.00	0.00	0.00	0.00
3-A3B	0.00	0.00	0.00	0.00	0.00
3-A3C	0.00	0.00	0.00	0.00	0.00
M1	0.00	0.00	0.00	0.00	0.00
M2	0.00	0.00	0.00	0.00	0.00
M3	0.00	0.00	0.00	0.00	0.00
M4	0.00	0.00	0.00	20,229.30	0.00
TOTAL	0.00	0.00	0.00	20,229.30	0.00

(xv)

Certificate Account Shortfalls

0.00

(xix)

Supplemental Interest Trust and Swap information:

	Net Swap Payment to the Supplemental Interest Trust						1,039,056.78
	Net Swap Payment to the Swap Counterparty						0.00

	Swap Termination Payment to the Supplemental Interest Trust						0.00
	Swap Termination Payment to the Swap Counterparty						0.00

(iii)	Cumulative X Distributions						2,467,288.26
	Cumulative R Distributions						0.00

(xx)

Remic 2 Regular Interests

	Remic 2 Regular Interests		Non-Remic 2 Regular Interests		Totals
	Principal	Interest	Principal	Interest	Principal	Interest
	Distribution	Distribution	Distribution	Distribution	Distribution	Distribution
1-A1	11,149,619.84	1,975,878.21	0.00	0.00	11,149,619.84	1,975,878.21
1-A2	4,088,194.68	734,162.10	0.00	0.00	4,088,194.68	734,162.10
1-A3	1,579,525.21	288,013.01	0.00	0.00	1,579,525.21	288,013.01
2-A1	748,770.40	1,265,919.20	0.00	0.00	748,770.40	1,265,919.20
2-A2	66,400.96	127,106.24	0.00	0.00	66,400.96	127,106.24
3-A1A	8,664,726.72	3,170,361.17	0.00	0.00	8,664,726.72	3,170,361.17
3-A1B	1,082,312.93	357,400.87	0.00	0.00	1,082,312.93	357,400.87
3-A2	3,573,916.34	1,325,130.13	0.00	0.00	3,573,916.34	1,325,130.13
3-A3A	1,380,836.48	184,948.30	0.00	0.00	1,380,836.48	184,948.30
3-A3B	0.00	175,478.17	0.00	0.00	0.00	175,478.17
3-A3C	0.00	150,008.08	0.00	0.00	0.00	150,008.08
M1	0.00	405,295.33	0.00	0.00	0.00	405,295.33
M2	0.00	261,157.78	0.00	0.00	0.00	261,157.78
M3	0.00	222,749.55	0.00	0.00	0.00	222,749.55
M4	0.00	176,442.78	0.00	20,229.30	0.00	196,672.08
X	0.00	1,283,792.80	0.00	1,112,538.69	0.00	2,396,331.49
R	0.00	0.00	0.00	0.00	0.00	0.00
TOTAL	32,334,303.56	12,103,843.72	0.00	1,132,767.99	32,334,303.56	13,236,611.71

Page 3

Lehman XS Trust Series 2005-5N 8-K