8-K 1 nac05ap1_10505.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): May 25, 2005 NOMURA ASSET ACCEPTANCE CORPORATION Mortgage Pass-Through Certificates, Series 2005-AP1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-109614-08 Pooling and Servicing Agreement) (Commission 54-2169382 (State or other File Number) 54-2169383 jurisdiction 54-2169384 of Incorporation) 54-2169385 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 May 25, 2005 a distribution was made to holders of NOMURA ASSET ACCEPTANCE CORPORATION, Mortgage Pass-Through Certificates, Series 2005-AP1 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-AP1 Trust, relating to the May 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. NOMURA ASSET ACCEPTANCE CORPORATION Mortgage Pass-Through Certificates, Series 2005-AP1 Trust (Registrant) By: Nomura Assets Acceptance Corporation as Depositor By: /s/ Dante Larocca as Managing Director By: Dante Larocca as Managing Director Date: 5/31/2005 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2005-AP1 Trust, relating to the May 25, 2005 distribution. EX-99.1

Nomura Securities International, Inc. Mortgage Pass-Through Certificates Record Date: 24/2829/2005 Distribution Date: 35/25/2005 Nomura Securities International, Inc. Mortgage Pass-Through Certificates Series 2005-AP1 Contact: Customer Service - SecuritiesLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 846-8130 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution I-A-1 65535VHN1 SEN 6.~~69764~~77284% ~~121~~118,~~247~~720,~~000~~276.0084 ~~676~~670,~~723~~061.7036 ~~250~~1,~~987~~267,575.4885 I-B-1 65535VHQ4 SUB 6.~~69764~~77284% 4,~~758~~751,~~000~~109.0057 26,~~556~~855.1327 3,~~435~~470.4814 I-B-2 65535VHR2 SUB 6.~~69764~~77284% 2,~~180~~176,~~000~~842.0097 12,~~167~~304.3743 1,~~574~~589.0593 I-B-3 65535VHS0 SUB 6.~~69764~~77284% 1,~~189~~187,~~000~~278.0012 6,~~636~~710.2499 ~~858~~867.5117 I-B-4 65535VHT8 SUB 6.~~69764~~77284% 1,~~189~~187,~~000~~278.0012 6,~~636~~710.2499 ~~858~~867.5117 I-B-5 65535VHU5 SUB 6.~~69764~~77284% ~~925~~923,~~000~~660.0043 5,~~162~~220.7692 ~~667~~674.8963 I-B-6 65535VHV3 SUB 6.~~69764~~77284% ~~661~~660,~~446~~487.0072 3,~~691~~733.7735 ~~477~~482.5941 I-X 65535VJK5 SEN 0.01000% 0.00 1,~~101~~080.2506 0.00 I-P 65535VJL3 SEN 0.00000% 100.00 017,485.0006 0.00 I-R 65535VJM1 SEN 0.00000% 0.00 0.00 0.00 II-A-1 65535VHD3 SEN 23.~~74000~~17000% 9989,~~294~~337,~~000~~669.0008 ~~188~~236,~~934~~000.4234 37,~~632~~921,~~072~~464.6581 II-A-2 65535VHE1 SEN 4.38600% 49,772,000.00 181,916.66 0.00 II-A-3 65535VHF8 SEN 4.84000% 16,755,000.00 67,578.50 0.00 II-A-4 65535VHG6 SEN 5.54600% 20,578,000.00 95,104.66 0.00 II-A-5 65535VHH4 SEN 4.85500% 22,098,000.00 89,404.8283 0.00 II-A-IO 65535VHJ0 SEN 4.50000% 0.00 103,586.25 0.00 II-M-1 65535VHK7 SUB 5.31300% 4,861,000.00 21,522.08 0.00 II-M-2 65535VHL5 SUB 5.71000% 4,309,000.00 20,503.66 0.00 II-M-3 65535VHM3 SUB 6.00800% 3,314,000.00 16,592.09 0.00 II-C 65535VJN9 SEN 0.00000% 2875,~~313~~477.3064 030,255.4329 0.00 II-P 65535VJP4 SEN 0.00100% 100.00 0.00 0.00 II-R 65535VJQ2 SEN 0.00000% 0.00 0.00 0.00 Totals ~~353~~341,~~132~~507,~~959~~280.3049 1,~~523~~612,~~819~~626.0379 39,~~890~~196,~~932~~992.1611

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A-1 0.00 ~~120~~117,~~996~~452,~~012~~700.5299 ~~927~~1,~~711~~937,637.1821 0.00 I-B-1 0.00 4,~~754~~747,~~564~~639.5243 2930,~~991~~325.6141 0.00 I-B-2 0.00 2,~~178~~175,~~425~~253.9504 13,~~741~~894.4236 0.00 I-B-3 0.00 1,~~188~~186,~~141~~410.4995 7,~~494~~578.7516 0.00 I-B-4 0.00 1,~~188~~186,~~141~~410.4995 7,~~494~~578.7516 0.00 I-B-5 0.00 ~~924~~922,~~332~~985.1181 5,~~830~~895.6555 0.00 I-B-6 0.3900 660,~~968~~005.0231 4,~~169~~215.3676 0.3900 I-X 0.00 0.00 1,~~101~~080.2506 0.00 I-P 0.00 100.00 017,485.0006 0.00 I-R 0.00 0.00 0.00 0.00 II-A-1 0.00 9581,~~661~~416,~~927~~204.3527 38,~~821~~157,~~007~~465.0715 0.00 II-A-2 0.00 49,772,000.00 181,916.66 0.00 II-A-3 0.00 16,755,000.00 67,578.50 0.00 II-A-4 0.00 20,578,000.00 95,104.66 0.00 II-A-5 0.00 22,098,000.00 89,404.8283 0.00 II-A-IO 0.00 0.00 103,586.25 0.00 II-M-1 0.00 4,861,000.00 21,522.08 0.00 II-M-2 0.00 4,309,000.00 20,503.66 0.00 II-M-3 0.00 3,314,000.00 16,592.09 0.00 II-C 0.00 ~~473~~1,~~464~~215,408.1622 030,255.4329 0.00 II-P 0.00 100.00 0.00 0.00 II-R 0.00 0.00 0.00 0.00 Totals 0.3900 ~~349~~332,~~713~~650,~~177~~218.6197 510,~~414~~809,~~751~~618.1990 0.3900 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) I-A-1 121,247,000.00 ~~121~~118,~~247~~720,~~000~~276.0084 8786,~~544~~710.8072 ~~163~~1,~~442~~180,865.6813 0.00 0.00 I-B-1 4,758,000.00 4,~~758~~751,~~000~~109.0057 3,~~435~~470.4814 0.00 0.00 0.00 I-B-2 2,180,000.00 2,~~180~~176,~~000~~842.0097 1,~~574~~589.0593 0.00 0.00 0.00 I-B-3 1,189,000.00 1,~~189~~187,~~000~~278.0012 ~~858~~867.5117 0.00 0.00 0.00 I-B-4 1,189,000.00 1,~~189~~187,~~000~~278.0012 ~~858~~867.5117 0.00 0.00 0.00 I-B-5 925,000.00 ~~925~~923,~~000~~660.0043 ~~667~~674.8963 0.00 0.00 0.00 I-B-6 661,446.00 ~~661~~660,~~446~~487.0072 ~~477~~482.5941 0.00 0.00 0.3900 I-X 0.00 0.00 0.00 0.00 0.00 0.00 I-P 100.00 100.00 0.00 0.00 0.00 0.00 I-R 0.00 0.00 0.00 0.00 0.00 0.00 II-A-1 99,294,000.00 9989,~~294~~337,~~000~~669.0008 0.00 37,~~632~~921,~~072~~464.6581 0.00 0.00 II-A-2 49,772,000.00 49,772,000.00 0.00 0.00 0.00 0.00 II-A-3 16,755,000.00 16,755,000.00 0.00 0.00 0.00 0.00 II-A-4 20,578,000.00 20,578,000.00 0.00 0.00 0.00 0.00 II-A-5 22,098,000.00 22,098,000.00 0.00 0.00 0.00 0.00 II-A-IO 0.00 0.00 0.00 0.00 0.00 0.00 II-M-1 4,861,000.00 4,861,000.00 0.00 0.00 0.00 0.00 II-M-2 4,309,000.00 4,309,000.00 0.00 0.00 0.00 0.00 II-M-3 3,314,000.00 3,314,000.00 0.00 0.00 0.00 0.00 II-C 2,313.30 2875,~~313~~477.3064 0.00 0.00 0.00 0.00 II-P 100.00 100.00 0.00 0.00 0.00 0.00 II-R 0.00 0.00 0.00 0.00 0.00 0.00 Totals 353,132,959.30 ~~353~~341,~~132~~507,~~959~~280.3049 9594,~~416~~662.8317 39,~~795~~102,~~515~~329.3394 0.00 0.3900 (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 I-A-1 ~~250~~1,~~987~~267,575.4885 ~~120~~117,~~996~~452,~~012~~700.5299 0.~~99792995~~96870604 ~~250~~1,~~987~~267,575.4885 I-B-1 3,~~435~~470.4814 4,~~754~~747,~~564~~639.5243 0.~~99927796~~99782249 3,~~435~~470.4814 I-B-2 1,~~574~~589.0593 2,~~178~~175,~~425~~253.9504 0.~~99927796~~99782250 1,~~574~~589.0593 I-B-3 ~~858~~867.5117 1,~~188~~186,~~141~~410.4995 0.~~99927796~~99782250 ~~858~~867.5117 I-B-4 ~~858~~867.5117 1,~~188~~186,~~141~~410.4995 0.~~99927796~~99782250 ~~858~~867.5117 I-B-5 ~~667~~674.8963 ~~924~~922,~~332~~985.1181 0.~~99927796~~99782250 ~~667~~674.8963 I-B-6 ~~477~~482.9841 660,~~968~~005.0231 0.~~99927737~~99782191 ~~477~~482.5941 I-X 0.00 0.00 0.00000000 0.00 I-P 0.00 100.00 1.00000000 0.00 I-R 0.00 0.00 0.00000000 0.00 II-A-1 37,~~632~~921,~~072~~464.6581 9581,~~661~~416,~~927~~204.3527 0.~~96342103~~81995090 37,~~632~~921,~~072~~464.6581 II-A-2 0.00 49,772,000.00 1.00000000 0.00 II-A-3 0.00 16,755,000.00 1.00000000 0.00 II-A-4 0.00 20,578,000.00 1.00000000 0.00 II-A-5 0.00 22,098,000.00 1.00000000 0.00 II-A-IO 0.00 0.00 0.00000000 0.00 II-M-1 0.00 4,861,000.00 1.00000000 0.00 II-M-2 0.00 4,309,000.00 1.00000000 0.00 II-M-3 0.00 3,314,000.00 1.00000000 0.00 II-C 0.00 ~~473~~1,~~464~~215,408.1622 ~~204~~525.~~67045346~~40017291 0.00 II-P 0.00 100.00 1.00000000 0.00 II-R 0.00 0.00 0.00000000 0.00 Totals 39,~~890~~196,~~932~~992.5511 ~~349~~332,~~713~~650,~~177~~218.6197 0.~~99031588~~94199709 39,~~890~~196,~~932~~992.1611

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A-1 121,247,000.00 ~~1000~~979.~~00000000~~16053049 0.~~72203683~~71515765 19.~~34801422~~73933483 0.00000000 I-B-1 4,758,000.00 ~~1000~~998.~~00000000~~55182219 0.~~72204288~~72932745 0.00000000 0.00000000 I-B-2 2,180,000.00 ~~1000~~998.~~00000000~~55182110 0.~~72204128~~72932569 0.00000000 0.00000000 I-B-3 1,189,000.00 ~~1000~~998.~~00000000~~55182506 0.~~72204373~~72932717 0.00000000 0.00000000 I-B-4 1,189,000.00 ~~1000~~998.~~00000000~~55182506 0.~~72204373~~72932717 0.00000000 0.00000000 I-B-5 925,000.00 ~~1000~~998.~~00000000~~55181622 0.~~72204324~~72932973 0.00000000 0.00000000 I-B-6 661,446.00 ~~1000~~998.~~00000000~~55123472 0.~~72203929~~72932635 0.00000000 0.00000000 I-X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 I-P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 I-R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 II-A-1 99,294,000.00 ~~1000~~899.~~00000000~~72877596 0.00000000 3679.~~57897406~~77787993 0.00000000 II-A-2 49,772,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 II-A-3 16,755,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 II-A-4 20,578,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 II-A-5 22,098,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 II-A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 II-M-1 4,861,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 II-M-2 4,309,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 II-M-3 3,314,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 II-C 2,313.30 ~~1000~~378454.~~00000000~~00077811 0.00000000 0.00000000 0.00000000 II-P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 II-R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per 1,000 denomination

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution I-A-1 0.00000000 210.~~07005105~~45449248 ~~997~~968.~~92994895~~70603801 0.~~99792995~~96870604 210.~~07005105~~45449248 I-B-1 0.00000000 0.~~72204288~~72932745 ~~999~~997.~~27795712~~82249475 0.~~99927796~~99782249 0.~~72204288~~72932745 I-B-2 0.00000000 0.~~72204128~~72932569 ~~999~~997.~~27795872~~82249541 0.~~99927796~~99782250 0.~~72204128~~72932569 I-B-3 0.00000000 0.~~72204373~~72932717 ~~999~~997.~~27795627~~82249790 0.~~99927796~~99782250 0.~~72204373~~72932717 I-B-4 0.00000000 0.~~72204373~~72932717 ~~999~~997.~~27795627~~82249790 0.~~99927796~~99782250 0.~~72204373~~72932717 I-B-5 0.00000000 0.~~72204324~~72932973 ~~999~~997.~~27795676~~82249730 0.~~99927796~~99782250 0.~~72204324~~72932973 I-B-6 0.~~00058962~~00000000 0.~~72262891~~72932635 ~~999~~997.~~27737109~~82190836 0.~~99927737~~99782191 0.~~72203929~~72932635 I-X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 I-P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 I-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 II-A-1 0.00000000 3679.~~57897406~~77787993 ~~963~~819.~~42102594~~95089603 0.~~96342103~~81995090 3679.~~57897406~~77787993 II-A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 II-A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 II-A-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 II-A-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 II-A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 II-M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 II-M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 II-M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 II-C 0.00000000 0.00000000 ~~204~~525,~~670~~400.~~45346475~~17291315 ~~204~~525.~~67045346~~40017291 0.00000000 II-P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 II-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 I-A-1 121,247,000.00 6.~~69764~~77284% ~~121~~118,~~247~~720,~~000~~276.0084 ~~676~~670,~~723~~061.7036 0.00 0.00 I-B-1 4,758,000.00 6.~~69764~~77284% 4,~~758~~751,~~000~~109.0057 26,~~556~~855.1327 0.00 0.00 I-B-2 2,180,000.00 6.~~69764~~77284% 2,~~180~~176,~~000~~842.0097 12,~~167~~304.3743 0.00 0.00 I-B-3 1,189,000.00 6.~~69764~~77284% 1,~~189~~187,~~000~~278.0012 6,~~636~~710.2499 0.00 0.00 I-B-4 1,189,000.00 6.~~69764~~77284% 1,~~189~~187,~~000~~278.0012 6,~~636~~710.2499 0.00 0.00 I-B-5 925,000.00 6.~~69764~~77284% ~~925~~923,~~000~~660.0043 5,~~162~~220.7692 0.00 0.00 I-B-6 661,446.00 6.~~69764~~77284% ~~661~~660,~~446~~487.0072 3,~~691~~733.7735 0.00 0.00 I-X 0.00 0.01000% ~~132~~129,~~149~~607,~~545~~033.6176 1,~~101~~080.2506 0.00 0.00 I-P 100.00 0.00000% 100.00 0.00 0.00 0.00 I-R 0.00 0.00000% 0.00 0.00 0.00 0.00 II-A-1 99,294,000.00 23.~~74000~~17000% 9989,~~294~~337,~~000~~669.0008 ~~188~~236,~~934~~000.4234 0.00 0.00 II-A-2 49,772,000.00 4.38600% 49,772,000.00 181,916.66 0.00 0.00 II-A-3 16,755,000.00 4.84000% 16,755,000.00 67,578.50 0.00 0.00 II-A-4 20,578,000.00 5.54600% 20,578,000.00 95,104.66 0.00 0.00 II-A-5 22,098,000.00 4.85500% 22,098,000.00 89,404.83 0.00 0.00 II-A-IO 0.00 4.50000% 27,623,000.00 103,586.25 0.00 0.00 II-M-1 4,861,000.00 5.31300% 4,861,000.00 21,522.08 0.00 0.00 II-M-2 4,309,000.00 5.71000% 4,309,000.00 20,503.66 0.00 0.00 II-M-3 3,314,000.00 6.00800% 3,314,000.00 16,592.09 0.00 0.00 II-C 2,313.30 0.00000% ~~220~~211,~~983~~900,~~313~~246.3072 0.00 0.00 0.00 II-P 100.00 0.00100% 100.00 0.00 0.00 0.00 II-R 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 353,132,959.30 1,~~523~~564,~~818~~886.6144 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 I-A-1 0.00 0.00 ~~676~~670,~~723~~061.7036 0.00 ~~120~~117,~~996~~452,~~012~~700.5299 I-B-1 0.00 0.00 26,~~556~~855.1327 0.00 4,~~754~~747,~~564~~639.5243 I-B-2 0.00 0.00 12,~~167~~304.3743 0.00 2,~~178~~175,~~425~~253.9504 I-B-3 0.00 0.00 6,~~636~~710.2499 0.00 1,~~188~~186,~~141~~410.4995 I-B-4 0.00 0.00 6,~~636~~710.2499 0.00 1,~~188~~186,~~141~~410.4995 I-B-5 0.00 0.00 5,~~162~~220.7692 0.00 ~~924~~922,~~332~~985.1181 I-B-6 0.00 0.00 3,~~691~~733.7735 0.00 660,~~968~~005.0231 I-X 0.00 0.00 1,~~101~~080.2506 0.00 ~~131~~128,~~890~~331,~~686~~506.0946 I-P 0.00 0.00 017,485.0006 0.00 100.00 I-R 0.00 0.00 0.00 0.00 0.00 II-A-1 0.00 0.00 ~~188~~236,~~934~~000.4234 0.00 9581,~~661~~416,~~927~~204.3527 II-A-2 0.00 0.00 181,916.66 0.00 49,772,000.00 II-A-3 0.00 0.00 67,578.50 0.00 16,755,000.00 II-A-4 0.00 0.00 95,104.66 0.00 20,578,000.00 II-A-5 0.00 0.00 89,404.8283 0.00 22,098,000.00 II-A-IO 0.00 0.00 103,586.25 0.00 27,623,000.00 II-M-1 0.00 0.00 21,522.08 0.00 4,861,000.00 II-M-2 0.00 0.00 20,503.66 0.00 4,309,000.00 II-M-3 0.00 0.00 16,592.09 0.00 3,314,000.00 II-C 0.00 0.00 030,255.4329 0.00 ~~217~~204,~~822~~318,~~491~~712.5149 II-P 0.00 0.00 0.00 0.00 100.00 II-R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 1,~~523~~612,~~819~~626.0379 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 I-A-1 121,247,000.00 6.~~69764~~77284% ~~1000~~979.~~00000000~~16053049 5.~~58136449~~52641599 0.00000000 0.00000000 I-B-1 4,758,000.00 6.~~69764~~77284% ~~1000~~998.~~00000000~~55182219 5.~~58136402~~64423497 0.00000000 0.00000000 I-B-2 2,180,000.00 6.~~69764~~77284% ~~1000~~998.~~00000000~~55182110 5.~~58136239~~64423394 0.00000000 0.00000000 I-B-3 1,189,000.00 6.~~69764~~77284% ~~1000~~998.~~00000000~~55182506 5.~~58136249~~64423045 0.00000000 0.00000000 I-B-4 1,189,000.00 6.~~69764~~77284% ~~1000~~998.~~00000000~~55182506 5.~~58136249~~64423045 0.00000000 0.00000000 I-B-5 925,000.00 6.~~69764~~77284% ~~1000~~998.~~00000000~~55181622 5.~~58136216~~64423784 0.00000000 0.00000000 I-B-6 661,446.00 6.~~69764~~77284% ~~1000~~998.~~00000000~~55123472 5.~~58136265~~64422493 0.00000000 0.00000000 I-X 0.00 0.01000% ~~1000~~980.~~00000000~~76034361 0.~~00833336~~00817301 0.00000000 0.00000000 I-P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 I-R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 II-A-1 99,294,000.00 23.~~74000~~17000% ~~1000~~899.~~00000000~~72877596 12.~~90277781~~37678349 0.00000000 0.00000000 II-A-2 49,772,000.00 4.38600% 1000.00000000 3.65500000 0.00000000 0.00000000 II-A-3 16,755,000.00 4.84000% 1000.00000000 4.03333333 0.00000000 0.00000000 II-A-4 20,578,000.00 5.54600% 1000.00000000 4.62166683 0.00000000 0.00000000 II-A-5 22,098,000.00 4.85500% 1000.00000000 4.04583356 0.00000000 0.00000000 II-A-IO 0.00 4.50000% 1000.00000000 3.75000000 0.00000000 0.00000000 II-M-1 4,861,000.00 5.31300% 1000.00000000 4.42750051 0.00000000 0.00000000 II-M-2 4,309,000.00 5.71000% 1000.00000000 4.75833372 0.00000000 0.00000000 II-M-3 3,314,000.00 6.00800% 1000.00000000 5.00666566 0.00000000 0.00000000 II-C 2,313.30 0.00000% ~~95527304~~91600850.~~41360830~~17939740 0.00000000 0.00000000 0.00000000 II-P 100.00 0.00100% 1000.00000000 0.00000000 0.00000000 0.00000000 II-R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes are per 1,000 denominations

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance I-A-1 0.00000000 0.00000000 5.~~58136449~~52641599 0.00000000 ~~997~~968.~~92994895~~70603801 I-B-1 0.00000000 0.00000000 5.~~58136402~~64423497 0.00000000 ~~999~~997.~~27795712~~82249475 I-B-2 0.00000000 0.00000000 5.~~58136239~~64423394 0.00000000 ~~999~~997.~~27795872~~82249541 I-B-3 0.00000000 0.00000000 5.~~58136249~~64423045 0.00000000 ~~999~~997.~~27795627~~82249790 I-B-4 0.00000000 0.00000000 5.~~58136249~~64423045 0.00000000 ~~999~~997.~~27795627~~82249790 I-B-5 0.00000000 0.00000000 5.~~58136216~~64423784 0.00000000 ~~999~~997.~~27795676~~82249730 I-B-6 0.00000000 0.00000000 5.~~58136265~~64422493 0.00000000 ~~999~~997.~~27737109~~82190836 I-X 0.00000000 0.00000000 0.~~00833336~~00817301 0.00000000 ~~998~~971.~~04116224~~10819313 I-P 0.00000000 0.00000000 0174850.~~00000000~~60000000 0.00000000 1000.00000000 I-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 II-A-1 0.00000000 0.00000000 12.~~90277781~~37678349 0.00000000 ~~963~~819.~~42102594~~95089603 II-A-2 0.00000000 0.00000000 3.65500000 0.00000000 1000.00000000 II-A-3 0.00000000 0.00000000 4.03333333 0.00000000 1000.00000000 II-A-4 0.00000000 0.00000000 4.62166683 0.00000000 1000.00000000 II-A-5 0.00000000 0.00000000 4.~~04583311~~04583356 0.00000000 1000.00000000 II-A-IO 0.00000000 0.00000000 3.75000000 0.00000000 1000.00000000 II-M-1 0.00000000 0.00000000 4.42750051 0.00000000 1000.00000000 II-M-2 0.00000000 0.00000000 4.75833372 0.00000000 1000.00000000 II-M-3 0.00000000 0.00000000 5.00666566 0.00000000 1000.00000000 II-C 0.00000000 0.00000000 013078.~~18588164~~84407556 0.00000000 ~~94160935~~88323482.~~24834650~~68274760 II-P 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 II-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 510,~~460~~886,~~016~~880.9845 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 3248,~~717~~694.7248 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 510,~~492~~935,~~734~~574.7093 Withdrawals Reimbursement for Servicer Advances 050,539.0084 Payment of Service Fee 7775,~~983~~416.5119 Payment of Interest and Principal 510,~~414~~809,~~751~~618.1990 Total Withdrawals (Pool Distribution Amount) 510,~~492~~935,~~734~~574.7093 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 7371,~~569~~147.35 Credit Risk Management Fee Rate 4,~~414~~268.1684 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 7775,~~983~~416.5119

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 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 64 0 0 0 64 1,~~568~~030,~~695~~657.0291 0.00 0.00 0.00 1,~~568~~030,~~695~~657.0291 60 Days 03 0 0 0 03 0520,996.0022 0.00 0.00 0.00 0520,996.0022 90 Days 02 0 0 0 02 0503,247.0051 0.00 0.00 0.00 0503,247.0051 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 69 0 0 0 69 12,~~568~~054,~~695~~901.0264 0.00 0.00 0.00 12,~~568~~054,~~695~~901.0264 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~766284~~522876% 0.000000% 0.000000% 0.000000% 0.~~766284~~522876% 10.~~188703~~802643% 0.000000% 0.000000% 0.000000% 10.~~188703~~802643% 60 Days 0.~~000000~~392157% 0.000000% 0.000000% 0.000000% 0.~~000000~~392157% 0.~~000000~~405735% 0.000000% 0.000000% 0.000000% 0.~~000000~~405735% 90 Days 0.~~000000~~261438% 0.000000% 0.000000% 0.000000% 0.~~000000~~261438% 0.~~000000~~391913% 0.000000% 0.000000% 0.000000% 0.~~000000~~391913% 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 01.~~766284~~176471% 0.000000% 0.000000% 0.000000% 01.~~766284~~176471% 1.~~188703~~600292% 0.000000% 0.000000% 0.000000% 1.~~188703~~600292% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 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 910 0 0 0 910 3,~~253~~469,~~119~~688.6925 0.00 0.00 0.00 3,~~253~~469,~~119~~688.6925 60 Days 02 0 0 0 02 0940,772.0027 0.00 0.00 0.00 0940,772.0027 90 Days 02 0 0 0 02 0810,678.0085 0.00 0.00 0.00 0810,678.0085 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 914 0 0 0 914 35,~~253~~221,~~119~~139.6937 0.00 0.00 0.00 35,~~253~~221,~~119~~139.6937 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 1.~~267606~~492537% 0.000000% 0.000000% 0.000000% 1.~~267606~~492537% 1.~~492664~~697161% 0.000000% 0.000000% 0.000000% 1.~~492664~~697161% 60 Days 0.~~000000~~298507% 0.000000% 0.000000% 0.000000% 0.~~000000~~298507% 0.~~000000~~460169% 0.000000% 0.000000% 0.000000% 0.~~000000~~460169% 90 Days 0.~~000000~~298507% 0.000000% 0.000000% 0.000000% 0.~~000000~~298507% 0.~~000000~~396535% 0.000000% 0.000000% 0.000000% 0.~~000000~~396535% 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 12.~~267606~~089552% 0.000000% 0.000000% 0.000000% 12.~~267606~~089552% 12.~~492664~~553865% 0.000000% 0.000000% 0.000000% 12.~~492664~~553865%

CREDIT ENHANCEMENT Original $ Original % Current $ Current % Bankruptcy 150,000.00 0.04247691% 150,000.00 0.~~04289229~~04509241% Fraud 3,965,000.00 1.12280623% 3,965,000.00 1.~~13378627~~19194270% Special Hazard 1,321,495.46 0.37422026% 1,321,495.46 0.~~37787980~~39726277% Limit of Subordinate's Exposure to Certain Types of Losses

COLLATERAL STATEMENT Collateral Description Fixed Weighted Average Gross Coupon 7.~~075314~~091377% Weighted Average Net Coupon 6.~~825314~~814205% Weighted Average Pass-Through Rate 6.~~779556~~799205% Weighted Average Maturity (Stepdown Calculation ) ~~359~~357 Beginning Scheduled Collateral Loan Count 1,~~503~~461 Number Of Loans Paid In Full 1026 Ending Scheduled Collateral Loan Count 1,~~493~~435 Beginning Scheduled Collateral Balance ~~353~~341,~~133~~507,~~058~~280.9148 Ending Scheduled Collateral Balance ~~349~~332,~~713~~650,~~177~~218.6195 Ending Actual Collateral Balance at 2829-~~Feb~~Apr-2005 ~~349~~332,~~907~~848,~~418~~635.6502 Monthly P &I Constant 2,~~315~~240,~~497~~851.9536 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal ~~233~~230,~~393~~860.0975 Unscheduled Principal 38,~~186~~626,~~287~~200.5578 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount ~~471~~339,~~250~~930.8658 Overcollateralized reduction Amount 0.00 Specified O/C Amount 1,215,408.22 Overcollateralized Amount ~~473~~1,~~564~~215,408.1622 Overcollateralized Deficiency Amount ~~741,844~~0.0600 Base Overcollateralized Amount 0.00 Extra principal distribution Amount ~~471~~339,~~250~~930.8658 Excess Cash Amount 0.00

Miscellaneous Reporting Beginning Overcollateralization Amount: 2875,~~313~~577.3064 Target Overcollateralization Amount: 1,215,408.22 Ending Overcollateralization Amount: ~~473~~1,~~564~~215,408.1622 Begin Overcollateralization Deficiency: 1339,~~213,094~~830.9258 Excess Cash Amount ~~471~~370,~~250~~185.8687

Group Level Collateral Statement Group Group 1 Group 2 Total Collateral Description Mixed Fixed Mixed Fixed Fixed Weighted Average Coupon Rate 7.~~020943~~094934 7.~~107828~~089200 7.~~075314~~091377 Weighted Average Net Rate 6.~~770943~~797841 6.~~857828~~839201 6.~~825314~~814205 Weighted Average Maturity ~~360~~358 ~~360~~358 ~~359~~357 Beginning Loan Count ~~784~~772 ~~719~~689 1,~~503~~461 Loans Paid In Full 17 919 1026 Ending Loan Count ~~783~~765 ~~710~~670 1,~~493~~435 Beginning Scheduled Balance ~~132~~129,~~149~~607,~~545~~033.6176 ~~220~~211,~~983~~900,~~313~~246.3072 ~~353~~341,~~132~~507,~~858~~280.9148 Ending scheduled Balance ~~131~~128,~~890~~331,~~686~~506.0946 ~~217~~204,~~822~~318,~~491~~712.5149 ~~349~~332,~~713~~650,~~177~~218.6095 Record Date 0204/2829/2005 0204/2829/2005 0204/2829/2005 Principal And Interest Constant ~~868~~852,~~595~~816.5267 1,~~446~~388,~~902~~034.4369 2,~~315~~240,~~497~~851.9536 Scheduled Principal 9594,~~416~~662.8417 ~~137~~136,~~976~~198.2558 ~~233~~230,~~393~~860.0975 Unscheduled Principal ~~163~~1,~~442~~180,865.0113 37,~~022~~445,~~845~~335.5465 38,~~186~~626,~~287~~200.5578 Scheduled Interest ~~773~~758,~~178~~154.6850 1,~~308~~251,~~926~~836.1811 2,~~082~~009,~~104~~990.8661 Servicing Fees 27,~~531~~001.1647 4644,~~038~~145.1988 7371,~~569~~147.35 Master Servicing Fees 0.00 0.00 0.00 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 6,~~971~~706.6039 65,~~493~~294.97 1312,~~465~~001.5736 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest ~~738~~724,~~675~~446.9264 1,~~256~~202,~~394~~395.0226 1,~~995~~926,~~069~~841.9490 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.~~707636~~782842 6.~~822564~~809215 6.~~779556~~799205

Filing Compare · NAAC Alternative Loan Trust, Series 2005 - AP1