UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-K

(Mark One)

   [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
   ACT OF 1934

   For the fiscal year ended: December 31, 2005
                              -----------------

                                       or

   [ ]  TRANSITION  REPORT  PURSUANT  TO SECTION  13 OR 15(d) OF THE SECURITIES
   EXCHANGE ACT OF 1934

         For the transition period from               to
                                        -------------    -------------

                     Commission file number: [333-117593-04]
                                             --------------


                         BellaVista Funding Corporation
                                  on behalf of
                        BellaVista Mortgage Trust 2005-1
                        --------------------------------
             (Exact name of Registrant as specified in its charter)

<TABLE>
<S>                                                             <C>

              Delaware                                                             20-1372869
------------------------------------                             ---------------------------------------------
(State or other jurisdiction of                                       (I.R.S. Employer Identification No.)
incorporation or organization)


      1299 Ocean Avenue, Suite 240
      Santa Monica, California                                                        90401
-----------------------------------------------                  ---------------------------------------------
(Address of principal executive offices)                                           (Zip Code)
</TABLE>

Registrant's telephone number, including area code:   (310) 255-4443
                                                      --------------

Securities registered pursuant to Section 12(b) of the Act:  None
                                                             ----

Securities registered pursuant to Section 12(g) of the Act:  None
                                                             ----



<PAGE>



     Indicate by check mark if the registrant is a well-known seasoned issuer,
as defined in Rule 405 of the Securities Act. [ ] Yes  [X] No

     Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act. [ ] Yes [X] No

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. [X] Yes [ ] No

     Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K (ss.229.405 of this chapter) is not contained herein, and
will not be contained, to the best of registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. [X]

     Indicate by check mark whether the registrant is a large accelerated filer,
an accelerated filer, or a non-accelerated filer. See definition of "accelerated
filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check
one):

   Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [X]

   Indicate by check mark whether the  registrant is a shell company (as defined
in Rule 12b-2 of the Act). [ ] Yes [X] No

     State the aggregate market value of the voting and non-voting common equity
held by non-affiliates computed by reference to the price at which the common
equity was last sold, or the average bid and asked price of such common equity,
as of the last business day of the registrant's most recently completed second
fiscal quarter. Not applicable


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<PAGE>



                       DOCUMENTS INCORPORATED BY REFERENCE

                                      None.

                                      * * *


         This Annual Report on Form 10-K (the "Report") is filed with respect to
the trust fund entitled BellaVista Mortgage Trust 2005-1 (the "Trust Fund")
formed pursuant to the pooling and servicing agreement dated as of January 1,
2005 (the "Pooling and Servicing Agreement") among BellaVista Funding
Corporation, as depositor (the "Company"), Countrywide Home Loans Servicing LP,
as master servicer (the "Master Servicer") and The Bank of New York, as trustee
(the "Trustee"), for the issuance of BellaVista Mortgage Trust 2005-1, Mortgage
Pass-Through Certificates, Series 2005-1 (the "Certificates"). Certain
information otherwise required to be included in this Report by the Instructions
to Form 10-K has been omitted in reliance on the relief granted by the
Commission to other companies in similar circumstances, in particular, the
relief granted to CWMBS, Inc. in the Staff Reply Letter dated February 3, 1994
(the "Relief Letter").





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<PAGE>



                                     PART I


Item 1.           Business.

                  Not applicable.  See the Relief Letter.

Item 1A.          Risk Factors.

                  Not applicable.

Item 1B.          Unresolved Staff Comments.

                  None.

Item 2.           Properties.

                  Not applicable.  See the Relief Letter.

Item 3.           Legal Proceedings.

                  There were no material pending legal proceedings relating to
                  the Trust Fund to which any of the Trust Fund, the Trustee,
                  the Master Servicer or the Company was a party or of which any
                  of their respective properties was the subject during the
                  fiscal year covered by this Report other than ordinary routine
                  litigation incidental to the duties of the Trust Fund, the
                  Trustee, the Master Servicer or the Company, nor is the
                  Company aware of any such proceedings contemplated by
                  governmental authorities.

Item 4.           Submission of Matters to a Vote of Security Holders.

                  No matter was submitted to a vote of Certificateholders, and
                  no Certificateholder consent was solicited during the fiscal
                  year covered by this Report.




                                       4
<PAGE>



                                     PART II


Item 5.  Market for  Registrant's  Common  Equity,  Related  Stockholder
         Matters and Issuer Purchases of Equity Securities.

         (a) Item 201 of Regulation S-K:

            i.   Market Information. There is no established public trading
                 market for the Certificates.

           ii.  Holders.  As of December 31, 2005 there were less than 300
                holders of record of the Certificates.

          iii.  Dividends. Not applicable. See the Relief Letter. (Information
                as to distributions to Certificateholders is provided in the
                Registrant's monthly filings on Form 8-K.)

           iv.  Securities Authorized for Issuance Under Equity Compensation
                Plans. Not applicable.

                Item 701 of Regulation S-K.  Not applicable.

         (b)    Rule 463 of the Securities Act of 1933. Not applicable.

         (c)    Item 703 of Regulation S-K. Not applicable as theRegistrant has
                no class of equity securities registered pursuant to section 12
                of the Securities Exchange Act of 1934.

Item 6.  Selected Financial Data.

         Not applicable.  See the Relief Letter.

Item 7.  Management's Discussion and Analysis of Financial Condition and Results
         of Operation.

         Not applicable.  See the Relief Letter.

Item 7A  Quantitative and Qualitative Disclosures about Market Risk.

         Not applicable.

Item 8.  Financial Statements and Supplementary Data.

         Not applicable.  See the Relief Letter.


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<PAGE>


Item 9.  Changes in and Disagreements With Accountants on Accounting and
         Financial Disclosure.

         None.

Item 9A. Controls and Procedures.

         Not applicable. The Registrant is an Asset-Backed Issuer (as defined
         in Exchange Act Rule 15d-14(g)) and is therefore not required to
         disclose information under Item 307 of Regulation S-K. See Item 307 of
         Regulation S-K and Exchange Act Rule 15d-15(a). The Registrant is an
         Asset-Backed Issuer (as defined in Exchange Act Rule 15d-14(g)) and is
         therefore not required to disclose information under Item 308 of
         Regulation S-K. See Instruction 2 to Item 308 of Regulation S-K and
         Exchange Act Rule 15d-15(a).


Item 9B. Other Information.

         None.

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<PAGE>



                                    PART III


Item 10. Directors and Executive Officers of the Registrant.

         Not applicable.  See the Relief Letter.

Item 11. Executive Compensation.

         Not applicable.  See the Relief Letter.

Item 12. Security Ownership of Certain Beneficial Owners, Management and Related
         Stockholder Matters.

         Information required by Item 201(d) of Regulation S-K: Not applicable.

         Information required by Item 403 of Regulation S-K:

         (a) Not applicable. See the Relief Letter.

         (b) Not applicable. See the Relief Letter.

         (c) Not applicable. See the Relief Letter.

Item 13. Certain Relationships and Related Transactions.

         Not applicable.  See the Relief Letter.

Item 14. Principal Accounting Fees and Services.

         Not applicable. The Registrant is an Asset-Backed Issuer (as defined
         in Exchange Act Rule 15d-14(g)) and is therefore not required to
         disclose this information. See Instructions to Item 14.


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<PAGE>



                                     PART IV


Item 15. Exhibits and Financial Statement Schedules.

         (a) (1)    Pursuant to the Pooling and  Servicing  Agreement, the
                    Master

                    Servicer is required (i) to deliver an annual statement as
                    to compliance with the provisions of the Pooling and
                    Servicing Agreement and certain other matters (the "Annual
                    Statement of the Master Servicer") and (ii) to cause a firm
                    of independent public accountants to deliver an annual
                    report as to compliance with the servicing provisions of the
                    Pooling and Servicing Agreement (the "Annual Report of the
                    Firm of Accountants"). The Annual Statement of the Master
                    Servicer is attached as Exhibit 99.1 to this Report. The
                    Annual Report of the Firm of Accountants is attached as
                    Exhibit 99.2 to this Report. See Relief Letter.

             (2)    Not applicable.

             (3)    The required exhibits are as follows:

                    o Exhibit 3(i): Copy of Company's Certificate of
                      Incorporation (Filed as Exhibit 3.2(i) to Amendment No. 1
                      to Form S-3 Registration Statement (File No. 333-123082))

                    o Exhibit 3(ii): Copy of Company's By-laws (Filed as Exhibit
                      3.2(ii) to Amendment No. 1 to Form S-3 Registration
                      Statement (File No. 333-123082))

                    o Exhibit 4: Pooling and Servicing Agreement (Filed as part
                      of the Registrant's Current Report on Form 8-K filed on
                      Febrary 14, 2005).

                    o Exhibit 31: Rule 15d-14(a) Certification.

                    o Exhibit 99.1: Annual Statement of the Master Servicer.

                    o Exhibit 99.2: Annual Report of the Firm of Accountants in
                      respect of the Master Servicer.

                    o Exhibit 99.3: Annual Statement of National City Mortgage
                      Co.

                    o Exhibit 99.4: Annual Report of the Firm of Accountants in
                      respect of National City Mortgage Co.

                    o Exhibit 99.5: Annual Statement of Lydian Private Bank.

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<PAGE>

                    o Exhibit 99.6: Annual Report of the Firm of Accountants in
                      respect of Lydian Private Bank.

                    o Exhibit 99.7: Annual Statement of Washington Mutual Bank.

                    o Exhibit 99.8: Annual Report of the Firm of Accountants in
                      respect of Washington Mutual Bank.

         (b) See subparagraph (a)(3) above.

         (c) Not applicable. See the Relief Letter.



                                       9

<PAGE>



                                   SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this Report to be signed on
its behalf by the undersigned, thereunto duly authorized.

                                            BELLAVISTA MORTGAGE TRUST 2005-1*

                                            By:  BellaVista Funding Corporation
                                                    as Depositor

                                            By:  /s/ Claus Lund
                                                 ------------------------------
                                                 Claus Lund
                                                 President

                                            Date:  March 28, 2006







---------
*        This Report is being filed by the Depositor on behalf of the Trust
         Fund. The Trust Fund does not have any officers or directors.


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<PAGE>




     SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO
SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES
PURSUANT TO SECTION 12 OF THE ACT.

     No such annual report, proxy statement, form of proxy or other soliciting
material has been, or will be, sent to Certificateholders. See the Relief
Letter.


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<PAGE>






                                  EXHIBIT INDEX



Exhibit   Document
-------   --------


3(i)      Company's Certificate of Incorporation (Filed as Exhibit 3.2(i) to
          Amendment No. 1 to Form S-3 Registration Statement (File No.
          333-123082))*

3(ii)     Company's By-laws (Filed as Exhibit 3.2(ii) to Amendment No. 1 to Form
          S-3 Registration Statement (File No. 333-123082))*

4         Pooling and Servicing Agreement (Filed as part of the Company's
          Current Report on Form 8-K filed on February 14, 2005)*

31        Rule 15d-14(a) Certification

99.1      Annual Statement of the Master Servicer

99.2      Annual Report of the Firm of Accountants in respect of the Master
          Servicer

99.3      Annual Statement of National City Mortgage Co.

99.4      Annual Report of the Firm of Accountants in respect of National City
          Mortgage Co.

99.5      Annual Statement of Lydian Private Bank

99.6      Annual Report of the Firm of Accountants in respect of Lydian Private
          Bank

99.7      Annual Statement of Washington Mutual Bank

99.8      Annual Report of the Firm of Accountants in respect of Washington
          Mutual Bank


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<PAGE>


_______________
*        Incorporated herein by reference.



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