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


      Commission File Number:  333-113636-28


        Aames Mortgage Investment Trust
        Mortgage-Backed Notes
        Series 2005-1

     (Exact name of registrant as specified in its charter)


  New York                                          N/A
  (State or other jurisdiction of                   (I.R.S. Employer
  incorporation or organization)                    Identification No.)


   c/o Wells Fargo Bank, N.A.
   9062 Old Annapolis Road
   Columbia, MD                                21045
  (Address of principal executive offices)    (Zip Code)


  Registrant's telephone number, including area code: (410) 884-2000


  Securities registered pursuant to Section 12(b) of the Act:

        NONE.


  Securities registered pursuant to Section 12(g) of the Act:

        NONE.


  Indicate by check mark if the registrant is a well-known seasoned issuer,
  as defined in Rule 405 of the Securities Act.

        Yes  ___     No  X


  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  ___     No  X


  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.

        Yes  X       No  ___


  Indicate by check mark if disclosure of delinquent filers pursuant to
  Item 405 of Regulation S-K ( 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.

        Not applicable.


  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  ___     No  X


  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.


     Documents Incorporated by Reference

  List hereunder the following documents if incorporated by reference and
  the Part of the Form 10-K (e.g. Part I, Part II, etc.) into which the
  document is incorporated: (1)Any annual report to security holders; (2)
  Any proxy or information statement; and (3)Any prospectus filed pursuant
  to Rule 424(b) or (c) under the Securities Act of 1933. The listed
  documents should be clearly described for identification purposes (e.g.
  annual report to security holders for fiscal year ended December 24, 1980).

        Not applicable.


                                   PART I
  Item 1.  Business.

            Not applicable.


  Item 1A.  Risk Factors.

            Not applicable.


  Item 1B.  Unresolved Staff Comments.

            Not applicable.


  Item 2.  Properties.

            Not applicable.


  Item 3.  Legal Proceedings.

            The registrant knows of no material pending legal proceedings
            involving the trust created under the Pooling and Servicing
            Agreement (the Trust), the Trustee, the Servicer or the
            registrant with respect to the Trust other than routine
            litigation incidental to the duties of the respective parties.


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

            None.

                                PART II

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

            No established public trading market for the Certificates exists.

            Records provided to the Trust by the DTC and the Trustee
            indicate that as of December 31, 2005, the total number of holders
            of record for the Series of Certificates is 25.


  Item 6.  Selected Financial Data.

            Not applicable.

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


            Not applicable.


  Item 7A. Quantitative and Qualitative Disclosures about Market Risk.

            Not applicable.


  Item 8.  Financial Statements and Supplementary Data.

            Not applicable.


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

            None.


  Item 9A. Controls and Procedures.
            Not applicable.


  Item 9B. Other Information.

            None.


                                PART III

  Item 10. Directors and Executive Officers of the Registrant.

            Not applicable.


  Item 11. Executive Compensation.

            Not applicable.

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

            Not applicable.

  Item 13. Certain Relationships and Related Transactions.

            Not applicable.


  Item 14. Principal Accounting Fees and Services.

            Not applicable.


                                PART IV

  Item 15. Exhibits, Financial Statement Schedules.

   (a) Exhibits

     (31.1) Rule 13a-14(a)/15d-14(a) Certification

     (99.1) Independent Accountant's Report on Management's Assertion on
            Compliance with the Minimum Servicing Standards.

      <TABLE>

      
         <c>
      a) Aames Capital Corporation, as Servicer <F1>

      </TABLE>

     (99.2) Report of Management as to Compliance with Minimum Servicing
            Standards.

      <TABLE>

      
        <c>
      a) Aames Capital Corporation, as Servicer <F1>

      </TABLE>

     (99.3) Annual Statements of Compliance under the Pooling and Servicing
            Agreements.

      <TABLE>

      
         <c>
      a) Aames Capital Corporation, as Servicer <F1>

      </TABLE>


     (99.4) Aggregate Statement of Principal and Interest Distributions to
            Certificate Holders.


   (b) Not applicable.

   (c) Omitted.


  <F1> Filed herewith.


                                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:



    Aames Mortgage Investment Trust
    Mortgage-Backed Notes
    Series 2005-1
    (Registrant)


  Signed: Wells Fargo Bank, N.A. as Master Servicer

  By:     Barry Akers, Vice President

  By: /s/ Barry Akers, Vice President

  Dated: March 27, 2006


  Exhibit Index

  Exhibit No.

  Ex-31.1 Rule 13a-14(a)/15d-14(a) Certification

  I, Barry Akers, certify that:

  1. I have reviewed this annual report on Form 10-K, and all reports on
     Form 8-K containing distribution or servicing reports filed in
     respect of periods included in the year covered by this annual report,
     of Aames Mortgage Investment Trust Mortgage-Backed Notes, Series
     2005-1 Trust;

  2. Based on my knowledge, the information in these reports, taken as a
     whole, does not contain any untrue statement of a material fact or
     omit to state a material fact necessary to make the statements made,
     in light of the circumstances under which such statements were made,
     not misleading as of the last day of the period covered by this
     annual report;

  3. Based on my knowledge, the distribution or servicing information
     required to be provided to the Trustee by the Servicer under the
     Pooling and Servicing or similar, agreement, for inclusion in these
     reports is included in these reports;

  4. I am responsible for reviewing the activities performed by the master
     servicer under the pooling and servicing, or similar, agreement, and
     based on upon my knowledge and the annual compliance review required
     under that agreement, and except as disclosed in the reports, the
     master servicer has fulfilled its obligations under that agreement;
     and

  5. The reports disclose all significant deficiencies relating to the
     servicer's compliance with the minimum servicing standards based upon
     the report provided by an independent public accountant, after
     conducting a review in compliance with the Uniform Single Attestation
     Program for Mortgage Bankers or similar procedure, as set forth in
     the pooling and servicing, or similar, agreement, that is included in
     these reports.

     In giving the certifications above, I have reasonably relied on
     information provided to me by the following unaffiliated parties:
     Aames Capital Corporation as Servicer.

     Date: March 27, 2006

     /s/ Barry Akers
     Signature

     Vice President
     Title




  EX-99.1
(logo) ERNST & YOUNG

Ernst & Young LLP
725 South Figueroa Street
Los Angeles, California 90017

Phone: (213) 977-3200
www.ey.com



Report on Management's Assertion on
Compliance with the Minimum Servicing Standards Set Forth in the
Uniform Single Attestation Program for Mortgage Bankers


Report of Independent Accountants


The Board of Directors
Aames Investment Corporation


We have examined management's assertion, included in the accompanying report
titled Report of Management, that Aames Investment Corporation (the Company)
complied with the minimum servicing standards identified in Exhibit A to the
Report of Management as set forth in the Mortgage Banker's Association of
America's Uniform Single Attestation Program for Mortgage Bankers (USAP) (the
specified minimum servicing standards) during the year ended December 31, 2005.
Management is responsible for the Company's compliance with those requirements.
Our responsibility is to express an opinion on the Company's compliance based
on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the Company's
compliance with those requirements and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on the Company's compliance with specified minimum servicing
standards.

In our opinion, the Company complied, in all material respects, based on the
criteria set forth in Exhibit A, with the aforementioned requirements for the
year ended December 31, 2005.


/s/ Ernst & Young LLP

March 14, 2006


A Member Practice of Ernst & Young Global





  EX-99.2
(logo) Aames

Aames Investment
Corporation

350 S. Grand Avenue
42nd Floor
Los Angeles, CA 90071

Tel: 323.210.5000



Management's Assertion on Compliance
with the Specified Minimum Servicing Standards Set Forth
in the Uniform Single Attestation Program for Mortgage Bankers



Report of Management


We, as members of management of Aames Investment Corporation (the Company),
are responsible for complying with the minimum servicing standards
identified in the attached Exhibit A (the "specified minimum servicing
standards") as set forth in the Mortgage Bankers Association of America's
Uniform Single Attestation Program for Mortgage Bankers (USAP). We are also
responsible for establishing and maintaining effective internal control
over compliance with these specified minimum servicing standards. We have
performed an evaluation of the Company's compliance with the specified
minimum servicing standards as of December 31, 2005 and for the year then
ended. Based on this evaluation, we assert that during the year ended
December 31, 2005 the Company complied, in all material respects, with the
specified minimum servicing standards.

As of December 31, 2005 and for the year then ended, the Company had in
effect a fidelity bond in the amount of $10 million and an errors and
omissions policy in the amount of $20 million.




/s/ A. Jay Meyerson
A. Jay Meyerson
Chief Executive Officer


/s/ Jon Van Deuren
Jon Van Deuren
Executive Vice President, Finance and
Chief Financial Officer


/s/ Mark A. Bragg
Mark A. Bragg
Senior Vice President
National Loan Scrvicing


March 14, 2006


(logo) EQUAL HOUSING
LENDER

(PAGE)





Exhibit A

Specified Minimum Servicing Standards

  I.   Custodial Bank Accounts

       1.  Reconciliations shall be prepared on a monthly basis for all
           custodial bank accounts and related bank clearing accounts.
           These reconciliations shall:

           a.  be mathematically accurate;

           b.  be prepared within forty-five (45) calendar days after the
               cutoff date. The cutoff date is the date as of which a bank
               account is reconciled every month. It may, or may not,
               coincide with a prescribed investor reporting date but shall
               be consistent from period to period;

           c.  be reviewed and approved by someone other than the person
               who prepared the reconciliation; and

           d.  document explanations for reconciling items. These
               reconciling items shall be resolved within ninety (90)
               calendar days of their original identification.

       2.  Funds of the servicing entity shall be advanced in cases where
           there is an overdraft in an investor's or a mortgagor's account.

       3.  Each custodial account shall be maintained at a federally
           insured depository institution in trust for the applicable
           investor.

       4.  Escrow funds held in trust for a mortgagor shall be returned to
           the mortgagor within thirty (30) calendar days of payoff of the
           mortgage loan.

 II.   Mortgage Payments

       1.  Mortgage payments shall be deposited into the custodial bank
           accounts and related bank clearing accounts within two (2)
           business days of receipt.

       2.  Mortgage payments made in accordance with the mortgagor's loan
           documents shall be posted to the applicable mortgagor records
           within two (2) business days of receipt.

       3.  Mortgage payments shall be allocated to principal, interest,
           insurance, taxes or other escrow items in accordance with the
           mortgagor's loan documents.

       4.  Mortgage payments identified as loan payoffs shall be allocated
           in accordance with the mortgagor's loan documents.



1

(PAGE)





Exhibit A

Specified Minimum Servicing Standards (continued)

III.   Disbursements

       1.  Disbursements made via wire transfer on behalf of a mortgagor or
           investor shall be made only by authorized personnel.

       2.  Disbursements made on behalf of a mortgagor or investor shall be
           posted within two (2) business days to the mortgagor's or
           investor's records maintained by the servicing entity.

       3.  Tax and insurance payments shall be made on or before the penalty
           or insurance policy expiration dates, as indicated on tax bills
           and insurance premium notices, respectively, provided that such
           support has been received by the servicing entity at least thirty
           (30) calendar days prior to these dates.

       4.  Any late payment penalties paid in conjunction with the payment
           of any tax bill or insurance premium notice shall be paid from
           the servicing entity's funds and not charged to the mortgagor,
           unless the late payment was due to the mortgagor's error or
           omission.

       5.  Amounts remitted to investors per the servicer's investor reports
           shall agree with cancelled checks, or other form of payment, or
           custodial bank statements.

       6.  Unissued checks shall be safeguarded so as to prevent
           unauthorized access.

 IV.   Investor Accounting and Reporting

       1.  The servicing entity's investor reports shall agree with, or
           reconcile to, investors' records on a monthly basis as to the
           total unpaid principal balance and number of loans serviced by
           the servicing entity.

  V.   Mortgagor Loan Accounting

       1.  The servicing entity's mortgage loan records shall agree with, or
           reconcile to, the records of mortgagors with respect to the
           unpaid principal balance on a monthly basis.

       2.  Adjustments on adjustable rate mortgage (ARM) loans shall be
           computed based on the related mortgage note and any ARM rider.

       3.  Escrow accounts shall be analyzed, in accordance with the
           mortgagor's loan documents, on at least an annual basis.



2

(PAGE)


Exhibit A

Specified Minimum Servicing Standards (continued)

  V.   Mortgagor Loan Accounting (continued)

       4.  Interest on escrow accounts shall be paid, or credited, to
           mortgagors in accordance with the applicable state laws.

 VI.   Delinquencies

       1.  Records documenting collection efforts shall be maintained
           during the period a loan is in default and shall be updated at
           least monthly. Such records shall describe the entity's
           activities in monitoring delinquent loans including, for
           example, phone calls, letters and mortgage payment rescheduling
           plans in cases where the delinquency is deemed temporary (i.e.,
           illness or unemployment).

VII.   Insurance Policies

       1.  A fidelity bond and errors and omissions policy shall be in
           effect on the servicing entity throughout the reporting period
           in the amount of coverage represented to investors in
           management's assertion.





3





  EX-99.3
ANNUAL STATEMENT AS TO COMPLIANCE
AAMES MORTGAGE INVESTMENT TRUST 2005-1


The undersigned, Mark A. Bragg, Director of Aames Capital Corporation (the
"Servicer"), in its capacity as Servicer under that certain Servicing Agreement
does hereby certify for the year ended December 31, 2005:

(a) a review of the activities of the Servicer for the year ended December 31,
2005 and of its performance under the Servicing Agreement has been made under
my supervision,

(b) to the best of my knowledge, based on such review, the Servicer has
fulfilled all of its material obligations under the Servicing Agreement
throughout such year.


IN WITNESS WHEREOF, I have hereto signed my name as of this 23rd day of March,
2006.

/s/ Mark A. Bragg
Mark A. Bragg
Director, National Loan Servicing





  Ex-99.4

   Schedule of Year-To-Date Principal and Interest Distributions to
   Certificateholders


   <TABLE>

   Class                              Interest             Principal               Losses             Ending Balance
   
                       <c>                    <c>                  <c>                 <c>
   1A1                            5,484,564.78        173,171,476.16                 0.00              77,460,523.85
   1A2                            2,426,643.87                  0.00                 0.00              77,758,000.00
   1A3                            2,106,918.09                  0.00                 0.00              65,549,000.00
   2A1                           12,590,660.46        176,474,039.17                 0.00             295,497,960.81
   2A2                            2,252,660.41         31,142,411.54                 0.00              52,146,588.48
   B1                               523,177.38                  0.00                 0.00               9,600,000.00
   B2                               457,780.19                  0.00                 0.00               8,400,000.00
   B3                               653,971.70                  0.00                 0.00              12,000,000.00
   M1                             1,329,721.24                  0.00                 0.00              40,200,000.00
   M2                             1,276,709.48                  0.00                 0.00              38,400,000.00
   M3                               783,961.85                  0.00                 0.00              23,400,000.00
   M4                               742,825.49                  0.00                 0.00              21,000,000.00
   M5                               665,836.14                  0.00                 0.00              18,600,000.00
   M6                               676,903.16                  0.00                 0.00              18,600,000.00
   M7                               638,003.23                  0.00                 0.00              15,600,000.00
   M8                               638,964.64                  0.00                 0.00              15,000,000.00
   M9                               602,971.72                  0.00                 0.00              12,000,000.00
   OC                            32,790,148.85                  0.00                 0.00              18,000,000.00
   </TABLE>