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): November 25, 2003
BEAR STEARNS ASSET BACKED SECURITIES TRUST
Asset-Backed Certificates, Series 2003-AC1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-43091-16 Pending
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
jurisdiction
of Incorporation)
c/o Wells Fargo Bank Minnesota, 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
(Former name or former address, if changed since last report)
ITEM 5. Other Events
On November 25, 2003 a distribution was made to holders of BEAR STEARNS ASSET
BACKED SECURITIES TRUST, Asset-Backed Certificates, Series 2003-AC1 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K
Exhibit Number Description
EX-99.1 Monthly report distributed to holders
of Asset-Backed Certificates,
Series 2003-AC1 Trust, relating to the
November 25, 2003 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.
BEAR STEARNS ASSET BACKED SECURITIES TRUST
Asset-Backed Certificates, Series 2003-AC1 Trust
By: Wells Fargo Bank Minnesota, N.A. as Securities
Administrator
By: /s/ Beth Belfield as Assistant Vice President
By: Beth Belfield as Assistant Vice President
Date: 11/25/03
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset-
Backed Certificates, Series 2003-AC1 Trust,
relating to the November 25, 2003 distribution.
EX-99.1
Bear Stearns Asset Backed Securities
Asset-Backed Certificates
Record Date: 10/31/03
Distribution Date: 11/25/03
BSA Series: 2003-AC1
Contact: Customer Service - CTSLink
Wells Fargo Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 815-6600
Fax: (301) 815-6660
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<s> <c> <c> <c> <c> <c> <c>
A-1 07384YHG4 SEN 4.10300% 338,816,633.24 1,158,470.53 17,408,146.76
A-IO 07384YHH2 IO 5.00000% 0.00 312,500.00 0.00
M-1 07384YHJ8 MEZ 4.60600% 21,419,352.77 82,214.62 1,100,510.42
M-2 07384YHK5 MEZ 4.96800% 17,524,783.31 72,552.60 900,410.34
B-1 07384YHL3 SUB 5.66500% 3,116,279.72 14,711.44 160,112.14
B-2 07384YHM1 SUB 4.37000% 8,567,585.26 30,160.28 440,196.16
R-1 BSA3AC1R1 RES 0.00000% 0.00 0.00 0.00
R-2 BSA3AC1R2 RES 0.00000% 0.00 0.00 0.00
R-3 BSA3AC1R3 RES 0.00000% 0.00 0.00 0.00
C BSA03AC1C SEN 0.00000% 0.00 614,509.76 0.00
P SEN 0.00000% 100.00 38,843.22 0.00
Totals 389,444,734.30 2,323,962.45 20,009,375.82
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 321,408,486.48 18,566,617.29 0.00
A-IO 0.00 0.00 312,500.00 0.00
M-1 0.00 20,318,842.34 1,182,725.04 0.00
M-2 0.00 16,624,372.97 972,962.94 0.00
B-1 0.00 2,956,167.59 174,823.58 0.00
B-2 0.00 8,127,389.10 470,356.44 0.00
R-1 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00
R-3 0.00 0.00 0.00 0.00
C 0.00 0.00 614,509.76 0.00
P 0.00 100.00 38,843.22 0.00
Totals 0.00 369,435,358.48 22,333,338.27 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
</FN>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<s> <c> <c> <c> <c> <c> <c>
A-1 434,812,000.00 338,816,633.24 0.00 17,408,146.76 0.00 0.00
A-IO 0.00 0.00 0.00 0.00 0.00 0.00
M-1 27,488,000.00 21,419,352.77 0.00 1,100,510.42 0.00 0.00
M-2 22,490,000.00 17,524,783.31 0.00 900,410.34 0.00 0.00
B-1 3,999,201.00 3,116,279.72 0.00 160,112.14 0.00 0.00
B-2 10,995,000.00 8,567,585.26 0.00 440,196.16 0.00 0.00
R-1 0.00 0.00 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00 0.00 0.00
R-3 0.00 0.00 0.00 0.00 0.00 0.00
C 0.00 0.00 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
Totals 499,784,301.00 389,444,734.30 0.00 20,009,375.82 0.00 0.00
<FN>
(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.
</FN>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<s> <c> <c> <c> <c>
A-1 17,408,146.76 321,408,486.48 0.73918955 17,408,146.76
A-IO 0.00 0.00 0.00000000 0.00
M-1 1,100,510.42 20,318,842.34 0.73918955 1,100,510.42
M-2 900,410.34 16,624,372.97 0.73918955 900,410.34
B-1 160,112.14 2,956,167.59 0.73918955 160,112.14
B-2 440,196.16 8,127,389.10 0.73918955 440,196.16
R-1 0.00 0.00 0.00000000 0.00
R-2 0.00 0.00 0.00000000 0.00
R-3 0.00 0.00 0.00000000 0.00
C 0.00 0.00 0.00000000 0.00
P 0.00 100.00 1.00000000 0.00
Totals 20,009,375.82 369,435,358.48 0.73918960 20,009,375.82
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<s> <c> <c> <c> <c> <c>
A-1 434,812,000.00 779.22558080 0.00000000 40.03603111 0.00000000
A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
M-1 27,488,000.00 779.22558098 0.00000000 40.03603100 0.00000000
M-2 22,490,000.00 779.22558070 0.00000000 40.03603112 0.00000000
B-1 3,999,201.00 779.22558031 0.00000000 40.03603220 0.00000000
B-2 10,995,000.00 779.22558072 0.00000000 40.03603092 0.00000000
R-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-3 0.00 0.00000000 0.00000000 0.00000000 0.00000000
C 0.00 0.00000000 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
<FN>
</FN>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<s> <c> <c> <c> <c> <c>
A-1 0.00000000 40.03603111 739.18954969 0.73918955 40.03603111
A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-1 0.00000000 40.03603100 739.18954962 0.73918955 40.03603100
M-2 0.00000000 40.03603112 739.18954958 0.73918955 40.03603112
B-1 0.00000000 40.03603220 739.18955061 0.73918955 40.03603220
B-2 0.00000000 40.03603092 739.18954980 0.73918955 40.03603092
R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
C 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
<FN>
(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.
</FN>
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
<s> <c> <c> <c> <c> <c> <c>
A-1 434,812,000.00 4.10300% 338,816,633.24 1,158,470.54 0.00 0.00
A-IO 0.00 5.00000% 75,000,000.00 312,500.00 0.00 0.00
M-1 27,488,000.00 4.60600% 21,419,352.77 82,214.62 0.00 0.00
M-2 22,490,000.00 4.96800% 17,524,783.31 72,552.60 0.00 0.00
B-1 3,999,201.00 5.66500% 3,116,279.72 14,711.44 0.00 0.00
B-2 10,995,000.00 4.37000% 8,567,585.26 30,160.28 0.00 0.00
R-1 0.00 0.00000% 0.00 0.00 0.00 0.00
R-2 0.00 0.00000% 0.00 0.00 0.00 0.00
R-3 0.00 0.00000% 0.00 0.00 0.00 0.00
C 0.00 0.00000% 0.00 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
Totals 499,784,301.00 1,670,609.48 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
<s> <c> <c> <c> <c> <c>
A-1 0.01 0.00 1,158,470.53 0.00 321,408,486.48
A-IO 0.00 0.00 312,500.00 0.00 75,000,000.00
M-1 0.00 0.00 82,214.62 0.00 20,318,842.34
M-2 0.00 0.00 72,552.60 0.00 16,624,372.97
B-1 0.00 0.00 14,711.44 0.00 2,956,167.59
B-2 0.00 0.00 30,160.28 0.00 8,127,389.10
R-1 0.00 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00 0.00
R-3 0.00 0.00 0.00 0.00 0.00
C 0.00 0.00 614,509.76 0.00 0.00
P 0.00 0.00 38,843.22 0.00 100.00
Totals 0.01 0.00 2,323,962.45 0.00
<FN>
(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.
</FN>
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
<s> <c> <c> <c> <c> <c> <c>
A-1 434,812,000.00 4.10300% 779.22558080 2.66430214 0.00000000 0.00000000
A-IO 0.00 5.00000% 1000.00000000 4.16666667 0.00000000 0.00000000
M-1 27,488,000.00 4.60600% 779.22558098 2.99092768 0.00000000 0.00000000
M-2 22,490,000.00 4.96800% 779.22558070 3.22599378 0.00000000 0.00000000
B-1 3,999,201.00 5.66500% 779.22558031 3.67859480 0.00000000 0.00000000
B-2 10,995,000.00 4.37000% 779.22558072 2.74309050 0.00000000 0.00000000
R-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-3 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
C 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) Per $1 denomination.
</FN>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<s> <c> <c> <c> <c> <c>
A-1 0.00000002 0.00000000 2.66430211 0.00000000 739.18954969
A-IO 0.00000000 0.00000000 4.16666667 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 2.99092768 0.00000000 739.18954962
M-2 0.00000000 0.00000000 3.22599378 0.00000000 739.18954958
B-1 0.00000000 0.00000000 3.67859480 0.00000000 739.18955061
B-2 0.00000000 0.00000000 2.74309050 0.00000000 739.18954980
R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
C 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
P 0.00000000 0.00000000 388432.20000000 0.00000000 1000.00000000
<FN>
(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.
</FN>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<s> <c>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 22,412,324.16
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 85,155.95
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
Total Deposits 22,497,480.11
Withdrawals
Reimbursement for Servicer Advances 77,437.73
Payment of Service Fee 86,704.11
Payment of Interest and Principal 22,333,338.27
Total Withdrawals (Pool Distribution Amount) 22,497,480.11
Ending Balance 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<s> <c>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.01
SERVICING FEES
<s> <c>
Gross Servicing Fee 81,654.95
Master Servicing Fee 3,266.21
Miscellaneous Fee 1,782.95
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 86,704.11
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Reserve Fund 5,000.00 0.00 0.00 5,000.00
LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT
DELINQUENCY STATUS
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s> <c> <c> <c> <c> <c>
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 1 0 1 2
93,653.83 0.00 297,275.58 390,929.41
30 Days 16 0 0 0 16
4,314,666.26 0.00 0.00 0.00 4,314,666.26
60 Days 7 0 1 0 8
1,049,711.24 0.00 122,190.62 0.00 1,171,901.86
90 Days 7 0 0 0 7
1,624,058.61 0.00 0.00 0.00 1,624,058.61
120 Days 1 1 1 0 3
58,121.80 366,617.28 368,822.55 0.00 793,561.63
150 Days 0 0 4 0 4
0.00 0.00 731,992.60 0.00 731,992.60
180+ Days 1 0 5 1 7
80,549.87 0.00 2,582,890.42 106,256.73 2,769,697.02
Totals 32 2 11 2 47
7,127,107.78 460,271.11 3,805,896.19 403,532.31 11,796,807.39
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 0.066756% 0.000000% 0.066756% 0.133511%
0.025157% 0.000000% 0.079853% 0.105010%
30 Days 1.068091% 0.000000% 0.000000% 0.000000% 1.068091%
1.158994% 0.000000% 0.000000% 0.000000% 1.158994%
60 Days 0.467290% 0.000000% 0.066756% 0.000000% 0.534045%
0.281971% 0.000000% 0.032823% 0.000000% 0.314793%
90 Days 0.467290% 0.000000% 0.000000% 0.000000% 0.467290%
0.436250% 0.000000% 0.000000% 0.000000% 0.436250%
120 Days 0.066756% 0.066756% 0.066756% 0.000000% 0.200267%
0.015613% 0.098480% 0.099072% 0.000000% 0.213164%
150 Days 0.000000% 0.000000% 0.267023% 0.000000% 0.267023%
0.000000% 0.000000% 0.196626% 0.000000% 0.196626%
180+ Days 0.066756% 0.000000% 0.333778% 0.066756% 0.467290%
0.021637% 0.000000% 0.693809% 0.028542% 0.743989%
Totals 2.136182% 0.133511% 0.734312% 0.133511% 3.137517%
1.914465% 0.123637% 1.022330% 0.108396% 3.168827%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 85,155.95
COLLATERAL STATEMENT
Collateral Description Mixed Fixed
Weighted Average Gross Coupon 7.262633%
Weighted Average Net Coupon 7.012633%
Weighted Average Pass-Through Rate 6.997174%
Weighted Average Maturity(Stepdown Calculation ) 328
Beginning Scheduled Collateral Loan Count 1,566
Number Of Loans Paid In Full 68
Ending Scheduled Collateral Loan Count 1,498
Beginning Scheduled Collateral Balance 391,943,656.30
Ending Scheduled Collateral Balance 371,934,280.48
Ending Actual Collateral Balance at 31-Oct-2003 372,276,795.35
Monthly P &I Constant 2,757,355.18
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Ending Scheduled Balance for Premium Loans 371,934,280.48
Scheduled Principal 385,236.09
Unscheduled Principal 19,624,139.73
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 0.00
Specified O/C Amount 2,498,922.00
Overcollateralized Amount 2,499,022.00
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 0.00
Excess Cash Amount 653,352.98
Miscellaneous Reporting
Net WAC Rate Carryover Amount Class A-1 0.00
Net WAC Rate Carryover Amount Class B-1 0.00
Net WAC Rate Carryover Amount Class B-2 0.00
Net WAC Rate Carryover Amount Class M-1 0.00
Net WAC Rate Carryover Amount Class M-2 0.00
Three month rolling average 0.018964%