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): December 26, 2003
BEAR STEARNS ASSET BACKED SECURITIES TRUST
Mortgage Pass-Through Certificates, Series 2003-SD2 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-91334-11 54-2132831
Pooling and Servicing Agreement) (Commission 54-2132830
(State or other File Number) IRS EIN
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 December 26, 2003 a distribution was made to holders of BEAR STEARNS ASSET
BACKED SECURITIES TRUST, Mortgage Pass-Through Certificates, Series 2003-SD2
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
Mortgage Pass-Through Certificates,
Series 2003-SD2 Trust, relating to the
December 26, 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
Mortgage Pass-Through Certificates, Series 2003-SD2 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: 1/5/04
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage
Pass-Through Certificates, Series 2003-SD2 Trust,
relating to the December 26, 2003 distribution.
EX-99.1
Bear Stearns Asset Backed Securities
Mortgage Pass-Through Certificates
Record Date: 11/30/03
Distribution Date: 12/26/03
BSA Series: 2003-SD2
Contact: CTSLink Customer Service
Wells Fargo Bank Minnesota, N.A.
Corporate Trust Services
9062 Old Annapolis Road
Columbia, MD 21045-1951
Telephone: (301) 815-6600
Fax: (301) 815-6600
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>
I-A 07384YLH7 SEN 6.21096% 42,555,970.85 220,261.12 1,633,119.62
II-A 07384YLJ3 SEN 5.08804% 100,056,333.61 424,242.49 2,091,722.28
III-A 07384YLK0 SEN 4.88119% 27,421,824.11 111,542.49 1,692,916.18
B-1 07384YLL8 SUB 5.33877% 7,888,192.10 35,094.36 10,601.64
B-2 07384YLM6 SUB 5.33877% 6,538,989.38 29,091.79 8,788.33
B-3 07384YLN4 SUB 5.33877% 5,189,487.06 23,087.89 6,974.61
B-4 07384YMH6 SUB 5.33877% 3,840,284.34 17,085.32 5,161.30
B-5 07384YMJ2 SUB 5.33877% 2,594,843.39 11,544.39 3,487.44
B-6 07384YMK9 SUB 5.33877% 6,435,194.64 28,630.01 8,648.83
R-I 07384YLP9 RES 0.00000% 0.00 0.00 0.00
R-II 07384YLQ7 RES 0.00000% 0.00 0.00 0.00
Totals 202,521,119.48 900,579.86 5,461,420.23
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
I-A 0.00 40,922,851.24 1,853,380.74 0.00
II-A 0.00 97,964,611.34 2,515,964.77 0.00
III-A 0.00 25,728,907.92 1,804,458.67 0.00
B-1 0.00 7,877,590.46 45,696.00 0.00
B-2 0.00 6,530,201.05 37,880.12 0.00
B-3 0.00 5,182,512.44 30,062.50 0.00
B-4 0.00 3,835,123.04 22,246.62 0.00
B-5 0.00 2,591,355.95 15,031.83 0.00
B-6 0.00 6,426,545.81 37,278.84 0.00
R-I 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00
Totals 0.00 197,059,699.25 6,362,000.09 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>
I-A 44,326,300.00 42,555,970.85 57,368.66 1,575,750.96 0.00 0.00
II-A 102,857,300.00 100,056,333.61 99,294.42 1,992,427.86 0.00 0.00
III-A 28,146,100.00 27,421,824.11 71,970.31 1,620,945.87 0.00 0.00
B-1 7,898,700.00 7,888,192.10 10,601.64 0.00 0.00 0.00
B-2 6,547,700.00 6,538,989.38 8,788.33 0.00 0.00 0.00
B-3 5,196,400.00 5,189,487.06 6,974.61 0.00 0.00 0.00
B-4 3,845,400.00 3,840,284.34 5,161.30 0.00 0.00 0.00
B-5 2,598,300.00 2,594,843.39 3,487.44 0.00 0.00 0.00
B-6 6,443,767.00 6,435,194.64 8,648.83 0.00 0.00 0.00
R-I 50.00 0.00 0.00 0.00 0.00 0.00
R-II 50.00 0.00 0.00 0.00 0.00 0.00
Totals 207,860,067.00 202,521,119.48 272,295.54 5,189,124.69 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>
I-A 1,633,119.62 40,922,851.24 0.92321830 1,633,119.62
II-A 2,091,722.28 97,964,611.34 0.95243227 2,091,722.28
III-A 1,692,916.18 25,728,907.92 0.91411982 1,692,916.18
B-1 10,601.64 7,877,590.46 0.99732747 10,601.64
B-2 8,788.33 6,530,201.05 0.99732747 8,788.33
B-3 6,974.61 5,182,512.44 0.99732747 6,974.61
B-4 5,161.30 3,835,123.04 0.99732747 5,161.30
B-5 3,487.44 2,591,355.95 0.99732746 3,487.44
B-6 8,648.83 6,426,545.81 0.99732747 8,648.83
R-I 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
Totals 5,461,420.23 197,059,699.25 0.94804020 5,461,420.23
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>
I-A 44,326,300.00 960.06142741 1.29423525 35.54889445 0.00000000
II-A 102,857,300.00 972.76842392 0.96536094 19.37079682 0.00000000
III-A 28,146,100.00 974.26727362 2.55702602 57.59042532 0.00000000
B-1 7,898,700.00 998.66966716 1.34220062 0.00000000 0.00000000
B-2 6,547,700.00 998.66966721 1.34220108 0.00000000 0.00000000
B-3 5,196,400.00 998.66966746 1.34220037 0.00000000 0.00000000
B-4 3,845,400.00 998.66966765 1.34220107 0.00000000 0.00000000
B-5 2,598,300.00 998.66966478 1.34220067 0.00000000 0.00000000
B-6 6,443,767.00 998.66966636 1.34220092 0.00000000 0.00000000
R-I 50.00 0.00000000 0.00000000 0.00000000 0.00000000
R-II 50.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
ALL CLASSES ARE PER $1,000 DENOMINATION
</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>
I-A 0.00000000 36.84312970 923.21829794 0.92321830 36.84312970
II-A 0.00000000 20.33615776 952.43226626 0.95243227 20.33615776
III-A 0.00000000 60.14745133 914.11982193 0.91411982 60.14745133
B-1 0.00000000 1.34220062 997.32746655 0.99732747 1.34220062
B-2 0.00000000 1.34220108 997.32746613 0.99732747 1.34220108
B-3 0.00000000 1.34220037 997.32746517 0.99732747 1.34220037
B-4 0.00000000 1.34220107 997.32746658 0.99732747 1.34220107
B-5 0.00000000 1.34220067 997.32746411 0.99732746 1.34220067
B-6 0.00000000 1.34220092 997.32746544 0.99732747 1.34220092
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 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>
I-A 44,326,300.00 6.21096% 42,555,970.85 220,261.12 0.00 0.00
II-A 102,857,300.00 5.08804% 100,056,333.61 424,242.49 0.00 0.00
III-A 28,146,100.00 4.88119% 27,421,824.11 111,542.49 0.00 0.00
B-1 7,898,700.00 5.33877% 7,888,192.10 35,094.36 0.00 0.00
B-2 6,547,700.00 5.33877% 6,538,989.38 29,091.79 0.00 0.00
B-3 5,196,400.00 5.33877% 5,189,487.06 23,087.89 0.00 0.00
B-4 3,845,400.00 5.33877% 3,840,284.34 17,085.32 0.00 0.00
B-5 2,598,300.00 5.33877% 2,594,843.39 11,544.39 0.00 0.00
B-6 6,443,767.00 5.33877% 6,435,194.64 28,630.01 0.00 0.00
R-I 50.00 0.00000% 0.00 0.00 0.00 0.00
R-II 50.00 0.00000% 0.00 0.00 0.00 0.00
Totals 207,860,067.00 900,579.86 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>
I-A 0.00 0.00 220,261.12 0.00 40,922,851.24
II-A 0.01 0.00 424,242.49 0.00 97,964,611.34
III-A 0.00 0.00 111,542.49 0.00 25,728,907.92
B-1 0.00 0.00 35,094.36 0.00 7,877,590.46
B-2 0.00 0.00 29,091.79 0.00 6,530,201.05
B-3 0.00 0.00 23,087.89 0.00 5,182,512.44
B-4 0.00 0.00 17,085.32 0.00 3,835,123.04
B-5 0.00 0.00 11,544.39 0.00 2,591,355.95
B-6 0.00 0.00 28,630.01 0.00 6,426,545.81
R-I 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00
Totals 0.01 0.00 900,579.86 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>
I-A 44,326,300.00 6.21096% 960.06142741 4.96908427 0.00000000 0.00000000
II-A 102,857,300.00 5.08804% 972.76842392 4.12457346 0.00000000 0.00000000
III-A 28,146,100.00 4.88119% 974.26727362 3.96298208 0.00000000 0.00000000
B-1 7,898,700.00 5.33877% 998.66966716 4.44305519 0.00000000 0.00000000
B-2 6,547,700.00 5.33877% 998.66966721 4.44305481 0.00000000 0.00000000
B-3 5,196,400.00 5.33877% 998.66966746 4.44305481 0.00000000 0.00000000
B-4 3,845,400.00 5.33877% 998.66966765 4.44305404 0.00000000 0.00000000
B-5 2,598,300.00 5.33877% 998.66966478 4.44305507 0.00000000 0.00000000
B-6 6,443,767.00 5.33877% 998.66966636 4.44305482 0.00000000 0.00000000
R-I 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-II 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
ALL CLASSES ARE PER $1,000 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>
I-A 0.00000000 0.00000000 4.96908427 0.00000000 923.21829794
II-A 0.00000010 0.00000000 4.12457346 0.00000000 952.43226626
III-A 0.00000000 0.00000000 3.96298208 0.00000000 914.11982193
B-1 0.00000000 0.00000000 4.44305519 0.00000000 997.32746655
B-2 0.00000000 0.00000000 4.44305481 0.00000000 997.32746613
B-3 0.00000000 0.00000000 4.44305481 0.00000000 997.32746517
B-4 0.00000000 0.00000000 4.44305404 0.00000000 997.32746658
B-5 0.00000000 0.00000000 4.44305507 0.00000000 997.32746411
B-6 0.00000000 0.00000000 4.44305482 0.00000000 997.32746544
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<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 6,394,732.55
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 124,376.18
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
Total Deposits 6,519,108.73
Withdrawals
Reimbursement for Servicer Advances 96,941.19
Payment of Service Fee 60,167.45
Payment of Interest and Principal 6,362,000.09
Total Withdrawals (Pool Distribution Amount) 6,519,108.73
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 0.00
SERVICING FEES
<s> <c>
Gross Servicing Fee 58,479.79
Master Servicing Fee 1,687.66
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 60,167.45
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 9 0 0 9
1,554,194.83 0.00 0.00 1,554,194.83
30 Days 69 3 1 0 73
9,714,746.63 333,503.71 500,248.29 0.00 10,548,498.63
60 Days 24 0 3 0 27
3,164,630.38 0.00 429,109.04 0.00 3,593,739.42
90 Days 12 2 10 0 24
1,243,692.89 216,299.55 1,120,843.69 0.00 2,580,836.13
120 Days 4 2 4 0 10
617,783.67 151,887.86 581,819.58 0.00 1,351,491.11
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180+ Days 1 0 0 0 1
612,121.36 0.00 0.00 0.00 612,121.36
Totals 110 16 18 0 144
15,352,974.93 2,255,885.95 2,632,020.60 0.00 20,240,881.48
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 0.827206% 0.000000% 0.000000% 0.827206%
0.787320% 0.000000% 0.000000% 0.787320%
30 Days 6.341912% 0.275735% 0.091912% 0.000000% 6.709559%
4.921271% 0.168945% 0.253414% 0.000000% 5.343630%
60 Days 2.205882% 0.000000% 0.275735% 0.000000% 2.481618%
1.603130% 0.000000% 0.217377% 0.000000% 1.820507%
90 Days 1.102941% 0.183824% 0.919118% 0.000000% 2.205882%
0.630027% 0.109572% 0.567794% 0.000000% 1.307393%
120 Days 0.367647% 0.183824% 0.367647% 0.000000% 0.919118%
0.312955% 0.076943% 0.294737% 0.000000% 0.684635%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.091912% 0.000000% 0.000000% 0.000000% 0.091912%
0.310087% 0.000000% 0.000000% 0.000000% 0.310087%
Totals 10.110294% 1.470588% 1.654412% 0.000000% 13.235294%
7.777469% 1.142781% 1.333322% 0.000000% 10.253572%
Delinquency Status By Groups
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
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 5 0 0 5
852,780.20 0.00 0.00 852,780.20
30 Days 37 2 1 0 40
5,309,727.66 216,072.68 500,248.29 0.00 6,026,048.63
60 Days 16 0 3 0 19
2,256,938.12 0.00 429,109.04 0.00 2,686,047.16
90 Days 7 2 7 0 16
739,711.76 216,299.55 811,592.99 0.00 1,767,604.30
120 Days 4 2 1 0 7
617,783.67 151,887.86 71,663.52 0.00 841,335.05
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180 Days 1 0 0 0 1
612,121.36 0.00 0.00 0.00 612,121.36
Totals 65 11 12 0 88
9,536,282.57 1,437,040.29 1,812,613.84 0.00 12,785,936.70
0-29 Days 1.538462% 0.000000% 0.000000% 1.538462%
1.731274% 0.000000% 0.000000% 1.731274%
30 Days 11.384615% 0.615385% 0.307692% 0.000000% 12.307692%
10.779560% 0.438661% 1.015581% 0.000000% 12.233801%
60 Days 4.923077% 0.000000% 0.923077% 0.000000% 5.846154%
4.581930% 0.000000% 0.871157% 0.000000% 5.453087%
90 Days 2.153846% 0.615385% 2.153846% 0.000000% 4.923077%
1.501728% 0.439121% 1.647658% 0.000000% 3.588507%
120 Days 1.230769% 0.615385% 0.307692% 0.000000% 2.153846%
1.254195% 0.308356% 0.145488% 0.000000% 1.708039%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180 Days 0.307692% 0.000000% 0.000000% 0.000000% 0.307692%
1.242700% 0.000000% 0.000000% 0.000000% 1.242700%
Totals 20.000000% 3.384615% 3.692308% 0.000000% 27.076923%
19.360113% 2.917412% 3.679883% 0.000000% 25.957408%
<caption>
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
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 11 0 0 0 11
1,832,986.31 0.00 0.00 0.00 1,832,986.31
60 Days 3 0 0 0 3
261,941.10 0.00 0.00 0.00 261,941.10
90 Days 0 0 3 0 3
0.00 0.00 309,250.70 0.00 309,250.70
120 Days 0 0 3 0 3
0.00 0.00 510,156.06 0.00 510,156.06
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 14 0 6 0 20
2,094,927.41 0.00 819,406.76 0.00 2,914,334.17
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 2.131783% 0.000000% 0.000000% 0.000000% 2.131783%
1.564935% 0.000000% 0.000000% 0.000000% 1.564935%
60 Days 0.581395% 0.000000% 0.000000% 0.000000% 0.581395%
0.223636% 0.000000% 0.000000% 0.000000% 0.223636%
90 Days 0.000000% 0.000000% 0.581395% 0.000000% 0.581395%
0.000000% 0.000000% 0.264027% 0.000000% 0.264027%
120 Days 0.000000% 0.000000% 0.581395% 0.000000% 0.581395%
0.000000% 0.000000% 0.435552% 0.000000% 0.435552%
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 2.713178% 0.000000% 1.162791% 0.000000% 3.875969%
1.788571% 0.000000% 0.699579% 0.000000% 2.488150%
<caption>
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 3 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 4 0 0 4
701,414.63 0.00 0.00 701,414.63
30 Days 21 1 0 0 22
2,572,032.66 117,431.03 0.00 0.00 2,689,463.69
60 Days 5 0 0 0 5
645,751.16 0.00 0.00 0.00 645,751.16
90 Days 5 0 0 0 5
503,981.13 0.00 0.00 0.00 503,981.13
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 31 5 0 0 36
3,721,764.95 818,845.66 0.00 0.00 4,540,610.61
0-29 Days 1.619433% 0.000000% 0.000000% 1.619433%
2.261368% 0.000000% 0.000000% 2.261368%
30 Days 8.502024% 0.404858% 0.000000% 0.000000% 8.906883%
8.292258% 0.378599% 0.000000% 0.000000% 8.670857%
60 Days 2.024291% 0.000000% 0.000000% 0.000000% 2.024291%
2.081908% 0.000000% 0.000000% 0.000000% 2.081908%
90 Days 2.024291% 0.000000% 0.000000% 0.000000% 2.024291%
1.624840% 0.000000% 0.000000% 0.000000% 1.624840%
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 12.550607% 2.024291% 0.000000% 0.000000% 14.574899%
11.999006% 2.639966% 0.000000% 0.000000% 14.638972%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 124,376.18
SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
Current
Original $ Original % Current $ Current % Class% Prepayment%
<s> <c> <c> <c> <c> <c> <c> <c>
Class A 163,533,767.00 78.67493230% 156,136,848.01 79.23327205% 20.766728% 0.000000%
Class 2A 60,676,467.00 29.19101676% 58,172,236.67 29.52010824% 49.713164% 301.956104%
Class 3A 32,530,367.00 15.65012822% 32,443,328.75 16.46370556% 13.056403% 79.304156%
Class B-1 24,631,667.00 11.85011982% 24,565,738.29 12.46614012% 3.997565% 24.281080%
Class B-2 18,083,967.00 8.70006792% 18,035,537.24 9.15232149% 3.313819% 20.128024%
Class B-3 12,887,567.00 6.20011683% 12,853,024.80 6.52240149% 2.629920% 15.974047%
Class B-4 9,042,167.00 4.35012224% 9,017,901.76 4.57622831% 1.946173% 11.820991%
Class B-5 6,443,867.00 3.10009859% 6,426,545.81 3.26121770% 1.315011% 7.987331%
Class B-6 100.00 0.00004811% 0.00 0.00000000% 3.261218% 19.808528%
Class R-I 50.00 0.00002405% 0.00 0.00000000% 0.000000% 0.000000%
Class R-II 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
<FN>
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
</FN>
COLLATERAL STATEMENT
Collateral Description Mixed ARM
Weighted Average Gross Coupon 5.692724%
Weighted Average Net Coupon 5.346213%
Weighted Average Pass-Through Rate 5.336213%
Weighted Average Maturity(Stepdown Calculation ) 329
Beginning Scheduled Collateral Loan Count 1,114
Number Of Loans Paid In Full 26
Ending Scheduled Collateral Loan Count 1,088
Beginning Scheduled Collateral Balance 202,521,119.97
Ending Scheduled Collateral Balance 197,059,699.75
Ending Actual Collateral Balance at 30-Nov-2003 197,403,219.35
Monthly P &I Constant 1,233,042.85
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Class A Optimal Amount 6,173,804.18
Ending Scheduled Balance for Premium Loans 197,059,699.75
Scheduled Principal 272,295.53
Unscheduled Principal 5,189,124.69
Miscellaneous Reporting
Senior Percentage 83.958714%
Senior Percentage Group 1 83.822488%
Senior Percentage Group 2 83.995089%
Senior Percentage Group 3 84.037875%
Senior Prepay Percentage Group 1 100.000000%
Senior Prepay Percentage Group 2 100.000000%
Senior Prepay Percentage Group 3 100.000000%
Subordinate Percentage 16.041286%
Subordinate Percentage Group 1 16.177512%
Subordinate Percentage Group 2 16.004911%
Subordinate Percentage Group 3 15.962125%
Subordinate Prepay Percentage 0.000000%
Subordinate Prepay Percent Group1 0.000000%
Subordinate Prepay Percent Group 2 0.000000%
Subordinate Prepay Percent Group 3 0.000000%
Subordination Doubling Test passed? NO
Delinquency Test passed? YES
Realized Loss Test passed? YES
Group Level Collateral Statement
Group Group 1 Group 2 Group 3
Collateral Description Mixed ARM Mixed ARM Mixed ARM
Weighted Average Coupon Rate 6.605947 5.394298 5.361296
Weighted Average Net Rate 6.220958 5.098044 4.891184
Weighted Average Maturity 327 349 257
Beginning Loan Count 332 523 259
Loans Paid In Full 7 7 12
Ending Loan Count 325 516 247
Beginning Scheduled Balance 50,769,157.26 119,121,646.98 32,630,315.73
Ending scheduled Balance 49,124,965.65 117,011,004.57 30,923,729.53
Record Date 11/30/2003 11/30/2003 11/30/2003
Principal And Interest Constant 347,922.60 653,695.93 231,424.32
Scheduled Principal 68,440.65 118,214.55 85,640.33
Unscheduled Principal 1,575,750.96 1,992,427.86 1,620,945.87
Scheduled Interest 279,481.95 535,481.38 145,783.99
Servicing Fees 16,287.96 29,408.58 12,783.25
Master Servicing Fees 423.07 992.67 271.92
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 0.00 0.00 0.00
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 262,770.92 505,080.13 132,728.82
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 6.210958 5.088044 4.881185
Group Level Collateral Statement
Group Total
Collateral Description Mixed ARM
Weighted Average Coupon Rate 5.692724
Weighted Average Net Rate 5.346213
Weighted Average Maturity 329
Beginning Loan Count 1,114
Loans Paid In Full 26
Ending Loan Count 1,088
Beginning Scheduled Balance 202,521,119.97
Ending scheduled Balance 197,059,699.75
Record Date 11/30/2003
Principal And Interest Constant 1,233,042.85
Scheduled Principal 272,295.53
Unscheduled Principal 5,189,124.69
Scheduled Interest 960,747.32
Servicing Fees 58,479.79
Master Servicing Fees 1,687.66
Trustee Fee 0.00
FRY Amount 0.00
Special Hazard Fee 0.00
Other Fee 0.00
Pool Insurance Fee 0.00
Spread Fee 1 0.00
Spread Fee 2 0.00
Spread Fee 3 0.00
Net Interest 900,579.87
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Percentage of Cumulative Losses 0.0000
Prepayment Penalties 0.00
Special Servicing Fee 0.00
Pass-Through Rate 5.336213