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): January 26, 2004
BEAR STEARNS ASSET BACKED SECURITIES TRUST
Asset-Backed Certificates, Series 2003-1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-56242-16 52-2120451
Pooling and Servicing Agreement) (Commission 52-2120452
(State or other File Number) 52-2120453
jurisdiction IRS EIN
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 January 26, 2004 a distribution was made to holders of BEAR STEARNS ASSET
BACKED SECURITIES TRUST, Asset-Backed Certificates, Series 2003-1
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
2003-1 Trust, relating to the
January 26, 2004 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 2003-1 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: 2/5/04
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset-
Backed Certificates, Series 2003-1 Trust,
relating to the January 26, 2004 distribution.
EX-99.1
Bear Stearns Asset Backed Securities
Asset-Backed Certificates
Record Date: 12/31/03
Distribution Date: 1/26/04
BSA Series: 2003-1
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 07384YGX8 SEN 1.64125% 278,712,019.21 393,903.31 12,993,638.85
A-2 07384YGY6 SEN 1.89125% 36,433,078.69 59,334.05 1,698,521.18
A-IO 07384YGZ3 SEN 5.00000% 0.00 257,229.17 0.00
M-1 07384YHA7 MEZ 2.24125% 30,867,000.00 59,572.24 0.00
M-2 07384YHB5 MEZ 3.14125% 29,324,000.00 79,320.40 0.00
B 07384YHC3 SUB 3.39125% 23,151,000.00 67,606.55 0.00
B-IO BSA031BIO IO 0.00000% 0.00 1,767,921.80 0.00
R-1 07384YHD1 RES 0.00000% 0.00 0.00 0.00
R-2 07384YHE9 RES 0.00000% 0.00 0.00 0.00
R-3 07384YHF6 RES 0.00000% 0.00 0.00 0.00
OC BSA0301OC OC 0.00000% 10,186,245.46 0.00 0.00
Totals 408,673,343.36 2,684,887.52 14,692,160.03
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 265,718,380.35 13,387,542.16 0.00
A-2 0.00 34,734,557.51 1,757,855.23 0.00
A-IO 0.00 0.00 257,229.17 0.00
M-1 0.00 30,867,000.00 59,572.24 0.00
M-2 0.00 29,324,000.00 79,320.40 0.00
B 0.00 23,151,000.00 67,606.55 0.00
B-IO 0.00 0.00 1,767,921.80 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
OC 0.00 10,186,245.46 0.00 0.00
Totals 0.00 393,981,183.32 17,377,047.55 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-1 472,271,000.00 278,712,019.21 0.00 12,993,638.85 0.00 0.00
A-2 61,735,000.00 36,433,078.69 0.00 1,698,521.18 0.00 0.00
A-IO 0.00 0.00 0.00 0.00 0.00 0.00
M-1 30,867,000.00 30,867,000.00 0.00 0.00 0.00 0.00
M-2 29,324,000.00 29,324,000.00 0.00 0.00 0.00 0.00
B 23,151,000.00 23,151,000.00 0.00 0.00 0.00 0.00
B-IO 0.00 0.00 0.00 0.00 0.00 0.00
R-1 50.00 0.00 0.00 0.00 0.00 0.00
R-2 50.00 0.00 0.00 0.00 0.00 0.00
R-3 50.00 0.00 0.00 0.00 0.00 0.00
OC 59.42 10,186,245.46 0.00 0.00 0.00 0.00
Totals 617,348,209.42 408,673,343.36 0.00 14,692,160.03 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 12,993,638.85 265,718,380.35 0.56263963 12,993,638.85
A-2 1,698,521.18 34,734,557.51 0.56263963 1,698,521.18
A-IO 0.00 0.00 0.00000000 0.00
M-1 0.00 30,867,000.00 1.00000000 0.00
M-2 0.00 29,324,000.00 1.00000000 0.00
B 0.00 23,151,000.00 1.00000000 0.00
B-IO 0.00 0.00 0.00000000 0.00
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
OC 0.00 10,186,245.46 171,427.89397509 0.00
Totals 14,692,160.03 393,981,183.32 0.63818308 14,692,160.03
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-1 472,271,000.00 590.15272843 0.00000000 27.51309915 0.00000000
A-2 61,735,000.00 590.15272844 0.00000000 27.51309921 0.00000000
A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
M-1 30,867,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 29,324,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B 23,151,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-1 50.00 0.00000000 0.00000000 0.00000000 0.00000000
R-2 50.00 0.00000000 0.00000000 0.00000000 0.00000000
R-3 50.00 0.00000000 0.00000000 0.00000000 0.00000000
OC 59.42 171427893.97509300 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 27.51309915 562.63962926 0.56263963 27.51309915
A-2 0.00000000 27.51309921 562.63962922 0.56263963 27.51309921
A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
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
OC 0.00000000 0.0000007 1,427,893.97509300 171427.89397509 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-1 472,271,000.00 1.64125% 278,712,019.21 393,903.31 0.00 0.00
A-2 61,735,000.00 1.89125% 36,433,078.69 59,334.05 0.00 0.00
A-IO 0.00 5.00000% 61,735,000.00 257,229.17 0.00 0.00
M-1 30,867,000.00 2.24125% 30,867,000.00 59,572.24 0.00 0.00
M-2 29,324,000.00 3.14125% 29,324,000.00 79,320.40 0.00 0.00
B 23,151,000.00 3.39125% 23,151,000.00 67,606.55 0.00 0.00
B-IO 0.00 0.00000% 408,673,343.35 0.00 0.00 0.00
R-1 50.00 0.00000% 0.00 0.00 0.00 0.00
R-2 50.00 0.00000% 0.00 0.00 0.00 0.00
R-3 50.00 0.00000% 0.00 0.00 0.00 0.00
OC 59.42 0.00000% 10,186,245.46 0.00 0.00 0.00
Totals 617,348,209.42 916,965.72 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 0.00 0.00 393,903.31 0.00 265,718,380.35
A-2 0.00 0.00 59,334.05 0.00 34,734,557.51
A-IO 0.00 0.00 257,229.17 0.00 61,735,000.00
M-1 0.00 0.00 59,572.24 0.00 30,867,000.00
M-2 0.00 0.00 79,320.40 0.00 29,324,000.00
B 0.00 0.00 67,606.55 0.00 23,151,000.00
B-IO 0.00 0.00 1,767,921.80 0.00 393,981,183.32
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
OC 0.00 0.00 0.00 0.00 10,186,245.46
Totals 0.00 0.00 2,684,887.52 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-1 472,271,000.00 1.64125% 590.15272843 0.83406203 0.00000000 0.00000000
A-2 61,735,000.00 1.89125% 590.15272844 0.96110877 0.00000000 0.00000000
A-IO 0.00 5.00000% 1000.00000000 4.16666672 0.00000000 0.00000000
M-1 30,867,000.00 2.24125% 1000.00000000 1.92996534 0.00000000 0.00000000
M-2 29,324,000.00 3.14125% 1000.00000000 2.70496522 0.00000000 0.00000000
B 23,151,000.00 3.39125% 1000.00000000 2.92024319 0.00000000 0.00000000
B-IO 0.00 0.00000% 661.98190440 0.00000000 0.00000000 0.00000000
R-1 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-2 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-3 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
OC 59.42 0.00000% 171427893.97509300 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 0.00000000 0.00000000 0.83406203 0.00000000 562.63962926
A-2 0.00000000 0.00000000 0.96110877 0.00000000 562.63962922
A-IO 0.00000000 0.00000000 4.16666672 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 1.92996534 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.70496522 0.00000000 1000.00000000
B 0.00000000 0.00000000 2.92024319 0.00000000 1000.00000000
B-IO 0.00000000 0.00000000 2.86373520 0.00000000 638.18308259
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
OC 0.00000000 0.00000000 0.00000000 0.00000000 171427893.97509300
<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 17,658,529.18
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 560,482.72
Realized Loss (Gains, Subsequent Expenses & Recoveries) (89,048.50)
Prepayment Penalties 0.00
Total Deposits 18,129,963.40
Withdrawals
Reimbursement for Servicer Advances 596,166.75
Payment of Service Fee 156,749.10
Payment of Interest and Principal 17,377,047.55
Total Withdrawals (Pool Distribution Amount) 18,129,963.40
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 155,046.29
Master Servicing Fee 1,702.81
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 156,749.10
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Financial Guaranty 0.00 0.00 0.00 0.00
Reserve Fund 0.00 0.00 0.00 0.00
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 191 2 0 193
10,914,999.58 344,362.78 0.00 11,259,362.36
30 Days 308 14 3 0 325
20,405,946.45 605,231.99 271,031.91 0.00 21,282,210.35
60 Days 116 12 8 0 136
11,593,634.49 544,469.65 547,188.23 0.00 12,685,292.37
90 Days 38 10 20 0 68
2,483,140.70 464,331.84 1,535,094.87 0.00 4,482,567.41
120 Days 20 12 28 0 60
2,257,621.86 922,359.86 2,640,379.40 0.00 5,820,361.12
150 Days 7 11 42 5 65
427,947.76 1,139,958.07 4,100,403.62 624,062.08 6,292,371.53
180+ Days 20 38 65 26 149
1,727,258.17 3,146,164.51 6,170,817.96 2,404,842.26 13,449,082.90
Totals 509 288 168 31 996
38,895,549.43 17,737,515.50 15,609,278.77 3,028,904.34 75,271,248.04
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 3.487311% 0.036516% 0.000000% 3.523827%
2.762573% 0.087158% 0.000000% 2.849731%
30 Days 5.623517% 0.255614% 0.054775% 0.000000% 5.933905%
5.164720% 0.153183% 0.068598% 0.000000% 5.386501%
60 Days 2.117948% 0.219098% 0.146065% 0.000000% 2.483111%
2.934335% 0.137805% 0.138493% 0.000000% 3.210632%
90 Days 0.693810% 0.182582% 0.365163% 0.000000% 1.241556%
0.628480% 0.117522% 0.388531% 0.000000% 1.134532%
120 Days 0.365163% 0.219098% 0.511229% 0.000000% 1.095490%
0.571401% 0.233448% 0.668277% 0.000000% 1.473126%
150 Days 0.127807% 0.200840% 0.766843% 0.091291% 1.186781%
0.108313% 0.288522% 1.037807% 0.157949% 1.592592%
180+ Days 0.365163% 0.693810% 1.186781% 0.474712% 2.720467%
0.437167% 0.796290% 1.561826% 0.608663% 3.403946%
Totals 9.293409% 5.258353% 3.067373% 0.566003% 18.185138%
9.844416% 4.489343% 3.950689% 0.766612% 19.051061%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 560,482.72
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 8.605460%
Weighted Average Net Coupon 8.150193%
Weighted Average Pass-Through Rate 8.145193%
Weighted Average Maturity(Stepdown Calculation ) 278
Beginning Scheduled Collateral Loan Count 5,626
Number Of Loans Paid In Full 149
Ending Scheduled Collateral Loan Count 5,477
Beginning Scheduled Collateral Balance 408,673,343.35
Ending Scheduled Collateral Balance 393,981,183.32
Ending Actual Collateral Balance at 31-Dec-2003 395,102,658.77
Monthly P &I Constant 3,781,693.27
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 89,048.50
Cumulative Realized Loss 209,340.75
Ending Scheduled Balance for Premium Loans 393,981,183.32
Scheduled Principal 851,008.20
Unscheduled Principal 13,841,151.84
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 89,048.49
Overcollateralized reduction Amount 0.00
Specified O/C Amount 10,186,245.46
Overcollateralized Amount 10,186,245.46
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 89,048.49
Excess Cash Amount 1,856,970.29
Miscellaneous Reporting
Three month rolling average 0.085321%
Trigger Event NO
Yield maintenance amount 0.00
Group Level Collateral Statement
Group FIXED loans ARM loans Total
Collateral Description Mixed Fixed Mixed ARM Fixed & Mixed ARM
Weighted Average Coupon Rate 9.007390 7.198623 8.605460
Weighted Average Net Rate 8.546283 6.763798 8.150193
Weighted Average Maturity 263 327 278
Beginning Loan Count 4,959 667 5,626
Loans Paid In Full 134 15 149
Ending Loan Count 4,825 652 5,477
Beginning Scheduled Balance 317,861,051.62 90,812,291.73 408,673,343.35
Ending scheduled Balance 305,829,562.40 88,151,620.92 393,981,183.32
Record Date 12/31/2003 12/31/2003 12/31/2003
Principal And Interest Constant 3,124,912.84 656,780.43 3,781,693.27
Scheduled Principal 738,997.33 112,010.87 851,008.20
Unscheduled Principal 11,292,491.90 2,548,659.94 13,841,151.84
Scheduled Interest 2,385,915.51 544,769.56 2,930,685.07
Servicing Fees 122,140.04 32,906.25 155,046.29
Master Servicing Fees 1,324.41 378.40 1,702.81
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 2,262,451.06 511,484.91 2,773,935.97
Realized Loss Amount 89,048.50 0.00 89,048.50
Cumulative Realized Loss 209,340.75 0.00 209,340.75
Percentage of Cumulative Losses 0.0441 0.0000 0.0339
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 8.541283 6.758798 8.145193