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-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 January 26, 2004 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
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-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: 2/3/2004
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 January 26, 2004 distribution.
EX-99.1
Bear Stearns Asset Backed Securities
Asset-Backed Certificates
Record Date: 12/31/2003
Distribution Date: 1/26/2004
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% 309,979,908.79 1,059,872.96 12,643,736.92
A-IO 07384YHH2 IO 5.00000% 0.00 312,500.00 0.00
M-1 07384YHJ8 MEZ 4.60600% 19,596,349.07 75,217.32 799,313.36
M-2 07384YHK5 MEZ 4.96800% 16,033,246.89 66,377.64 653,978.37
B-1 07384YHL3 SUB 5.66500% 2,851,052.78 13,459.34 116,291.28
B-2 07384YHM1 SUB 4.39125% 7,838,397.05 29,639.76 319,719.53
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% 0.00 530,381.83 0.00
P SEN 0.00000% 100.00 22,446.77 0.00
Totals 356,299,054.58 2,109,895.62 14,533,039.46
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 297,336,171.87 13,703,609.88 0.00
A-IO 0.00 0.00 312,500.00 0.00
M-1 0.00 18,797,035.71 874,530.68 0.00
M-2 0.00 15,379,268.52 720,356.01 0.00
B-1 0.00 2,734,761.50 129,750.62 0.00
B-2 0.00 7,518,677.52 349,359.29 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 0.00 530,381.83 0.00
P 0.00 100.00 22,446.77 0.00
Totals 0.00 341,766,015.12 16,642,935.08 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-1 434,812,000.00 309,979,908.79 0.00 12,643,736.92 0.00 0.00
A-IO 0.00 0.00 0.00 0.00 0.00 0.00
M-1 27,488,000.00 19,596,349.07 0.00 799,313.36 0.00 0.00
M-2 22,490,000.00 16,033,246.89 0.00 653,978.37 0.00 0.00
B-1 3,999,201.00 2,851,052.78 0.00 116,291.28 0.00 0.00
B-2 10,995,000.00 7,838,397.05 0.00 319,719.53 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 499,784,301.00 356,299,054.58 0.00 14,533,039.46 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 12,643,736.92 297,336,171.87 0.68382697 12,643,736.92
A-IO 0.00 0.00 0.00000000 0.00
M-1 799,313.36 18,797,035.71 0.68382697 799,313.36
M-2 653,978.37 15,379,268.52 0.68382697 653,978.37
B-1 116,291.28 2,734,761.50 0.68382697 116,291.28
B-2 319,719.53 7,518,677.52 0.68382697 319,719.53
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 14,533,039.46 341,766,015.12 0.68382703 14,533,039.46
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-1 434,812,000.00 712.90559780 0.00000000 29.07862920 0.00000000
A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
M-1 27,488,000.00 712.90559772 0.00000000 29.07862922 0.00000000
M-2 22,490,000.00 712.90559760 0.00000000 29.07862917 0.00000000
B-1 3,999,201.00 712.90559789 0.00000000 29.07862846 0.00000000
B-2 10,995,000.00 712.90559800 0.00000000 29.07862938 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 29.07862920 683.82696860 0.68382697 29.07862920
A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-1 0.00000000 29.07862922 683.82696850 0.68382697 29.07862922
M-2 0.00000000 29.07862917 683.82696843 0.68382697 29.07862917
B-1 0.00000000 29.07862846 683.82696944 0.68382697 29.07862846
B-2 0.00000000 29.07862938 683.82696862 0.68382697 29.07862938
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% 309,979,908.79 1,059,872.97 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% 19,596,349.07 75,217.32 0.00 0.00
M-2 22,490,000.00 4.96800% 16,033,246.89 66,377.64 0.00 0.00
B-1 3,999,201.00 5.66500% 2,851,052.78 13,459.34 0.00 0.00
B-2 10,995,000.00 4.39125% 7,838,397.05 29,639.76 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 1,557,067.03 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 1,059,872.96 0.00 297,336,171.87
A-IO 0.00 0.00 312,500.00 0.00 75,000,000.00
M-1 0.00 0.00 75,217.32 0.00 18,797,035.71
M-2 0.00 0.00 66,377.64 0.00 15,379,268.52
B-1 0.00 0.00 13,459.34 0.00 2,734,761.50
B-2 0.00 0.00 29,639.76 0.00 7,518,677.52
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 0.00 530,381.83 0.00 0.00
P 0.00 0.00 22,446.77 0.00 100.00
Totals 0.01 0.00 2,109,895.62 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% 712.90559780 2.43754305 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% 712.90559772 2.73636932 0.00000000 0.00000000
M-2 22,490,000.00 4.96800% 712.90559760 2.95142908 0.00000000 0.00000000
B-1 3,999,201.00 5.66500% 712.90559789 3.36550726 0.00000000 0.00000000
B-2 10,995,000.00 4.39125% 712.90559800 2.69574898 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 2.43754303 0.00000000 683.82696860
A-IO 0.00000000 0.00000000 4.16666667 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 2.73636932 0.00000000 683.82696850
M-2 0.00000000 0.00000000 2.95142908 0.00000000 683.82696843
B-1 0.00000000 0.00000000 3.36550726 0.00000000 683.82696944
B-2 0.00000000 0.00000000 2.69574898 0.00000000 683.82696862
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 224467.70000000 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 16,692,376.66
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 113,851.98
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
Total Deposits 16,806,228.64
Withdrawals
Reimbursement for Servicer Advances 84,420.61
Payment of Service Fee 78,872.95
Payment of Interest and Principal 16,642,935.08
Total Withdrawals (Pool Distribution Amount) 16,806,228.64
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 74,749.58
Master Servicing Fee 2,989.99
Miscellaneous Fee 1,133.38
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 78,872.95
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 2 0 0 2
180,899.84 0.00 0.00 180,899.84
30 Days 25 0 0 0 25
5,853,886.81 0.00 0.00 0.00 5,853,886.81
60 Days 7 0 0 0 7
1,609,379.93 0.00 0.00 0.00 1,609,379.93
90 Days 4 0 1 0 5
804,803.58 0.00 98,028.30 0.00 902,831.88
120 Days 2 2 3 0 7
381,376.92 205,910.13 805,661.09 0.00 1,392,948.14
150 Days 0 1 8 0 9
0.00 502,370.86 1,321,928.81 0.00 1,824,299.67
180+ Days 1 3 6 2 12
80,549.87 1,406,572.25 2,134,099.50 247,085.28 3,868,306.90
Totals 39 8 18 2 67
8,729,997.11 2,295,753.08 4,359,717.70 247,085.28 15,632,553.17
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 0.142552% 0.000000% 0.000000% 0.142552%
0.052494% 0.000000% 0.000000% 0.052494%
30 Days 1.781896% 0.000000% 0.000000% 0.000000% 1.781896%
1.698704% 0.000000% 0.000000% 0.000000% 1.698704%
60 Days 0.498931% 0.000000% 0.000000% 0.000000% 0.498931%
0.467016% 0.000000% 0.000000% 0.000000% 0.467016%
90 Days 0.285103% 0.000000% 0.071276% 0.000000% 0.356379%
0.233541% 0.000000% 0.028446% 0.000000% 0.261987%
120 Days 0.142552% 0.142552% 0.213828% 0.000000% 0.498931%
0.110669% 0.059752% 0.233790% 0.000000% 0.404211%
150 Days 0.000000% 0.071276% 0.570207% 0.000000% 0.641483%
0.000000% 0.145780% 0.383603% 0.000000% 0.529383%
180+ Days 0.071276% 0.213828% 0.427655% 0.142552% 0.855310%
0.023374% 0.408165% 0.619281% 0.071700% 1.122521%
Totals 2.779758% 0.570207% 1.282965% 0.142552% 4.775481%
2.533305% 0.666191% 1.265120% 0.071700% 4.536317%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 113,851.98
COLLATERAL STATEMENT
Collateral Description Mixed Fixed
Weighted Average Gross Coupon 7.245264%
Weighted Average Net Coupon 6.995264%
Weighted Average Pass-Through Rate 6.981474%
Weighted Average Maturity(Stepdown Calculation ) 326
Beginning Scheduled Collateral Loan Count 1,456
Number Of Loans Paid In Full 53
Ending Scheduled Collateral Loan Count 1,403
Beginning Scheduled Collateral Balance 358,797,976.58
Ending Scheduled Collateral Balance 344,264,937.12
Ending Actual Collateral Balance at 31-Dec-2003 344,608,957.37
Monthly P &I Constant 2,526,453.99
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 344,264,937.12
Scheduled Principal 360,132.21
Unscheduled Principal 14,172,907.25
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 552,828.59
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 0.024113%