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-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 January 26, 2004 a distribution was made to holders of BEAR STEARNS ASSET
BACKED SECURITIES TRUST, Asset-Backed 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
Asset-Backed Certificates,
Series 2003-SD2 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-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: 2/3/2004
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset-Backed
Certificates, Series 2003-SD2 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-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 6.19774% 40,922,851.24 211,307.72 1,426,441.47
II-A 07384YLJ3 SEN 5.08343% 97,964,611.34 414,898.92 2,513,631.76
III-A 07384YLK0 SEN 4.82168% 25,728,907.92 103,356.04 486,298.38
B-1 07384YLL8 SUB 5.32323% 7,877,590.46 34,936.95 10,760.21
B-2 07384YLM6 SUB 5.32323% 6,530,201.05 28,961.30 8,919.78
B-3 07384YLN4 SUB 5.32323% 5,182,512.44 22,984.33 7,078.93
B-4 07384YMH6 SUB 5.32323% 3,835,123.04 17,008.69 5,238.50
B-5 07384YMJ2 SUB 5.32323% 2,591,355.95 11,492.61 3,539.60
B-6 07384YMK9 SUB 5.32323% 6,426,545.81 28,501.59 8,778.19
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 197,059,699.25 873,448.15 4,470,686.82
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 39,496,409.77 1,637,749.19 0.00
II-A 0.00 95,450,979.58 2,928,530.68 0.00
III-A 0.00 25,242,609.55 589,654.42 0.00
B-1 0.00 7,866,830.24 45,697.16 0.00
B-2 0.00 6,521,281.27 37,881.08 0.00
B-3 0.00 5,175,433.51 30,063.26 0.00
B-4 0.00 3,829,884.54 22,247.19 0.00
B-5 0.00 2,587,816.35 15,032.21 0.00
B-6 0.00 6,417,767.62 37,279.78 0.00
R-I 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00
Totals 0.00 192,589,012.43 5,344,134.97 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 40,922,851.24 56,465.61 1,369,975.86 0.00 0.00
II-A 102,857,300.00 97,964,611.34 98,030.38 2,415,601.38 0.00 0.00
III-A 28,146,100.00 25,728,907.92 69,035.66 417,262.72 0.00 0.00
B-1 7,898,700.00 7,877,590.46 10,760.21 0.00 0.00 0.00
B-2 6,547,700.00 6,530,201.05 8,919.78 0.00 0.00 0.00
B-3 5,196,400.00 5,182,512.44 7,078.93 0.00 0.00 0.00
B-4 3,845,400.00 3,835,123.04 5,238.50 0.00 0.00 0.00
B-5 2,598,300.00 2,591,355.95 3,539.60 0.00 0.00 0.00
B-6 6,443,767.00 6,426,545.81 8,778.19 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 207,860,067.00 197,059,699.25 267,846.86 4,202,839.96 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 1,426,441.47 39,496,409.77 0.89103782 1,426,441.47
II-A 2,513,631.76 95,450,979.58 0.92799422 2,513,631.76
III-A 486,298.38 25,242,609.55 0.89684218 486,298.38
B-1 10,760.21 7,866,830.24 0.99596519 10,760.21
B-2 8,919.78 6,521,281.27 0.99596519 8,919.78
B-3 7,078.93 5,175,433.51 0.99596519 7,078.93
B-4 5,238.50 3,829,884.54 0.99596519 5,238.50
B-5 3,539.60 2,587,816.35 0.99596519 3,539.60
B-6 8,778.19 6,417,767.62 0.99596519 8,778.19
R-I 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
Totals 4,470,686.82 192,589,012.43 0.92653204 4,470,686.82
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>
I-A 44,326,300.00 923.21829794 1.27386247 30.90661436 0.00000000
II-A 102,857,300.00 952.43226626 0.95307168 23.48497754 0.00000000
III-A 28,146,100.00 914.11982193 2.45276113 14.82488586 0.00000000
B-1 7,898,700.00 997.32746655 1.36227607 0.00000000 0.00000000
B-2 6,547,700.00 997.32746613 1.36227683 0.00000000 0.00000000
B-3 5,196,400.00 997.32746517 1.36227581 0.00000000 0.00000000
B-4 3,845,400.00 997.32746658 1.36227701 0.00000000 0.00000000
B-5 2,598,300.00 997.32746411 1.36227533 0.00000000 0.00000000
B-6 6,443,767.00 997.32746544 1.36227613 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 32.18047683 891.03782111 0.89103782 32.18047683
II-A 0.00000000 24.43804922 927.99421704 0.92799422 24.43804922
III-A 0.00000000 17.27764699 896.84217529 0.89684218 17.27764699
B-1 0.00000000 1.36227607 995.96518921 0.99596519 1.36227607
B-2 0.00000000 1.36227683 995.96518930 0.99596519 1.36227683
B-3 0.00000000 1.36227581 995.96518936 0.99596519 1.36227581
B-4 0.00000000 1.36227701 995.96518958 0.99596519 1.36227701
B-5 0.00000000 1.36227533 995.96518878 0.99596519 1.36227533
B-6 0.00000000 1.36227613 995.96518931 0.99596519 1.36227613
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 6.19774% 40,922,851.24 211,357.67 0.00 0.00
II-A 102,857,300.00 5.08343% 97,964,611.34 414,997.00 0.00 0.00
III-A 28,146,100.00 4.82168% 25,728,907.92 103,380.47 0.00 0.00
B-1 7,898,700.00 5.32323% 7,877,590.46 34,945.20 0.00 0.00
B-2 6,547,700.00 5.32323% 6,530,201.05 28,968.15 0.00 0.00
B-3 5,196,400.00 5.32323% 5,182,512.44 22,989.77 0.00 0.00
B-4 3,845,400.00 5.32323% 3,835,123.04 17,012.71 0.00 0.00
B-5 2,598,300.00 5.32323% 2,591,355.95 11,495.33 0.00 0.00
B-6 6,443,767.00 5.32323% 6,426,545.81 28,508.33 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 207,860,067.00 873,654.63 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 49.95 0.00 211,307.72 0.00 39,496,409.77
II-A 98.08 0.00 414,898.92 0.00 95,450,979.58
III-A 24.43 0.00 103,356.04 0.00 25,242,609.55
B-1 8.26 0.00 34,936.95 0.00 7,866,830.24
B-2 6.85 0.00 28,961.30 0.00 6,521,281.27
B-3 5.43 0.00 22,984.33 0.00 5,175,433.51
B-4 4.02 0.00 17,008.69 0.00 3,829,884.54
B-5 2.72 0.00 11,492.61 0.00 2,587,816.35
B-6 6.74 0.00 28,501.59 0.00 6,417,767.62
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 206.48 0.00 873,448.15 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 6.19774% 923.21829794 4.76822270 0.00000000 0.00000000
II-A 102,857,300.00 5.08343% 952.43226626 4.03468689 0.00000000 0.00000000
III-A 28,146,100.00 4.82168% 914.11982193 3.67299448 0.00000000 0.00000000
B-1 7,898,700.00 5.32323% 997.32746655 4.42417107 0.00000000 0.00000000
B-2 6,547,700.00 5.32323% 997.32746613 4.42417185 0.00000000 0.00000000
B-3 5,196,400.00 5.32323% 997.32746517 4.42417250 0.00000000 0.00000000
B-4 3,845,400.00 5.32323% 997.32746658 4.42417174 0.00000000 0.00000000
B-5 2,598,300.00 5.32323% 997.32746411 4.42417350 0.00000000 0.00000000
B-6 6,443,767.00 5.32323% 997.32746544 4.42417145 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 0.00112687 0.00000000 4.76709583 0.00000000 891.03782111
II-A 0.00095355 0.00000000 4.03373334 0.00000000 927.99421704
III-A 0.00086797 0.00000000 3.67212651 0.00000000 896.84217529
B-1 0.00104574 0.00000000 4.42312659 0.00000000 995.96518921
B-2 0.00104617 0.00000000 4.42312568 0.00000000 995.96518930
B-3 0.00104495 0.00000000 4.42312563 0.00000000 995.96518936
B-4 0.00104540 0.00000000 4.42312633 0.00000000 995.96518958
B-5 0.00104684 0.00000000 4.42312666 0.00000000 995.96518878
B-6 0.00104597 0.00000000 4.42312548 0.00000000 995.96518931
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 5,410,353.28
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 116,558.26
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
Total Deposits 5,526,911.54
Withdrawals
Reimbursement for Servicer Advances 124,376.18
Payment of Service Fee 58,400.39
Payment of Interest and Principal 5,344,134.97
Total Withdrawals (Pool Distribution Amount) 5,526,911.54
Ending Balance 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<s> <c>
Total Prepayment/Curtailment Interest Shortfall 206.34
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 206.34
SERVICING FEES
<s> <c>
Gross Servicing Fee 56,758.20
Master Servicing Fee 1,642.19
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 58,400.39
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 10 1 0 11
1,590,669.87 106,447.21 0.00 1,697,117.08
30 Days 48 1 0 0 49
8,079,557.09 106,795.87 0.00 0.00 8,186,352.96
60 Days 25 1 5 0 31
3,544,033.49 109,125.91 536,487.23 0.00 4,189,646.63
90 Days 8 1 6 0 15
1,035,208.39 168,615.84 624,737.72 0.00 1,828,561.95
120 Days 7 1 8 0 16
672,242.95 47,605.60 912,164.64 0.00 1,632,013.19
150 Days 4 2 4 0 10
617,783.67 151,887.86 581,819.58 0.00 1,351,491.11
180+ Days 1 0 0 0 1
594,903.92 0.00 0.00 0.00 594,903.92
Totals 93 16 24 0 133
14,543,729.51 2,174,700.95 2,761,656.38 0.00 19,480,086.84
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 0.938086% 0.093809% 0.000000% 1.031895%
0.824612% 0.055183% 0.000000% 0.879795%
30 Days 4.502814% 0.093809% 0.000000% 0.000000% 4.596623%
4.188488% 0.055364% 0.000000% 0.000000% 4.243852%
60 Days 2.345216% 0.093809% 0.469043% 0.000000% 2.908068%
1.837247% 0.056571% 0.278118% 0.000000% 2.171936%
90 Days 0.750469% 0.093809% 0.562852% 0.000000% 1.407129%
0.536658% 0.087411% 0.323868% 0.000000% 0.947937%
120 Days 0.656660% 0.093809% 0.750469% 0.000000% 1.500938%
0.348495% 0.024679% 0.472871% 0.000000% 0.846045%
150 Days 0.375235% 0.187617% 0.375235% 0.000000% 0.938086%
0.320263% 0.078740% 0.301619% 0.000000% 0.700621%
180+ Days 0.093809% 0.000000% 0.000000% 0.000000% 0.093809%
0.308402% 0.000000% 0.000000% 0.000000% 0.308402%
Totals 8.724203% 1.500938% 2.251407% 0.000000% 12.476548%
7.539552% 1.127377% 1.431658% 0.000000% 10.098587%
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 6 0 0 6
1,164,571.79 0.00 0.00 1,164,571.79
30 Days 29 1 0 0 30
3,719,558.86 106,795.87 0.00 0.00 3,826,354.73
60 Days 14 1 2 0 17
2,177,119.83 109,125.91 194,047.04 0.00 2,480,292.78
90 Days 7 1 4 0 12
890,437.64 168,615.84 408,868.70 0.00 1,467,922.18
120 Days 5 1 6 0 12
443,772.55 47,605.60 709,948.69 0.00 1,201,326.84
150 Days 4 2 1 0 7
617,783.67 151,887.86 71,663.52 0.00 841,335.05
180 Days 1 0 0 0 1
594,903.92 0.00 0.00 0.00 594,903.92
Totals 60 12 13 0 85
8,443,576.47 1,748,602.87 1,384,527.95 0.00 11,576,707.29
0-29 Days 1.892744% 0.000000% 0.000000% 1.892744%
2.436443% 0.000000% 0.000000% 2.436443%
30 Days 9.148265% 0.315457% 0.000000% 0.000000% 9.463722%
7.781825% 0.223432% 0.000000% 0.000000% 8.005257%
60 Days 4.416404% 0.315457% 0.630915% 0.000000% 5.362776%
4.554832% 0.228306% 0.405973% 0.000000% 5.189111%
90 Days 2.208202% 0.315457% 1.261830% 0.000000% 3.785489%
1.862917% 0.352767% 0.855409% 0.000000% 3.071094%
120 Days 1.577287% 0.315457% 1.892744% 0.000000% 3.785489%
0.928433% 0.099597% 1.485310% 0.000000% 2.513340%
150 Days 1.261830% 0.630915% 0.315457% 0.000000% 2.208202%
1.292488% 0.317770% 0.149930% 0.000000% 1.760188%
180 Days 0.315457% 0.000000% 0.000000% 0.000000% 0.315457%
1.244620% 0.000000% 0.000000% 0.000000% 1.244620%
Totals 18.927445% 3.785489% 4.100946% 0.000000% 26.813880%
17.665115% 3.658316% 2.896622% 0.000000% 24.220053%
<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 1 0 1
0.00 106,447.21 0.00 106,447.21
30 Days 10 0 0 0 10
3,216,639.33 0.00 0.00 0.00 3,216,639.33
60 Days 4 0 0 0 4
626,889.10 0.00 0.00 0.00 626,889.10
90 Days 0 0 2 0 2
0.00 0.00 215,869.02 0.00 215,869.02
120 Days 0 0 2 0 2
0.00 0.00 202,215.95 0.00 202,215.95
150 Days 0 0 3 0 3
0.00 0.00 510,156.06 0.00 510,156.06
180 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 14 0 8 0 22
3,843,528.43 0.00 1,034,688.24 0.00 4,878,216.67
0-29 Days 0.000000% 0.197239% 0.000000% 0.197239%
0.000000% 0.092893% 0.000000% 0.092893%
30 Days 1.972387% 0.000000% 0.000000% 0.000000% 1.972387%
2.807056% 0.000000% 0.000000% 0.000000% 2.807056%
60 Days 0.788955% 0.000000% 0.000000% 0.000000% 0.788955%
0.547066% 0.000000% 0.000000% 0.000000% 0.547066%
90 Days 0.000000% 0.000000% 0.394477% 0.000000% 0.394477%
0.000000% 0.000000% 0.188382% 0.000000% 0.188382%
120 Days 0.000000% 0.000000% 0.394477% 0.000000% 0.394477%
0.000000% 0.000000% 0.176467% 0.000000% 0.176467%
150 Days 0.000000% 0.000000% 0.591716% 0.000000% 0.591716%
0.000000% 0.000000% 0.445196% 0.000000% 0.445196%
180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 2.761341% 0.000000% 1.577909% 0.000000% 4.339250%
3.354121% 0.000000% 0.902938% 0.000000% 4.257060%
<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
426,098.08 0.00 0.00 426,098.08
30 Days 9 0 0 0 9
1,143,358.90 0.00 0.00 0.00 1,143,358.90
60 Days 7 0 3 0 10
740,024.56 0.00 342,440.19 0.00 1,082,464.75
90 Days 1 0 0 0 1
144,770.75 0.00 0.00 0.00 144,770.75
120 Days 2 0 0 0 2
228,470.40 0.00 0.00 0.00 228,470.40
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 19 4 3 0 26
2,256,624.61 426,098.08 342,440.19 0.00 3,025,162.88
0-29 Days 1.652893% 0.000000% 0.000000% 1.652893%
1.396590% 0.000000% 0.000000% 1.396590%
30 Days 3.719008% 0.000000% 0.000000% 0.000000% 3.719008%
3.747504% 0.000000% 0.000000% 0.000000% 3.747504%
60 Days 2.892562% 0.000000% 1.239669% 0.000000% 4.132231%
2.425524% 0.000000% 1.122391% 0.000000% 3.547915%
90 Days 0.413223% 0.000000% 0.000000% 0.000000% 0.413223%
0.474504% 0.000000% 0.000000% 0.000000% 0.474504%
120 Days 0.826446% 0.000000% 0.000000% 0.000000% 0.826446%
0.748841% 0.000000% 0.000000% 0.000000% 0.748841%
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 7.851240% 1.652893% 1.239669% 0.000000% 10.743802%
7.396373% 1.396590% 1.122391% 0.000000% 9.915354%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 116,558.26
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% 153,092,602.66 79.49186728% 20.508132% 0.000000%
Class 2A 60,676,467.00 29.19101676% 57,641,623.08 29.92986057% 49.562007% 294.610759%
Class 3A 32,530,367.00 15.65012822% 32,399,013.53 16.82287739% 13.106983% 77.911661%
Class B-1 24,631,667.00 11.85011982% 24,532,183.29 12.73810115% 4.084776% 24.281080%
Class B-2 18,083,967.00 8.70006792% 18,010,902.02 9.35198833% 3.386113% 20.128024%
Class B-3 12,887,567.00 6.20011683% 12,835,468.51 6.66469406% 2.687294% 15.974047%
Class B-4 9,042,167.00 4.35012224% 9,005,583.97 4.67606320% 1.988631% 11.820991%
Class B-5 6,443,867.00 3.10009859% 6,417,767.62 3.33236435% 1.343699% 7.987331%
Class B-6 100.00 0.00004811% 0.00 0.00000000% 3.332364% 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 5.675772%
Weighted Average Net Coupon 5.330142%
Weighted Average Pass-Through Rate 5.320142%
Weighted Average Maturity(Stepdown Calculation ) 328
Beginning Scheduled Collateral Loan Count 1,088
Number Of Loans Paid In Full 22
Ending Scheduled Collateral Loan Count 1,066
Beginning Scheduled Collateral Balance 197,059,699.75
Ending Scheduled Collateral Balance 192,589,013.06
Ending Actual Collateral Balance at 31-Dec-2003 192,899,133.27
Monthly P &I Constant 1,199,901.78
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Class A Optimal Amount 5,156,106.76
Ending Scheduled Balance for Premium Loans 192,589,013.06
Scheduled Principal 267,846.87
Unscheduled Principal 4,202,839.89
Miscellaneous Reporting
Senior Percentage 83.536294%
Senior Percentage Group 1 83.303572%
Senior Percentage Group 2 83.722562%
Senior Percentage Group 3 83.201180%
Senior Prepay Percentage Group 1 100.000000%
Senior Prepay Percentage Group 2 100.000000%
Senior Prepay Percentage Group 3 100.000000%
Subordinate Percentage 16.463706%
Subordinate Percentage Group 1 16.696428%
Subordinate Percentage Group 2 16.277438%
Subordinate Percentage Group 3 16.798820%
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 6.592856 5.390006 5.300207
Weighted Average Net Rate 6.207740 5.093432 4.831680
Weighted Average Maturity 326 348 256
Beginning Loan Count 325 516 247
Loans Paid In Full 8 9 5
Ending Loan Count 317 507 242
Beginning Scheduled Balance 49,124,965.65 117,011,004.57 30,923,729.53
Ending scheduled Balance 47,687,206.99 114,478,313.63 30,423,492.44
Record Date 12/31/2003 12/31/2003 12/31/2003
Principal And Interest Constant 337,677.71 642,664.55 219,559.52
Scheduled Principal 67,782.94 117,089.56 82,974.37
Unscheduled Principal 1,369,975.79 2,415,601.38 417,262.72
Scheduled Interest 269,894.84 525,574.99 136,585.15
Servicing Fees 15,765.66 28,918.69 12,073.85
Master Servicing Fees 409.39 975.10 257.70
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 253,719.79 495,681.20 124,253.60
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 6.197740 5.083432 4.821680
Group Level Collateral Statement
Group Total
Collateral Description Mixed ARM
Weighted Average Coupon Rate 5.675772
Weighted Average Net Rate 5.330142
Weighted Average Maturity 328
Beginning Loan Count 1,088
Loans Paid In Full 22
Ending Loan Count 1,066
Beginning Scheduled Balance 197,059,699.75
Ending scheduled Balance 192,589,013.06
Record Date 12/31/2003
Principal And Interest Constant 1,199,901.78
Scheduled Principal 267,846.87
Unscheduled Principal 4,202,839.89
Scheduled Interest 932,054.98
Servicing Fees 56,758.20
Master Servicing Fees 1,642.19
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 873,654.59
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 5.320142