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): February 25, 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, 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 February 25, 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
February 25, 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, N.A. as Securities Administrator
By: /s/ Beth Belfield as Assistant Vice President
By: Beth Belfield as Assistant Vice President
Date: 3/3/2004
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 February 25, 2004 distribution.
EX-99.1
Bear Stearns Asset Backed Securities
Asset-Backed Certificates
Record Date: 1/31/2004
Distribution Date: 2/25/2004
BSA Series: 2003-SD2
Contact: CTSLink Customer Service
Wells Fargo Bank, 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 6.18040% 39,496,409.77 203,419.78 673,603.06
II-A 07384YLJ3 SEN 5.07663% 95,450,979.58 403,807.38 2,643,282.33
III-A 07384YLK0 SEN 4.80851% 25,242,609.55 101,149.36 794,009.39
B-1 07384YLL8 SUB 5.31280% 7,866,830.24 34,829.06 10,859.54
B-2 07384YLM6 SUB 5.31280% 6,521,281.27 28,871.87 9,002.11
B-3 07384YLN4 SUB 5.31280% 5,175,433.51 22,913.36 7,144.28
B-4 07384YMH6 SUB 5.31280% 3,829,884.54 16,956.17 5,286.85
B-5 07384YMJ2 SUB 5.31280% 2,587,816.35 11,457.12 3,572.28
B-6 07384YMK9 SUB 5.31280% 6,417,767.62 28,413.58 8,859.22
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 192,589,012.43 851,817.68 4,155,619.06
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 38,822,806.71 877,022.84 0.00
II-A 0.00 92,807,697.25 3,047,089.71 0.00
III-A 0.00 24,448,600.16 895,158.75 0.00
B-1 0.00 7,855,970.70 45,688.60 0.00
B-2 0.00 6,512,279.16 37,873.98 0.00
B-3 0.00 5,168,289.23 30,057.64 0.00
B-4 0.00 3,824,597.69 22,243.02 0.00
B-5 0.00 2,584,244.08 15,029.40 0.00
B-6 0.00 6,408,908.40 37,272.80 0.00
R-I 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00
Totals 0.00 188,433,393.38 5,007,436.74 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 39,496,409.77 55,190.13 618,412.93 0.00 0.00
II-A 102,857,300.00 95,450,979.58 96,833.68 2,546,448.65 0.00 0.00
III-A 28,146,100.00 25,242,609.55 68,094.42 725,914.97 0.00 0.00
B-1 7,898,700.00 7,866,830.24 10,859.54 0.00 0.00 0.00
B-2 6,547,700.00 6,521,281.27 9,002.11 0.00 0.00 0.00
B-3 5,196,400.00 5,175,433.51 7,144.28 0.00 0.00 0.00
B-4 3,845,400.00 3,829,884.54 5,286.85 0.00 0.00 0.00
B-5 2,598,300.00 2,587,816.35 3,572.28 0.00 0.00 0.00
B-6 6,443,767.00 6,417,767.62 8,859.22 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 207,860,067.00 192,589,012.43 264,842.51 3,890,776.55 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 673,603.06 38,822,806.71 0.87584136 673,603.06
II-A 2,643,282.33 92,807,697.25 0.90229568 2,643,282.33
III-A 794,009.39 24,448,600.16 0.86863189 794,009.39
B-1 10,859.54 7,855,970.70 0.99459034 10,859.54
B-2 9,002.11 6,512,279.16 0.99459034 9,002.11
B-3 7,144.28 5,168,289.23 0.99459034 7,144.28
B-4 5,286.85 3,824,597.69 0.99459034 5,286.85
B-5 3,572.28 2,584,244.08 0.99459034 3,572.28
B-6 8,859.22 6,408,908.40 0.99459034 8,859.22
R-I 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
Totals 4,155,619.06 188,433,393.38 0.90653965 4,155,619.06
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 44,326,300.00 891.03782111 1.24508768 13.95137717 0.00000000
II-A 102,857,300.00 927.99421704 0.94143712 24.75710183 0.00000000
III-A 28,146,100.00 896.84217529 2.41931991 25.79096109 0.00000000
B-1 7,898,700.00 995.96518921 1.37485156 0.00000000 0.00000000
B-2 6,547,700.00 995.96518930 1.37485071 0.00000000 0.00000000
B-3 5,196,400.00 995.96518936 1.37485182 0.00000000 0.00000000
B-4 3,845,400.00 995.96518958 1.37485047 0.00000000 0.00000000
B-5 2,598,300.00 995.96518878 1.37485279 0.00000000 0.00000000
B-6 6,443,767.00 995.96518931 1.37485108 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 15.19646485 875.84135626 0.87584136 15.19646485
II-A 0.00000000 25.69853895 902.29567809 0.90229568 25.69853895
III-A 0.00000000 28.21028100 868.63189429 0.86863189 28.21028100
B-1 0.00000000 1.37485156 994.59033765 0.99459034 1.37485156
B-2 0.00000000 1.37485071 994.59033859 0.99459034 1.37485071
B-3 0.00000000 1.37485182 994.59033754 0.99459034 1.37485182
B-4 0.00000000 1.37485047 994.59033911 0.99459034 1.37485047
B-5 0.00000000 1.37485279 994.59033984 0.99459034 1.37485279
B-6 0.00000000 1.37485108 994.59033823 0.99459034 1.37485108
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 6.18040% 39,496,409.77 203,419.81 0.00 0.00
II-A 102,857,300.00 5.07663% 95,450,979.58 403,807.43 0.00 0.00
III-A 28,146,100.00 4.80851% 25,242,609.55 101,149.37 0.00 0.00
B-1 7,898,700.00 5.31280% 7,866,830.24 34,829.06 0.00 0.00
B-2 6,547,700.00 5.31280% 6,521,281.27 28,871.87 0.00 0.00
B-3 5,196,400.00 5.31280% 5,175,433.51 22,913.36 0.00 0.00
B-4 3,845,400.00 5.31280% 3,829,884.54 16,956.17 0.00 0.00
B-5 2,598,300.00 5.31280% 2,587,816.35 11,457.12 0.00 0.00
B-6 6,443,767.00 5.31280% 6,417,767.62 28,413.58 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 207,860,067.00 851,817.77 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 0.00 203,419.78 0.00 38,822,806.71
II-A 0.00 0.00 403,807.38 0.00 92,807,697.25
III-A 0.00 0.00 101,149.36 0.00 24,448,600.16
B-1 0.00 0.00 34,829.06 0.00 7,855,970.70
B-2 0.00 0.00 28,871.87 0.00 6,512,279.16
B-3 0.00 0.00 22,913.36 0.00 5,168,289.23
B-4 0.00 0.00 16,956.17 0.00 3,824,597.69
B-5 0.00 0.00 11,457.12 0.00 2,584,244.08
B-6 0.00 0.00 28,413.58 0.00 6,408,908.40
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 0.00 0.00 851,817.68 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 6.18040% 891.03782111 4.58914482 0.00000000 0.00000000
II-A 102,857,300.00 5.07663% 927.99421704 3.92589957 0.00000000 0.00000000
III-A 28,146,100.00 4.80851% 896.84217529 3.59372595 0.00000000 0.00000000
B-1 7,898,700.00 5.31280% 995.96518921 4.40946738 0.00000000 0.00000000
B-2 6,547,700.00 5.31280% 995.96518930 4.40946745 0.00000000 0.00000000
B-3 5,196,400.00 5.31280% 995.96518936 4.40946809 0.00000000 0.00000000
B-4 3,845,400.00 5.31280% 995.96518958 4.40946846 0.00000000 0.00000000
B-5 2,598,300.00 5.31280% 995.96518878 4.40946773 0.00000000 0.00000000
B-6 6,443,767.00 5.31280% 995.96518931 4.40946732 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 4.58914414 0.00000000 875.84135626
II-A 0.00000000 0.00000000 3.92589909 0.00000000 902.29567809
III-A 0.00000000 0.00000000 3.59372560 0.00000000 868.63189429
B-1 0.00000000 0.00000000 4.40946738 0.00000000 994.59033765
B-2 0.00000000 0.00000000 4.40946745 0.00000000 994.59033859
B-3 0.00000000 0.00000000 4.40946809 0.00000000 994.59033754
B-4 0.00000000 0.00000000 4.40946846 0.00000000 994.59033911
B-5 0.00000000 0.00000000 4.40946773 0.00000000 994.59033984
B-6 0.00000000 0.00000000 4.40946732 0.00000000 994.59033823
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 5,054,024.49
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 126,935.89
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
Total Deposits 5,180,960.38
Withdrawals
Reimbursement for Servicer Advances 116,558.26
Payment of Service Fee 56,965.38
Payment of Interest and Principal 5,007,436.74
Total Withdrawals (Pool Distribution Amount) 5,180,960.38
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 55,360.45
Master Servicing Fee 1,604.93
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 56,965.38
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 11 2 0 13
1,658,978.60 295,312.34 0.00 1,954,290.94
30 Days 44 1 0 0 45
6,826,217.24 123,803.72 0.00 0.00 6,950,020.96
60 Days 20 0 3 0 23
3,303,983.22 0.00 371,501.94 0.00 3,675,485.16
90 Days 18 2 11 0 31
2,633,135.64 312,564.02 1,360,407.70 0.00 4,306,107.36
120 Days 3 0 5 0 8
366,616.16 0.00 480,622.49 0.00 847,238.65
150 Days 1 4 5 0 10
124,992.56 322,288.63 606,705.69 0.00 1,053,986.88
180+ Days 2 1 3 2 8
879,150.16 114,474.59 452,814.45 166,418.40 1,612,857.60
Totals 88 19 29 2 138
14,134,094.98 2,532,109.56 3,567,364.61 166,418.40 20,399,987.55
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 1.044634% 0.189934% 0.000000% 1.234568%
0.878961% 0.156463% 0.000000% 1.035424%
30 Days 4.178538% 0.094967% 0.000000% 0.000000% 4.273504%
3.616672% 0.065594% 0.000000% 0.000000% 3.682265%
60 Days 1.899335% 0.000000% 0.284900% 0.000000% 2.184236%
1.750519% 0.000000% 0.196829% 0.000000% 1.947348%
90 Days 1.709402% 0.189934% 1.044634% 0.000000% 2.943970%
1.395090% 0.165603% 0.720772% 0.000000% 2.281465%
120 Days 0.284900% 0.000000% 0.474834% 0.000000% 0.759734%
0.194241% 0.000000% 0.254644% 0.000000% 0.448885%
150 Days 0.094967% 0.379867% 0.474834% 0.000000% 0.949668%
0.066224% 0.170755% 0.321445% 0.000000% 0.558424%
180+ Days 0.189934% 0.094967% 0.284900% 0.189934% 0.759734%
0.465792% 0.060651% 0.239910% 0.088172% 0.854525%
Totals 8.357075% 1.804368% 2.754036% 0.189934% 13.105413%
7.488537% 1.341564% 1.890064% 0.088172% 10.808337%
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 7 1 0 8
1,269,024.89 189,162.21 0.00 1,458,187.10
30 Days 21 0 0 0 21
2,656,968.19 0.00 0.00 0.00 2,656,968.19
60 Days 10 0 3 0 13
1,049,072.24 0.00 371,501.94 0.00 1,420,574.18
90 Days 11 2 6 0 19
1,611,806.03 312,564.02 679,058.76 0.00 2,603,428.81
120 Days 0 0 3 0 3
0.00 0.00 264,753.47 0.00 264,753.47
150 Days 0 2 5 0 7
0.00 120,072.68 606,705.69 0.00 726,778.37
180 Days 2 1 1 1 5
879,150.16 114,474.59 37,413.27 71,663.52 1,102,701.54
Totals 44 12 19 1 76
6,196,996.62 1,816,136.18 2,148,595.34 71,663.52 10,233,391.66
0-29 Days 2.236422% 0.319489% 0.000000% 2.555911%
2.694159% 0.401594% 0.000000% 3.095754%
30 Days 6.709265% 0.000000% 0.000000% 0.000000% 6.709265%
5.640784% 0.000000% 0.000000% 0.000000% 5.640784%
60 Days 3.194888% 0.000000% 0.958466% 0.000000% 4.153355%
2.227197% 0.000000% 0.788704% 0.000000% 3.015901%
90 Days 3.514377% 0.638978% 1.916933% 0.000000% 6.070288%
3.421889% 0.663578% 1.441652% 0.000000% 5.527119%
120 Days 0.000000% 0.000000% 0.958466% 0.000000% 0.958466%
0.000000% 0.000000% 0.562076% 0.000000% 0.562076%
150 Days 0.000000% 0.638978% 1.597444% 0.000000% 2.236422%
0.000000% 0.254916% 1.288046% 0.000000% 1.542962%
180 Days 0.638978% 0.319489% 0.319489% 0.319489% 1.597444%
1.866449% 0.243031% 0.079429% 0.152143% 2.341052%
Totals 14.057508% 3.833866% 6.070288% 0.319489% 24.281150%
13.156319% 3.855685% 4.561501% 0.152143% 21.725648%
<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 1 1 0 2
88,920.12 106,150.13 0.00 195,070.25
30 Days 14 0 0 0 14
2,225,189.85 0.00 0.00 0.00 2,225,189.85
60 Days 4 0 0 0 4
766,612.53 0.00 0.00 0.00 766,612.53
90 Days 2 0 3 0 5
303,741.24 0.00 531,167.82 0.00 834,909.06
120 Days 0 0 2 0 2
0.00 0.00 215,869.02 0.00 215,869.02
150 Days 0 2 0 0 2
0.00 202,215.95 0.00 0.00 202,215.95
180 Days 0 0 2 1 3
0.00 0.00 415,401.18 94,754.88 510,156.06
Totals 20 3 8 1 32
3,295,543.62 291,136.07 1,268,588.15 94,754.88 4,950,022.72
0-29 Days 0.199601% 0.199601% 0.000000% 0.399202%
0.079441% 0.094834% 0.000000% 0.174275%
30 Days 2.794411% 0.000000% 0.000000% 0.000000% 2.794411%
1.987979% 0.000000% 0.000000% 0.000000% 1.987979%
60 Days 0.798403% 0.000000% 0.000000% 0.000000% 0.798403%
0.684890% 0.000000% 0.000000% 0.000000% 0.684890%
90 Days 0.399202% 0.000000% 0.598802% 0.000000% 0.998004%
0.271362% 0.000000% 0.474544% 0.000000% 0.745906%
120 Days 0.000000% 0.000000% 0.399202% 0.000000% 0.399202%
0.000000% 0.000000% 0.192857% 0.000000% 0.192857%
150 Days 0.000000% 0.399202% 0.000000% 0.000000% 0.399202%
0.000000% 0.180659% 0.000000% 0.000000% 0.180659%
180 Days 0.000000% 0.000000% 0.399202% 0.199601% 0.598802%
0.000000% 0.000000% 0.371118% 0.084654% 0.455772%
Totals 3.992016% 0.598802% 1.596806% 0.199601% 6.387226%
2.944230% 0.260100% 1.133353% 0.084654% 4.422338%
<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 3 0 0 3
301,033.59 0.00 0.00 301,033.59
30 Days 9 1 0 0 10
1,944,059.20 123,803.72 0.00 0.00 2,067,862.92
60 Days 6 0 0 0 6
1,488,298.45 0.00 0.00 0.00 1,488,298.45
90 Days 5 0 2 0 7
717,588.37 0.00 150,181.12 0.00 867,769.49
120 Days 3 0 0 0 3
366,616.16 0.00 0.00 0.00 366,616.16
150 Days 1 0 0 0 1
124,992.56 0.00 0.00 0.00 124,992.56
180 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 24 4 2 0 30
4,641,554.74 424,837.31 150,181.12 0.00 5,216,573.17
0-29 Days 1.255230% 0.000000% 0.000000% 1.255230%
1.013308% 0.000000% 0.000000% 1.013308%
30 Days 3.765690% 0.418410% 0.000000% 0.000000% 4.184100%
6.543892% 0.416735% 0.000000% 0.000000% 6.960627%
60 Days 2.510460% 0.000000% 0.000000% 0.000000% 2.510460%
5.009757% 0.000000% 0.000000% 0.000000% 5.009757%
90 Days 2.092050% 0.000000% 0.836820% 0.000000% 2.928870%
2.415472% 0.000000% 0.505524% 0.000000% 2.920996%
120 Days 1.255230% 0.000000% 0.000000% 0.000000% 1.255230%
1.234066% 0.000000% 0.000000% 0.000000% 1.234066%
150 Days 0.418410% 0.000000% 0.000000% 0.000000% 0.418410%
0.420737% 0.000000% 0.000000% 0.000000% 0.420737%
180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 10.041841% 1.673640% 0.836820% 0.000000% 12.552301%
15.623923% 1.430044% 0.505524% 0.000000% 17.559491%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 126,935.89
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% 149,610,586.67 79.39706619% 20.602933% 0.000000%
Class 2A 60,676,467.00 29.19101676% 56,802,889.42 30.14481041% 49.252256% 286.848203%
Class 3A 32,530,367.00 15.65012822% 32,354,289.26 17.17014620% 12.974664% 75.565252%
Class B-1 24,631,667.00 11.85011982% 24,498,318.56 13.00104935% 4.169097% 24.281080%
Class B-2 18,083,967.00 8.70006792% 17,986,039.40 9.54503817% 3.456011% 20.128024%
Class B-3 12,887,567.00 6.20011683% 12,817,750.17 6.80227102% 2.742767% 15.974047%
Class B-4 9,042,167.00 4.35012224% 8,993,152.48 4.77258955% 2.029681% 11.820991%
Class B-5 6,443,867.00 3.10009859% 6,408,908.40 3.40115319% 1.371436% 7.987331%
Class B-6 100.00 0.00004811% 0.00 0.00000000% 3.401153% 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 5.664411%
Weighted Average Net Coupon 5.319467%
Weighted Average Pass-Through Rate 5.309467%
Weighted Average Maturity(Stepdown Calculation ) 327
Beginning Scheduled Collateral Loan Count 1,066
Number Of Loans Paid In Full 13
Ending Scheduled Collateral Loan Count 1,053
Beginning Scheduled Collateral Balance 192,589,013.06
Ending Scheduled Collateral Balance 188,433,394.15
Ending Actual Collateral Balance at 31-Jan-2004 188,743,077.85
Monthly P &I Constant 1,173,928.58
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Class A Optimal Amount 4,819,271.38
Ending Scheduled Balance for Premium Loans 188,433,394.15
Scheduled Principal 264,842.50
Unscheduled Principal 3,890,776.48
Miscellaneous Reporting
Senior Percentage 83.177122%
Senior Percentage Group 1 82.823911%
Senior Percentage Group 2 83.379093%
Senior Percentage Group 3 82.970782%
Senior Prepay Percentage Group 1 100.000000%
Senior Prepay Percentage Group 2 100.000000%
Senior Prepay Percentage Group 3 100.000000%
Subordinate Percentage 16.822878%
Subordinate Percentage Group 1 17.176089%
Subordinate Percentage Group 2 16.620907%
Subordinate Percentage Group 3 17.029218%
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 6.576240 5.384989 5.286584
Weighted Average Net Rate 6.192001 5.089137 4.818506
Weighted Average Maturity 325 347 255
Beginning Loan Count 317 507 242
Loans Paid In Full 4 6 3
Ending Loan Count 313 501 239
Beginning Scheduled Balance 47,687,206.99 114,478,313.63 30,423,492.44
Ending scheduled Balance 47,002,158.70 111,815,728.34 29,615,507.11
Record Date 01/31/2004 01/31/2004 01/31/2004
Principal And Interest Constant 327,970.88 629,857.05 216,100.65
Scheduled Principal 66,635.50 116,136.64 82,070.36
Unscheduled Principal 618,412.86 2,546,448.65 725,914.97
Scheduled Interest 261,335.45 513,720.41 134,030.29
Servicing Fees 15,269.43 28,223.89 11,867.13
Master Servicing Fees 397.41 953.99 253.53
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 245,668.61 484,542.53 121,909.63
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 6.182001 5.079137 4.808506
Group Level Collateral Statement
Group Total
Collateral Description Mixed ARM
Weighted Average Coupon Rate 5.664411
Weighted Average Net Rate 5.319467
Weighted Average Maturity 327
Beginning Loan Count 1,066
Loans Paid In Full 13
Ending Loan Count 1,053
Beginning Scheduled Balance 192,589,013.06
Ending scheduled Balance 188,433,394.15
Record Date 01/31/2004
Principal And Interest Constant 1,173,928.58
Scheduled Principal 264,842.50
Unscheduled Principal 3,890,776.48
Scheduled Interest 909,086.15
Servicing Fees 55,360.45
Master Servicing Fees 1,604.93
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 852,120.77
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 5.309467