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-SD1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-91334-09 54-2126335
Pooling and Servicing Agreement) (Commission 54-2126334
(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-SD1
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-SD1 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-SD1 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-SD1 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-SD1
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>
A 07384YKL9 SEN 1.55000% 146,711,298.29 189,502.09 4,444,961.47
R-1 BSA03S1R1 RES 0.00000% 0.00 0.00 0.00
R-2 BSA03S1R2 RES 0.00000% 0.00 0.00 0.00
M-1 07384YKM7 MEZ 1.95000% 8,295,000.00 13,479.38 0.00
M-2 07384YKN5 MEZ 3.15000% 7,258,000.00 19,052.25 0.00
B 07384YKP0 SUB 4.60000% 5,185,000.00 19,875.83 0.00
B-IO BSA03SBIO IO 0.00000% 0.00 0.00 0.00
OC BSA03S1OC OC 0.00000% 2,877,607.49 0.00 0.00
Totals 170,326,905.78 241,909.55 4,444,961.47
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A 0.00 142,266,336.82 4,634,463.56 0.00
R-1 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00
M-1 0.00 8,295,000.00 13,479.38 0.00
M-2 0.00 7,258,000.00 19,052.25 0.00
B 0.00 5,185,000.00 19,875.83 0.00
B-IO 0.00 0.00 0.00 0.00
OC 0.00 3,541,036.70 0.00 0.00
Totals 0.00 166,545,373.52 4,686,871.02 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 186,599,000.00 146,711,298.29 0.00 4,444,961.47 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
M-1 8,295,000.00 8,295,000.00 0.00 0.00 0.00 0.00
M-2 7,258,000.00 7,258,000.00 0.00 0.00 0.00 0.00
B 5,185,000.00 5,185,000.00 0.00 0.00 0.00 0.00
B-IO 0.00 0.00 0.00 0.00 0.00 0.00
OC 454.31 2,877,607.49 0.00 0.00 0.00 0.00
Totals 207,337,554.31 170,326,905.78 0.00 4,444,961.47 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 4,444,961.47 142,266,336.82 0.76241747 4,444,961.47
R-1 0.00 0.00 0.00000000 0.00
R-2 0.00 0.00 0.00000000 0.00
M-1 0.00 8,295,000.00 1.00000000 0.00
M-2 0.00 7,258,000.00 1.00000000 0.00
B 0.00 5,185,000.00 1.00000000 0.00
B-IO 0.00 0.00 0.00000000 0.00
OC 0.00 3,541,036.70 7,794.31819683 0.00
Totals 4,444,961.47 166,545,373.52 0.80325715 4,444,961.47
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 186,599,000.00 786.23839511 0.00000000 23.82092868 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
M-1 8,295,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 7,258,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B 5,185,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
OC 454.31 6334017.49906452 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>
A 0.00000000 23.82092868 762.41746644 0.76241747 23.82092868
R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-2 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
OC 0.00000000 0.00000000 7,794,318.19682596 7794.31819683 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 186,599,000.00 1.55000% 146,711,298.29 189,502.09 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
M-1 8,295,000.00 1.95000% 8,295,000.00 13,479.38 0.00 0.00
M-2 7,258,000.00 3.15000% 7,258,000.00 19,052.25 0.00 0.00
B 5,185,000.00 4.60000% 5,185,000.00 19,875.83 0.00 0.00
B-IO 0.00 0.00000% 170,326,905.78 0.00 0.00 0.00
OC 454.31 0.00000% 2,877,607.49 0.00 0.00 0.00
Totals 207,337,554.31 241,909.55 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 0.00 0.00 189,502.09 0.00 142,266,336.82
R-1 0.00 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00 0.00
M-1 0.00 0.00 13,479.38 0.00 8,295,000.00
M-2 0.00 0.00 19,052.25 0.00 7,258,000.00
B 0.00 0.00 19,875.83 0.00 5,185,000.00
B-IO 0.00 0.00 0.00 0.00 166,545,373.52
OC 0.00 0.00 0.00 0.00 3,541,036.70
Totals 0.00 0.00 241,909.55 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 186,599,000.00 1.55000% 786.23839511 1.01555791 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
M-1 8,295,000.00 1.95000% 1000.00000000 1.62500060 0.00000000 0.00000000
M-2 7,258,000.00 3.15000% 1000.00000000 2.62500000 0.00000000 0.00000000
B 5,185,000.00 4.60000% 1000.00000000 3.83333269 0.00000000 0.00000000
B-IO 0.00 0.00000% 821.49607917 0.00000000 0.00000000 0.00000000
OC 454.31 0.00000% 6334017.49906452 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>
A 0.00000000 0.00000000 1.01555791 0.00000000 762.41746644
R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-1 0.00000000 0.00000000 1.62500060 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.62500000 0.00000000 1000.00000000
B 0.00000000 0.00000000 3.83333269 0.00000000 1000.00000000
B-IO 0.00000000 0.00000000 0.00000000 0.00000000 803.25754010
OC 0.00000000 0.00000000 0.00000000 0.00000000 7794318.19682596
<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 4,764,678.33
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 100,063.93
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
Total Deposits 4,864,742.26
Withdrawals
Reimbursement for Servicer Advances 123,470.33
Payment of Service Fee 54,400.91
Payment of Interest and Principal 4,686,871.02
Total Withdrawals (Pool Distribution Amount) 4,864,742.26
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 52,981.50
Master Servicing Fee 1,419.41
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 54,400.91
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 20 0 0 20
2,029,854.92 0.00 0.00 2,029,854.92
30 Days 43 4 0 0 47
4,997,962.80 548,503.74 0.00 0.00 5,546,466.54
60 Days 25 3 2 0 30
3,159,044.28 339,006.83 183,511.67 0.00 3,681,562.78
90 Days 7 0 2 0 9
894,611.28 0.00 319,984.54 0.00 1,214,595.82
120 Days 13 0 3 0 16
1,412,668.14 0.00 207,872.13 0.00 1,620,540.27
150 Days 3 2 3 0 8
370,866.58 196,951.76 437,589.23 0.00 1,005,407.57
180+ Days 3 4 5 1 13
318,121.96 293,464.89 468,311.49 45,304.80 1,125,203.14
Totals 94 33 15 1 143
11,153,275.04 3,407,782.14 1,617,269.06 45,304.80 16,223,631.04
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 1.769912% 0.000000% 0.000000% 1.769912%
1.216668% 0.000000% 0.000000% 1.216668%
30 Days 3.805310% 0.353982% 0.000000% 0.000000% 4.159292%
2.995712% 0.328766% 0.000000% 0.000000% 3.324477%
60 Days 2.212389% 0.265487% 0.176991% 0.000000% 2.654867%
1.893489% 0.203196% 0.109994% 0.000000% 2.206679%
90 Days 0.619469% 0.000000% 0.176991% 0.000000% 0.796460%
0.536218% 0.000000% 0.191794% 0.000000% 0.728012%
120 Days 1.150442% 0.000000% 0.265487% 0.000000% 1.415929%
0.846734% 0.000000% 0.124596% 0.000000% 0.971330%
150 Days 0.265487% 0.176991% 0.265487% 0.000000% 0.707965%
0.222292% 0.118050% 0.262285% 0.000000% 0.602628%
180+ Days 0.265487% 0.353982% 0.442478% 0.088496% 1.150442%
0.190678% 0.175899% 0.280700% 0.027155% 0.674432%
Totals 8.318584% 2.920354% 1.327434% 0.088496% 12.654867%
6.685123% 2.042579% 0.969369% 0.027155% 9.724226%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 100,063.93
COLLATERAL STATEMENT
Collateral Description Mixed Fixed
Weighted Average Gross Coupon 6.760061%
Weighted Average Net Coupon 6.386792%
Weighted Average Pass-Through Rate 6.376792%
Weighted Average Maturity(Stepdown Calculation ) 357
Beginning Scheduled Collateral Loan Count 1,150
Number Of Loans Paid In Full 20
Ending Scheduled Collateral Loan Count 1,130
Beginning Scheduled Collateral Balance 170,326,905.78
Ending Scheduled Collateral Balance 166,545,373.52
Ending Actual Collateral Balance at 31-Jan-2004 166,837,241.87
Monthly P &I Constant 1,242,061.10
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 166,545,373.52
Scheduled Principal 282,544.23
Unscheduled Principal 3,498,988.03
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 663,429.21
Overcollateralized reduction Amount 0.00
Specified O/C Amount 4,146,749.09
Overcollateralized Amount 3,541,036.70
Overcollateralized Deficiency Amount 605,712.39
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 663,429.21
Excess Cash Amount 663,429.21
Miscellaneous Reporting
Three month rolling average 0.053544%
Trigger Event NO