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): April 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, 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 April 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
April 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, N.A. as Securities Administrator
By: /s/ Beth Belfield as Assistant Vice President
By: Beth Belfield as Assistant Vice President
Date: 5/4/04
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 April 26, 2004 distribution.
EX-99.1
Bear Stearns Asset Backed Securities
Asset-Backed Certificates
Record Date: 3/31/04
Distribution Date: 4/26/04
BSA Series: 2003-SD2
Contact: Customer Service - CTSLink
Wells Fargo Bank, 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>
I-A 07384YLH7 SEN 6.10337% 37,773,135.67 192,119.33 1,025,939.88
II-A 07384YLJ3 SEN 5.09016% 87,834,817.93 372,577.85 3,538,343.28
III-A 07384YLK0 SEN 4.81409% 23,558,944.24 94,512.37 630,582.41
B-1 07384YLL8 SUB 5.30227% 7,845,092.55 34,663.99 11,045.29
B-2 07384YLM6 SUB 5.30227% 6,503,261.61 28,735.03 9,156.10
B-3 07384YLN4 SUB 5.30227% 5,161,132.71 22,804.76 7,266.48
B-4 07384YMH6 SUB 5.30227% 3,819,301.77 16,875.80 5,377.28
B-5 07384YMJ2 SUB 5.30227% 2,580,665.68 11,402.82 3,633.38
B-6 07384YMK9 SUB 5.30227% 6,400,033.99 28,278.91 9,010.76
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 181,476,386.15 801,970.86 5,240,354.86
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 36,747,195.79 1,218,059.21 0.00
II-A 0.00 84,296,474.65 3,910,921.13 0.00
III-A 0.00 22,928,361.83 725,094.78 0.00
B-1 0.00 7,834,047.26 45,709.28 0.00
B-2 0.00 6,494,105.52 37,891.13 0.00
B-3 0.00 5,153,866.23 30,071.24 0.00
B-4 0.00 3,813,924.49 22,253.08 0.00
B-5 0.00 2,577,032.30 15,036.20 0.00
B-6 0.00 6,391,023.23 37,289.67 0.00
R-I 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00
Totals 0.00 176,236,031.30 6,042,325.72 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 37,773,135.67 53,717.75 972,222.13 0.00 0.00
II-A 102,857,300.00 87,834,817.93 92,978.97 3,445,364.31 0.00 0.00
III-A 28,146,100.00 23,558,944.24 62,966.86 567,615.55 0.00 0.00
B-1 7,898,700.00 7,845,092.55 11,045.29 0.00 0.00 0.00
B-2 6,547,700.00 6,503,261.61 9,156.10 0.00 0.00 0.00
B-3 5,196,400.00 5,161,132.71 7,266.48 0.00 0.00 0.00
B-4 3,845,400.00 3,819,301.77 5,377.28 0.00 0.00 0.00
B-5 2,598,300.00 2,580,665.68 3,633.38 0.00 0.00 0.00
B-6 6,443,767.00 6,400,033.99 9,010.76 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 207,860,067.00 181,476,386.15 255,152.87 4,985,201.99 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 1,025,939.88 36,747,195.79 0.82901564 1,025,939.88
II-A 3,538,343.28 84,296,474.65 0.81954781 3,538,343.28
III-A 630,582.41 22,928,361.83 0.81461950 630,582.41
B-1 11,045.29 7,834,047.26 0.99181476 11,045.29
B-2 9,156.10 6,494,105.52 0.99181476 9,156.10
B-3 7,266.48 5,153,866.23 0.99181476 7,266.48
B-4 5,377.28 3,813,924.49 0.99181476 5,377.28
B-5 3,633.38 2,577,032.30 0.99181476 3,633.38
B-6 9,010.76 6,391,023.23 0.99181476 9,010.76
R-I 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
Totals 5,240,354.86 176,236,031.30 0.84785901 5,240,354.86
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 44,326,300.00 852.16080905 1.21187083 21.93330213 0.00000000
II-A 102,857,300.00 853.94831412 0.90396083 33.49654628 0.00000000
III-A 28,146,100.00 837.02339720 2.23714333 20.16675667 0.00000000
B-1 7,898,700.00 993.21313001 1.39836809 0.00000000 0.00000000
B-2 6,547,700.00 993.21312980 1.39836889 0.00000000 0.00000000
B-3 5,196,400.00 993.21313024 1.39836810 0.00000000 0.00000000
B-4 3,845,400.00 993.21312997 1.39836688 0.00000000 0.00000000
B-5 2,598,300.00 993.21313166 1.39836816 0.00000000 0.00000000
B-6 6,443,767.00 993.21312984 1.39836838 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 23.14517296 829.01563609 0.82901564 23.14517296
II-A 0.00000000 34.40050711 819.54780701 0.81954781 34.40050711
III-A 0.00000000 22.40390001 814.61949719 0.81461950 22.40390001
B-1 0.00000000 1.39836809 991.81476192 0.99181476 1.39836809
B-2 0.00000000 1.39836889 991.81476244 0.99181476 1.39836889
B-3 0.00000000 1.39836810 991.81476214 0.99181476 1.39836810
B-4 0.00000000 1.39836688 991.81476309 0.99181476 1.39836688
B-5 0.00000000 1.39836816 991.81476350 0.99181476 1.39836816
B-6 0.00000000 1.39836838 991.81476146 0.99181476 1.39836838
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 6.10337% 37,773,135.67 192,119.37 0.00 0.00
II-A 102,857,300.00 5.09016% 87,834,817.93 372,577.92 0.00 0.00
III-A 28,146,100.00 4.81409% 23,558,944.24 94,512.39 0.00 0.00
B-1 7,898,700.00 5.30227% 7,845,092.55 34,663.99 0.00 0.00
B-2 6,547,700.00 5.30227% 6,503,261.61 28,735.04 0.00 0.00
B-3 5,196,400.00 5.30227% 5,161,132.71 22,804.76 0.00 0.00
B-4 3,845,400.00 5.30227% 3,819,301.77 16,875.80 0.00 0.00
B-5 2,598,300.00 5.30227% 2,580,665.68 11,402.82 0.00 0.00
B-6 6,443,767.00 5.30227% 6,400,033.99 28,278.92 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 207,860,067.00 801,971.01 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 0.00 192,119.33 0.00 36,747,195.79
II-A 0.00 0.00 372,577.85 0.00 84,296,474.65
III-A 0.00 0.00 94,512.37 0.00 22,928,361.83
B-1 0.00 0.00 34,663.99 0.00 7,834,047.26
B-2 0.00 0.00 28,735.03 0.00 6,494,105.52
B-3 0.00 0.00 22,804.76 0.00 5,153,866.23
B-4 0.00 0.00 16,875.80 0.00 3,813,924.49
B-5 0.00 0.00 11,402.82 0.00 2,577,032.30
B-6 0.00 0.00 28,278.91 0.00 6,391,023.23
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 0.00 801,970.86 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 6.10337% 852.16080905 4.33420723 0.00000000 0.00000000
II-A 102,857,300.00 5.09016% 853.94831412 3.62227980 0.00000000 0.00000000
III-A 28,146,100.00 4.81409% 837.02339720 3.35792135 0.00000000 0.00000000
B-1 7,898,700.00 5.30227% 993.21313001 4.38856901 0.00000000 0.00000000
B-2 6,547,700.00 5.30227% 993.21312980 4.38857003 0.00000000 0.00000000
B-3 5,196,400.00 5.30227% 993.21313024 4.38856901 0.00000000 0.00000000
B-4 3,845,400.00 5.30227% 993.21312997 4.38856816 0.00000000 0.00000000
B-5 2,598,300.00 5.30227% 993.21313166 4.38856945 0.00000000 0.00000000
B-6 6,443,767.00 5.30227% 993.21312984 4.38856961 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 4.33420633 0.00000000 829.01563609
II-A 0.00000000 0.00000000 3.62227912 0.00000000 819.54780701
III-A 0.00000000 0.00000000 3.35792064 0.00000000 814.61949719
B-1 0.00000000 0.00000000 4.38856901 0.00000000 991.81476192
B-2 0.00000000 0.00000000 4.38856850 0.00000000 991.81476244
B-3 0.00000000 0.00000000 4.38856901 0.00000000 991.81476214
B-4 0.00000000 0.00000000 4.38856816 0.00000000 991.81476309
B-5 0.00000000 0.00000000 4.38856945 0.00000000 991.81476350
B-6 0.00000000 0.00000000 4.38856805 0.00000000 991.81476146
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 6,103,397.07
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 121,981.36
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
Total Deposits 6,225,378.43
Withdrawals
Reimbursement for Servicer Advances 129,084.05
Payment of Service Fee 53,968.66
Payment of Interest and Principal 6,042,325.72
Total Withdrawals (Pool Distribution Amount) 6,225,378.43
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 52,456.33
Master Servicing Fee 1,512.33
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 53,968.66
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 17 1 0 18
2,883,998.43 188,508.35 0.00 3,072,506.78
30 Days 37 0 0 0 37
5,174,254.32 0.00 0.00 0.00 5,174,254.32
60 Days 14 0 3 0 17
1,865,977.07 0.00 262,024.66 0.00 2,128,001.73
90 Days 7 3 7 0 17
1,599,820.35 364,023.42 941,374.92 0.00 2,905,218.69
120 Days 4 2 4 1 11
448,574.86 277,583.66 1,926,973.85 103,702.98 2,756,835.35
150 Days 4 0 8 1 13
482,493.91 0.00 1,068,790.78 65,191.99 1,616,476.68
180+ Days 13 6 8 2 29
2,280,711.65 517,299.04 827,574.64 166,418.40 3,792,003.73
Totals 79 28 31 4 142
11,851,832.16 4,042,904.55 5,215,247.20 335,313.37 21,445,297.28
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 1.691542% 0.099502% 0.000000% 1.791045%
1.633489% 0.106771% 0.000000% 1.740260%
30 Days 3.681592% 0.000000% 0.000000% 0.000000% 3.681592%
2.930684% 0.000000% 0.000000% 0.000000% 2.930684%
60 Days 1.393035% 0.000000% 0.298507% 0.000000% 1.691542%
1.056885% 0.000000% 0.148410% 0.000000% 1.205295%
90 Days 0.696517% 0.298507% 0.696517% 0.000000% 1.691542%
0.906134% 0.206182% 0.533192% 0.000000% 1.645508%
120 Days 0.398010% 0.199005% 0.398010% 0.099502% 1.094527%
0.254072% 0.157223% 1.091433% 0.058737% 1.561464%
150 Days 0.398010% 0.000000% 0.796020% 0.099502% 1.293532%
0.273283% 0.000000% 0.605360% 0.036925% 0.915568%
180+ Days 1.293532% 0.597015% 0.796020% 0.199005% 2.885572%
1.291789% 0.292997% 0.468736% 0.094259% 2.147781%
Totals 7.860697% 2.786070% 3.084577% 0.398010% 14.129353%
6.712847% 2.289891% 2.953903% 0.189921% 12.146562%
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 10 1 0 11
1,976,818.75 188,508.35 0.00 2,165,327.10
30 Days 17 0 0 0 17
2,435,602.66 0.00 0.00 0.00 2,435,602.66
60 Days 7 0 1 0 8
832,017.80 0.00 47,168.05 0.00 879,185.85
90 Days 5 3 4 0 12
1,305,051.95 364,023.42 632,215.86 0.00 2,301,291.23
120 Days 0 2 2 1 5
0.00 277,583.66 191,515.66 103,702.98 572,802.30
150 Days 1 0 3 1 5
41,676.33 0.00 437,447.87 65,191.99 544,316.19
180 Days 10 4 7 1 22
1,710,038.41 315,152.71 731,149.91 71,663.52 2,828,004.55
Totals 40 19 18 3 80
6,324,387.15 2,933,578.54 2,228,005.70 240,558.49 11,726,529.88
0-29 Days 3.322259% 0.332226% 0.000000% 3.654485%
4.391103% 0.418733% 0.000000% 4.809836%
30 Days 5.647841% 0.000000% 0.000000% 0.000000% 5.647841%
5.410198% 0.000000% 0.000000% 0.000000% 5.410198%
60 Days 2.325581% 0.000000% 0.332226% 0.000000% 2.657807%
1.848159% 0.000000% 0.104774% 0.000000% 1.952933%
90 Days 1.661130% 0.996678% 1.328904% 0.000000% 3.986711%
2.898909% 0.808604% 1.404340% 0.000000% 5.111853%
120 Days 0.000000% 0.664452% 0.664452% 0.332226% 1.661130%
0.000000% 0.616596% 0.425413% 0.230355% 1.272364%
150 Days 0.332226% 0.000000% 0.996678% 0.332226% 1.661130%
0.092576% 0.000000% 0.971702% 0.144811% 1.209088%
180 Days 3.322259% 1.328904% 2.325581% 0.332226% 7.308970%
3.798504% 0.700048% 1.624101% 0.159186% 6.281840%
Totals 13.289037% 6.312292% 5.980066% 0.996678% 26.578073%
14.048346% 6.516351% 4.949064% 0.534352% 26.048112%
<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 3 0 0 3
486,774.95 0.00 0.00 486,774.95
30 Days 11 0 0 0 11
1,571,925.07 0.00 0.00 0.00 1,571,925.07
60 Days 3 0 2 0 5
627,731.54 0.00 214,856.61 0.00 842,588.15
90 Days 1 0 2 0 3
108,681.12 0.00 268,925.83 0.00 377,606.95
120 Days 2 0 1 0 3
351,461.38 0.00 1,608,921.73 0.00 1,960,383.11
150 Days 0 0 2 0 2
0.00 0.00 325,058.44 0.00 325,058.44
180 Days 1 2 1 1 5
318,976.45 202,146.33 96,424.73 94,754.88 712,302.39
Totals 18 5 8 1 32
2,978,775.56 688,921.28 2,514,187.34 94,754.88 6,276,639.06
0-29 Days 0.630252% 0.000000% 0.000000% 0.630252%
0.470835% 0.000000% 0.000000% 0.470835%
30 Days 2.310924% 0.000000% 0.000000% 0.000000% 2.310924%
1.520452% 0.000000% 0.000000% 0.000000% 1.520452%
60 Days 0.630252% 0.000000% 0.420168% 0.000000% 1.050420%
0.607176% 0.000000% 0.207821% 0.000000% 0.814997%
90 Days 0.210084% 0.000000% 0.420168% 0.000000% 0.630252%
0.105122% 0.000000% 0.260120% 0.000000% 0.365242%
120 Days 0.420168% 0.000000% 0.210084% 0.000000% 0.630252%
0.339953% 0.000000% 1.556237% 0.000000% 1.896190%
150 Days 0.000000% 0.000000% 0.420168% 0.000000% 0.420168%
0.000000% 0.000000% 0.314414% 0.000000% 0.314414%
180 Days 0.210084% 0.420168% 0.210084% 0.210084% 1.050420%
0.308532% 0.195527% 0.093267% 0.091652% 0.688978%
Totals 3.781513% 1.050420% 1.680672% 0.210084% 6.722689%
2.881235% 0.666362% 2.431860% 0.091652% 6.071110%
<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
420,404.73 0.00 0.00 420,404.73
30 Days 9 0 0 0 9
1,166,726.59 0.00 0.00 0.00 1,166,726.59
60 Days 4 0 0 0 4
406,227.73 0.00 0.00 0.00 406,227.73
90 Days 1 0 1 0 2
186,087.28 0.00 40,233.23 0.00 226,320.51
120 Days 2 0 1 0 3
97,113.48 0.00 126,536.46 0.00 223,649.94
150 Days 3 0 3 0 6
440,817.58 0.00 306,284.47 0.00 747,102.05
180 Days 2 0 0 0 2
251,696.79 0.00 0.00 0.00 251,696.79
Totals 21 4 5 0 30
2,548,669.45 420,404.73 473,054.16 0.00 3,442,128.34
0-29 Days 1.754386% 0.000000% 0.000000% 1.754386%
1.493425% 0.000000% 0.000000% 1.493425%
30 Days 3.947368% 0.000000% 0.000000% 0.000000% 3.947368%
4.144623% 0.000000% 0.000000% 0.000000% 4.144623%
60 Days 1.754386% 0.000000% 0.000000% 0.000000% 1.754386%
1.443064% 0.000000% 0.000000% 0.000000% 1.443064%
90 Days 0.438596% 0.000000% 0.438596% 0.000000% 0.877193%
0.661047% 0.000000% 0.142923% 0.000000% 0.803970%
120 Days 0.877193% 0.000000% 0.438596% 0.000000% 1.315789%
0.344981% 0.000000% 0.449502% 0.000000% 0.794483%
150 Days 1.315789% 0.000000% 1.315789% 0.000000% 2.631579%
1.565939% 0.000000% 1.088030% 0.000000% 2.653969%
180 Days 0.877193% 0.000000% 0.000000% 0.000000% 0.877193%
0.894115% 0.000000% 0.000000% 0.000000% 0.894115%
Totals 9.210526% 1.754386% 2.192982% 0.000000% 13.157895%
9.053770% 1.493425% 1.680455% 0.000000% 12.227650%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 121,981.36
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% 139,488,835.51 79.14887418% 20.851125% 0.000000%
Class 2A 60,676,467.00 29.19101676% 55,192,360.86 31.31729654% 47.831578% 261.271005%
Class 3A 32,530,367.00 15.65012822% 32,263,999.03 18.30726589% 13.010031% 71.064848%
Class B-1 24,631,667.00 11.85011982% 24,429,951.77 13.86206410% 4.445202% 24.281080%
Class B-2 18,083,967.00 8.70006792% 17,935,846.25 10.17717320% 3.684891% 20.128024%
Class B-3 12,887,567.00 6.20011683% 12,781,980.02 7.25276202% 2.924411% 15.974047%
Class B-4 9,042,167.00 4.35012224% 8,968,055.53 5.08866173% 2.164100% 11.820991%
Class B-5 6,443,867.00 3.10009859% 6,391,023.23 3.62639986% 1.462262% 7.987331%
Class B-6 100.00 0.00004811% 0.00 0.00000000% 3.626400% 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 5.662458%
Weighted Average Net Coupon 5.315594%
Weighted Average Pass-Through Rate 5.305594%
Weighted Average Maturity(Stepdown Calculation ) 325
Beginning Scheduled Collateral Loan Count 1,030
Number Of Loans Paid In Full 25
Ending Scheduled Collateral Loan Count 1,005
Beginning Scheduled Collateral Balance 181,476,387.07
Ending Scheduled Collateral Balance 176,236,032.35
Ending Actual Collateral Balance at 31-Mar-2004 176,554,469.83
Monthly P &I Constant 1,111,488.14
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Class A Optimal Amount 5,854,075.24
Ending Scheduled Balance for Premium Loans 176,236,032.35
Scheduled Principal 255,152.87
Unscheduled Principal 4,985,201.92
Miscellaneous Reporting
Senior Percentage 82.196312%
Senior Percentage Group 1 82.220951%
Senior Percentage Group 2 82.224447%
Senior Percentage Group 3 82.052213%
Senior Prepay Percentage Group 1 100.000000%
Senior Prepay Percentage Group 2 100.000000%
Senior Prepay Percentage Group 3 100.000000%
Subordinate Percentage 17.803688%
Subordinate Percentage Group 1 17.779049%
Subordinate Percentage Group 2 17.775553%
Subordinate Percentage Group 3 17.947787%
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 6.508670 5.398198 5.291649
Weighted Average Net Rate 6.123701 5.100163 4.824090
Weighted Average Maturity 323 345 253
Beginning Loan Count 308 489 233
Loans Paid In Full 7 13 5
Ending Loan Count 301 476 228
Beginning Scheduled Balance 45,941,010.64 106,823,238.99 28,712,137.44
Ending scheduled Balance 44,903,455.24 103,264,795.21 28,067,781.90
Record Date 03/31/2004 03/31/2004 03/31/2004
Principal And Interest Constant 314,512.40 593,623.63 203,352.11
Scheduled Principal 65,333.41 113,079.47 76,739.99
Unscheduled Principal 972,222.06 3,445,364.31 567,615.55
Scheduled Interest 249,179.06 480,544.16 126,612.12
Servicing Fees 14,738.23 26,530.92 11,187.18
Master Servicing Fees 382.86 890.20 239.27
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 234,057.97 453,123.04 115,185.67
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 6.113700 5.090163 4.814089
Group Level Collateral Statement
Group Total
Collateral Description Mixed ARM
Weighted Average Coupon Rate 5.662458
Weighted Average Net Rate 5.315594
Weighted Average Maturity 325
Beginning Loan Count 1,030
Loans Paid In Full 25
Ending Loan Count 1,005
Beginning Scheduled Balance 181,476,387.07
Ending scheduled Balance 176,236,032.35
Record Date 03/31/2004
Principal And Interest Constant 1,111,488.14
Scheduled Principal 255,152.87
Unscheduled Principal 4,985,201.92
Scheduled Interest 856,335.34
Servicing Fees 52,456.33
Master Servicing Fees 1,512.33
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 802,366.68
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 5.305594