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): June 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 June 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 June 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: 6/28/2004
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
June 25, 2004 distribution.
EX-99.1
Bear Stearns Asset Backed Securities
Asset-Backed Certificates
Record Date: 5/31/2004
Distribution Date: 6/25/2004
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 6.06581% 35,782,602.16 180,875.28 1,807,831.92
II-A 07384YLJ3 SEN 5.08444% 78,726,647.98 333,567.17 4,994,352.53
III-A 07384YLK0 SEN 4.76307% 22,519,607.42 89,385.35 681,152.69
B-1 07384YLL8 SUB 5.28139% 7,822,881.95 34,429.76 11,219.57
B-2 07384YLM6 SUB 5.28139% 6,484,849.93 28,540.87 9,300.57
B-3 07384YLN4 SUB 5.28139% 5,146,520.79 22,650.66 7,381.14
B-4 07384YMH6 SUB 5.28139% 3,808,488.77 16,761.77 5,462.13
B-5 07384YMJ2 SUB 5.28139% 2,573,359.44 11,325.77 3,690.71
B-6 07384YMK9 SUB 5.28139% 6,381,914.56 28,087.83 9,152.94
R-I 07384YLP9 RES 0.00000% 0.00 0.00 0.00
R-II 07384YLQ7 RES 0.00000% 0.00 0.01 0.00
Totals 169,246,873.00 745,624.47 7,529,544.20
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 33,974,770.24 1,988,707.20 0.00
II-A 0.00 73,732,295.45 5,327,919.70 0.00
III-A 0.00 21,838,454.72 770,538.04 0.00
B-1 0.00 7,811,662.38 45,649.33 0.00
B-2 0.00 6,475,549.36 37,841.44 0.00
B-3 0.00 5,139,139.65 30,031.80 0.00
B-4 0.00 3,803,026.64 22,223.90 0.00
B-5 0.00 2,569,668.73 15,016.48 0.00
B-6 0.00 6,372,761.63 37,240.77 0.00
R-I 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.01 0.00
Totals 0.00 161,717,328.80 8,275,168.67 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 35,782,602.16 51,527.62 1,756,304.30 0.00 0.00
II-A 102,857,300.00 78,726,647.98 85,616.26 4,908,736.27 0.00 0.00
III-A 28,146,100.00 22,519,607.42 60,950.70 620,201.99 0.00 0.00
B-1 7,898,700.00 7,822,881.95 11,219.57 0.00 0.00 0.00
B-2 6,547,700.00 6,484,849.93 9,300.57 0.00 0.00 0.00
B-3 5,196,400.00 5,146,520.79 7,381.14 0.00 0.00 0.00
B-4 3,845,400.00 3,808,488.77 5,462.13 0.00 0.00 0.00
B-5 2,598,300.00 2,573,359.44 3,690.71 0.00 0.00 0.00
B-6 6,443,767.00 6,381,914.56 9,152.94 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 207,860,067.00 169,246,873.00 244,301.64 7,285,242.56 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 1,807,831.92 33,974,770.24 0.76646980 1,807,831.92
II-A 4,994,352.53 73,732,295.45 0.71684067 4,994,352.53
III-A 681,152.69 21,838,454.72 0.77589630 681,152.69
B-1 11,219.57 7,811,662.38 0.98898077 11,219.57
B-2 9,300.57 6,475,549.36 0.98898077 9,300.57
B-3 7,381.14 5,139,139.65 0.98898077 7,381.14
B-4 5,462.13 3,803,026.64 0.98898077 5,462.13
B-5 3,690.71 2,569,668.73 0.98898077 3,690.71
B-6 9,152.94 6,372,761.63 0.98898077 9,152.94
R-I 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
Totals 7,529,544.20 161,717,328.80 0.77801057 7,529,544.20
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 44,326,300.00 807.25443270 1.16246156 39.62217239 0.00000000
II-A 102,857,300.00 765.39679712 0.83237903 47.72375194 0.00000000
III-A 28,146,100.00 800.09690224 2.16551139 22.03509509 0.00000000
B-1 7,898,700.00 990.40119893 1.42043248 0.00000000 0.00000000
B-2 6,547,700.00 990.40119889 1.42043313 0.00000000 0.00000000
B-3 5,196,400.00 990.40119891 1.42043338 0.00000000 0.00000000
B-4 3,845,400.00 990.40119883 1.42043220 0.00000000 0.00000000
B-5 2,598,300.00 990.40120079 1.42043259 0.00000000 0.00000000
B-6 6,443,767.00 990.40119855 1.42043311 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 40.78463395 766.46979874 0.76646980 40.78463395
II-A 0.00000000 48.55613097 716.84066615 0.71684067 48.55613097
III-A 0.00000000 24.20060648 775.89629540 0.77589630 24.20060648
B-1 0.00000000 1.42043248 988.98076646 0.98898077 1.42043248
B-2 0.00000000 1.42043313 988.98076577 0.98898077 1.42043313
B-3 0.00000000 1.42043338 988.98076553 0.98898077 1.42043338
B-4 0.00000000 1.42043220 988.98076663 0.98898077 1.42043220
B-5 0.00000000 1.42043259 988.98076819 0.98898077 1.42043259
B-6 0.00000000 1.42043311 988.98076700 0.98898077 1.42043311
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 6.06581% 35,782,602.16 180,875.30 0.00 0.00
II-A 102,857,300.00 5.08444% 78,726,647.98 333,567.21 0.00 0.00
III-A 28,146,100.00 4.76307% 22,519,607.42 89,385.35 0.00 0.00
B-1 7,898,700.00 5.28139% 7,822,881.95 34,429.76 0.00 0.00
B-2 6,547,700.00 5.28139% 6,484,849.93 28,540.87 0.00 0.00
B-3 5,196,400.00 5.28139% 5,146,520.79 22,650.67 0.00 0.00
B-4 3,845,400.00 5.28139% 3,808,488.77 16,761.77 0.00 0.00
B-5 2,598,300.00 5.28139% 2,573,359.44 11,325.77 0.00 0.00
B-6 6,443,767.00 5.28139% 6,381,914.56 28,087.83 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 207,860,067.00 745,624.53 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 0.02 0.00 180,875.28 0.00 33,974,770.24
II-A 0.03 0.00 333,567.17 0.00 73,732,295.45
III-A 0.01 0.00 89,385.35 0.00 21,838,454.72
B-1 0.00 0.00 34,429.76 0.00 7,811,662.38
B-2 0.00 0.00 28,540.87 0.00 6,475,549.36
B-3 0.00 0.00 22,650.66 0.00 5,139,139.65
B-4 0.00 0.00 16,761.77 0.00 3,803,026.64
B-5 0.00 0.00 11,325.77 0.00 2,569,668.73
B-6 0.00 0.00 28,087.83 0.00 6,372,761.63
R-I 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.01 0.00 0.00
Totals 0.06 0.00 745,624.47 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 6.06581% 807.25443270 4.08054135 0.00000000 0.00000000
II-A 102,857,300.00 5.08444% 765.39679712 3.24300959 0.00000000 0.00000000
III-A 28,146,100.00 4.76307% 800.09690224 3.17576325 0.00000000 0.00000000
B-1 7,898,700.00 5.28139% 990.40119893 4.35891476 0.00000000 0.00000000
B-2 6,547,700.00 5.28139% 990.40119889 4.35891534 0.00000000 0.00000000
B-3 5,196,400.00 5.28139% 990.40119891 4.35891579 0.00000000 0.00000000
B-4 3,845,400.00 5.28139% 990.40119883 4.35891455 0.00000000 0.00000000
B-5 2,598,300.00 5.28139% 990.40120079 4.35891544 0.00000000 0.00000000
B-6 6,443,767.00 5.28139% 990.40119855 4.35891459 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 0.00000045 0.00000000 4.08054090 0.00000000 766.46979874
II-A 0.00000029 0.00000000 3.24300920 0.00000000 716.84066615
III-A 0.00000036 0.00000000 3.17576325 0.00000000 775.89629540
B-1 0.00000000 0.00000000 4.35891476 0.00000000 988.98076646
B-2 0.00000000 0.00000000 4.35891534 0.00000000 988.98076577
B-3 0.00000000 0.00000000 4.35891386 0.00000000 988.98076553
B-4 0.00000000 0.00000000 4.35891455 0.00000000 988.98076663
B-5 0.00000000 0.00000000 4.35891544 0.00000000 988.98076819
B-6 0.00000000 0.00000000 4.35891459 0.00000000 988.98076700
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.20000000 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 8,325,541.56
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 118,686.76
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
Total Deposits 8,444,228.32
Withdrawals
Reimbursement for Servicer Advances 118,478.96
Payment of Service Fee 50,580.69
Payment of Interest and Principal 8,275,168.67
Total Withdrawals (Pool Distribution Amount) 8,444,228.32
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 49,170.30
Master Servicing Fee 1,410.39
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 50,580.69
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 15 3 0 18
2,665,537.01 500,523.86 0.00 3,166,060.87
30 Days 30 2 4 0 36
3,221,141.96 208,533.42 368,406.13 0.00 3,798,081.51
60 Days 21 0 3 0 24
2,887,279.94 0.00 277,157.22 0.00 3,164,437.16
90 Days 7 3 6 0 16
1,057,591.10 507,018.95 561,762.53 0.00 2,126,372.58
120 Days 2 2 3 0 7
871,377.08 219,924.34 342,606.89 0.00 1,433,908.31
150 Days 1 1 7 0 9
36,415.27 109,126.05 997,236.44 0.00 1,142,777.76
180+ Days 8 8 17 5 38
1,246,184.77 943,049.90 3,297,686.11 372,726.64 5,859,647.42
Totals 69 31 43 5 148
9,319,990.12 4,653,189.67 6,345,379.18 372,726.64 20,691,285.61
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 1.588983% 0.317797% 0.000000% 1.906780%
1.645053% 0.308902% 0.000000% 1.953955%
30 Days 3.177966% 0.211864% 0.423729% 0.000000% 3.813559%
1.987949% 0.128698% 0.227364% 0.000000% 2.344011%
60 Days 2.224576% 0.000000% 0.317797% 0.000000% 2.542373%
1.781904% 0.000000% 0.171049% 0.000000% 1.952953%
90 Days 0.741525% 0.317797% 0.635593% 0.000000% 1.694915%
0.652699% 0.312910% 0.346695% 0.000000% 1.312305%
120 Days 0.211864% 0.211864% 0.317797% 0.000000% 0.741525%
0.537776% 0.135728% 0.211442% 0.000000% 0.884946%
150 Days 0.105932% 0.105932% 0.741525% 0.000000% 0.953390%
0.022474% 0.067348% 0.615451% 0.000000% 0.705273%
180+ Days 0.847458% 0.847458% 1.800847% 0.529661% 4.025424%
0.769091% 0.582009% 2.035188% 0.230031% 3.616319%
Totals 7.309322% 3.283898% 4.555085% 0.529661% 15.677966%
5.751892% 2.871746% 3.916092% 0.230031% 12.769761%
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 8 3 0 11
1,762,146.67 500,523.86 0.00 2,262,670.53
30 Days 19 2 3 0 24
2,199,925.81 208,533.42 265,662.26 0.00 2,674,121.49
60 Days 11 0 1 0 12
1,256,379.92 0.00 97,093.84 0.00 1,353,473.76
90 Days 5 2 3 0 10
760,930.78 311,882.73 310,882.77 0.00 1,383,696.28
120 Days 2 2 3 0 7
871,377.08 219,924.34 342,606.89 0.00 1,433,908.31
150 Days 0 1 2 0 3
0.00 109,126.05 419,903.13 0.00 529,029.18
180 Days 8 4 6 4 22
1,246,184.77 315,084.18 432,802.54 277,971.76 2,272,043.25
Totals 45 19 21 4 89
6,334,798.36 2,926,697.39 2,369,475.29 277,971.76 11,908,942.80
0-29 Days 2.807018% 1.052632% 0.000000% 3.859649%
4.173282% 1.185388% 0.000000% 5.358669%
30 Days 6.666667% 0.701754% 1.052632% 0.000000% 8.421053%
5.210071% 0.493868% 0.629166% 0.000000% 6.333106%
60 Days 3.859649% 0.000000% 0.350877% 0.000000% 4.210526%
2.975477% 0.000000% 0.229947% 0.000000% 3.205424%
90 Days 1.754386% 0.701754% 1.052632% 0.000000% 3.508772%
1.802108% 0.738630% 0.736262% 0.000000% 3.277000%
120 Days 0.701754% 0.701754% 1.052632% 0.000000% 2.456140%
2.063677% 0.520846% 0.811394% 0.000000% 3.395917%
150 Days 0.000000% 0.350877% 0.701754% 0.000000% 1.052632%
0.000000% 0.258443% 0.994454% 0.000000% 1.252897%
180 Days 2.807018% 1.403509% 2.105263% 1.403509% 7.719298%
2.951332% 0.746212% 1.025004% 0.658319% 5.380867%
Totals 15.789474% 6.666667% 7.368421% 1.403509% 31.228070%
15.002666% 6.931280% 5.611614% 0.658319% 28.203879%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<caption>
<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
485,545.20 0.00 0.00 485,545.20
30 Days 5 0 1 0 6
460,014.85 0.00 102,743.87 0.00 562,758.72
60 Days 6 0 1 0 7
1,189,729.01 0.00 111,477.75 0.00 1,301,206.76
90 Days 1 1 2 0 4
37,423.65 195,136.22 209,301.31 0.00 441,861.18
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 0 0 2 0 2
0.00 0.00 204,177.81 0.00 204,177.81
180 Days 0 3 6 1 10
0.00 521,122.78 2,381,866.28 94,754.88 2,997,743.94
Totals 12 7 12 1 32
1,687,167.51 1,201,804.20 3,009,567.02 94,754.88 5,993,293.61
0-29 Days 0.681818% 0.000000% 0.000000% 0.681818%
0.523355% 0.000000% 0.000000% 0.523355%
30 Days 1.136364% 0.000000% 0.227273% 0.000000% 1.363636%
0.495836% 0.000000% 0.110745% 0.000000% 0.606581%
60 Days 1.363636% 0.000000% 0.227273% 0.000000% 1.590909%
1.282373% 0.000000% 0.120159% 0.000000% 1.402532%
90 Days 0.227273% 0.227273% 0.454545% 0.000000% 0.909091%
0.040338% 0.210331% 0.225600% 0.000000% 0.476269%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.454545% 0.000000% 0.454545%
0.000000% 0.000000% 0.220077% 0.000000% 0.220077%
180 Days 0.000000% 0.681818% 1.363636% 0.227273% 2.272727%
0.000000% 0.561703% 2.567342% 0.102133% 3.231178%
Totals 2.727273% 1.590909% 2.727273% 0.227273% 7.272727%
1.818547% 1.295389% 3.243922% 0.102133% 6.459991%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<caption>
<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
417,845.14 0.00 0.00 417,845.14
30 Days 6 0 0 0 6
561,201.30 0.00 0.00 0.00 561,201.30
60 Days 4 0 1 0 5
441,171.01 0.00 68,585.63 0.00 509,756.64
90 Days 1 0 1 0 2
259,236.67 0.00 41,578.45 0.00 300,815.12
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 1 0 3 0 4
36,415.27 0.00 373,155.50 0.00 409,570.77
180 Days 0 1 5 0 6
0.00 106,842.94 483,017.29 0.00 589,860.23
Totals 12 5 10 0 27
1,298,024.25 524,688.08 966,336.87 0.00 2,789,049.20
0-29 Days 1.826484% 0.000000% 0.000000% 1.826484%
1.545662% 0.000000% 0.000000% 1.545662%
30 Days 2.739726% 0.000000% 0.000000% 0.000000% 2.739726%
2.075955% 0.000000% 0.000000% 0.000000% 2.075955%
60 Days 1.826484% 0.000000% 0.456621% 0.000000% 2.283105%
1.631948% 0.000000% 0.253707% 0.000000% 1.885655%
90 Days 0.456621% 0.000000% 0.456621% 0.000000% 0.913242%
0.958949% 0.000000% 0.153804% 0.000000% 1.112753%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.456621% 0.000000% 1.369863% 0.000000% 1.826484%
0.134705% 0.000000% 1.380350% 0.000000% 1.515054%
180 Days 0.000000% 0.456621% 2.283105% 0.000000% 2.739726%
0.000000% 0.395226% 1.786742% 0.000000% 2.181968%
Totals 5.479452% 2.283105% 4.566210% 0.000000% 12.328767%
4.801557% 1.940888% 3.574603% 0.000000% 10.317047%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 118,686.76
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% 127,742,558.56 78.99126117% 21.008738% 0.000000%
Class 2A 60,676,467.00 29.19101676% 54,010,263.11 33.39794386% 45.593317% 229.182937%
Class 3A 32,530,367.00 15.65012822% 32,171,808.39 19.89385329% 13.504091% 67.880719%
Class B-1 24,631,667.00 11.85011982% 24,360,146.01 15.06341095% 4.830442% 24.281080%
Class B-2 18,083,967.00 8.70006792% 17,884,596.65 11.05917136% 4.004240% 20.128024%
Class B-3 12,887,567.00 6.20011683% 12,745,457.00 7.88131797% 3.177853% 15.974047%
Class B-4 9,042,167.00 4.35012224% 8,942,430.36 5.52966733% 2.351651% 11.820991%
Class B-5 6,443,867.00 3.10009859% 6,372,761.63 3.94067947% 1.588988% 7.987331%
Class B-6 100.00 0.00004811% 0.00 0.00000000% 3.940679% 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 5.645767%
Weighted Average Net Coupon 5.297138%
Weighted Average Pass-Through Rate 5.287138%
Weighted Average Maturity(Stepdown Calculation ) 323
Beginning Scheduled Collateral Loan Count 975
Number Of Loans Paid In Full 31
Ending Scheduled Collateral Loan Count 944
Beginning Scheduled Collateral Balance 169,246,874.20
Ending Scheduled Collateral Balance 161,717,330.07
Ending Actual Collateral Balance at 31-May-2004 162,033,462.09
Monthly P &I Constant 1,040,575.26
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Class A Optimal Amount 8,087,165.00
Ending Scheduled Balance for Premium Loans 161,717,330.07
Scheduled Principal 244,301.64
Unscheduled Principal 7,285,242.56
Miscellaneous Reporting
Senior Percentage 80.963893%
Senior Percentage Group 1 81.459089%
Senior Percentage Group 2 80.600942%
Senior Percentage Group 3 81.459404%
Senior Prepay Percentage Group 1 100.000000%
Senior Prepay Percentage Group 2 100.000000%
Senior Prepay Percentage Group 3 100.000000%
Subordinate Percentage 19.036107%
Subordinate Percentage Group 1 18.540911%
Subordinate Percentage Group 2 19.399058%
Subordinate Percentage Group 3 18.540596%
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 6.463832 5.392837 5.239535
Weighted Average Net Rate 6.075807 5.095278 4.773069
Weighted Average Maturity 321 343 251
Beginning Loan Count 296 454 225
Loans Paid In Full 11 14 6
Ending Loan Count 285 440 219
Beginning Scheduled Balance 43,927,083.68 97,674,600.14 27,645,190.38
Ending scheduled Balance 42,107,523.62 92,659,641.47 26,950,164.98
Record Date 05/31/2004 05/31/2004 05/31/2004
Principal And Interest Constant 299,870.18 545,175.06 195,530.02
Scheduled Principal 63,255.83 106,222.40 74,823.41
Unscheduled Principal 1,756,304.30 4,908,736.27 620,201.99
Scheduled Interest 236,614.42 438,952.66 120,706.61
Servicing Fees 14,204.03 24,219.99 10,746.28
Master Servicing Fees 366.05 813.95 230.39
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 222,044.34 413,918.72 109,729.94
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 6.065807 5.085278 4.763068
Group Level Collateral Statement
Group Total
Collateral Description Mixed ARM
Weighted Average Coupon Rate 5.645767
Weighted Average Net Rate 5.297138
Weighted Average Maturity 323
Beginning Loan Count 975
Loans Paid In Full 31
Ending Loan Count 944
Beginning Scheduled Balance 169,246,874.20
Ending scheduled Balance 161,717,330.07
Record Date 05/31/2004
Principal And Interest Constant 1,040,575.26
Scheduled Principal 244,301.64
Unscheduled Principal 7,285,242.56
Scheduled Interest 796,273.69
Servicing Fees 49,170.30
Master Servicing Fees 1,410.39
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 745,693.00
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 5.287138