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): July 26, 2004
BEAR STEARNS ASSET BACKED SECURITIES TRUST
Asset Backed Certificates, Series 2003-1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-56242-16 52-2120451
Pooling and Servicing Agreement) (Commission 52-2120452
(State or other File Number) 52-2120453
jurisdiction IRS EIN
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 July 26, 2004 a distribution was made to holders of BEAR STEARNS ASSET
BACKED SECURITIES TRUST, Asset Backed Certificates, Series 2003-1 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 2003-1
Trust, relating to the July 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 2003-1 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: 7/27/2004
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Certificates, Series 2003-1 Trust, relating to the
July 26, 2004 distribution.
EX-99.1
Bear Stearns Asset Backed Securities
Asset-Backed Certificates
Record Date: 6/30/2004
Distribution Date: 7/26/2004
BSA Series: 2003-1
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>
A-1 07384YGX8 SEN 1.80000% 204,690,800.99 317,270.73 11,348,931.33
A-2 07384YGY6 SEN 2.05000% 26,757,066.60 47,233.65 1,483,525.93
A-IO 07384YGZ3 SEN 5.00000% 0.00 257,229.16 0.00
M-1 07384YHA7 MEZ 2.40000% 30,867,000.00 63,791.80 0.00
M-2 07384YHB5 MEZ 3.30000% 29,324,000.00 83,329.03 0.00
B 07384YHC3 SUB 3.55000% 23,151,000.00 70,771.32 0.00
B-IO BSA031BIO IO 0.00000% 0.00 984,073.04 0.00
R-1 07384YHD1 RES 0.00000% 0.00 0.00 0.00
R-2 07384YHE9 RES 0.00000% 0.00 0.00 0.00
R-3 07384YHF6 RES 0.00000% 0.00 0.00 0.00
OC BSA0301OC OC 0.00000% 10,186,245.46 0.00 0.00
Totals 324,976,113.05 1,823,698.73 12,832,457.26
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 193,341,869.66 11,666,202.06 0.00
A-2 0.00 25,273,540.67 1,530,759.58 0.00
A-IO 0.00 0.00 257,229.16 0.00
M-1 0.00 30,867,000.00 63,791.80 0.00
M-2 0.00 29,324,000.00 83,329.03 0.00
B 0.00 23,151,000.00 70,771.32 0.00
B-IO 0.00 0.00 984,073.04 0.00
R-1 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00
R-3 0.00 0.00 0.00 0.00
OC 0.00 10,186,245.46 0.00 0.00
Totals 0.00 312,143,655.79 14,656,155.99 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-1 472,271,000.00 204,690,800.99 0.00 11,348,931.33 0.00 0.00
A-2 61,735,000.00 26,757,066.60 0.00 1,483,525.93 0.00 0.00
A-IO 0.00 0.00 0.00 0.00 0.00 0.00
M-1 30,867,000.00 30,867,000.00 0.00 0.00 0.00 0.00
M-2 29,324,000.00 29,324,000.00 0.00 0.00 0.00 0.00
B 23,151,000.00 23,151,000.00 0.00 0.00 0.00 0.00
B-IO 0.00 0.00 0.00 0.00 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
R-3 50.00 0.00 0.00 0.00 0.00 0.00
OC 59.42 10,186,245.46 0.00 0.00 0.00 0.00
Totals 617,348,209.42 324,976,113.05 0.00 12,832,457.26 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-1 11,348,931.33 193,341,869.66 0.40938755 11,348,931.33
A-2 1,483,525.93 25,273,540.67 0.40938755 1,483,525.93
A-IO 0.00 0.00 0.00000000 0.00
M-1 0.00 30,867,000.00 1.00000000 0.00
M-2 0.00 29,324,000.00 1.00000000 0.00
B 0.00 23,151,000.00 1.00000000 0.00
B-IO 0.00 0.00 0.00000000 0.00
R-1 0.00 0.00 0.00000000 0.00
R-2 0.00 0.00 0.00000000 0.00
R-3 0.00 0.00 0.00000000 0.00
OC 0.00 10,186,245.46 171,427.89397509 0.00
Totals 12,832,457.26 312,143,655.79 0.50562009 12,832,457.26
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-1 472,271,000.00 433.41810314 0.00000000 24.03054884 0.00000000
A-2 61,735,000.00 433.41810318 0.00000000 24.03054880 0.00000000
A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
M-1 30,867,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 29,324,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B 23,151,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-IO 0.00 0.00000000 0.00000000 0.00000000 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
R-3 50.00 0.00000000 0.00000000 0.00000000 0.00000000
OC 59.42 171427893.97509300 0.00000000 0.00000000 0.00000000
<FN>
</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-1 0.00000000 24.03054884 409.38755431 0.40938755 24.03054884
A-2 0.00000000 24.03054880 409.38755439 0.40938755 24.03054880
A-IO 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
R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
OC 0.00000000 0.00000000 171,427,893.97509300 171427.89397509 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-1 472,271,000.00 1.80000% 204,690,800.99 317,270.74 0.00 0.00
A-2 61,735,000.00 2.05000% 26,757,066.60 47,233.66 0.00 0.00
A-IO 0.00 5.00000% 61,735,000.00 257,229.17 0.00 0.00
M-1 30,867,000.00 2.40000% 30,867,000.00 63,791.80 0.00 0.00
M-2 29,324,000.00 3.30000% 29,324,000.00 83,329.03 0.00 0.00
B 23,151,000.00 3.55000% 23,151,000.00 70,771.32 0.00 0.00
B-IO 0.00 0.00000% 324,976,113.04 0.00 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
R-3 50.00 0.00000% 0.00 0.00 0.00 0.00
OC 59.42 0.00000% 10,186,245.46 0.00 0.00 0.00
Totals 617,348,209.42 839,625.72 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-1 0.00 0.00 317,270.73 0.00 193,341,869.66
A-2 0.00 0.00 47,233.65 0.00 25,273,540.67
A-IO 0.00 0.00 257,229.16 0.00 61,735,000.00
M-1 0.00 0.00 63,791.80 0.00 30,867,000.00
M-2 0.00 0.00 83,329.03 0.00 29,324,000.00
B 0.00 0.00 70,771.32 0.00 23,151,000.00
B-IO 0.00 0.00 984,073.04 0.00 312,143,655.78
R-1 0.00 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00 0.00
R-3 0.00 0.00 0.00 0.00 0.00
OC 0.00 0.00 0.00 0.00 10,186,245.46
Totals 0.00 0.00 1,823,698.73 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-1 472,271,000.00 1.80000% 433.41810314 0.67179806 0.00000000 0.00000000
A-2 61,735,000.00 2.05000% 433.41810318 0.76510343 0.00000000 0.00000000
A-IO 0.00 5.00000% 1000.00000000 4.16666672 0.00000000 0.00000000
M-1 30,867,000.00 2.40000% 1000.00000000 2.06666667 0.00000000 0.00000000
M-2 29,324,000.00 3.30000% 1000.00000000 2.84166655 0.00000000 0.00000000
B 23,151,000.00 3.55000% 1000.00000000 3.05694441 0.00000000 0.00000000
B-IO 0.00 0.00000% 526.40650460 0.00000000 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
R-3 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
OC 59.42 0.00000% 171427893.97509300 0.00000000 0.00000000 0.00000000
<FN>
(5) Per $1 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-1 0.00000000 0.00000000 0.67179804 0.00000000 409.38755431
A-2 0.00000000 0.00000000 0.76510326 0.00000000 409.38755439
A-IO 0.00000000 0.00000000 4.16666656 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 2.06666667 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.84166655 0.00000000 1000.00000000
B 0.00000000 0.00000000 3.05694441 0.00000000 1000.00000000
B-IO 0.00000000 0.00000000 1.59403239 0.00000000 505.62008769
R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
OC 0.00000000 0.00000000 0.00000000 0.00000000 171427893.97509300
<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 15,154,298.46
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 512,534.25
Realized Loss (Gains, Subsequent Expenses & Recoveries) (374,598.57)
Prepayment Penalties 0.00
Total Deposits 15,292,234.14
Withdrawals
Reimbursement for Servicer Advances 510,695.58
Payment of Service Fee 125,382.57
Payment of Interest and Principal 14,656,155.99
Total Withdrawals (Pool Distribution Amount) 15,292,234.14
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 124,028.49
Master Servicing Fee 1,354.08
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 125,382.57
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 196 0 0 196
10,238,487.63 0.00 0.00 10,238,487.63
30 Days 246 22 4 0 272
15,319,323.25 1,261,174.87 49,160.06 0.00 16,629,658.18
60 Days 95 19 10 0 124
9,024,206.44 1,345,613.50 1,158,511.07 0.00 11,528,331.01
90 Days 22 9 34 0 65
1,443,904.30 486,159.96 4,024,039.12 0.00 5,954,103.38
120 Days 18 9 32 0 59
1,250,112.84 687,909.60 1,974,908.67 0.00 3,912,931.11
150 Days 5 15 20 0 40
524,568.37 1,609,966.75 2,402,204.63 0.00 4,536,739.75
180+ Days 12 75 84 24 195
1,466,509.96 6,410,796.00 7,165,433.85 1,739,915.16 16,782,654.97
Totals 398 345 184 24 951
29,028,625.16 22,040,108.31 16,774,257.40 1,739,915.16 69,582,906.03
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 4.231434% 0.000000% 0.000000% 4.231434%
3.268682% 0.000000% 0.000000% 3.268682%
30 Days 5.310881% 0.474957% 0.086356% 0.000000% 5.872193%
4.890761% 0.402636% 0.015695% 0.000000% 5.309091%
60 Days 2.050950% 0.410190% 0.215889% 0.000000% 2.677029%
2.881017% 0.429593% 0.369860% 0.000000% 3.680470%
90 Days 0.474957% 0.194301% 0.734024% 0.000000% 1.403282%
0.460973% 0.155209% 1.284692% 0.000000% 1.900873%
120 Days 0.388601% 0.194301% 0.690846% 0.000000% 1.273748%
0.399104% 0.219618% 0.630498% 0.000000% 1.249220%
150 Days 0.107945% 0.323834% 0.431779% 0.000000% 0.863558%
0.167471% 0.513989% 0.766914% 0.000000% 1.448374%
180+ Days 0.259067% 1.619171% 1.813472% 0.518135% 4.209845%
0.468190% 2.046675% 2.287596% 0.555475% 5.357936%
Totals 8.592401% 7.448187% 3.972366% 0.518135% 20.531088%
9.267515% 7.036401% 5.355255% 0.555475% 22.214646%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 512,534.25
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 8.576909%
Weighted Average Net Coupon 8.118924%
Weighted Average Pass-Through Rate 8.113924%
Weighted Average Maturity(Stepdown Calculation ) 272
Beginning Scheduled Collateral Loan Count 4,772
Number Of Loans Paid In Full 140
Ending Scheduled Collateral Loan Count 4,632
Beginning Scheduled Collateral Balance 324,976,113.04
Ending Scheduled Collateral Balance 312,143,655.78
Ending Actual Collateral Balance at 30-Jun-2004 313,229,868.72
Monthly P &I Constant 3,085,052.13
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 374,598.57
Cumulative Realized Loss 2,469,891.32
Ending Scheduled Balance for Premium Loans 312,143,655.78
Scheduled Principal 762,310.14
Unscheduled Principal 12,070,147.12
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 363,987.67
Overcollateralized reduction Amount 0.00
Specified O/C Amount 10,186,245.46
Overcollateralized Amount 10,186,245.46
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 363,987.67
Excess Cash Amount 1,358,671.59
Miscellaneous Reporting
Three month rolling average 14.0524%
Trigger Event NO
Yield maintenance amount 0.00
Group Level Collateral Statement
Group FIXED loans ARM loans Total
Collateral Description Mixed Fixed Mixed ARM Fixed & Mixed ARM
Weighted Average Coupon Rate 9.016656 7.075647 8.576909
Weighted Average Net Rate 8.552983 6.637078 8.118924
Weighted Average Maturity 257 321 272
Beginning Loan Count 4,208 564 4,772
Loans Paid In Full 123 17 140
Ending Loan Count 4,085 547 4,632
Beginning Scheduled Balance 251,350,811.95 73,625,301.09 324,976,113.04
Ending scheduled Balance 241,900,693.75 70,242,962.03 312,143,655.78
Record Date 06/30/2004 06/30/2004 06/30/2004
Principal And Interest Constant 2,552,646.26 532,405.87 3,085,052.13
Scheduled Principal 664,026.47 98,283.67 762,310.14
Unscheduled Principal 8,786,091.73 3,284,055.39 12,070,147.12
Scheduled Interest 1,888,619.79 434,122.20 2,322,741.99
Servicing Fees 97,120.35 26,908.14 124,028.49
Master Servicing Fees 1,047.30 306.78 1,354.08
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 1,790,452.14 406,907.28 2,197,359.42
Realized Loss Amount 355,424.80 19,173.77 374,598.57
Cumulative Realized Loss 2,279,822.30 190,069.02 2,469,891.32
Percentage of Cumulative Losses 0.4798 0.1337 0.4001
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 8.547983 6.632078 8.113924