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-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 July 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 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-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: 8/2/2004
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
July 26, 2004 distribution.
EX-99.1
Bear Stearns Asset Backed Securities
Mortgage Pass-Through Certificates
Record Date: 6/30/2004
Distribution Date: 7/26/2004
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 6.05639% 33,974,770.24 171,453.84 1,614,797.63
II-A 07384YLJ3 SEN 5.08227% 73,732,295.45 312,242.73 4,915,172.57
III-A 07384YLK0 SEN 4.76222% 21,838,454.72 86,657.83 1,005,655.42
B-1 07384YLL8 SUB 5.27767% 7,811,662.38 34,352.81 11,200.55
B-2 07384YLM6 SUB 5.27767% 6,475,549.36 28,477.08 9,284.80
B-3 07384YLN4 SUB 5.27767% 5,139,139.65 22,600.04 7,368.62
B-4 07384YMH6 SUB 5.27767% 3,803,026.64 16,724.31 5,452.87
B-5 07384YMJ2 SUB 5.27767% 2,569,668.73 11,300.45 3,684.45
B-6 07384YMK9 SUB 5.27767% 6,372,761.63 28,025.05 9,137.42
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 161,717,328.80 711,834.15 7,581,754.33
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 32,359,972.61 1,786,251.47 0.00
II-A 0.00 68,817,122.88 5,227,415.30 0.00
III-A 0.00 20,832,799.31 1,092,313.25 0.00
B-1 0.00 7,800,461.83 45,553.36 0.00
B-2 0.00 6,466,264.57 37,761.88 0.00
B-3 0.00 5,131,771.03 29,968.66 0.00
B-4 0.00 3,797,573.77 22,177.18 0.00
B-5 0.00 2,565,984.27 14,984.90 0.00
B-6 0.00 6,363,624.21 37,162.47 0.00
R-I 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.01 0.00
Totals 0.00 154,135,574.48 8,293,588.48 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 33,974,770.24 49,249.07 1,565,548.56 0.00 0.00
II-A 102,857,300.00 73,732,295.45 80,295.00 4,834,877.57 0.00 0.00
III-A 28,146,100.00 21,838,454.72 58,647.75 947,007.67 0.00 0.00
B-1 7,898,700.00 7,811,662.38 11,200.55 0.00 0.00 0.00
B-2 6,547,700.00 6,475,549.36 9,284.80 0.00 0.00 0.00
B-3 5,196,400.00 5,139,139.65 7,368.62 0.00 0.00 0.00
B-4 3,845,400.00 3,803,026.64 5,452.87 0.00 0.00 0.00
B-5 2,598,300.00 2,569,668.73 3,684.45 0.00 0.00 0.00
B-6 6,443,767.00 6,372,761.63 9,137.42 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 207,860,067.00 161,717,328.80 234,320.53 7,347,433.80 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 1,614,797.63 32,359,972.61 0.73004001 1,614,797.63
II-A 4,915,172.57 68,817,122.88 0.66905434 4,915,172.57
III-A 1,005,655.42 20,832,799.31 0.74016646 1,005,655.42
B-1 11,200.55 7,800,461.83 0.98756274 11,200.55
B-2 9,284.80 6,466,264.57 0.98756274 9,284.80
B-3 7,368.62 5,131,771.03 0.98756274 7,368.62
B-4 5,452.87 3,797,573.77 0.98756274 5,452.87
B-5 3,684.45 2,565,984.27 0.98756274 3,684.45
B-6 9,137.42 6,363,624.21 0.98756274 9,137.42
R-I 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
Totals 7,581,754.33 154,135,574.48 0.74153529 7,581,754.33
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 44,326,300.00 766.46979874 1.11105754 35.31872861 0.00000000
II-A 102,857,300.00 716.84066615 0.78064464 47.00568234 0.00000000
III-A 28,146,100.00 775.89629540 2.08369010 33.64614174 0.00000000
B-1 7,898,700.00 988.98076646 1.41802449 0.00000000 0.00000000
B-2 6,547,700.00 988.98076577 1.41802465 0.00000000 0.00000000
B-3 5,196,400.00 988.98076553 1.41802402 0.00000000 0.00000000
B-4 3,845,400.00 988.98076663 1.41802413 0.00000000 0.00000000
B-5 2,598,300.00 988.98076819 1.41802332 0.00000000 0.00000000
B-6 6,443,767.00 988.98076700 1.41802458 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 36.42978615 730.04001259 0.73004001 36.42978615
II-A 0.00000000 47.78632698 669.05433917 0.66905434 47.78632698
III-A 0.00000000 35.72983184 740.16646392 0.74016646 35.72983184
B-1 0.00000000 1.41802449 987.56274197 0.98756274 1.41802449
B-2 0.00000000 1.41802465 987.56274264 0.98756274 1.41802465
B-3 0.00000000 1.41802402 987.56274151 0.98756274 1.41802402
B-4 0.00000000 1.41802413 987.56274250 0.98756274 1.41802413
B-5 0.00000000 1.41802332 987.56274102 0.98756274 1.41802332
B-6 0.00000000 1.41802458 987.56274241 0.98756274 1.41802458
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 6.05639% 33,974,770.24 171,470.45 0.00 0.00
II-A 102,857,300.00 5.08227% 73,732,295.45 312,272.97 0.00 0.00
III-A 28,146,100.00 4.76222% 21,838,454.72 86,666.23 0.00 0.00
B-1 7,898,700.00 5.27767% 7,811,662.38 34,356.14 0.00 0.00
B-2 6,547,700.00 5.27767% 6,475,549.36 28,479.83 0.00 0.00
B-3 5,196,400.00 5.27767% 5,139,139.65 22,602.23 0.00 0.00
B-4 3,845,400.00 5.27767% 3,803,026.64 16,725.93 0.00 0.00
B-5 2,598,300.00 5.27767% 2,569,668.73 11,301.55 0.00 0.00
B-6 6,443,767.00 5.27767% 6,372,761.63 28,027.77 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 207,860,067.00 711,903.10 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 16.61 0.00 171,453.84 0.00 32,359,972.61
II-A 30.25 0.00 312,242.73 0.00 68,817,122.88
III-A 8.39 0.00 86,657.83 0.00 20,832,799.31
B-1 3.33 0.00 34,352.81 0.00 7,800,461.83
B-2 2.76 0.00 28,477.08 0.00 6,466,264.57
B-3 2.19 0.00 22,600.04 0.00 5,131,771.03
B-4 1.62 0.00 16,724.31 0.00 3,797,573.77
B-5 1.09 0.00 11,300.45 0.00 2,565,984.27
B-6 2.71 0.00 28,025.05 0.00 6,363,624.21
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 68.95 0.00 711,834.15 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 6.05639% 766.46979874 3.86836821 0.00000000 0.00000000
II-A 102,857,300.00 5.08227% 716.84066615 3.03598257 0.00000000 0.00000000
III-A 28,146,100.00 4.76222% 775.89629540 3.07915590 0.00000000 0.00000000
B-1 7,898,700.00 5.27767% 988.98076646 4.34959424 0.00000000 0.00000000
B-2 6,547,700.00 5.27767% 988.98076577 4.34959299 0.00000000 0.00000000
B-3 5,196,400.00 5.27767% 988.98076553 4.34959395 0.00000000 0.00000000
B-4 3,845,400.00 5.27767% 988.98076663 4.34959432 0.00000000 0.00000000
B-5 2,598,300.00 5.27767% 988.98076819 4.34959397 0.00000000 0.00000000
B-6 6,443,767.00 5.27767% 988.98076700 4.34959396 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 0.00037472 0.00000000 3.86799349 0.00000000 730.04001259
II-A 0.00029410 0.00000000 3.03568857 0.00000000 669.05433917
III-A 0.00029809 0.00000000 3.07885746 0.00000000 740.16646392
B-1 0.00042159 0.00000000 4.34917265 0.00000000 987.56274197
B-2 0.00042152 0.00000000 4.34917299 0.00000000 987.56274264
B-3 0.00042145 0.00000000 4.34917250 0.00000000 987.56274151
B-4 0.00042128 0.00000000 4.34917304 0.00000000 987.56274250
B-5 0.00041951 0.00000000 4.34917061 0.00000000 987.56274102
B-6 0.00042056 0.00000000 4.34917184 0.00000000 987.56274241
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 8,346,109.31
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 114,609.40
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
Total Deposits 8,460,718.71
Withdrawals
Reimbursement for Servicer Advances 118,686.76
Payment of Service Fee 48,443.47
Payment of Interest and Principal 8,293,588.48
Total Withdrawals (Pool Distribution Amount) 8,460,718.71
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 68.95
SERVICING FEES
<s> <c>
Gross Servicing Fee 47,095.85
Master Servicing Fee 1,347.62
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 48,443.47
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 2 0 17
2,789,940.48 283,273.40 0.00 3,073,213.88
30 Days 31 2 1 0 34
4,730,837.63 208,276.60 41,146.78 0.00 4,980,261.01
60 Days 13 0 0 0 13
1,215,505.40 0.00 0.00 0.00 1,215,505.40
90 Days 6 2 4 0 12
1,531,067.08 249,773.93 823,874.29 0.00 2,604,715.30
120 Days 4 3 7 0 14
690,463.17 395,625.45 788,396.60 0.00 1,874,485.22
150 Days 1 1 4 0 6
127,225.76 136,139.39 532,084.19 0.00 795,449.34
180+ Days 8 8 18 6 40
1,186,194.14 2,232,886.84 1,923,050.73 442,183.21 5,784,314.92
Totals 63 31 36 6 136
9,481,293.18 6,012,642.69 4,391,825.99 442,183.21 20,327,945.07
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 1.662971% 0.221729% 0.000000% 1.884701%
1.806576% 0.183429% 0.000000% 1.990004%
30 Days 3.436807% 0.221729% 0.110865% 0.000000% 3.769401%
3.063369% 0.134866% 0.026644% 0.000000% 3.224879%
60 Days 1.441242% 0.000000% 0.000000% 0.000000% 1.441242%
0.787079% 0.000000% 0.000000% 0.000000% 0.787079%
90 Days 0.665188% 0.221729% 0.443459% 0.000000% 1.330377%
0.991415% 0.161737% 0.533485% 0.000000% 1.686637%
120 Days 0.443459% 0.332594% 0.776053% 0.000000% 1.552106%
0.447097% 0.256180% 0.510512% 0.000000% 1.213789%
150 Days 0.110865% 0.110865% 0.443459% 0.000000% 0.665188%
0.082383% 0.088155% 0.344542% 0.000000% 0.515079%
180+ Days 0.886918% 0.886918% 1.995565% 0.665188% 4.434590%
0.768099% 1.445866% 1.245237% 0.286328% 3.745529%
Totals 6.984479% 3.436807% 3.991131% 0.665188% 15.077605%
6.139441% 3.893379% 2.843848% 0.286328% 13.162996%
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 2 0 10
1,759,277.15 283,273.40 0.00 2,042,550.55
30 Days 14 2 0 0 16
2,479,143.03 208,276.60 0.00 0.00 2,687,419.63
60 Days 8 0 0 0 8
815,207.81 0.00 0.00 0.00 815,207.81
90 Days 4 1 1 0 6
1,218,391.11 54,879.68 82,834.67 0.00 1,356,105.46
120 Days 4 3 3 0 10
690,463.17 395,625.45 326,347.14 0.00 1,412,435.76
150 Days 1 1 2 0 4
127,225.76 136,139.39 177,896.00 0.00 441,261.15
180 Days 8 4 7 5 24
1,186,194.14 314,975.84 783,249.10 347,428.33 2,631,847.41
Totals 39 19 15 5 78
6,516,625.02 2,869,174.11 1,653,600.31 347,428.33 11,386,827.77
0-29 Days 2.930403% 0.732601% 0.000000% 3.663004%
4.333840% 0.697822% 0.000000% 5.031662%
30 Days 5.128205% 0.732601% 0.000000% 0.000000% 5.860806%
6.107173% 0.513073% 0.000000% 0.000000% 6.620245%
60 Days 2.930403% 0.000000% 0.000000% 0.000000% 2.930403%
2.008200% 0.000000% 0.000000% 0.000000% 2.008200%
90 Days 1.465201% 0.366300% 0.366300% 0.000000% 2.197802%
3.001410% 0.135192% 0.204057% 0.000000% 3.340658%
120 Days 1.465201% 1.098901% 1.098901% 0.000000% 3.663004%
1.700901% 0.974592% 0.803930% 0.000000% 3.479424%
150 Days 0.366300% 0.366300% 0.732601% 0.000000% 1.465201%
0.313411% 0.335369% 0.438233% 0.000000% 1.087012%
180 Days 2.930403% 1.465201% 2.564103% 1.831502% 8.791209%
2.922095% 0.775918% 1.929472% 0.855862% 6.483348%
Totals 14.285714% 6.959707% 5.494505% 1.831502% 28.571429%
16.053190% 7.067983% 4.073513% 0.855862% 28.050549%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
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 4 0 0 4
735,157.67 0.00 0.00 735,157.67
30 Days 7 0 0 0 7
651,897.74 0.00 0.00 0.00 651,897.74
60 Days 2 0 0 0 2
205,856.45 0.00 0.00 0.00 205,856.45
90 Days 2 1 2 0 5
312,675.97 194,894.25 630,970.94 0.00 1,138,541.16
120 Days 0 0 2 0 2
0.00 0.00 209,301.31 0.00 209,301.31
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180 Days 0 3 7 1 11
0.00 1,811,068.06 977,122.36 94,754.88 2,882,945.30
Totals 11 8 11 1 31
1,170,430.16 2,741,119.98 1,817,394.61 94,754.88 5,823,699.63
0-29 Days 0.956938% 0.000000% 0.000000% 0.956938%
0.836992% 0.000000% 0.000000% 0.836992%
30 Days 1.674641% 0.000000% 0.000000% 0.000000% 1.674641%
0.742198% 0.000000% 0.000000% 0.000000% 0.742198%
60 Days 0.478469% 0.000000% 0.000000% 0.000000% 0.478469%
0.234372% 0.000000% 0.000000% 0.000000% 0.234372%
90 Days 0.478469% 0.239234% 0.478469% 0.000000% 1.196172%
0.355988% 0.221891% 0.718373% 0.000000% 1.296252%
120 Days 0.000000% 0.000000% 0.478469% 0.000000% 0.478469%
0.000000% 0.000000% 0.238294% 0.000000% 0.238294%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180 Days 0.000000% 0.717703% 1.674641% 0.239234% 2.631579%
0.000000% 2.061937% 1.112473% 0.107880% 3.282290%
Totals 2.631579% 1.913876% 2.631579% 0.239234% 7.416268%
1.332558% 3.120819% 2.069140% 0.107880% 6.630397%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
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
295,505.66 0.00 0.00 295,505.66
30 Days 10 0 1 0 11
1,599,796.86 0.00 41,146.78 0.00 1,640,943.64
60 Days 3 0 0 0 3
194,441.14 0.00 0.00 0.00 194,441.14
90 Days 0 0 1 0 1
0.00 0.00 110,068.68 0.00 110,068.68
120 Days 0 0 2 0 2
0.00 0.00 252,748.15 0.00 252,748.15
150 Days 0 0 2 0 2
0.00 0.00 354,188.19 0.00 354,188.19
180 Days 0 1 4 0 5
0.00 106,842.94 162,679.27 0.00 269,522.21
Totals 13 4 10 0 27
1,794,238.00 402,348.60 920,831.07 0.00 3,117,417.67
0-29 Days 1.421801% 0.000000% 0.000000% 1.421801%
1.136333% 0.000000% 0.000000% 1.136333%
30 Days 4.739336% 0.000000% 0.473934% 0.000000% 5.213270%
6.151833% 0.000000% 0.158225% 0.000000% 6.310058%
60 Days 1.421801% 0.000000% 0.000000% 0.000000% 1.421801%
0.747701% 0.000000% 0.000000% 0.000000% 0.747701%
90 Days 0.000000% 0.000000% 0.473934% 0.000000% 0.473934%
0.000000% 0.000000% 0.423256% 0.000000% 0.423256%
120 Days 0.000000% 0.000000% 0.947867% 0.000000% 0.947867%
0.000000% 0.000000% 0.971914% 0.000000% 0.971914%
150 Days 0.000000% 0.000000% 0.947867% 0.000000% 0.947867%
0.000000% 0.000000% 1.361990% 0.000000% 1.361990%
180 Days 0.000000% 0.473934% 1.895735% 0.000000% 2.369668%
0.000000% 0.410852% 0.625564% 0.000000% 1.036416%
Totals 6.161137% 1.895735% 4.739336% 0.000000% 12.796209%
6.899534% 1.547185% 3.540949% 0.000000% 11.987667%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 114,609.40
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% 121,775,601.87 79.00551263% 20.994486% 0.000000%
Class 2A 60,676,467.00 29.19101676% 52,958,478.99 34.35837488% 44.647138% 214.212193%
Class 3A 32,530,367.00 15.65012822% 32,125,679.68 20.84248201% 13.515893% 64.847809%
Class B-1 24,631,667.00 11.85011982% 24,325,217.85 15.78170238% 5.060780% 24.281080%
Class B-2 18,083,967.00 8.70006792% 17,858,953.28 11.58652256% 4.195180% 20.128024%
Class B-3 12,887,567.00 6.20011683% 12,727,182.25 8.25713478% 3.329388% 15.974047%
Class B-4 9,042,167.00 4.35012224% 8,929,608.48 5.79334682% 2.463788% 11.820991%
Class B-5 6,443,867.00 3.10009859% 6,363,624.21 4.12858886% 1.664758% 7.987331%
Class B-6 100.00 0.00004811% 0.00 0.00000000% 4.128589% 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 5.642042%
Weighted Average Net Coupon 5.292574%
Weighted Average Pass-Through Rate 5.282574%
Weighted Average Maturity(Stepdown Calculation ) 322
Beginning Scheduled Collateral Loan Count 944
Number Of Loans Paid In Full 42
Ending Scheduled Collateral Loan Count 902
Beginning Scheduled Collateral Balance 161,717,330.07
Ending Scheduled Collateral Balance 154,135,575.88
Ending Actual Collateral Balance at 30-Jun-2004 154,432,509.55
Monthly P &I Constant 994,667.07
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Class A Optimal Amount 8,106,035.26
Ending Scheduled Balance for Premium Loans 154,135,575.88
Scheduled Principal 234,320.53
Unscheduled Principal 7,347,433.73
Miscellaneous Reporting
Senior Percentage 80.106146%
Senior Percentage Group 1 80.685748%
Senior Percentage Group 2 79.573258%
Senior Percentage Group 3 81.032731%
Senior Prepay Percentage Group 1 100.000000%
Senior Prepay Percentage Group 2 100.000000%
Senior Prepay Percentage Group 3 100.000000%
Subordinate Percentage 19.893854%
Subordinate Percentage Group 1 19.314252%
Subordinate Percentage Group 2 20.426742%
Subordinate Percentage Group 3 18.967269%
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 6.453837 5.390252 5.239373
Weighted Average Net Rate 6.066393 5.092272 4.772218
Weighted Average Maturity 320 342 250
Beginning Loan Count 285 440 219
Loans Paid In Full 12 22 8
Ending Loan Count 273 418 211
Beginning Scheduled Balance 42,107,523.62 92,659,641.47 26,950,164.98
Ending scheduled Balance 40,480,937.07 87,723,856.88 25,930,781.93
Record Date 06/30/2004 06/30/2004 06/30/2004
Principal And Interest Constant 287,500.65 517,122.73 190,043.69
Scheduled Principal 61,038.13 100,907.02 72,375.38
Unscheduled Principal 1,565,548.49 4,834,877.57 947,007.67
Scheduled Interest 226,462.59 416,215.71 117,668.31
Servicing Fees 13,595.28 23,008.97 10,491.60
Master Servicing Fees 350.89 772.15 224.58
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 212,516.42 392,434.59 106,952.13
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 6.056392 5.082272 4.762218
Group Level Collateral Statement
Group Total
Collateral Description Mixed ARM
Weighted Average Coupon Rate 5.642042
Weighted Average Net Rate 5.292574
Weighted Average Maturity 322
Beginning Loan Count 944
Loans Paid In Full 42
Ending Loan Count 902
Beginning Scheduled Balance 161,717,330.07
Ending scheduled Balance 154,135,575.88
Record Date 06/30/2004
Principal And Interest Constant 994,667.07
Scheduled Principal 234,320.53
Unscheduled Principal 7,347,433.73
Scheduled Interest 760,346.61
Servicing Fees 47,095.85
Master Servicing Fees 1,347.62
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 711,903.14
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 5.282574