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-AC7 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-91334-17 54-2139189
Pooling and Servicing Agreement) (Commission 54-2139190
(State or other File Number) 54-2139191
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-AC7 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-AC7 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-AC7 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: 8/3/2004
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset-Backed
Certificates, Series 2003-AC7 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-AC7
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 07384YPH3 SEN 5.00000% 201,984,559.58 841,602.33 7,930,190.49
A-2 07384YPJ9 SEN 5.25000% 220,621,538.89 965,219.23 8,661,903.82
A-3 07384YPK6 SEN 1.98000% 78,073,832.26 128,821.82 3,065,285.60
A-4 07384YPL4 SEN 5.52000% 0.00 359,139.63 0.00
M-1 07384YPN0 MEZ 5.20000% 35,762,852.19 154,972.36 1,404,098.56
M-2 07384YPP5 MEZ 2.90000% 35,762,852.19 89,307.79 1,404,098.56
B 07384YPQ3 SUB 3.80000% 23,999,906.11 78,533.03 942,269.19
C 07383GCX2 OC 0.00000% 3,254,519.56 0.00 0.00
P 07383GCW4 P 0.00000% 100.00 34,803.68 0.00
R-1 07383GCY0 RES 0.00000% 0.00 0.00 0.00
R-2 07383GCZ7 RES 0.00000% 0.00 0.00 0.00
R-3 07383GDA1 RES 0.00000% 0.00 0.00 0.00
Totals 599,460,160.78 2,652,399.87 23,407,846.22
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 194,054,369.09 8,771,792.82 0.00
A-2 0.00 211,959,635.07 9,627,123.05 0.00
A-3 0.00 75,008,546.66 3,194,107.42 0.00
A-4 0.00 0.00 359,139.63 0.00
M-1 0.00 34,358,753.63 1,559,070.92 0.00
M-2 0.00 34,358,753.63 1,493,406.35 0.00
B 0.00 23,057,636.92 1,020,802.22 0.00
C 0.00 3,814,849.11 0.00 0.00
P 0.00 100.00 34,803.68 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
Totals 0.00 576,612,644.11 26,060,246.09 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-1 240,600,000.00 201,984,559.58 0.00 7,930,190.49 0.00 0.00
A-2 262,800,000.00 220,621,538.89 0.00 8,661,903.82 0.00 0.00
A-3 93,000,000.00 78,073,832.26 0.00 3,065,285.60 0.00 0.00
A-4 0.00 0.00 0.00 0.00 0.00 0.00
M-1 42,600,000.00 35,762,852.19 0.00 1,404,098.56 0.00 0.00
M-2 42,600,000.00 35,762,852.19 0.00 1,404,098.56 0.00 0.00
B 28,588,212.00 23,999,906.11 0.00 942,269.19 0.00 0.00
C 0.24 3,254,519.56 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
R-1 0.00 0.00 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00 0.00 0.00
R-3 0.00 0.00 0.00 0.00 0.00 0.00
Totals 710,188,312.24 599,460,160.78 0.00 23,407,846.22 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 7,930,190.49 194,054,369.09 0.80654351 7,930,190.49
A-2 8,661,903.82 211,959,635.07 0.80654351 8,661,903.82
A-3 3,065,285.60 75,008,546.66 0.80654351 3,065,285.60
A-4 0.00 0.00 0.00000000 0.00
M-1 1,404,098.56 34,358,753.63 0.80654351 1,404,098.56
M-2 1,404,098.56 34,358,753.63 0.80654351 1,404,098.56
B 942,269.19 23,057,636.92 0.80654351 942,269.19
C 0.00 3,814,849.11 5,895,204.62500000 0.00
P 0.00 100.00 1.00000000 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
Totals 23,407,846.22 576,612,644.11 0.81191514 23,407,846.22
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-1 240,600,000.00 839.50357265 0.00000000 32.96006022 0.00000000
A-2 262,800,000.00 839.50357264 0.00000000 32.96006020 0.00000000
A-3 93,000,000.00 839.50357269 0.00000000 32.96006022 0.00000000
A-4 0.00 0.00000000 0.00000000 0.00000000 0.00000000
M-1 42,600,000.00 839.50357254 0.00000000 32.96006009 0.00000000
M-2 42,600,000.00 839.50357254 0.00000000 32.96006009 0.00000000
B 28,588,212.00 839.50357266 0.00000000 32.96006025 0.00000000
C 0.24 560498166.66670000 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
R-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-3 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) 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-1 0.00000000 32.96006022 806.54351243 0.80654351 32.96006022
A-2 0.00000000 32.96006020 806.54351244 0.80654351 32.96006020
A-3 0.00000000 32.96006022 806.54351247 0.80654351 32.96006022
A-4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-1 0.00000000 32.96006009 806.54351244 0.80654351 32.96006009
M-2 0.00000000 32.96006009 806.54351244 0.80654351 32.96006009
B 0.00000000 32.96006025 806.54351241 0.80654351 32.96006025
C 0.00000000 0.00000000 15895204625.00000000 15895204.62500000 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 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
<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-1 240,600,000.00 5.00000% 201,984,559.58 841,602.33 0.00 0.00
A-2 262,800,000.00 5.25000% 220,621,538.89 965,219.23 0.00 0.00
A-3 93,000,000.00 1.98000% 78,073,832.26 128,821.82 0.00 0.00
A-4 0.00 5.52000% 78,073,832.26 359,139.63 0.00 0.00
M-1 42,600,000.00 5.20000% 35,762,852.19 154,972.36 0.00 0.00
M-2 42,600,000.00 2.90000% 35,762,852.19 89,307.79 0.00 0.00
B 28,588,212.00 3.80000% 23,999,906.11 78,533.03 0.00 0.00
C 0.24 0.00000% 3,254,519.56 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
R-1 0.00 0.00000% 0.00 0.00 0.00 0.00
R-2 0.00 0.00000% 0.00 0.00 0.00 0.00
R-3 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 710,188,312.24 2,617,596.19 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 0.00 841,602.33 0.00 194,054,369.09
A-2 0.00 0.00 965,219.23 0.00 211,959,635.07
A-3 0.00 0.00 128,821.82 0.00 75,008,546.66
A-4 0.00 0.00 359,139.63 0.00 75,008,546.66
M-1 0.00 0.00 154,972.36 0.00 34,358,753.63
M-2 0.00 0.00 89,307.79 0.00 34,358,753.63
B 0.00 0.00 78,533.03 0.00 23,057,636.92
C 0.00 0.00 0.00 0.00 3,814,849.11
P 0.00 0.00 34,803.68 0.00 100.00
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
Totals 0.00 0.00 2,652,399.87 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-1 240,600,000.00 5.00000% 839.50357265 3.49793155 0.00000000 0.00000000
A-2 262,800,000.00 5.25000% 839.50357264 3.67282812 0.00000000 0.00000000
A-3 93,000,000.00 1.98000% 839.50357269 1.38518086 0.00000000 0.00000000
A-4 0.00 5.52000% 839.50357269 3.86171645 0.00000000 0.00000000
M-1 42,600,000.00 5.20000% 839.50357254 3.63784883 0.00000000 0.00000000
M-2 42,600,000.00 2.90000% 839.50357254 2.09642700 0.00000000 0.00000000
B 28,588,212.00 3.80000% 839.50357266 2.74704238 0.00000000 0.00000000
C 0.24 0.00000% 3560498166.66670000 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
R-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-3 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) 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-1 0.00000000 0.00000000 3.49793155 0.00000000 806.54351243
A-2 0.00000000 0.00000000 3.67282812 0.00000000 806.54351244
A-3 0.00000000 0.00000000 1.38518086 0.00000000 806.54351247
A-4 0.00000000 0.00000000 3.86171645 0.00000000 806.54351247
M-1 0.00000000 0.00000000 3.63784883 0.00000000 806.54351244
M-2 0.00000000 0.00000000 2.09642700 0.00000000 806.54351244
B 0.00000000 0.00000000 2.74704238 0.00000000 806.54351241
C 0.00000000 0.00000000 0.00000000 0.00000000 15895204625.00000000
P 0.00000000 0.00000000 348036.80000000 0.00000000 1000.00000000
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
<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 26,188,658.16
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 49,974.16
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
Total Deposits 26,238,632.32
Withdrawals
Reimbursement for Servicer Advances 48,144.93
Payment of Service Fee 130,241.30
Payment of Interest and Principal 26,060,246.09
Total Withdrawals (Pool Distribution Amount) 26,238,632.32
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 124,887.52
Back-up Servicing Fee 5,353.78
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 130,241.30
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Net WAC Reserve Fund 5,000.00 0.00 0.00 5,000.00
Class P Certificate Account 100.00 0.00 0.00 100.00
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 5 0 0 5
905,709.32 0.00 0.00 905,709.32
30 Days 20 0 0 0 20
3,646,612.19 0.00 0.00 0.00 3,646,612.19
60 Days 7 0 0 0 7
1,191,642.29 0.00 0.00 0.00 1,191,642.29
90 Days 7 1 0 0 8
1,604,350.05 67,668.85 0.00 0.00 1,672,018.90
120 Days 1 0 1 0 2
125,981.67 0.00 76,351.28 0.00 202,332.95
150 Days 2 0 0 0 2
491,986.26 0.00 0.00 0.00 491,986.26
180+ Days 0 0 1 0 1
0.00 0.00 161,016.03 0.00 161,016.03
Totals 37 6 2 0 45
7,060,572.46 973,378.17 237,367.31 0.00 8,271,317.94
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 0.177242% 0.000000% 0.000000% 0.177242%
0.156912% 0.000000% 0.000000% 0.156912%
30 Days 0.708968% 0.000000% 0.000000% 0.000000% 0.708968%
0.631769% 0.000000% 0.000000% 0.000000% 0.631769%
60 Days 0.248139% 0.000000% 0.000000% 0.000000% 0.248139%
0.206450% 0.000000% 0.000000% 0.000000% 0.206450%
90 Days 0.248139% 0.035448% 0.000000% 0.000000% 0.283587%
0.277951% 0.011724% 0.000000% 0.000000% 0.289674%
120 Days 0.035448% 0.000000% 0.035448% 0.000000% 0.070897%
0.021826% 0.000000% 0.013228% 0.000000% 0.035054%
150 Days 0.070897% 0.000000% 0.000000% 0.000000% 0.070897%
0.085236% 0.000000% 0.000000% 0.000000% 0.085236%
180+ Days 0.000000% 0.000000% 0.035448% 0.000000% 0.035448%
0.000000% 0.000000% 0.027896% 0.000000% 0.027896%
Totals 1.311592% 0.212691% 0.070897% 0.000000% 1.595179%
1.223231% 0.168636% 0.041123% 0.000000% 1.432990%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 49,974.16
COLLATERAL STATEMENT
Collateral Description Fixed 30 Year
Weighted Average Gross Coupon 6.632015%
Weighted Average Net Coupon 6.382015%
Weighted Average Pass-Through Rate 6.382015%
Weighted Average Maturity(Stepdown Calculation ) 333
Beginning Scheduled Collateral Loan Count 2,912
Number Of Loans Paid In Full 91
Ending Scheduled Collateral Loan Count 2,821
Beginning Scheduled Collateral Balance 599,460,060.78
Ending Scheduled Collateral Balance 576,612,544.11
Ending Actual Collateral Balance at 30-Jun-2004 577,206,888.27
Monthly P &I Constant 3,989,085.55
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 576,612,544.11
Scheduled Principal 676,062.11
Unscheduled Principal 22,171,454.56
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 560,329.55
Overcollateralized reduction Amount 0.00
Specified O/C Amount 4,971,317.00
Overcollateralized Amount 3,814,849.11
Overcollateralized Deficiency Amount 1,156,467.89
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 560,329.55
Excess Cash Amount 600,487.02
Miscellaneous Reporting
3 Month Rolling Dlq Average Percentage 0.008020%