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): September 27, 2004
BEAR STEARNS ASSET BACKED SECURITIES TRUST
Asset Backed Certificates, Series 2004-SD1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-91334-25 54-2147339
Pooling and Servicing Agreement) (Commission 54-2147340
(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)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act(17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act(17 CFR 240.13e-4(c))
ITEM 8.01 Other Events
On September 27, 2004 a distribution was made to holders of BEAR STEARNS ASSET
BACKED SECURITIES TRUST, Asset Backed Certificates, Series 2004-SD1 Trust.
ITEM 9.01 Financial Statements and Exhibits
(c) Exhibits
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of
Asset Backed Certificates, Series
2004-SD1 Trust, relating to the
September 27, 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 2004-SD1 Trust
(Registrant)
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: 9/24/2004
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Certificates, Series 2004-SD1 Trust, relating to the
September 27, 2004 distribution.
EX-99.1
Bear Stearns Asset Backed Securities
Mortgage Pass-Through Certificates
Record Date: 8/31/2004
Distribution Date: 9/27/2004
BSA Series: 2004-SD1
Contact: CTSLink Customer Service
Wells Fargo Bank, N.A.
Corporate Trust Services
9062 Old Annapolis Road
Columbia, MD 21045-1951
Telephone: (301) 815-6600
Fax: (301) 815-6600
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 07384YSD9 SEN 1.78500% 89,106,603.36 145,800.68 5,515,176.81
A-2 07384YSE7 SEN 2.06500% 80,997,000.00 153,320.57 0.00
M-1 07384YSF4 MEZ 4.98000% 8,204,000.00 34,046.60 0.00
M-2 07384YSG2 MEZ 5.32000% 6,541,000.00 28,998.43 0.00
M-3 07384YSH0 MEZ 5.50000% 5,765,000.00 26,422.92 0.00
B 07384YSJ6 SUB 5.50000% 2,217,006.00 10,161.28 0.00
BIO 07384YSU1 IO 0.00000% 0.00 573,005.87 0.00
OC BSA03S3OC OC 0.00000% 2,217,280.07 0.00 0.00
R-1 07384YSM9 RES 0.00000% 0.00 0.00 0.00
R-2 07384YSN7 RES 0.00000% 0.00 0.00 0.00
Totals 195,047,889.43 971,756.35 5,515,176.81
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 83,591,426.55 5,660,977.49 0.00
A-2 0.00 80,997,000.00 153,320.57 0.00
M-1 0.00 8,204,000.00 34,046.60 0.00
M-2 0.00 6,541,000.00 28,998.43 0.00
M-3 0.00 5,765,000.00 26,422.92 0.00
B 0.00 2,217,006.00 10,161.28 0.00
BIO 0.00 0.00 573,005.87 0.00
OC 0.00 2,217,280.07 0.00 0.00
R-1 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00
Totals 0.00 189,532,712.62 6,486,933.16 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-1 118,004,000.00 89,106,603.36 0.00 5,515,176.81 0.00 0.00
A-2 80,997,000.00 80,997,000.00 0.00 0.00 0.00 0.00
M-1 8,204,000.00 8,204,000.00 0.00 0.00 0.00 0.00
M-2 6,541,000.00 6,541,000.00 0.00 0.00 0.00 0.00
M-3 5,765,000.00 5,765,000.00 0.00 0.00 0.00 0.00
B 2,217,006.00 2,217,006.00 0.00 0.00 0.00 0.00
BIO 0.00 0.00 0.00 0.00 0.00 0.00
OC 0.89 2,217,280.07 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
Totals 221,728,106.89 195,047,889.43 0.00 5,515,176.81 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 5,515,176.81 83,591,426.55 0.70837791 5,515,176.81
A-2 0.00 80,997,000.00 1.00000000 0.00
M-1 0.00 8,204,000.00 1.00000000 0.00
M-2 0.00 6,541,000.00 1.00000000 0.00
M-3 0.00 5,765,000.00 1.00000000 0.00
B 0.00 2,217,006.00 1.00000000 0.00
BIO 0.00 0.00 0.00000000 0.00
OC 0.00 2,217,280.00 2491325.92134831 0.00
R-1 0.00 0.00 0.00000000 0.00
R-2 0.00 0.00 0.00000000 0.00
Totals 5,515,176.81 189,532,712.62 0.85479787 5,515,176.81
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-1 118,004,000.00 755.11510932 0.00000000 46.73720221 0.00000000
A-2 80,997,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-1 8,204,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 6,541,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 5,765,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B 2,217,006.00 1000.00000000 0.00000000 0.00000000 0.00000000
BIO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
OC 0.892491325921.34831000 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
<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 46.73720221 708.37790710 0.70837791 46.73720221
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 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
M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
BIO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
OC 0.00000000 0.000000002491325921.34831000 2491325.92134831 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
<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-1 118,004,000.00 1.78500% 89,106,603.36 145,800.68 0.00 0.00
A-2 80,997,000.00 2.06500% 80,997,000.00 153,320.57 0.00 0.00
M-1 8,204,000.00 4.98000% 8,204,000.00 34,046.60 0.00 0.00
M-2 6,541,000.00 5.32000% 6,541,000.00 28,998.43 0.00 0.00
M-3 5,765,000.00 5.50000% 5,765,000.00 26,422.92 0.00 0.00
B 2,217,006.00 5.50000% 2,217,006.00 10,161.28 0.00 0.00
BIO 0.00 0.00000% 195,047,889.43 0.00 0.00 0.00
OC 0.89 0.00000% 2,217,280.07 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
Totals 221,728,106.89 398,750.48 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 0.00 145,800.68 0.00 83,591,426.55
A-2 0.00 0.00 153,320.57 0.00 80,997,000.00
M-1 0.00 0.00 34,046.60 0.00 8,204,000.00
M-2 0.00 0.00 28,998.43 0.00 6,541,000.00
M-3 0.00 0.00 26,422.92 0.00 5,765,000.00
B 0.00 0.00 10,161.28 0.00 2,217,006.00
BIO 0.00 0.00 573,005.87 0.00 189,532,712.62
OC 0.00 0.00 0.00 0.00 2,217,280.07
R-1 0.00 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 971,756.35 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-1 118,004,000.00 1.78500% 755.11510932 1.23555710 0.00000000 0.00000000
A-2 80,997,000.00 2.06500% 1000.00000000 1.89291665 0.00000000 0.00000000
M-1 8,204,000.00 4.98000% 1000.00000000 4.15000000 0.00000000 0.00000000
M-2 6,541,000.00 5.32000% 1000.00000000 4.43333282 0.00000000 0.00000000
M-3 5,765,000.00 5.50000% 1000.00000000 4.58333391 0.00000000 0.00000000
B 2,217,006.00 5.50000% 1000.00000000 4.58333446 0.00000000 0.00000000
BIO 0.00 0.00000% 879.67186539 0.00000000 0.00000000 0.00000000
OC 0.89 0.00000%2491325921.34831000 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
<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 1.23555710 0.00000000 708.37790710
A-2 0.00000000 0.00000000 1.89291665 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 4.15000000 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 4.43333282 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 4.58333391 0.00000000 1000.00000000
B 0.00000000 0.00000000 4.58333446 0.00000000 1000.00000000
BIO 0.00000000 0.00000000 2.58427376 0.00000000 854.79825160
OC 0.00000000 0.00000000 0.00000000 0.000000002491325921.34831000
R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-2 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 6,535,981.09
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 120,755.14
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
Total Deposits 6,656,736.23
Withdrawals
Reimbursement for Servicer Advances 116,593.33
Payment of Service Fee 53,209.74
Payment of Interest and Principal 6,486,933.16
Total Withdrawals (Pool Distribution Amount) 6,656,736.23
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 53,209.74
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 53,209.74
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 20 0 0 20
2,333,455.23 0.00 0.00 2,333,455.23
30 Days 51 5 0 0 56
5,682,863.30 554,463.63 0.00 0.00 6,237,326.93
60 Days 31 5 2 0 38
3,690,245.76 554,254.26 422,119.82 0.00 4,666,619.84
90 Days 10 1 2 0 13
1,274,069.59 103,290.03 612,495.68 0.00 1,989,855.30
120 Days 5 2 6 0 13
375,003.32 145,828.32 867,625.86 0.00 1,388,457.50
150 Days 4 2 5 0 11
408,147.80 211,154.23 1,036,929.12 0.00 1,656,231.15
180+ Days 2 2 5 1 10
485,456.06 214,951.00 589,172.07 118,938.82 1,408,517.95
Totals 103 37 20 1 161
11,915,785.83 4,117,396.70 3,528,342.55 118,938.82 19,680,463.90
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 1.529052% 0.000000% 0.000000% 1.529052%
1.228671% 0.000000% 0.000000% 1.228671%
30 Days 3.899083% 0.382263% 0.000000% 0.000000% 4.281346%
2.992287% 0.291950% 0.000000% 0.000000% 3.284237%
60 Days 2.370031% 0.382263% 0.152905% 0.000000% 2.905199%
1.943083% 0.291840% 0.222265% 0.000000% 2.457188%
90 Days 0.764526% 0.076453% 0.152905% 0.000000% 0.993884%
0.670856% 0.054387% 0.322507% 0.000000% 1.047750%
120 Days 0.382263% 0.152905% 0.458716% 0.000000% 0.993884%
0.197456% 0.076785% 0.456845% 0.000000% 0.731086%
150 Days 0.305810% 0.152905% 0.382263% 0.000000% 0.840979%
0.214908% 0.111182% 0.545990% 0.000000% 0.872081%
180+ Days 0.152905% 0.152905% 0.382263% 0.076453% 0.764526%
0.255615% 0.113182% 0.310226% 0.062627% 0.741649%
Totals 7.874618% 2.828746% 1.529052% 0.076453% 12.308869%
6.274205% 2.167997% 1.857833% 0.062627% 10.362662%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 120,755.14
COLLATERAL STATEMENT
Collateral Description Fixed 30 Year
Weighted Average Gross Coupon 6.306395%
Weighted Average Net Coupon 5.979031%
Weighted Average Pass-Through Rate 5.979031%
Weighted Average Maturity(Stepdown Calculation ) 294
Beginning Scheduled Collateral Loan Count 1,335
Number Of Loans Paid In Full 27
Ending Scheduled Collateral Loan Count 1,308
Beginning Scheduled Collateral Balance 195,047,889.43
Ending Scheduled Collateral Balance 189,532,712.62
Ending Actual Collateral Balance at 31-Aug-2004 189,917,073.61
Monthly P &I Constant 1,386,707.88
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 189,532,712.62
Scheduled Principal 361,666.94
Unscheduled Principal 5,153,509.87
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 0.00
Specified O/C Amount 2,217,280.07
Overcollateralized Amount 2,217,280.07
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 0.00
Excess Cash Amount 573,005.87
<CAPTION
Miscellaneous Reporting
Three month rolling delinquency % 5.767872%
Trigger Event NO
Yield Maintenance 0.00