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): October 25, 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)
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 October 25, 2004 a distribution was made to holders of BEAR STEARNS ASSET
BACKED SECURITIES TRUST, Asset Backed Certificates, Series 2003-1 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 2003-1
Trust, relating to the October 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 2003-1 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: 10/26/2004
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
October 25, 2004 distribution.
EX-99.1
Bear Stearns Asset Backed Securities
Asset Backed Certificates
Record Date: 9/30/2004
Distribution Date: 10/25/2004
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 2.34000% 168,378,186.14 306,448.30 8,246,114.78
A-2 07384YGY6 SEN 2.59000% 22,010,301.97 44,338.53 1,077,927.49
A-IO 07384YGZ3 SEN 5.00000% 0.00 257,229.17 0.00
M-1 07384YHA7 MEZ 2.94000% 30,867,000.00 70,582.54 0.00
M-2 07384YHB5 MEZ 3.84000% 29,324,000.00 87,581.01 0.00
B 07384YHC3 SUB 4.09000% 23,151,000.00 73,645.90 0.00
B-IO BSA031BIO IO 0.00000% 0.00 808,396.72 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 283,916,733.57 1,648,222.17 9,324,042.27
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 160,132,071.36 8,552,563.08 0.00
A-2 0.00 20,932,374.47 1,122,266.02 0.00
A-IO 0.00 0.00 257,229.17 0.00
M-1 0.00 30,867,000.00 70,582.54 0.00
M-2 0.00 29,324,000.00 87,581.01 0.00
B 0.00 23,151,000.00 73,645.90 0.00
B-IO 0.00 0.00 808,396.72 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 0.00 274,592,691.29 10,972,264.44 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-1 472,271,000.00 168,378,186.14 0.00 8,246,114.78 0.00 0.00
A-2 61,735,000.00 22,010,301.97 0.00 1,077,927.49 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 617,348,209.42 283,916,733.57 0.00 9,324,042.27 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 8,246,114.78 160,132,071.36 0.33906819 8,246,114.78
A-2 1,077,927.49 20,932,374.47 0.33906819 1,077,927.49
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 9,324,042.27 274,592,691.29 0.44479386 9,324,042.27
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-1 472,271,000.00 356.52874333 0.00000000 17.46055714 0.00000000
A-2 61,735,000.00 356.52874334 0.00000000 17.46055706 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 17.46055714 339.06818619 0.33906819 17.46055714
A-2 0.00000000 17.46055706 339.06818612 0.33906819 17.46055706
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 2.34000% 168,378,186.14 306,448.30 0.00 0.00
A-2 61,735,000.00 2.59000% 22,010,301.97 44,338.53 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 2.94000% 30,867,000.00 70,582.54 0.00 0.00
M-2 29,324,000.00 3.84000% 29,324,000.00 87,581.01 0.00 0.00
B 23,151,000.00 4.09000% 23,151,000.00 73,645.90 0.00 0.00
B-IO 0.00 0.00000% 283,916,733.56 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 617,348,209.42 839,825.45 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 (0.01) 0.00 306,448.30 0.00 160,132,071.36
A-2 0.00 0.00 44,338.53 0.00 20,932,374.47
A-IO 0.00 0.00 257,229.17 0.00 61,735,000.00
M-1 0.00 0.00 70,582.54 0.00 30,867,000.00
M-2 0.00 0.00 87,581.01 0.00 29,324,000.00
B 0.00 0.00 73,645.90 0.00 23,151,000.00
B-IO 0.00 0.00 808,396.72 0.00 274,592,691.29
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 (0.01) 0.00 1,648,222.17 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 2.34000% 356.52874333 0.64888232 0.00000000 0.00000000
A-2 61,735,000.00 2.59000% 356.52874334 0.71820734 0.00000000 0.00000000
A-IO 0.00 5.00000% 1000.00000000 4.16666672 0.00000000 0.00000000
M-1 30,867,000.00 2.94000% 1000.00000000 2.28666667 0.00000000 0.00000000
M-2 29,324,000.00 3.84000% 1000.00000000 2.98666655 0.00000000 0.00000000
B 23,151,000.00 4.09000% 1000.00000000 3.18111097 0.00000000 0.00000000
B-IO 0.00 0.00000% 459.89723341 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 (0.00000002) 0.00000000 0.64888232 0.00000000 339.06818619
A-2 0.00000000 0.00000000 0.71820734 0.00000000 339.06818612
A-IO 0.00000000 0.00000000 4.16666672 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 2.28666667 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.98666655 0.00000000 1000.00000000
B 0.00000000 0.00000000 3.18111097 0.00000000 1000.00000000
B-IO 0.00000000 0.00000000 1.30946637 0.00000000 444.79385718
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 11,346,100.19
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 502,027.92
Realized Loss (Gains, Subsequent Expenses & Recoveries) (275,255.59)
Prepayment Penalties 0.00
Total Deposits 11,572,872.52
Withdrawals
Reimbursement for Servicer Advances 490,849.17
Payment of Service Fee 109,758.91
Payment of Interest and Principal 10,972,264.44
Total Withdrawals (Pool Distribution Amount) 11,572,872.52
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 (0.01)
SERVICING FEES
<s> <c>
Gross Servicing Fee 108,575.97
Master Servicing Fee 1,182.94
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 109,758.91
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 186 1 0 187
9,815,213.37 95,478.27 0.00 9,910,691.64
30 Days 231 13 4 0 248
15,654,462.86 404,617.11 302,647.01 0.00 16,361,726.98
60 Days 91 14 16 0 121
6,081,701.93 652,508.48 1,239,928.91 0.00 7,974,139.32
90 Days 29 8 26 0 63
1,869,191.09 407,298.78 2,142,977.58 0.00 4,419,467.45
120 Days 19 20 20 1 60
2,076,687.97 1,114,242.97 1,686,061.83 94,661.07 4,971,653.84
150 Days 7 10 21 1 39
523,789.32 1,342,377.09 2,129,682.89 147,565.03 4,143,414.33
180+ Days 21 65 92 31 209
1,944,401.87 5,054,945.58 9,290,402.27 2,694,122.35 18,983,872.07
Totals 398 316 180 33 927
28,150,235.04 18,791,203.38 16,887,178.76 2,936,348.45 66,764,965.63
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 4.364148% 0.023463% 0.000000% 4.387611%
3.560257% 0.034633% 0.000000% 3.594889%
30 Days 5.419991% 0.305021% 0.093853% 0.000000% 5.818864%
5.678318% 0.146766% 0.109779% 0.000000% 5.934863%
60 Days 2.135148% 0.328484% 0.375411% 0.000000% 2.839043%
2.206006% 0.236683% 0.449757% 0.000000% 2.892447%
90 Days 0.680432% 0.187705% 0.610042% 0.000000% 1.478179%
0.678009% 0.147739% 0.777319% 0.000000% 1.603066%
120 Days 0.445800% 0.469263% 0.469263% 0.023463% 1.407790%
0.753274% 0.404168% 0.611583% 0.034336% 1.803360%
150 Days 0.164242% 0.234632% 0.492726% 0.023463% 0.915063%
0.189993% 0.486918% 0.772496% 0.053526% 1.502934%
180+ Days 0.492726% 1.525106% 2.158611% 0.727358% 4.903801%
0.705290% 1.833572% 3.369893% 0.977235% 6.885990%
Totals 9.338339% 7.414359% 4.223369% 0.774284% 21.750352%
10.210890% 6.816103% 6.125459% 1.065097% 24.217549%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 502,027.92
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 8.586388%
Weighted Average Net Coupon 8.127482%
Weighted Average Pass-Through Rate 8.122482%
Weighted Average Maturity(Stepdown Calculation ) 269
Beginning Scheduled Collateral Loan Count 4,363
Number Of Loans Paid In Full 101
Ending Scheduled Collateral Loan Count 4,262
Beginning Scheduled Collateral Balance 283,916,733.56
Ending Scheduled Collateral Balance 274,592,691.29
Ending Actual Collateral Balance at 30-Sep-2004 275,688,365.54
Monthly P &I Constant 2,747,307.28
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 275,255.59
Cumulative Realized Loss 3,347,129.29
Ending Scheduled Balance for Premium Loans 274,592,691.29
Scheduled Principal 715,791.25
Unscheduled Principal 8,608,251.02
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 270,275.34
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 270,275.34
Excess Cash Amount 1,083,652.33
Miscellaneous Reporting
Three month rolling average 0.140321%
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 9.020065 7.109771 8.586388
Weighted Average Net Rate 8.555540 6.669998 8.127482
Weighted Average Maturity 254 318 269
Beginning Loan Count 3,858 505 4,363
Loans Paid In Full 86 15 101
Ending Loan Count 3,772 490 4,262
Beginning Scheduled Balance 219,461,638.10 64,455,095.46 283,916,733.56
Ending scheduled Balance 212,356,983.50 62,235,707.79 274,592,691.29
Record Date 09/30/2004 09/30/2004 09/30/2004
Principal And Interest Constant 2,277,558.87 469,748.41 2,747,307.28
Scheduled Principal 627,926.97 87,864.28 715,791.25
Unscheduled Principal 6,476,727.63 2,131,523.39 8,608,251.02
Scheduled Interest 1,649,631.90 381,884.13 2,031,516.03
Servicing Fees 84,954.62 23,621.35 108,575.97
Master Servicing Fees 914.39 268.55 1,182.94
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 1,563,762.89 357,994.23 1,921,757.12
Realized Loss Amount 221,279.72 53,975.87 275,255.59
Cumulative Realized Loss 3,001,998.98 345,130.31 3,347,129.29
Percentage of Cumulative Losses 0.6318 0.2427 0.5422
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 8.550540 6.664998 8.122482