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): November 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)
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 November 26, 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 November 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
(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: 11/30/2004
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
November 26, 2004 distribution.
EX-99.1
Bear Stearns Asset Backed Securities
Mortgage Pass-Through Certificates
Record Date: 10/31/2004
Distribution Date: 11/26/2004
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 2.43250% 160,132,071.36 346,241.12 5,687,226.61
A-2 07384YGY6 SEN 2.68250% 20,932,374.47 49,912.08 743,431.07
A-IO 07384YGZ3 SEN 5.00000% 0.00 257,229.17 0.00
M-1 07384YHA7 MEZ 3.03250% 30,867,000.00 83,203.71 0.00
M-2 07384YHB5 MEZ 3.93250% 29,324,000.00 102,503.67 0.00
B 07384YHC3 SUB 4.18250% 23,151,000.00 86,070.27 0.00
B-IO BSA031BIO IO 0.00000% 0.00 736,646.71 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 274,592,691.29 1,661,806.73 6,430,657.68
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 154,444,844.75 6,033,467.73 0.00
A-2 0.00 20,188,943.40 793,343.15 0.00
A-IO 0.00 0.00 257,229.17 0.00
M-1 0.00 30,867,000.00 83,203.71 0.00
M-2 0.00 29,324,000.00 102,503.67 0.00
B 0.00 23,151,000.00 86,070.27 0.00
B-IO 0.00 0.00 736,646.71 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 0.00 268,162,033.61 8,092,464.41 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-1 472,271,000.00 160,132,071.36 0.00 5,687,226.61 0.00 0.00
A-2 61,735,000.00 20,932,374.47 0.00 743,431.07 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 617,348,209.42 274,592,691.29 0.00 6,430,657.68 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 5,687,226.61 154,444,844.75 0.32702589 5,687,226.61
A-2 743,431.07 20,188,943.40 0.32702589 743,431.07
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 6,430,657.68 268,162,033.61 0.43437728 6,430,657.68
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-1 472,271,000.00 339.06818619 0.00000000 12.04229481 0.00000000
A-2 61,735,000.00 339.06818612 0.00000000 12.04229481 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 12.04229481 327.02589138 0.32702589 12.04229481
A-2 0.00000000 12.04229481 327.02589131 0.32702589 12.04229481
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 2.43250% 160,132,071.36 346,241.12 0.00 0.00
A-2 61,735,000.00 2.68250% 20,932,374.47 49,912.08 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 3.03250% 30,867,000.00 83,203.71 0.00 0.00
M-2 29,324,000.00 3.93250% 29,324,000.00 102,503.67 0.00 0.00
B 23,151,000.00 4.18250% 23,151,000.00 86,070.27 0.00 0.00
B-IO 0.00 0.00000% 274,592,691.29 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 617,348,209.42 925,160.02 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 0.00 346,241.12 0.00 154,444,844.75
A-2 0.00 0.00 49,912.08 0.00 20,188,943.40
A-IO 0.00 0.00 257,229.17 0.00 61,735,000.00
M-1 0.00 0.00 83,203.71 0.00 30,867,000.00
M-2 0.00 0.00 102,503.67 0.00 29,324,000.00
B 0.00 0.00 86,070.27 0.00 23,151,000.00
B-IO 0.00 0.00 736,646.71 0.00 268,162,033.61
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 1,661,806.73 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 2.43250% 339.06818619 0.73314076 0.00000000 0.00000000
A-2 61,735,000.00 2.68250% 339.06818612 0.80848919 0.00000000 0.00000000
A-IO 0.00 5.00000% 1000.00000000 4.16666672 0.00000000 0.00000000
M-1 30,867,000.00 3.03250% 1000.00000000 2.69555545 0.00000000 0.00000000
M-2 29,324,000.00 3.93250% 1000.00000000 3.49555552 0.00000000 0.00000000
B 23,151,000.00 4.18250% 1000.00000000 3.71777763 0.00000000 0.00000000
B-IO 0.00 0.00000% 444.79385718 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 0.73314076 0.00000000 327.02589138
A-2 0.00000000 0.00000000 0.80848919 0.00000000 327.02589131
A-IO 0.00000000 0.00000000 4.16666672 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 2.69555545 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 3.49555552 0.00000000 1000.00000000
B 0.00000000 0.00000000 3.71777763 0.00000000 1000.00000000
B-IO 0.00000000 0.00000000 1.19324345 0.00000000 434.37727610
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 8,410,715.22
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 485,670.96
Realized Loss (Gains, Subsequent Expenses & Recoveries) (195,700.14)
Prepayment Penalties 0.00
Total Deposits 8,700,686.04
Withdrawals
Reimbursement for Servicer Advances 502,027.92
Payment of Service Fee 106,193.71
Payment of Interest and Principal 8,092,464.41
Total Withdrawals (Pool Distribution Amount) 8,700,686.04
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 105,049.54
Master Servicing Fee 1,144.17
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 106,193.71
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 182 1 0 183
9,461,498.67 95,296.19 0.00 9,556,794.86
30 Days 236 22 2 0 260
15,079,081.74 850,630.47 164,460.69 0.00 16,094,172.90
60 Days 77 12 15 0 104
4,679,218.05 628,389.58 1,182,507.60 0.00 6,490,115.23
90 Days 36 7 38 0 81
2,686,445.62 517,270.42 3,161,421.69 0.00 6,365,137.73
120 Days 10 12 16 0 38
291,659.29 925,398.79 1,090,589.94 0.00 2,307,648.02
150 Days 12 18 21 1 52
898,552.61 1,161,285.93 1,811,313.08 94,661.07 3,965,812.69
180+ Days 21 68 81 42 212
1,816,547.14 5,413,272.89 8,902,633.91 3,474,694.98 19,607,148.92
Totals 392 321 174 43 930
25,451,504.45 18,957,746.75 16,408,223.10 3,569,356.05 64,386,830.35
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 4.358238% 0.023946% 0.000000% 4.382184%
3.513725% 0.035390% 0.000000% 3.549115%
30 Days 5.651341% 0.526820% 0.047893% 0.000000% 6.226054%
5.599932% 0.315899% 0.061076% 0.000000% 5.976907%
60 Days 1.843870% 0.287356% 0.359195% 0.000000% 2.490421%
1.737725% 0.233366% 0.439149% 0.000000% 2.410240%
90 Days 0.862069% 0.167625% 0.909962% 0.000000% 1.939655%
0.997668% 0.192099% 1.174060% 0.000000% 2.363827%
120 Days 0.239464% 0.287356% 0.383142% 0.000000% 0.909962%
0.108314% 0.343666% 0.405013% 0.000000% 0.856993%
150 Days 0.287356% 0.431034% 0.502874% 0.023946% 1.245211%
0.333696% 0.431268% 0.672669% 0.035154% 1.472787%
180+ Days 0.502874% 1.628352% 1.939655% 1.005747% 5.076628%
0.674613% 2.010332% 3.306179% 1.290400% 7.281524%
Totals 9.386973% 7.686782% 4.166667% 1.029693% 22.270115%
9.451947% 7.040355% 6.093536% 1.325555% 23.911393%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 485,670.96
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 8.590591%
Weighted Average Net Coupon 8.131513%
Weighted Average Pass-Through Rate 8.126513%
Weighted Average Maturity(Stepdown Calculation ) 268
Beginning Scheduled Collateral Loan Count 4,262
Number Of Loans Paid In Full 86
Ending Scheduled Collateral Loan Count 4,176
Beginning Scheduled Collateral Balance 274,592,691.29
Ending Scheduled Collateral Balance 268,162,033.61
Ending Actual Collateral Balance at 31-Oct-2004 269,272,606.20
Monthly P &I Constant 2,668,232.34
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 195,700.14
Cumulative Realized Loss 3,542,829.43
Ending Scheduled Balance for Premium Loans 268,162,033.61
Scheduled Principal 702,471.14
Unscheduled Principal 5,728,186.54
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 192,156.25
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 192,156.25
Excess Cash Amount 932,346.84
Miscellaneous Reporting
Three month rolling average 0.141888%
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 9.024274 7.110803 8.590591
Weighted Average Net Rate 8.559563 6.670947 8.131513
Weighted Average Maturity 253 317 268
Beginning Loan Count 3,772 490 4,262
Loans Paid In Full 77 9 86
Ending Loan Count 3,695 481 4,176
Beginning Scheduled Balance 212,356,983.50 62,235,707.79 274,592,691.29
Ending scheduled Balance 206,891,072.22 61,270,961.39 268,162,033.61
Record Date 10/31/2004 10/31/2004 10/31/2004
Principal And Interest Constant 2,215,108.18 453,124.16 2,668,232.34
Scheduled Principal 618,135.21 84,335.93 702,471.14
Unscheduled Principal 4,847,776.07 880,410.47 5,728,186.54
Scheduled Interest 1,596,972.97 368,788.23 1,965,761.20
Servicing Fees 82,237.21 22,812.33 105,049.54
Master Servicing Fees 884.85 259.32 1,144.17
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 1,513,850.91 345,716.58 1,859,567.49
Realized Loss Amount 133,505.59 62,194.55 195,700.14
Cumulative Realized Loss 3,135,504.57 407,324.86 3,542,829.43
Percentage of Cumulative Losses 0.6599 0.2865 0.5739
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 8.554563 6.665947 8.126513