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-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)
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-AC7 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-AC7 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-AC7 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-AC7 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-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% 171,766,977.00 715,695.74 6,922,401.63
A-2 07384YPJ9 SEN 5.25000% 187,615,800.31 820,819.13 7,561,126.97
A-3 07384YPK6 SEN 2.61250% 66,393,719.29 144,544.66 2,675,741.28
A-4 07384YPL4 SEN 4.88750% 0.00 270,416.09 0.00
M-1 07384YPN0 MEZ 5.20000% 30,412,606.90 131,787.96 1,225,662.13
M-2 07384YPP5 MEZ 3.53250% 30,412,606.90 95,495.59 1,225,662.13
B 07384YPQ3 SUB 4.43250% 20,409,437.88 80,413.19 822,523.21
C 07383GCX2 OC 0.00000% 4,971,317.00 448,833.85 0.00
P 07383GCW4 P 0.00000% 100.00 54,110.95 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 511,982,565.28 2,762,117.16 20,433,117.35
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 164,844,575.37 7,638,097.37 0.00
A-2 0.00 180,054,673.34 8,381,946.10 0.00
A-3 0.00 63,717,978.01 2,820,285.94 0.00
A-4 0.00 0.00 270,416.09 0.00
M-1 0.00 29,186,944.77 1,357,450.09 0.00
M-2 0.00 29,186,944.77 1,321,157.72 0.00
B 0.00 19,586,914.66 902,936.40 0.00
C 0.00 4,971,317.00 448,833.85 0.00
P 0.00 100.00 54,110.95 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 0.00 491,549,447.92 23,195,234.51 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-1 240,600,000.00 171,766,977.00 0.00 6,922,401.63 0.00 0.00
A-2 262,800,000.00 187,615,800.31 0.00 7,561,126.97 0.00 0.00
A-3 93,000,000.00 66,393,719.29 0.00 2,675,741.28 0.00 0.00
A-4 0.00 0.00 0.00 0.00 0.00 0.00
M-1 42,600,000.00 30,412,606.90 0.00 1,225,662.13 0.00 0.00
M-2 42,600,000.00 30,412,606.90 0.00 1,225,662.13 0.00 0.00
B 28,588,212.00 20,409,437.88 0.00 822,523.21 0.00 0.00
C 0.24 4,971,317.00 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 710,188,312.24 511,982,565.28 0.00 20,433,117.35 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 6,922,401.63 164,844,575.37 0.68513955 6,922,401.63
A-2 7,561,126.97 180,054,673.34 0.68513955 7,561,126.97
A-3 2,675,741.28 63,717,978.01 0.68513955 2,675,741.28
A-4 0.00 0.00 0.00000000 0.00
M-1 1,225,662.13 29,186,944.77 0.68513955 1,225,662.13
M-2 1,225,662.13 29,186,944.77 0.68513955 1,225,662.13
B 822,523.21 19,586,914.66 0.68513955 822,523.21
C 0.00 4,971,317.00 713,820.83333330 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 20,433,117.35 491,549,447.92 0.69213959 20,433,117.35
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-1 240,600,000.00 713.91096010 0.00000000 28.77141160 0.00000000
A-2 262,800,000.00 713.91096008 0.00000000 28.77141161 0.00000000
A-3 93,000,000.00 713.91096011 0.00000000 28.77141161 0.00000000
A-4 0.00 0.00000000 0.00000000 0.00000000 0.00000000
M-1 42,600,000.00 713.91096009 0.00000000 28.77141150 0.00000000
M-2 42,600,000.00 713.91096009 0.00000000 28.77141150 0.00000000
B 28,588,212.00 713.91096022 0.00000000 28.77141145 0.00000000
C 0.24 713820833.33330000 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 28.77141160 685.13954850 0.68513955 28.77141160
A-2 0.00000000 28.77141161 685.13954848 0.68513955 28.77141161
A-3 0.00000000 28.77141161 685.13954849 0.68513955 28.77141161
A-4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-1 0.00000000 28.77141150 685.13954859 0.68513955 28.77141150
M-2 0.00000000 28.77141150 685.13954859 0.68513955 28.77141150
B 0.00000000 28.77141145 685.13954843 0.68513955 28.77141145
C 0.00000000 0.00000000 20,713,820,833.33330000 20713820.83333330 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% 171,766,977.00 715,695.74 0.00 0.00
A-2 262,800,000.00 5.25000% 187,615,800.31 820,819.13 0.00 0.00
A-3 93,000,000.00 2.61250% 66,393,719.29 144,544.66 0.00 0.00
A-4 0.00 4.88750% 66,393,719.29 270,416.09 0.00 0.00
M-1 42,600,000.00 5.20000% 30,412,606.90 131,787.96 0.00 0.00
M-2 42,600,000.00 3.53250% 30,412,606.90 95,495.59 0.00 0.00
B 28,588,212.00 4.43250% 20,409,437.88 80,413.19 0.00 0.00
C 0.24 0.00000% 4,971,317.00 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 2,259,172.36 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 0.00 715,695.74 0.00 164,844,575.37
A-2 0.00 0.00 820,819.13 0.00 180,054,673.34
A-3 0.00 0.00 144,544.66 0.00 63,717,978.01
A-4 0.00 0.00 270,416.09 0.00 63,717,978.01
M-1 0.00 0.00 131,787.96 0.00 29,186,944.77
M-2 0.00 0.00 95,495.59 0.00 29,186,944.77
B 0.00 0.00 80,413.19 0.00 19,586,914.66
C 0.00 0.00 448,833.85 0.00 4,971,317.00
P 0.00 0.00 54,110.95 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 2,762,117.16 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% 713.91096010 2.97462901 0.00000000 0.00000000
A-2 262,800,000.00 5.25000% 713.91096008 3.12336046 0.00000000 0.00000000
A-3 93,000,000.00 2.61250% 713.91096011 1.55424366 0.00000000 0.00000000
A-4 0.00 4.88750% 713.91096011 2.90769989 0.00000000 0.00000000
M-1 42,600,000.00 5.20000% 713.91096009 3.09361408 0.00000000 0.00000000
M-2 42,600,000.00 3.53250% 713.91096009 2.24168052 0.00000000 0.00000000
B 28,588,212.00 4.43250% 713.91096022 2.81280935 0.00000000 0.00000000
C 0.24 0.00000% 713820833.33330000 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 2.97462901 0.00000000 685.13954850
A-2 0.00000000 0.00000000 3.12336046 0.00000000 685.13954848
A-3 0.00000000 0.00000000 1.55424366 0.00000000 685.13954849
A-4 0.00000000 0.00000000 2.90769989 0.00000000 685.13954849
M-1 0.00000000 0.00000000 3.09361408 0.00000000 685.13954859
M-2 0.00000000 0.00000000 2.24168052 0.00000000 685.13954859
B 0.00000000 0.00000000 2.81280935 0.00000000 685.13954843
C 0.00000000 0.00000000 870141041.66667000 0.00000000 713820833.33330000
P 0.00000000 0.00000000 541109.50000000 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 23,302,488.27
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 60,360.95
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
Total Deposits 23,362,849.22
Withdrawals
Reimbursement for Servicer Advances 56,466.86
Payment of Service Fee 111,147.85
Payment of Interest and Principal 23,195,234.51
Total Withdrawals (Pool Distribution Amount) 23,362,849.22
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 106,663.00
Back-up Servicing Fee 4,484.85
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 111,147.85
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 8 0 0 8
1,424,307.25 0.00 0.00 1,424,307.25
30 Days 14 0 0 0 14
2,931,621.87 0.00 0.00 0.00 2,931,621.87
60 Days 10 2 0 0 12
2,384,263.44 162,849.00 0.00 0.00 2,547,112.44
90 Days 1 1 1 0 3
274,265.51 85,500.71 174,605.14 0.00 534,371.36
120 Days 1 1 0 0 2
147,183.57 102,659.28 0.00 0.00 249,842.85
150 Days 1 4 3 0 8
172,555.68 836,460.91 1,045,841.89 0.00 2,054,858.48
180+ Days 0 0 2 2 4
0.00 0.00 361,534.98 275,411.54 636,946.52
Totals 27 16 6 2 51
5,909,890.07 2,611,777.15 1,581,982.01 275,411.54 10,379,060.77
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 0.322841% 0.000000% 0.000000% 0.322841%
0.289435% 0.000000% 0.000000% 0.289435%
30 Days 0.564972% 0.000000% 0.000000% 0.000000% 0.564972%
0.595737% 0.000000% 0.000000% 0.000000% 0.595737%
60 Days 0.403551% 0.080710% 0.000000% 0.000000% 0.484262%
0.484508% 0.033093% 0.000000% 0.000000% 0.517601%
90 Days 0.040355% 0.040355% 0.040355% 0.000000% 0.121065%
0.055734% 0.017375% 0.035482% 0.000000% 0.108590%
120 Days 0.040355% 0.040355% 0.000000% 0.000000% 0.080710%
0.029909% 0.020861% 0.000000% 0.000000% 0.050771%
150 Days 0.040355% 0.161421% 0.121065% 0.000000% 0.322841%
0.035065% 0.169978% 0.212526% 0.000000% 0.417569%
180+ Days 0.000000% 0.000000% 0.080710% 0.080710% 0.161421%
0.000000% 0.000000% 0.073468% 0.055967% 0.129434%
Totals 1.089588% 0.645682% 0.242131% 0.080710% 2.058111%
1.200954% 0.530741% 0.321476% 0.055967% 2.109137%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 60,360.95
COLLATERAL STATEMENT
Collateral Description Fixed 30 Year
Weighted Average Gross Coupon 6.571331%
Weighted Average Net Coupon 6.321331%
Weighted Average Pass-Through Rate 6.321331%
Weighted Average Maturity(Stepdown Calculation ) 329
Beginning Scheduled Collateral Loan Count 2,560
Number Of Loans Paid In Full 82
Ending Scheduled Collateral Loan Count 2,478
Beginning Scheduled Collateral Balance 511,982,465.27
Ending Scheduled Collateral Balance 491,549,347.91
Ending Actual Collateral Balance at 31-Oct-2004 492,099,819.36
Monthly P &I Constant 3,413,314.79
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 491,549,347.91
Scheduled Principal 609,642.85
Unscheduled Principal 19,823,474.51
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 0.00
Specified O/C Amount 4,971,317.00
Overcollateralized Amount 4,971,317.00
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 0.00
Excess Cash Amount 507,429.66
Miscellaneous Reporting
3 Month Rolling Dlq Average Percentage 0.009754%