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): December 27, 2004
BEAR STEARNS ASSET BACKED SECURITIES TRUST
Asset Backed Certificates, Series 2003-AC1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-43091-16 90-0175032
Pooling and Servicing Agreement) (Commission 90-0175026
(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 December 27, 2004 a distribution was made to holders of BEAR STEARNS ASSET
BACKED SECURITIES TRUST, Asset Backed Certificates, Series 2003-AC1 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-AC1 Trust, relating to the December
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 2003-AC1 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: 12/30/2004
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Certificates, Series 2003-AC1 Trust, relating to the
December 27, 2004 distribution.
EX-99.1
Bear Stearns Asset Backed Securities
Asset Backed Certificates
Record Date: 11/30/2004
Distribution Date: 12/27/2004
Bear Stearns Asset Backed Securities
Asset Backed Certificates
Series 2003-AC1
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 07384YHG4 SEN 4.10300% 158,210,310.53 540,947.42 8,208,014.77
A-IO 07384YHH2 IO 5.00000% 0.00 250,000.00 0.00
M-1 07384YHJ8 MEZ 4.60600% 10,001,759.42 38,390.09 518,895.32
M-2 07384YHK5 MEZ 4.96800% 8,183,191.55 33,878.41 424,547.28
B-1 07384YHL3 SUB 5.66500% 1,455,145.75 6,869.50 75,493.55
B-2 07384YHM1 SUB 5.43000% 4,000,631.00 17,499.43 207,554.35
R-1 BSA3AC1R1 RES 0.00000% 0.00 0.00 0.00
R-2 BSA3AC1R2 RES 0.00000% 0.00 0.00 0.00
R-3 BSA3AC1R3 RES 0.00000% 0.00 0.00 0.00
C BSA03AC1C SEN 0.00000% 2,499,022.00 155,825.62 0.00
P SEN 0.00000% 100.00 10,918.74 0.00
Totals 184,350,160.25 1,054,329.21 9,434,505.27
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 150,002,295.76 8,748,962.19 0.00
A-IO 0.00 0.00 250,000.00 0.00
M-1 0.00 9,482,864.10 557,285.41 0.00
M-2 0.00 7,758,644.27 458,425.69 0.00
B-1 0.00 1,379,652.20 82,363.05 0.00
B-2 0.00 3,793,076.64 225,053.78 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
C 0.00 2,498,922.00 155,825.62 0.00
P 0.00 100.00 10,918.74 0.00
Totals 0.00 174,915,554.97 10,488,834.48 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-1 434,812,000.00 158,210,310.53 0.00 8,208,014.77 0.00 0.00
A-IO 0.00 0.00 0.00 0.00 0.00 0.00
M-1 27,488,000.00 10,001,759.42 0.00 518,895.32 0.00 0.00
M-2 22,490,000.00 8,183,191.55 0.00 424,547.28 0.00 0.00
B-1 3,999,201.00 1,455,145.75 0.00 75,493.55 0.00 0.00
B-2 10,995,000.00 4,000,631.00 0.00 207,554.35 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
C 0.00 2,499,022.00 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
Totals 499,784,301.00 184,350,160.25 0.00 9,434,505.27 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 8,208,014.77 150,002,295.76 0.34498196 8,208,014.77
A-IO 0.00 0.00 0.00000000 0.00
M-1 518,895.32 9,482,864.10 0.34498196 518,895.32
M-2 424,547.28 7,758,644.27 0.34498196 424,547.28
B-1 75,493.55 1,379,652.20 0.34498196 75,493.55
B-2 207,554.35 3,793,076.64 0.34498196 207,554.35
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
C 0.00 2,498,922.00 0.00000000 0.00
P 0.00 100.00 1.00000000 0.00
Totals 9,434,505.27 174,915,554.97 0.34998209 9,434,505.27
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-1 434,812,000.00 363.85911734 0.00000000 18.87715788 0.00000000
A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
M-1 27,488,000.00 363.85911743 0.00000000 18.87715803 0.00000000
M-2 22,490,000.00 363.85911739 0.00000000 18.87715785 0.00000000
B-1 3,999,201.00 363.85911836 0.00000000 18.87715821 0.00000000
B-2 10,995,000.00 363.85911778 0.00000000 18.87715780 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
C 0.00 0.00000000 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 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 18.87715788 344.98195947 0.34498196 18.87715788
A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-1 0.00000000 18.87715803 344.98195940 0.34498196 18.87715803
M-2 0.00000000 18.87715785 344.98195954 0.34498196 18.87715785
B-1 0.00000000 18.87715821 344.98196015 0.34498196 18.87715821
B-2 0.00000000 18.87715780 344.98195907 0.34498196 18.87715780
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
C 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 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-1 434,812,000.00 4.10300% 158,210,310.53 540,947.42 0.00 0.00
A-IO 0.00 5.00000% 60,000,000.00 250,000.00 0.00 0.00
M-1 27,488,000.00 4.60600% 10,001,759.42 38,390.09 0.00 0.00
M-2 22,490,000.00 4.96800% 8,183,191.55 33,878.41 0.00 0.00
B-1 3,999,201.00 5.66500% 1,455,145.75 6,869.50 0.00 0.00
B-2 10,995,000.00 5.43000% 4,000,631.00 17,499.43 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
C 0.00 0.00000% 2,499,022.00 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
Totals 499,784,301.00 887,584.85 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 0.00 540,947.42 0.00 150,002,295.76
A-IO 0.00 0.00 250,000.00 0.00 60,000,000.00
M-1 0.00 0.00 38,390.09 0.00 9,482,864.10
M-2 0.00 0.00 33,878.41 0.00 7,758,644.27
B-1 0.00 0.00 6,869.50 0.00 1,379,652.20
B-2 0.00 0.00 17,499.43 0.00 3,793,076.64
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
C 0.00 0.00 155,825.62 0.00 2,498,922.00
P 0.00 0.00 10,918.74 0.00 100.00
Totals 0.00 0.00 1,054,329.21 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-1 434,812,000.00 4.10300% 363.85911734 1.24409497 0.00000000 0.00000000
A-IO 0.00 5.00000% 800.00000000 3.33333333 0.00000000 0.00000000
M-1 27,488,000.00 4.60600% 363.85911743 1.39661270 0.00000000 0.00000000
M-2 22,490,000.00 4.96800% 363.85911739 1.50637661 0.00000000 0.00000000
B-1 3,999,201.00 5.66500% 363.85911836 1.71771811 0.00000000 0.00000000
B-2 10,995,000.00 5.43000% 363.85911778 1.59158072 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
C 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 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 1.24409497 0.00000000 344.98195947
A-IO 0.00000000 0.00000000 3.33333333 0.00000000 800.00000000
M-1 0.00000000 0.00000000 1.39661270 0.00000000 344.98195940
M-2 0.00000000 0.00000000 1.50637661 0.00000000 344.98195954
B-1 0.00000000 0.00000000 1.71771811 0.00000000 344.98196015
B-2 0.00000000 0.00000000 1.59158072 0.00000000 344.98195907
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
C 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
P 0.00000000 0.00000000 109187.40000000 0.00000000 1000.00000000
<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 10,534,401.65
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 61,609.95
Realized Loss (Gains, Subsequent Expenses & Recoveries) (9,762.64)
Prepayment Penalties 0.00
Total Deposits 10,586,248.96
Withdrawals
Reimbursement for Servicer Advances 56,652.19
Payment of Service Fee 40,762.29
Payment of Interest and Principal 10,488,834.48
Total Withdrawals (Pool Distribution Amount) 10,586,248.96
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 38,406.27
Master Servicing Fee 1,536.25
Miscellaneous Fee 819.77
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 40,762.29
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Reserve Fund 5,000.00 594.97 594.97 5,000.00
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
1,195,980.18 0.00 0.00 1,195,980.18
30 Days 22 0 0 0 22
3,916,758.25 0.00 0.00 0.00 3,916,758.25
60 Days 4 1 0 0 5
364,355.36 442,260.40 0.00 0.00 806,615.76
90 Days 0 1 2 0 3
0.00 70,847.87 136,742.84 0.00 207,590.71
120 Days 0 0 2 0 2
0.00 0.00 374,637.63 0.00 374,637.63
150 Days 0 1 0 0 1
0.00 49,488.70 0.00 0.00 49,488.70
180+ Days 2 3 7 10 22
422,396.51 402,554.65 1,680,395.95 674,416.72 3,179,763.83
Totals 28 14 11 10 63
4,703,510.12 2,161,131.80 2,191,776.42 674,416.72 9,730,835.06
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 1.028278% 0.000000% 0.000000% 1.028278%
0.682872% 0.000000% 0.000000% 0.682872%
30 Days 2.827763% 0.000000% 0.000000% 0.000000% 2.827763%
2.236361% 0.000000% 0.000000% 0.000000% 2.236361%
60 Days 0.514139% 0.128535% 0.000000% 0.000000% 0.642674%
0.208037% 0.252518% 0.000000% 0.000000% 0.460555%
90 Days 0.000000% 0.128535% 0.257069% 0.000000% 0.385604%
0.000000% 0.040452% 0.078076% 0.000000% 0.118529%
120 Days 0.000000% 0.000000% 0.257069% 0.000000% 0.257069%
0.000000% 0.000000% 0.213908% 0.000000% 0.213908%
150 Days 0.000000% 0.128535% 0.000000% 0.000000% 0.128535%
0.000000% 0.028257% 0.000000% 0.000000% 0.028257%
180+ Days 0.257069% 0.385604% 0.899743% 1.285347% 2.827763%
0.241177% 0.229848% 0.959460% 0.385073% 1.815557%
Totals 3.598972% 1.799486% 1.413882% 1.285347% 8.097686%
2.685574% 1.233947% 1.251444% 0.385073% 5.556038%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 61,609.95
COLLATERAL STATEMENT
Collateral Description Mixed Fixed
Weighted Average Gross Coupon 7.126558%
Weighted Average Net Coupon 6.876558%
Weighted Average Pass-Through Rate 6.861222%
Weighted Average Maturity(Stepdown Calculation ) 315
Beginning Scheduled Collateral Loan Count 817
Number Of Loans Paid In Full 39
Ending Scheduled Collateral Loan Count 778
Beginning Scheduled Collateral Balance 184,350,060.24
Ending Scheduled Collateral Balance 174,915,554.97
Ending Actual Collateral Balance at 30-Nov-2004 175,139,823.40
Monthly P &I Constant 1,307,230.74
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 9,762.64
Cumulative Realized Loss 165,197.91
Ending Scheduled Balance for Premium Loans 174,915,554.97
Scheduled Principal 212,412.93
Unscheduled Principal 9,222,092.34
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 6,896.84
Overcollateralized reduction Amount 0.00
Specified O/C Amount 2,498,922.00
Overcollateralized Amount 2,498,922.00
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 6,896.84
Excess Cash Amount 164,984.87
Miscellaneous Reporting
Net WAC Rate Carryover Amount Class A-1 0.00
Net WAC Rate Carryover Amount Class B-1 522.78
Net WAC Rate Carryover Amount Class B-2 72.19
Net WAC Rate Carryover Amount Class M-1 0.00
Net WAC Rate Carryover Amount Class M-2 0.00
Three month rolling average 0.027478%