8-K 1 bsa03ac3.txt AUGUST 8-K 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): August 25, 2003 BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset-Backed Certificates, Series 2003-AC3 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-91334-06 54-2121818 Pooling and Servicing Agreement) (Commission 54-2121819 (State or other File Number) 54-2121820 jurisdiction IRS EIN of Incorporation) c/o Wells Fargo Bank Minnesota, 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) ITEM 5. Other Events On August 25, 2003 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset-Backed Certificates, Series 2003-AC3 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset-Backed Certificates, Series 2003-AC3 Trust, relating to the August 25, 2003 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-AC3 Trust By: Wells Fargo Bank Minnesota, N.A. as Securities Administrator By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 9/3/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset- Backed Certificates, Series 2003-AC3 Trust, relating to the August 25, 2003 distribution. EX-99.1

Bear Stearns Asset Backed Securities Asset-Backed Certificates Record Date: 67/3031/03 Distribution Date: 78/25/03 BSA Series: 2003-AC3 Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, 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 A-1 07384YJH0 SEN 4.00000% 210,~~947~~017,~~000~~009.0029 ~~703~~700,~~156~~056.6669 ~~929~~5,~~990~~163,095.7109 A-IO 07384YJJ6 IO 5.00000% 0.00 153,291.6766 0.00 M-1 07384YJK3 MEZ 4.40300% 15,~~330~~262,~~000~~415.0045 56,~~248~~000.3235 67375,~~584~~213.5591 M-2 07384YJL1 MEZ 3.~~59300~~60000% 11,~~491~~440,~~000~~340.0025 2835,~~671~~465.6405 50281,~~659~~251.7534 M-3 07384YJY3 MEZ 4.65400% 21,~~000~~991,~~000~~182.0071 7,~~756~~722.6747 848,~~817~~951.2959 B-1 07384YJM9 SUB 4.~~59300~~60000% 5,~~519~~494,~~000~~668.0068 1721,~~603~~764.3199 24135,~~331~~081.3290 C 07384YKA3 SEN 0.00000% ~~478~~578.3817 ~~366,242~~0.4600 0.00 P 07384YJZ0 SEN 0.00000% 100.00 07,048.0056 0.00 R-1 07384YKB1 RES 0.00000% 0.00 0.00 0.00 R-2 07384YKC9 RES 0.00000% 0.00 0.00 0.00 R-3 07384YKD7 RES 0.00000% 0.00 0.00 0.00 Totals ~~245~~244,~~287~~206,~~578~~294.3855 1981,~~332,970~~349.7377 16,~~081~~003,~~383~~593.6283

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~210~~204,~~017~~853,~~009~~914.2920 15,~~633~~863,~~147~~151.3778 0.00 A-IO 0.00 0.00 153,291.6766 0.00 M-1 0.00 1514,~~262~~887,~~415~~201.4555 ~~123~~431,~~832~~214.8726 0.00 M-2 0.00 11,~~440~~159,~~340~~088.2591 79316,~~331~~716.39 0.00 M-3 0.00 1,~~991~~942,~~182~~231.7112 1656,~~573~~674.9606 0.00 B-1 0.00 5,~~494~~359,~~668~~586.6878 41156,~~934~~846.6389 0.00 C 0.00 ~~578~~352,959.1705 ~~366,242~~0.4600 0.00 P 0.00 100.00 07,048.0056 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 ~~244~~238,~~206~~555,~~294~~081.5561 26,~~414~~984,~~354~~943.3560 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-1 210,947,000.00 210,~~947~~017,~~000~~009.0029 0.00 ~~929~~5,~~990~~163,095.7109 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M-1 15,330,000.00 15,~~330~~262,~~000~~415.0045 0.00 67375,~~584~~213.5591 0.00 0.00 M-2 11,491,000.00 11,~~491~~440,~~000~~340.0025 0.00 50281,~~659~~251.7534 0.00 0.00 M-3 2,000,000.00 21,~~000~~991,~~000~~182.0071 0.00 848,~~817~~951.2959 0.00 0.00 B-1 5,519,000.00 5,~~519~~494,~~000~~668.0068 0.00 24135,~~331~~081.3290 0.00 0.00 C 478.38 ~~478~~578.3817 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 245,287,578.38 ~~245~~244,~~287~~206,~~578~~294.3855 0.00 16,~~081~~003,~~383~~593.6283 0.00 0.00 (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.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A-1 ~~929~~5,~~990~~163,095.7109 ~~210~~204,~~017~~853,~~009~~914.2920 0.~~99559135~~97111556 ~~929~~5,~~990~~163,095.7109 A-IO 0.00 0.00 0.00000000 0.00 M-1 67375,~~584~~213.5591 1514,~~262~~887,~~415~~201.4555 0.~~99559135~~97111556 67375,~~584~~213.5591 M-2 50281,~~659~~251.7534 11,~~440~~159,~~340~~088.2591 0.~~99559135~~97111556 50281,~~659~~251.7534 M-3 848,~~817~~951.2959 1,~~991~~942,~~182~~231.7112 0.~~99559135~~97111556 848,~~817~~951.2959 B-1 24135,~~331~~081.3290 5,~~494~~359,~~668~~586.6878 0.~~99559135~~97111556 24135,~~331~~081.3290 C 0.00 ~~578~~352,959.1705 1737.~~20859986~~82150174 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 16,~~081~~003,~~383~~593.6283 ~~244~~238,~~206~~555,~~294~~081.5561 0.~~99559177~~97255264 16,~~081~~003,~~383~~593.6283

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 210,947,000.00 ~~1000~~995.~~00000000~~59135370 0.00000000 424.~~40864630~~47579292 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 15,330,000.00 ~~1000~~995.~~00000000~~59135356 0.00000000 424.~~40864644~~47579322 0.00000000 M-2 11,491,000.00 ~~1000~~995.~~00000000~~59135410 0.00000000 424.~~40864590~~47579323 0.00000000 M-3 2,000,000.00 ~~1000~~995.~~00000000~~59135500 0.00000000 424.~~40864500~~47579500 0.00000000 B-1 5,519,000.00 ~~1000~~995.~~00000000~~59135351 0.00000000 424.~~40864649~~47579272 0.00000000 C 478.38 ~~1000~~1208.~~00000000~~59985785 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

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-1 0.00000000 424.~~40864630~~47579292 ~~995~~971.~~59135370~~11556078 0.~~99559135~~97111556 424.~~40864630~~47579292 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M-1 0.00000000 424.~~40864644~~47579322 ~~995~~971.~~59135356~~11556099 0.~~99559135~~97111556 424.~~40864644~~47579322 M-2 0.00000000 424.~~40864590~~47579323 ~~995~~971.~~59135410~~11556087 0.~~99559135~~97111556 424.~~40864590~~47579323 M-3 0.00000000 424.~~40864500~~47579500 ~~995~~971.~~59135500~~11556000 0.~~99559135~~97111556 424.~~40864500~~47579500 B-1 0.00000000 424.~~40864649~~47579272 ~~995~~971.~~59135351~~11556079 0.~~99559135~~97111556 424.~~40864649~~47579272 C 0.00000000 0.00000000 1737,~~208~~821.~~59985785~~50173502 1737.~~20859986~~82150174 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 (3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

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 A-1 210,947,000.00 4.00000% 210,~~947~~017,~~000~~009.0029 ~~703~~700,~~156~~056.6770 0.00 0.00 A-IO 0.00 5.00000% 36,790,000.00 153,291.67 0.00 0.00 M-1 15,330,000.00 4.40300% 15,~~330~~262,~~000~~415.0045 56,~~248~~000.3335 0.00 0.00 M-2 11,491,000.00 3.~~59300~~60000% 11,~~491~~440,~~000~~340.0025 2835,~~671~~465.6405 0.00 0.00 M-3 2,000,000.00 4.65400% 21,~~000~~991,~~000~~182.0071 7,~~756~~722.6747 0.00 0.00 B-1 5,519,000.00 4.~~59300~~60000% 5,~~519~~494,~~000~~668.0068 1721,~~603~~764.3199 0.00 0.00 C 478.38 0.00000% ~~478~~578.3817 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 245,287,578.38 ~~966~~974,~~728~~301.2923 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 A-1 0.0001 0.00 ~~703~~700,~~156~~056.6669 0.00 ~~210~~204,~~017~~853,~~009~~914.2920 A-IO 0.00 0.00 153,291.6766 0.00 36,790,000.00 M-1 0.00 0.00 56,~~248~~000.3235 0.00 1514,~~262~~887,~~415~~201.4555 M-2 0.00 0.00 2835,~~671~~465.6405 0.00 11,~~440~~159,~~340~~088.2591 M-3 0.00 0.00 7,~~756~~722.6747 0.00 1,~~991~~942,~~182~~231.7112 B-1 0.00 0.00 1721,~~603~~764.3199 0.00 5,~~494~~359,~~668~~586.6878 C 0.00 0.00 ~~366,242~~0.4600 0.00 ~~578~~352,959.1705 P 0.00 0.00 07,048.0056 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 0.0001 0.00 1981,~~332,970~~349.7377 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

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 A-1 210,947,000.00 4.00000% ~~1000~~995.~~00000000~~59135370 3.~~33333335~~31863786 0.00000000 0.00000000 A-IO 0.00 5.00000% 1000.00000000 4.16666676 0.00000000 0.00000000 M-1 15,330,000.00 4.40300% ~~1000~~995.~~00000000~~59135356 3.~~66916699~~65299087 0.00000000 0.00000000 M-2 11,491,000.00 3.~~59300~~60000% ~~1000~~995.~~00000000~~59135410 23.~~49513880~~08633278 0.00000000 0.00000000 M-3 2,000,000.00 4.65400% ~~1000~~995.~~00000000~~59135500 3.~~87833500~~86123500 0.00000000 0.00000000 B-1 5,519,000.00 4.~~59300~~60000% ~~1000~~995.~~00000000~~59135351 3.~~18958326~~94364740 0.00000000 0.00000000 C 478.38 0.00000% ~~1000~~1208.~~00000000~~59985785 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 (5) Per $1 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A-1 0.~~00000000~~00000005 0.00000000 3.~~33333330~~31863781 0.00000000 ~~995~~971.~~59135370~~11556078 A-IO 0.00000000 0.00000000 4.~~16666676~~16666649 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 3.~~66916634~~65299087 0.00000000 ~~995~~971.~~59135356~~11556099 M-2 0.00000000 0.00000000 23.~~49513880~~08633278 0.00000000 ~~995~~971.~~59135410~~11556087 M-3 0.00000000 0.00000000 3.~~87833500~~86123500 0.00000000 ~~995~~971.~~59135500~~11556000 B-1 0.00000000 0.00000000 3.~~18958326~~94364740 0.00000000 ~~995~~971.~~59135351~~11556079 C 0.00000000 0.00000000 ~~765588~~0.~~98783394~~00000000 0.00000000 ~~1208~~737821.~~59985785~~50173502 P 0.00000000 0.00000000 070485.~~00000000~~60000000 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 (6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 27,~~462~~019,~~286~~383.8538 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 713,~~345~~424.0081 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 27,~~469~~032,~~631~~808.8519 Withdrawals Reimbursement for Servicer Advances 07,345.00 Payment of Service Fee 5540,~~277~~519.5058 Payment of Interest and Principal 26,~~414~~984,~~354~~943.3561 Total Withdrawals (Pool Distribution Amount) 27,~~469~~032,~~631~~808.8519 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 014,514.0050 Servicing Fee Support 014,514.0050 Non-Supported Prepayment/Curtailment Interest Shortfall 0.0001

SERVICING FEES Gross Servicing Fee 5150,~~101~~876.5828 Master Servicing Fee 4,~~088~~070.1509 Miscellaneous Fee 87.7771 Supported Prepayment/Curtailment Interest Shortfall 014,514.0050 Net Servicing Fee 5540,~~277~~519.5058

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total 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 0 0 0 0.00 0.00 0.00 0.00 30 Days 57 0 0 0 57 1,~~085~~745,~~639~~564.6092 0.00 0.00 0.00 1,~~085~~745,~~639~~564.6092 60 Days 02 0 0 0 02 0271,039.0060 0.00 0.00 0.00 0271,039.0060 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 59 0 0 0 59 12,~~085~~016,~~639~~604.6052 0.00 0.00 0.00 12,~~085~~016,~~639~~604.6052 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~501505~~717213% 0.000000% 0.000000% 0.000000% 0.~~501505~~717213% 0.~~444191~~731080% 0.000000% 0.000000% 0.000000% 0.~~444191~~731080% 60 Days 0.~~000000~~204918% 0.000000% 0.000000% 0.000000% 0.~~000000~~204918% 0.~~000000~~113517% 0.000000% 0.000000% 0.000000% 0.~~000000~~113517% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.~~501505~~922131% 0.000000% 0.000000% 0.000000% 0.~~501505~~922131% 0.~~444191~~844597% 0.000000% 0.000000% 0.000000% 0.~~444191~~844597%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 713,~~345~~424.0081

COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 6.~~791611~~789588% Weighted Average Net Coupon 6.~~541611~~539588% Weighted Average Pass-Through Rate 6.~~521182~~519157% Weighted Average Maturity(Stepdown Calculation ) ~~339~~338 Beginning Scheduled Collateral Loan Count ~~1,003~~997 Number Of Loans Paid In Full 621 Ending Scheduled Collateral Loan Count ~~997~~976 Beginning Scheduled Collateral Balance ~~245~~244,~~287~~206,~~578~~194.3855 Ending Scheduled Collateral Balance ~~244~~238,~~206~~554,~~194~~981.5561 Ending Actual Collateral Balance at 3031-~~Jun~~Jul-2003 ~~244~~238,~~408~~765,~~148~~259.4383 Monthly P &I Constant 1,~~641~~635,~~872~~911.4977 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 ~~244~~238,~~206~~554,~~194~~981.5561 Scheduled Principal ~~253~~254,~~623~~195.1754 Unscheduled Principal ~~827~~5,~~760~~397,017.4540 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0352,380.0088 Overcollateralized reduction Amount 0.00 Specified O/C Amount 1,226,438.00 Overcollateralized Amount ~~578~~352,959.1705 Overcollateralized Deficiency Amount 1873,~~225,859~~478.8395 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0352,380.0088 Excess Cash Amount ~~366~~359,~~242~~429.4544

Miscellaneous Reporting Three month rolling average 0.~~000000~~000568%

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